“SMSF loans to members skyrocket (Money Management)” plus 3 more |
- SMSF loans to members skyrocket (Money Management)
- Rothstein attorney got raise to $500,000, forgiven $190,000 in loans in Oct. (Sun-Sentinel)
- Personal Finance Daily: In tough times, workers find love for their jobs (Market Watch)
- Markets cautious about EU aid pledge to Greece (Washington Post)
| SMSF loans to members skyrocket (Money Management) Posted: 16 Mar 2010 04:26 PM PDT
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| Rothstein attorney got raise to $500,000, forgiven $190,000 in loans in Oct. (Sun-Sentinel) Posted: 16 Mar 2010 05:50 PM PDT By Peter Franceschina Marc Nurik – Scott Rothstein's criminal defense attorney – got a pay raise to $500,000 a year and was forgiven $190,000 in loans in the final month of Rothstein's $1.2 billion Ponzi scheme, Nurik testified Tuesday during a deposition. Nurik came to the deposition with fortifications – an energy drink, a power bar and Fig Newtons – to answer questions from bankruptcy lawyers seeking to reclaim assets for creditors of the defunct Rothstein Rosenfeldt Adler law firm. The bankruptcy attorneys have filed lawsuits against several of the former Fort Lauderdale law firm's partners seeking millions of dollars, alleging they were overpaid for their work and received loans they never repaid. Nurik admitted he would regularly ask Rothstein for money to cover personal expenses. Nurik said he lived rent free for more than a year in a Castilla Isles home bought by Rothstein for $1.9 million and didn't pay expenses on the home, but began paying the expenses and $2,500 in monthly rent after Rothstein's Ponzi scheme imploded in late October. That month, Nurik said he convinced Rothstein to raise his pay to $500,000 a year and convert the loans into bonuses. He said he has yet to pay income tax on the bonuses and didn't consider the free rent to be income on which he owed taxes. Bankruptcy lawyer Chuck Lichtman asserted that the $190,000 was in fact loans, and subject to return to creditors. Nurik said he would be willing to negotiate repayment to creditors to avoid a lawsuit, adding he deserved the bonuses because he brought $1.9 million in business to the firm. There were a few testy moments in the questioning, but also jokes about Nurik having to sell gift law firm cufflinks and a pen on eBay to repay creditors. Nurik didn't know anything about Rothstein's fraudulent investment scam selling non-existent legal settlements, he testified, and didn't regularly socialize with him. "As it turns out, obviously, I was not in his inner-inner circle," Nurik said. "I didn't socialize with him. I was not part of his group of friends." Rothstein, 47, has pleaded guilty to five federal counts of racketeering, money laundering and fraud. He faces up to 100 years in prison at his May 6 sentencing. He has been held in federal custody since his Dec. 1 arrest. Five Filters featured article: Chilcot Inquiry. Available tools: PDF Newspaper, Full Text RSS, Term Extraction. |
| Personal Finance Daily: In tough times, workers find love for their jobs (Market Watch) Posted: 16 Mar 2010 03:45 PM PDT
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By MarketWatch Don't miss these top stories: A new survey finds a hefty percentage of workers saying they're ready to stick with their current employer for the rest of their careers, and an equally large group saying they're happy to have only two or three employers over their lifetime. But in the current economic climate, who's surprised that our nation of free agents -- those who used to leapfrog to new and better jobs every six or 12 months -- has taken a 180-degree turn, back to the good old days of the "company man?" Among those gainfully employed, who isn't really rather thrilled to be so? When the labor market returns to something closer to its former self, those free agents will dive back in. In the meantime, millions upon millions of people are on the job hunt. Might working mothers have some valuable tips to offer? Given their experience dealing with major résumé gaps, the answer is yes. Read Ruth Mantell's Diary of a Recession Baby today for tips from moms on how to handle a long-term period of unemployment. Does our newfound willingness to stick with one employer herald the return of the company pension? If only... -- Andrea Coombes, Personal Finance editor JOBSRecession spurs some to stick with jobs for life
Say goodbye to free-agent nation. The recession is driving more American workers to become workplace "nesters," sheltering from the storm that is now the job market by staying with the same employer for as long as possible, according to a study released Tuesday by consulting firm Towers Watson.
Working mothers' tips for job seekers
Generations of working mothers have had to learn how to stay professionally relevant and avoid income shocks despite the résumé gaps that can come along with a new baby. With millions of jobs lost since the recession began, and fierce competition for open spots, mothers may be in a great position to offer some needed advice.
Before the interview, Google yourself
The idea that employers perform Internet searches on job candidates is nothing new -- and the frequency of these searches is climbing. Some experts report that up to 85% of hiring managers "Google" a candidate before or after an interview.
How to nail the interview
Job prospects are starting to look up for college and M.B.A. graduates, but they still face a tough climate when it comes to the interview itself.
CONSUMERSNow's the time to refinance and pay off debt
The Fed is leaving rates unchanged, but that means they'll eventually go up and markedly so, according to Greg McBride of Bankrate.com, who advises refinancing to fixed-rates loans and investing in shorter-term instruments. Kelsey Hubbard reports.
Low-cost broadband Internet for all?
Stacey Delo and the Digits panel discuss the winners and losers from an FCC proposal to bring cheap broadband Internet to 100 million American homes by 2020.
ECONOMY & POLITICSFed stands pat on rates, key wording
The Federal Reserve kept its benchmark interest rate at a record low level Tuesday and made no changes to the key "extended period" policy pledge, a signal that it believes the economy still needs support to get to a sustainable path.
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| Markets cautious about EU aid pledge to Greece (Washington Post) Posted: 16 Mar 2010 08:00 AM PDT Stock markets rose Tuesday but the euro traded in a narrow range around $1.3675 after EU finance ministers said they had a blueprint for financial help for Greece - which they hope the debt laden country will never need. The exact form of the help - likely some form of loan - was yet to be decided. Jean-Claude Juncker, the head of the eurozone group, said European Union leaders meeting March 25-26 would make the final decision on the size and the type of financial rescue. "There is no loan facility at the moment, because Greece hasn't asked for anything but if this is the case, I'm sure all the euro countries will be there," said Spanish Finance Minister Elena Salgado, as she arrived for the meeting. Greece needs to borrow euro54 billion ($74 billion) this year - euro20 billion of that in April and May - but is being forced to pay higher interest rates than more fiscally prudent European nations. The country's financial troubles have undermined the shared euro currency and raised fears that other indebted governments may face similar difficulties borrowing money. A Greek default would be a serious blow to the euro, and economists and financial markets assume the EU would find some way to step in and stop it, although European governments have been reluctant to say how they might do that. Putting up taxpayer money to cover Greece's budget misdeeds could be unpopular in other countries. While most European finance ministers were tightlipped about their new mechanism, Dutch Finance Minister Jan-Kees De Jager gave some details of how the potential bailout - which he called a "safety net" - might work. Bilateral loans from other governments would be on a voluntary basis, but EU leaders could also decide on a eurozone initiative, he said. In that case, the contribution of each country would be based on their share in European Central Bank capital, a calculation based on population and share of gross domestic product. That could leave Germany shouldering around 27 percent of the burden, France 20 percent, Italy 17.9 percent, and 5.7 percent for the Netherlands. "There is now talk of an instrument with such tough conditions that you cannot talk of a bailout," said De Jager. Greek Finance Minister George Papaconstantinou welcomed the support, although he stressed Greece has not asked for financial help. "What we have always asked for is political support in order to have access to markets at reasonable borrowing rates," he said at a press conference in Brussels. During a visit to Hungary, Greek Prime Minister George Papandreou said that the decision by eurozone finance ministers is a "step forward - but he said "we have not reached closure" which must wait for the leaders meeting. Greece has warned that its budget problems will worsen unless interest rates come down - and the eurozone pledge of help is one way of trying to convince markets that they should charge less for Greek debt. German Finance Minister Wolfgang Schaeuble told parliament on Tuesday that no decisions have been made regarding Greece. "However, if there would be an immediate situation of insolvency, we would have to react to it," he said. Tuesday's market reaction showed investors remain cautious as long as the details are not ironed out. Ben May, European economist at Capital Economics, noted it was still uncertain how any bilateral loans would work and what would trigger the aid. Still, the fact that help would not be limited to guarantees was a positive sign. "While explicit support could still be some way off, the latest announcement is a step forward," he said. In a bid to soothe investors, Greece has announced painful tax increases and spending cuts to squeeze its budget and save another euro4.8 billion this year, including public sector wage cuts that angered unions and sparked two nationwide strikes last week. --- AP Business writers Aoife White in Brussels, Derek Gatopoulos in Athens, Pablo Gorondi in Budapest, and Kirsten Grieshaber in Berlin contributed to this report. Five Filters featured article: Chilcot Inquiry. Available tools: PDF Newspaper, Full Text RSS, Term Extraction. |
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