Seven banks fail, pushing 2009 tally to 52

http://money.cnn.com/2009/07/02/news/companies/bank_failure/index.htm?postversion=2009070300

This article talks about the most recent banks that have failed this year in the US. While larger banks are getting are getting bailouts, local banks are struggling in this economy.

Banks keep increasing interest rates before credit card law is in effect

http://www.businessweek.com/ap/financialnews/D995T0HO0.htm

This article talks about how banks continue to raise the interest rates for clients who continue to be late on payments. It explains how this is unjust because the banks are taking advantage of their ability to increase their revenues before the new law, passed by the Obama administration goes into effect. The credit card reform bill passed by Obama puts restrictions on the changes banks can make to the fees they can charge their card holders. I agree that it is unfair that banks are taking advantage of the situation by raising interest rates especially since times are so hard for people right now.

Banks keep increaing interest rates before credit card law is in effect

http://www.businessweek.com/ap/financialnews/D995T0HO0.htm

This article talks about how banks continue to raise the interest rates for clients who continue to be late on payments. It explains how this is unjust because the banks are taking advantage of their ability to increase their revenues before the new law, passed by the Obama administration goes into effect. The credit card reform bill passed by Obama puts restrictions on the changes banks can make to the fees they can charge their card holders. I agree that it is unfair that banks are taking advantage of the situation by raising interest rates especially since times are so hard for people right now.

Johnson & Johnson vs. Wyeth

http://www.businessweek.com/technology/content/jul2009/tc2009071_125516.htm

J&J and Wyeth are going head to head right now trying to win consumers over. Since the FDA recommended the dosage of acetaminophen to be reduced in Tylenol, Wyeth is swarming in to promote more sales for Advil. The companies are leading competitors. The important factor is the FDA watching the dosages and warning labels on medications to protect consumers.

Implied Warranty Article

This is an article I found on law.com discussing implied warranty and strict liability. It directly relates to chapter 17 of our textbook.

http://www.law.com/jsp/article.jsp?id=1086989272782

Equality or Equity?

I feel that the individual best suited for a job should be the one to get it. It does not make sense to pass over any individual in favor of one from a different religion, race, sex et cetera (at least not on the basis of one of the aforementioned criteria). Testing in the workplace is fine as long as it is not part of a program of discrimination. Discrimination--in terms of racism, sexism and the like--limits the economy. It precludes capable people on the basis of factors that do not necessarily affect their jobs.
A story from the Wall Street Journal.

Tightening Regulations over Tobacco Companies

http://www.businessweek.com/investor/content/jul2009/pi2009071_395684.htm


There are always new regulations being put over tobacco companies these days, but for good reason. There are new laws coming into effect that will further tighten the regulations.

Bank of America accused of anti-consumer practices

Bank of America accused of anti-consumer practices
http://www.reuters.com/article/topNews/idUSTRE55T5E420090630?feedType=RSS&feedName=topNews&rpc=69

People, who said they were former Bank of America employees, alleged that their supervisors drove them to burden consumers with needless debt and fees, to fatten the bank's earnings and the paychecks of senior executives, and threatened to retaliate if they complained. Some complained their salaries had been too low and that they had to hit quotas.

Home Improvement Consumer Protection Act

New law passed in Pennsylvania requires home improvement contractors to register their business with the Attorney Generals office. Contractors have until 7/1/2009 to comply.

http://www.attorneygeneral.gov/hic.aspx


Great website for anyone that will be getting work completed by home improvement contractors in PA. I am getting work completed at my house this summer and was reassured that the contractor that we will be using is certified and registered. This law was passed because there are so many contractors out to take your money and run. It happened to my mechanic. Luckily, he had a great lawyer and did'nt lose his shirt!

Check out the video on the website.

NY STATE MORTGAGE PROBE ALLOWED

http://money.cnn.com/2009/06/29/news/economy/mortgage_discrimination_probe.reut/index.htm

The US Supreme Court has allowed the state of NY to proceed with its probing of unfair lending and higher interest rates towards minorities. While the Supreme Court is not allowing NY State to issue sopenas it is allowing it to "bring judicial enforcement actions." The Supreme Court has reversed an earlier ruling that claimed Federal Regulations already investigate minority lending practices.

THE WHEELS OF JUSTICE TURN SLOWLY

http://edition.cnn.com/2009/CRIME/06/29/scotus.davis.execution/index.html

Here is an interesting article reported from CNN about Davis who is awaiting a stay of execution for supossedly killing a police officer 20 years ago. Nine witnesses have recanted and the courts (both higher and lower) have played tennis with the proceeding of his execution. He is hoping for a stay of execution and a new trial. With the progress we have made in forensic evidence of the last 20 years I do not see how we cannot determine whether we have the actual killer or an innocent man sitting on Death Row. This is the very kind of case that give merrit to the anti-death penalty supporters.

MORE ON THE CREDIT CARDS

http://www.walletpop.com/credit/credit-cards/article/_a/bbdp/what-you-buy-where-you-shop-may-affect/544639?icid=mainmaindl3link3http%3A%2F%2Fwww.walletpop.com%2Fcredit%2Fcredit-cards%2Farticle%2F_a%2Fbbdp%2Fwhat-you-buy-where-you-shop-may-affect%2F544639

Below is an article submitted about credit cards and how they affect small businesses. This one discusses how you as a consumer are being tracked and scored by the credit card companies. They look at where you make your purchases and if there is a consistancy of purchasing at discount places, second hand stores, generic brands then the credit card companies will use that information to lower your credit score. Luckily the Obama Administration is looking into these unfair practices and may be imposing regullations to prevent credit companies from acting on this further. I am beginning to feel a bit uncomfortable with all this "invasion of privacy" or "spying" over every little move we, as a general public, make these days. While some of it may be in our best interests this is one example of how it is not.

Supreme Court: White firefighters bias victims

firefighters denied jobs due to their race.
http://www.comcast.net/articles/news-politics/20090629/US.Supreme.Court.Firefighters.Lawsuit/

GM to pull out of joint venture with Toyota

Interesting story about a GM/Toyota joint venture.

http://www.latimes.com/la-fi-gm-nummi30-2009jun30_dave,0,89529.story

Bernard Madoff gets maximum 150 years in prison

Fraud is fraud no matter who you are


http://www.comcast.net/articles/finance/20090626/US.Madoff.Scandal/

Credit Card Accountability Responsibility and Disclosure Act

http://www.businessweek.com/magazine/content/09_66/s0906020652848.htm?chan=magazine+channel_bwsmallbiz+--+frontline

This article talks about Obama's new Credit Card Accountability Responsibility and Disclosure Act that unfortunately does not help out the small businesses that are so vital to our economy today. They are working on new plans to help out small businesses.

A Friendly Reminder from the IRS

this article informs you to double check how much extra money you are actually getting due to the tax cut "making work pay" that's apart of the stimulus package. If you are receiving to much every week it will have to be paid back at the end of the year when you file your taxes.

http://www.comcast.net/finance/forwhatitsworth/1153/afriendlyreminderfromtheirs/

Sotomayor in Business

A blog post discussing Sotomayor's record in cases involving business

An Alliance for Justice report on Sotomayor

The report is pretty long, but it is interesting to a certain degree. I would consult many other sources before coming to a conclusion...you know as one of the common folk.

STUDENT LOAN RELIEF

This payment option makes it a lot easy for students like us to pay our way for school. Even with going to state school and community college for some courses my debt in loans is rediculous i found this and got really excited and now I am having my parents look into it not only for me but for the loans that my sisters are still trying to pay off. In this economy it is not easy to think about the debt that I am going to be in when I get out of school but I am really excited that this may answer a couple of my questions on how to get debt free ... or at least get a little closer. WHAT DO YOU ALL THINK ... article is below ...

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For modest earners, relief repaying student loans

For modest earners, new program will help ease burden of repaying hefty student loans

• By Candice Choi, AP Personal Finance Writer
• On Sunday June 28, 2009, 9:28 pm EDT

NEW YORK (AP) -- Repaying a student loan could soon be a little less painful.

Starting this week, anyone with a federal student loan can apply for a program, run by the Department of Education, that caps monthly payments based on income, and forgives remaining balances after 25 years. Those choosing to work in public service could have their loans forgiven after just 10 years.

Eligibility for income-based repayment (IBR) is determined by a person's income and loan size. A calculator at http://www.ibrinfo.org can help borrowers determine their eligibility for the plan, which becomes available Wednesday.

"It's a way to borrow for college without going to the poor house," said Lauren Asher, president of the Institute for College Access & Success, a California-based nonprofit that runs the Project on Student Debt.

The program stems from the Education Department's College Cost Reduction and Access Act, signed in 2007, which authorized the creation of a new income-based repayment plan for both Federal Family Education Loan (FFEL) and Direct Loan borrowers on all Stafford and graduate PLUS loans.

Monthly payments would amount to less than 10 percent of income for most of the estimated 1 million people expected to enroll, experts say. Payments would never exceed 15 percent of any income above about $16,000 a year (or 150 percent of the poverty level).

Those who earn less than $16,000 would not have to make any monthly payments.

The new payment option is intended to provide relief for those who earn modest salaries and struggle under the weight of student loans for years on end. By stretching repayment over a longer period, monthly payments are kept at a reasonable portion of income, though most people would not see any savings on the total cost of the loan.

IBR "can lower costs and provides light at the end of the tunnel" for such borrowers, said Asher of the Institute for College Access & Success. That gives borrowers greater financial flexibility to save for retirement, buy a home or even pay for their own children's education, she said.

The program isn't for everyone, however.

In some cases, accruing interest could push the cost of the loan higher. And since loans are likely to be paid off within 25 years, the loan forgiveness aspect of the program won't apply to most people. To save on interest costs, those who could afford to would be better served paying off loans faster, said Mark Kantrowitz, publisher of FinAid.org, which tracks the college financial aid industry.

If a salary jump eventually disqualifies a borrower for the capped monthly payments, they would still be responsible for the cost of the loan and the interest that accrued up to that point. Monthly payments still couldn't exceed what they would be under a standard 10-year repayment plan. Of course, borrowers could opt to pay off debts faster if they chose.

There are already some options for those who can't afford big monthly payments, such as long-term payment plans spanning up to 30 years. But eligibility requirements are stricter, and monthly payments can still be high.

The government also offers a program similar to IBR called the income-contingent repayment plan. That plan is not as lenient as the new one, however, with payments capped at 20 percent of income beyond 100 percent of the poverty level. And it's also only available for direct federal loans.

The new program will be available for direct federal loans, as well as federal loans administered through private lenders. Most of those enrolled in the income-contingent plan are expected to switch over to the new program.

Parent PLUS loans, the federal loans parents can take out to pay for their children's education, are not eligible for either payment plan.

Copyright © 2009 The Associated Press. All rights reserved. The information contained in the AP News report may not be published, broadcast, rewritten, or redistributed without the prior written authority of The Associated Press.

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Strip Search By School Employee's Have Gone Too Far...

http://finance.yahoo.com/news/Closing-In-on-Terms-End-High-law-15625877.html?x=1&.v=1

Appropriate to our current test

I thought this was interesting. looks like our runaway mom took out some loans in her boss's name

http://www.phillyburbs.com/news/local/courier_times/courier_times_news_details/article/28/2009/june/26/new-twist-in-hoax-mom-case.html

Local court reviews promissory notes, liability

An interesting case about liability on a promissory note.

http://findarticles.com/p/articles/mi_qn4180/is_20010605/ai_n10066950/

Wage and Hour Blog

http://www.foxbusiness.com/story/epsteinbeckergreen-launches-wage--hour-defense-blog/

This article explains a blog that a Labor and Employment law firm, EpsteinBeckerGreen, set up to discuss and analyze new developments on the Employment laws of Wage and Hour which are effecting all businesses in America. There is a link to the blog in the article, and I thought this was pretty interesting because it's part of what we just learned.

A little Latin might come in handy

I thought it might be fun/interesting/informative to look up Latin phrases as many are so often used in law--not to mention the English language as a whole!
A list of Latin phrases.

House passes landmark climate change bill

http://www.comcast.net/articles/news-general/20090626/NEWS-US-CLIMATE-USA-CONGRESS/

Weak economy will zap holiday trips, AAA says

37 million motorists hitting road this July 4, down nearly 2 percent from ’08

http://www.msnbc.msn.com/id/31525002/ns/travel-seasonal/

You can't put a price on a family vacation. Spending time with your family is "Priceless". If you can not afford to go on a trip, there are plently of local parks around to have a family picnic for the day. Some parks even offer "Free" concerts and since it is the summer, check your local paper for the entertainment section. There is always something going on that doesn't cost money. I hope eveyone has a great summer.

GM Warranty Confusion

http://blogs.consumerreports.org/cars/2009/06/gm-car-warranty-confusion-saturn-saab-hummer-pontiac.html

I have a GM vehicle and just had some warranty work done at my dealer's service area. I had no problem at all, the service was as if nothing with GM had changed.

IS YOUR BOSS WATCHING YOU ONLINE?

http://edition.cnn.com/video/#/video/crime/2009/06/23/am.cho.myspace.firings.cnn

This is a link to a short video clip from CNN about two female restaurant workers who were fired by the management of a Houston restaurant located in NJ. The women were let go because they made some nasty comments about their boss(es). The crux of the story is that these comments were made between the two women while they were at home, off working hours, and through their MYSPACE sites. The issue of an "expectation of privacy" was certainly was something neither lady had worried about when exchanging the comments to each other. The manager got into their account (the report does not say this was accessed) and discovered the comments and then terminated the employment of the two women.

The case went to Federal Court where a jury found in favor of the two women and claimed that management acted "maliciously." The jury further found that management violated survalence laws. They did not rule on any privacy laws in this case.

I agree with the jury's decision and feel that this matter should be taken one step further. In our own homes we do have an expectation of privacy. The two women were clearly conversing with each other on their own time and under the First Admendment should have the protection of freedom of speech. An employer may not what is being said about them but that should not give them cause to carry out dismissal of employees. Also, what should come to question is how did this employer gain access to a private MYSPACE account.

If two students do not agree with the way the college is carrying out its curiculum and say so to each other off campus in private conversation should the college have the right to dismiss them just because it doesn't like or agree with what was said? How much will our personal freedoms be intruded upon before laws need to be enacted, which shouldn't even have to be enacted in the first place, to protect our freedom of privacy? Will we become a nation of proclaiming freedoms and civil rights only to have to "whisper" our thoughts or worse - be in fear of even speaking them to anyone?

Data Center Regulation?

Coming Soon to a Data Center near you, Regulation.
http://loosebolts.wordpress.com/2009/06/19/coming-soon-to-a-data-center-near-you-regulation/

This is an entry from the blog of Mike Manos, a former general manager of Microsoft's data center divison. He writes about the United Kingdom's proposed CRC cap and trade scheme, and its effect on data designs and operations, and the potential of this act coming to fruition in the U.S.

The goal of the Carbon Reduction Commitment (CRC) is to cut carbon emissions for large energy-consuming companies by imposing a mandatory carbon emission cap. The Obama Administration will be obeserving this scheme's performance, in hopes of implementing similar regulations here in the U.S.

For those unfamiliar, the data center is the heart-and-soul of IT operations in almost any mid-large size company (housing computers / servers / network equipment). As such, the vast power requirements of the data centers count for a large percantage of a company's total consumption. In short. . .this is no overnight project, and could be a huge obstacle for corporations to roll out.

http://en.wikipedia.org/wiki/Data_center

Rubber Rooms for NYC teachers

http://www.startribune.com/nation/48801877.html?elr=KArks:DCiUMEaPc:UiD3aPc:_Yyc:aUU

This article involes approximately 700 NYC teachers who have been removed from there teaching positions due to various forms of misconduct. However, their union contract makes it almost impossible to fire them. Therefore, these teachers have been banned from teaching and placed in so called rubber rooms, where they can spend their days however they would like, and still receive their salary.

Stanford Antigua Sailing Week unaffected by fraud allegations levelled at billionaire

http://www.telegraph.co.uk/sport/othersports/sailing/4741321/Stanford-Antigua-Sailing-Week-unaffected-by-fraud-allegations-levelled-at-billionaire.html

Is the Government Chasing People to Search for New Careers?

http://money.cnn.com/2009/06/23/news/companies/banks_talent/index.htm?cnn=yes

Two well known banks Citigroup and Bank of America received a large sum of aid from the government. The government is now more involved with those banks and it may be scaring some of their top employees away. About a week ago the CEO of Citigroup resigned to start his new career as a chief operating officer for a competitor. Is the governments aid helping stabilize the banks in these economic times or making employees fear there jobs?

Employers cutting back on 401(k) plans

http://www.msnbc.msn.com/id/31488492/ns/business-personal_finance/

If you have a 401 K plan with your employer and they are still matching your contribution, be sure to contribute to it. Your 401 K builds up quick with the added "Free" contribution your employer makes. Remember, employers do not have to issue retirement plans to their employees so take advantage of it while you can.

COBRA FAQs

I found this FAQ helpful. It helps explain how COBRA works,if anyone is interested or had difficulty understanding it from the text.
http://www.dol.gov/ebsa/faqs/faq_consumer_cobra.HTML

Brokerage Firm and 4 Others Sued in Madoff Case

Federal security regulators sued four individuals for knowingly steering billions of dollars into Mr. Madoff's Ponzi scheme.

http://www.nytimes.com/2009/06/23/business/23madoff.html?partner=rss&emc=rss&src=ig

Obama to sign anti-smoking bill in Rose Garden

http://www.comcast.net/articles/news-politics/20090622/US.Obama.Tobacco/

Has Recession Ended?

Interesting article about the recession in today's economy. Raises an thought-provoking chicken-or-the-egg debate about the stock market's rise and the end of our economy's recession. Check it out.

http://money.cnn.com/2009/06/19/markets/thebuzz/index.htm?postversion=2009062008

Dont eat the cookie dough while baking cookies!!!

Wow, who would have thought one of the biggest companies for producing cookie dough would have a recall?? I know ill think twice before liking the spoon after making the batter for choc chip cookies!!! Take a look at this or you could end up with E Coli in your system! SCARY!!! Nestle is definately going to be in the courts for a while over this one.

http://www.cnn.com/2009/HEALTH/06/19/nestle.cookie.dough.warning/index.html

If you download music then read this !!!

Okay so the article posted below deffinately STUNNED me. The woman on trial refused to pay for the downloads the first time around and now she is going to be our 1.7 million dollars more then she would have if she just paid the fees the first time she went to court for the 24 songs that she downloaded. This article just goes to show you that if you don't read the fine print or if you ignore it ... you will get something inreturn and it most likely wont be a good thing.
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1.92 Million Reasons Not to Download Music
Stunned. That is my reaction to the news that a Minnesota jury has ordered a 32-year-old woman to pay $1.92 million to the music industry for downloading music. That is $80,000 per song for each of the 24 songs she is said to have downloaded.
The woman's reaction: "Good luck trying to get it from me. ... It's like squeezing blood from a turnip."
This was the second trial for the woman, Jammie Thomas-Rasset, in the first downloading case to go to trial. Two years ago, a jury ordered Thomas-Rasset to pay $222,000 for downloading the songs -- $9,250 per song. The judge declared a mistrial and Thomas-Rasset opted for a second go-around.
The woman's lawyer, Kiwi Camara, told reporters that when he first heard the verdict, he was "angry about it." He had felt confident that any liability finding would be for the statutory minimum amount of $750 per song.
There remains the possibility that the parties will still reach a settlement. A spokesperson for the music industry said after the verdict, "Since day one we have been willing to settle this case ... and we remain willing to do so." The music industry has made its point with this verdict and has nothing further to gain by chasing after money it will never recover. As for Thomas-Rasset, she should be looking for a way to put this nightmare behind her. Let's hope both sides find a reasonable way to bring this case to an end.
Posted by Robert J. Ambrogi on June 19, 2009 at 03:08 PM

White House in Deal With Drug Industry

Drug companies would pay for some Medicare prescriptions under $80 billion deal

http://abcnews.go.com/Politics/WireStory?id=7887358&page=2

Companies preparing for new law

Check out this article on new law for companies. Starting July 1 this law with curb illegal imiragtion and verify legal status of new hires.

http:www.postandcourier.com/news/2009/jun/20/companies_preparing_new_law_w86686/

COULD PILLOW TALK SEND YOU TO JAIL?

Here is an interesting article about giving company secrets to your loved one, whether intentional or by accident. It deals with security companies, financial companies, and even law firms. The interesting aspect of this article is how easily letting information out can be these days, espcially when it deals with someone you are close to. Now more than ever we need to be careful of what we say, or what we leave around, or how we conduct ourselves concerning work related duties once we are at home.

http://lifestyle.msn.com/relationships/articlemc.aspx?cp-documentid=20153793&gt1=32023

Employment Law: Age Cases

http://online.wsj.com/article/SB124535060326328507.html

The Supreme Court recently ruled in favor of businesses having more power to fend the cases brought up against them from workers saying they were discriminated against because of their age. This ruling caused some justices and senators to speak out against the ruling. One senator even said that the justices that ruled in favor of this are going against precedent. The case brought up was of a case against FBL Financial Group Inc in which one employee was moved from his position as a director to a coordinator and a younger employee took over his director position.

Now even Amusements park are taking a hit with the economy!!

Whoever thought this would have happened??? At least it wont affect the park being open!

http://www.reuters.com/article/newsOne/idUSTRE55C1FO20090614

AIG vs ex CEO

This topic is something I talk about a lot when it comes to business. It doesn’t make sense to me that companies give top executives share options in the companies they are in charge of. Why would you hire someone to run your company with the interest of the customers and shareholders, after you give them thousands of shares in the company they are ultimately responsible for? Don’t you think their decision-making just turned bias? If your decisions affect your own pocket by millions ether way, don’t you think that persons’ gain might persuade their decision making over what’s good for the business? I feel that if the government should get involved in the amount the top executives make then put a limit on shares also not just on the dollar amount. CEOs could temporarily increase stock shares long enough to cash out when they retire making the millions of dollars. It’s not always illegal ether, you can buy back stocks for the company causing less shares in the market which drives up the stock value, you can split shares causing twice as many shares to flood the market which lowers the price of the stock causing more people to by stock splits. Companies can even issue new stock which cause the increase in price plus brings in more revenue into the company. Announcing new ideas or possibilities could drive up the share value as well. All of these examples are not illegal or unethical, but they will add millions to executives with a lot of shares. Why not prohibit companies from issuing their own stocks in bonus packages for top executives. If a CEO had thousands of shares from thirty different top corporate companies it would take the personal nature out of their job, it would free up their mind on what decisions would affect their pocket and allow them to due their job to the fullest. I feel it would help the companies run more efficient and have the customers and shareholders in the forefront of decision-making. The idea of CEOs and all top executives counting on each other to run a better business for their shares to increase in price (like the rest of this country) is more sensible for the business sake. I was always taught there are no feelings in business, that it is what it is. Business is just Business and don’t read into it. My question is, why give someone the ability to put feelings in business especially someone with the power to affect everyone else. This is why the financial sector of this country crashed causing the whole country to go into a recession. This is why AIG is in a civil suit trying to retrieve 4 billion dollars. Take greed out of the hands of powerful people, and then we could eventually get back on track as a whole, as a country.

New fair pay act passed by Obama

http://online.wsj.com/article/SB123500883048618747.html

This article is about how hard it is to win a job discrimination suit. A new act passed by President Obama makes it easier for workers to sue over pay discrimination on the basis of gender, race, age or disability by extending the legal deadline to file suit.

Uniform Commercial Code - Online!

Uniform Commercial Code - Online
http://www.law.cornell.edu/ucc/

Here's a nicely designed and easily navigable website at Cornell Law that contains the published Uniform Commercial Code.

I find it helpful with the chapters in Unit 3 that cite the UCC quite heavily.

You can search for terms and phrases within the entire UCC, or by individual article on this web interface as well.

http://www.law.cornell.edu/ucc/

Obama Proposing a Consumer Financial Protection Agency

http://www.businessweek.com/bwdaily/dnflash/content/jun2009/db20090616_947662.htm?chan=top+news_top+news+index+-+temp_top+story

The new agency created by the Obama administration is supposed to be a strong independent agency to help protect consumers. The agency will help clarify information for consumers. The Consumer Financial Protection Agency will oversee credit cards regulations, giftcards, & mortgages. The agency also intends to expand the Federal Reserve's overview of large companies that the global economy can't afford to loose.

A.I.G vs ex:CEO

The Tobacco Bill

This seems a little fishy to me. I'm not saying smoking is good but it's become a scapegoat and a distraction from the crap economy. This bill looks like a way to create a monopoly and it messes with a lot of things: the First Amendment, commercial speech, competition. Has anyone ever heard of laissez faire?

Obama and Oil Prices

http://money.cnn.com/2009/06/16/news/derivatives.oil.fortune/index.htm?postversion=2009061617

Of course, fluctuating oil prices are a topic that interest many of us. This article explains why they may be rising when politicians are trying to fix the hurting economy.

Kauffman study: Recessions often give birth to highly successful companies

Now may be the best time to start that business you have always wanted, according to a new study by the Kauffman Foundation. "Nearly half of Inc. magazine’s 2008 list of the 500 fastest-growing companies were founded during these slow periods."

It goes on to say that unemplyment, like we are currently experiencing, offers many experienced people the opportunity to do what they always wanted, become their own boss.

Article: http://www.bizjournals.com/houston/othercities/albany/stories/2009/06/15/story3.html?b=1245038400^1843359&s=smc:4

AIG lawyer: Ex-top exec plundered retirement plan

AIG back in the headlines...
Here's an article about Maurice Greenber, the former AIG CEO who is being charged with taking billions in stock from an AIG retirement program.

I found it intersting that the US District Judge said that also said the entire trial will last no longer than a month. Can they do that? Put a limit on the timeframe?

http://www.comcast.net/articles/finance/20090615/US.AIG.Trial/

A few addenda

I messed up my last post and forgot to include links.

http://online.wsj.com/article/SB124506903111514957.html

http://www.supremecourtus.gov/docket/08-310.htm

http://www.supremecourtus.gov/qp/08-00310qp.pdf

The Supreme Court at Work

I found the case with Alaska pretty interesting. It's good to see the Court upholding the Constitution.

I found this interesting article about democrats and doctor malpractice....Please read

http://www.nytimes.com/2009/06/15/health/policy/15health.html?_r=1&partner=rss&emc=rss&src=ig

Unusual Contract

Ok, so this is a little risque to post but I found the analysis of this contract to be relevant to the logic process that we're going through in this class along with the added bonus of being a little amusing.

If you're easily offended you should avoid the article and I apologize in advance :)

http://mikehammock.blogspot.com/2009/01/strange-contract.html

AP IMPACT: Weak security enables credit card hacks

http://www.comcast.net/articles/news-national/20090614/US.TEC.Shoppers_.Gamble/

You might want to think about using your visa check card when you pay at the register. I used my visa check card a few years ago at a "Ruby Tuesday" and the waiter stole my #'s and the verification pin on the back. There was a chain of stolen card #'s going around and I did not know it. My #'s were sold to a truck driver in Flordia and he/she went to town on my expense. Lucky for me I caught it right away and the bank cut them off. I was reimbursed for the money that stolen, however, I would not want to go through that again. Cash is the way to go!

Quickie Bankruptcy, Lawyers Remade Chrysler

This article explains how lawyers led the way through one of the quickest restructuring in history.
http://www.nytimes.com/2009/06/15/business/15chrysler.html?ref=business

Landmark U.S. Tobacco Regulation Bill Goes to Obama

-A landmark bill giving the U.S. government broad regulatory power for the first time over cigarettes and other tobacco products won final approval in Congress Friday, and President Barack Obama said he would quickly sign it into law.

http://www.foxbusiness.com/story/update--landmark-tobacco-regulation-bill-goes-obama-17695179/

E-Verify

http://hr.cch.com/news/employment/061209a.asp

After long battle Wegmans is granted liquor license

Court Approves regulatory license for Wegmans
http://cbs3/local/Wegmans.Beer.food.2.684134.html

how much more do tax payers need to give?

This is an article about banks double dipping into tax payers pockets and blaming it on the Economy. Gotta love corporate America

http://abcnews.go.com/Business/Economy/Story?id=7547916&page=1

GM and Chrysler's bankruptcy cases at a glance

This article has some brief answers to Chrysler and GM undre court protection
http://money.aol.com/article/gm-and-chryslers-bankruptcy-cases-at-a/510683?flv=1

What is Taxable and Nontaxable Income?

http://www.irs.gov/businesses/small/article/0,,id=117613,00.html




I found this infomration on the IRS website regarding the taxable income question posted yesterday by Pauk Bernal. Hope this helps.

No smoking: Vote could bring new limits

http://www.msnbc.msn.com/id/31233307

Finally the government does something right when it comes to the tobacco companies. I agree that they should not advertise their "cancer sticks" and prodcuts so freely to our children. I think that there would be less forms of cancer if smoking never existed. Perhaps that may or may not be true but that's my thought on the vote.

Contract made by an intoxicated person

http://www.ocregister.com/articles/son-court-kim-2332037-blood-contract

This is an interesting article about a contract made by 2 korean businessmen while the one was intoxicated. This relates to contractual capacity discussed in chapter 9.

New Credit Card Laws aren't Helping Small Businesses

http://www.businessweek.com/magazine/content/09_66/s0906020652848.htm

Obama signed a new law that will protect individuals from credit card regulations. The law goes into effect this upcoming February. The new credit card law does not protect small business credit cards. However, many small business owners use personal credit cards for company purposes & they will see the effects the of the newly established law. Credit card companies are now required to send bills 21 days before they are due and give a 45 day notice before rates are increased.

The "New" Chrysler

http://www.businessweek.com/bwdaily/dnflash/content/jun2009/db20090610_272697.htm?chan=top+news_top+news+index+-+temp_news+%2B+analysis

Here's another article about the car company. It says that since Chrysler is now aligned with Fiat, the company is now protected from any injury cases brought against them and any cases that could be brought up in the future with their "old" Chrysler models.

Economy is Taking a Toll on Lawyers

http://www.law.com/jsp/article.jsp?id=1202431102186

Being a lawyer is a good profession to work in, but with the economy in the shape it is there aren't enough jobs for everyone. A few lawyers were laid off and they couldn't deal with stress of everything occurring around them. The impact of the recession hit some people pretty hard and possibly lawyers even harder. In some cases people are not noticing the impact and pressure that are being enforced upon lawyers in today's society.

House committee subpoenas Federal Reserve

House committee subpoenas Federal Reserve
http://rawstory.com/blog/2009/06/house-committee-subpeonas-federal-reserve/

The Committee on Oversight and Government reform, specifically, the Subcommittee on Domestic Policy lead by Chairman Dennis Kucinich (congressman - Ohio) have been investigating the dealings with the Federal Reserve's hand in the Bank of America's acquisition of Merrill Lynch.

The Committee issued a subpoena to the Federal Reserve to release documents regarding the transaction.

taxable income

I have a question for anyone who knows the answer. Last night at work i was talking to a couple of my employees and we were trying to figure out if you need to claim all money and awards you win or are granted in your favor. we found out that with betting, anything under ten thousand you do not have to claim. We also tried to find out about claiming compensations of being awarded money in a law suit. Is there a price limit on what you claim, or is it that since it was awarded by a judge the money is tax free? is there any other money that's considered tax free through the system?

AIG Bonuses

http://www.slate.com/id/2213885/


I know most of us wonder how the AIG executives got away with their annual million dollar bonuses after they ran their company into the ground. Here is an article that explains it.

Legalizing Hunting on Sunday in Pennsylvania

Ive been hunting since I was 5 and its my favorite thing in the world to do. The fact that in the state I live in (Pennsylvania) there is a law that forbides me to hunt on Sunday is rediculous. For every 100 hunters lost only 60 more are taking their place. I work full time mon-fri leaving me with saturday being my only full day to hunt since the legal hunting hours are sunrise to sunset. I plan on raising my children to become avid hunters and that leaves me one day out of the week to take them with me, but if i had sundays it not only would give me quality time with my child but also give them more time to come out with their dad and get involved. New Jersey just allowed bowhunting on sundays and I think Pennsylvania should follow in their place being that Pennsylvania is one of the biggest states of hunting residents in our country. Feel free to comment on what you think should or should not be done about this. You can also check out this link to learn more about it.

http://forum.pafoa.org/hunting-23/16308-sunday-hunting-article.html

Fed Ex

FedEx's Anti-Union Drive

FedEx tries to tap taxpayer resentment by portraying proposed labor law changes as a "bailout" for rival UPS

By Burt Helm and Moira Herbst

http://www.businessweek.com/bwdaily/dnflash/content/jun2009/db2009068_154641.htm?chan=top+news_top+news+index+-+temp_top+story

Supreme Court delays Chrysler sale to Fiat

http://www.comcast.net/articles/finance/20090607/US.Supreme.Court.Chrysler/

This is an update on the issues surrouding the pending sale of bankrupt Chrysler to Fiat. There is a June 15 dealine for the Fiat Agreement, but it looks like there are many issues involved that need to be reviewed before they rush through with this sale.

Underage Drinking Bars being shut down

If some of you dont know Wildwood is one of the biggest party places for middleaged adults to hang out in durring the summer. One of the biggest establishments for drinking in WildWood is a bar called Keenans. I visited this bar on Memorial Day of this year and was a little upset by the way they are handling the situation. They were shut down because of having two underage people in the bar and are now making everyone who is between the ages of 21 and 23 to fill out a waiver and have the bouncer keep your ID for the night. I nyself am 21 years old and was floored that i had to wait in one line to be told to go wait in another to fill out a waiver and then hope to remember to grab my ID at 3am. What are your thoughts on this? Here is a link I came across explaining why they are now doing this. http://www.philly.com/philly/news/local/20090516_Bar_owners_warn_Wildwoods_underage_drinkers__Don_t.html?posted=n

Regulations on direct interstate shipping in the wine industry

I recently took a trip to napa valley where I found having wine shipped home to Pennsylvania was prohibited. It had not crossed my mind there would be a state law preventing direct wine shipping. Bills have been introduced, however responses have been slow to passing a direct shipping legislation. Here is an intersting article I found on the subject.

https://www.entrepreneur.com/tradejournals/article/132085580_3.html

Pension Benefits Are Protected in a Bankruptcy

http://online.wsj.com/article/SB124363903919867929.html

Thought this was very good to know that they can't take everthing from hard working americans.

Chris

What happens when you don't follow the law

Class,

Here's an article about a man who didn't follow business law and now is going to jail for a long time. This would be the definition of a cautionary tale if I've ever heard one.

http://www.law.com/jsp/PubArticle.jsp?id=1202430856132

Toys R Us Acquiring FAO Schwartz

http://news.findlaw.com/ap/f/1310/05-28-2009/20090528005005_11.html


Hello everyone....If you get a chance, check this out. Looks like the best toy store out there needs help too.
Chris

More on cyberbullying, Social Networking, 1st Amendment

Dead Teen’s Mother: Misdemeanor Convictions a ‘Stepping Stone’ in Cyberbullying Case

Here is more on the issues Karen presented last week (see Myspace and the First Amendment) on the 1st Amendment right of freedom of expression in regards to social networking.

Her post referred to an article that covered cases regarding school administration and their power in regulating social networking content published by students.

This article came to my mind (it has been in the news off and on for a few years) in respects to cyberbullying vs freedom of expression.

A mother was convicted of unauthorized computer access when she created a fake Myspace account to torment a former friend of her daughter's. The girl in question committed suicide before the mother admitted the profile was fake, and no such person existed.

A felony charge of conspiracy under Computer Fraud and Abuse Act was eventually dropped, and she was charged with the three misdemeanor accounts of unauthorized access. This has caused some public outcry calling her a harsher punishment for such actions.

See also:
http://en.wikipedia.org/wiki/Megan_Meier

more examples

for those of you who haven't completed your first essay here is a sight with a little more explanation on contracts. I would of sent this earlyer but i was just able to log in to the blog site

http://www.expertlaw.com/library/business/contract_law.html#1

Medical bills play a role in 62% of bankruptcies, study says

http://www.latimes.com/business/la-fi-medical-bankruptcy4-2009jun04,1,4411773.story

Interesting article about how medical expenses play a role in 62% of bankruptcy filings. I think this percentage will increase significantly once the number of bankruptcies filed during the recession are counted. Something needs to be done, but what??

Taxpayers Finance Platinum Equity's Purchase Of Delphi

http://zerohedge.blogspot.com/2009/06/taxpayers-finance-platinum-equitys.html


I found this clip from Zerohedge.com which is another blogging site. The information was gathered and posted by Tyler Durden at 8:31 PM on Thrsday, June, 4 2009. I thought it was a good clip that covers the GM bankruptcy in the point of view of Jon Stewart. It's about 6 minutes long but really funny.

PA Department of State Corporation Bureau

http://www.dos.state.pa.us/corps/site/default.asp

This is the link to the Corporation Bureau for the State of PA. This is a good place to get reliable information concerning starting a new corporation, searching for existing corporations, business names, the UCC database, annual registrations and more.

Gift Card Laws

http://www.krassmonroe.com/publications/articles/business/13.htm

I thought this article was pretty interesting because everyone seems to use gift cards, and I never thought about the laws that could be involved in purchasing and using them. The article explains the laws that govern the businesses selling gift cards and the consumers using them. One of the legal issues included in the laws of gift cards is expiration dates. The author keeps the explanation of the legal issues pertaining to gift cards pretty simple however the laws for each state can vary.

The Importance of Contracts

http://www.sandiegobusinesslawfirm.com/why_contracts

This is a simple article explaining why it is important to always use written contracts for business matters.

Performance/ Discharge and Classification of Contracts or Agreements PUTTU GURU PRASAD INC GUNTUR

http://www.scribd.com/doc/12943602/ch-2-classification-of-contracts

This link has a PowerPoint presentation included in it. I thought it was interesting and refelected on some key points in chapter 7 of our text book.

Enjoy!

Myspace and the first amendent

http://www.law.com/jsp/article.jsp?id=1202431172790

This article is a look into the kind of stuff that goes through the lives of young teens now a days. It shows you that they may have an imagination but they are also crossing the line by created something for someone that isn't themselves. It brakes it down for you and shows you what teenagers are susceptible to in their everyday life. It makes you wonder that they may be like when they get older or what the other person is going through in this situation. It makes me wonder about the fact that they say the school board went to far in disciplining the kids because it was done outside of the school but then how do college sports, the NCAA and job offices get the right to look through our facebook or myspace pages and discipline us for things that may be on there. I think that there should be a level of equality in between the two sides of everything that is going on through the internet these days.

HUMMER "MADE IN CHINA"?

It seems as GM is feeling the crunch of lacking sales another American product may be made in China. GM is offering their Hummer productivity to China which is entertaining the buyout option.

http://money.cnn.com/2009/06/02/news/companies/gm_hummer/index.htm?postversion=2009060215

Chrysler also in bankruptcy

http://www.nytimes.com/2009/05/01/business/01auto.html

crazy times. NPR did a lot of stories on the GM and Chrysler bankruptcies and talked about how Ford was essentially now competing with 2 public entities.

GM is over 60% public owned and it is expected that they will be forced to be more responsive to their public owners than to the consumer. other points that were made were that the way we travel and commute is also being reformed so the market that these new car companies emerge into is going to be very different as people start using more mass transportation, live closer to work and/or work from home.

i for one havent bought a car in 5 years and dont intend on buying one anytime soon but keeping my cars running as long as possible. I work from home as often as possible although the suburbs have an extreme dearth of mass transit options

GM is off the Dow!

www.foxbusiness.com/search-results/m/22409215/gm-into-chapter-11-out-of-the-dow.htm#q=law


Never thought I would see it, but GM has been taken off the Dow Jones Industrial Average. The company, filed for chapter 11 bankruptcy, and is no longer available for trading in the market.

Humbled GM files for bankruptcy protection

U.S.-led restructuring largest industrial bankruptcy in U.S. history

http://www.msnbc.msn.com/id/31030038/

There are several video clip-s and articles regarding one of the largest auto businesses in America that have been affected by the recent economy down fall. Sad day in U.S. history. Over 20,000 American auto workers will lose their job.

Business Law Effecting Food Regulations

This article discusses how business law is promoting economic friendly foods.

Check it out!

Blogger's and the First Amendment

http://foxx.house.gov/?sectionid=55&sectiontree=54,55&itemid=1174

This article (which has a corresponding video) is about a Congresswoman from North Carolina working to protect our rights, as bloggers, to continue to have the right to free speech.

A different perspective on contract law

Hey all,

If any of you process information the same way that I do, describing the same topics in slightly different ways sometimes gives a better overall understanding of a subject. I found this website about contract law that lays out the basics in the same manner as the notes and textbook but uses slightly different examples as a way to hammer home some of the more important material. So if anyone wants a chance to beef up their knowledge about contract law check out this website.
http://www.expertlaw.com/library/business/contract_law.html

- Matt Della Rocca

Here are some youtube videos on contract law

I thought these were kind of cute and informative. They relate to chapter seven.

Sotomayor's Previous Decisions on Key Business Issues

Sotomayor's Previous Decisions on Key Business Issues
(http://www.cnbc.com/id/30944914)

President Obama recently nominated Sonia Sotomayor to replace Justice David Souter of the U.S. Supreme court upon his retirement in June.

Sotomayor currently servess on the U.S. Court of Appeals for the 2nd Circuit as Circuit Judge. (Active 1998-Present).

The linked article highlights some of Sotomayor's track record on decisions regarding Business laws and issues.

http://www.cnbc.com/id/30944914

Here's Our Blog!

Blog away folks. You should contribute a comment, article link, video link etc at least once a week. The posting must relate to Business Law.