Today's
Feature
Crisis
Center Fundraiser.
The Precious Moments Supporting
Foundation and the Woodshed in the Emporium are
proud to partner in sponsoring a special Blue
Grass Gospel concert to raise funds for the
Carthage Crisis Center. "Fellowship From
Across The Northern Border" will be held at
the Woodshed in the Emporium on March 14th, 2009
on the Carthage Square. The cost is $10 and all
money raised will go directly to the Carthage
Crisis Center.
There will be two special
groups donating their musical talents. One is
coming all the way from British Columbia Canada
to fellowship with our community. "Back
Porch Gospel" is from Summerland Baptist
Church in Summerland British Columbia Canada.
They have a couple of CDs and tour when
they have time. They love to minister through
music.
Also performing is a local
favorite called "No Apparent Reason".
"Pastor Del Riemer of
Summerland Baptist Church contacted me about the
ministry of the Precious Moments Chapel. After
speaking with him and finding out about his
group, he jumped at the chance to minister
through music while helping such a wonderful
organization in Carthage" said Donna Bura,
Marketing Manager for the Precious Moments
Chapel. "I recently took a tour of the
Carthage Crisis Center and am very inspired by
what the leadership has been able to accomplish.
It is truly incredible to see how our community
has band together to provide shelter and services
for our families in need".
The concert starts at 7:30 and
space is limited so it is recommended to come
early to get a seat.
"For every ticket
purchased at the concert, your name will be put
in a drawing for a Precious Moments Gift Basket
worth over $300, said Bura. Come fellowship with
our Canadian Brothers and Sisters. Everyone
attending will receive a small gift in
appreciation of helping our community."
For more information you can
email chapel@preciousmoments.com or call
417-350-2937.
Third
Bank Says It Will Return Bailout Funds
But
487 Banks Keep Theirs
by Paul Kiel,
www.ProPublica.org
Signature Bank of New York says
it wants to give that $120 million it received
from the government three months ago right back.
Put that together with announcements from two
other banks that theyll be returning the
money and youve got a trend, right?
But so far there seem to be far
more banks eager to get their hands on Treasury
Department funds than there are to get rid of it.
Every week, the Treasury invests millions more in
20 to 30 banks. Last week was no different: The
Treasury invested $285 million in 22 banks.
Setting aside the auto companies and floundering
giants like AIG, Citigroup and Bank of America,
the Treasury has so far invested $152.6 billion
in nearly 500 banks. So while three banks say
theyre going to give the money back soon,
487 wont be.
Treasury official Neel Kashkari
testified to Congress that 500 to 1,000 more
banks are "in the pipeline" for an
investment, meaning that Treasurys weekly
injections will likely continue for several more
months.
Signatures CEO Joseph
DePaolo announced that his bank would be
returning the money at an investor conference [4]
yesterday, but said that he was still waiting for
federal regulators OK. The law requires
that banks give the Treasury 30 days notice
before returning the funds. He did not explain
why the bank was returning the money, and a
spokeswoman declined to comment.
The New York Times first
reported the announcement in a story last night
on banks seeking to return bailout money. (The
list of banks that have expressed a desire to
return the money is much longer than those that
have actually begun the process.) The main
motivation, the paper reported, is the growing
number of strings attached to the money. Banks
are pressured to lend and have to watch their
expenses, lest a soiree or junket prove
outrageously swanky. The most aggressive and
concrete new terms are the executive compensation
limits [6] included in the stimulus bill. Under
those terms, Signatures five highest
compensated executives would have seen their
bonuses limited.
Of course, neither Signature
nor any of the banks returning the money have
been crystal clear in just why theyre doing
it. TCF Financials CEO, for example, only
said that "recent actions" from
Treasury and "possible congressional or
regulatory restrictions/mandates" had
"changed the rules." No mention was
made in TCFs announcement that the new
compensation rules will affect bonuses for
TCFs five most senior execs and 10 next
highest compensated employees.
First
Stimulus Transparency Docs Arrive Thin on Details
by Christopher
Weaver, www.ProPublica.org
Federal agencies began sending
their initial reports to the Office of Management
and Budget last week, and the White House posted
them on the official stimulus Web site,
Recovery.gov.
For a Web site with the stated
goal of allowing "citizens to hold the
government accountable for every dollar
spent," theres not a lot of
information there. The agencies arent
required to report financial data until April 6,
and in the meantime, the reports seem relegated
to general pronouncements about "major
actions," stripped of most specifics.
The reports tell us that the
Department of Defense has created an
"internal governance structure," but
the only detail divulged is that its members meet
daily. The Department of Health and Human
Services describes one planned initiative:
"We could possibly announce and/or begin
releasing funds under operating plans for
additional [stimulus] programs."
When Peter Orszag, the director
of the Office of Management and Budget, described
his requirements for the initial weekly reports
in a memo last month, it was clear that
expectations would not be that high at the
get-go. The first reports are "to help
populate early phases of Recovery.gov," he
wrote. The plan is to ramp up as more projects
break ground.
Even if more information were
available, there would still be a couple of
obstacles to making sense of these reports. For
one thing, the expenditures and appropriations
are described by "treasury account
code" rather than plain English.
The reports will be submitted
to Orszags office every Tuesday and will
cover the activities and expenses of the week
ending the previous Friday. Judging by this first
installment, it appears the White House will be
posting these as Excel spreadsheets. Not all
agencies are following the exact same format, but
they all comply with the requirements Orszag laid
out in his memo.
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