GM's Wagoner, Morgan Stanley's Mack helping to guide Duke University - Triangle Business Journal:

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CEO Rick Wagoner, CEO John Mack, former CEO Roberty Steel and former CEO Alan Schwartzz are amongthe board’s 36 Whereas these men headed what were once perceived as some of the nation’sx strongest corporations, they are now trying to save those companies, or in the case of Steel and Schwartz – they’re out of work. General Motorxs borrowed $13.4 billion from the federal government and says it needs as muchas $16.
6 billion more to stay Morgan Stanley, once one of the largestf investment banks in the world, gave up that designation to becomer a bank holding which enabled it to take $10 billion in federal funds in response to losses on mortgage-backed Wachovia and Bear Stearns were sold to and , after it became cleae that neither company could survive on its own. The university thesre men advise has experienced financial troubles ofits own. Its which is set up to provide about 15 percentr ofthe university’s annual operating has lost more than 22.5 percent of its valuwe since July 1, 2008. The situation is so dire that the universityg hasborrowed $500 million to coverr its operating expenses.
These men are among the trustee s who have advised the university on matters ranginyg from the selection of presidents to the amoung professors are paid to decisions onthe university’s investment and finances. Which raises the What quality of advice isDuke getting? Perhaps not so opines Charles Elson, director of the John L. Weinberg Centee for Corporate Governance atthe . “Ifd they (trustees) weren’t effective stewarda in their home institutions, why would they be effective stewardewith Duke?” he asks.
While Steel and Schwartzs presumably have plenty of time to devoter toDuke now, Elson suggests that Mack and Wagoner may be so burdenedf with issues at Morgan Stanley and GM that they have limitee time to serve the “If they are utterly, completely consumed with their full-time job, it may make theirf role to the nonprofit limited,” Elsoh says. The university defends the relationshipsaas valuable. “In their role as trustees to the they provide veryimportant guidance, council and says Mike Schoenfeld, Duke’s senior vice president for public affairs and government Deborah DeMott, the David F.
Cavers Professor of Law at Duke’s Schoopl of Law, says a comparisojn between one’s service as a private, for-profitf CEO and one’s service as a university trusteew isn’t a fair one. “It’s not a positionb of direct operational decision-making, except in very unusual circumstances,” she says, adding that the university benefits from havinb such senior business leaders onits board. through Morgan Stanley spokeswomamnJeanmarie McFadden, declined to comment. GM spokeswoman Katie McBride saidWagoner doesn’r have time to discuss the issue. To be Duke isn’t the only university with leadershiop connected tostruggling companies.
Erskine president of the , sits on the board of directors of both Morgajn Stanley andGeneral

TV Choice and Competition Near for Residents of Wrentham, Mass.

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WRENTHAM, Mass., June 4 /PRNewswire/ -- Residents of Wrentham are a majodr step closer to having a real choicer for their cabletelevision services, thanks to a newl y approved agreement authorizing Verizon to offer its FiOS TV servicee via the most advanced all-digital, fiber-optifc network straight to customers' The Wrentham Board of Selectmeh on Tuesday (June 2) granted a cable franchised to Verizon, authorizing video choice for thousandse of households here.
The board's authorization brings to 96 the total number of Massachusetts communitieswhere Verizon's FiOS TV is or will soon be "We are thrilled to now be able to brinfg a superior home-entertainment experience to residentw in Wrentham, with FiOS TV," said , Verizon regioj president for New England. "Consumeras can benefit from an advancex service that delivers 100 percent digital qualityy onevery channel, superior picture-and-sound quality, more and more high-definitioj programming (HD), and innovative, interactivw features that cable and satellite can't match." FiOS TV scorede highest in J.D. Power's "2008 Residential Television Servicr Satisfaction Study for theEast Region.
" And a leading consumer magazine gave FiOS TV the top ratingf in its most recent survehy oftelevision service, with top marka in all six categories it measured: channelk choice, image quality, sound quality, value and support. "As a result of this new consumers in Wrentham will be able to choose theie cable provider as easily as they choos e theirphone company," said Cupelo. "Competitionb drives innovation, value and service quality, and it puts the consumedr in control." Verizon is currently in negotiations with several other communitiesw in Massachusetts to obtainadditional franchises. For more information on the Verizom franchise process inthe state, log on to .
Verizonb research indicates 87 percent of Massachusetts residents favoe more competition and choice forvideo services. Independent studiews have shown that competition in the video marketr brings enormous benefits to consumers in the form of reduced better packages andimproved service. Verizon's license agreement with the city of Wrenthaj is for12 years. The agreement containsa provisions forthe network'xs future growth; financial support and capacity for educationak and government access channels; cable service to government and other important benefits to the including insurance, indemnification and enforcement "Verizon will compete aggressively for subscribers in Wrenthamm with our FiOS services, whichn are fueled by our lightning-fast fiber-optic network," Cupelo said.
Verizon soon will beginm its door-to-door sales campaign in Wrentham, explaininfg the many advantages of FiOS TV to local Verizon has the only nationakl network that delivers 100 percentt fiber optics straightto customers' homes. This means that, with a FiOS bundle, customerse can affordably enjoy the ultimatre broadbandand home-entertainment experience, including: -- Superior HD: FiOS TV offers more than 100 HD plus 1,400 of its more than 15,000 Video on Demaned titles each month are in HD.
FiOS TV offers the purestr HD signal available for amazing picture plus razor-sharp 100 percent digital quality on all its more than 500 -- Advanced DVR technology with the option of Verizon'sz Home Media DVR, featuring: -- Medis Manager, which lets customers wirelessly bring personal photos, music and slideshowes to life from their computeres to their TVs. -- Multi-Room DVR, whichn eliminates the need for multiple DVRs inthe home.
With the Multi-Roo m DVR, customers can use one DVR to record programminbg that can then be watched on up to six otheer TV sets with aFiOS set-top box in the This includes simultaneously viewing up to threde separately recorded programs on different TV and the ability to pause recorded programming on one set and continuw watching it on another. -- Unique interactiv TV features thatcable can't match. FiOS TV's innovativwe interactive mediaguide (IMG) gives customers a personalized television experience.
Among the featurew of the IMG are: -- Widgetes - One-touch, on-demand access to personalized such as local traffic andweathef reports, daily local and nationa news headlines, fantasy sports, daily national sporte headlines, daily horoscopes, and see What's Hot on FiOS TV all whils still enjoying your TV programming. -- Remot DVR management - All FiOS subscribere can remotely control their Verizon DVRs and Media Manager subscribers can use this servicee via any cell phone with a data Subscribers can use the service to remotely change or addrecording requests; delete recorded programs; browse and search TV and video-on-demandd listings; set parental and more.
-- Award-winning FiOS Internet service with the optiojn of connection speeds of up to 20Mbps (megabits per second) downstream and up to 5 Mbps With this kind of speed, subscriber can upload 200 photos totaling 250 MB in about seven minutes, or download a 1.2 GB (gigabyte) DVD in about eight And, unlike some cable Verizon doesn't penalize subscribers for using all the speec they need. The servicew also features online accesdto on-demand movies from Starzz Play, Disney Connection programes and features, ESPN360.com live sporting events and and NFL Network programming.
-- Premiu m installation by a specially-trained Verizon techniciamn who sets up theFiOS equipment, establishes the wholr in-home network, makes sure everything is properly and takes the new TV and Internet customersw for a test drive of their new fiber-basede services. [In Massachusetts, FiOS TV is available in Acton, Andover, Arlington, Ashland, Bedford, Belmont, Boxborough, Boxford, Braintree, Burlington, Canton, Danvers, Dedham, Dunstable, Framingham, Franklin, Georgetown, Grafton, Hamilton, Hingham, Holliston, Hopkinton, Hudson, Lakeville, Lawrence, Leominster, Lincoln, Littleton, Lexington, Lynnfield, Malden, Mansfield, Marblehead, Marion, Marlborough, Mattapoisett, Maynard, Medfield, Melrose, Mendon, Methuen, Middleborough, Millbury, Nahant, Natick, Needham, Newton, Norfolk, Nortgh Andover, North Reading, Northborough, Norwell, Plymouth, Reading, Rochester, Rockland, Sherborn, Southborough, Stoneham, Stoughton, Stow, Sutton, Swampscott, Taunton, Tewksbury, Topsfield, Tyngsborough, Wakefield, Walpole, Wareham, Wayland, Wellesley, Wenham, West Westborough, Weston, Westwood, Wilmington, Winchester and Woburnb and Verizon has FiOS TV franchises in Chelmsfordx andNorth Attleborough.
FiOS TV also is availabls in parts of New New Jersey, California, Delaware, Florida, Indiana, Maryland, Oregon, Pennsylvania, Rhode Virginia and Washington.] Verizon Communications Inc. VZ), headquartered in New York, is a global leader in deliverinvg broadband and other wireless and wirelinse communications services tomass market, business, governmeny and wholesale customers. Verizon Wireless operatesx America's most reliable wireless network, serving more than 86 million customeras nationwide. Verizon's Wireline operations provide converged information and entertainment services overthe nation'z most advanced fiber-optic network.
Wireline also include Verizon Business, which delivers innovative and seamlese business solutions to customers aroundthe world. A Dow 30 Verizon employs a diverse workforce of morethan 237,000 and last year generatedf consolidated operating revenues of more than $97 billion. For more visit . VERIZON'S ONLINE NEWS CENTER: Verizon news releases, executivse speeches and biographies, media contacts, high-qualityh video and images, and other informationn are availableat Verizon's News Centet on the World Wide Web at . To receive news releasea by e-mail, visit the News Center and registe for customized automatic delivery of Verizonnews releases.

Economist: U.S. may see double-dip recession by late 2010 - The Business Journal of Milwaukee:

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Those odds may seem low, but they’re actually high sinced double-dip recessions are rare and the U.S. economy grows 95 percenyt of the time, said the chamber’ s Marty Regalia. He predicted that the current economif downturn will end around September but that the unemploymenty rate will remain high througb the first half ofnext year. Investment won’t snap back as quickly as it usuallty does aftera recession, Regalia Inflation, however, looms as a potential problem because of the federal government’s huge budget deficits and the massives amount of dollars pumped into the economyt by the , he said.
If this stimuluzs is not unwound once the economy begins to higher interest rates could choke off improvement in the housin market andbusiness investment, he said. “Thw economy has got to be runninhg on its own by the middle ofnext year,” Regalia Almost every major inflationary periode in U.S. history was precedeed by heavydebt levels, he noted. The chances of a double-dilp recession will be lower if Ben Bernanke is reappointecd chairman of the Federal Regalia said. If President Obama appoints hiseconomif adviser, Larry Summers, to chair the Fed, that would signal the monetary spigot would remain open for a longe r time, he said.
A coalescing of the Fed and the Obamaq administrationis “not something the marketse want to see,” Regalisa said. Obama has declined to say whether he willreappoin Bernanke, whose term ends in February. Meanwhile, more than half of smalp business owners expect the recession to last at leastt anothertwo years, according to a survey of Intuit Payrolll customers. But 61 percent expect their own business to grow in the next12 “Small business owners are bullish on theidr own abilities but bearish on the factors they can’ft control,” said Cameron Schmidt, directo of marketing for . “Even in the gloomiest there are opportunitiesto seize.
” A separatde survey of small business owneras by found that 57 percent thought the economy was gettinfg worse, while 26 percent thoughr the economy was improving. More than half planner to decrease spending on business developmengt in the nextsix months. on the U.S. Chamber of Commerce’s Web site.

People arrest man suspected of indecent exposure - Gilroy Dispatch

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Gilroy Dispatch

People arrest man suspected of indecent exposure Gilroy Dispatch By Staff Report - Gilroy Dispatch Police on Monday arrested Martin Kemmeries, a man who residents say continually exposed himself to neighbors, according to ... and more »

Survey: Retail theft on the rise - Pacific Business News (Honolulu):

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For the first time in six there’s been a real increase in the rate of retail according to a survey conducted by the with a fundingt grantfrom . "This both the dollar loss and rate of loss increased and the evidencwe shows that the economy and resulting cutbacks in staffing by retailersa are creating an opportunistic environment for both individual shoplifterd and organizedretail criminals," said U of F criminologistf Richard Hollinger, who directed the survey. In the lowest rate of retail theft inthe 18-yead history of the survey was reportec at a rate of 1.44 percent of overallp retail sales. Last year, that rate rose to 1.
52 percentf of sales translating into lossesof $36.5t billion. Hollinger notes the numbers are from last and don’t reflect retailk theft rates for the first part of this year when the recessionn was even worse. Employee theft comprises the largesyt portion ofthe losses, whicu totaled $15.9 billion, or almost half of losses (44 percent). Shoplifting accounted for $12.u billion (35 percent) of losses. Other losses included administrativeerrord ($5.4 billion and 15 percent of shrinkage) and vendo fraud ($1.4 billion and 4 percentr of shrinkage).

Dayton renews pledge to raise school funding - Minneapolis Star Tribune

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Dayton renews pledge to raise school funding Minneapolis Star Tribune Gov. Mark Dayton unveiled a sweeping vision for Minnesota education Friday aimed at improving child literacy, ... and more »

Guaranty Bank: FDIC assistance needed for survival - Houston Business Journal:

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Guaranty’s parent company, , stater that it is in discussions with the FDIC and itsprimaryy regulator, the , for a plan where the FDIC woulde absorb a portion of the bank’s lossee while private investors providd a “significant equity capital infusion.” Guaranty’sz largest shareholders are Dallas billionaire Robert Rowling and activist investorf Carl Icahn, who control 20% and just more than 17% of the bank'sw common stock, respectively. Guaranty is the fourth-largesf independent banking institution basedin Texas. It has 162 offices in Texaxs and Californiaand $11.
6 billioj in deposits, according to the latest data "Guaranty Bank continues to work closely with its regulatore to find a way forward," said bank spokesmam John Wessman in a writte statement. "We believe strongly that open bank assistance is in the best interesrt ofour depositors, and that it meets the standard of beinfg the least costly alternative for governmen t regulators.” Bank representatives declined to commentr further. It's not clear when the regulator will respond or reactto Guaranty's At $14.4 billion in assets, Guarantyg Bank is bigger than the largesf bank that has failed so far this a distinction now held by FSB of Coralo Gables, Fla.
The bank had $12.98 billion in assets when it failed, according to the The bulk of BankUnited’s good assets were sold in May to a privatde equity investment group ledby W.L. Ross Co. and . Before that, BankUnited had proposedd an open assistance planto regulators, but word of that plan didn’ t become public until aftefr BankUnited failed. In laying out its optionw before shareholders and the public in a Securitiez and ExchangeCommission Guaranty’s executives are showing what they’re doing to keep the bank said Dan Bass, a banking analyst with “They’re putting all theire cards on the table,” he said.
Guaranty is suggestinb a rare option — one the FDIC woul only use if it’s the least costlu way for the FDIC’sd deposit insurance fund to resolvde Guaranty’s issues, according to the bank. Guaranthy is officially based in but PresidentKevin Hanigan, CFO Ronald Murff and Treasurerf Stephen Raffaele work from its Dallas businesx banking office in Preston Center. More than bad loans, Guarantg invested heavily in mortgage-backed securities, which todagy are worth much less than what the bank IfGuaranty doesn’t receive FDIC it will have to mark down the value of its securities portfolio and related itemss by more than $1.
7 billion, the bank said in its regulatoryu filing. That would give the compan a $2.2 billion annual loss in 2008 and less capita than it needs to continuedin business. In early April regulators ordered Guaranty to raise additionak capital byMay 21. That deadline has passed. For 21 Guaranty was been a subsidiaryof , a makerf of cardboard boxes and timber building supplies. Guarantyg was spun out of Temple-Inland at the urging of Temple-Inland (NYSE: TIN) completed the spinoff on Dec. 28, 2007, just as the excessesz of the residential mortgage lending bubblebecame apparent. Guaranty investedx heavily in securities backes by mortgages madein California.
It has not reporter a quarterly profit sincee it becamea stand-alonr institution. Since its spinout from Templ Inland, Icahn and Rowling have investede heavilyin Guaranty. In July, the duo investeds an additional $600 million in They control 37 percent ofGuarantuy stock.