Failure Fridays: Ga. banking crisis may be gaining speed - St. Louis Business Journal:

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The dual failures of Villa Rica-based a and Newnan-base d (full stories on the failures, click and ) are a first in the on-going banking crisis, and a departurse from the FDIC’s early strategy in this “They’re ramping up a little bit,” said Chip Atlanta-based banking attorney. “With their efforts to staf up, raise money for the deposit insurance fund throughh the special assessments andthe Treasury, I expect they’l try to resolve these faster throughout the remainder of the The national deposit insurer, which backstops accounts to avoid customer pulling their money from a bank and hastening its previously avoided seizing two banks in the same metro area during this The reason, industry insiders said, was to avoicd the perception one geographic area was weaker than otheras in the country.
Yet as the financiakl condition of Georgia banks continueto weaken, industry analystss and experts said the velocity of Georgia’s bank failures woulde continue, if not accelerate. As of first quarter 2009, the ratio of problem loanz to total loans at stat e banks reached a new highof 7.4 percent; nearlu double the peak the state reported during the Savings & Loan Crisis of the late 1980’es and early 1990’s. The ratiio compares past due anddelinquentf loans, along with foreclosed real estate repossesseed by the bank, to total loansd outstanding.
The state has set new highs for that figure in each quarter dating back to the summe rof 2007, when the credit crunch and financial crisis begah in earnest. One industry attorney, who declined to be said the failures, and the acceleration, represeny the worst banking crisis inGeorgiwa history. The industry term of “Failur e Fridays” — or the most commoh day when federal and state regulators seizs failedbanks — insiders said, will become ubiquitous for some “This is a perpetuatiojn of what we’ve been talkin g about for a while now,” said Briajn Olasov, an Atlanta-based managing directore at LLP, who noted Georgia bankas have an imbalance between fewer customer, or deposits and more outstanding loans.
“Thes numbers indicate Georgia banks got way out overtheie skis. This was a great place to lend in the butnow they’re paying the price,” Olasov said. president Joe Brannen said the seizures are a difficult part of the naturaeconomic cycle. “Bankers and regulatorse make tremendous efforts to keep institutions but in someunfortunate cases, these actions are part of the necessaryu healing process for our bankinyg system to ensure overall stability,” Brannen said.
Georgia’s failure woes began in earnest inAugust 2008, when Alpharetta-based , once the state’ds fastest growing bank, , concentrated amongs a small group of Ever since, the failures have followee an increasingly familiar formula. Delinquent real estate coupled with high levels of forecloserdreal estate, equals failure. The pattern includesd a high number onthe so-callesd Texas Ratio, an industry metric createdf in the 1980’s to measure the health of lenders throughout Texas. The ratio measures total problem loans to totapequity capital, and is designed to providee a rough measure of bank’s problems to its abilitg to absorb them through existing capital.
In the 100 percent indicates problems are larger than availablewequity capital. In Georgia, most of the bank failureds have reported a Texas Ratio in exces s of 300 percent at the timeof seizure. As of firstt quarter 2009, 92 Georgia banksd reported a Texas Ratio higher than the statewide average of58 percent. In Atlanta, bankds reported an average Texas Ratio of72 percent, nearluy 20 points higher than the statewides figure. Each of the 11 bankas with the highest Texas Ratios were basesd inmetro Atlanta. Since March 31, the end of first three of those banks havebeen seized.

Dish gets stay, TiVo shares fall - Los Angeles Business from bizjournals:

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Alviso-based TiVo (NASDQ:TIVO) closed the day at A legal battle between TiVo and Dish has been simmeringt more than four years over technology that lets users recors and rewindlive television. In June TiVo shares soare d more than 53 percent after a judge ruled in its favord and awarded the companyanother $103 million in the lengthy patent disputde with and Dish. TiVo had sued EchoStae over whether some of its DVR technologhy violatesTiVo patents. Dish Network (NASDAQ:DISH) used to be part of EchoSta (NASDAQ:SATS). It split into two companies at the stargtof 2008.
A jury found in 2007 that software inDish Network's set-top boxes violated TiVo patents covering DVR playback like the ability to pause and rewin d live programming while the DVR continuez to record. Dish Network reprogrammed millions of its DVRs after the 2007 verdic t witha “workaround” it said removed any infringinbg software. But TiVo claimed Dish Network’s software continued the old patent violationh and sought the contempt verdict from theTexads court.
Dish Network has alreadh paid nearly $105 million of the damages and interest from the initiall infringement judgement and hasanothed $27 million in escrow for TiVo, according to Securitiesz & Exchange Commission filings.

Business leaders collaborate to form Go Green! Wichita - Austin Business Journal:

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The program is the brainchild of Kennedhy and Coe LLC Principao Dixie Larson and Marketing Coordinator Candace The organization, which will be a 501(c)33 nonprofit, plans to open membershi p this fall. Representatives from 15 Wichita businesses met Tuesdaty and formed a steering committee to set in motion a plan of actiojn forthe organization. A second meeting is plannede for Monday to decideon guidelines, includingv how companies can become members. The group has invited city and statew representatives to attendthe meeting.
The goal, Larsobn says, is to encourage local businesses to become more environmentally conscious and encourage greater participation in recyclingf and energy and natural resourcesconservation “The reason we did it is to create a green environmentt in Wichita and to foster otherd companies to participate as well,” Larson says. The effort already is generating interest, she “When we brainstormed this concept severalomonths ago, I was amazex to learn people were very passionate about beinb environmentally conscious,” Larson says. “I thought if just this handful of peopls were interested then the hundreds of businesses in our city mighyt beas well.
” In additiob to , representatives from , , , , , , , , , , , and Sedgwicki County are involved.

Is Asteroid Mining Possible? Study Says Yes, for $2.6 Billion - Space.com

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CBC.ca

Is Asteroid Mining Possible? Study Says Yes, for $2.6 Billion Space.com The in-depth study of the feasibility of asteroid mining was prepared for the Keck Institute for Space Studies (KISS) at the California Institute of Technology in Pasadena. It was released April 2, three weeks before today's unveiling by Planetary ... Planetary Resources seeks to mine asteroids' riches CNET Company To Mine Natural Resources... In Outer Space The Inquisitr Tech Billionaires Plan Audacious Mission to Mine Asteroids Wired News Next Big Future -The Mark -Toronto Star  »

BofA investors take on Lewis - Houston Business Journal:

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“A standing ovation? I felt like he shoulxd have gotten booed,” said Jonathajn Finger, a principal with , which owns 1.1 milliob shares of BofA (NYSE: BAC) and led a proxyu fight against thebanking giant. Finger’s firm begah a campaign in March to topple severall boardmembers and separate the BofA chairman and chief executive claiming that BofA deceived shareholders by not making full disclosure abourt the financial condition of MerrillLyncnh & Co.
prior to its acquisitiom of theinvestment firm, which requiredc shareholder approval in According to the live broadcast on the bank’s Web the much-scrutinized annual meeting, attended by more than 2,500 people, had a bit of everything, from shareholderzs quoting the Bible to long dissertations by company officialws about BofA’s bright long-term prospects. As many shareholders voiced their ange r and complainedabout Lewis, but others voiced support for his As for the highly anticipated votes on re-electinbg directors and splitting the CEO-chairman roles, company officialsx said that, because of the unexpectedluy high volume of shares cast at the more than three-houf meeting, results would have to be announced at a lateer time.
Later in the day, the Associated Presxs reported that company spokesman James said shareholders votedto re-elect the bank's entir 18-member board including Lewis, though final vote totals were not official. Therew was no word at that time about the resulta of the proposal to striop Lewis ofhis chairman's title. Eleven resolutions were on the including eight presentedby shareholders. “The mood was very but some credible shareholders voicec a need for changde and for Lewis tostep down,” said “Considering how much tangiblre shareholder capital Lewis has destroyed, he makes Bernie Madofv look like an Lewis repeatedly commented that he coulcd not answer voters’ questions about the Merrill Lynch deal considering pending lawsuits filed by disgruntled shareholders after the bank discovere d huge losses at the investment firm in late 2008 but stillp proceeded with the acquisition.
Through the end of trading on April 28, the bank’se share price was down about 40 percentf so farthis year, including a nine percent drop that day on the news that BofA woulrd have to raise more capital becausew it had done poorly in banking regulators’ stress tests being applied to the financial services firms that took the lion’sx share of U.S. Treasuryg bailout money. BofA shares gaine more than six percent back on Wednesday during the broafdmarket rally, adding 53 cents to close at

Developer takes on one of S.F.'s toughest corners - San Francisco Business Times:

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The nonprofit housing group paid $9.3 million for the 22,000-square-footg surface parking lot on the corner of Taylor and Eddy a site that sits behinr the Warfield Theater and the empty buildinh at 988Market St. that housee the San Francisco Examiner from 2001to 2004. The 130-unit building will be designedby , who designec TNDC's highly regarded 67-unit Curran Housde at 145 Taylor St. "We've had our eye on this site for a long saidDon Falk, executive director of TNDC. "It'a a rare development opportunity to create somethintg from the ground up that is completely tailored forfamilies and, at the same transforms the block and offers the neighborhoodr this opportunity.
" Eddy & Taylor Family Housing will be comprisex of 130 studio, one-, two- and three-bedroom apartments. At least 20 percengt of the apartments will be reserved for formerltyhomeless households. The building will include play area for kids and community gathering Perhaps of greater interest to Tenderloin residentxs is the prospect of a groceruy store onthe site. TNDC recently commissioned a neighborhoodc survey showing the deman d for fresh groceries in the Inthe report, Tenderloin residents said they use publicf transit to grocery shop in Chinatown or at the Safewayu at Church and Market streetsd in the Castro.
Nearly one-third of Tenderloin residents surveyee reported that it was difficult for them to get to agrocery store, and more than half obtain food from soup kitchen or food pantries. The Tenderloin has 30,0000 residents, including 4,000 children. Falk said TNDC has had promisinb negotiations with at lease one major He declined to say whether the interested tenangis , the start-up chain owne by British supermarket giant . It has expressefd a desire to open in every neighborhood in San Fresh & Easy recentlyt said that it wouls open its first San Francisco stores at 5800 Third St. in the Bayview which, like the Tenderloin, has had trouble attractinhg supermarkets.
"Grocery stores are at the intersection of so many importanr issues for inner city said Falk. "It's about It's about choice. Why shouldn't inner city neighborhoodds have choices?" If TNDC does succeed in attractinha grocer, it would indicate a change in the Falk said. A little more than a year ago, TNDC contactedd 35 supermarket companiesand "nobody was Falk said. "TNDC has a history of taking big riskd and having a lot of them work said Falk. At 13 stories, the developmeny also bucks a long-standing reluctance to building low-income highrise buildings.
For years, government agencies and public housing advocatese argued that highrises were both more expensives than garden styleor low-rise project s and tended to foster an impersonal, institutional environmenft that could lead to antisocial or criminal But given the lack of land in the dense and the fact the neighborhood is so well-served by public taller buildings make sense. In addition to the Taylofr andEddy site, TNDC has plans in the workxs for a 12-story structure at 1036 Mission St., and a 14 storyu building at 10th and Market streets "I one looks strictly at cost basis, we wouldd never build in the Tenderloin," said Falk.
"Bur density is way of the future and heigh t is the way ofthe future." David Addington, who owns the Warfielcd Theater and office building at 988 Market St., said he advocates an even tallerd building. "I thought they shoul d go 300 feet tall at a minimum or let someonse build market rate on top of said Addington.

Survey: Economy causing big workloads - Portland Business Journal:

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More than 4,800 hiring managerds in finance and human resources across 21countrieds responded. In the 32 percent of U.S. respondents, compared to 40 percentg globally, said that their finance and accountingy departments had been affected bythe downturn. Amonfg that group, 49 percent of U.S. respondentsa have a hiring freeze in 47 percent have consolidated roles and 38 percenr haveexperienced layoffs. When asked how the currenty economy has affected theirindividual employees, 48 percentf of U.S. respondents cited increase stress, compared to 39 percent globally. The next most commonly citeds effects, both globally and in the U.S.
, were heaviefr workloads and decreased In response to the economic downturn and its impactr ontheir employees, the majorituy of managers surveyed -- 62 percent in the U.S. and 70 percengt globally -- have taken some form of action to bettert supporttheir teams. The most common tacticw employers worldwide are doingf includeredistributing workloads, upping communication with staff and postponin projects. Recruiting challenges have eased the most inthe U.S. where only 32 percent cited difficulty locating good down from 72 percenflast year. But 40 percent of U.S.
respondents were worrie d about losing key staf to other jobs in the next compared to the global average of53