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NEWS
November 16, 2010
According to Robert F. Cherry, "These men and women are expected to take a bullet for their city" ("Rejection of police contract a message to city's mayor," letter, Nov. 16). No one is expecting anyone to take a bullet. It seems the citizens of Baltimore are taking more bullets then ever, which is no ones fault. This is a sign of the times. Police officers chose to enter this career (most of them don't even live in "their" city). They can always resign and seek other work. The city and state are in financial crisis.
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BUSINESS
By Natalie Sherman, The Baltimore Sun | July 5, 2014
Legg Mason plans to close a deal this month to restructure $650 million in debt, a move designed to lock in favorable interest rates for the long term while taking advantage of the market's sustained appetite for corporate bonds. The money raised from the sale will be used to pay off $650 million of notes due in 2019, which the Baltimore-based money manager issued two years ago at a rate of 5.5 percent. The firm's total debt of just over $1 billion would remain unchanged. Legg's decision to restructure debt follows the path of dozens of companies, including asset managers Invesco, Janus Capital Group and Icahn Enterprises, that have pursued refinancing in expectation of rising interest rates.
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BUSINESS
By Eileen Ambrose, The Baltimore Sun | September 22, 2013
The excited voices on CNBC radio riveted financial adviser John Bacci's attention as he drove to Chestertown five years ago for a routine client visit. The stock market was in freefall that Sept. 29 after Congress rejected a $700 billion rescue of the financial industry and the Dow Jones industrial average plunged 778 points — the largest one-day point loss ever. As he walked into the client's house, he avoided shaking her hand. "My hands were clammy," said Bacci, president of the Linthicum firm Foundation Financial Advisors.
BUSINESS
By Eileen Ambrose, The Baltimore Sun | October 27, 2013
Brown Advisory in Fells Point turned 20 this year. The firm now manages about $42 billion in assets and recently expanded its business in the United Kingdom. CEO Michael Hankin reflected on the firm's founding and its growth, as well as his efforts to clean up the Inner Harbor waters. Brown Advisory opened a London office in 2008, largely serving institutional clients. You've recently expanded your business, focusing on expatriates in the United Kingdom. Can you elaborate on what you're doing there and why this new focus?
NEWS
February 25, 2012
Peter Morici's piece "Obama's faith in liberalism" (Feb. 21) was written in such a way that the reader could easily have inserted the words liberal or conservative, left or right, etc., in various places in the text and it would still be intelligible. One example: "Liberal/conservative policies are based more on faith than reason. " Later he says that such policies have "little foundation in facts or modern economics. " Facts or economics? Mr. Morici unfairly reduces Obama's understanding of the financial crisis to the idea that it was caused by "lack of regulation" - then goes on for five paragraphs to explain his point of view.
BUSINESS
By Michael Dresser and Michael Dresser,Sun Staff Writer | September 28, 1994
Bell Atlantic Corp. is in the midst of a "financial crisis" in its local telephone network and might have to let service quality slip to save money, according to internal company documents.With net annual income running $63 million short of the company's target as of August, network operations managers have been ordered to slash overtime and de-emphasize maintenance, according to a memo signed by a high-ranking Bell Atlantic executive in Maryland and obtained by The Sun.The Sept. 13 memo by Regina Novotny, Bell Atlantic's vice president for network operations in Maryland and West Virginia, offers a rare glimpse into the internal trade-offs made by a company that boasts in ads that its service is up 99.9 percent of the time.
BUSINESS
By Julius Westheimer | October 10, 2001
"DON'T create your own financial crisis in the wake of the terrorist attacks," we hear from Charles Kadlic, investment adviser and author of Dow 30,000, Fact or Fiction? "Don't try to outsmart the market by jumping into one stock or sector. The market adjusts to perceived economic risks, this time falling 7 percent on the day trading resumed after the attacks - but then it stabilized. "Fear, greed and emotional investing are enemies of financial well-being. A well-crafted, long-term plan should hold up when negative surprises strike.
NEWS
By Ron Smith | May 1, 2009
The evidence mounts that the current economic troubles were set in motion because of systemic fraud. I keep thinking about Bernard L. Madoff's comment when F.B.I. agents were about to arrest him. Asked if he could explain what he had done in his Ponzi scheme, he replied, "There is no innocent explanation." Fact is, there is no innocent explanation for the actions of the financial elites and their bought-and-paid-for political lackeys. It's one thing for people like me to speak or write about the crimes that set this collapse in motion, but it's another and far more damaging thing to have well-placed experts in finance point the accusing finger at those responsible for the financial crisis.
BUSINESS
By Gregory Karp and Gregory Karp,MORNING CALL IN ALLENTOWN, PA | September 23, 2007
Many people who thought they were buying the American dream of homeownership now realize they bought a heap of money stress. That's especially true if they're among the Americans facing mortgage foreclosure after seeing their adjustable-rate loans spike. A record number of homes entered the foreclosure process in the second quarter, the third consecutive record-breaking quarter, according to the most recent figures from the Mortgage Bankers Association. If you have a mortgage you cannot afford, your objective should be to forestall foreclosure so you can get current on payments, refinance or sell the house before foreclosure.
NEWS
By Paul West and Paul West,paul.west@baltsun.com | September 21, 2008
WASHINGTON - As the credit meltdown became a full-blown crisis, it wasn't just a nightmare on Wall Street. It also was one of the worst things that could have happened to John McCain's presidential candidacy. When times are bad, voters often choose to throw the bums out, and McCain's party is in the White House. On top of that, economics has never been McCain's strength, and some of his responses - calling the fundamentals of the economy sound one day and proposing a commission to study the problem while the financial system teetered on the brink of collapse - seemed less than sure-footed.
NEWS
By David M. Anderson | October 10, 2013
The United States is currently in the midst of a leverage crisis, only it is a crisis that stems from political institutions rather than economic ones. The political leverage crisis concerns Congress, the White House and the Supreme Court, and it is animated by the excessive leveraging tactics of the House Republicans, especially the extremist faction of the House Republican caucus. "Leverage" is a concept borrowed from ancient physics referring to the property of a lever and fulcrum to create maximum force with minimum effort.
BUSINESS
By Eileen Ambrose, The Baltimore Sun | September 22, 2013
The excited voices on CNBC radio riveted financial adviser John Bacci's attention as he drove to Chestertown five years ago for a routine client visit. The stock market was in freefall that Sept. 29 after Congress rejected a $700 billion rescue of the financial industry and the Dow Jones industrial average plunged 778 points — the largest one-day point loss ever. As he walked into the client's house, he avoided shaking her hand. "My hands were clammy," said Bacci, president of the Linthicum firm Foundation Financial Advisors.
NEWS
By Jonah Goldberg | October 11, 2012
"Now Gov. Romney believes that with even bigger tax cuts for the wealthy, and fewer regulations on Wall Street, all of us will prosper. In other words, he'd double down on the same trickle-down policies that led to the crisis in the first place. " -- President Barack Obama in an ad released Sept. 27. This is President Obama's core message. In one way or another, he says it all the time. It's his kicker on the stump. You cannot watch an interview with the president or one of his subalterns without hearing it. And yet, I don't think I've ever heard a TV interviewer, host or pundit ask, "What are you talking about?"
BUSINESS
By Jamie Smith Hopkins, The Baltimore Sun | September 19, 2012
Legg Mason said Wednesday that it has agreed to a severance package for outgoing CEO Mark R. Fetting that will cost the Baltimore money manager about $4 million, including $2 million in direct payments. Fetting is stepping down as CEO and chairman Oct. 1. The newly disclosed separation agreement entitles him to $2 million in payments made over 15 months and allows him to keep 111,548 unvested restricted shares of company stock, which will vest under the same timetable as if he weren't leaving.
BUSINESS
By Eileen Ambrose, The Baltimore Sun | June 26, 2012
Battle lines are being drawn over whether money market funds need more protection in the event of another financial crisis. Maryland investment firms and the state treasurer are on one side of the fight; the SEC chairman is on the other. Baltimore's T. Rowe Price is working through the Investment Company Institute, a trade group for mutual fund companies, which maintains that reforms adopted two years ago, after the last crisis, are sufficient. Legg Mason's CEO said last month that the Baltimore-based investment company might reconsider its commitment to the money market fund business if additional changes proved too drastic.
NEWS
February 27, 2012
I am really surprised that someone of Peter Morici's academic standing and obvious financial experience would imply that "banks making loans on real estate assigned inflated values to borrowers who could not repay" and the ensuing financial crisis had nothing to do with "lack of regulation" ("Obama's faith in liberalism," Feb. 21). It is that very lack of regulation that allowed it. Prior to that, it wasn't that banks were so much wiser and more concerned about their depositors and investors.
NEWS
By Gina Davis | February 23, 2008
The head of Oldfields School has resigned in the wake of a financial crisis that has threatened to shut the 140-year-old all-girls boarding school in less than two years. George Swope Jr., who has led the school since 2003, confirmed yesterday that his resignation will be effective Friday. Swope declined to further discuss his decision. "I've been asked not to make comments," he said. As the school's leader, Swope earned about $250,000 for the 2005-2006 school year, according to forms filed with the IRS. His wife, Margaret Andrews, who is director of development, also has resigned, board member Sunny Adams confirmed yesterday.
BUSINESS
By Hanah Cho, The Baltimore Sun | February 27, 2011
Baltimore native Heather Hay Murren, who spent more than a decade on Wall Street, just finished serving on a federal commission charged with investigating the nation's financial crisis. Murren, who graduated from the Bryn Mawr School and the Johns Hopkins University, was one of 10 commissioners who spent 18 months examining the causes of the meltdown. The work of the commission concluded this month. In January, the Financial Crisis Inquiry Commission released an extensive report that found nearly everyone, from overextended homeowners to ill-prepared regulators to opportunistic Wall Street executives, had a hand in the meltdown.
NEWS
February 25, 2012
Peter Morici's piece "Obama's faith in liberalism" (Feb. 21) was written in such a way that the reader could easily have inserted the words liberal or conservative, left or right, etc., in various places in the text and it would still be intelligible. One example: "Liberal/conservative policies are based more on faith than reason. " Later he says that such policies have "little foundation in facts or modern economics. " Facts or economics? Mr. Morici unfairly reduces Obama's understanding of the financial crisis to the idea that it was caused by "lack of regulation" - then goes on for five paragraphs to explain his point of view.
BUSINESS
Jay Hancock | November 28, 2011
Ben Bernanke and the Federal Reserve seem to have run out of ammo. It's gridlock as usual for Congress. States and cities are cutting spending and shedding jobs. Is it time for the spender of last resort — the American consumer — to put a prop under the economy? Spending per shopper over the post-Thanksgiving weekend was set to pop by 9.1 percent compared with that of the same period last year, according to a survey by the National Retail Federation. Store traffic was up 6.6 percent, and the federation says average outlays per shopper were $399, up from $365 last year.
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