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Uber, Lyft Rider Safety or Union Push to Raise Rates

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Uber, Lyft Rider Safety or Union Push to Raise Rates

APRIL 18, 2015, 3:27 PM    LAST UPDATED: SATURDAY, APRIL 18, 2015, 3:27 PM
ASSOCIATED PRESS

TRENTON, N.J. (AP) — Ride-hailing companies like Uber and Lyft could be driven out of New Jersey if a bill lawmakers are considering becomes law.

That’s at least what the transportation network companies faced with potential new regulations say. Lawmakers, unionized taxicab drivers and other supporters of the legislation argue the bill promotes public safety.

Lawmakers across the country are beginning to turn their attention to regulating ride-hailing firms. Already eight states and the District of Columbia have enacted laws addressing them, according to a tally from the Property Casualty Insurers Association of America, a trade group that supports the bill in New Jersey. Four other states await action on measures from their governors.

In New Jersey, legislators are beginning to focus on Gov. Chris Christie’s 2016 budget, so a bipartisan measure regulating the ride-hailing companies is stalled at the moment after passing an Assembly committee in March — though lawmakers and other observers are optimistic it will continue to weave its way through the Legislature.

A similar bill in the state Senate is awaiting committee action. Christie typically does not comment on bills before they reach his desk.

The legislation calls for a number of new requirements, including requiring ride-hailing firms to display a Motor Vehicle Commission marker when drivers are searching for fares, background checks for drivers as well as safety inspections for vehicles.

Proponents argue the measure protects riders from public safety concerns by requiring criminal background checks through the State Police. They also say the bill would “level the playing field” between ride-hailing firms, which frequently charge lower rates, and taxis, which are already heavily regulated.

Lionel Leach, the president of Communication Workers of America Local 1039, which represents about 300 cab drivers in New Jersey, pointed to a recent news report that alleged a rider nearly became the robbery victim of a driver. New Jersey does not track crime statistics by cab, livery or ride-hailing services, making claims difficult to vet.

Leach says companies like Uber have given taxicab drivers a wakeup call by innovating and that ride-booking companies improve the industry overall. “Look, at the end of the day, it’s great technology,” he said. “But my concern is not about how cheap their fares are. It’s the public safety part of it.”

The companies say they’re dedicated to safety. Uber announced plans last month to establish a safety advisory board to review the firm’s practices.

Uber and Lyft have also taken steps to expand insurance coverage, a major sticking point in the regulations debate.

https://www.northjersey.com/news/new-jersey-grapples-with-how-whether-to-regulate-uber-lyft-1.1312059

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Don’t panic, college seniors: Jobs for grads likely to grow

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APRIL 17, 2015    LAST UPDATED: FRIDAY, APRIL 17, 2015, 1:21 AM
BY PAUL WISEMAN
THE ASSOCIATED PRESS |
WIRE SERVICE

* After struggles spurred by the Great Recession, job picture brightens

WASHINGTON — The consulting and accounting firm EY is aggressively recruiting on college campuses this spring. The company formerly known as Ernst & Young plans to hire 9,000 graduates from U.S. universities this year, up from 7,500 in 2014. But recruiting isn’t as easy as it used to be.

“I’m seeing a lot more competition” from rival employers, said Dan Black, EY’s Americas recruiting leader.

That’s good news for college seniors and graduate students preparing to accept diplomas this spring, and a sign that new graduates will fare better than they did in 2014. The Labor Department reported on Thursday that the unemployment rate for Americans in their 20s who received a four-year or advanced degree last year rose to 12.4 percent from 10.9 percent in 2013.

“This is a real breakout year,” said Philip Gardner, director of Michigan State University’s Collegiate Employment Research Institute.

In a survey of employers last fall, the employment center found that hiring of graduates with four-year degrees will rise 16 percent this year.

“It’s led by the ones you would expect — engineering and business,” Gardner said. “But there seems to be a lot of room for everybody. … Even arts and humanities are making a comeback.”

Employers have more openings to fill because baby boomers are retiring and more workers are feeling confident enough about the economy to switch jobs. Overall, the United States generated 3.1 million jobs last year, the most since 1999. The overall unemployment rate has fallen to 5.5 percent in March from 6.7 percent at the end of 2013.

https://www.northjersey.com/news/business/college-graduates-on-way-to-breakout-year-for-hiring-1.1311334

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More Payback for Not Taking the Bailout Money ; Hudson City facing federal probe

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A sad end for Hudson City Savings Bank ( Hudson City did not take the Federal Bailout)

https://www.crainsnewyork.com/article/20120827/BLOGS02/308279995/a-sad-end-for-hudson-city-savings-bank

APRIL 16, 2015    LAST UPDATED: THURSDAY, APRIL 16, 2015, 1:21 AM
BY RICHARD NEWMAN
STAFF WRITER |
THE RECORD

* Federal agencies checking for racial bias in lending

The sale of Hudson City Bancorp Inc. to M&T Bank Corp. may face a new obstacle: a government investigation into whether the parent company of Paramus-based Hudson City Savings Bank violated the Fair Housing Act by discriminating against protected minorities when making loans.

The Justice Department and the Consumer Financial Protection Bureau are examining whether Hudson City ran afoul of the federal housing discrimination law, Bloomberg News reported Wednesday.

“A preliminary CFPB review concluded that the firm denied loans to people in minority communities, including those in the New York area,” said the report, which attributed that information to “two people familiar with the matter.”

The acquisition by M&T, valued at $3.7 billion when it was announced in August 2012, has been delayed several times in part because of a federal regulator’s concerns about the strength of M&T’s anti-money-laundering defenses. Hudson City said this month that it had been advised by Buffalo, N.Y.-based M&T that the deal would not close on May 1, the previously announced target date.

Hudson City Chief Executive Officer Denis Salamone and Susan Munhall, head of the bank’s investor relations, did not respond Wednesday to requests for comment on the Bloomberg report.

Representatives of the consumer board and the U.S. Attorney’s Office in New Jersey said they had no comment.

Jumbo-mortgage lender Hudson City makes a majority of its loans in New Jersey and New York and focuses on the higher-end real estate market. It has received an overall “satisfactory” rating on its latest Community Reinvestment Act exam and a “low satisfactory” rating on the community lending subsection of the exam.

The Record reported in 2012 that fair-lending watchdogs in New York City and New Jersey had asked the Federal Reserve Board to hold hearings on M&T’s merger application. They were concerned that Hudson City’s black and Hispanic loan-denial rates were higher than those for whites and that the bank made very few conventional home purchase loans to black borrowers. No hearings have been held, but the acquisition has been delayed amid regulatory concerns, and the Federal Reserve has not ruled on the merger application.

https://www.northjersey.com/news/business/hudson-city-faces-probe-1.1310555

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NJ’s industrial space in high demand in first quarter

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APRIL 16, 2015    LAST UPDATED: THURSDAY, APRIL 16, 2015, 1:21 AM
BY KATHLEEN LYNN
STAFF WRITER |
THE RECORD

* Bergen, Passaic benefit, aided by rise in port activity and need for warehouses

Spurred by increased activity at the port, industrial space remains in high demand in New Jersey, with a vacancy rate of 8 percent in the first quarter, according to a new report from the commercial real estate firm Cushman & Wakefield in East Rutherford.

Space is even tighter in Bergen County, with a 7 percent vacancy rate in the first quarter, down from 8.3 percent in the first quarter of 2014, and Passaic, with a 5 percent rate, down from 7 percent.

The growing demand for industrial space reflects a 7 percent rise in activity at the Port of New York and New Jersey, which has increased the need for warehouse and distribution sites in the state, according to Ron Lo Russo, president of Cushman & Wakefield’s tri-state region.

“As both online retail sales and manufacturing are expected to trend higher, the New Jersey industrial market is earning a position as one of the healthiest markets in the nation,” Lo Russo said in a statement.

A rise in e-commerce has led to more demand for warehouse space in this densely populated region, as online retailers aim for quick deliveries to their customers.

https://www.northjersey.com/news/business/demand-for-n-j-industrial-space-growing-1.1310550

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Prosecutor: Montvale businessman made “tens of millions” in fraud

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Prosecutor: Montvale businessman made “tens of millions” in fraud

APRIL 16, 2015    LAST UPDATED: THURSDAY, APRIL 16, 2015, 1:21 AM
STAFF WRITER |
THE RECORD

* Faces up to life in prison and $134.5M in fines for a scheme that bilked the federal government

“April 15, tax day, is a fitting date for Mr. Furando to accept responsibility for his crimes, which defrauded U.S. taxpayers of tens of millions of dollars.”

JOSH J. MINKER, U.S. ATTORNEY FOR THE SOUTHERN DISTRICT OF INDIANA

A Montvale businessman earned tens of millions of dollars as part of one of the largest frauds in Indiana history, prosecutors said on Wednesday after he pleaded guilty to conspiracy, fraud and other charges.

Joseph Furando, 49, and two companies he owned, Cima Green LLC and the Caravan Trading Co., both in Park Ridge at the time of the crimes, pleaded guilty in U.S. District Court in Indiana to participation in a scheme that prosecutors said fraudulently sold more than 35 million gallons of fuel that cost $145.5 million.

No date was set for Furando’s sentencing.

The pleas, following a guilty plea in August by a Ridgewood businesswoman who worked for Furando, Evelyn Katirina Pattison, also known as Katirina Tracy, leave three Indiana-based defendants to face trial in the case beginning on May 11 in Indianapolis.

“April 15, tax day, is a fitting date for Mr. Furando to accept responsibility for his crimes, which defrauded U.S. taxpayers of tens of millions of dollars that Congress appropriated for energy independence and a cleaner environment for all of us,” said Josh J. Minker, the U.S. attorney for the Southern District of Indiana.

Furando, who described the scheme to colleagues as “alchemy,” abused a federal program that offered companies a tax break for using environmentally friendly biodiesel, which contains recycled oil, prosecutors said.

Although the program awarded only one tax credit for each gallon used, Furando and his companies bought biodiesel that had already earned the tax credit and sold it to an Indiana company, E-biofuels, as newly produced fuel, prosecutors said.

E-biofuels then sold the fuel and claimed a new tax credit, selling the fuel at an inflated market price because it had the credit attached, prosecutors said.

The scheme realized “huge per gallon profits” for all the conspirators, sometimes more than $12,000 a truckload, prosecutors said.

https://www.northjersey.com/news/business/montvale-exec-pleads-guilty-in-biofuel-tax-fraud-1.1310536

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Google faces European charge it abused search dominance

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by Stephen Shankland
@stshank
April 15, 2015 4:03 AM PDT

The European Commission opens a legal case that could change how Google search works — and impose a massive fine. It also begins an inquiry about Android.

Europe’s antitrust regulator dramatically escalated its case against Google on Wednesday, accusing the US tech titan of abusing its search-engine dominanceby favoring its own shopping services and also opening in-depth scrutiny of the company’s Android operating system.

Google’s actions show its own comparison-shopping results even when they’re less relevant than results from competitors, curtailing innovation at those rivals and hurting consumers, said European Competition Commissioner Margrethe Vestager in a press conference.

“Dominance as such is not a problem,” Vestager said. “However, dominant companies have a responsibility not to abuse their powerful market position by restricting competition either in markets where they’re dominant or in neighboring markets.”

The EC’s action, called a statement of objections, opens the door for potentially massive fines such as those the European Commission levied against Microsoft and Intel after findings of antitrust abuses by those companies. Enforcement actions could include changes to Google’s way of doing business and a penalty as high as 10 percent of its global revenue. Given Google’s $66 billion ($62 billion euros) in revenue in 2014, that could mean a fine of up to $6.6 billion.

What’s at stake is not just a very big fine for a very wealthy tech company, though. Closer to home for consumers is the question of whether Google search will lead us to products and services from other companies or instead keep us hemmed in within Google’s ever-expanding universe of commercial activities.

https://www.cnet.com/news/google-faces-european-charge-it-abused-search-dominance/

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Kill the death tax

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By Thomas Fletcher – – Tuesday, April 14, 2015

With the federal budget debate underway in Washington, both political parties are certainly sparring over different fiscal visions for the country. There is, however, a chance for rare bi-partisan agreement: repealing the federal death tax.

This unpopular tax has long had an adverse impact on small, family business owners who want the next generation to continue the family legacy. Currently, the federal government seizes over 40 percent of an individual’s estate when they die. While the President wants to destroy so many of those legacies and raise taxes, Congress has the chance to go in a different direction.

Federal lawmakers should look to the states for guidance. While twenty-one of them carry an additional death tax on their books, many states have reformed and in some cases eliminated the death tax in recent years. States such as Oklahoma, Ohio, and North Carolina simply abolished their death taxes. Other states like New York have raised their exemption to match current federal law, although the New York exemption is a phase-in and will match the federal level by 2019.

Supporters often claim that the death tax is vital for revenue, but in reality it is a poor way for a state to raise revenue and has led people to leave a given state. According to a study by the Ocean State Research Institute, the death tax was the primary factor in residents leaving Rhode Island. The study found 107,086 or (one in ten) residents left the state between 1991 and 2009. While the state collected $341.3 million in estate tax receipts, it lost over $500 million in other taxes due to people migrating to other states.

Read more: https://www.washingtontimes.com/news/2015/apr/14/thomas-fletcher-kill-death-tax/?utm_campaign=sniply&utm_medium=sniply&utm_source=sniply#ixzz3XPFSfL4i

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10 Things Not To Do On Tax Day

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Kelly Phillips Erb Contributor

Happy Tax Day! You’ve probably read a ton of lists by now advising you about last minute filing tips and how to reduce your tax bill. That’s all good stuff. But as you finish up the last minute scramble to get yourtaxes filed, here’s a quick list of what not to do:

1. Fib on your taxes and think you’ll pay later.Don’t cheat to get your money faster – or to avoid paying what you owe now. Lying on your return is wrong. It’s also criminal. Even assuming that you don’t get charged criminally for fraud, the IRS does track patterns of tax behaviors: if they notice a pattern of bad filing behavior (filing now to avoid paying, for example), you’ll eventually be flagged. In addition to slowing future refunds, causing delays in processing and potentially increasing your audit risk, you’ll also get socked with a pretty nasty tax bill. You’ll eventually have to pay what you owe plus penalty and interest.

2. Call your tax professional for anything other than an extension.Lean in closely for this one and listen very carefully. Your tax professional may be awesome. Your tax professional may love you as a client. Your tax professional may be thrilled to have your business. But – and this is important – your tax professional doesn’t want to hear from you today. Really. Unless you’re filing for an extension, put the phone down. It isn’t likely that you can bring in your tax information for the first time on Tax Day and expect to file a reasonably correct tax return on time: all you can do at this point in most circumstances is file for extension. And if you’ve found a mistake on your return? You’ll want to amend using good ol’ form 1040X… next week. Not today. It’s been a long, busy season. Cut your tax professional a break.

3. Spend your refund when it’s not in pocket. If your tax return says that Uncle Sam owes you money – and not the other way around – the temptation is to want to spend it. Right now. And why not? It’s good news, right? But don’t rush to the web to plan that dream vacation or plop a deposit down on a brand new car until you actually have cash in pocket. There could be a delay in processing your return or you could be subject to offset. You might have made a calculation error, overstated a deduction or understated your income. Your refund might be held due to concerns about a duplicate Social Security number or an injured spouse claim. Most of the time, IRS gets it right and statistically, refunds were processed fairly quickly this year. ButVisa V +0.37% doesn’t accept “I’m eventually getting a tax refund” for payment. So be smart, plan ahead and don’t spend your refund in advance.

4. Head out for the post office at 4:55pm. If you’re going to have a Murphy’s Law moment, it’s bound to be on Tax Day. According to a study in the Journal of the American Medical Association, deaths from traffic accidents rise 6% on Tax Day. Combine the rush with the extra stress – and in many parts of the country today (including mine), some pretty terrible weather and you’re bound to increase your odds of something bad happening. And even assuming that something terrible doesn’t happen (and I hope that it doesn’t), you don’t want to take a chance on missing that postmark. Check the post office website for post offices with extended hours today – or better yet, leave a few minutes early.

5. Call the IRS. On a routine day, the chances of the IRS actually picking up the phone are about 7 in 10. And if you are one of the lucky taxpayers to get through to IRS, you’re going to have to wait. On Tax Day, those statistics are even more dire. Don’t assume that you can camp out at your phone today and still meet your filing deadline. If you’re worried about timing, you need to file for an extension and figure it out later (but see #7).

6. Forget to sign your return. I know the feeling. You are so glad to be done that you swoop out of the office, tax return in hand on your way to have Tax Day done for good. Don’t be so glad to be done that you forget to sign your return. A tax return is not considered timely filed if you don’t sign it properly – and if you’re married, that means both spouses have to sign. So take a moment to look your return over and make sure that your signature is at the bottom.

https://www.forbes.com/sites/kellyphillipserb/2015/04/15/9-things-not-to-do-on-tax-day/

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New Jersey Makes the Top of the State Income Tax List

PIT-2015

April 15, 2015
By
Jared Walczak,
Richard Borean

This week’s tax map presents the highest individual income tax rates in each state for 2015 (full report on state income tax rates: here). Income taxes are a major, and often complicated, component of state revenues. Furthermore, unlike sales or excise taxes which individuals pay indirectly, income taxes are levied directly on individuals, meaning that income taxes are usually featured prominently in any discussion of tax burdens and public policies.

Income taxes are structured in many different ways throughout the states. Some are flat systems with one rate for all income, while other states offer progressive systems taxing different levels of income at different rates, and some states have no income tax at all.

These taxes are also subject to change: over the past two years, eight states (Illinois, Indiana, Kansas, Massachusetts, North Carolina, North Dakota, Ohio, and Wisconsin) and the District of Columbia reduced income taxes, and one state (Minnesota) increased income taxes.

For the most up-to-date data available on current state tax rates and brackets, standard deductions, and per-filer personal exemptions for individuals filing singly, see our report here.

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April 15th : Before 1913, federal income taxes were rare and short-lived

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Before 1913, federal income taxes were rare and short-lived. America became the most prosperous nation on earth. The U.S. Government did not try to police the world or play “nanny” to everyone from cradle to grave. People took responsibility for themselves, their families, and their communities. That is how the founders of America thought it should be. And it worked. It can again!

To read more on taxes:
https://www.lp.org/issues/taxes

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NJ entrepreneurs seek TV “Sharks” attention

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APRIL 11, 2015    LAST UPDATED: SATURDAY, APRIL 11, 2015, 1:21 AM

BY HUGH R. MORLEY
STAFF WRITER |
THE RECORD

* Local entrepreneurs lay out their case to be on CNBC show

Lisa Nejjar had one last weapon to wield in her effort to woo the young reality TV casting agent from the CNBC show “Shark Tank” sitting at the table in front of her.

Nejjar, a 41-year-old former nurse from Lyndhurst, had laid out on the table a dozen samples of her company’s product — a stretchy waist band called a “fusion belt” — that can hold keys, money and other items while the wearer exercises.

In fast-paced patter, she had touted her $60,000 in sales since launching the product eight months ago, her new partnership with another waistband maker, the fact that she had “sunk all my 401(k) into it”; and her three patents. She even offered the agent a couple of free samples.

“And I’m Italian and from New Jersey,” she added, alluding to the prevalence of people from that demographic in reality TV shows, and laughed a little self-consciously. “I’ve got to push.”

Nejjar won’t know for a while if she makes it onto the show, but there was no shortage of hopefuls like her at Rutgers Business School in Newark Friday, when the show held auditions for its upcoming season, its seventh.

https://www.northjersey.com/news/business/small-business/hoping-to-bait-sharks-1.1306998

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Top 20% of Earners Pay 84% of Income Tax

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And the bottom 20%? They get paid by Uncle Sam. We compare tax burdens as Tax Day approaches.

By
LAURA SAUNDERS
April 10, 2015 9:59 a.m. ET

Who pays what in income taxes? With April 15 just around the corner, filers may be curious about where they fit into the system as a whole.

The individual income tax remains the most important levy in the U.S., providing nearly half of federal revenue. This is unusual: On average, developed nations get only one-third of their revenue from income taxes. Typically they also impose national consumption taxes, such as a value-added tax, that raise as much revenue as their income tax.

The pressure on the U.S. income tax has prompted lawmakers on both sides of the aisle to seriously consider a national consumption tax. But liberals worry that such a levy could unduly burden the poor, while conservatives fear it would be too easy to dial up the rate and collect more revenue.

As a result, experts say, there is little chance of tax overhaul this year.

Meanwhile, these two tables offer a snapshot of who is paying what for the 2014 tax year.

https://www.wsj.com/articles/top-20-of-earners-pay-84-of-income-tax-1428674384

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Jamie Dimon warns next crisis could see ‘more volatile’ markets

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Jamie Dimon warns next crisis could see ‘more volatile’ markets

Tom Braithwaite in New York

Jamie Dimon, chief executive of JPMorgan Chase, said the next financial crisis should see “more volatile” markets and a “rapid decline in valuations” because regulators have hamstrung the banks.

In his annual letter to shareholders, Mr Dimon said recent schisms in Treasury and currency markets were a “warning shot across the bow”.

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He devoted three pages to a “thought exercise” on what might happen in the next crisis, warning that the ability of JPMorgan and other banks to act as shock absorbers had been dramatically hindered by new capital and liquidity rules.

Mr Dimon has been known as one of the few bank chief executives willing to challenge the regulatory architecture put in place since the 2008 crisis. Some of the individual warnings have been aired before but never woven into a Dimon crisis scenario.

https://www.ft.com/cms/s/0/58f40c9e-de2a-11e4-ba43-00144feab7de.html#axzz3Wo1mn2i7

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Sentencing postponed for Paramus man who worked for Madoff

Bernie-Madoff

APRIL 2, 2015    LAST UPDATED: FRIDAY, APRIL 3, 2015, 10:26 AM
BY HUGH R. MORLEY
STAFF WRITER |
THE RECORD

Irwin Lipkin, the 76-year-old Paramus man who was the first non-family employee to get hired by swindler Bernard Madoff’s firm, has had his sentencing for his role in Madoff’s Ponzi scheme delayed again, for health reasons.

A judge moved the sentencing from April 10 to May 13 at the request of Lipkin’s attorney, who said doctors have “uncovered potential issues of dementia” and “cardiac related issues,” court records show.

Attorney Richard Galler, of Hackensack, who said his client also has a kidney condition, sought a 30-day delay in sentencing while doctors prepare reports on his ailments.

“It was adjourned a month because part of the plea bargain says that he is allowed to have a reduction because of his health condition,” said Galler, adding that the deal allows Lipkin to face a maximum of 10 years in prison. His sentencing has been delayed a number of times.

Lipkin, who joined Madoff and his wife at the firm, Bernard L. Madoff Investment Securities, in 1964, retired as controller in 1998. He pleaded guilty in November 2012 to conspiracy to commit securities fraud, falsifying records and making false filings with the Securities and Exchange Commission. Despite his plea, he contended that he was unaware of the Ponzi scheme when he worked at the company.

Lipkin, who has a residence in Delray Beach, Fla., as well as his Paramus home, pleaded guilty from a wheelchair. “He is not well,” said Galler. “He spends most of his time in his house.”

https://www.northjersey.com/news/business/sentencing-postponed-for-paramus-man-who-worked-for-madoff-1.1301826

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The Science Fiction Behind Paul Krugman’s Economics, Part One

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The Science Fiction Behind Paul Krugman’s Economics, Part One

Paul Krugman, a few years ago, wrote at length to extol the magnum opus of science fiction grandmaster Isaac Asimov, the Foundation Trilogy. Prof. Krugman’s reflections thereon are of keen interest.

I met Asimov once, 40+ years ago, at a world science fiction convention. I even got him to autograph my Science Fiction Book Club copy of “The Foundation Trilogy.” This compilation of three novels is an SF classic. I, then and since, found it too dull to read in full. (Asimov’s I, Robot then was much more engaging to this long-ago SF geek. But nothing Asimov wrote really rivaled Heinlein’s early, nor Arthur C. Clarke’s best, novels.)

Prof. Paul Krugman, galactically more influential than me, declares that he found the the Foundation Trilogy his formative inspiration. Therein hangs a tale: one of technocracy, which he exalts, versus mere common sense.

https://www.forbes.com/sites/ralphbenko/2015/03/30/the-science-fiction-behind-paul-krugmans-economics-part-one/