Citigroup Fails Fed’s Stress Test as BofA Gets Dividend Boost
By Michael J. Moore and Elizabeth Dexheimer Mar 27, 2014 12:00 AM ET
Citigroup Inc.’s capital plan was among five that failed Federal Reserve stress tests, while Bank of America Corp. won approval for its first dividend increase since the financial crisis.
Lenders announced more than $60 billion of dividends and stock buybacks after the Fed approved capital plans for 25 of the 30 banks in its annual exam. Citigroup, as well as U.S. units of Royal Bank of Scotland Group Plc, HSBC Holdings Plc and Banco Santander SA, failed because of concerns about the quality of their processes, the central bank said yesterday in a statement. Zions Bancorporation failed after its capital fell below Fed minimums in a simulation of a severe economic slump.
The results show lenders may still face obstacles to boosting dividends and buybacks even as regulators say the firms have doubled their capital since the first public stress test in 2009. The Fed is increasing scrutiny of the industry’s controls and planning processes as concerns about capital levels wane.
GWB scandal: Gee Wiz, There was a traffic jam but was there a crime?
MARCH 25, 2014, 10:44 PM LAST UPDATED: TUESDAY, MARCH 25, 2014, 10:45 PM
BY STEPHANIE AKIN
STAFF WRITER
THE RECORD
It was a traffic jam apparently created for political retribution — not an allegation of bribery or kickbacks — that set off the chain of events that has enveloped Governor Christie’s administration in a scandal that has threatened to derail his presidential ambitions.
Almost from the beginning of the scandal, there has been speculation about what laws may have been broken or what charges could be brought as the circumstances did not mesh with statutes typically called upon for political corruption cases.
In addition, all of the key parties have denied or are staying quiet about involvement. Christie has repeatedly said he did not know about the order to close the Fort Lee approach lanes to the George Washington Bridge. And an internal report commissioned by Christie and expected to be released shortly reportedly clears the governor of any involvement.
Follow the Money : Get to know the Common Core marketing overlords
By Michelle Malkin • March 21, 2014 07:33 AM
They’re everywhere. Turn on Fox News, local news, Animal Planet, HGTV, The Family Channel or talk radio. Pro-Common Core commercials have been airing ad nauseam in a desperate attempt to persuade American families to support the beleaguered federal education standards/testing/technology racket. Who’s funding these public relations pushes? D.C. lobbyists, entrenched politicians and Big Business interests.
The foundational myth of Common Core is that it’s a “state-led” initiative with grassroots support that was crafted by local educators for the good of all of our children. But the cash and power behind the new ad campaign tell you all you need to know. For parents in the know, this will be a refresher course. But repeated lies must be countered with redoubled truths.
The Bipartisan Policy Center is one of the leading Common Core adsponsors. It’s a self-described nonprofit “think tank” founded by a pantheon of Beltway barnacles: former Senate Majority Leaders Howard Baker, Tom Daschle, Bob Dole and George Mitchell.
“Lobbying tank” would be more accurate. The BPC’s “senior fellows” include K Street influence peddlers such as liberal Republican Robert Bennett, the big-spending Utah senator-turned-lobbyist booted from office by tea party conservatives; former Democratic Agriculture Secretary and House member-turned-lobbyist Dan Glickman; and liberal Democrat Byron Dorgan, the former North Dakota senator who crusaded as an anti-D.C. lobbying populist before retiring from office to work as, you guessed it, a D.C. lobbyist.
Jeb Bush’s “Foundation for Excellence in Education” is also saturatingthe airwaves with ads trying to salvage Common Core in the face of truly bipartisan, truly grassroots opposition in his own home state of Florida. As I’ve reported previously, the former GOP governor’s foundation is tied at the hip to the federally funded testing consortium called PARCC (Partnership for Assessment of Readiness for College and Careers), which pulled in $186 million through the Obama administration’s Race to the Top program to develop Common Core tests.
New Jersey’s veterans had an unemployment rate of 10.8 percent in 2013, the highest of all 50 states, according to new data released last week by the U.S. Department of Labor. (https://www.bls.gov/news.release/pdf/vet.pdf)
New Jersey’s 10.8 percent veterans’ unemployment rate is a significant increase from 2012’s rate of 10 percent and far higher than the national rate of 6.6 percent, and much higher than the rates in neighboring states like Pennsylvania (7.7 percent) and New York (8.2 percent). It is also a much higher rate than New Jersey’s 2013 unemployment rate for non-veterans (7.8 percent).
“New Jersey is in the unenviable position of adding another ‘first in the nation’ milestone: first in foreclosures, first in its percentage of jobless out of work for more than six months, and, now, first in the rate of unemployed veterans,” said Gordon MacInnes, president of New Jersey Policy Perspective. “This should be enough to halt the administration’s boastful claims that its singular focus on tax cuts and incentives for large corporations is working for the rest of us.” (PolitickerNJ)
Village of Ridgewood leading Example of Sustainability Planning in New Jersey in Planning for Sustainable Communities Guide
Mar 24, 2014
Ridgewoood NJ, Natural Systems Utilities, LLC (NSU) announces a new publication, “Planning for Sustainable Communities: Master Plan Guidance for New Jersey Officials.” This publication, written and published by the New Jersey Chapter of the American Planning Association (APA-NJ), guides New Jersey municipalities through the process of planning for sustainability in their towns. This effort, led by NSU Senior Planner, Angela S. Clerico, PP/AICP, LEED AP and Co-chair of the APA-NJ’s Sustainability Committee, originated in response to the State’s legislation amending the Municipal Land Use Law to include the Green Building and Environmental Sustainability Plan as an integral part of the municipal master plan. Charles Latini, PP/AICP and APA-NJ Chapter President, comments that “land use planning saves towns money, creates new jobs, and protects natural resources. By doing this in a more sustainable manner we ensure a better future for generations to come.”
This guide deconstructs the traditional municipal master plan and offers new sustainability language to each of the master plan elements, with sound local and global examples that any NJ municipality can tailor to their needs. These changes are occurring at an opportune time, in light of recent extreme weather events and ongoing planning for future events. NJ communities realize that developing short-term resiliency actions and long-term sustainability goals can occur in concert with one another as part of a comprehensive triple bottom line (TBL) approach. TBL is measured by economic, ecological and societal value, and is being applied to municipal planning, ensuring strong ECONOMIC opportunities, preserving NATURAL resources, and creating healthier COMMUNITIES.
NSU’s newly appointed CEO, Chuck Gordon, commented that sustainability planning in New Jersey is very much “in line with how NSU operates its business and its facilities within communities in New Jersey and across the country. NSU takes a comprehensive approach to our operations management and when advising clients on the best solutions for their triple bottom line. We deploy strategies that are in line with the community’s social and environmental values and their financial capabilities.”
“This guide demonstrates how closely linked our economics are with our environment and the well-being of our communities. It gives NJ community’s sound examples for taking a proactive approach to achieving sustainability and developing action plans; similar to the approach taken by the Village of Ridgewood,” said Dennis Doll, CEO of Middlesex Water Company, a partner to NSU on an innovative renewable energy project in the Village of Ridgewood. The Village of Ridgewood’s Green Team, a volunteer-based committee, created a similar action plan for the community which resulted in the Village updating the wastewater treatment plant to incorporate more sustainable technologies. This program included higher efficiency operations, renewable energy production, and recycling of food wastes such as fats, oils, and grease (FOG) from local restaurants and food-related industries.
“It is our intention that communities will use this guide to review their current policies and programs and, like Ridgewood, enhance their practices to be more sustainable,” Ms. Clerico stated. Since the guide was released on February 28, 2014, it has reached over 7,500 individuals and organizations ranging from community environmental commission members to land use attorneys, elected officials, professional planners and engineers. The APA-NJ Sustainability Committee plans to hold educational programs on the topics covered in the guide and as new research and resources emerge the guide will be continually updated with new examples.
The Planning for Sustainable Communities: Master Plan Guidance for New Jersey Officials guide is available at: https://njplanning.org/news/apa-nj-releases-planning-for-sustainable-communities-master-plan-guidance-for-new-jersey-officials/.
For more information on Natural Systems Utilities, LLC, Sustainability Planning, please contact Ms. Clerico at [email protected].
Bill Would Put Undocumented Residents on Road to Driving Privileges
Advocates cite improved safety, access to work; opponents complain that it encourages illegal residency.
Legislation that would extend New Jersey driving privileges to the state’s estimated half-million undocumented immigrants has once again been introduced by lawmakers, though the bill’s final shape and when it might be considered remain up in the air.
The legislation –- A-2135 and S-1696 — would create a driving privilege card that could be used only for driving and not for other purposes, such as government identification. To qualify for the card, which would be valid for four years, potential drivers would have to prove both identity and residency, pass a written driver’s test similar to the exam required for other New Jersey drivers, and then pass a road test. (Kalet/NJSpotlight)
Proposed N.J. cap on college tuition faces stiff resistance
A bill to mandate a fixed-rate four-year tuition at the state’s colleges and universities would, if made into law, put New Jersey in the vanguard of states trying the tactic in an effort to hold down college costs.
But the measure — introduced as the “signature piece” of a 20-bill higher education reform package last week — is likely to face stiff opposition from the schools and critics who say there is no evidence that it will stem tuition in the long run.
“There’s reason to oppose any bill that caps tuition,” said Paul Shelly, spokesman for the New Jersey Association of State Colleges and Universities. “We’re already at 1990s levels of state funding and now you’re going to handicap the colleges from raising the money they need?”
There are different variations of fixed-rate tuition plans around the country. Rates can be locked in for four, five or even six years. Some colleges just fix tuition and not fees, while others include housing. Some schools charge more for the fixed-rate plan at the outset, with families hedging against future tuition increases.
The trend is still small, with less than 7 percent of the nation’s colleges and universities offering fixed-rate plans last year, according to the National Association of Student Financial Aid Administrators. But the numbers are growing. The legislatures in Illinois and Texas have both approved bills requiring that public colleges offer a fixed-rate plan. (Alex/The Record)
In New Jersey, rising flood insurance rates not just an issue at the shore
BURLINGTON CITY — If flooding were a real concern for Taylor Rambo, he said he wouldn’t have built a bar in his basement.
Yet he pays about $2,700 each year for flood insurance he is required to have as part of his mortgage, and the amount is likely to rise quickly as the federal government raises premiums paid by home and business owners through the subsidized National Flood Insurance Program.
“It worries me a lot because it makes my escrow go up and I can’t afford it,” said Rambo, who said he hasn’t had any water in his basement in the 17 years he’s owned his house in Burlington City, a blue-collar town between Philadelphia and Trenton and about 45 miles from the New Jersey shore, where flooding has become a high-profile and expensive problem.
More than 1,000 property owners in Burlington City, which is situated along the Delaware River, paid $1.5 million in premiums subsidized by the program last year. In the 40 years the community has been part of the program, residents have received payouts of only about $500,000.
That’s a sharp contrast with several towns on the shore — including Toms River, Union Beach and Sea Bright — where the historic payouts have been 50 times the premiums collected there each year. (Associated Press/Press of Atlantic City)
NY Times Buries Republican Scott Walker’s Wisconsin Successes in Blurb On the 14th Page
By Michael Hausam
Scott Walker has transformed Wisconsin, but the New York Times doesn’t think it’s very newsworthy. They buried a tax cut story on page fourteen and gave it only a few lines.
The news:
Wisconsin legislature just passed a half-billion dollar tax cut
The state’s budget surplus is almost a billion dollars
When Walker took over the deficit was almost $2 billion
Unemployment has dropped by a third
But why wouldn’t someone like these things? It would seem that partisan political beliefs would be the only reasonable explanation. After all…
Walker infuriated the public unions with changes to their collective bargaining agreement
He’s the first-ever governor to survive a recall election
The state legislature has moved solidly from Democrat to Republican
Walker is an unabashed conservative and a 2016 Republican front runner
Had Walker caved on union demands, raised taxes, publicly urged moderation and bi-partisan compromises, and followed the types of policies endorsed by the left – and still have gotten similar economic results – it seems like the Times would be trumpeting this on page one. But he didn’t and so they haven’t.
Reviving Suburbia: Giving Aging Malls and Office Parks a New Lease on Life
Rather than standing empty, yesterday’s archetypes of suburban sprawl are being reinvented as vibrant places to work, play, and live.
Holmdel’s iconic Bell Labs Research complex — the site of at least one Nobel prize discovery — now has another distinction, one that residents and elected officials would sooner do without.
The circa 1962 complex is the largest empty office building in the nation.
Architecturally significant for its mirrored glass façade, the 2 million-square-foot facility has sat abandoned on its 473-acre campus since 2006.
The empty building exemplifies the deep trouble that New Jersey’s office parks and shopping centers face, victims of the recent trend that favors reinvesting in urban centers over continuing suburban and exurban sprawl — a trend taking hold across the state and the country.
This urban migration compounds the problem of an existing glut of retail space that real estate analyst Jeff Otteau predicts will meet the state’s needs for another 17 years. He also cites a surfeit of office space that won’t be used up until 2043. And because the state’s suburban corporate and commercial construction boomed more than 20 years ago, the New Jersey League of Municipalities Educational Foundation calls the current building stock not just aging but obsolete.
Some developers and municipalities are finding success creatively reusing these so-called stranded assets, converting them into mixed-use projects that offer a place to live and a place to work — vibrant daytime and nighttime activities.
But to do that, they first have to ensure cooperation from the public and loosen zoning restrictions that allow for corporate or commercial use only. Only then can they hope to reverse the tide and keep these structures relevant.
“Information technology, globalization, and demographics have changed the very internal functions of office buildings, and their preferred locations,” the foundation wrote last summer to promote a forum on redeveloping suburban office parks. (Nurin/NJSpotlight)
Sharyl Attkisson: There Is Coordination Between Reporters And Politicians
March 21, 2014 10:31 AM
By Chris Stigall
PHILADELPHIA (CBS) – Chris Stigall talked to former CBS News Reporter Sharyl Attkisson this morning on Talk Radio 1210 WPHT about the trouble reporters have to deal with while covering politicians and the government, as well as the current state of investigative reporting.
Responding to comments regarding a Phoenix television reporter yesterday who initially claimed that the White House pre-screens questions from reporters, Attkisson said, “I wouldn’t surprised if sometimes there is that level of cooperation with some questions. If I need something answered from the White House and they won’t tell me, I’ll call our White House Correspondent. They’re friendlier with the White House Correspondents in general. So the White House Correspondent may ask Jay Carney or one of his folks about an issue and they will be told ‘ask that at the briefing and we’ll answer it.’ They want to answer it in front of everybody. They do know it’s coming and they’ll call on you. There’s that kind of coordination sometimes. I wouldn’t be shocked if there’s sometimes more coordination. I don’t think it’s everybody on every briefing, every day. I’m pretty sure it’s not. But I think people would be surprised at the level of cooperation reporters have in general with politicians.”
Listen to full podcast here…
She also said it is more and more difficult for investigative reporters to get their stories published or on the air because of the trouble it may cause.
“Nobody was interested in the stories. It didn’t seem to matter what the topic was. There’s sort of a problem all over, I talk to my colleagues in different mediums. There’s just a lot of pressure. Investigative reporting gets a lot of backlash. They don’t quite know how to deal with it. Why not just put on stories that don’t draw that kind of response?”
Attkisson also confirmed she’s working on a book about how stories are reported in the media.
CD3 Primary: Ocean County Republican Establishment awards the line to MacArthur
TOMS RIVER – The vaunted Ocean County Republican Organization tonight threw its support behind former Randolph Mayor Tom MacArthur in the 3rd Congressional District, cementing him as the establishment GOP pick in the Republican-leaning district and triggering a carpetbagger primary war.
Denied organization support, former Bogota Mayor Steve Lonegan – like MacArthur a newly energized seaside denizen down here – intends to run as a party renegade, he said.
On Saturday, the western Burlington half of the 3rd on Saturday likewise gave MacArthur the line, bolstering his chances in a June GOP showdown.
“Lonegan drove the Ocean and Burlington organizations together,” concluded a Democrat, who offered his insights hours before the convention. The Ocean portion of the district contains 54,267 registered Republican voters; the Burlington half 61,294.
Past primaries between the two machine operations in this district have been contentious. (Pizarro/PolitickerNJ)
Water quality board to meet for the first time in 4 years
TRENTON — A board that helps set standards for drinking water quality in New Jersey will meet for the first time in four years, The Star-Ledger has learned.
Gov. Chris Christie today appointed three members to the Drinking Water Quality Institute, a three-decade old panel created to craft rules governing how many contaminates should be allowed in tap water.
The Republican governor appointed Laura Cummings of Nutley, Keith Raymond Cooper of South Brunswick and George Van Orden of Madison.
The 15-member institute — made up of scientists from academia and the water industry — will begin meeting again in April or May, according to Larry Ragonese, a spokesman for the Department of Environmental Protection. The board has not held a meeting since early 2010, around the same time its chairman resigned.
“The board stopped meeting because we ended up with less members than we needed,” Ragonese said, adding that the administration was preparing new appointments when it was delayed by Hurricane Sandy.
Environmentalists have complained that the board’s dormancy made it more difficult to ensure the state was addressing water quality issues. (Hutchins/Star-Ledger)
Obamacare premiums to skyrocket
March 19, 2014, 06:00 am
By Elise Viebeck
Health industry officials say ObamaCare-related premiums will double in some parts of the country, countering claims recently made by the administration.
The expected rate hikes will be announced in the coming months amid an intense election year, when control of the Senate is up for grabs. The sticker shock would likely bolster the GOP’s prospects in November and hamper ObamaCare insurance enrollment efforts in 2015.
“The increases are far less significant than what they were prior to the Affordable Care Act,” the secretary said in testimony before the House Ways and Means Committee.
Her comment baffled insurance officials, who said it runs counter to the industry’s consensus about next year.
“It’s pretty shortsighted because I think everybody knows that the way the exchange has rolled out … is going to lead to higher costs,” said one senior insurance executive who requested anonymity.
The insurance official, who hails from a populous swing state, said his company expects to triple its rates next year on the ObamaCare exchange.
The hikes are expected to vary substantially by region, state and carrier.
State Senator Mike Doherty has endorsed Bernie Walsh for Bergen County Freeholder
In a compelling endorsement NJ Senator Mike Doherty has endorsed Ridgewood Councilwomen Bernie Walsh for Bergen County Freeholder . Senator Doherty has know Bernie for over 30 years and called her an “individual with great intellect, vision , integrity and character” and “based on her outstanding performance as an elected official” he wholeheartedly endorses her .
Senator Michael J. Doherty is serving in his first term in the New Jersey State Senate as a representative of the 23rd Legislative District. On November 3, 2009, he was elected by the voters of the 23rd Legislative District to complete the four year term of Leonard Lance, who was elected to the United States Congress in 2008. Senator Doherty is a member of the Budget and Appropriations Committee, and the Labor Committee. Before entering the Senate, he served four terms in the New Jersey General Assembly, where he sat on various committees including the Appropriations Committee, the Labor Committee, the Agriculture and Natural Resources Committee, and the Housing and Local Government Committee. Senator Doherty was also a member of the State House Commission, the Teen Driver Study Commission, and the 9-1-1 Commission. In 2008, he served as Chairman of the Republican Assembly Task Force on Fiscal Accountability, which opposed Governor Corzine’s attempt to sell New Jersey’s toll roads to a private consortium.
Senator Doherty was the prime sponsor of a Constitutional Amendment to require voter approval on State contract bonding and the prime sponsor of a college credit transfer bill that provides for a seamless transfer of credits from New Jersey’s county colleges to its four year institutions. In 2008 and 2009, Senator Doherty led the fight to stop the New Jersey Department of Environmental Protection’s attempt to eliminate the use of outdoor wood burning boiler units. He strongly opposes low-income housing mandates under COAH, as well as the Highlands Council. One of Doherty’s primary goals as a member of the Senate is to end the Highlands Council.
Based upon his record as a legislator, Doherty has been endorsed repeatedly by pro-business groups such as the New Jersey Business and Industry Association, the Commerce and Industry Association of New Jersey, the New Jersey Restaurant Association and the National Federation of Independent Business. He was awarded a perfect 100% voting record by the NFIB. His voting record is ranked A+ by the National Rifle Association, and has always been endorsed by New Jersey Right to Life. Doherty is an outspoken critic of judicial activism, and has introduced numerous pieces of legislation challenging court decisions and procedures. He was designated as “Legislator of the Year” in 2007 by the New Jersey Family Policy Council for his continued efforts to support pro-family legislation.
Before being elected to the General Assembly, Doherty served on the Warren County Board of Chosen Freeholders. In 2000, Doherty defeated the incumbent Freeholder Director, a Democrat, to capture control of the Freeholder Board for the Republican Party. In 2001, he served as Deputy Director of the Freeholder Board. He was elected to serve as the Director of the Freeholder Board in both 2002 and 2003. During his three years on the Freeholder Board, Doherty cut the county tax rate by 21\%. Doherty also began a program to reduce the county debt so that today Warren County has the lowest debt of any county in the state. He also prevailed in a showdown with a Superior Court judge who threatened to jail Doherty unless he issued $5 million in bonds to fund an expansion of the local county college. The showdown was eventually decided by the New Jersey Supreme Court, which sided with Doherty and held that the Freeholder Board was correct to ignore the judge’s order.
