Conference Call: Reduce Your Debt, Improve your Credit Score [12/08/08]
Reduce Your Debt, Improve your Credit Score
Cash is king in this volatile economy. Yet you need to maintain a good credit score to realize your financial goals and dreams. We can help. Our program offers two unique services: Debt reduction and Credit Enhancement. Debt reduction reduces or eliminates your bills (debt payments). credit Enhancements make sure you have a clean record with the top credit rating agencies. The results: Less Debt, Increased Cash Flow, and Higher Credit Score. Learn more about the benefits of our program.
During volatile markets your cash, liquid assets are most important. They are the foundation of your lifestyle. We provide a consistent strategy for you to keep your assets in cash equivalent accounts. These accounts allow you full, uninterrupted access to your money. Meanwhile our asset management teams can manage the value of your account to provide consistent returns. Your money, your accounts. No lock-in period, no redemption period or early exit fees. Millennium Lyon provides a better way to manage your cash and investment accounts. Liquidity, safety and low risk with peace of mind.
Become a member to join our weekly conference call. If you missed the call, you can access the summary on our blog.
Millennium Lyon Asset Management
Labels: credit consolidation, credit score, FICO score
Tribune Bankruptcy Snares Employees (ESOPs Fail to Deliver)
Tribune Bankruptcy Snares EmployeesTribune Filing Exposes Risks of ESOPsDetails on Tribune's ESOP arrangementsESOP - Empoyee Stock Ownership ProgramTribune's bankruptcy filing highlights the risks of ESOPs that invest employee savings into company stock. Real estate mogul Sam Zell built a complicated deal to take over Tribune Co., putting little of his own money at risk.
If there is one thing Sam Zell foresaw correctly, it is this: The day after Zell announced he was buying Tribune for more than $8 billion, the real estate tycoon told Chicago Tribune reporters the deal would not change his lifestyle no matter what happened. But, he said, "it's likely to change yours."
How right he was. Just one year after Zell bought the company (BusinessWeek, 7/30/08), Tribune announced on Dec. 8 that it is filing for bankruptcy. That means Zell could lose a small fraction of his estimated $5 billion fortune. The reason: The man who likes to call himself "the grave dancer" put very little of his own skin in the game. Instead, employees of the Tribune properties will bear the brunt of the pain, as they technically own the company and hold its $12.9 billion in debt. Tribune reported $7.6 billion in assets.
(full article)
Labels: ESOP, failed newspaper, retirement plan
Hedge Funds Face Big Losses $50B and more
Hedge Funds Face Big Losses in Madoff CaseBeleaguered investors face a "complete loss" from a scheme at the center of a major U.S. fraud case, which is likely to highlight their tendency not to question the legitimacy of big gains and ultimately lead to tighter regulation if the alleged fraud is proved.
A number of prominent funds of hedge funds are believed to have invested money in portfolios established by Bernard Madoff, a securities trader and investment adviser who was arrested yesterday before appearing at a Manhattan court charged with securities fraud.
U.S. authorities claimed Mr. Madoff told employees at Madoff Investment Securities earlier this month that the investment advisory activities of his business had been "a giant Ponzi scheme."
Christopher Miller, chief executive of London hedge fund ratings agency Allenbridge Hedgeinfo, said: "Some very big investor names are involved in this. The scheme could only work if enough investors were subscribing for him to pay money out. Some of the world's biggest hedge funds have been hit by this. There will be a monumental impact for the hedge fund industry, it could be larger then Enron.
(full article)
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Labels: fraud, hedge funds, madoff, ponsi scheme
A Rush Into Refinancing as Mortgage Rates Fall
A Rush Into Refinancing as Mortgage Rates Fall (full article)The housing market may finally be getting some relief, with lower mortgage rates already encouraging refinancing and Treasury officials considering ways to entice new buyers.
Last week, the Federal Reserve announced that it would buy $500 billion in mortgage-backed securities guaranteed by Fannie Mae, Freddie Mac and Ginnie Mae. Mortgage rates immediately dropped, and that led to a surge in mortgage refinancing activity for the week — even with the Thanksgiving holiday.
On Wednesday, people close to the discussions said that the Treasury had been talking with Fannie Mae and Freddie Mac about ways to drive down mortgage rates to as low as 4.5 percent. That rate is about a percentage point lower than the going rates for such loans.
(full article)NY Times Labels: mortgages, real estate, refinance
BofA to cut 30,000 Merrill Lynch jobs
BofA could cut 30,000 jobs as it absorbs Merrill Lynch
Sources said layoffs resulting from Bank of America's acquisition of Merrill Lynch would reach at least 10,000, but some said that figure could be three times as much. Kenneth Lewis, CEO of Bank of America, is looking to save $7 billion from the merger during the next couple of years, so sources estimated that job losses would be closer to 30,000. Some of the cuts would likely come from the sale of businesses or attrition, but the bulk would probably be in investment banking.
(full article)CNBC/Reuters Labels: banking, BofA, investment banking, job cuts, Merrill Lynch
Treasury ignoring critical issues with TARP
Treasury ignoring critical issues with TARP, GAO saysThe Government Accountability Office said the Treasury Department has not developed policies to ensure that the $700 billion Troubled Asset Relief Program is achieving its goals or to determine whether banks are complying with its restrictions. The congressional watchdog said the Treasury does not have a system for keeping up with whether banks are following TARP's limits on dividend and executive compensation.
(full article)Financial Times Labels: bail out, Henry Paulson, TARP, US Treasury
Conference Call: Why The Stock Markets Keep Falling [12/01/08]
Why the Stock Markets Keep Falling
When you thought it was getting better, the markets plunge again. Down 5%. Down 9%. High volatility and downside risk is the new norm. How can you invest and retire when your stocks gets wiped out? You can't afford to lose another 45% on the S&P 500. What's the average investor to do?
During volatile markets your cash, liquid assets are most important. They are the foundation of your lifestyle. We provide a consistent strategy for you to keep your assets in cash equivalent accounts. These accounts allow you full, uninterrupted access to your money. Meanwhile our asset management teams can manage the value of your account to provide consistent returns. Your money, your accounts. No lock-in period, no redemption period or early exit fees. Millennium Lyon provides a better way to manage your cash and investment accounts. Liquidity, safety and low risk with peace of mind.
Become a member to join our weekly conference call. If you missed the call, you can access the summary on our blog.
Millennium Lyon Asset Management
Labels: global recession, market decline, stocks
China Wealth Fund has "No Confidence" in US Banks
CIC's Lou Says He Doesn't 'Dare' Invest in Financial Companies(full article)China Investment Corp. Chairman
Lou Jiwei said he wouldn't "dare" to invest any of the sovereign wealth fund's $200 billion in foreign financial firms until governments establish policies on how to shore them up.
"China will continue to invest abroad, with focus on developing nations," he added. "However, I don't dare to invest in financial institutions now. I have no confidence in them."
(full article)Impact:CIC is the leader of the Sovereign Wealth Funds. The lack of confidence in the US & European banks is shared worldwide. Other Sovereign Wealth Funds will turn their attention to investments in hard assets, especially in developing economies with greater long-term growth prospects. The western financial markets may be losing a core group of institutional buyers. This is not good for US & European Equities markets. Let's see what the Saudis and Middle Eastern Wealth Funds do next.Millennium Lyon Asset Management
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Labels: china, sovereign wealth fund, US financial
