Current Employment Law Issue: Fired Over Facebook

2011-10-22 15:37:00 (GMT) (WiredPRNews.com - Law, Press Releases)

/cdklawyers.com// 10/22/2011

Social media use has exploded in recent years, leaving employers and employees alike wondering about the contours of novel legal issues. Employers and employees may wonder whether an employer may prevent an employee from posting about the employer, whether an employer may prevent an employee from posting items it deems inappropriate, and what disciplinary measures an employer may use when an employee violates its social media policy. Navigating the use of social media requires employers and employees to balance the potentially competing interests of an employer?s need to protect itself and an employee?s right to free expression.

According to a recent news article, a judge in Georgia recently ruled against a former school teacher who allegedly lost her job because of a Facebook post. The teacher resigned from her position after she was told that someone claiming to be a parent complained because she had posted pictures of herself holding alcoholic drinks while on a trip to Europe. The plaintiff sued to get her job back, but the judge issued a summary judgment decision for the employer.

Social media use by employees remains a hot topic and will likely remain so for years to come as employers and employees map out the boundaries of acceptable social media use. To speak to a Dallas-based employment law attorney about creating a social media policy, contact the employment law firm of Clouse Dunn LLP at info@clousedunn.com.?

Press Release Contact Information:

KEITH A. CLOUSE

Clouse Dunn LLP

214.220.2722
214.220.3833 ( fax)
keith@clousedunn.com

Tags: employment law attorney, employment law firm
--> Online Law News Press Release Distribution - WiredPRNews.com Please enable JavaScript to view the comments powered by Disqus. blog comments powered by

Source: http://feedproxy.google.com/~r/Wiredprnewscom/~3/vFr8nujd4pI/current-employment-law-issue-fired-over-facebook_2011102223302.html

obama speech elizabeth taylor star trek democracy democracy doctor saab

United Tech 3Q profit up 11 pct, raises forecast (AP)

HARTFORD, Conn. ? United Technologies Corp. said Wednesday that its third-quarter profit jumped nearly 11 percent. Strong demand from emerging-market countries propelled orders at several of its aerospace and building systems businesses.

The manufacturing conglomerate raised its 2011 profit forecast for the third time this year.

The Hartford, Conn., company said it expects profit growth next year as well. But it's cautious, and plans to increase cost-cutting because of the economic slowdown in the U.S. and Europe.

United Technologies, which makes jet engines, elevators and other aerospace and building systems components, said net income was $1.32 billion, or $1.47 per share, for the quarter ended Sept. 30. That's up from $1.20 billion, or $1.30 per share, in the third quarter of 2010.

Revenue rose 9 percent to $14.8 billion from $13.62 billion.

Analysts polled by FactSet had expected earnings per share of $1.44 on revenue of $14.55 billion.

United Technologies raised its 2011 profit guidance, to $5.47 per share, up from $5.35 to $5.45 previously. Chief Financial Officer Greg Hayes, speaking to investor analysts in a conference call, credited the improved outlook to lower interest costs and lower taxes. He also cited strong profits in the Sikorsky division, which makes helicopters and has benefited from increased military orders to support U.S. operations in Afghanistan and Iraq.

The outlook includes a charge of about 5 cents per share related to the $16.4 billion deal to buy Goodrich Corp., which makes jet components such as landing wheels and brakes.

United Technologies expects the deal, announced in September, to close in mid-2012 and add to profit next year despite integration costs of about 30 to 40 cents per share.

Goodrich will complement United Technologies' aerospace products and provide a lucrative repair and maintenance market, Hayes said.

Edward Jones analyst Matt Collins said the success or failure of the acquisition will depend on the strength of the economy.

"If Boeing and Airbus successfully ramp up production over the next five years, Goodrich should be a home run," he said. Boeing Co. recently delivered its first new 787 after years of delays. Airlines have ordered more than 800 of the planes, which compete with the Airbus A350.

Despite declining profits and flat capacity at many major airlines, United Technologies' aerospace division is growing.

New equipment orders rose 24 percent at aerospace parts maker Hamilton Sundstrand during the third quarter. Much of that gain was due to components made for Boeing's 787 plane, which Hayes said represents "just the start" of revenue from equipment installed on the plane.

He said that Boeing and Airbus both planned to ramp up production as airlines needed to replace old planes. The "resilient" market for airline repairs and maintenance had also helped grow United Technologies' orders, he added.

The company also posted strong order growth at its building components businesses. Orders rose 19 percent at elevator manufacturer Otis and 11 percent for heating and cooling equipment orders at Carrier.

Hayes said Carrier and Otis are benefiting from strong commercial construction and housing markets in China, helping offset weak construction in Europe.

But economic growth is now slowing slightly in Brazil, China and India, he said.

United Technologies is planning to cut $300 million in costs this year, up from previous plans for $200 million.

Shares fell 10 cents to $74.02 in afternoon trading.

Source: http://us.rd.yahoo.com/dailynews/rss/earnings/*http%3A//news.yahoo.com/s/ap/20111019/ap_on_bi_ge/us_earns_united_technologies

mukesh ambani mukesh ambani bob harper aapl x factor judges x factor judges lemony snicket

Study finds minority consumers will voluntarily pay more for goods and services to assert status

[ Back to EurekAlert! ] Public release date: 20-Oct-2011
[ | E-mail | Share Share ]

Contact: Amy Blumenthal
amyblume@marshall.usc.edu
213-740-5552
USC Marshall School of Business

Academic study from USC and University of San Diego professors shows how mistreatment when coupled with race can make consumers pay more for goods and services to elevate status

It has been well-documented that minorities are subject to discrimination in product pricing and customer service. What is startling is the result of a new study professors at the USC Marshall School of business in conjunction with University of San Diego's School of Business Administration, that shows that sometimes ill-treatment can make African-American consumers voluntarily pay more for goods and services than they would normally, as well as pay more than their Caucasian counterparts.

Aarti S. Ivanic, assistant professor of marketing at the University of San Diego's School of Business Administration; and Jennifer R. Overbeck, assistant professor of management and organization along with Joseph C. Nunes, associate professor of marketing at the University of Southern California's Marshall School of Business, set out to understand inequities in transactions. In their study, "Status, Race and Money: The Impact of Racial Hierarchy on Willingness-to-Pay," forthcoming in Psychological Science, the researchers found that African-Americans who felt their status was threatened by poor service because of their race were willing to pay more for products and services to assert their social standing.

While Caucasians and African-Americans showed equal interest in products such as headphones or luxury hotel upgrades in two studies conducted, researchers found that when race was explicitly activated (subjects were made aware of the stereotypes affiliated with their race), most African-American survey participants indicated a willingness to pay more for products than either Caucasian participants or other African-Americans for whom race was not raised. Meanwhile, when race was implicitly raised, the researchers found that African-American participants were less likely to counteract negative stereotypes and decreased their willingness to pay for products.

However, what was also uncovered in this study was that African-American participants who strongly identified with their race had a lower "willingness to pay," suggesting that greater pride in group membership made them less vulnerable about their status.

In the concluding experiment with more than 500 participants, the researchers found that, as with Caucasians surveyed, when African-Americans were treated well, they did not indicate a willingness to pay more for goods or services even when race was made an issue. When African-American subjects were treated poorly, but race was not raised, they paid less.

Though the survey focused on African-Americans, USC Marshall Professor Jennifer Overbeck says the findings may be applicable to any group that has had a traditionally disadvantaged status throughout history.

"Minority consumers have tremendous buying power. We want to draw attention to the fact that these downstream forces of discrimination are important and to bring it to the attention of anyone who feels disadvantaged in the marketplace that he/she should not feel the need to prove themselves to people who don't deserve it by paying more," Overbeck said.

###


[ Back to EurekAlert! ] [ | E-mail | Share Share ]

?


AAAS and EurekAlert! are not responsible for the accuracy of news releases posted to EurekAlert! by contributing institutions or for the use of any information through the EurekAlert! system.


[ Back to EurekAlert! ] Public release date: 20-Oct-2011
[ | E-mail | Share Share ]

Contact: Amy Blumenthal
amyblume@marshall.usc.edu
213-740-5552
USC Marshall School of Business

Academic study from USC and University of San Diego professors shows how mistreatment when coupled with race can make consumers pay more for goods and services to elevate status

It has been well-documented that minorities are subject to discrimination in product pricing and customer service. What is startling is the result of a new study professors at the USC Marshall School of business in conjunction with University of San Diego's School of Business Administration, that shows that sometimes ill-treatment can make African-American consumers voluntarily pay more for goods and services than they would normally, as well as pay more than their Caucasian counterparts.

Aarti S. Ivanic, assistant professor of marketing at the University of San Diego's School of Business Administration; and Jennifer R. Overbeck, assistant professor of management and organization along with Joseph C. Nunes, associate professor of marketing at the University of Southern California's Marshall School of Business, set out to understand inequities in transactions. In their study, "Status, Race and Money: The Impact of Racial Hierarchy on Willingness-to-Pay," forthcoming in Psychological Science, the researchers found that African-Americans who felt their status was threatened by poor service because of their race were willing to pay more for products and services to assert their social standing.

While Caucasians and African-Americans showed equal interest in products such as headphones or luxury hotel upgrades in two studies conducted, researchers found that when race was explicitly activated (subjects were made aware of the stereotypes affiliated with their race), most African-American survey participants indicated a willingness to pay more for products than either Caucasian participants or other African-Americans for whom race was not raised. Meanwhile, when race was implicitly raised, the researchers found that African-American participants were less likely to counteract negative stereotypes and decreased their willingness to pay for products.

However, what was also uncovered in this study was that African-American participants who strongly identified with their race had a lower "willingness to pay," suggesting that greater pride in group membership made them less vulnerable about their status.

In the concluding experiment with more than 500 participants, the researchers found that, as with Caucasians surveyed, when African-Americans were treated well, they did not indicate a willingness to pay more for goods or services even when race was made an issue. When African-American subjects were treated poorly, but race was not raised, they paid less.

Though the survey focused on African-Americans, USC Marshall Professor Jennifer Overbeck says the findings may be applicable to any group that has had a traditionally disadvantaged status throughout history.

"Minority consumers have tremendous buying power. We want to draw attention to the fact that these downstream forces of discrimination are important and to bring it to the attention of anyone who feels disadvantaged in the marketplace that he/she should not feel the need to prove themselves to people who don't deserve it by paying more," Overbeck said.

###


[ Back to EurekAlert! ] [ | E-mail | Share Share ]

?


AAAS and EurekAlert! are not responsible for the accuracy of news releases posted to EurekAlert! by contributing institutions or for the use of any information through the EurekAlert! system.


Source: http://www.eurekalert.org/pub_releases/2011-10/umso-sfm102011.php

brooklyn decker palladium king arthur king arthur september 11 2001 september 11 2001 pomegranate

Yahoo meets low earnings expectations (Reuters)

SAN FRANCISCO (Reuters) ? Yahoo Inc lived up to lackluster third-quarter expectations, but the struggling Internet portal was tight-lipped about efforts to find a new Chief Executive or explore a sale.

Shares of Yahoo, which fired former CEO Carol Bartz in early September before the end of the third quarter, gained roughly 3 percent to $15.98 in after hours trading on Tuesday.

"It looks OK, nothing spectacular, but nothing disastrous, and nothing disastrous is good news for these guys," said Macquarie Research analyst Ben Schachter.

Yahoo's profit and revenue slipped year-on-year during the third quarter, as the company saw weakness in sales of its so-called non-premium online display ads, as well as in its search advertising business.

While interim CEO Tim Morse told investors he expected a typical seasonal improvement in Yahoo's display advertising business during the fourth quarter, the midpoint of the company's forecast revenue range fell a tad short of Wall Street expectations.

Oppenheimer & Co analyst Jason Helfstein said the current state of Yahoo's business is practically irrelevant to most investors.

"Most people who own this own it for a take-out, they're not owning because they believe in the fundamental story," he said. "So long as the core business is not deteriorating and presumably growing somewhat, that pays you for your patience."

Yahoo has been in a state of chaos since the departure of Bartz. The company retained investment banking firm Allen & Co to help conduct a "strategic review" of its business and is reportedly working with executive search firm Heidrick & Struggles to find a new CEO. Morse declined to provide an update on either the strategic review or the CEO search process on Tuesday.

The board "has said that, when it has something to announce it would do so," Morse told analysts at the outset of a conference call, in regards to the strategic review. "That will take time. It will not be today and not on this call."

Asked about the progress of the CEO search, he said only that "the board process was underway."

A number of potential buyers have expressed interest in a deal with Yahoo. Private equity firms Silver Lake Partners, Providence Equity Partners, Bain Capital, Hellman & Friedman, Blackstone Group, and KKR are among those likely to get a look at the limited financial data Yahoo's advisers are circulating.

Strategic buyers, including AOL Inc, Chinese e-commerce giant Alibaba Ltd, which already has a partnership with Yahoo, and Microsoft Corp are also interested. AOL boss Tim Armstrong is said to be pushing investors for a Yahoo deal, while Microsoft, which offered to acquire Yahoo for $47.5 billion a few years ago, is weighing making another run, either by itself or in partnership with others.

CLOSING THE SEARCH GAP

One of the Web's pioneering companies, Yahoo is under pressure as Web surfers and advertisers flock to social networking giant Facebook and Internet search powerhouse Google Inc.

Profit in the third-quarter totaled $293 million, or 23 cents per share, compared with net income of $396 million, or $29 per share, in the year-ago period. Yahoo's net revenue -- which excludes fees paid to partner websites -- was $1.07 billion, compared with $1.12 billion at this time last year, and in line with Wall Street expectations.

Despite its struggles, Yahoo continues to be a marquee destination, with page views to the company's media properties up 9 percent in the quarter. The flip side, however, is that search queries were up a paltry 1 percent, while search page views fell 3 percent.

The Sunnyvale, Ca-based Internet icon, which has struggled to revive its online advertising business, said it agreed to extend the revenue per search guarantee in its deal with Microsoft through March 2013. The extension applies to the United States and Canada.

Yahoo said it remains fully committed to the success of the search alliance and the extension represents an "important sign of that commitment."

Earlier this year, however, Yahoo said the partnership was taking longer than expected to pay off due to technical imperfections in the search advertising system. As a result, Yahoo said it did not expect revenue per search to return to pre-Microsoft levels until the end of the year.

Morse also declined to provide an update on Tuesday on when revenue per search would return to pre-deal levels.

"Having extended the RPS guarantee, there's no real reason to be talking about when we think the line crosses," Morse said in an interview with Reuters.

Morse did say that premium display advertising sales were on target for the third quarter, but that non-premium ad sales has a bit of an "underrun." Morse added that, on a year-over-year basis, premium display ads sales were up less than 5 percent and non-premium ad sales were down a similar amount.

Yahoo projected net revenue of $1.125 billion to $1.235 billion in the fourth quarter, compared with $1.22 billion expected by analysts.

(Reporting by Alexei Oreskovic; editing by Andre Grenon)

Source: http://us.rd.yahoo.com/dailynews/rss/earnings/*http%3A//news.yahoo.com/s/nm/20111018/bs_nm/us_yahoo

baylor prime numbers prime numbers lithium texas wildfires rain boots rain boots

Even higher fares can't help American Airlines (AP)

DALLAS ? Even higher fares couldn't pull American Airlines out of its financial nosedive.

American's parent, AMR Corp., said Wednesday that it lost $162 million in the third quarter, as fuel spending jumped 40 percent, wiping out higher revenue from fare increases and passenger fees.

It was AMR's fourth straight losing quarter and 14th in the last 16. In last year's third quarter ? often the strongest of the year for airlines because of heavy summer travel ? AMR earned $143 million, or 39 cents per share.

AMR hasn't turned a full-year profit since 2007, and it has lost more than $12 billion since 2001, adding to speculation that it could be headed toward bankruptcy protection.

American has high costs, a heavy debt load, too many gas-guzzling planes in its fleet, and years of labor problems.

AMR spent $2.3 billion on fuel, easily topping wages and benefits as the biggest third-quarter expense and swamping American's average fares increase of 7 percent.

Revenue rose 9 percent to $6.38 billion. While that was $30 million better than analysts expected, the loss of 48 cents per share was wider than analysts' forecast of 43 cents per share, according to FactSet.

Investors were disappointed. The company's shares fell 11 cents, or 4.1 percent, to $2.71 in morning trading.

Chairman and CEO Gerard Arpey said the third quarter was "challenging for American Airlines," but said the company was moving aggressively to improve. The top goal, he said, was to control costs.

As recently as 2008, American was the world's largest airline, but has since been surpassed by Delta, which bought Northwest, and United, which bought Continental. American is trying to compensate for its smaller size by expanding partnerships with British Airways and Japan Airlines to win more lucrative international travel.

As other airlines merged and returned to profitability in the last two years, analysts and investors have grown impatient with AMR management, skewering executives for failing to show enough urgency in fixing American's problems.

The last few days provided another example of AMR's woes. The company raised expectations it would settle labor negotiations with American Airlines pilots and win money-saving schedule flexibility, but there was no weekend deal and AMR's stock fell 6 percent on Monday.

American and the pilots' union could still reach an agreement any day, allowing American to argue that it is doing something to control costs and boost productivity.

The airline is also taking steps to update its fleet. It announced in July that it will buy 460 new jets from Boeing Co. and Airbus over several years. That should reduce fuel and maintenance spending, but the improvement will be gradual.

American said advance bookings are about the same as last year, but with a weak economy, it has cut the late-fall and winter flights by 3 percent compared with last winter. That should ease pressure to slash fares and help the airline cope with a high number of pilot retirements.

But American said fourth-quarter costs per mile will rise more than 6 percent over the same period last year. That figure doesn't include fuel costs.

AMR's stock price has fallen 64 percent this year ? far more than any other major U.S. airline company ? reflecting speculation that the company could be forced into bankruptcy protection like so many other carriers over the past decade.

Most analysts think that won't happen anytime soon because the company has about $4.3 billion in unrestricted cash and short-term investments that could be liquidated in a pinch.

Standard & Poor's analyst Jim Corridore said he doesn't see a need for bankruptcy in the next year but called AMR shares "high risk." He said problems include pilot retirements, lack of movement on labor talks, and AMR's need to borrow money.

___

Follow David Koenig at http://www.twitter.com/airlinewriter

Source: http://us.rd.yahoo.com/dailynews/rss/earnings/*http%3A//news.yahoo.com/s/ap/20111019/ap_on_bi_ge/us_earns_amr

bush ellie goulding ginger aron ralston aron ralston grandparents day 911

Obama, first lady to tout jobs plan for veterans (AP)

HAMPTON, Va. ? President Barack Obama is employing the services of the first lady on the final leg of his three-day bus tour as they tout proposals in the president's jobs bill that the White House says would put more of the nation's unemployed veterans back to work.

During a joint appearance Wednesday before airmen and soldiers at Joint Base Langley-Eustis, the president and his wife, Michelle, also were to announce a deal with the private sector to hire 25,000 veterans and military spouses. The White House said the American Logistics Association, which includes major companies like Tyson Foods Inc. and Coca-Cola Co., is aiming to meet that goal by the end of 2013.

"We ask our men and women in uniform to leave their careers, leave their families and risk their lives to fight for our country," Obama said in a statement released ahead of the event. "The last thing they should have to do is fight for a job when they come home."

The first lady has been a champion of veterans and military family issues since her husband won the White House. In a statement, she said engaging the business community is part of an effort to tap into "all that good will that's out there, all across America, in every sector of society, and channeling it into meaningful action that's a win-win for everyone."

As Obama has been traveling through North Carolina and Virginia this week, lawmakers back in Washington were taking the first steps to break his nearly $450 billion jobs bill into pieces for possible votes. It's the only way elements of the measure stand a chance of passing, given that Senate Republicans blocked action on the full package last week.

The bus trip has given the president the opportunity to promote elements of his jobs plan in places the White House says would benefit most should the measures pass. Obama has spoken at high schools and community colleges where the administration says new spending would prevent teacher layoffs, as well as a small, regional area airport near Asheville, N.C., where Obama pressed for government funds to renovate an outdated runway.

Wednesday's stops were to follow a similar pattern.

During his remarks at the military facility Wednesday, Obama was expected to single out a provision in his jobs bill that calls for new tax credits for businesses that hire veterans and wounded troops. He's proposed a Returning Heroes tax credit of up to $5,600 for businesses that hire unemployed veterans who have been out of work for six months or more, as well as a Wounded Warriors tax credit of nearly $10,000 for unemployed veterans with service-related disabilities who also have been looking for work for at least six months.

From there, Obama will get back in his imposing, million-dollar bus for a three-hour drive to North Chesterfield, Va., where he was to speak at a local fire station. He's trying to rally support for the first piece of the jobs bill Senate Democrats plan to take up, a $35 billion package of assistance for state and local governments aimed at keeping firefighters, as well as police officers and teachers, on the job.

The president's lengthy drive could give him an opportunity to make unscheduled stops along the way. In his first two days on the road, Obama stopped by barbecue and candy businesses, plus a classroom at a high school in rural Skipwith, Va.

With the presidential election just over a year away, the stops have given Obama a chance to make personal appeals for his policies ? and his re-election ? to voters in two Southern states that are sure to play a significant role in 2012.

Source: http://us.rd.yahoo.com/dailynews/rss/obama/*http%3A//news.yahoo.com/s/ap/20111019/ap_on_go_pr_wh/us_obama

richard hamilton richard hamilton stevie nicks sarah michelle gellar living social nelson mandela champions online

Winged Robots Hint At the Origins of Flight

That it happened several times is pretty obvious, given that many arthropods (such as insects) can fly, and neither birds nor mammals evolved from them.

Thing is, almost all traits commonly exhibited by living beings today have evolved more than once in history; in many cases, even numerous times. On one hand, it indicates that evolutionary cycles are much shorter than previously expected from the traditional model of random mutations reappearing every now and then until they stick by pure chance. So far as

Source: http://rss.slashdot.org/~r/Slashdot/slashdotScience/~3/5dS8X6QIPsc/winged-robots-hint-at-the-origins-of-flight

united 93 loose change pearl harbor the guard the guard osu osu

Robert Auerbach: Chairman Bernanke's "Urban Legend" About Deception and Corruption at the Fed

On the same day, October 4, 2011, I testified on Capitol Hill about the terrible record for transparency and corrupt records at the Federal Reserve, its chairman, Ben Bernanke, gave a strong opposing view before the Joint Economic Committee. When Senator Michael Lee (R, Utah) said he was concerned about the "general veil of secrecy under which the Federal Reserve typically operates," Bernanke replied: "That's an urban legend." (Defined as "a bizarre untrue story that circulates in society...")

Bernanke's reply incorporated the Fed's urban legend: "We are thoroughly audited at this point." and "Nobody has found an impropriety." While Bernanke may confine this reply to the partial audit in the 2010 Dodd-Frank law, which the Fed vigorously opposed, the Fed's long history of deception and corruption should not be bypassed.

My testimony on the same day before the Subcommittee on Monetary Policy and Technology of the House Financial Services Committee, chaired by Congressman Ron Paul, reveals a different record from Congressional investigations in which I participated:

Blocking large parts of the Federal Reserve from GAO audits

House Committee on Banking, Finance and Urban Affairs Chairman Henry Reuss (D, Wisconsin) proposed a GAO audit of the Fed in 1976. The Fed orchestrated a massive campaign using the officials of the private banks it regulates to lobby to kill the audit bill. The Fed won. The bill could not garner enough support to pass out of the Committee. It passed the Government Operations Committee two years later, only after glaring no-audit barriers for Fed monetary policy and international operations were added.

Billions of dollars can be made from inside information leaks from the Fed's monetary policy operations. One necessary step to stop leaks is to severely limit inside information on future Fed policy to a few Fed employees.

This has not happened. Congress received information in 1997 that non-Federal Reserve employees attended Federal Reserve meetings where inside information was discussed. Banking Committee Chairman/Ranking Member Henry B. Gonzalez (D, Texas) and Congressmen Maurice Hinchey (D, New York) asked Fed Chairman Alan Greenspan about the apparent leak of discount rate information. Greenspan admitted that non-Fed people including "central bankers from Bulgaria, China, the Czech Republic, Hungary, Poland, Romania and Russia" had attended Federal Reserve meetings where the Fed's future interest rate policy was discussed. Greenspan's letter (4/25/1997) contained a 23-page enclosure listing hundreds of employees at the Board of Governors in Washington, D.C. and in the Federal Reserve Banks around the country who have access to at least some inside Fed policy information.

Destroying Fed records

In 1995 Greenspan held a non-recorded vote - no finger prints - to destroy the source transcripts of the Fed's policy-making committee, the Federal Open market Committee (FOMC). I was informed November 1, 2001 by Donald Kohn, the future Fed Vice Chairman, that this destruction would continue and that the Fed considered the destruction to be legal.

The Fed's shredding machines destroyed the 1995 source FOMC transcripts of Fed officials who bypassed the Congress and voted for a $5 billion loan to Mexico collateralized by revenue from Mexico's oil industry. When the potential loan become public the peso stopped falling, and the loan was not made.

No audits can be made of source FOMC transcripts that were formerly sent to the National Archives and Records Administration because the transcripts are destroyed. That is not an urban legend.

Corrupted bookkeeping at Fed vaults

A 1997 Gonzalez investigation, assisted by the GAO, found extensive corrupt accounting at the cash section of the Los Angeles branch of the San Francisco Fed Bank with dire possibilities at other Fed vault facilities. Greenspan informed Gonzalez that nearly $500 thousand had been stolen from Fed vaults by Fed employees from 1987 to 1996. The Gonzalez/GAO investigation indicated this was an understatement.

The Fed Banks' vaults contain uncirculated currency and coin transferred from the Bureau of Engraving and Printing and cash from banks throughout the country. The Fed district banks and branches need to be audited with GAO personnel who are trained and experienced in central bank operations and auditing. When will these audits be done and reported to the Congress or will Bernanke dismiss this national security problem as an urban legend?
Bernanke replied in a similar manner at a previous Congressional hearing (2/23/2010) to Congressman Paul's questions based on material in my book, Deception and Abuse at the Fed (2008). It may not be a coincidence that the Fed's Inspector General office contacted me about my book (5/19/2011) shortly after Congressman Paul announced his candidacy for president. Since the Fed's IG is appointed by the Fed's chairman, the IG's investigation of my book does not rule out a continuing cover-up to save the Fed's "urban legend".

?

Follow Robert Auerbach on Twitter: www.twitter.com/prof2718

Source: http://www.huffingtonpost.com/robert-auerbach/chairman-bernankes-urban-_b_1014290.html

world series tickets world series tickets nelson cruz nelson cruz michael young war of the worlds detroit lions