How Heritage Community Bank came undone, and why its buyer is protected -- chicagotribune.com

Here is very interesting story on  a small Illinois bank which concentrated (too much) on construction loans.  It owners are wiped out and FDIC on the hook  for a sizeable possible loss.  AMCORE is not the same case, but there are some similarities with AMCORE.   Comptroller of the Currency, ordered AMCORE to improve its loan underwriting and administration practices calling for a change in lending practices back in the Spring of 2008.  Click on the following to read the story:

How Heritage Community Bank came undone, and why its buyer is protected -- chicagotribune.com

Chrysler’s Belvidere plant down next week - - BusinessRockford.com

The company is adjusting production schedules weekly trying to align production with the rapidly falling demand for new cars in the worldwide economic recession.  To read the short article click on the following: 

Chrysler’s Belvidere plant down next week - - BusinessRockford.com

Advanced Motions for County Board Action—take a look.

It is taken some time, but board action will now  be known to the public before the regular county board meeting.  Here are the motions for the March 18 meeting they were posted March 13, 2009.

First,  are the motions for the Finance Committee.  Apparently the budget is being amended—see Note on March 10, 2009 version of the FY 2009 Expenditure and Revenue Plan for the General Fund.  If anyone attended this meeting and has some insight it would be greatly appreciated.  I hope to obtain a copy of the March 10 plan and publish it.

As far as the bond abatements, Ordinance # 09-10, 09-11, 09-12, these bond issues are technically supported by real estate taxes.  Because these referenda and various board actions promised that the bonds be paid by special sales taxes and other sources, the board does not levy these taxes (it “abates” them).  The real question is will the board be able to do this in coming years if revenues to the general fund continue to be below budget.  The county can deficit spend, only so long as it has available cash balance in its various accounts.

If you wish to find the motions yourself, go to:  http://www.boonecountyil.org

 

Here is page 2, and the motions for the various committees.  Click on the photocopy to enlarge:

 

Finally here is the last page.  Click on the photocopy to enlarge.

Northwest Herald | Officials: Station plans not affected

Here is some news regarding Huntley’s long term plans/dreams concerning getting Metro to send a train from Elgin. After Huntley, all there is Marengo and you are right in Belvidere.   Click on the following:

Northwest Herald | Officials: Station plans not affected

A.I.G. to Pay $100 Million in Bonuses After Huge Bailout - NYTimes.com

Well many, many people are criticizing the  Administration for throwing so many billions after this so called insurance company.  While I suggest you read this well written article by the NY Times about the bonuses, I think you really ought to figure out how important AIG is to the total economy. That actually is a debate in itself. 

Wikipedia, does a wonderful job of showing you the way Credit Default Swaps (CDS) are absolutely crazy. AIG’s exposure to CDS represents possibly  a $100 billion loss.  CDS exposure often exceed the total value underlining asset being protected by CDS’s.   In September the bankruptcy of Lehman Brothers caused a total close to $400 Billion to become payable to the buyers of CDS protection referenced against the insolvent bank.  However the net amount that changed hands was only $7.2 billion.  So what would happen if the largest writer of CDS’s failed?

To view the bonus issue, click on the following citation: 

A.I.G. to Pay $100 Million in Bonuses After Huge Bailout - NYTimes.com

To read about CDS’s, the crazy market which might bring down the entire world market, click on the following citation:

http://en.wikipedia.org/wiki/Credit_default_swap

A new article concerning which firms and countries  are benefiting from the federal loans (or the secret nature of whom they are) has just be posted at the New York Times.  Click on the following: 

 Fair Game - At A.I.G., Good Luck Following the Money - NYTimes.com

The LA Times also has some interesting comments regarding AIG.  It's not just the size that would matter. AIG's interconnectedness with other companies, markets and economies is so huge and convoluted that it's almost impossible to foresee what all the consequences of collapse would be.  To read the full story click on the following:  http://www.latimes.com/news/la-fi-nofail9-2009mar09,0,3753751.story?page=2&track=rss

Rockford Register Star will supply voters a short summary of each April 7 candidate

Hey there everyone—it appears that the Rockford Register Star is preparing a data base source for the voters.  The following information will be supplied for each candidate in the April 7 election:  

Biographical Information

Why are you running for office?

Candidate response is not yet available.

What is the biggest issue in your race?

Why should people vote for you?            Take a look, by clicking on the following citation: Rockford Register Star - Rockford, IL - Rockford Register Star

Some Clarification regarding the new Health Department Chief?

On March 10, 2009 the Rockford Register Star reported that new hire, Stephanie Seaworth, would not be the head of the Heath Department as scheduled.  No further information was disclosed to the paper “because it is a personnel matter”.  For complete original story see:  http://www.healthyrockford.com/health/people/x1593366990/Snag-delays-Boone-health-leader-s-start

Well the Rockford Register Star’s Week In Review provides some clarification.  See that article below.  Apparently Ms. Seaworth “lacks the state-required qualification” however she will “stay on as assistant administrator”.   Does anyone have any questions?

Click on the photocopy to enlarge.