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US Senate committee investigates credit card practices

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US Senate committee investigates credit card practices

Wednesday, December 5, 2007

On Tuesday, the United States Senate Committee on Homeland Security and Governmental Affairs‘s Permanent Subcommittee on Investigations held a hearing titled “Credit Card Practices: Unfair Interest Rate Increases.” The hearing examined the circumstances under which credit card issuers may increase the interest rates of cardholders who are in compliance with the terms of their credit cards. It was a follow-up to a March 2007 hearing.

Subcommittee Chairman Carl Levin said in his opening statement: “Today’s focus is on credit card issuers who hike the interest rates of cardholders who play by the rules — meaning those folks who pay on time, pay at least the minimum amount due, and wake up one day to find their interest rate has gone through the roof — again, not because they paid late or exceeded the credit limit, but because their credit card issuer decided they should be ‘repriced’.”

Present to testify on behalf of credit card issuers were Roger C. Hochschild of Discover Financial Services, Bruce L. Hammonds of Bank of America Corporation, and Ryan Schneider of Capital One Financial Corporation.

Much of the 90 minute hearing focused on specific cases where interest rates were raised, allegedly because credit scores of the debtor dropped, and not because they were delinquent or otherwise behind on payments. According to Levin, this practice made it so that almost all payments went towards finance charges with almost none toward repaying the principal. This, he felt, is an unfair practice, as the credit card companies were negligent in informing their customers of the rate hikes and the reason for such hikes.

Families find themselves ensnared in a seemingly inescapable web of credit card debt.

The collective credit card debt of Americans totals an estimated US$900 billion. Issuers have come under pressure to disclose their policies in regards to setting fees and interest rates. The US Truth in Lending Act requires that terms of a loan be set forth up front. Fluctuating interest rates on credit cards would, on the surface, appear to violate this act.

Roger C. Hochschild disagreed, arguing that “every card transaction is a new extension of credit … This makes it difficult — and risky — to underwrite, and price, the loan based solely on the borrower’s credit-worthiness at the time of application [for the card].”

Ryan Schneider, agreed: “The ability to modify the terms of a credit card agreement to accommodate changes over time to the economy or the credit-worthiness of consumers must be preserved.”

“Attempts to interfere with the market here … will inevitably result in less credit being offered,” warned Bruce Hammonds. “Risk-based pricing has democratized access to credit,” he added.

All three credit card executives also mentioned an ongoing Federal Reserve System review of credit card rules that already proposes a 45-day notification ahead of any rate changes.

Committee members criticized the industry for varying practices. Included in the criticism was the practice of mailing checks to card-holders, failing to notify applicants that obtaining additional cards could lower their credit score and raise their rates, and “ambushing” card-holders with raised rates.

Ranking minority member of the subcommittee, Norm Coleman said, “families find themselves ensnared in a seemingly inescapable web of credit card debt. They particularly report being saddled with interest rates that skyrocketed on them seemingly out of the blue.”

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Wood Molds Can Spruce Up Your Home

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Wood Molds can Spruce up your Home by Leroy CalstardWood molding is a great home improvement tool. Like paint, it is versatile and it is a small change that can make a big impact. The addition of molding can change the way a room looks. It can be used in many different ways, too, so it is a very unique tool. You can do a lot with some simple molding additions in your home.Wood molding is basically a trim. It gives a finished look to a room. It can also be used as decorative edging. Using it can be a good way to quickly and cheaply finish a wall. There are many different styles from which to choose, so you can do almost anything with it and accomplish almost any look you want.How to Use ItThe main use for molding is as a border along the bottom of a wall as a baseboard or the top as crown molding. It goes on the wall at the bottom or top and helps to create a seamless transition between wall and floor or ceiling. It is easy to finish a wall when using molding because all you need to do is hand it up. Depending on the width of the molding it can even help make painting easier, as you do not have to paint all the way down to the floor since the molding will cover that area. It can also be used to frame windows. It will cover the wall seams around the window and just give the window a finished look. It is also often used as a chair rail, which is when it runs around the center area of the wall. It is called this because it is often seen in dining rooms where people scoot back from the table and risk bumping the wall. With the chair rail they will hit it instead, thus saving your paint job from damage. It can be used as the base for handrails on stairs. This is a decorative touch that makes the stairway look more finished.There are many more uses for wood molding. Really you can use it in any way you can imagine. It is a durable product that comes in a variety of styles, so they can be a great way to add to a current project or simply spruce up a room in need of a change.Leroy Calstard writes predominantly for http://www.insidewoodworking.com , an online site with topics around jigs for woodworking and woodworking tools guide. His comments on wood jig can be found on his site . Article Source: eArticlesOnline.com

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Four arrested in three Naperville, Illinois prostitution stings

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Four arrested in three Naperville, Illinois prostitution stings

Monday, March 15, 2010

An undercover investigation by Naperville, Illinois law enforcement has led to the arrest last Thursday of four people allegedly involved in prostitution. The stings came after police received tips that people were using websites like Craigslist and Backpage.com to sell sexual performances in Naperville hotels. 

Patricia H. Scoleri of Naperville was arrested after an unidentified neighbor observed consistently suspicious activity at Scoleri’s home. Traffic was unusually heavy and consisted mostly of luxury cars in an otherwise quiet, middle-class neighborhood. Also, the visitors were mainly middle-aged men, and an odd string of lavender-colored lights were hung on the front window.

Police say Scoleri worked alone. She was arrested at 2 p.m. local time (2000 UTC) and is charged with violation of anti-prostitution laws, anti-cannabis laws, and the Massage Licensing Act. She apparently has four children, but the Illinois Department of Children and Family Services has neither contacted her nor received a police report on her.

The second sting occurred at 5:30 p.m the same day (2330 UTC) and resulted in the arrest of Chicago resident Tonya M. Adams. She is charged with prostitution and driving without a license. Another sting about an hour later resulted in the arrests of Jessica M. Walley, a Skokie resident, and Mark A. Williams, a self-admitted Schaumburg gang member. “Walley was charged with prostitution and unlawful possession of cannabis. Williams was charged with pimping, obstructing a peace officer, driving with a suspended license and driving without insurance,” reports WBBM News Radio 780.

All four suspects are free, having paid the required ten percent of their $1,000 bail. They may face additional charges related to crack cocaine discovered during the police investigation. Arraignment is scheduled for next month at the DuPage County Circuit Courthouse in Wheaton.

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Questions raised about McCain’s choice of Palin, aides insist “thorough vetting” process

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Questions raised about McCain’s choice of Palin, aides insist “thorough vetting” process

Wednesday, September 3, 2008

Various questions have been raised about the choice of Alaska Governor Sarah Palin as Senator John McCain’s choice for Republican vice presidential running mate. There have been doubts over how thoroughly McCain had examined Palin’s background before announcing that he had selected her to be his running mate on August 29. McCain’s advisers insist that Palin was “thoroughly vetted,” a process that would have included a review of all financial and legal records as well as a criminal background check.

Palin is the Republican Party’s first female candidate for Vice President. In 1984, Geraldine Ferraro was Walter Mondale’s running mate on the Democratic Party ticket.

Yesterday, Palin and her husband issued a statement saying that their 17-year-old unmarried daughter Bristol is five months pregnant and that she intends to marry the father of the baby. The statement came after media speculation and internet rumours that Palin’s 4-month-old son, Trig, was in fact her grandson, and that the mother is Bristol.

Senator Barack Obama, McCain’s opponent in the 2008 election, was asked to comment on Palin’s family situation:

“Let me be as clear as possible… I think people’s families are off-limits, and people’s children are especially off-limits. This shouldn’t be part of our politics. It has no relevance to Governor Palin’s performance as governor or her potential performance as a vice president,” said Obama.

Obama further told reporters to “back off these kinds of stories” and noted that he was born to an 18-year-old mother himself. Obama became annoyed when asked about a news report that quoted an unnamed senior McCain campaign aide saying that Obama’s name appears in liberal blogs speculating about Trig’s parentage. “I am offended by that statement… There is no evidence at all that any of this involved us.”

“We don’t go after people’s families; we don’t get them involved in the politics. It’s not appropriate, and it’s not relevant,” Obama added. “Our people were not involved in any way in this, and they will not be. And if I ever thought that there was somebody in my campaign that was involved in something like that, they’d be fired.”

The McCain campaign said that Senator McCain was aware of Bristol Palin’s pregnancy before he asked her mother to join him on the ticket. McCain reportedly did not see the pregnancy as a detriment to Governor Palin’s selection as the vice presidential candidate.

McCain told reporters that he was satisfied with his campaign’s vetting process: “The vetting process was completely thorough and I’m grateful for the results.”

Governor Palin has hired a private lawyer in a legislative ethics investigation in Alaska into whether she abused her power in dismissing the state’s public safety commissioner, Walter Monegan. The investigation is checking into whether Palin dismissed Monegan for his reluctance to fire Palin’s former brother-in-law, Mike Wooten.

There is no sign that Palin’s formal nomination this week at the Republican National Convention was in jeopardy. The controversy adds anxiety to Republicans who are worried that Democrats would use the selection of Palin to question McCain’s judgment. Republicans were quick to note that Palin has “more executive experience” in elected office than does Obama and have gone on the offensive.

McCain’s choice of Palin came as a shock to some, after it was expected that McCain would choose Joe Lieberman, Tim Pawlenty, or Tom Ridge for the vice presidential nomination. McCain had reportedly met Palin only twice before her selection, and had his first face-to-face interview with her on August 28. McCain offered Palin the vice presidential spot just moments after their meeting concluded. The two appeared at a campaign rally event the following morning in Dayton, Ohio.

categories Uncategorized | April 26, 2018 | comments Comments (0)

Cuba restores relations with European Union

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Cuba restores relations with European Union

Friday, February 4, 2005

Europe –The government of Cuba has re-established official contacts with all of the European Union countries. The diplomatic relationship with the EU had been limited for more than 18 months.

The EU relationship with Cuba was injured on March-June 2003 after the arrest and conviction of 75 “dissidents” by the Cuban government. In a separate case, three Cubans were executed on foot of a sentence handed down by a civil court, and confirmed on appeal by the Cuban Supreme Court, which found them guilty of hijacking a ferry and endangering the lives of its occupants. Cuba accused the dissidents of collaboration with the US and sabotage against the Cuban communist system. All 75 “dissadents” appear to have pleaded guilty of receiving illegal payments from US agents in court when confronted with the evidence. 14 of the 75 convicted mercenaries, who the US continues to insist were “dissadents”, have since been released on licience.

Cuba and the EU began to come close again after the efforts of the President of the government of Spain, José Luis Rodríguez Zapatero. At that time, the German Chancellor Gerhard Schröder didn’t agree with Zapatero about unfreezing the relationships between Cuba and the EU. Schröder believed Cuba should first show real commitment to improving the human rights conditions on the island. However, on November 25, 2004, the Cuban Chancellor Felipe Pérez Roque announced the re-establishment of official contacts with the government of Spain.

On November 30, 2004, Cuba released four political dissidents: Marcelo López, Margarito Broche, Óscar Espinosa Chepe and Raúl Rivero. The Dutch Presidency of the European Union praised the Cuban decision. Cuba said that the decision was not influenced by the Spanish government.

On December 15, 2004 the Council of the European Union for Latin America committee recommended the suspension of the diplomatic sanctions against Cuba, according to alleged Spanish diplomatic sources.

Finally, on January 10, 2005, the Cuban Foreign Minister Felipe Perez Roque told journalists:”We can say that from this moment onward Cuba has re-established government-level official contacts with all European Union countries.” On January 31, 2005, the EU council of foreign ministers agreed to a suspension of EU sanctions against Cuba. The international non-governmental organization Reporters Without Borders protested and sent a open letter to the president of the European Commission on February 1, 2005.

categories Uncategorized | April 25, 2018 | comments Comments (0)

Cartoon Animation}

Cartoon Animation

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Viswas RayCartoon animation can make your site appear more exclusive, tremendous and interactive. It is very efficient in the conveyance of the message crossways. Funny animations and Cartoon characters can be exercised for presentations, education or as search helpers.The design and use of a cartoon character has for all the time been an accepted way to endorse a product or even a whole company.Benefits —

  • Cartoon characters can be identified instantly.
  • Cartoon characters give a boost to brand awareness.
  • The design of a cartoon character can be easily besieged, as of a particular age group.
  • By doing the merchandise planning, there is a production of secondary income.
  • It gives the vast potential for comedy and farce fun.

Although scores of people are not going to mull over the writing for cartoon animation, in its own way it is unquestionably a form. For a cartoon to work you require loads of things– expression, storyline, climax, and a beginning and an ending. Each picture signifies something about a story and every word is characterized by its figure and action.Not each animated cartoon has to be comprehended in detail. It’s all in relation to simplicity and holding the viewer’s attention. In order to make your animated cartoon work, many strategies can be brought into a play. Many people find familiar faces and figures interesting, they can relate to. In this place, an animal figure works the best.People wish for the enthusiasm and conflict. They yearn for clash ingredient and look for the scenes mixed with the disagreement. Violence where the characters don’t get wounded makes the story going. Use of bright colors, high action, amazing feats and human qualities are to be required when applying for the cartoon animation.In cartoon animation, a series of figures, each showing a slightly different stage in motion has to be represented and photographed separately, frame by frame. It is than projected on a screen fast enough to create the false impression of incessant movement. Hence your story is articulated by your figure’s actions and you will finally have your animated cartoon. Source: itmatchonline.com/article/Cartoon_Animation.php

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2012 Olympics clash with Ramadan

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2012 Olympics clash with Ramadan

Sunday, October 15, 2006

Muslim groups from across the world are criticising the organisers of the 2012 Olympics in London after it was revealed that the games will take place over Ramadan. The most holy month in the Muslim calendar, which will take place from the 21 July to 20 August in 2012, involves fasting during daylight hours and will affect an estimated 3,000 athletes.

Joanna Manning Cooper, spokesman for the games said: “We did know about it when we submitted our bid and we have always believed that we could find ways to accommodate it.”Nevertheless, this will come as a huge embarrassment for the organisers who have tried to ensure the event involve all of Britain’s ethnic communities.A quarter of the athletes who took part in the 2004 Athens Olympics were from predominantly Muslim countries and the fast will put any athletes involved at a clear disadvantage.

The chairman of the Islamic Human Rights Commission, Massoud Shadjared said: “This is going to disadvantage the athletes and alienate the Asian communities by saying they don’t matter. It’s not only going to affect the participants, it’s going to affect all the people who want to watch the games.”

The president of the National Olympic Committee of Turkey, Togay Bayalti, said: “This will be difficult for Muslim athletes. They don’t have to observe Ramadan if they are doing sport and travelling but they will have to decide whether it is important to them. “It would be nice for the friendship of the Games if they had chosen a different date.”

The games will run from the 27 July to 12 August to coincide with the British Summer holidays. The summer holidays are a six week period running from mid July to early September. During this time, public transportation is generally less crowded and it will be easier to find the 70,000 volunteers needed to keep the games running. The International Olympics Committee has specified that the games must take place between July 15 to August 31. Giselle Davies, IOC spokesperson said, “We give a window to the five bid cities. The host city selects the dates within that window.”

The organisers are working with the Muslim Council of Great Britain to find ways around the problem.

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Dog’s throat cut in Cairns, Australia

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Dog’s throat cut in Cairns, Australia

Thursday, July 15, 2010

In what the RSPCA calls a “horrific” case of animal cruelty, a dog’s jaw was taped shut, and its throat cut, in Cairns, Australia.

The Staffordshire mix, who was found by police in a critical condition last Thursday, was reportedly struggling to breath and bleeding heavily due to her throat being slashed and her muzzle being bound.

“The way they cut was almost down to the larynx, so muscles were cut but luckily they missed the jugular veins,” said Sarah Gill, the vet who stitched the 10 cm long, 3 cm deep cut.

In a statement reported on Tuesday, Inspector Cameron Buswell, a law enforcement officer with the RSPCA animal welfare charity, said it is hard to comprehend that there are people in the community capable of this level of cruelty.

“This would have to be up there as one of the more horrific cases we’ve dealt with […]The poor dog must have been petrified. How she didn’t die is miraculous.” he said.

Named ‘Franky’ by rescuers, the dog is progressing well along her road to recovery, has a warm, loving and kind nature, and has begun to come out of her shell, Buswell said.

“She is a really nice natured animal and she loves being with people.”

This has become apart of string of violent attacks on pets in Queensland. Another dog in North Queensland named ‘Boof’ was beaten and left to die with a 30 kg chain around his neck in January. In May, a family dog in Toowoomba had its throat slit and a rubber band placed around the wound, twice.

The RSPCA is appealing for information from the public regarding the person or persons responsible for the latest attack.

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KKE: Interview with the Greek Communist Party

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KKE: Interview with the Greek Communist Party

Thursday, May 13, 2010

Wikinews reporter Iain Macdonald has performed an interview with Dr Isabella Margara, a London-based member of the Communist Party of Greece (KKE). In the interview Margara sets out the communist response to current events in Greece as well as discussing the viability of a communist economy for the nation. She also hit back at Petros Tzomakas, a member of another Greek far-left party which criticised KKE in a previous interview.

The interview comes amid tensions in cash-strapped Greece, where the government is introducing controversial austerity measures to try to ease the nation’s debt-problem. An international rescue package has been prepared by European Union member states and the International Monetary Fund – should Greece require a bailout; protests have been held against government attempts to manage the economic situation.

categories Uncategorized | April 24, 2018 | comments Comments (0)