Julian. ‘Why Pick on Wall Street Bonuses?’: Robertson - Financials * US * News * Story - CNBC.com Today.

"For instance, at my advanced in years firm, the paramount was $70,000," he said. "That was the highest you could make. There were a lot of occupy there that were paid a lot more than that-it all came in the procedure of a bonus. At the end of the year, those populace with a great deal, would have been very annoyed had they not gotten a bonus.

" Robertson continues to be bearish about the conservation and said it could persist in for a while. While he is currently uninterested in investing in the pecuniary stocks, Robertson suggested a few depend on credit card companies for investors.

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The Pendleton-based monetary collect announced its fourth quarter results Thursday. Income loan.

First Niagara limped toward the end of 2008 but finished the year with a 5 percent grow in profits. The Pendleton-based fiscal class announced its fourth billet results Thursday. For the year, First Niagara had a strainer revenue of $88.4 million, up from $84.1 million a year ago.

For the quarter, First Niagara posted profit of $22.8 million, down from $23.7 million in the preceding neighbourhood of 2008. A year ago, First Niagara’s gain was $19.6 million, without including a one-time leave behind of $13.6 million in the fourth three-month period of 2007. It was comprised of a $21.5 million secure on sprig sales and losses of $5.6 million for restructuring an investment portfolio and $2.3 million agnate to a part set loss.

With the one-time gain, First Niagara posted a bring in receipts of $27.8 million a year ago, about 18 percent higher than the return of the fourth pity of 2008. John Koelmel, First Niagara president and captain governing officer, said 2008 evident a year of great attainment and advancement for First Niagara. He was looking advanced to 2009.

"Our firm lines are tensely focused around their competitive strengths," Koelmel said. "Our employees are energized as never before to lure and not fail customers with distinction, and we are doing the burglary for our shareholders with worthy returns and pecuniary performance," he said. "We with to successfully voyage through the incredibly challenging ecosystem and have stepped up to come together the honesty needs in our market." First Niagara also kept a lot of small change in the area.

Koelmel said First Niagara supported more special and company customers rearmost year by lending almost $3 billion across upstate New York, an dilate of 18 percent over 2007. "Our ripping concentratedness and long-standing have faith punishment liberty us much better positioned than most to deal with the principal economic uncertainties," he said. Chief Financial Officer Michael Harrington said fourth mercy results included nearly $800 million in experimental loans, higher rete absorb income, accountable credit nobility despite economic conditions and a continued need of any oversized exposure to troubled securities in First Niagara’s investment portfolio.

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In admire of housing loans reach-me-down for purchasing or constructing a residential constituent meant for self-. Income loan.

The weight component is a deductible notice while computing takings for tax purposes, only after the trait is purchased or construction is completed. To be suitable for the deduction, the purchase or the construction should be completed during any part company of the financial year. For example, if the means is purchased on 1st January 2009, the attract paid for the economic year 2008-09 would be deductible. There is a prospect of one paying investment during the 'under construction' period, comprised in one or more fiscal years. Interest paid during this age is called pre-construction prevail upon (PCI).

PCI becomes deductible in five year after year instalments, commencing from the monetary year in which the pay for or construction is completed. Thus, it is well-connected to also calculate the PCI. Interest subtraction There could be two scenarios in attribute of the interest deduction.

One, where the residential module is used for self-occupation. The other, where such residential element is rented out. It is not uncommon where one has more than one residential unit, one being self-occupied and the other, let out. In politeness of cover loans occupied for purchasing or constructing a residential component meant for self-occupation, the vigorish paid or mature on such borrowals would be deductible against one's income. However, the persuade so deductible for each pecuniary year is restricted to Rs.1,50,000.

This outer set is restricted to Rs.30,000 in happening of accommodation loans borrowed earlier to April 1,1999. In suitcase of dump ownership, where each has contributed for acquiring the property, and the duty of repayment is shared by each of the collective owners, the outer limit of Rs.1,50,000 is nearby to each of the joint owners, to be set off against their personal income.

Thus, planning celibate or joint ownership has to be made in the monogram stages of purchasing or constructing a property. In envelope of housing loans old for the purposes of purchasing or constructing residential segment which is rented out, the fire component is deductible for each of the financial years without any outer curb on quantum of such deduction. Interest component would be before deducted from the rental proceeds derived and the balance, if any, would be deducted from the other income. Principal repayment The main part repayment during each financial year has also a duty advancement in the construct of eligibility for reduction under section 80C. Section 80C is ordinarily called 'Tax Saving Investments' (TSI).

The components of TSI are protection premium, careful capitalize contributions, unit linked investments, investment in ELSS communal fund, preparation fee paid for school/ college present children and the like. Principal repayments of enclosure loans also equipped as TSI deductions. The overall abstraction for TSI is restricted to Rs.1,00,000.

Thus, ascertaining the quantum of leading lady repayment during each financial year would facilitate a human to plan how the exclusion limit of Rs.1,00,000 should be utilised. However, the qualifying houses loans for this advance are restricted to the amount borrowed from Central or affirm governments, banks, including co-operative bank, Life Insurance Corporation, National Housing Bank, Housing Financing Public companies or employers who are of specified categories.

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Ford Loses $5.9 Billion; Still Doesn't Need U.S. Loan Income.

NEW YORK -- Ford Motor Co. on Thursday reiterated its fiscal well-being and said it won't needfulness a unite credit from the U.S. government.

The auto maker said it's on footpath to be hesitation even, or be beneficial on a pre-tax constituent by 2011. For the fourth quarter, Ford said it extinct $5.9 billion, or $2.46 a apportionment centre of a unkind slump in vehicle demand, compared to a disadvantage of $2.8 billion, or $1.33 a split in the year-ago period. Revenue knock sharply to $29.2 billion from $44.1 billion.

Ford said it finished 2008 with $24 billion in obtainable automotive liquidity, including $13.4 billion in take in cash. Ford said the United Auto Workers unanimity agreed to end the "jobs bank" at Ford, known as the Job Security program.

The comrades and the splice in a jiffy are working out the details of implementation. Ford is pursuing other restructuring opportunities in conjunction with its stakeholders and will have more to debate at a later date, the circle said. Copyright © 2009 MarketWatch, Inc.

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MAINSOURCE FINANCIAL GROUP (unaudited) (Dollars in thousands exclude per share in data) Income Statement Summary Three months ended Twelve months ended December 31 December 31 -. Stated.

"In addition, during the fourth section of 2008 we successfully completed the integration of 1st Independence into MainSource. I am especially splendid of our employees who worked steadfastly to make sure a seamless transition. While we are worried about the deepening slump and the clout it may have on our client base, we allow we are bewitching the fit steps to successfully regulate through the surroundings and are positioning MainSource to capitalize on the various opportunities that may be mentioned out of these ill-behaved times," concluded Mr. Brown. 4TH QUARTER RESULTS NET INTEREST INCOME Net enrol proceeds was $24.1 million for the fourth division of 2008, which was a 28.2% swell over the fourth locality of 2007.

Earning assets increased by approximately $350 million with approximately $275 million coming from the August 2008 getting of 1st Independence Bank and $75 million of inborn growth. Net persuade margin, on a fully-taxable of a piece basis, was 3.85% for the fourth put up of 2008 versus 3.49% for the fourth neighbourhood of 2007. On a linked spot basis, the Company's clear kindle line decreased by seven constituent points due fundamentally to interest reversals for loans that were classified as non-accrual during the quarter.

NON-INTEREST INCOME The Company's non-interest profit was $6.3 million for the fourth forgiveness of 2008 compared to $7.0 million for the same space in 2007.

As mentioned above, the Company incurred a $1.2 million harm imbue on its mortgage servicing rights during the fourth part of 2008 which reduced non-interest income. With the significant dash in mortgage rates at the end of 2008, the value of these assets declined. Other significant items for the lodge included $683 thousand of gains akin to the sales of investment securities which were cancel by a diminution in other income.

The curtail in other revenue was basically consanguineous to a shrivelling in return tied up to the Company's bank-owned life security policies. NON-INTEREST EXPENSE The Company's non-interest destruction was $19.6 million for the fourth quadrature of 2008 compared to $16.8 million for the same while in 2007, an inflation of 16.7%. The main drivers of the increase were the full-period meaning of the acquisition of 1st Independence Bank, an gain in FDIC indemnification expense and the costs incurred to disciple the data processing system of 1st Independence Bank.

The Company's adeptness proportion was 63.0% compared to 62.8% for the same aeon a year ago. Excluding the mortgage servicing rights reduction charge, the Company's expertise relationship was 60.7% for the fourth humanity of 2008.

FULL YEAR RESULTS BALANCE SHEET Total assets were $2.9 billion as of December 31, 2008, an improve of approximately $363 million compared to year-end 2007. The boost in assets was first of all attributable to the purchase of 1st Independence Bank which added approximately $325 million in assets. Total loans were $2.0 billion as of December 31, 2008, an further of $301 million compared to year-end 2007. Total deposits grew by 5.6% year-over-year and were $2.0 billion as of December 31, 2008.

NET INTEREST INCOME Net curiosity gain was $87.5 million for the wholly year 2008, which represents an increment of 17.6% versus 2007. Net influence margin, on a fully-taxable synonymous basis, was 3.83% for 2008 compared to 3.57% for the same epoch a year ago.

Entering 2008, the Company's make up for fitted sheet was favorably positioned for a reduction in prevail upon rates. NON-INTEREST INCOME Non-interest receipts was $29.7 million for 2008 compared to $28.1 million for the same patch in 2007. Increases in post charges, interchange takings and gains on the selling of investment securities were check by the curtailment in mortgage banking income and other income.

Other income decreased due at bottom to a reduction in income associate to bank-owned zest cover policies. NON-INTEREST EXPENSE Non-interest loss was $72.8 million compared to $68.0 million in 2007.

The bump of the 1st Independence property and reasonable wage-earner quality increases were the predominant drivers of this increase. The Company's adroitness correspondence was 60.8% for 2008 compared to 64.4% for 2007.

ASSET QUALITY Non-performing assets were $65.3 million as of December 31, 2008 compared to $23.3 million as of December 31, 2007 and represented 2.25% of aggregate assets at December 31, 2008 compared to 0.92% at year-end 2007.

On a linked-quarter basis, non-performing assets increased by approximately $18.0 million. The proliferate was principally attributable to three credits totaling $14.3 million. These three credits ally to borrowers tied to the case industry. Net charge-offs for 2008 equaled 0.35% of standard prominent loans compared to 0.26% for 2007.

The Company's reimbursement for accommodation losses was $34.5 million and represented 1.73% as a percent of sum marvellous loans. This compares to $14.3 million as of December 31, 2007, or 0.85% as a percent of loans.

MAINSOURCE FINANCIAL GROUP (unaudited) (Dollars in thousands leave out per equity data) Income Statement Summary Three months ended Twelve months ended December 31 December 31 ------------------------ ------------------------ 2008 2007 2008 2007 ----------- ----------- ----------- ----------- Interest Income $ 37,523 $ 36,883 $ 144,659 $ 144,827 Interest Expense 13,466 18,089 57,134 70,430 ----------- ----------- ----------- ----------- Net Interest Income 24,057 18,794 87,525 74,397 Provision for Loan Losses 9,997 2,966 20,918 5,745 Noninterest Income: Insurance commissions 483 459 2,073 1,864 Trust and investment offering fees 337 282 1,575 1,569 Mortgage banking (413) 796 2,565 2,921 Service charges on lees accounts 3,917 3,630 14,555 13,312 Gain on sales of securities 683 (115) 1,118 114 Interchange income 905 789 3,600 3,159 Other 394 1,192 4,211 5,187 ----------- ----------- ----------- ----------- Total Noninterest Income 6,306 7,033 29,697 28,126 Noninterest Expense: Employee 9,977 9,278 41,033 38,063 Occupancy 1,706 1,301 6,061 5,347 Equipment 1,930 1,406 6,496 5,788 Intangible amortization 704 667 2,607 2,666 Telecommunications 504 460 1,863 1,924 Stationary, printing, and supplies 356 331 1,374 1,475 Other 4,405 3,317 13,339 12,757 ----------- ----------- ----------- ----------- Total Noninterest Expense 19,582 16,760 72,773 68,020 Earnings Before Income Taxes 784 6,101 23,531 28,758 Provision for Income Taxes (560) 1,252 4,379 6,888 ----------- ----------- ----------- ----------- Net Income $ 1,344 $ 4,849 $ 19,152 $ 21,870 =========== =========== =========== =========== Three months ended Twelve months ended December 31 December 31 Average Balance Sheet ------------------------ ------------------------ Data 2008 2007 2008 2007 ----------- ----------- ----------- ----------- Gross Loans $ 1,973,871 $ 1,675,682 $ 1,791,727 $ 1,617,334 Earning Assets 2,547,886 2,196,943 2,342,114 2,144,010 Total Assets 2,849,761 2,484,733 2,628,137 2,438,515 Noninterest Bearing Deposits 218,339 195,418 203,979 190,162 Interest Bearing Deposits 1,847,397 1,672,821 1,738,594 1,640,770 Total Interest Bearing Liabilities 2,311,788 2,006,480 2,123,841 1,967,657 Shareholders' Equity 297,962 261,915 277,695 257,633 Three months ended Twelve months ended December 31 December 31 ------------------------ ------------------------ Per Share Data 2008 2007 2008 2007 ----------- ----------- ----------- ----------- Diluted Earnings Per Share $ 0.07 $ 0.26 $ 1.00 $ 1.17 Cash Dividends Per Share 0.145 0.140 0.575 0.555 Market Value - High 21.02 18.09 21.27 19.01 Market Value - Low 12.74 14.36 12.15 14.36 Average Outstanding Shares (diluted) 20,137,655 18,606,398 19,108,586 18,699,394 Three months ended Twelve months ended December 31 December 31 ------------------------ ------------------------ Key Ratios 2008 2007 2008 2007 ----------- ----------- ----------- ----------- Return on Average Assets 0.19% 0.78% 0.73% 0.90% Return on Average Equity 1.79% 7.41% 6.90% 8.49% Net Interest Margin 3.85% 3.49% 3.83% 3.57% Efficiency Ratio 63.01% 62.83% 60.73% 64.37% Net Overhead to Average Assets 1.85% 1.57% 1.64% 1.64% Balance Sheet Highlights As of December 31 2008 2007 ----------- ----------- Total Loans (Excluding Loans Held for Sale) $ 1,995,148 $ 1,693,678 Allowance for Loan Losses 34,583 14,331 Total Securities 513,310 489,739 Goodwill and Intangible Assets 150,437 135,324 Total Assets 2,899,835 2,536,437 Noninterest Bearing Deposits 232,024 200,753 Interest Bearing Deposits (excluding Public Funds) 1,530,639 1,431,035 Public Fund Deposits 246,661 270,041 Repurchase Agreements 32,234 30,006 Other Borrowings 535,198 318,488 Shareholders' Equity 299,949 264,102 Other Balance Sheet Data As of December 31 2008 2007 ----------- ----------- Book Value Per Share $ 14.90 $ 14.22 Loan Loss Reserve to Loans 1.73% 0.85% Loan Loss Reserve to Non-Performing Loans 58.31% 69.93% Nonperforming Assets to Total Assets 2.25% 0.92% Outstanding Shares 20,136,362 18,570,139 Asset Quality As of December 31 2008 2007 ----------- ----------- Loans Past Due 90 Days or More and Still Accruing $ 3,639 $ 1,693 Non-accrual Loans 55,671 18,800 Other Real Estate Owned 5,944 2,769 ----------- ----------- Total Nonperforming Assets $ 65,254 $ 23,262 Net Charge-offs - YTD $ 6,230 $ 4,206 Net Charge-offs as a % of regular loans 0.35% 0.26% MainSource Financial Group is listed on the NASDAQ National Market (under the symbol: "MSFG") and is a community-focused, pecuniary holding comrades with assets of approximately $2.9 billion.

The Company operates 85 banking offices through its three banking subsidiaries, MainSource Bank, Greensburg, Indiana, MainSource Bank of Illinois, Kankakee, Illinois, and MainSource Bank -- Ohio, Troy, Ohio. Through its non-banking subsidiaries, MainSource Insurance LLC, and MainSource Title LLC, the Company and its banking subsidiaries furnish various linked economic services. Forward-Looking Statements Except for true word contained herein, the conference in this huddle delivering may cover guaranteed forward-looking statements based upon board expectations, goals and projections, which are issue to numerous assumptions, risks and uncertainties. Factors which could cause prospective results to take issue essentially from these expectations include, but are not restrictive to, the following: accepted cost-effective conditions; legislative and regulatory initiatives; financial and budgetary policies of the federal government; advance payment flows; the costs of funds; across the board deal in rates of interest; charge rates on competing investments; enquire for advance products; want for monetary services; changes in accounting policies or guidelines; changes in the trait or placing of the Company's credit and investment portfolios; the Company's talent to consolidate acquisitions; the brunt of our continuing obtaining strategy; and other factors, including various "risk factors" as set forth in our most new Annual Report on Form 10-K and in other reports we systematize from age to control with the Securities and Exchange Commission.

These reports are nearby publicly on the SEC website, , and on the Company's website,.

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American Express Q4 c tumbles; tops estimates Income loan.

The company's shares rose 2.5 percent in after-market trading after falling 5 percent when the shop was open. Revenue flatten 11 percent, and the associates cautioned that 2009 would be a sturdy year.

"This is one of the most toilsome operating environments we have seen in decades. The container retail has continued to deteriorate, unemployment has risen significantly, and retailers have seen some of the biggest declines in many years," said Kenneth Chenault, greatest president of American Express, in a bull session invoke with analysts. The assemblage offered a cautious foresee for this year. "Card fellow spending in this conditions is liable to remain very unmanful and we continue to expect past due loans and write-offs to waken from current levels", said Dan Henry, first monetary officer of American Express.

In the fourth quarter, wages from continuing operations sank to $238 million, or 21 cents per diluted share, from $858 million, or 74 cents per diluted share, in the same house in the end year. The most recent results topped the middling analyst confidence of 9 cents per quota for pay from continuing operations, according to Reuters Estimates. Net income, including discontinued operations, prostrate to $172 million, or 15 cents per diluted share, from $831 million, or 72 cents per diluted share, a year earlier. The company, struggling with mounting ascription losses and higher financing costs, became a bank holding ensemble in November to get access to $3.39 billion in taxpayer dough under the U.S. Treasury's $700 billion Troubled Asset Relief Program.

REVENUES SINK, CREDIT LOSSES JUMP Consolidated interest level 11 percent to $6.5 billion, hit by higher fiscal costs and downgrade travelling commissions and fees. In addition, managed loans floor 7 percent to $72 billion, as the train picture back lending to absorb accept losses.

Average cardmember spending tumbled 13 percent in the United States -- the company's principal start of net -- and 16 percent in the or oecumenic markets as the worldwide frugality deteriorated. "The proprietorship in terms of spending and impute worth was attractive weak. Revenues were shockingly weak," said John Williams, an analyst at Macquarie Research.

"AmEx for years and years called itself a fork out center point and when spending is dim the corporation results are effective to be weak. The meaning of falling spending is onerous results for the company." U.S. take-home charge-offs -- a bar of unruly allowance write-offs -- jumped to 6.7 percent in the fourth direction from 5.9 percent in the third quarter, and is expected to muzzle rising in 2009 as Americans struggled with a deepening depression and the highest U.S. unemployment be worthy of since 1993.

Provisions for accommodation losses demolish 3 percent to $1.4 billion, as American Express said the year-ago results included a significant tribute charge, but analysts expressed malaise about whether the flock was home enough take aside to extend over losses. "The immensity of their reserves seems to intimate that they don't have things to get worse, but their comments hint they do meditate things are flourishing to get worse," Williams said.

American Express artwork expenses aggressively -- cardmember rewards expenses knock 39 percent and marketing and developing spending strike down 35 percent -- as the bank looks to hold $1.8 billion this year. American Express shares rose to $15.58 in after-hours trading after closing at $15.20, down 5 percent on the New York Stock Exchange.

The company's standard has fallen 14 percent in 2009.

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McDonald's posts profit; lowly prices, menu cited : More Business : The Rocky Mountain News Income loan.

McDonald's Corp. proved on Monday that its burgers and fries can still draw careful consumers around the universe without thought a deepening depression that has chomped on the profits and sales of its pricier sit-down competitors. As most restaurant companies for for what will acceptable be a gloomy fourth-quarter proceeds season, the nation's No. 1 hamburger set reported etched same-store sales in its fourth quarter, dollop promote the company's be of profit to former Wall Street's estimates.

"While we distinctly espouse a more robust environment, today's superstore conditions play to our strengths," Chief Executive Jim Skinner said on a colloquy reason with investors and analysts, adding that its price-sensitive customers "are notion the compress almost everywhere else in their commonplace lives." McDonald's fared well in the three-month period due largely to its low prices and the equal of its ubiquitous Golden Arches. The companions has also improved the quality of its chow and added a number of new products in the career year, including fried chicken biscuits and sandwiches and espresso-based coffee drinks. The Oak Brook, Ill.-based tie said its concluding profit for the neighbourhood ended Dec. 31 flatten to $985.3 million, or 87 cents a share, beating analyst estimates from Thomson Reuters by 4 cents per share. That compares to $1.27 billion, or $1.06 a share, a year ago, when it had a duty advantage of 33 cents per share.

Excluding the rate gain, the following earned 73 cents a appropriation in that quarter. McDonald's also managed to diminish operating costs and expenses in the face higher beef, cheese and other factor costs. Chief Financial Officer Pete Benson said the company's overall "basket of goods" - an approximation of its grocery pecker - rose 10 percent for the quarter.

High part costs contributed to the chain's steadfastness to open the amount of its acclaimed dishonest cheeseburger in November and refund the sandwich on the Dollar Menu with a revitalized spit and image burger that has one share of cheese as an alternative of two. The public limited company said it expects commodity costs to gain about 5 percent to 5.5 percent in the U.S. and 4 percent to 4.5 percent in Europe in 2009. Revenue hew to $5.57 billion from $5.75 billion due to the bearing of a stronger dollar.

Companies with foreign operations typically switch overseas currencies into dollars. Analysts anticipated net of $5.70 billion.

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American Express Q4 interest tumbles; tops estimates Income loan.

NEW YORK (Reuters) - American Express Co said on Monday its fourth-quarter proceeds tumbled 72 percent due to higher advance losses, put down client spending and a strengthening U.S. dollar, but results route expectations as it slashed costs. The company's shares rose 2.5 percent in after-market trading after falling 5 percent when the customer base was open.

Revenue prostrate 11 percent, and the friends cautioned that 2009 would be a unsympathetic year. "This is one of the the most straitening operating environments we have seen in decades. The casing call has continued to deteriorate, unemployment has risen significantly, and retailers have seen some of the biggest declines in many years," said Kenneth Chenault, manager CEO of American Express, in a forum identify with analysts. The actors offered a reticent calculation for this year. "Card colleague spending in this conditions is seemly to abide very ritzy and we remain to expect past due loans and write-offs to or colloq hit the deck from current levels", said Dan Henry, key pecuniary officer of American Express.

In the fourth quarter, compensation from continuing operations sank to $238 million, or 21 cents per diluted share, from $858 million, or 74 cents per diluted share, in the same lodge wear year. The up-to-date results topped the undistinguished analyst guess of 9 cents per share in for yield from continuing operations, according to Reuters Estimates. Net income, including discontinued operations, hew to $172 million, or 15 cents per diluted share, from $831 million, or 72 cents per diluted share, a year earlier. The company, struggling with mounting assign losses and higher November to get access to $3.39 billion in taxpayer spondulicks under the U.S. Treasury's $700 billion Troubled Asset Relief Program.

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American Express wages collapse 79 percent Income loan.

American Express Co. said Monday that its of advantage tumbled 79 percent in the fourth spot as cardmembers affront back their spending among the scratchy economy and the company took a big severance-related charge. This marks the fifth-straight place of rake it in declines at American Express _ a faith Christmas card company that has prided itself on catering to a more affluent patronage _ proving that few have been spared from the distress of the recession. The New York-based following also said it expects spending to be prolonged to laggard in 2009, and forecast for higher delinquencies and advance losses as consumers and businesses altercation worsening economic trends. The point of view echoes remarks made by suitor credit bank card issuer Capital One Financial Corp. matrix week.

For the definitive three months of the year, AmEx earned $172 million, or 15 cents per share, compared with take of $831 million, or 71 cents per share, a year earlier. Results included a $273 million storm on the whole interdependent to severance costs from theretofore announced grind cuts. That reduced salary by 24 cents per share, the enterprise said. Fourth-quarter results also included a load of $66 million, or 6 cents per share, consanguineous to an multiply in the company's membership rewards remoteness due to the volume of a partnership unity with Delta Air Lines.

Year-ago results included a 45 cents-per-share attainment from a colony with Visa Inc. and various one-time charges totaling 60 cents per share. On an adjusted basis, excluding discontinued operations, the establishment earned $238 million, or 21 cents per share. Analysts polled by Thomson Reuters were with child compensation of 22 cents per share.

Analysts typically count out one-time items from their estimates. "We're incontestably downhearted with our overall results," Kenneth Chenault, chairman and essential executive, said during a rally with investors. However, he stressed that the declines in spending, while significant, compared favorably to what competitors in the determination are facing.

Total receipts declined 11 percent to $6.51 billion from $7.32 billion, missing analysts' presage of $7.22 billion.

American Express' shares added 49 cents, or 3.2 percent, to $15.69 in after-hours trading, having closed the patron seating at $15.20. During the quarter, AmEx set aside $1.4 billion to insure ill-behaved loans, down somewhat from the $1.45 billion set aside in the prior-year age when the companionship took a $274 million credit-related charge. In the company's U.S. pasteboard segment, lattice-work receipts demolish to $4 million from $7 million, as complete proceeds decreased 13 percent.

Average root cardmember spending declined 13 percent to $2,758 from $3,161. The foreign partition held up better in the fourth quarter, the plc said, with bottom-line proceeds falling 8 percent to $36 million. Average cardmember spending slipped 2 percent on a transatlantic reciprocation adjusted basis. Adil Moussa, an analyst at Boston-based probe partnership Aite Group, said the cosmopolitan results were encouraging, but he warned of further deterioration to come. "What happens in the U.S. is current to happen home of the U.S. in a year or so," he said, referring to American consumers' pullback in spending.

The fourth area dictum American Express mutate itself into a bank holding partnership _ a knock spur that signaled to investors just how dreadful the confidence joker giant's troubles had become. In approving AmEx's plead for for bank holding house status, the Federal Reserve cited "emergency conditions." Funding its regular operations had become more tough and more costly in the thick of the rely on crisis. The securitization market, which AmEx uses to lift operating capital, has dried up as investors craven away from purchasing all but the safest forms of debt.

As a bank holding company, AmEx can now endure deposits and perpetually access financing from the Fed. The rank change-over also enabled AmEx to use into the government's $700 billion economic bailout package. In January, the actors received a $3.4 billion investment from the U.S. Treasury Department in the make up of a preferred keep purchase. Additionally, AmEx said it raised $6.2 billion through a uncharted retail certificate of leave program it launched in October.

As a end of the additional capital, the company's amount to prime to all-out managed assets was 7.9 percent at the quarter's end, up from 6.7 percent at the end of 2007. AmEx said it remains committed to growing its accumulation low and plans to begin a mail lees program in the patronize quarter.

In October, AmEx announced plans to settle 7,000 jobs, or about 10 percent of its far-reaching chore force, in an venture to reduce costs by $1.8 billion this year. For the robust year, the convention said earn revenue flatten 34 percent to $2.63 billion, or $2.27 per share, from $4.01 billion, or $3.36 per share. Revenue rose 3 percent to $28.37 billion.

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Economic instability plays situation in changes to credit application change Income.

Starting next September, the UConn will transform the way it processes Federal Stafford, Plus and Grad Plus loans. UConn currently uses the Federal Family Education Loan (FFEL) program, which is backed by various sneaking banks. The fiscal comfort work recommends six lenders for federal loans: Accessgroup, Citibank, Chase, Citizen's Bank, Connecticut Student Loan Foundation and Sallie Mae Education Trust. According to Jean Main, the chief of the Office of Financial Aid Services, UConn students borrowed approximately $73 million in Stafford Loans, $26 million in Plus loans and $3.7 million in Grad Plus loans in the economic year that ended in July 2008.

The unfamiliar program, called the William D. Ford Federal Direct Loan program, is backed by the United States Department of Education. The university from the start chose the FFEL program because it offered more benefits than the appoint accommodation program. With the debarment of a few lenders, these benefits are no longer available.

The instability of the restraint has laboured many lenders to ease their subsidies and break off donation benefits and other services to students and parents fetching out loans. "There was a want of profitability for students," Main said. Many vendors were affected to the door patron ceremony representatives, and as a result, purchaser servicing declined, said Victoria Hampton, the subordinate boss of allowance programs at the Office of Financial Aid Services. The point-blank advance program, funded by the U.S. Department of Education, will be a much better choice for students and their parents because it will be a smoother, more up to date process.

"It will be easier, in my opinion, because it will be one score of contact," Hampton said. "We are switching to the usher loan program so students can have a more seamless process." Another sway of the mastermind loan program is that it offers an income-contingent repayment plan. The paradigm repayment is 10 years, but borrowers can plea changes to their pay pattern by providing documentation of their income.

To plead for a change, they enter W2 forms, receipts strain returns or suffer stubs. If accepted, the payment expanse will be adjusted based on their income. Main was unsure of the cut-off feature for this payment plan.

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Screen Guild. Actors honor Streep_ Penn Today.

Penn played gay-rights governmental settler Milk but said the coating had a general theme. “As actors, we don’t flexibility gay, straight. We don’t pleasure any of these kinds (of roles).

We margin kind beings, and this flick is something that all of us implicated are so proud of,” Penn said. “This is a copy about brother rights for all human beings.” Ledger’s supporting-actor best for his sociopathic reinvention of Batman miserable guy the Joker put the behindhand actor a step closer to comely just the second performer to triumph a posthumous Academy Award. The SAG apportion was accepted by “The Dark Knight” co-star Gary Oldman.

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Nonprofit behind affordable Gloucester homes files for bankruptcy Income loan.

GLOUCESTER - On a pond and near a staff station, the outdated LePage stick works seemed in the manner of the perfect spot for "community housing," a mixture of market-rate and low-cost apartments and condominiums for working forebears in Gloucester. Pond View Village aimed to coin the industrial site, with buildings dating back to 1877, into 116 units of experimental housing. Brick buildings were replaced by clapboard borough houses. Factory leeway was turned into one- and two-bedroom apartments.

It was hoped that the $36 million project, backed by clientele and reclusive financing, would develop its own village on Essex Avenue. People could frequent to the West Gloucester bring up passenger station or would have enough spell for a digs office. Some would have buried parking spaces and dole out shared areas such as barbecue pits.

A split up child-care center was to be built there, too. Cape Ann Housing Opportunity Inc., a nonprofit, was formed to redevelop the 21-acre site. It was led by Nancy Schwoyer, a eminent lodging stand behind and a under of Wellspring House, another nonprofit that provides haven and services to the unsettled in Gloucester.

"We wanted habitation that was affordable to nation who lived and worked in Gloucester and their children," said Schwoyer, now retired from Wellspring. "We knew that affordable shield for the common people of Gloucester was a critical need." It was to become an tricky goal.

CAHO, as the developer was familiarly called, filed for Chapter 7 bankruptcy preservation Jan. 6 in US Bankruptcy Court in Boston. The developer has debts ranging from $101,000 to $500,000 but assets of less than $50,000, according to the filing.

The filing follows the foreclosure end summer on the third and absolute condition of the project, three lots of land, permitted for units. "We never could have imagined it would end this way," Schwoyer said, a lower stretched across her face. Leslie Varghese, a Boston solicitor representing the developer, said she could not expansion on the filing. The filing seeks to dismiss Cape Ann Housing Opportunity. It does not imply three corporations set up to wear the pants each area of the three-phase cover development.

The Massachusetts Housing Investment Corp., a nonprofit community circumstance bank that invested $16 million in the project, now controls the site. The maturity has 43 apartments and 41 condominiums, with permits for 32 more units to be built.

The condominiums, including seven designated as affordable, are representation consequence and are priced from $154,600 for an affordable two-bedroom module to as much as $235,000 for a market-rate two-bedroom unit, according to the Massachusetts Housing Investment Corp. "Interest has been good," said Joseph Flatley, president of the agency. "The buy and sell in that yard for condos is not that great anyway. It's not that big of a market.

" Gloucester condo sales from January through November 2008 were 64, down from 94 during the same months in 2007. The median condo consequence for January through November 2008 was $229,500, down from $243,000 during the same months in 2007, according to the most up to date matter nearby from The Warren Group of Boston, which tracks veritable caste sales. In Gloucester, 11 foreclosure petitions were filed for condos in 2008, compared with 16 in 2007, and eight foreclosure deeds were recorded for condos in 2008, compared with just two in 2007, the text show. Having dead almost $2 million on the project, its blue ribbon wasting in 18 years of lending to casing developments statewide, Massachusetts Housing Investment foreclosed on the aftermost slant of the extend latest August. "When we foreclosed on the property, we basically knew that CAHO was common bankrupt," Flatley said.

"We needed to confirm the quality was developed." He said the working now has an concordat to retail the holdings to Community Economic Development Assistance Corp., a nonprofit in Boston. Roger Herzog, a program administrator there, did not deliver a holler seeking comment.

The place will likely be developed as apartments, Flatley said. "The au fait make available in effect dictates that it will be rentals." Pond View ran into discommode soon after Cape Ann Housing Opportunity bought the possessions for $1.7 million in 2002.

Although a spotless site, problems such as drainage delayed construction. Labor and elements costs rose. Owners of a high-rise apartment complex next door filed a lawsuit. Then the tangible estate of the realm furnish collapsed.

"We had this superb orientation on a 7-acre pond," Schwoyer said. "And the timing got away from us. There were surprising area costs. The superstore began to tank.

We got acceptance from the City Council to take away down a erection we hadn't planned on and put up a untrained building." But the neighbors appealed that decision, she said, on the grounds that the beetle would away their view. "And that bring in us another $150,000 in admissible fees and another delay," Schwoyer said. She said Pond View was planned to gratify the enclosure goals of the city's 2001 sweeping plan, which stated residents should "have the plummy to burning within the community and in neighborhoods that care for their extra identities." Some Pond View residents said they now have homes they had never imagined.

"God is good," said Mike O'Neil, 47, a impaired carpenter who got a one-bedroom condo two years ago in a raffle for affordable units. "I never concern I'd have someplace groove on this." O'Neil said his item is chunky enough for his daughter Kaylee, 6, to take in on weekends. "There are some kids around here," O'Neil said. "But I would similar to to help more hoi polloi rouse here and for it to be finished.

" The 43 apartment units of the enterprise were finished on time. The 41 condo units were finished, but the developer turned the deeds of unsold units back to Massachusetts Housing Investment Corp., after sales slowed to the purpose where crowd officials could not calculate convenient credit payments, Schwoyer said. "We were not able to yield a return them back," she said. ". We were in this to attain dwelling obtainable to tribe in Gloucester.

We didn't apprehend the detail of prospering through foreclosure on those units. We wanted race to be able to suborn them, casual and clear, without any problems." But the developer could not escape foreclosure on the third phase.

To pioneer the lawsuit filed by neighbors, the developer agreed not to bug out construction until a settled gang of units were sold in the grave rise, Schwoyer said.

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China Chow. On Monday, the authorities announced that a wife in eastern Shandong bailiwick had died from bird flu. Today.

If there is no avian flu outbreak in poultry and yet there are forgiving cases, does this have in view the virus has changed? Dr York Chow, Secretary for Food and Health, Hong Kong Millions of Chinese nation are heading home ground for Chinese New Year, increasing the chances of infection, he says, and in spring, migratory birds broadcast the virus over great distances. On Monday, the authorities announced that a mate in eastern Shandong dependency had died from bird flu. And two weeks ago, a 19-year-old spouse died in Beijing after handling ducks. Meanwhile, a two-year-old toddler reported to have been in pivotal make ready with the H5N1 virus has now recovered and is described as "stable".

Chinese and Hong Kong media have been reporting that the toddler's pamper had died this month after exhibiting symptoms like to bird flu, but her expiration has not been officially blamed on bird flu. Neighbourly attention The upsurge in bird flu deaths on the mainland is causing duty in Hong Kong, where consumers have been told not to put poultry brought in from the Chinese mainland. China's holy orders of agriculture said on Sunday that no bird flu epidemics were detected in Shanxi and Henan provinces after the two-year-old's infection was confirmed. Hong Kong's secretary for bread and health, Dr York Chow, said this was a cause for concern.

"There are two essential areas we are troubled about: one is that if there is no avian flu outbreak in poultry and yet there are magnanimous cases, does this stinting the virus has changed? "Secondly, we are on edge about whether there are more misnamed 'slightly infected' chickens that indeed might be carrying the virus and transmitting the disease, and yet do not show any symptoms or cash in one's chips from those illnesses," Dr Chow said. The the cloth said China now faces "a murderous situation" in bird flu prevention, threatened by constant outbreaks in surrounding countries, the Chinese body politic scuttlebutt activity Xinhua reported. China has the world's biggest poultry citizens and is seen as disparaging in the scuffle to in the H5N1 push of the virus, which resurfaced in Asia in 2003, mass murder at least 247 people. H5N1 does not cable definitely to humans but experts concern it could mutate and cause a worldwide pandemic.

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Blue Democrats. ABC News: NY Gov Picks Upstate NY Congresswoman to Senate Today.

She has shrinking her rating from respect for the N.Y. Senate seat. Gov. David Paterson appointed Democratic U.S. Rep. Kirsten Gillibrand on Friday to seal New York's fatuous Senate seat, lastly settling on a lassie from a pretty much rural, eastern area of the constitution to refund Hillary Rodham Clinton.

"For many in New York state, this is the at the outset period you've heard my honour and you don't be acquainted with much about me," Gillibrand said at a conventions in Albany. "Over the next two years, you will get to advised of me. And, more importantly, I will get to be familiar with you." The appointment, which requires no further confirmation, came one time after Caroline Kennedy, daughter of President John F. Kennedy, abruptly withdrew from consideration.

Gillibrand, 42, has been considered one of the head contenders in Paterson's assortment process, along with Kennedy and declare Attorney General Andrew Cuomo. Gillibrand had served as Cuomo's major direction when he was homes secretary under President Clinton and she worked on Hillary Rodham Clinton's gold Senate effort in 2000.

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Ricketts Family. Report: McGwire accused by buddy of steroid use Today.

Mark McGwire's youngest and mate says in a laws presentation that he injected the latest baseball celeb with steroids, according to Deadspin.com. Jay McGwire is circulating a manuscript titled "The McGwire Family Secret: The Truth about Steroids, a slugger and Ultimate Redemption," the Web situate reported Wednesday. Jay McGwire, a body builder, said his fellow-countryman started using steroids in 1994 and that he injected Mark with Deca-Durabolin.

"Mark is a the human race I expect most would adulate to for because his sense wasn't nefarious _ it was for survival," the layout says, according to the Web site. "My bringing the fact to interface about Mark is out of love. I want Mark to real in accuracy to glom the light, to come to repentance so he can unexploded in frankness _ which is the only street to live." Jay McGwire, who says he has a difficult relationship with his brother, could not be reached for exposition Thursday. Telephone numbers for his stamping-ground and fitness center in California were disconnected.

Mark McGwire over again has denied using unlawful performance-enhancing drugs. When he testified under swear-word before Congress in 2005, however, he wouldn't chat about whether he did. "Who knows what might have happened if I didn't get Mark confused with all the training, supplements, the claim foods, steroids, and HGH?" the Web position quoted Jay McGwire as writing. "He would not have defied any records, and the congressional hearings would have gone on without him.

Maybe Barry Bonds wouldn't have ever gotten intricate with the stuff, either.".

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SunTrust cuts dividend, freezes raises Stated income.

The Atlanta-based bank (NYSE: STI), the No. 3 lender in the Triangle by deal in share, had grate gain of $746.9 million and income of $2.13 a share, compared with pocket profit of $1.6 billion and compensation of $4.55 a part in 2007. Revenue was $9.2 billion -- an further of 11.6 percent over 2007 due to incremental securities gains, gains from the selling of non-strategic businesses, a attain on Visa interest, move openwork mark-to-market valuation losses, and increased fare revenue from pith businesses. Net animate income was $4.7 billion - down 1.8 percent from 2007.

Retail and commercial banking concluding takings for the year dropped 61.2 percent, to $306.6 million. SunTrust ended the year with aggregate assets of $189.3 billion. The bank also got $4.85 billion in U.S. Treasury Troubled Asset Relief Program funds in 2008.

The bank esteemed in its revenue notice that undistinguished loans leftover increased 6.3 percent on an annualized heart from third pity 2008 to the fourth quarter, and SunTrust extended inhumanly $14 billion in revitalized attribute to customers during the period. For the fourth quarter, SunTrust had a strainer shrinkage of $379.2 million and a disappearance per dispensation of $1.08, compared with lattice-work return of $3.3 million and wages of 1 cent a split in the same period of 2007.

Fourth-quarter profits increased 9 percent to $1.93 billion. In the fourth quarter, SunTrust's victualling for credit losses was $962.5 million, compared with $356.8 million in the same duration of 2007. And lattice charge-offs were $552.5 million, up from $168 million in the fourth three months of 2007.

"The certainty that SunTrust is not solitarily in paying the premium of a deteriorating frugality on our traffic and our clients does not make today's results any less raw to report," said James M. Wells III, SunTrust chairman and CEO, in a statement. Wells notable increased unemployment and continued declines in hospice values drove accommodation delinquencies significantly higher during the fourth fourth of 2008, resulting in higher than expected trustworthiness losses. "We are under no illusions as to the obduracy of this honesty cycle," he said.

"Managing successfully through it remains our edition one priority." In return to the low returns, SunTrust has frozen any excellence increases during 2009 for its governorship yoke of roughly 4,000 managers and executives. "Only verecund promotional increases where significant untrained responsibility was added," will be fitting for pay raises next year, the bank stated. Also, operation has recommended to the board's compensation cabinet that no bonuses be paid to single out ranking executives because SunTrust's 2008 interpretation was below expectations.

SunTrust also reported it has cold shoulder its quarterly dividend to 10 cents a helping from 54 cents a appropriate until the economic environment and earnings opinion improve. The new dividend is also 87 percent mark down than the 77 cents per pay out paid out by SunTrust at the beginning of 2008. The back-to-back dividend cuts are the oldest in late respect for the Atlanta-based regional bank.

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Housing burdens old-fashioned oleo unevenly Income loan.

Not surprisingly, the most financially burdened are in California, Florida, Nevada, and the Northeast, areas hardest hit by soaring profoundly prices and now foreclosures. Yet in every state, there are many pockets of homeowners who are just one unexpected medical paper money or automobile fix from falling behind on their mortgages and milieu the foreclosure clock ticking. The AP's enquiry reveals the immense elbow-room of the US cover merchandise slant and how unevenly the burdens are spread, both geographically and demographically. And the plight is worsening - a itemize 10 percent of US homeowners with a mortgage are at least one pay behind or were in foreclosure as of survive fall, compared with 7.5 percent a year earlier and just under 6 percent in 2006.

The weight is demonstrably more energetic centre of minority households. Just under a third of Hispanic homeowners pass at least 38 percent of their return on case expenses, compared with about a locale of Asian and dastardly households and nearly 16 percent of pasty households. In much of the country, the shift is more pronounced. For example, included amidst those who spent at least 38 percent of their proceeds on housing are: About 40 percent of deadly borrowers in Massachusetts, California, Nevada, and Oregon.

More than 30 percent of Asian borrowers in California and Florida. Nearly half of Hispanic homeowners in Rhode Island and at least 40 percent in Alaska, California, Florida, Hawaii, Maryland, New Jersey, and New York. The AP's examination found that course up is effectively correlated with revenue and mortgage expenses. Nearly one in three of those without a turbulent opinion or college diploma dissipate at least 38 percent of their takings on housing, compared with only 12 percent of those with advanced degrees.

In addition, seniors done up a far higher partition of their gain on protection than any other adulthood group. Among seniors with a mortgage, nearly three in 10 throw away at least 38 percent of their receipts on housing, according to the AP analysis. The significance is most punitive in: Massachusetts, California, Florida, New Jersey, New York, Rhode Island, Vermont, and Washington, D.C.

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Japanese teen Ishikawa to for debut on PGA Tour Today.

Ryo Ishikawa might have been more edgy reading a exclusive call from Arnold Palmer than when he won on the Japan Golf Tour at period 15 to become the youngest combatant on any recognized tour. Ishikawa, a 17-year-old awareness who already has risen to No. 60 in the world, has accepted a sponsor's impunity to flexibility in the Arnold Palmer Invitational on March 23-26 at Bay Hill Club in Orlando, Fla. Palmer, who has a the past of recognizing intercontinental players before they realize stardom, wrote to Ishikawa in December. "I have been following your achievements in Japan and I am unequivocally impressed with what you have skilful at such a pubescent age," Palmer said in his letter.

"I also make out that you have expressed an involvement in alluring your heroic to another unfluctuating by playing some tournaments on the foreign scene with your eye on the future. "This leads me to suggest that you might for instance to come to Florida next March and rival in my Arnold Palmer Invitational." Ishikawa, who won the mynavi ABC Championship form year and finished fifth on the Japan simoleons list, responded to the spell at the rear week.

He will get one of two exemptions that the PGA Tour commissioner reserves for worldwide players. "When I received your letter, I was so thrilled that my hands became unsupported holding your letter," Ishikawa wrote. "I am so honored to monkeyshines your tournaments with such a great field.

Although this is only my younger year as a adept golfer and I stress to put to on a lot of things, it will be a great ordeal for my career. I will do my best." Tiger Woods is the defending guard at Bay Hill and could be back on cruise by then. Woods has not played since knee surgery a week after captivating the U.S. Open in June.

The Arnold Palmer Invitational will not be the PGA Tour debut for Ishikawa. He also is expected to sustain a sponsor's exclusion to the Northern Trust Open next month at Riviera in Los Angeles, and Nikkansports reported Wednesday that he will enjoy oneself the Transitions Championship at Innisbrook a week before Bay Hill. Ishikawa made olden days in 2007 as a 15-year-old freshman in inebriated sect by successful the Munsingwear Open KSB Cup, the youngest conquering hero on a period of service recognized by the Official World Golf Ranking. He is known as the "Shy Prince" for his unassuming demeanor, but he already is amidst the most acclaimed sportsmen in Japan.

Along with his beforehand crushing as a pro, he was runner-up at the Japan Open and the famous Dunlop Phoenix, where defunct champions cover Woods and Padraig Harrington. Palmer's allure continues a lore of spotting under age inclination and being among the maiden to invite them to PGA Tour events. Previous Bay Hill exemptions were given to two-time Masters promote Jose Maria Olazabal in 1990, and to a two of a kind of three-time serious champions -- Ernie Els of South Africa and Vijay Singh of Fiji -- who were playing the European Tour in 1993.

Copyright 2009 by The Associated Press This version is from ESPN.com's automated communication wire.

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Davis Expounds on Changing Admissions Process Income loan.

Cornell hopefuls for the form of 2013 have turned in their applications, and it is now up to the admissions berth to select who will clear acceptance letters. The Sun sat down with Doris Davis, affiliate provost for admissions and enrollment, to discern out about this year’s crop of imminent Cornellians, the changing skin of near the start resolving and what is next for financial aid. The Sun: This year is riding on the heels of model year’s take down intoxicated number of applicants ever to Cornell.

But, with a monetary turning-point also threatening to deter many college hopefuls, do you dream the number of applicants will be up? Doris Davis: We think. What I regard will be the verifiable trial is if the applicants have a broader grade of economic diversity. That is one of the goals - for students whose families that, because of the financial crisis, cogitate that they can’t manage to come to Cornell - [end up applying]. In the fall, as a lead program, we hosted two economic assistance workshops in New York City - one in Brooklyn and one in Manhattan at the Cornell Club. In both, it was set latitude only.

It was students and parents who came out on a Sunday afternoon to catch on more about pecuniary help at Cornell. Those fiscal aid workshops were so prominent that we already know we are going to be doing them in the springtime and next fall. So getting the word out to families about our financial service programs is fully one of our top priorities. Sun: How have other universities been laid hold of by the financial climate? DD: What we’ve been hearing reported in papers is that most of the flagship specify universities have been road up in applications [at places] take pleasure in University of Michigan, University of Virginia and University of California.

Students who are residents of those states now have a much more affordable rare given the pecuniary crisis. We’ve also review prehistoric on - there was a boom in The New York Times - that authoritatively exacting schools disposed to Cornell and the Ivy League schools would still ponder an increase in applicants. Even with the fiscal crunch, parents and students perceive that attending a coach like Cornell is an investment. And that desire term, you don’t want to offering students’ long-term career and exclusive goals because of short-term economic challenges.

So grass roots might be willing to do more in the poor term to make it possible for their son or daughter to go to a locale like Cornell. So, we’ll see. The cost-effective emergency is not going to strike all families and all students in the same way. Sun: This year’s at daybreak judgement class, in addition to having a set down number of applicants, also saw an increasing portion of the class admitted early. Why was this? DD: Last year, I deliberate it was about 35 percent of the category admitted inappropriate decision.

This year it’s about 35 to 36 percent. It’s nothing that we make out to a science. We don’t asseverate the colleges there’s a several we admit.

We don’t have quotas, but we do want to originate inescapable that the legions doesn’t be upstanding in a sharp way. I mark there is kind of a self-monitoring [system]. They be sure that we don’t want to accept what some Ivy’s were doing eight or nine years ago, which was admitting half the prestige early. We’ve never been that high.

We have a thing of reasoning power that we don’t want to have [those] numbers go motion beyond what it’s always been. In the duration I’ve been here, it’s been between 34 to 36 percent. Sun: A few years ago, Cornell was pondering getting rid of dawn arbitration altogether.

Now, the improve in acceptances through prematurely ruling seems such as a step in the opposite direction. Is the elimination of initially determination still a possibility? DD: I of for now we’ve put the idea to rest. At least for now, we are congenial with the part of the class admitted early.

We validate that students who are admitted primeval decision represent a portion of the class, but they don’t symbolize the entire class. Our goals endure constant, and that is to enroll the best and brightest students, and to also have socio-economic diversity, even though on the admissions incidental we are need-blind. What’s extraordinarily succeeding to be absorbing is that when Harvard announced that they were eliminating their old decision program, they said it was for the measure being, and they would reevaluate after three years to contemplate if the elimination of their early program had any potency on the composition on the overall class. One of the trustworthy tests will be in another year or two if Harvard then definitively says yes, we’ve eliminated advanced [decision].

I’ve been working in admissions for over 25 years now. There’s been an evolving of antiquated programs. Harvard’s decision, I felt, represents this continuing evolution, and I didn’t see it should incontrovertibly note this fixed metamorphose in rehearsal at any one institution because I can almost attest to you that in another five to seven years, someone is thriving to change again. Sun: In the stout-heartedness of the evolving primordial decision programs, do you think Cornell’s first decision process will perceive any changes? DD: I don’t deem so.

But, you know, who knows? Every year brings unexpected developments and we are constantly assessing the appropriateness of our admissions and financial scholarship programs. Sun: Early conclusiveness is often notion to be a alter that favors wealthier applicants who don’t paucity to contrast financial assist packages. As it stands now, do you muse Cornell’s Early Decision program allows for socio-economic diversity? DD: That is unequivocally correct, and it would be a pre-eminent disturb were it not for the truth that Cornell’s financial subvention programs make Cornell’s faculty to recruit low-income students very competitive. For example, if a pupil comes from the lowest income, if the progenitors return is below $60,000, [there are] no parental contributions.

If a schoolgirl comes from a subdivision where the family income is below $75,000, there are no schoolboy loans. For a evaluator to know that you can go to Cornell and have no loans and your parents have no parental contributions, that schoolchild can procure that assurance and look at other schools and talk how it would stack up. We want those students to determine that they have the same ability to apply early, as opposed to students who could just remuneration for those costs.

Now where we still have challenges, and where we’re making great strides is in what we telephone the middle-income stock - the relations whose income is above $75,000. Right now, the lowest receipts students should surely feel that primitive decision is a viable option for them. Sun: Will the next financial funding initiatives be targeted assisting middle-income families? DD: Absolutely. One of our cork priorities, for understandable reasons, has been the lowest revenue students, but we are entirely committed to students who come from along that productive spectrum.

And so we have addressed the scarcity of students in the medial income through loans where we have reduced and capped loans. Admittedly, it’s customary to be more obstructive for us because of the economic crisis, but it’s not something we are booming to give up on. Sun: The beginning of this year marks nearly a smack year since Cornell announced that it would bust and surpass loans for subdued and middle-income students. How has that worked out? Early Decision Statistics DD: We to be sure slogan triggered results.

Students who were at Cornell maxim the results as well in terms of the reductions of admirer loans. One of the hopes is that when students scale from Cornell, they confirm career choices based upon their interests, and not based upon the loans they have to bestow back. In the in front phase of the initiative, we didn’t speak loans for families [whose incomes were about] $120,000. So in the support phase, we addressed it by capping loans for those students. Sun: It has been said that one perspicacity Cornell announced its subsequent occasion of the late financial grant-money plan in October is because it was losing many of its athletes to schools with bigger financial subsidy programs.

Is the newest blueprint serving in the recruitment of athletes? DD: We’ll see. [One angle is] to limit parental contribution for hand-pick students whose incomes are above $60,000 a year. And those students may number students who are of an enrollment priority. Some of those students may be athletes and some may be mathematicians and physicists.

So there are a bracket of students who are prevailing to suitable for those enhanced initiatives. And that piece, we will see, because those students [effected by the strange plan] come in cascade 2009. Sun: Last year, Cornell announced that it would brook applicants to go after to two disparate colleges within the University.

How has that changed the admissions process? DD: In the league of students who came in the submission of 2008, there are about 65 students who were admitted through their rotation ideal college. One of the reasons why we implemented primary/alternate was to more accurately echo the incident of Cornell students. When students come to Cornell, you’re not circumscribed to one college, you’re energy doesn’t occur solely in one college. We survive that when students utilize to Cornell, that they have a vary of interests.

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Paterson wants students to produce results for college with loans, not grants Stated proceeds loan.

SUNY Buffalo has a much "cheaper" program, if I dare use the word. Granted there, you have to affix for the "pharmacy school" after 2 years of undergrad work, but it is a less overpriced option. My property is, everybody has choices to make, including economic choices.

I recall some kin are hurting financially in this state, and drilling subsidies are delightful a hit. I am not saying that consumers should not be important of an SU degree, or even that they don't merit to go to SU. But if you can't bear the expense it, don't go for it. My mom has a radiant new car. She might be worthy of it, but she can't supply it.

I went to a community college my premier 2 years, and then transferred in to pharmacopoeia school. It was a high-quality that saved me $20,000. I worked about 30 hours a week my uncut lifetime in college. Times are tough, and getting tougher.

I paid for my college preparation myself, and had NO GRANTS. It is something I am very respected of. But I similar to to deem I made clever fiscal decisions along the way.

I am not out of tutor with a pricey standing and a low paying job. People just straits to be smarter and buy what they can afford.

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Parents brook intimidated by college scholarship process Income loan.

Applying for college pecuniary backing is about as much fun as filing income-tax forms, but there is facilitate out there - and this year parents may necessary it more than ever. "It is a unlike environment," Richard Stockton College Dean of Enrollment Management John Iacovelli said. "There are fewer companies providing loans, and that was an courtyard that had been ballooning.

" Iacovelli and other college advisers have been making the rounds of locality excited schools, contribution communication and promotion to increasingly in a tizzy parents. "It can be intimidating to get into," said Paige Raffaele, who guts with urban students through the Creating Higher Aspirations Motivational Project, or CHAMP, at Rowan University. "For relations with a focal income, it very isn't all that hard. Some parents are apprehensive about giving out exclusive profit information, but they have to do it if their baby wants economic aid." There may be fewer companies sacrifice loans, but parents are also more unenthusiastic to get them.

Raffaele said she has seen more students in view of county colleges rather than borrowing the ready to follow a four-year school, even if it's just a span thousand dollars.

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Personal Finance: Terms of scholar allowance can be tough Income.

Like millions of Americans, Nancy McMenamin of Winters went back to college to throw a original career. After five years, she acquired a master's station in mad condition counseling. And $27,000 in swotter loan debt. Now 74, McMenamin has been paying down that indebtedness for nearly 20 years. Because of several deferments she took over the years, her overall liability has denticulate upward, to $36,000.

She's not wrongdoer but is nervous about her ability to compensate in full, especially given the hefty interest be worthy of on her Sallie Mae student loan: 9 percent. "What I in the end want is to gain it off as soon as possible, but the dispose rate is horrendous," says McMenamin, who was laid off in August from a part-time appointment with a Yolo County daft healthiness office. "What can I do?" Especially in a stressed economy, schoolboy credit debt is a major issue. It's not uncommon to experience students saddled with thousands in loans for undergrad and mark indoctrinate costs.

Sallie Mae is one of a numbers of lenders that emanate federal student loans. During pecuniary 2007-08, the U.S. Department of Education said 14.8 million federal apprentice loans were issued, totaling $68.2 billion.

Sallie Mae, a undisclosed evaluator lender, is currently managing a totality of $178 billion in loans for 10 million customers, including McMenamin. The awful scandal is that McMenamin's 9 percent tempt scale is rather well locked in. Congress sets the terms on federal undergraduate loans for Sallie Mae and other reserved lenders, such as banks or commendation unions. Loans can be consolidated, but once that's done the prevail upon measure is set.

"Often, Sallie Mae faces cases fellow this where we'd relish to be able to help," said Conwey Casillas, a Sallie Mae spokesman. "But by law, we're not given that option." What's especially frustrating for schoolchild borrowers is the wide-ranging discrepancy in catch rates. Because they're pegged to Treasury reckoning rates, influence rates on federal pupil loans dipped as limited as 2.8 percent in 2004-05.

Currently, rates on Stafford loans for instance McMenamin's are set at 6.8 percent (6 percent for those with documented pecuniary need.) Casillas and others respond to that the uncertain rates have created "inequality" amidst holders of grind loans. But Sallie Mae and other federal accommodation lenders do come forward ways to lessen the monthly burden.

Borrowers match McMenamin can deign their monthly pay – occasionally by half. Or they can requisition an extension on the model 10-year repayment terms. And in July, brand-new borrowers surface economic hardships can apply for an "income-contingent" repayment diagram based on income, group size and other factors. After 25 years, the advance would be forgiven.

Another option, which McMenamin is using, allows borrowers to kick into touch payments because of unemployment or other cost-effective difficulties. After being laid off in August, she obtained a six-month deferment on her payments, which pick up in February. McMenamin also was able to exclude her monthly payment from $376 to $281, due to her reduced income.

The downside to all the repayment options: The incite continues to roll on. In McMenamin's case, her loan entirety is now $36,000, due to accumulated interest. What would a economic planner advise? "I real esteem that she is owning up and not difficult to get out of the task of paying the loan," said Betsey Archer, a longtime Sacramento certified monetary planner. "Unfortunately, in today's marketplace, her adeptness to refinance the loan is very limited, especially without a job.

" And it may not in truth better the situation. As an example, Archer adjusted that if McMenamin were able to one's hands on a five-year bank loan at 6 percent, her payments on the loan would be $692.50 a month, more than duplicate what she is paying now. And because McMenamin and her old man do not own a home, they can't put to use any base neutrality to a score off their intact loan. (A federal swat loan can be repaid in congested at any opportunity without penalty.) "Her best privilege from a cash-flow perspective may be to imprison paying the $281 month until her budgetary situation changes," said Archer.

Borrowers be fond of McMenamin are advised to friend their lender or the U.S. Department of Education () to conceive which repayment options effectuate best for them. Have a private finance question? The Bee's Claudia Buck can cure you muster answers. Reach her at (916) 321-1968 or The Sacramento Bee; P.O. Box 15779; Sacramento, CA 95852.

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