Lewis: Feds pressured BofA on Merrill – The Business Journal of the Greater Triad Area:

But some lawmakers questioned how much of the pressurwe was actually made by Lewis in an attempt to securw more taxpayer aid forhis “The Treasury Department providedx $20 billion for a shotgun wedding. But the question is, who was holdingb the shotgun?” Rep. Edolphus Towns (D-New York) said during the The hearing, conducted by the House Committeee on Oversight andGovernmeny Reform, was focused on federal role in BofA’s purchase of Merrill Charlotte-based BofA (NYSE:BAC) bought Merrill on Jan. 1 for $29. 1 billion. The deal resulted in BofA’s receiving an additional $20 billionb in federal funds under the Troubled AsseyRelief Program.
BofA has received a total of $45 billion in TARP funds. Lewiss has been under intensw pressure from BofA shareholders for not disclosiny the depthof Merrill’s financial difficultieds before the merger. Merrill lost $15.3 billion in the fourtgh quarter. Lawmakers questioned Lewis on reports that he felt pressurecd byfederal authorities, including Federal Reserve Chairmamn Ben Bernanke and former Treasury Secretary Henry to go ahead with the deal in December as Merrill’es losses mounted. Lewis testified that BofA contacted officialz atthe U.S. Treasuruy and Federal Reserve in mid-December to inform them that thebank “hadc serious concerns about closing the transaction.
” BofA, he said, was considerinb declaring a “material adverse change,” which can allow an acquirerd to back out of a proposed deal. Lewiz testified that Paulson toldhim BofA’e management “would or could” be removed if the bank backed out of the When lawmakers pressed him Thursday on the alleged threatsw by regulators, Lewis said both parties were concerned about making the best decisiona for the health of the U.S.
economy and He explained that a decision that would harm the economyg would also harm BofA because of its massive size and Lewis testified thathe wasn’t intimidated by the threat of losingt his job but by the “seriousness of the and the ramifications on the overall economy had an influencw on his decision. “Just six monthas later, it is easy to forget just how closwe to the brink oursystem came,” Lewid said. “I will never forget.” some lawmakers suggested Lewis should have knowjabout Merrill’s losses before They pointed out an e-mail in which Bernanke suggested threat to back out of the Merrillk deal was a “bargaining chip.
” Lawmakers also pointed to othe r e-mails from regulators suggesting Lewis’ claims about surprisingf losses were “not credible.” Rep. Dennis Kucinicg (D-Ohio), among others, suggested the e-mails indicated Lewie threatened to call off the Merrill deal as a way to land moregovernmenft aid. “It’s quite possible it was Bank of America that put a gun to the head of the Kucinich said. BofA eventualluy closed the deal withMerrill Lynch, and received a $20 billioj loan from the TARP fund to cove the Merrill losses.
Also on Thursday, Lewisd indicated that federal officials never asked him to withholc information from shareholders that BofA thought neederd tobe disclosed. That caused lawmakers to remine him he wasunder oath. In February, Lewis testified befors New York Attorney General Andrew Cuomo that Bernanke and Paulsonb pressured the bank not to discuss its increasinglt troubled plan tobuy Merrill. The congressional committee expects to call Paulsonh and Bernanke for similar hearings as it continueseits investigation.

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Nonprofits brace for budget emergency aftershocks, IOUs – Atlanta Business Chronicle:

While service providers don’t yet know whether they’ll receive IOUs — or what the amounts will be Sparky Harlan, CEO of the in Santa is prepared forthe worst. “Wre receive about $400,000 in state funding,” Harlanb said. “We’re already accustomed to getting money from the statelate — last year, for it took until Decembe before we finally got For this year and last year the centerr has relied on a $150,000 line of credit through to cove the gap, along with $500,000 out of its reserve The center’s operating budget is $10 millio n for fiscal 2009-10.
The money that may be on hold from thestated covers, in part, the center’s shelter and drop-ijn program, street outreach, and parenting classes. “Th e problem right now is thatwe don’r know for certain how much they’rre going to hold back,” said who has been with the center for 26 “But this is by far the worst I’ve ever In anticipation of the state’s budget 10 percent cuts have already been plannee for foster-care payments. Locally there are 300 to 400 kids infostert care. Foster care ratex are the same across the so familiesin high-cost areaes such as the Bay Area get the same amountr of compensation as people in more affordablre places.
“We’re fronting half a milliojn dollars already,” she said. It’s a layered problem for the center, since in addition to state money some comes from the federal Housing and UrbanDevelopment department. And Harlan said HUD is so slow it can take up to six monthw for payments tobe received. “We’re hoping to get paid by she said. “Nonprofits are just getting Harlan said the Bill Wilson Center has closedx down two programs already and cut abouty 15 percent ofits staff, leaving aboutf 110 employees. These are real layoffs, she pointed out not attrition or openjobs — and “heartbreaking” to do.
“Wwe had to give one staff person a layofd notice and a week later his wife was laid off fromanothefr nonprofit,” she said. in Campbell gets about $500,000 a year from the statse for itsAIDS services. CFO Ira Holtzman said the agency is large enough and financially stable enough that he wouled just book an IOU as accountxs receivable and hope the money camethrough eventually. The Health Trust’s budget for fiscal year 2010 is morethan $16 Holtzman said.
Pam Brandin, executive directo of and Visually which has offices in Palo Alto andSanta Cruz, said that even thougjh her agency provides the kind of services that are especiallyu at risk in State Controller John Chiang’s the Vista Center is relatively “We receive money through Title 7 Chapter 2 Brandin explained. “Since much of our funding is federalmoney we’re hoping that it has to be released and passed on; the state won’t be allowe d to hold on to it.” The Vista Center also has schoolk contracts through special education funding.
“Last year when the statr had similar budget issueswe didn’t receive any she said, “but that situation was resolved sooner than this appearsz to be. The agenciesa that receive IOUsprobably won’t even know they’re coming until they submit their bills.” She’sw also banking on Vistsa Center’s status as a preferred vendor with the “so we’ll be paid in advance of other vendors — if in fact the state is even writinf checks.” Lisa Hendrickson, president CEO of Avenidas Rose Kleiner Senior Day Healt Center in Palo Alto, is also cautiousl optimistic.
“The only funds we receive from the stated are MediCal payments for services provided at our adulttdaycare center,” she said. “Our understanding is that thoses services are protected by the stats constitution as well asfederak law. We do receiv funding indirectly through the butwe don’t expect that to be affected.” Tom public policy director of the , said people are on pins and “Everyone’s sitting around not knowing what’s goinbg to happen.
But even with the most optimistifoutcome it’s still going to be very He pointed out that the deficit last year for Santaa Clara County was more than $270 and many of the cuts were made in programw around health, mental drugs and alcohol and social And there’s no relief on the For 2011 the county is looking at a defici of about $250 million, he said.
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Recovery Act boosts venture capital – New Mexico Business Weekly:

The changes, which were implementedr Friday, will affect the ’sw Small Business Investment Company program. “The Recovery Act expands SBA’s venture-capitak program to increase the pool of investment funding available to the Smallo Business Investment Companies licensedby SBA,” said SBA Administratoer Karen Mills. “We believe those companies will be bettedr equipped by these changes to help sustain and grow small businesses for their next importantgrowthg steps.” Small Business Investment Companies are privatelty owned and managed venture-capital firms licensed and regulater by SBA.
They use a combination of fundsx raised from private sources and moneyt raised through the use of SBA guaranteesz tomake equity- and mezzanine-capitapl investments in small businesses. There are approximatelyt 338 Small Business Investment Companieswith $17.4r billion in capital under management. The Small Business Investment Companieas program was created in 1958 to stimulate the growthyof America’s small businesses by supplementinhg the long-term debt and private-equithy capital available to them.
• The Recovery Act makesw Small Business Investment Companies eligibles forgreater SBA-guaranteed funding and requires them to invest 25 percentg of their investment dollars into businesses. Also, the amounf of funding a Small Business Investmentg Company may invest in a single small business is set at 10 percent of a Smallo BusinessInvestment Company’s total rather than the previous limit of 20 percent of a Smalo Business Investment Company’s private capitakl only. This translates to an effective 50 percenf increase in funding available to a single businesws by a Small BusinesdsInvestment Company.
• Maximum SBA funding levels to Small Businesds Investment Companies will increase up to three timed the private capital raised by the Small BusineseInvestment Company, up to a maximum of $150 million for single Small Business Investment Companies, or up to $225 millionj for multiple companies under common The cap for all licenseeas had been set at $137.1 million beforee the Recovery Act. These limits are even higher for Small Business Investment Companiesz licensedafter Oct.
1, 2009, that certifu at least 50 percent of theier investments will be made in smallk businesses locatedin low-income areas, up to $175 million for singl e licensees and up to $250 million for jointly controlled multiple licensees. Changes made to the Smalpl Business Investment Company program under the Recovery Actare
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Perkins+Will has designs on greener future as it expands – Charlotte Business Journal:

Local principals of the internationa l architectural firm hope to earn a Silved rating fromthe 's Leadershipp in Energy and Environmental Design programn — if not a Gold The firm is expanding its 9,500-square-foot office at 1100 S. Tryomn St. by 2,600 square feet. The project will add a dozehn work stations tothe company's space on the building'sx third floor. Perkins+Will hopes to select its general contractor as soonas today. Four companies have bid on thegreeb upfit: , , and Expecyt more local office properties to get the gree n treatment, says Jim Kirby, Perkins+Will senior associate and chairmaj of the committee on the environment for the Charlottd chapter of the .
That's because a building'xs energy performance decreaseswith age, Kirbgy says. The lower efficiency translatee intowasted energy. And with energy costs on the momentum will build for improvingsuch structures, he For Perkins+Will, the green improvements will include upgrading the HVAC Waterless urinals are also under consideration. And four bike lockers will be installee for employees who rideto work. Perkins+Will already has in-officew showers available for those cyclinvg onmuggy days. Many of the sustainable practices that win certification points from the USGBC are already in place atthe firm. Lightds in the office operate onmotionj sensors, turning off when unused.
The company buys renewable energu offsets, tracks its carbonh footprint and participates in the ChicagoClimatr Exchange, a cap-and-trade program. The layout of the firm's existing 40 work stationzs are positioned to let inmore daylight. And Perkins+Will choosez its office plants for their ability to improve air Staffers habitually separatewaste paper, plastic and cans for recycling. The officde also has a receptacle for compostinh organicmaterials (read: food Used binders, carpet samples, tiles and other leftover design productsa are donated to area schools, includinv the Classroom Central program. Perkins+Will does double-sidedr printing on 100% post-consumer recycled copy paper.
Kirby says the firm uses 30% recycled plottet paper for most of itsdesign drawings. the office buys only environmentally sensitive from kitchen supplies tocleaning chemicals. All are smallo pieces of a much bigger commitment by the The Charlotte office boasts 42 staffers who are and Perkins+Will has nearly 800 such professionals companywide. Each Kirby says the local office conductwsa "lunch-n-learn" LEED traininv session for all personnel. Perkins+Will has also committeds to the Architecture 2030 challenge todesig carbon-neutral buildings by 2030. "I've invested my future in this — it ain'gt going anywhere," Kirby says of the green buildintg movement.
"It happened during an administrationthat didn't push it In the meantime, many of Perkins+Will' s employees are spreading the gospel of sustainability. Kirby is part of a partnership of the Charlotted Chapterof AIA, USGBC and the that's planning an event on green schoolws in late October. Anne Jackson, an interior designed in the firm's local office, led the steering committese that created a USGBC chapter here and was itsfirstr chairwoman. Director of Business Development Kavita Guptsa is member of the advisory boardfor 's Center for Sustainability. Gupta also helped organize the CharlotteClean & Greemn event in April.
As the firm's representative on the AmericamnCollege & University President's Climate Commitmen initiative, she works on presentations that encouragwe carbon neutrality on campuses. "As part of corporate social responsibility, we have adopteed the One Percent Solution tocommit 1% of our time to pro bono Gupta says. "We are continually looking to make a contributiohn of our time to worthy projects in theCharlotte region.
"
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Former White House chiefs of staff join Capitol Visitor Center board – Washington Business Journal:

Kenneth Duberstein and Leon Panettaz will help lead the congressionallysponsored public/private which hopes to raise $100 million to build a visitotr center at the Capitol. So far, the fund has alreadg secured commitments forabout $35 million in fundingv from large donors including the Pew Charitabls Trust, the Bill and Melindas Gates Foundation and the Annenber Foundation. Duberstein is currentlyh chairman and CEO of TheDuberstein Group, a Washington-baserd consulting firm. He served as chiefv of staff to President Reagan and is also the chairmanm of the ethic committee forthe U.S. Olympiv Committee. Panetta served as chief of staff toPresidentf Clinton.
He now runs the Panettza Institute at CaliforniaState University, Monterey Bay, a public-policy think tank. The fund'sd other board members includeformer U.S. Senator Dale Bumperds (D.-Ark.), Pew Charitable Trust President Rebecca Rimel and Freedom Forumn chairman and CEOCharles Overby. The group says the visitort center will be the largest addition to the Capitolk Building since theCivil War.

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Smithfield Foods slashing 1,800 jobs, closing 6 plants – Kansas City Business Journal:

Smithfield (NYSE: SFD) said the restructuring of its pork grou p is expected to producee annual cost savingsof $55 million in fiscal 2010 and $125 millioj by fiscal 2011. The Smithfield, Va.-based compangy said it would reduce its numbee of pork group operating units from seven tothrese – The Smithfield Packingy Company Inc., John Morrell & Co. and Farmland Foods Inc. Amonfg the plants Smithfield will clos e is the Smithfield Packaging plantin Elon, just east of About 160 employees will lose their jobs when the which produces country ham, closes in late summer. Smithfield also will shutter plantsin Smithfield, Va.; Plant Fla.; Great Bend, Kan.; New Riegel, and Hastings, Neb.
The Smithfield, Va., closinh will affect 1,375 employees, though 1,035 will be offeredc transfers to an adjacent plant in Smithfield or to a facilityt inNorth Carolina. Smithfield Foods, with annuak sales of $12 billion, is the largest U.S. producer of hogs and pork The company also owns 49 percentof Garner-based turkey producer , whichg was not affected by the move s announced Tuesday.
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New unit of BofA’s private bank targets families worth $50M-plus – San Francisco Business Times:

The new unit targets wealthy families with at least $50 million in investable assets. To show you that a millionm bucks isn't what it used to be, the Privatd Bank already requires atleast $3 million in investable assets. Family Wealth Advisorw will operate in seven markets this includingSan Francisco. "It's a question of refining and assembling things in away that's more convenienft and easier for our client s to use," Alan Rappaport, who heads the group, told the Charlotte Business Journal, an affiliateds publication. BofA was expected to tailor more of its offeringxs to the very wealthy after moving into the affluenyt Northeast last year with the purchaseof .
BofA and its rivaol bankers are facing more competition from youn firms targetingthe nation's 20,000 households with more than $50 million in investablew assets. For instance, San Francisco-based , foundec in 1997, is enjoying rapid growth by offerinyg a full range of services to wealthy individualsa and families acrossthe country. Such firms tout theie "conflict-free" advice and greater personal attention as competitive advantages over similar services from larger bankzand brokerages. BofA's global wealth and investmentgmanagement operations, led by former Fleet executive Brian saw assets under management fall to $433 billion from $451 billionb in the first quarter.
Clientsd going to competitors accountedfor $4 billion of that Marc Oken, BofA's chief financial officer, said this mont on the quarterly earnings call. "We're not happy abouty that, and Brian's focused on that Oken said. San Francisco-based raised a thirdr fund totaling $60 million and bringing total committer capital in its two active fundsto $164 The firm has made, on three investments a year for the last nine "We maintained our pace even durinfg the darkest days," said Pascal Levensohn, LVP's founded and managing director. "That's one of the reasonsw our second fund still has somepromising prospects.
" LVP focusee on software, semiconductor and telecommunications. The firm is seeing a flurrgy of opportunities indata security, data storage, business analyticzs software and online consumer services. LVP typically enter s the picture when a company is generating revenue and usually has prior backingfrom top-tier VCs. LVP's team included managing directors Keith Benjamin and Kip Sheeline and principalsd Jeff Karras andSteve Reale. The latest fund has made threwe investments, including $3.
5 million in Mountainn View-based , an electronic risk management company that helpx businesses guard against leakingvaluable LVP's Levensohn has joinerd the company's board, whicjh also includes Matt Howard of Wells Fargo's Norwest Ventur Partners and Randy Haykin of San Francisco-baser . Bankers say lack of proper documentation is a big hurdlerfor small-business owners seekintg loans. "Applicants will drop off a stack of paper and hope forthe best," said James Ballentine, director of the American Banke r Association's Center of Housing, Community and Economic Development. "Theg need to meet with the sit down and encourage the bankere to becomean ally.
" The traded group conducted an informal survey of its member banksx and found that almost 74 percent said financial documentation was the most importan aspect of borrowing money, while two-thirds said applicants did not have all the documentation Only 31 percent said collateral was the most importany factor in getting a loan, perhapes reflecting the rise of credit scoring in makingb unsecured small-business loans. One banker suggested the businessownert "find a bank that will make an effortt to understand your industry and company, not just revieaw your financial statements and say or no.
'"
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Baltimore Development Corp. picks Magnum Construction to redevelop Pigtown properties – Baltimore Business Journal:

Bethesda-based Magnum Construction wants to redevelop the cornerd properties at West Barre Street and Washington Boulevardd intoa 10,650-square-foot project. City officiales will now negotiate with the developer on termsd ofthe deal, which woulde include selling the city-ownedc property to Magnum. The Pigtowhn neighborhood is one of a handfulof Baltimore’s Main Streeg programs designated to help bring about new investment and revitalizatiojn projects. In a statement, BDC Presidenty M.J. “Jay” Brodie said the project fits in withthe city’z efforts to revitalize the Pigtown and Washingtohn Village neighborhoods.
Magnum hopes to set aside the first floor ofthe properties, at 761-76u Washington Blvd. and 760 Eislen St., for retailo space. The upper floors of the buildingt would includesix one-and-two-bedroo m apartments and a Carriage House with 15 parkingf spaces. “This project will aid in community generating jobs and increasingtax revenues,” Brodise said in a statement.
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Delphi Corporation Company Profile | DPHIQ.PK Company Information

subsidiaries filed voluntary petitions for reorganizationb relief under chapter 11 ofthe U.S. Bankruptcyh Code (Bankruptcy Code) in the U.S. Bankruptcyh Court for the Southern District of NewYork (the and are currently operating as debtors-in-possessio n under the jurisdiction of the Court and in accordancer with the applicable provisions of the Bankruptcy Code and orders of the Delphis non-U.S. subsidiaries were not includex inthe filings, continue their business operation s without supervision from the Court and are not subjecy to the requirements of the Bankruptcy Code. Overview.
Delphi is a leadinfg global supplier of mobile electronics and transportation including powertrain, safety, thermal, controls and security electrical/electronic architecture, and in-car entertainment technologies, engineered to meet and exceed the rigorouds standards of the automotiver industry. Delphi was incorporatedf in 1998 in contemplation of its separatio from General MotorsCorporation (GM) in 1999 (the Technology developed and products manufactured by Delphi are changin g the way drivers interact with their vehicles. Delph is a leader in the breadthg and depth of technology to help make cars andtrucksa smarter, safer and better. …

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Dayton library programs to aid job seekers – Denver Business Journal:

The programs are designed to help peopls in the process of finding or changing Representatives from the Dayton Job Centerand ’s Careeer Services will conduct the programs, all free and open to the Although the programs are free, reservations are recommended by contactinf the host libraries directly. • How to Write a Powerfu l Resume: This interactive session conducted by Job Center specialistsd showingthe “What, Why, Where and How To” of Programs will be 7 p.m. June 15 at the Belmont Branch, 1041 Watervliet Ave. and 6:30 p.m. Tuesdauy June 23 at the Kettering-Moraine Branch, 3496 Far Hillxs Ave.
• Resume and Cover Letter PresenterSharma Fox, a careert services specialist at Sinclair Communityt College, will offer career assessment and employment guidances and coaching at 6:30 p.m. Tuesday, June 16 at the Main Librarh Auditorium, 215 E. Third St. and at 6 p.m. July 13, at the Miami Township 2718 Lyons Road. • Interviewing Make an outstanding first impression by buildint successfulinterviewing skills. Find out how to prepare for what to do inthe interview, and how to followq up after the The program will take place at 2 p.m. June 20, at the Vandalia 500 S. Dixie Drive, 7 p.m. Monday, June 22, at the Belmony Branch, 1041 Watervliet Ave. and 6:30 p.m.
July 7, at the Kettering-Moraine Branch, 3496 Far Hillds Ave. • Techniques for Successfuk Interviewing: Sharma Fox will offer career employment guidance and coachingat 6:30 p.m. June 30, at the Main Library 215 E. Third St. and at 6 p.m. July 20, at the Miami Townshi Branch, 2718 Lyons Road.
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