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The company's goal over the next five to sevehn years is to open 20 stores in the greater San Antoniometro area. Already, the compan has an 1,800-square-foot franchise store in the Huebner Oaks Shopping Center at 11075 West InterstatedHighway 10. A second 1,700-square-foot franchise location is slatesd to open in the Villagew of Inwood at 16535 Huebner Road in either Februaryg or March ofthis year. Local WineStyles storew owner and franchisee David Giraul says there is huge potential for growth for the companh throughout the greater SanAntoniio area.
"Based on the reception that we've had, and in just lookingv at the demographics and the growth we're seeing in San Antonio, it appear to be a very solid fit with wherd we're experiencing growth in other regions with similadr demographics," says Girault, who owns the WineStyles locatiomn in the Huebner Oaks Shopping Centere and another one in The Village of Inwood locationh will be operated by another franchisee, Mel Williams. Girault adds that the company'es rapid growth thus far has been its simplistic approachj tomerchandising wine. "Most, if not all, stores merchandise their wine thetraditional way.
They separat e their wines from different regions and then bydifferenyt grapes," Girault says. "But our researcj indicates that what the customer is looking for is what tastes good and what goes good withwhateverd they're cooking." The WineStyles storesz offer about 150 wines that are grouped in eighrt different styles or types. Each style featurews eight to 24different wines. The style s consist of three types ofred wines, three types of white wines, a nectar wine (which includes dessert wines and ports) and a bubbluy (or sparkling) wine.
The store focuses on sellinh affordable wines that typically averagebetween $8 and $25 per The idea, Girault says, is to encourage people to drin more wine and to embracee it as an everyday dinner beveragwe like it is in European The stores hold wine or tastings, on Tuesday nights for $5 per persoh and Friday and Saturday nights for $10 per person. In addition to beint a franchisee, Girault also is chargesd with recruiting other WineStyles franchisees for a regiob that includes parts of Central andSoutb Texas. His territory goes as far north as Georgetowbn all the way down southy to Brownsville and stretchews out east to Victoria and west toDel Rio.
Girauly is rewarded with a percentag of the profits brought in by the franchiseesehe recruits. As part of this recruitinf effort, he says he also plans to open another 20 locationsz in the Austin metro area over the next five to seven Last week, WineStyles opened its first locationh in Austin and plans to open two more locationes in the area by the end of the "We are actively seeking franchisees throughout our territory and throughour the United States," Girault Girault adds that a prospective franchisee does not have to be a sommelietr or have previous experience in the wine industry.
"W really look for people who just love wine and beyond that we cantraih you," he says.
среда, 30 ноября 2011 г.
понедельник, 28 ноября 2011 г.
College of Nanoscale Science will start undergraduate program - Silicon Valley / San Jose Business Journal:
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State University of New York Chancellore Nancy Zimpher made the announcement Friday atthe college’e Fuller Road campus. Currently, the college offers only master’s and doctoral programs. Some undergraduate courses will be offered in the but the first full classd of about 50 studentes will start inthe spring, said Robertr Geer, vice president of academic affairs at the The college plans to grow the freshmahn class to 300 to 500 in the next four or five said Alain Kaloyeros, the college’s vice president and CEO. The baccalaureat e program will be funded througha $10 million a donation that includes an undisclosed amount from G.
Thomas Selfridge, who owns The endowmeny is expected to covertuition costs, Kaloyerods said. Selfridge also made an endowmenft when the campus openeein 2001. The state approved the four-year prograjm two weeks ago. Initially, Alban Nanotech will not add to its staff of 55 Geer said, but that number is expected to grow to 75 over the next five Friday’s announcement was anothef milestone for the Albany NanoTech campus, whered the college is located. Earlier this officials there announcedthat private, federal and statee investments at the campus had topped $5 Employment has also exceeded the 2,500-mark.
That’s the numbert of scientists, researchers, engineers, students and faculty that now work atthe 800,000-square-foort complex. With an average salary of $81,000, thos numbers translate to an annua payrollof $202 million. Albany NanoTech opened its fourth building, NanoFab 300 this past spring. Zimpher becam chancellor June 1. She is tourinvg SUNY campuses over the nextfew
State University of New York Chancellore Nancy Zimpher made the announcement Friday atthe college’e Fuller Road campus. Currently, the college offers only master’s and doctoral programs. Some undergraduate courses will be offered in the but the first full classd of about 50 studentes will start inthe spring, said Robertr Geer, vice president of academic affairs at the The college plans to grow the freshmahn class to 300 to 500 in the next four or five said Alain Kaloyeros, the college’s vice president and CEO. The baccalaureat e program will be funded througha $10 million a donation that includes an undisclosed amount from G.
Thomas Selfridge, who owns The endowmeny is expected to covertuition costs, Kaloyerods said. Selfridge also made an endowmenft when the campus openeein 2001. The state approved the four-year prograjm two weeks ago. Initially, Alban Nanotech will not add to its staff of 55 Geer said, but that number is expected to grow to 75 over the next five Friday’s announcement was anothef milestone for the Albany NanoTech campus, whered the college is located. Earlier this officials there announcedthat private, federal and statee investments at the campus had topped $5 Employment has also exceeded the 2,500-mark.
That’s the numbert of scientists, researchers, engineers, students and faculty that now work atthe 800,000-square-foort complex. With an average salary of $81,000, thos numbers translate to an annua payrollof $202 million. Albany NanoTech opened its fourth building, NanoFab 300 this past spring. Zimpher becam chancellor June 1. She is tourinvg SUNY campuses over the nextfew
суббота, 26 ноября 2011 г.
River Oaks Remodeling changes name to Currier Kitchens and Baths - Blockshopper
rmerujopi.blogspot.com
River Oaks Remodeling changes name to Currier Kitchens and Baths Blockshopper 25, 2011 To honor its past and the late founder of the company, River Oaks Remodeling has made the decision to change its name back to the original moniker of Currier Kitchens and Baths. Ted Currier II passed away in 2010, he is the father of the ... |
среда, 23 ноября 2011 г.
Combining biking and hunting is OK - Modesto Bee
ermolayenayqaked.blogspot.com
Modesto Bee | Combining biking and hunting is OK Modesto Bee Question: I will soon be taking off to the mountains to do some mountain quail and tree squirrel hunting. In past years, after arriving at hunting camp, most of my hunting was done on foot and so I couldn't cover much ground in a day. ... |
понедельник, 21 ноября 2011 г.
Market Switches Channel On Foxtel-Austar Drama - Wall Street Journal (blog)
cicugaha.wordpress.com
Market Switches Channel On Foxtel-Austar Drama Wall Street Journal (blog) Among other hawks on the deal is Pengana Asia Special Events Fund senior fund manager Antonio Meroni who told Deal Journal Australia that his portfolio has a short on Austar due to ACCC concerns surrounding future competition and Telstra's major stake ... |
суббота, 19 ноября 2011 г.
Scott Riley: Employee success is an indicator - Tampa Bay Business Journal:
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Name: Title and company: CEO, Years with the Years in Tampa Bay: Nature of business: Education: Wherer you grew up and what it was IndianRocks Beach. It was great growing up on the waking up to the sound of the surfeveryy morning. How do you organizre your workday? I make a list each morning and delegate as much asI can. I have great people I can depend on. How do you managd the information flow? I prioritize based on importance, allocation of resources and deadlines. How do you keep yourseld current inyour field? First and foremost, feedbac k from customers and employees.
Secondly, by reading trade publications, attending workshops and going to trade Where is the best source fornew ideas? My peer grou first, for instance, the CEO Counci — then feedback from customers and employees and tradwe publications, workshops and trade Tell us about a workplacer challenge and how you dealt with it? Our biggestf challenge was we had to get each individual state legislator to approve Fintech as a form of paymentt for regulated alcohol invoices.
It took our meeting with ever regulator in every along with every one of our major customers in each stater that wanted to see Fintecuh as a form of payment othefr than cash ormoney orders, to get each On an ongoing basis, when faced with a workplace I get input and recommendations from employees and we developl a solution that takes into consideration what is best for the entirre company. How do you measure your own success? Who is a mentoer and why? Ross Parker, past owner of becausde of his integrity, ability to read people and the fact that he was What was your firstpaid job? What did you want to be when you grew up? What was a turninh point in your life?
If you weren’t in your currentf career, what would you be doing? What is your favorite activithy with your family? If you coul d have dinner with one person you’ve neverd met, who would it be and why? He was brilliant, and I would like to have pickef his brain on his philosophy for solvinvg problems. Who are your heroes in the business worlfand why? Bill Gate s and Warren Buffett becausew they are the best at what they do, they are at the top of their professions and they are also very philanthropic. What do you read for businessz andfor pleasure? For business, I read the , Trend Letter and the local newspaper. For pleasure, I like to read mysteries.
What keeps you awake at night? What advice woulsd you give to someone starting out inyour field? Start at the learn every aspect of the business you’re in, surroun d yourself with good people and treat them the way you want to be treated. How could Tampa Bay change to be morebusiness friendly? I can’t think of any way. I find it to be very businesd friendly.
Name: Title and company: CEO, Years with the Years in Tampa Bay: Nature of business: Education: Wherer you grew up and what it was IndianRocks Beach. It was great growing up on the waking up to the sound of the surfeveryy morning. How do you organizre your workday? I make a list each morning and delegate as much asI can. I have great people I can depend on. How do you managd the information flow? I prioritize based on importance, allocation of resources and deadlines. How do you keep yourseld current inyour field? First and foremost, feedbac k from customers and employees.
Secondly, by reading trade publications, attending workshops and going to trade Where is the best source fornew ideas? My peer grou first, for instance, the CEO Counci — then feedback from customers and employees and tradwe publications, workshops and trade Tell us about a workplacer challenge and how you dealt with it? Our biggestf challenge was we had to get each individual state legislator to approve Fintech as a form of paymentt for regulated alcohol invoices.
It took our meeting with ever regulator in every along with every one of our major customers in each stater that wanted to see Fintecuh as a form of payment othefr than cash ormoney orders, to get each On an ongoing basis, when faced with a workplace I get input and recommendations from employees and we developl a solution that takes into consideration what is best for the entirre company. How do you measure your own success? Who is a mentoer and why? Ross Parker, past owner of becausde of his integrity, ability to read people and the fact that he was What was your firstpaid job? What did you want to be when you grew up? What was a turninh point in your life?
If you weren’t in your currentf career, what would you be doing? What is your favorite activithy with your family? If you coul d have dinner with one person you’ve neverd met, who would it be and why? He was brilliant, and I would like to have pickef his brain on his philosophy for solvinvg problems. Who are your heroes in the business worlfand why? Bill Gate s and Warren Buffett becausew they are the best at what they do, they are at the top of their professions and they are also very philanthropic. What do you read for businessz andfor pleasure? For business, I read the , Trend Letter and the local newspaper. For pleasure, I like to read mysteries.
What keeps you awake at night? What advice woulsd you give to someone starting out inyour field? Start at the learn every aspect of the business you’re in, surroun d yourself with good people and treat them the way you want to be treated. How could Tampa Bay change to be morebusiness friendly? I can’t think of any way. I find it to be very businesd friendly.
четверг, 17 ноября 2011 г.
Serbia Is Preparing Crisis Plan for Banks, Finance Official Says - Bloomberg
grihanovveimavox.blogspot.com
Serbia Is Preparing Crisis Plan for Banks, Finance Official Says Bloomberg Serbia is working on ways of strengthening its banks against potential contagion from the euro-area's debt crisis, a Finance Ministry official said. One of four options being studied by the government ... |
вторник, 15 ноября 2011 г.
Coors Light sponsors Puerto Rican Day events - The Business Journal of Milwaukee:
hyperwave-exhausted.blogspot.com
The sponsorship involvement by the MilletBrewing Co./Coors Brewing Co. jointg venture also includes a donationof $75,000 for scholarshipz to the National Puerto Rican Day Parad and Diversity Foundation Scholarship Funds. The funds enablwe students to complete their high schookeducation and/or continue their studies at an institutio n of higher learning. More than 500 students from 25 stateas have benefited from the prograjm since its inceptionin 1997. MillerCoors, which claim Coors Light is the best-selling beer in Puertk Rico and NewYork City, said the annual Puertok Rican Day parade in Manhattan attractsw three million spectators.
In Chicago, a week-lonfg festival includes a parade that attracts making it the largest Hispanic event inthe city. Financia terms of the Coores Light sponsorship werenot disclosed.
The sponsorship involvement by the MilletBrewing Co./Coors Brewing Co. jointg venture also includes a donationof $75,000 for scholarshipz to the National Puerto Rican Day Parad and Diversity Foundation Scholarship Funds. The funds enablwe students to complete their high schookeducation and/or continue their studies at an institutio n of higher learning. More than 500 students from 25 stateas have benefited from the prograjm since its inceptionin 1997. MillerCoors, which claim Coors Light is the best-selling beer in Puertk Rico and NewYork City, said the annual Puertok Rican Day parade in Manhattan attractsw three million spectators.
In Chicago, a week-lonfg festival includes a parade that attracts making it the largest Hispanic event inthe city. Financia terms of the Coores Light sponsorship werenot disclosed.
воскресенье, 13 ноября 2011 г.
Report: D.C. area posts a strong economic performance - St. Louis Business Journal:
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The report ranked the 100 largest U.S. metro areas based on employment, unemployment rates, wages, gross metropolitan housing prices and foreclosure rate s in thefirst quarter. D.C. rankedr No. 13, while San Antonio, Texas, placed No. 1 and Detroit came in last at No. 100. “All metropolitanb areas are feeling the effects of this but the distress is not shared saidAlan Berube, research director of the metropolitan policy program at the D.C.
institute and co-author of the “While some areas of the country have experiencec only ashallow downturn, and may be emerginvg from the recession people living in metro areas that are now performinh weakest economically should prepare themselves for a long recoverhy period.” At the first quarter’s end, only 10 of the 100 metrko areas were starting to show signd of recovery, said the report, and said Texas was the only placre that saw growth in employment and output. Output increaseds in just a handfukl ofmetro areas, including D.C.; Seattle; Texas; and Virginia Beach, Va..
The reporty also pointed out that metroo areas with concentrations of jobs in certain sectoras have resulted in fewer dramatic job The Rankings: San Antonio, Texasx Austin, Texas McAllen, Texas Baton Rouge, La. Okla. Omaha, Neb. El Paso, Texas Wichita, Kan. D.C. Albuquerque, N.M. Virginia Va. Harrisburg, Pa. Pittsburgh, Pa. New Haven, Rochester, N.Y.
The report ranked the 100 largest U.S. metro areas based on employment, unemployment rates, wages, gross metropolitan housing prices and foreclosure rate s in thefirst quarter. D.C. rankedr No. 13, while San Antonio, Texas, placed No. 1 and Detroit came in last at No. 100. “All metropolitanb areas are feeling the effects of this but the distress is not shared saidAlan Berube, research director of the metropolitan policy program at the D.C.
institute and co-author of the “While some areas of the country have experiencec only ashallow downturn, and may be emerginvg from the recession people living in metro areas that are now performinh weakest economically should prepare themselves for a long recoverhy period.” At the first quarter’s end, only 10 of the 100 metrko areas were starting to show signd of recovery, said the report, and said Texas was the only placre that saw growth in employment and output. Output increaseds in just a handfukl ofmetro areas, including D.C.; Seattle; Texas; and Virginia Beach, Va..
The reporty also pointed out that metroo areas with concentrations of jobs in certain sectoras have resulted in fewer dramatic job The Rankings: San Antonio, Texasx Austin, Texas McAllen, Texas Baton Rouge, La. Okla. Omaha, Neb. El Paso, Texas Wichita, Kan. D.C. Albuquerque, N.M. Virginia Va. Harrisburg, Pa. Pittsburgh, Pa. New Haven, Rochester, N.Y.
четверг, 10 ноября 2011 г.
Southwest traffic down in June - Portland Business Journal:
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Dallas-based (NYSE:LUV) said it flew 6.73 billion revenue passengefr milesin June, down from 6.88 billionj in the same period a year ago. Revenuwe passenger miles, which measure one paying passenger flown per is the official measure of airline The airline’s capacity fell 4 percent in June while its load or percentage of seats filled, grew more than a percentage poinf to 79.5 percent. Southwest in the first half of the year saw trafficv drop 2 percentto 36.6 billion revenue passenger milex from 37.
4 billion last The airline, which carried about 28 percent of all Port Columbusz passengers through May, also said it is sellinh one-way tickets for as low as $30, $60 and $90, dependiny on how far customers are traveling. The fares are availabl through 11:59 p.m. on Wednesday and are possibles for flights booked for travel in the period runningfrom Sept. 9 to Nov. 18. Clickj for more details.
Dallas-based (NYSE:LUV) said it flew 6.73 billion revenue passengefr milesin June, down from 6.88 billionj in the same period a year ago. Revenuwe passenger miles, which measure one paying passenger flown per is the official measure of airline The airline’s capacity fell 4 percent in June while its load or percentage of seats filled, grew more than a percentage poinf to 79.5 percent. Southwest in the first half of the year saw trafficv drop 2 percentto 36.6 billion revenue passenger milex from 37.
4 billion last The airline, which carried about 28 percent of all Port Columbusz passengers through May, also said it is sellinh one-way tickets for as low as $30, $60 and $90, dependiny on how far customers are traveling. The fares are availabl through 11:59 p.m. on Wednesday and are possibles for flights booked for travel in the period runningfrom Sept. 9 to Nov. 18. Clickj for more details.
вторник, 8 ноября 2011 г.
House chair criticizes SBA's auto dealer inventory loans - Washington Business Journal: Washington Bureau
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The SBA recently announced that it temporarilu will allow auto dealerse to useits 7(a) business loan prograjm to finance vehicle inventory. Many lenders had stopped makingthese so-called floorplan loans to auto dealers. Rep. Nydiaa Velazquez, D-N.Y., who chairs the House Smallk Business Committee, fears "there is a significantly higher risk of loan on thesefloorplan loans. This could force the SBA to increase the subsidhy ratefor 7(a) which would make the loans costlierd for future borrowers.
In a June 2 letter to SBA AdministratorfKaren Mills, Velazquez notedf the SBA had "long prohibited the use of its financinf programs for the purpose of wholesale lending, and for good Because lenders are limited in their ability to exercise full contro l over the financed items, the exposure to loss in floorplanb loans is greater than in other types of Vehicles serve as collateral for floorplan loans, and the value of this collaterap "will depreciate rapidly" givenn the glut of inventory facing auto makers in the wake of the bankruptcyu reorganizations of Chrysler and General Motors, Velazquez wrote.
"Whilre clearly there is a need to provide this industryy withtransitional assistance, doing so by focusing on inherentlt risky financial arrangements seems she wrote. "The potentially negative impacts of this policy change are likelyu to extend well beyon d theauto industry." But Tony president and CEO of the National Association of Government Guaranteed Lenders, said the floorplan loans shouldn't be any riskier than other typesa of 7(a) loans if lenderzs administer the loans "I think it's appropriate for the SBA to look at everythingt they can do for all small businessesz right now, given small businesses' inability to access Wilkinson said.
Velazquez also contended the time the agency spent on developing a complex new loan program should have been speng on implementing overdue programs called for in the economicstimulud bill. The floorplan loans will help onlya "very limiterd group" of small businesses, she noted. Had the SBA instead focused more on thestimulus programs, "thousands of smalll businesses that can no longer wait for help wouled have seen assistance," Velazquez wrote.
The SBA recently announced that it temporarilu will allow auto dealerse to useits 7(a) business loan prograjm to finance vehicle inventory. Many lenders had stopped makingthese so-called floorplan loans to auto dealers. Rep. Nydiaa Velazquez, D-N.Y., who chairs the House Smallk Business Committee, fears "there is a significantly higher risk of loan on thesefloorplan loans. This could force the SBA to increase the subsidhy ratefor 7(a) which would make the loans costlierd for future borrowers.
In a June 2 letter to SBA AdministratorfKaren Mills, Velazquez notedf the SBA had "long prohibited the use of its financinf programs for the purpose of wholesale lending, and for good Because lenders are limited in their ability to exercise full contro l over the financed items, the exposure to loss in floorplanb loans is greater than in other types of Vehicles serve as collateral for floorplan loans, and the value of this collaterap "will depreciate rapidly" givenn the glut of inventory facing auto makers in the wake of the bankruptcyu reorganizations of Chrysler and General Motors, Velazquez wrote.
"Whilre clearly there is a need to provide this industryy withtransitional assistance, doing so by focusing on inherentlt risky financial arrangements seems she wrote. "The potentially negative impacts of this policy change are likelyu to extend well beyon d theauto industry." But Tony president and CEO of the National Association of Government Guaranteed Lenders, said the floorplan loans shouldn't be any riskier than other typesa of 7(a) loans if lenderzs administer the loans "I think it's appropriate for the SBA to look at everythingt they can do for all small businessesz right now, given small businesses' inability to access Wilkinson said.
Velazquez also contended the time the agency spent on developing a complex new loan program should have been speng on implementing overdue programs called for in the economicstimulud bill. The floorplan loans will help onlya "very limiterd group" of small businesses, she noted. Had the SBA instead focused more on thestimulus programs, "thousands of smalll businesses that can no longer wait for help wouled have seen assistance," Velazquez wrote.
воскресенье, 6 ноября 2011 г.
Tickets on sale for 'Twilight' saga's next film - Peninsula Daily
esivyjifag.wordpress.com
Zee News | Tickets on sale for 'Twilight' saga's next film Peninsula Daily And unlike earlier years, fans won't have to line up for tickets the day before the showing. Tickets for the 12:05 am and 12:10 am Port Angeles premiere showings are available at the box office or at www.tinyurl.com/3kwbjuc. They cost $10 for adults, ... Here are few new chances to win tickets for the UK Premiere of Breaking Dawn ... |
пятница, 4 ноября 2011 г.
Long View Gallery to relocate - Minneapolis / St. Paul Business Journal:
ukatekexo.wordpress.com
The gallery signed a long-term lease at 1234 9th St. NW for 5,00p0 square feet, or four times more spacee than its current exhibition Its currentlease -- half a block south at 1302 9th St. NW -- expiree July 31. The renovated space will have better custom framin and specialevent offerings, and “renovation costsx will be in excess of six figures,” said galler y director Drew Porterfield. The owned by , previously acted as an auto showrook and, most recently, as a vending machine warehouss and has sat empty for the past few Local architect Will Couch is designinf the renovatedgallery space, which will still show and supporty regional, contemporary artists.
Porterfield plans to soon announcs several major new artists that will exhibit at the Long View Gallery was founde d in 2000 by Andrew Haley and Suzannew Zylonis ina Sperryville, Va. space, which showcasew many Virginia artists. Local art patronsz partnered with Haley and Zylonis in 2006 to open its Shaw The gallery will stay open at its currenr space until July andwill re-open in the new spacse in September.
The gallery signed a long-term lease at 1234 9th St. NW for 5,00p0 square feet, or four times more spacee than its current exhibition Its currentlease -- half a block south at 1302 9th St. NW -- expiree July 31. The renovated space will have better custom framin and specialevent offerings, and “renovation costsx will be in excess of six figures,” said galler y director Drew Porterfield. The owned by , previously acted as an auto showrook and, most recently, as a vending machine warehouss and has sat empty for the past few Local architect Will Couch is designinf the renovatedgallery space, which will still show and supporty regional, contemporary artists.
Porterfield plans to soon announcs several major new artists that will exhibit at the Long View Gallery was founde d in 2000 by Andrew Haley and Suzannew Zylonis ina Sperryville, Va. space, which showcasew many Virginia artists. Local art patronsz partnered with Haley and Zylonis in 2006 to open its Shaw The gallery will stay open at its currenr space until July andwill re-open in the new spacse in September.
среда, 2 ноября 2011 г.
Missouri Department of Insurance and company boards: watchdogs or lapdogs? - St. Louis Business Journal:
vittitowmehigyk1238.blogspot.com
Missouri now has the dubious distinctionn of being home to two of the largestf insurance company failures inAmerican history: General American Life and Transity Casualty Co. Add theser two sorry developments to the fact that ourown U.S. Sen. Christophedr Bond was a board membefr ofthe now-defunct Mutual Benefit Life (which collapsed with over $1 billion in the red), and the picturee becomes even more distasteful. Equally disturbing is the tepirto non-existent criticism by the local media of thoser who are responsible for the collapse of Generaol American, Missouri's largest life insurance company.
Will the failure of their board of directors and the Missouri Departmenyt of Insurance to overseethe carrier's very riskty strategy of matching short-terjm obligations with long-term investments be swept underf the rug? Have the insurancs company's spin doctors taken commanx of the situation? Contrary to some comments in the the policyholder-owners of the mutual insurance company have been hurt. To be policies issued by General American undoubtedly will be honorefdin full; however, what about the sale price of the carrie r to Metropolitan Life? Will fair value be received?
Not if one believed the comments of a local securithy analyst right after the announcement that Metropolitan Life would pay some $1.2 billionn for General American. According to the Post-Dispatcnh the New York carrier "got a heck of a paying no more than the market valure of the investment General American has in two publiclytraderd subsidiaries, one (Conning an information and advisory service, and the othedr a reinsurance operation.
If so, then Metropolitab Life will purchasethe on-going income stream and net worth of General American for Could the board of directorxs of General American Life be compounding their initial failure to overse e the terrible imbalance in the company'ds investments by hastily selling the carrietr for less than it is worth? if one reviews articles from the Wall Street Journal and the New York Timese immediately after the seizure of Generakl American by the Missouri Department of one will find the observatiohn by one analyst that Generakl American was the only remaining seller of these debt instrumentzs (formally known as "guaranteed investment with the option for the buyers to receive theid money back on just seven-day notice.
Well, if a company is stickint its neck outlike this, then they are either very clever or very stupid. This observationb is corroborated by the Octobefr 1999 issue of the Insurance Forumwhere Moody'se Investment Service estimated that General American had capturex about 60 percent of the industry's funding agreement with seven-dayg withdrawal provisions (Reprints of the Octobe issue are available for $10 each by writin g The Insurance Forum, P.O. Box 245, Elletsville, Ind. 47429-0245). This excelleny publication also hasa "Genera American Package" of this and several past articles on the company for $50. Telephone 876-6502.
Furthermore, what about the passiv role played by the Missouri Departmentg of Insurance in regard to GeneralAmericanj Life? The state official responsiblre for such regulatory oversight is quoted in the Post-Dispatc h as saying that his department does not measurse such risky investment strategies. What law prohibite such analysis and limitsthe states' jurisdiction? God gave us all a Surely the state regulators were aware of Moody' s misgivings on this very Why did the state regulators adopt a polic y of benign neglect?
too, the state regulators, of all people, were aware that the institutionall holder of these debt instruments are requiredr to dump them should they becomes classified "below investment grade." As an insurance I long ago came to the conclusion that the politicao clout of the insurance industrt and especially of certain insurance companies compromisew our state regulators. In June of this well before the events surrounding General Americahn cameto light, I wrote a letter to the new head of Missouri's Departmentr of Insurance. While several of the suggestions woulrd require thestate Legislature, his support nonetheless would be Perhaps he has been too busy to Donald D.
Meyer Labadie, Mo. (Meyer is president of the Annuity and LongterkCare Exchange, an independent insurancse agency.)
Missouri now has the dubious distinctionn of being home to two of the largestf insurance company failures inAmerican history: General American Life and Transity Casualty Co. Add theser two sorry developments to the fact that ourown U.S. Sen. Christophedr Bond was a board membefr ofthe now-defunct Mutual Benefit Life (which collapsed with over $1 billion in the red), and the picturee becomes even more distasteful. Equally disturbing is the tepirto non-existent criticism by the local media of thoser who are responsible for the collapse of Generaol American, Missouri's largest life insurance company.
Will the failure of their board of directors and the Missouri Departmenyt of Insurance to overseethe carrier's very riskty strategy of matching short-terjm obligations with long-term investments be swept underf the rug? Have the insurancs company's spin doctors taken commanx of the situation? Contrary to some comments in the the policyholder-owners of the mutual insurance company have been hurt. To be policies issued by General American undoubtedly will be honorefdin full; however, what about the sale price of the carrie r to Metropolitan Life? Will fair value be received?
Not if one believed the comments of a local securithy analyst right after the announcement that Metropolitan Life would pay some $1.2 billionn for General American. According to the Post-Dispatcnh the New York carrier "got a heck of a paying no more than the market valure of the investment General American has in two publiclytraderd subsidiaries, one (Conning an information and advisory service, and the othedr a reinsurance operation.
If so, then Metropolitab Life will purchasethe on-going income stream and net worth of General American for Could the board of directorxs of General American Life be compounding their initial failure to overse e the terrible imbalance in the company'ds investments by hastily selling the carrietr for less than it is worth? if one reviews articles from the Wall Street Journal and the New York Timese immediately after the seizure of Generakl American by the Missouri Department of one will find the observatiohn by one analyst that Generakl American was the only remaining seller of these debt instrumentzs (formally known as "guaranteed investment with the option for the buyers to receive theid money back on just seven-day notice.
Well, if a company is stickint its neck outlike this, then they are either very clever or very stupid. This observationb is corroborated by the Octobefr 1999 issue of the Insurance Forumwhere Moody'se Investment Service estimated that General American had capturex about 60 percent of the industry's funding agreement with seven-dayg withdrawal provisions (Reprints of the Octobe issue are available for $10 each by writin g The Insurance Forum, P.O. Box 245, Elletsville, Ind. 47429-0245). This excelleny publication also hasa "Genera American Package" of this and several past articles on the company for $50. Telephone 876-6502.
Furthermore, what about the passiv role played by the Missouri Departmentg of Insurance in regard to GeneralAmericanj Life? The state official responsiblre for such regulatory oversight is quoted in the Post-Dispatc h as saying that his department does not measurse such risky investment strategies. What law prohibite such analysis and limitsthe states' jurisdiction? God gave us all a Surely the state regulators were aware of Moody' s misgivings on this very Why did the state regulators adopt a polic y of benign neglect?
too, the state regulators, of all people, were aware that the institutionall holder of these debt instruments are requiredr to dump them should they becomes classified "below investment grade." As an insurance I long ago came to the conclusion that the politicao clout of the insurance industrt and especially of certain insurance companies compromisew our state regulators. In June of this well before the events surrounding General Americahn cameto light, I wrote a letter to the new head of Missouri's Departmentr of Insurance. While several of the suggestions woulrd require thestate Legislature, his support nonetheless would be Perhaps he has been too busy to Donald D.
Meyer Labadie, Mo. (Meyer is president of the Annuity and LongterkCare Exchange, an independent insurancse agency.)
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