T he United States economic crisis has begun to hit the wealthy class, and some of its members try to desperate acts, including suicides and fake mock accident. And in his eagerness not to pay some debts millionaires are willing to cause untold tragedies.
Between December and January, there were three suicides of famous billionaires. On December 22, 2008, and after writing letters of farewell, Rene-Thierry Magon Villehuchet of suicide in his office in midtown Manhattan. The investor had lost 1,400 million U.S. dollars after depositing their fortunes and their clients in the hands of Bernard Madoff, who swindle their investors about 50,000 million dollars. In early January, Adolf Merckle, who lost his fortune in shares of Volkswagen, was thrown under a train. Then it was the turn of Patrick Rocca, who lost millions of pounds in the real estate market. Rocca waited to have his wife take their children to school, before sticking a bullet in the head.
There is a link between the Villehuchet Magon, and Merckle Rocca: none of the three U.S. investors is. Magon Villehuchet era of French, German Merckle, Irish and Rocca. In some nations there is a sense of honor Super.
Goodbye, cruel world
Sam Israel, aged 49, was a successful businessman who won a fortune in a hedge fund, a fund at risk. Convicted in June 2008 to 20 years in prison for defrauding investors in some $ 450 million, Israel was invited to go to jail. (Yes, the rich are different). Therefore, the businessman got in his car, and rowed towards the prison, located in the suburbs of New York. But Israel never came to the gates of the prison. His truck was found parked on a bridge across the Hudson River. In the dusty hood of the van Israel wrote with their fingers "suicide is painless."
Initially it was thought that investors had been thrown into the River.
But the search for his body did not work. Then it was discovered that Israel was gathered on the bridge by his girlfriend, and secretly returned to his home in Armonk, New York. Finally, on July 2, Israel handed to the police, and a furious judge ordered him to join his 10 years prison sentence for his escape attempt. Israel's mother was about to suffer a heart attack after learning of the feigned suicide of her son and his girlfriend had been prosecuted as an accomplice in the failed escape.
Drills
But perhaps the financier takes Palmas is Marcus Schrenk, a businessman from Indiana, aged 38, owner of the firm Heritage Wealth Management Incorporated. In January 2008, the Indiana Department of Insurance filed a complaint against him on behalf of seven investors who accused him of losing them altogether $ 250,000 because the employer never informed that they should pay higher fares if it wanted to change their annuities.
A year later, on January 9, 2009, a federal judge in Maryland drew Schrenk that the company would pay $ 533,500 in costs due to problems with insurance or annuity that the employer had sold for the insurer OM Financial Life Insurance Company.
Overwhelmed by debt which of course, did not seem to pay Schrenk thought of a stratagem light. On January 11, 2009, the financier from the departed runway of Anderson, Indiana, aboard his single engine Piper Malibu, headed to Destin, Florida. When over Huntsville, Alabama, Schrenk started to send distress messages to the nearest control tower, reporting severe turbulence.
Soon after, the calls became more urgent. Schrenk said one of the windscreen of the plane had exploded, which was bleeding profusely and that at any moment, could crash. Then he left the plane on autopilot, a parachute was hooked and took off under vacuum.
But the plane showed an incredible resilience. Continued to fly for nearly an hour, and finally crashed over 300 miles away, in a swamp near a residential area in the Panhandle (outgoing) of Florida.
However, after September 11, 2001, the U.S. authorities get very nervous when the aircraft lost the course and can be used as projectiles of large size. Schrenk was just his "distress call" (distress call) several air force jets to intercept swift out or destroy the plane, because their pilots were afraid that some disciple of Osama bin Laden was trying to make theirs.
During the minutes that the plane remained in the air, the pilots of the jets were able to observe and photograph from all angles. We also checked that the door was setting, and the cockpit to dark, demonstrating that the pilot had left.
The plane was later discovered in a swamp in Florida and federal marshals found the investor at a campsite hidden in the same state the following night. But on this occasion, it was bleeding profusely Schrenk. He had cut his wrists and was delirious, and grumbled "dies." However, his ploy failed. Now, besides being obliged to pay the $ 533,000 claimed by their debtors, will be held accountable to justice by an aircraft crash and deliberately make a false cry for help. By a miracle the plane did not fall into the residential area, in which case it would have caused a tragedy.
What goes past and present
In the Great Depression of the nineteen-thirties, yet there was a sense of honor among American millionaires, and there was an epidemic of suicides among investors after the stock market collapse in New York. Already for 1933, the peak of the Great Depression, when 25% of Americans were unemployed, the suicide rate among Americans fell from 14 to 17 per 100,000, the highest in the history of this country.
But as the Americans say the shrinking shoulders, "That was then, and this is now." That was then and this is now. And now, wealthy entrepreneurs use other methods to address the crisis just the idea of economic ruin begins rounds pockets.
Monday, May 4, 2009
A consortium led by Citigroup has a bid for Gatwick
A consortium that includes an infrastructure fund of Citigroup and Vancouver Airport to John Hancock Life Insurance Co. made an offer for BAA at Gatwick Airport late on Tuesday, 24 hours later than the deadline. The consortium, known as Lysander Gatwick Investment Group, is likely to have become the fourth competitor to the airport, BAA, the Spanish subsidiary of Grupo Ferrovial, the sale was made last year.
29-04-2009 / 13:16
CITIGROUP
-2.62%
Agencies / Investment Strategies
Other offerings are Global Infrastructure Partners, which includes General Electric and Credit Suisse Group (CS), owners of London City Airport, and another group that includes Manchester Airports Group and Borealis Infrastructure, part of the pension fund Ontario Municipal Employees Retirement System , noted the sources, has to Dow Jones Newswires reported a source familiar with the situation.
Also submitted a bid by Terra Firma, a company of Guy Hands, said the sources, although one source said it was not strong enough.
The offers range between 1,300 million and 1,800 million pounds, the sources said, below the initial assessment of BAA 2,000 million pounds. However, BAA is under pressure from the regulator to close the transaction, so you could have little room to maneuver.
The regulator announced in March that BAA should sell three of its seven British airports, including London's Gatwick and Stansted, in a period of two years to be regarded as anticompetitive by the joint ownership of BAA.
Gatwick is the second largest airport after Heathrow United Kingdom, also owned by BAA. Last year Gatwick fell by a total of 34.2 million passengers, while others Heathrow hosted 66.9 million.
BAA is expected to take a decision on the bids over the coming weeks, sources indicated
29-04-2009 / 13:16
CITIGROUP
-2.62%
Agencies / Investment Strategies
Other offerings are Global Infrastructure Partners, which includes General Electric and Credit Suisse Group (CS), owners of London City Airport, and another group that includes Manchester Airports Group and Borealis Infrastructure, part of the pension fund Ontario Municipal Employees Retirement System , noted the sources, has to Dow Jones Newswires reported a source familiar with the situation.
Also submitted a bid by Terra Firma, a company of Guy Hands, said the sources, although one source said it was not strong enough.
The offers range between 1,300 million and 1,800 million pounds, the sources said, below the initial assessment of BAA 2,000 million pounds. However, BAA is under pressure from the regulator to close the transaction, so you could have little room to maneuver.
The regulator announced in March that BAA should sell three of its seven British airports, including London's Gatwick and Stansted, in a period of two years to be regarded as anticompetitive by the joint ownership of BAA.
Gatwick is the second largest airport after Heathrow United Kingdom, also owned by BAA. Last year Gatwick fell by a total of 34.2 million passengers, while others Heathrow hosted 66.9 million.
BAA is expected to take a decision on the bids over the coming weeks, sources indicated
The poorly educated Attorney could jeopardize the financial future of Hispanics in Houston Entrepreneurs and Their Families
An investigation conducted by the University of Houston / MassMutual Unveils Hispanic entrepreneurs have no knowledge and confidence in all aspects of Financial Strategy
HOUSTON, April 29 / PRNewswire-HISPANIC PR WIRE / - In third place among all American cities in the number of Hispanic-owned firms, Houston is one of the most enterprising. However, the Houston Hispanic entrepreneurs have limited knowledge about the variety of financial products and services available to them. Are unprepared for retirement and are concerned meet their long-term goals. The financial health of small businesses who prefer Spanish is still in worse shape. These are just some of the dramatic findings revealed in a recent study by the University of Houston and CT Bauer College of Business.
The study, conducted by students of Master of Business Administration (MBA), was sponsored by Massachusetts Mutual Life Insurance Company (MassMutual), one of the oldest and most prestigious financial services in the country, together with the Chamber of Commerce Houston Hispanic. The findings of the study are a guide to the Financial Hispanic Health Initiative was created to equip MassMutual Latinos with information and tools they need to improve their financial health.
"The gap in knowledge about financial products and services, and lack of planning for personal and business, can potentially affect thousands of business owners and their families," said Latha Ramchand, associate dean of programs and administration of UH Bauer College. "The need for more financial education is becoming more urgent because of the difficult economic times. Our MBA students and Bauer were very happy to participate. To provide the skills and knowledge is one of the ways in which the business school connects back to the community. "
A total of 183 Hispanic business owners participated in the study through online surveys and in person, which were completed in November 2008. Business owners surveyed were mostly men older than 35 years old, married, with education: 41 percent with a graduate. The findings were analyzed according to business size, language preference, generation and other variables.
- The key findings revealed that local business owners: They have no confidence in his ability to make good financial decisions and have no knowledge about financial products and solutions. Lack of confidence is particularly high in small business owners. About 50 percent of them said they "would like to have more control of their finances."
- They believe that finance should be a higher priority, but lack of knowledge about financial products and solutions. Managers from large companies are more aware than their peers in small businesses. However, only 43 percent of the owners of large firms indicates that the product you have more knowledge is health insurance for employees.
- They are not prepared to transfer their business to family members. Approximately 81 percent of respondents who plan to transfer his business to his family did not have a succession plan ready.
- Those who prefer to speak Spanish does not use financial services as often as those who use them prefer to speak English. For example, 31 percent of all respondents have a retirement plan, 69 percent speak English, compared with only 18 percent who speak only Spanish. 25 percent of total respondents who have a comprehensive financial plan, 35 percent spoke Spanish and 50 percent speak English.
"After delivering his blood, sweat and tears to establish your business, Latinos should be compensated with the confidence and tools to help them form the foundation for a secure future for themselves, their business and their families," said Chris Mendoza, Director of Multicultural Markets for MassMutual. "We are committed to providing resources to demystify the financial strategies, starting in Houston."
Hispanic Health Initiative of MassMutual Financial includes partnerships with local organizations to sponsor workshops and an integrated communication campaign to provide financial information for Latinos in Houston. MassMutual also develop educational tools and conduct public lectures to engage leaders from all sectors of the community of Houston to help Latinos to improve their financial health.
As the leading advocate of Hispanic business community of Houston, the Hispanic Chamber of Commerce of Houston is an ideal partner to work with MassMutual to help Hispanic entrepreneurs and professionals to improve their financial health.
"The call to help Hispanics improve their financial health rests on the shoulders of the collective business community, academia and the community of Hispanic leaders," said Dr. Laura G. Murillo, Executive President of the Chamber. "We can not allow future generations are in danger."
About MassMutual
MassMutual Financial Group is the market name for Massachusetts Mutual Life Insurance Company (MassMutual) and its affiliated companies and sales representatives. MassMutual and its subsidiaries had more than $ 360 billion in assets under management at year-end 2008. Assets under management include assets and certain external investment funds managed by subsidiaries of MassMutual.
Founded in 1851, MassMutual is a mutual protection and management of finances and revenue accruals, based in Springfield, Mass. MassMutual major affiliates include: OppenheimerFunds, Inc., Babson Capital Management LLC, Baring Asset Management Limited, Cornerstone Real Estate Advisers LLC; The First Mercantile Trust Company, MML Investors Services, Inc., member FINRA and SIPC (http://www.finra.org and http://www.sipc.org), MassMutual International LLC and The MassMutual Trust Company, FSB.
About the Hispanic Chamber of Commerce of Houston
The Hispanic Chamber of Commerce Houston (HHCC stands for English) is the leading advocate of the body region, and ensures the economic and civic interests of the Hispanic business community. As such, the HHCC serves as leader of the New Majority of Houston. The HHCC represents over 2800 members, ranging from business incubators to multinational corporations, making the HHCC the largest in Texa
HOUSTON, April 29 / PRNewswire-HISPANIC PR WIRE / - In third place among all American cities in the number of Hispanic-owned firms, Houston is one of the most enterprising. However, the Houston Hispanic entrepreneurs have limited knowledge about the variety of financial products and services available to them. Are unprepared for retirement and are concerned meet their long-term goals. The financial health of small businesses who prefer Spanish is still in worse shape. These are just some of the dramatic findings revealed in a recent study by the University of Houston and CT Bauer College of Business.
The study, conducted by students of Master of Business Administration (MBA), was sponsored by Massachusetts Mutual Life Insurance Company (MassMutual), one of the oldest and most prestigious financial services in the country, together with the Chamber of Commerce Houston Hispanic. The findings of the study are a guide to the Financial Hispanic Health Initiative was created to equip MassMutual Latinos with information and tools they need to improve their financial health.
"The gap in knowledge about financial products and services, and lack of planning for personal and business, can potentially affect thousands of business owners and their families," said Latha Ramchand, associate dean of programs and administration of UH Bauer College. "The need for more financial education is becoming more urgent because of the difficult economic times. Our MBA students and Bauer were very happy to participate. To provide the skills and knowledge is one of the ways in which the business school connects back to the community. "
A total of 183 Hispanic business owners participated in the study through online surveys and in person, which were completed in November 2008. Business owners surveyed were mostly men older than 35 years old, married, with education: 41 percent with a graduate. The findings were analyzed according to business size, language preference, generation and other variables.
- The key findings revealed that local business owners: They have no confidence in his ability to make good financial decisions and have no knowledge about financial products and solutions. Lack of confidence is particularly high in small business owners. About 50 percent of them said they "would like to have more control of their finances."
- They believe that finance should be a higher priority, but lack of knowledge about financial products and solutions. Managers from large companies are more aware than their peers in small businesses. However, only 43 percent of the owners of large firms indicates that the product you have more knowledge is health insurance for employees.
- They are not prepared to transfer their business to family members. Approximately 81 percent of respondents who plan to transfer his business to his family did not have a succession plan ready.
- Those who prefer to speak Spanish does not use financial services as often as those who use them prefer to speak English. For example, 31 percent of all respondents have a retirement plan, 69 percent speak English, compared with only 18 percent who speak only Spanish. 25 percent of total respondents who have a comprehensive financial plan, 35 percent spoke Spanish and 50 percent speak English.
"After delivering his blood, sweat and tears to establish your business, Latinos should be compensated with the confidence and tools to help them form the foundation for a secure future for themselves, their business and their families," said Chris Mendoza, Director of Multicultural Markets for MassMutual. "We are committed to providing resources to demystify the financial strategies, starting in Houston."
Hispanic Health Initiative of MassMutual Financial includes partnerships with local organizations to sponsor workshops and an integrated communication campaign to provide financial information for Latinos in Houston. MassMutual also develop educational tools and conduct public lectures to engage leaders from all sectors of the community of Houston to help Latinos to improve their financial health.
As the leading advocate of Hispanic business community of Houston, the Hispanic Chamber of Commerce of Houston is an ideal partner to work with MassMutual to help Hispanic entrepreneurs and professionals to improve their financial health.
"The call to help Hispanics improve their financial health rests on the shoulders of the collective business community, academia and the community of Hispanic leaders," said Dr. Laura G. Murillo, Executive President of the Chamber. "We can not allow future generations are in danger."
About MassMutual
MassMutual Financial Group is the market name for Massachusetts Mutual Life Insurance Company (MassMutual) and its affiliated companies and sales representatives. MassMutual and its subsidiaries had more than $ 360 billion in assets under management at year-end 2008. Assets under management include assets and certain external investment funds managed by subsidiaries of MassMutual.
Founded in 1851, MassMutual is a mutual protection and management of finances and revenue accruals, based in Springfield, Mass. MassMutual major affiliates include: OppenheimerFunds, Inc., Babson Capital Management LLC, Baring Asset Management Limited, Cornerstone Real Estate Advisers LLC; The First Mercantile Trust Company, MML Investors Services, Inc., member FINRA and SIPC (http://www.finra.org and http://www.sipc.org), MassMutual International LLC and The MassMutual Trust Company, FSB.
About the Hispanic Chamber of Commerce of Houston
The Hispanic Chamber of Commerce Houston (HHCC stands for English) is the leading advocate of the body region, and ensures the economic and civic interests of the Hispanic business community. As such, the HHCC serves as leader of the New Majority of Houston. The HHCC represents over 2800 members, ranging from business incubators to multinational corporations, making the HHCC the largest in Texa
China announced that insurers cover medical expenses due to swine flu
Several insurers China announced on Wednesday that will cover their services to customers who enter into the swine flu at a time when fears are increasing around the world about the spread of the disease.
Life Insurers Chinese Greatwall Life Insurance "and" Generali China Life Insurance, reported yesterday that although the epidemic is not included in the lists of causes of compensation in the health and life insurance, customers can receive compensation for the treatment physician or even the possible death-related disease.
Clients from the insurance company AIG General Insurance china having travel insurance will cover the company if they acquire the disease when traveling abroad. In this case, the travel insurance will cover all their medical expenses.
"Diseases such as avian influenza or swine, in general, it will be covered by insurance," said Chen Lixiao, manager of the Beijing branch of AIG General Insurance, who added that the company made the announcement in order to end the customers concern in this regard. (Xinhua)
Life Insurers Chinese Greatwall Life Insurance "and" Generali China Life Insurance, reported yesterday that although the epidemic is not included in the lists of causes of compensation in the health and life insurance, customers can receive compensation for the treatment physician or even the possible death-related disease.
Clients from the insurance company AIG General Insurance china having travel insurance will cover the company if they acquire the disease when traveling abroad. In this case, the travel insurance will cover all their medical expenses.
"Diseases such as avian influenza or swine, in general, it will be covered by insurance," said Chen Lixiao, manager of the Beijing branch of AIG General Insurance, who added that the company made the announcement in order to end the customers concern in this regard. (Xinhua)
The airport operator BAA, a subsidiary of Ferrovial, will receive the second round of bids for the London Gatwick airport before the April 27, Reute
File photo dated August 11 which shows a group of passengers at Gatwick airport, south of the United Kingdom. Reuters / File
The airport operator BAA put the airport up for sale late last year and hired Royal Bank of Scotland and HSBC as advisers in anticipation of the final decision of the British competition regulator.
Last March, the British regulator announced that BAA must sell in a period of two years three of its seven British airports, including London's Gatwick and Stansted, because too much air traffic control of the country.
The same sources reported that in the sale are three potential buyers, which include Global Infrastructure Partners, which includes the owners of London City Airport, General Electric and Credit Suisse.
Yet another candidate is a consortium that includes an infrastructure fund of Citigroup, airport Vancouver Airport and John Hancock Life Insurance under the name of Lysander Investment Gatwick and the third is Manchester Airports.
However, it remains unknown amount of bids that are likely to send the three potential buyers in late April.
The initial assessments at the beginning of the process of selling over 2,000 million pounds (2,261 million), although it could be between 1,500 million and 2,000 million pounds (1,696 and 2.261 million euros).
The sources indicated that "it is likely that BAA has a good idea of where Iran offers", while expressing doubts about the airport manager would like to continue with the sale if the ratings were below 1,500 million pounds.
"There is a deadline for this sale in adverse economic conditions," they added, referring to the term of two years for BAA to sell airports.
Apart from HSBC and RBS, other banks involved in the sale, probably the seven entities that took part in the sale of BAA Ferrovial in 2006 to 7150 million pounds (8082.7 million).
This funding is estimated at 1,100 million pounds sterling for the purchase and 500 million for future investments.
However, sources knowledgeable of the process indicated that funding has been handled individually by each offeror, depending on their business plans, which allows banks to obtain permission to allocate the funding.
The airport operator BAA put the airport up for sale late last year and hired Royal Bank of Scotland and HSBC as advisers in anticipation of the final decision of the British competition regulator.
Last March, the British regulator announced that BAA must sell in a period of two years three of its seven British airports, including London's Gatwick and Stansted, because too much air traffic control of the country.
The same sources reported that in the sale are three potential buyers, which include Global Infrastructure Partners, which includes the owners of London City Airport, General Electric and Credit Suisse.
Yet another candidate is a consortium that includes an infrastructure fund of Citigroup, airport Vancouver Airport and John Hancock Life Insurance under the name of Lysander Investment Gatwick and the third is Manchester Airports.
However, it remains unknown amount of bids that are likely to send the three potential buyers in late April.
The initial assessments at the beginning of the process of selling over 2,000 million pounds (2,261 million), although it could be between 1,500 million and 2,000 million pounds (1,696 and 2.261 million euros).
The sources indicated that "it is likely that BAA has a good idea of where Iran offers", while expressing doubts about the airport manager would like to continue with the sale if the ratings were below 1,500 million pounds.
"There is a deadline for this sale in adverse economic conditions," they added, referring to the term of two years for BAA to sell airports.
Apart from HSBC and RBS, other banks involved in the sale, probably the seven entities that took part in the sale of BAA Ferrovial in 2006 to 7150 million pounds (8082.7 million).
This funding is estimated at 1,100 million pounds sterling for the purchase and 500 million for future investments.
However, sources knowledgeable of the process indicated that funding has been handled individually by each offeror, depending on their business plans, which allows banks to obtain permission to allocate the funding.
Those interested in Gatwick airport for Ferrovial considered "crucial" a second track
The three consortia interested in buying London's Gatwick Airport as "crucial" to build a second runway at the airfield, according to the newspaper today published 'Evening Standard'.
The three groups will present on Monday at the British airport group BAA, a subsidiary of Ferrovial, their binding bids to take over Gatwick, a market estimated at 2,000 million euros.
This is Global Infrastructure Partners, a company of Credit Suisse and General Electric which owns the airport in London Citi, the consortium comprising the infrastructure fund of Citi, the airport in Canada and the U.S. firm John Hancock Life Insurance, and the group composed Manchester Airport and the Canadian fund Borealis Infrastructure.
The newspaper says the British rejected a possible expansion of the aerodrome may arouse collective defense of the environment, arguing that a new runway at Gatwick would double the carbon emissions and damage or destroy at least three sites classified as natural reserves.
From his side, according to the newspaper, stakeholders at the airport estimated that the construction of the second track is "vital if the airport is able to compete effectively with those of BAA and improve services to passengers" .
BAA put up for sale last September Gatwick airport, according to its data, is the first in the world with a single track in terms of its traffic.
The three groups will present on Monday at the British airport group BAA, a subsidiary of Ferrovial, their binding bids to take over Gatwick, a market estimated at 2,000 million euros.
This is Global Infrastructure Partners, a company of Credit Suisse and General Electric which owns the airport in London Citi, the consortium comprising the infrastructure fund of Citi, the airport in Canada and the U.S. firm John Hancock Life Insurance, and the group composed Manchester Airport and the Canadian fund Borealis Infrastructure.
The newspaper says the British rejected a possible expansion of the aerodrome may arouse collective defense of the environment, arguing that a new runway at Gatwick would double the carbon emissions and damage or destroy at least three sites classified as natural reserves.
From his side, according to the newspaper, stakeholders at the airport estimated that the construction of the second track is "vital if the airport is able to compete effectively with those of BAA and improve services to passengers" .
BAA put up for sale last September Gatwick airport, according to its data, is the first in the world with a single track in terms of its traffic.
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