| Bail set at $75K in alcohol furnishing case
A judge has set bail at $75,000 for a 23-year-old Auburn man arrested for allegedly providing alcohol to a recent Edward Little High School graduate who died after a weekend party. Larando Sweetling made his initial court appearance on charges of furnishing alcohol to a minor, unsworn falsification and violation of conditions of release. Eighteen-year-old Adam Beggs was pronounced dead Saturday at a Lewiston hospital after he was found unresponsive at a Granite Street apartment. Police say he apparently succumbed to alcohol poisoning. An autopsy was performed at the state medical examiner's office. A spokeswoman said further tests were needed before the cause of death can be determined. ------ Information from: WCSH-TV, http://www.wcsh6.com .
Seniors learn about life after high school
Dozens of Little Elm High School seniors went to jail Thursday for writing hot checks and failing to carry auto insurance.Fortunately they were released by the end of class, and this arrest won't be on their criminal record.The students found themselves in financial trouble through College Road Trip, an interactive presentation that teaches students about responsibility and the benefits of going to college.The seniors received a card indicating marital status, number of children, and employment, and then they visited 12 different tables to make basic payments and try to stay financially afloat.A Little Elm police officer inspected balance sheets regularly, and if she caught anyone writing a bad check he or she went directly to jail.Zavier Phillips landed in jail for failing to carry auto insurance he couldn't afford, and he said that the experience will help him take better care of his funds in real life.
Parents formally refused bail over daughter's death
The parents of a little Australian girl who is believed to have starved to death have been formally refused bail on murder charges. Seven-year-old Shellay Ward weighed nine kilograms when found dead at her home in Hawks Nest, north of Newcastle, on November 3. Her parents Blakeley Ward, 46, and Sharyn Ward, 37, have each been charged with one count of murder after being arrested south of Sydney yesterday morning. They appeared in Wollongong Bail Court today and did not apply for bail. Bail was formally refused, Macquarie Radio and Southern Cross Broadcasting reported. The case will return to Wollongong court on Wednesday, Macquarie Radio reported. .
3 accused of mortgage fraud
A Web site maintained by one of the key players in a Modesto-based mortgage elimination scheme sug- gested that homeowners could legally write off their loans by filing some simple paperwork with government agencies. Real estate agents who face a host of fraud and theft charges must have known they were engaged in a risky venture, an investigator said in court records, because they created a fictitious fall guy. The men rented an office in Menlo Park for "Seth Davis," who had a desk and computer as well as a cell phone that could not be traced by law enforcement. According to authorities, the men intended to blame everything on that imaginary financier when the scheme inevitably failed. A tip from a suspicious lender may have foiled that plan. "If they wouldn't have been so greedy, they might still be in business," said Richard Morris, a partner with Capital Finance Mortgage Brokers in South Lake Tahoe.
TPD arrests man with 30 pounds of pot
Tallahassee police arrested an Orlando-area man today who was found in possession of nearly $200,000 worth of marijuana. Todarian R. Harvey, 26, was taken into custody around noon after police stopped him in the 600 block of West Tennessee Street and discovered 30 pounds of marijuana in the trunk of his rental car, said David McCranie, spokesman for the Tallahassee Police Department. .
Send a lifeboat for depositors but let the shareholders sink
THE Northern Rock situation has thrown up a number of questions. Is the tripartite system between the Bank of England, the Financial Services Authority (FSA) and the Treasury working? Should the Bank of England take back prudential supervision? Who was at fault for not foreseeing the problem? Much has been written about the moral hazard created by protecting depositors from the consequences of a bank’s failure. But there is little debate on the fundamental question: why should banks be protected from failure? The answer is clear: banks should not be protected, but their customers should be protected from the consequences of a bank failure. There are two reasons for doing so: the first is that the consequences of a bank failure and an unconstrained liquidity shock with the consequent credit squeeze can create serious damage in an economy.
[Editorial] Lessons from the IMF’s Bail-Out a Decade Ago
On November 21, 1997, the Korean government officially announced a request to the International Monetary Fund (IMF) for bail-out funds. And on December 3, the IMF and Korea signed on the dotted line. In return for receiving the funds, the Korean economy would be managed by the IMF, which was essentially a loss of economic sovereignty. Seventeen out of 30 large companies, incapable of paying debts amid skyrocketing interest rates, disappeared into thin air. Seventeen out of 33 banks have survived the storm. Some 10,000 people lost their jobs everyday, and around 100 peopled ended their lives. It was a tumultuous time, but observers think that Korea overcame its financial difficulties relatively quickly. Over the past 10 years, per capital income has doubled to around $20,000 and the Benchmark KOPSI stock index has surpassed 2,000.
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