Wednesday, December 22, 2010

Lawsuit Loans a Growing Trend

Canadian officials have seen a rise in litigation financing, especially in personal injury cases.

The Globe and Mail reports a major reason is because credit card companies are denying people large lines of credit to finance these types of cases.

The newspaper profiled one man who after being turned down by his credit card company after an accident, decided to go the litigation finance route. His initial investment of $50,000 paid off in the form of a $500,000 settlement. 

Tuesday, December 21, 2010

10 Percent Health Care Rate Increases Must be Justified

By Jack Simony

The Obama administration will require health insurance companies to justify any rate increase of 10 percent or more next year year, The New York Times reported.

Federal and state officials will determine if those increases are reasonable or not, according to the article.

The increase will “help rein in the kind of excessive and unreasonable rate increases that have made insurance unaffordable for many families," Kathleen Sebelius, the secretary of health and human services said.

-By Jack Simony

Tuesday, December 14, 2010

Phillies Get Cliff Lee

By Jack Simony

The Philadelphia Phillies got Cliff Lee - the Yankees most talked about winter plan.

Who do you think they should go for next?

- By Jack Simony

Wednesday, December 8, 2010

The Passing of Elizabeth Edwards

By Jack Simony

I'm very saddened by the passing of Elizabeth Edwards, a woman who displayed tremendous grace, strength and resilience throughout her life and her battle with cancer.

Professionally, she set a great example for those who work toward improving the lives of all Americans.

My sincere condolences to the Edwards family

-By Jack Simony

Most Fiscally Responsible People Are in Northeast

By Jack Simony

A new study says New York, New Jersey and New Hampshire are home to the country's most fiscally responsible residents, USA Today reported.

After asking 28,000 people questions on five topical financial issues, the Investor Education Foundation of the Financial Industry Regulatory Authority produced a state-by-state look at financial capabilites.

"If there has been a silver lining to the recession, it has refocused consumers' attention on their own personal financial habits, and this will be a wonderful tool," Gail Cunningham of the National Foundation for Credit Counseling, told the newspaper. "It may be another wake-up call."

See where your state ranked.

-By Jack Simony

Tuesday, December 7, 2010

Derek Jeter Never Wanted to Leave the Yankees Even During Contentious Talks

By Jack Simony

Strategically placed between Yankees Manager Joe Girardi and General Manager Brian Cashman, Derek Jeter told the press today he didn't like the hostile talks between his agent and the team, adding he knew he was never going to negotiate with another club.

“I had never planned on going anywhere, I didn’t want to go to any other teams. I didn’t want to hear from other teams," Jeter said at the Yankees' spring training complex in Tampa, Fla.

What did bother the slugger was how the dispute got played out in the press and not behind closed doors, The New York Times reported.

“The negotiations were supposed to be private,” said Jeter, who inked a three-year, $51 million contract with additional options.

- By Jack Simony

Monday, December 6, 2010

Maryland Doctor Face Lawsuits Over Cardiac Stents

By Jack Simony

Hundreds of patients are suing a Baltimore cardiologist and St. Joseph Medical Center in Towson, Maryland, claiming the doctor inserted stents in patients who did not need them, The New York Times reported.

According to the newspaper, the patients allege Dr. Mark Midei benefited from high reimbursements from Medicare and private insurance. The Senate Finance Committee has been investigating Midei since February after The Baltimore Sun did a story on the doctor.

- By Jack Simony

Thursday, December 2, 2010

National Banks Lean on Feds During Crisis

By Jack Simony

Large U.S. banks such as Goldman Sachs and Citigroup repeatedly asked the Federal reserve for help during their financial crisis, according to recently released documents, Reuters reported.

Morgan Stanley, Merrill Lunch and Citigroup, all now part of Bank of America, were the biggest recipients when it came to the Fed's emergency lending programs.

"It appears the investment banks clearly needed the money," Lawrence Glazer, managing director at Mayflower Advisors in Boston, told Reuters. 
-By Jack Simony

Central Bank in Europe Will Keep Up Lending During Crisis

By Jack Simony

The European Central Bank will extend it's extraordinary support to banks for an additional three months to relieve some of the pressures in financial markets there, the New York Times reported Thursday.

Some investors were disappointed by the move, because they hopped for a stronger display of resolve to rally faith behind the euro.

- By Jack Simony