Sunday, October 5, 2008

Fannie Mae, a housing mortgage lender, has forgiven the mortgage debt of Addie Polk, a 90-year-old woman from Akron, Ohio who attempted to kill herself when she was being evicted from her home on Wednesday.

Polk had lived in her home since 1970, and refinanced her mortgage numerous times since 1997 when she first got a loan taken out against her home. When authorities tried to evict her, she shot herself once in the chest. Fannie Mae took over Polk’s home in 2007 after the loan company filed for foreclosure. One report from Reuters states that authorities tried to evict Polk more than 30 other times in the past.

“Just given the circumstances, we think it’s appropriate,” said Brian Faith, a spokesman for Fannie Mae who also said that the incident was almost immediately “on [their] radar screen”.

Polk is currently undergoing treatment at Akron General Medical Center and is expected to make a full recovery. She can return to her home as soon as she recovers from her injuries.

Polk was recognized on Friday when Dennis Kucinich, who is a democratic representative for Ohio, spoke of her incident during debates on a 700 billion USD bailout bill that the United States House of Representatives passed on Friday. He states that the bill does not focus on people in situations like Polk.

“This bill does nothing for the Addie Polks of the world. This bill fails to address the fact that millions of homeowners are facing foreclosure, are facing the loss of their home. This bill will take care of Wall Street, and the market may go up for a few days, but democracy is going downhill,” said Kucinich on Friday.

Thursday, May 7, 2009

Penske Automotive Group, Inc., an Ohio-based investment group and Telesto Ventures have indicated separately that they are interested in purchasing the Saturn auto brand from General Motors (GM).

According to The Wall Street Journal, Nissan-Renault is interested in purchasing Saturn. Bloomberg, however, indicated that Nissan-Renault may be a partner of Penske’s potential bid. If Penske acquired the brand, they would distribute Saturn vehicles and outsource the assembly.

GM revealed that the Saturn brand along with Saab and Hummer were up for sale when unveiling their restructuring plans to Congress for governmental loans. While the Pontiac brand was originally to be a niche brand, GM had changed their plans recently and decided to eliminate the brand.

Telesto Ventures is an investment group that includes private equity firm Black Oak Partners LLC of Oklahoma City and several Saturn dealerships. Initially, Telesto will purchase Saturn branded cars from GM then act as a general retailer for foreign brands. Telesto is in talks with several foreign manufacturers.

The Ohio group includes many former senior auto company managers plus private financial backers, chemists and engineers who live in Michigan, Ohio, Indiana and Florida. This group plans to initially purchase cars from GM then purchase existing but closed plants due to automaker restructuring. Additionally, one of the partners indicated a willingness to accept some “legacy” cost in relation to the United Auto Workers. The Ohio group is also pursuing possible loans or other support from national and state governments.

GM is reviewing several offers for Saturn. GM has contracted with S.J. Girsky & Co. to advise them on the sale.

Thursday, January 4, 2007

Bicycle sales in Australia have recorded record sales of 1,273,781 units for 2006, exceeding car sales by 32 percent. It is the fifth year in a row that the bicycle industry has sold more than one million units, a figure yet to be realised by car manufacturers.

The Cycling Promotion Fund (CPF) spokesman Ian Christie said Australians were increasingly using bicycles as an alternative to cars. Sales rose nine percent in 2006 while the car market stalled. Mr Christie said people were looking to cut their fuel costs and improve their fitness.

Mr Christie said organisations were beginning to supply bicycles as a company vehicle. “There is an emerging trend towards people using bikes as their official company-supplied vehicle in place of the traditional company car,” he said.

“Some of Australia’s biggest corporations now have bicycle fleets, and when you add in government organisations, we now know of at least 50 organisations which operate fleets of bikes.”

“Although the company bicycle is a long way from taking over from the company car, it’s an important trend when you consider that nearly half of all cars sold are to company fleets.”

The CPF claims most commutes to work are less than 5 kilometres (3 miles) making bicycle travel a viable alternative.

Thursday, May 25, 2006

The U.S. 9th Circuit Court of Appeals on Tuesday ruled that Honolulu’s ban on aerial advertising is constitutional and rejected the arguments of a pro-life/anti-abortion group that contended that the ban restricts free speech.

In a unanimous ruling, the court ruled that the city’s ban on aerial advertising is not preempted by federal law and violates neither the free speech provisions of the First Amendment nor the equal protection clause of the Fourteenth Amendment. Writing for the court, Judge Margaret McKeown wrote that “Honolulu’s airspace is a nonpublic forum, and the Ordinance is reasonable, viewpoint neutral, and rationally related to legitimate governmental interests.” (“Nonpublic forum” is defined as a place that is not traditionally or explicitly opened to free expression.)

The Center for Bioethical Reform (CBR) challenged Honolulu’s ban, claiming that the ban infringes on their right to public advocacy. The group planned to fly a plane towing a 100-foot banner showing graphic images of aborted fetuses, and contended that authorization they sought and received from the Federal Aviation Administration authorized the group to fly in all fifty states and Puerto Rico.

The CBR has driven vans with such images around Honolulu in the past few years.

Judge David Ezra, U.S. District Judge for Hawaii, ruled in November 2004 that the ordinance was constitutional. The appeal was argued before the 9th Circuit in Honolulu in November 2005.

Announcing their intent to appeal to the U.S. Supreme Court, Gregg Cunningham, executive director of the CBR, said, “We never expected to get justice in the U.S. District Courts or in Honolulu. Our goal has always been to get to the U.S. Supreme Court. It’s the only place we feel we’ll get a fair hearing.

“If the environmental groups and political leftists who are trying to suppress the truth about abortion think we’re going to go away because we lost two cases that we fully expected to lose, they’re in for a rude awakening,” Cunningham said.

Hawaii has had a statewide prohibition on billboards and similar forms of advertising since 1927, and is unique among U.S. states in this regard. In addition, since 1957, Honolulu has had a comprehensive law regulating the size and content of signs. Honolulu’s ban on all aerial advertising was enacted in 1978.

Honolulu Mayor Mufi Hannemann praised the decision, saying, “This obviously has strong implications for our visitor industry to know that when people come here they’re going to see things here that really make for an island paradise type of vacation. This is great news for us.”

Mary Steiner, head of the Outdoor Circle, an environmental group that supports the ban, said, “We have never doubted for a moment the importance of the scenic environment that it is just as important as any of the rest of the environmental issues that are out there. We’re not going to stand by and let it be destroyed in any way, shape or form.”

Thursday, May 7, 2009

Penske Automotive Group, Inc., an Ohio-based investment group and Telesto Ventures have indicated separately that they are interested in purchasing the Saturn auto brand from General Motors (GM).

According to The Wall Street Journal, Nissan-Renault is interested in purchasing Saturn. Bloomberg, however, indicated that Nissan-Renault may be a partner of Penske’s potential bid. If Penske acquired the brand, they would distribute Saturn vehicles and outsource the assembly.

GM revealed that the Saturn brand along with Saab and Hummer were up for sale when unveiling their restructuring plans to Congress for governmental loans. While the Pontiac brand was originally to be a niche brand, GM had changed their plans recently and decided to eliminate the brand.

Telesto Ventures is an investment group that includes private equity firm Black Oak Partners LLC of Oklahoma City and several Saturn dealerships. Initially, Telesto will purchase Saturn branded cars from GM then act as a general retailer for foreign brands. Telesto is in talks with several foreign manufacturers.

The Ohio group includes many former senior auto company managers plus private financial backers, chemists and engineers who live in Michigan, Ohio, Indiana and Florida. This group plans to initially purchase cars from GM then purchase existing but closed plants due to automaker restructuring. Additionally, one of the partners indicated a willingness to accept some “legacy” cost in relation to the United Auto Workers. The Ohio group is also pursuing possible loans or other support from national and state governments.

GM is reviewing several offers for Saturn. GM has contracted with S.J. Girsky & Co. to advise them on the sale.

Friday, February 9, 2007

Ford Motor Company CEO Alan Mulally has reported that Ford will rename the Ford Five Hundred to the Taurus for the 2008 model year, when a facelifted model is expected to be launched to improve the lackluster sales of the outgoing model. Mulally says that Ford’s decision to name all their cars with the letter F was a lackluster move, and makes their names easily forgettable. As a result, Mulally plans on reviving many respected Ford nameplates, the Taurus being one of them, and the Falcon possibly in the future.

The Ford Taurus was originally introduced in 1986, and was a revolutionary car that rewrote the rules for creating a sedan, and pushed the other American automakers to follow suit, leading to a design revolution that completely rid Detroit of the “boxy” cars of the 70s and 80s. The Taurus survived for four generations, selling over 7,500,000 units. The Taurus was discontinued in October 2006, after a brief run of 2007 models destined for fleet customers.

“How can it go away?” Alan Mulally remembered asking, “It’s the best-selling car in America.”

While it is not expected for the name change to turn the Five Hundred into a 400,000 plus units a year blockbuster like the Taurus, it is expected to make sales more solid, and to make the car well known, since the Taurus is a well known nameplate around the country.

Saturday, September 17, 2005

A story about a man carrying over 30,000 (sometimes reported as 40,000) volts of static electricity in his body, allegedly generated by a wool sweater and nylon jacket combination, is circulating through major news outlets. The story, carried first by the Warrnambool Standard, says that the man, Frank Clewer, a 58-year old cleaner from Dennington, involuntarily created a scene by causing fire departments to evacuate three buildings where he had left his mark, before he realized he was causing the burn marks on carpets and allowed the fire department to help him.

The story has been picked up by The Register, Guardian, BBC, USA Today, Reuters, local agencies of ABC, the San Francisco Chronicle, and other news outlets.

Several unanswered objections mark the story as a possible hoax:

• Clewer enters and exits his car several times in the story — if he opened the car by touching its presumably metal lock, he would surely release some electricity into the car through his hand; everyone has at some point experienced the painful shock of touching a door handle or car keys to a lock. Though the car might not be grounded, it would still be at a lower potential and thus energy would be transferred. This would be noticeable; the story does not comment that Clewer understood what was happening to him.
• Firefighters supposedly “used a device to check static electricity on him and his belongings.” While firefighters would be likely to carry a high-voltage multimeter around to measure the current and voltage ratings of downed power lines, it is unlikely that the same device could measure such a large voltage resulting from a very small amount of static energy without de-electrifying it.
• For such a large voltage to be stored, humidity would have to have been extremely low on that day for the air around him not to ionize and source current, removing the static energy.
• If he was carrying such a large voltage, his hair would probably have stood on end, as this is a notable effect when one touches a Van de Graaf generator. Note: It is uncertain at what voltage this effect begins, and since Van de Graaf machines routinely exceed Megavolts of electric potential, this may not be a verifiable objection.
• This statement: “Firefighters took possession of Clewer’s jacket and stored it in the courtyard of the fire station, where it continued to give off a strong electrical current.” (Reuters UK) First, there is no reason they would need to take possession of the jacket — the static electricity could be dealt with by simply dumping water on it. Second, the jacket could not “give off” an electric current without some continuous source of energy, which, in storage, is impossible. It is possible that the jacket could hold a voltage, but the effects of this would not be visible — if they were, they would be short-lived as the jacket would lose its static energy. In any event, the current would be miniscule.
• The amount of energy stored on Clewer’s person and possessions could not have been more than a few Joules; this is unlikely to have burned carpet.

The equation for stored energy in capacitors is:

Where U = energy, C = capacitance, and V = voltage. A human body by itself typically has a capacitance of around 250 pF, which would mean a voltage of 30,000 V would produce energy of 0.11 joules. Even if Clewer’s possessions resulted in a parallel capacitance of 1 microfarad, this would still only result in an energy storage of 450 J. This amount of energy would be insufficient to burn carpet or char plastic, although a spark could ignite flammable vapor or gas.

Tuesday, July 12, 2005

The Italian Cultural Institute in Barcelona was damaged today by an explosion. One Spanish policeman was injured and his bomb-sniffing dog killed. Staff at the Institute discovered a suspicious object and called police. Police then arrived with a bomb squad and bomb-sniffing dogs.

The explosion, described as small by Italian Embassy spokesman Filip La Rosa, occurred while police were investigating the object. Franco Giordano, Italian consul in Barcelona, described the home-made bomb as a coffee maker (a macchinetta di caffè) with cables.

The Italian Cultural Institute is located at the passatge Méndez Vigo, in the Eixample district of the Catalan capital. Italian language courses were suspended for the day.