Tuesday, January 31, 2012

Michigan Non-Compete Basics

We live in a extremely contentious world where extremely paid executives and enterprise persons gain access to corporate trade facts and knowledge, customer lists and other possession information. Unlike prior times, these executives and other employees are extremely mobile, provocative between associates and jobs, even between competitors. Michigan courts and the Michigan legislature ave recently tried to deal with the realities of our 21rst century marketplace in dealing with the enforceability of non-compete agreements.

In Michigan, the validity of non-compete agreements is governed by section 4a of the Michigan Antitrust Reform Act, a statute passed by the Legislature in 1987, as well as the many cases interpreting that statute. Together, the statute and the case law set forth the parameters defining those agreements that are enforceable and those that are not. The statute seeks to attack a compromise between the protection of an employer’s contentious enterprise interests and an employee’s right to earn a living. As such, courts interpreting non-compete agreements focus their analysis in four areas:

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The deal must safe a company’s cheap contentious enterprise interest. Among the factors in determining whether the deal protects a cheap contentious enterprise interest are the employee’s position in the company, compensation paid to that worker and the level and amount of exact contentious facts acquired during employment, which may include such areas as trade secrets or extra training conferred on the employee.The deal must be cheap as to the distance of time the worker is prohibited from working in the line of business. Again, each case is 'fact sepcific' and numerous factors are analyzed in conclude what is a cheap distance fort non-compete contract.The deal must be cheap as to the geographic area the employer seeks to prevent the worker from working in. While the employee’s immediate area of employment would most likely be upheld as a cheap territorial restriction, wider restrictions require a greater showing that the deal seeks to safe the employer’s cheap contentious enterprise interest. The agreement’s restrictions on the type of employment or line of enterprise must be reasonable. Courts will look less conveniently on deliberately vague, over-reaching or “blanket” agreements.
Enforcement of Non-Compete Contracts Michigan courts have enforced and will inflict well-drafted agreements on a case-by-case basis, with remedies that include the issuing of restraining orders or injunctions and the awarding of monetary damages. It is foremost to note that even if one condition of a non-compete deal is deemed unenforceable, the remainder of the deal may be valid and enforceable. Businesses of all types, especially those with multi-state operations, must understand that the rules for non-compete agreements vary from state to state. What’s enforceable in Michigan may not be in one of our neighbor states. Moreover, employers should not delay in acting on known breaches of a non-compete agreement. The longer an employer delays between the discovery of unlawful competition and chase of a legal remedy, the weaker becomes the employer’s invite for injunctive relief.

Michigan Non-Compete Basics

Like any contract, non-compete agreements define the expectations of each party and are branch to negotiations, depending upon the bargaining vigor of the parties. Employers should have legal counsel help draft these agreements to ensure that they meet the employer’s expectations and are enforceable. Employees, on the other hand, should recapitulate such agreements determined to ensure that they understand the restrictions on time to come employment should they ever leave the company.

Also, be sure to remind those leaving your enterprise of their legal obligations during any exit interview. In this way, employers will attack a favorable, yet serious enterprise tone, while best ensuring that any non-compete deal can be enforced, should the need arise. I threat letter for any alleged violation is normally the first step to ensure the parties abide by non-compete terms and avoid litigation.

Michigan Non-Compete Basics

Monday, January 30, 2012

Weekly Address: Health Care Reform Cannot Wait

Weekly Address: Health Care Reform Cannot Wait Video Clips. Duration : 6.35 Mins.

The President calls on Congress to seize this opportunity one that may not come again for decades and finally pass health care reform: Its about every family unable to keep up with soaring out of pocket costs and premiums rising three times faster than wages. Every worker afraid of losing health insurance if they lose their job, or change jobs. Everyone whos worried that they may not be able to get insurance or change insurance if someone in their family has a pre-existing condition July 18, 2009. (Public Domain)

Tags: President Barack Obama, Health Care Reform, White House, Deficit, Neutral, Deficits, Weekly Address, Delay

Sunday, January 29, 2012

Great Expectations: Health Reform and the Obama Administration

Great Expectations: Health Reform and the Obama Administration Video Clips. Duration : 46.48 Mins.

What we can hope for and expect from the Obama regime's new health care reforms.

Tags: Obama, health, reform, medicine, public, great, expectations, university, wisconsin, madison, school

Saturday, January 28, 2012

Health Reform

Health Reform Video Clips. Duration : 1.50 Mins.

In less than 90 seconds the new video highlights the upside-down priorities of Oregons Medicaid system. Lobbying groups have used the political process to push health reform for special-interest causes like substance abuse and weight loss treatment ahead of treatments for some kinds of cancer on the priority list.

Tags: Health, Reform, Obamacare, Obama, Care, Bill

Friday, January 27, 2012

Protesters' Molotov cocktails vs police tear gas in Romania

Protesters' Molotov cocktails vs police tear gas in Romania Video Clips. Duration : 1.12 Mins.

Romanian police fired tear gas and protesters responded with stones and Molotov cocktails during an anti-government protest on Saturday in Bucharest. An unauthorized rally has been staged against proposed health care reforms. More than 1000 protesters rallied in Bucharest's main University Square, blocking traffic, Associated Press reports. Protesters yelled anti-government slogans and called for early elections. They have been waving a Romanian flag with a ripped out center, symbolizing the 1989 anti-communist revolution. Seven hours later they still refused to leave and clashed with riot police, who then used tear gas. As a result nine people have been injured, among them a TV journalist, who has been injured by a stone thrown by a protester, said local authorities. One police officer sustained head injuries after he was hit by stones. Police detained 29 people, including soccer hooligans with a previous police record for acts of violence and for disturbing public order. This was the fourth consecutive day of demonstrations in Romania and the second in the capital against austerity cuts and falling living standards.

Keywords: Protesters, Molotov cocktails, police, tear gas, Romania, University Square, Bucharest'

Thursday, January 26, 2012

CNN - 'We will do it this year'

CNN - 'We will do it this year' Video Clips. Duration : 1.52 Mins.

President Obama vows health care reforms that "lower costs and promote choice" by the end of the year.

Keywords: CNN, President, Barack, Obama, We, will, do, it, this, year, health, care, plan, reform, lower, costs, promote, choice

Wednesday, January 25, 2012

Mike Murphy talks about the Health Care reforms

Mike Murphy talks about the Health Care reforms Tube. Duration : 1.23 Mins.

Attorney General and Minister of Justice and Consumer Affairs (MLA Moncton North) Hon. Mike Murphy QC reflects on the massive reform carried out under his tenure as Minister of Health.

Tags: NB, New Brunswick, Mike Murphy, Moncton, Moncton North, Health Care, GNB

Tuesday, January 24, 2012



Yesterday, Americans came to the peoples house to voice our dissent of Speaker Pelosis costly, 1990-page government takeover. They told Washington that no politician or bureaucrat should interfere with their choice.

Keywords: Pelosi, Neugebauer, Health Care

Sunday, January 22, 2012

Disadvantages of Electronic health Records ideas

Electronic health report principles is assuredly a good way to do store patient's medical health records. It allows for definite report keeping, increased level of healthcare and a allowance in malpractice guarnatee premiums. It involves doing away with the pen and paper principles of holding medical records and embracing the digitalizing of all information. Like every new thing, convert is not all the time welcome. A few physicians are stuck in their ways and are not embracing this new principles without a fight.

The good news is that you can work nearby disadvantages to turn them into distinct territory or find a replacement. Some of the disadvantages include:-

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Privacy protection
There will all the time been privacy issues in the healthcare principles on who has entrance to your medical records. With a pen and paper system, with the corporal file placed at a singular institution there is a limit to who can see your records. Even if there was a protection breach and your facts is not secured, it is only available to habitancy in that proximity.

Disadvantages of Electronic health Records ideas

But in a situation where your facts is sent to a centralized facts repository in digital format, all bets are off. This privacy concern is a big issue with many habitancy and will continue to be an issue until it is addressed for good.

Medical records synchronization
Until recently with centralized facts repositories, individuals being treated at separate facilities could not have their facts updated at the same time which could lead to healthcare providers not having updated facts when they become available. However, with centralized repositories this qoute has been solved, but it has given rise to the above mentioned issue of data protection and protection.

High start up cost
There is a high start up cost when transforming a pen and paper principles to Ehr. Some physicians do not see any immediate advantage to their institution in the short run and drag their feet in implementing Ehr.

Legal issues
Taking the healthcare commerce to court has in the past few decades been a lucrative venture for attorneys trying to right the wrong done to a patient, either by omission or commission.

Doctors are already practicing defensive treatment and electronic health report principles brings a new possible avenue for litigation and earnings stream for lawyers. With a new system, anything can go wrong, the principles could fail or the stored data stolen. Improper uses of collected facts are all possible avenues for a law suit.

Gradually, electronic health report principles is gaining traction. More and more doctors are embracing it, and depending on the part of the country you are looking at, conversion could be as high as 40%. With government involvement and the whole of resources it is investing, the time will come when digital medical report holding will be the norm.

Disadvantages of Electronic health Records ideas

Saturday, January 21, 2012

Health Care and the Recession, Part 1

Health Care and the Recession, Part 1 Video Clips. Duration : 9.58 Mins.

The unemployment rate is climbing, the ranks of the uninsured are growing rapidly, and health care provider organizations are feeling the squeeze. What help can the federal government offer as part of the economic stimulus package? What will the increasing pressure mean for proposed health care reforms? And is there any silver lining in the clouds for the future of the US health care system? In a roundtable discussion, experts in health policy, economics, and health care delivery explore the current and likely effects of the recession on US health care and the prospects for systemic change.

Keywords: Thomas Lee, James Mongan, Jonathan Oberlander, Meredith Rosenthal, health care reform, health care coverage, health care economics

Friday, January 20, 2012

What is the Total Unfunded Liability of the Us Government?

One of the top political topics of 2009 was the condition care reform plan which is still being worked on by Congress. Because of the vociferous debate about the plan, Us citizens have probably come to be much more knowledgeable about the amount of debt that the Us government owes. A great deal of that debt is held by countries such as China and that fact too has captured the public's attention.

But, there is an additional one type of debt that isn't talked about as frequently. I am referring to what is called unfunded liabilities. In essence, the Us government has made promises to pay monies today and in the hereafter to it's citizens. We are talking about collective safety and Medicare.

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The government raises funds for these expenditures from discrete taxes and then uses the money to fund the program. These programs are carefully unfunded liabilities because, projecting out in the future, the revenues from the taxes will not be able to fund the projected expenditures. The numbers are honestly quite staggering. The collective safety unfunded liability is projected to be 17.5 trillion dollars.

What is the Total Unfunded Liability of the Us Government?

The Medicare unfunded liability is honestly projected to be much higher. Medicare honestly has parts A, B, and D, Part A funds hospital care. Part B funds healing visits, and part D funds prescribe drugs. The part A unfunded liability is estimated at 36 trillion dollars, part B at 37 trillion dollars, and part D at 15 trillion dollars.

The total amount of the unfunded liability comes out to just over 100 trillion dollars, or practically , 000 for every man, woman, and child in the country. And since the underground net worth of all Americans together is estimated at just over trillion dollars by the Federal Reserve, you can see the problem.

The guess that many are concerned is that the only 2 ways to rectify the situation is whether to markedly raise taxes or cut the promised benefits. Since, most analysts feel that it is politically very difficult to cut promised benefits, most foresee important tax raises in the future. There are some analysts who are much more sanguine about the problem arguing that there are so many assumptions built into these analyses that they could be significantly inaccurate.

What is the Total Unfunded Liability of the Us Government?

Thursday, January 19, 2012

Obama promises job growth in State of the Union address

Obama promises job growth in State of the Union address Video Clips. Duration : 2.43 Mins.

Expert analysis of President Obama's State of the Union address in 2010.

Keywords: state, of, the, union, analysis, spending, deficit, unemployment, health, care, reforms, environment, 2010, climate, change, job, growth, economy, financial, crisis

Wednesday, January 18, 2012

What Exactly is President Obama's prestige Card Debt Relief Program? Get Your Debts Erased Now

This article has been written to familiarize you of President Obama's reputation card debt relief plan. There has been a lot of misconception about this plan and we hope to dissolve and clear up any questions that those in greatest debt have. In the beginnings of 2009, when our President was elected. Obama put forth what has been called "President Obama's reputation card debt relief plan". Now, this plan is not a safe haven for all debtors, but it does give debtors the potential to erase 50-60% of their reputation debt and even more. Sometimes this can be up to 70% the Obama reputation card debt relief program.

Why is this possible? The write back is two fold: First, billions of dollars of funding has been put into the American economy to help with our situation. Our President promised a major convert to the Us and this bill was one of the first things he did to help those who are trapped in debt. Secondly, with President Obama's reputation card debt relief program, many creditors have been so called "bailed out" because of stimulus money.

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What does this mean and how does President Obama's reputation card debt agenda advantage you as a consumer?

What Exactly is President Obama's prestige Card Debt Relief Program? Get Your Debts Erased Now

1. If you have over ,000 in unsecured debt, it can be erased by up to 60% and sometimes more.
2. You reputation score will not be negatively affected by having to file bankruptcy
3. It gives you a opportunity to breath financially as you are able to work with clubs that work within President Obama's reputation card debt relief program.

Now, saying all of this, many times clubs will help you once, so this means that after you debts are erased, it is important to get into a ideas where you only charge in emergency situations. Also, practically every business will talk with you for free to see exactly how much you can get erased.

What Exactly is President Obama's prestige Card Debt Relief Program? Get Your Debts Erased Now

Tuesday, January 17, 2012

Romania protests: PM Emil Boc calls for dialogue 2012

Romania protests: PM Emil Boc calls for dialogue 2012 Video Clips. Duration : 3.87 Mins.

Romanian Prime Minister Emil Boc has called for dialogue and an end to violence after four days of protests against austerity cuts. Dozens of people were hurt on Sunday, as demonstrators and riot police clashed for a second day running in the capital Bucharest. The rallies began in support of an official who quit in protest against health care reforms. But they have grown into a broader hostility towards government policies. The alliance of opposition parties has called for early elections. Unlikely catalyst More than 1000 demonstrators rallied in University Square in the centre of Bucharest on Sunday, the scene of violence the night before. Demonstrators threw stones at riot police, who again responded by firing tear gas. A number of people were arrested, with officials saying that most of the trouble makers were young football fans. Peaceful protests were reported in a number of towns and cities across the country on Sunday, including Cluj, Timisoara, Brasov and Arad, as demonstrators called for the resignation of the government and of President Traian Basescu. Dozens of demonstrators were also said to have gathered in the centre of the capital on Monday. Raed Arafat. Photo: 2011 Raed Arafat resigned as deputy health minister last Tuesday The government called an emergency meeting after Sunday night's clashes. Speaking on Monday, Prime Minister Emil Boc expressed sympathy with those struggling under austerity measures. "The crisis has been harsher than we imagined," he ...

Keywords: 11

Monday, January 16, 2012

McCormick: The Voters Were Loud, Clear (TNReport.com)

McCormick: The Voters Were Loud, Clear (TNReport.com) Video Clips. Duration : 0.95 Mins.

Tennessee House Republican Leader Gerald McCormick, R-Chattanooga, says voters gave them a mandate to fight federal health care reforms favor by Democrats, and that's what they're going to do. For more, go to www.tnreport.com

Tags: Gerald mccormick, Republican, Tennessee, Government, Politics, Policy, News, obamacare, Health Care, Reform, Overhaul, Interview, tnreport, tnreporttv

Sunday, January 15, 2012

Walgreens, Cvs, and Rite Aid - What Re Investors Should Know in 2011

Walgreens, Cvs or Rite-Aid: Which Tenant Is Best in 2011?

There are 3 major drugstore chains in the Us: Walgreens, Cvs, and Rite Aid. Below are some key statistics about the 3 major drugstore chains as of July 2010:

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Walgreens ranks #1 with market cap of .33 Billion, .25 Billion in revenue, and S&P rating of A+. Agreeing to Walgreens, 75% Us people lives within 3 miles from its stores. On Oct 1, 2009, Walgreens opened its 7000-th store in Brooklyn, New York. In April 2010, it acquired 258 Duane Reade drug market in New York Metropolitan area. Cvs ranks #2 with market cap of .09 Billion, .1 Billion in income (Cvs income alone is less than Walgreens if income from its Caremark group is taken out), and S&P rating of Bbb+. Cvs opened its 7000-th store in little Canada, Minnesota on October 5, 2009 and currently operates 7025 drug stores.. Rite Aid ranks #3 with market cap of 9 Million, .53 Billion in revenue, 4780 drug market and S&P rating of B-.

Walgreens, Cvs, and Rite Aid - What Re Investors Should Know in 2011

Investors buy properties occupied by these drugstore chains for the following reasons:

The drugstore business is very recession-insensitive. people need medicine when they are sick, regardless of the state of the economy. Both rich and poor people in the Us have passage to medicine. Some even argue that low-income people use more medicine due to free or low-cost drugs offered by government-assisted programs. So the tenants should do well during tough time and have money to pay rent to landlords. The drugstore business has a good expectation in the Us: People are living longer and need more medicine to hold longevity, e.g. Actonel for osteoporosis, Aricept for Alzheimer's symptoms. Older people tend to use more medicine than younger ones as they often have more curative problems. As the 78 million baby boomers are getting closer to retiring age starting from 2008, the drugstore chains anticipate the inquire for medicine to growth in next 20 years. The drug market continues to progress as the Us people will continue to grow. More and more Americans suffer from assorted diseases. The estimate of Americans suffers from seasonal allergies doubled in the last 15 years to 37 million people per Fortune magazine. They spent .4 Billion in 2009 for allergy drugs. As their waist lines balloon (75% of Americans are forecasted to be whether overweight or obese by 2020), more Americans are diagnosed with diabetes, high cholesterol at younger and younger ages. In addition, doctors also recommend treating assorted diseases sooner than later due to good insight about the diseases. For example, doctors now designate antiretroviral drugs for patients soon after infected with Hiv virus instead of waiting for the infection to become Aids. More doctors integrate insulin with oral medicines to treat type-2 Diabetes instead of just oral medicines alone. All these factors growth the size of the drug market. Advance in genetic engineering has introduced assorted new genetic Dna testing kits which allow the genetic prognosis of vulnerabilities to inherited diseases and disorders. Genetic testing is currently the highest growth segment in the diagnostics industry. Some of these genetic tests will probably transform into direct-to-consumer testing kits available in drug market in the near future. Upon Fda approval, these new products will potentially bring in supplementary income for drug stores. The passage of health Care Reform Bill on March 23, 2010 provides guarnatee coverage to an estimated 33 million more American. This is a major present to the drugstore industry. There are new drugs to treat previously untreatable illnesses, and new diseases, e.g. Viagra for men's unhappiness, Zoloft for depression, Avastin for colon cancer, Herceptin for breast cancer, Nicotine patches for smokers to kick the habit, Tamiflu for a inherent bird flu pandemic, vaccine for swine (H1N1) flu pandemic, Tekturna/Rasilez for hypertension and assorted new drugs for Aids and concentration Deficit Disorder (Add). The new medicines are very expensive, e.g. A year's contribute of Avastin costs about ,000. Eli Lilly has sold about .8 billion of Zyprexa in 2007 for schizophrenia and yet most people have never heard of this medicine. There are existing drugs now approved to treat new illnesses and thus growth their sales revenue. For example, Lyrica was originally intended to treat pain caused by nerve damage in people with diabetes. It is now approved by Fda to treat Fibromyalgia which affects 5.8 million Americans per WebMd. Big advances in genetics, biology and stem cells investigate are predicted to furnish a new class of drugs to treat diabetes, Parkinson's and assorted rare genetic disorders. For example the new drug Ilaris from Novartis targets genetic causes of an inherited disorder that there are only 7000 known cases worldwide. However, Novartis hopes to gradually broaden its drugs to a blockbuster drug to more tasteless disorders caused by similar genetics. Technology and contemporary life introduce and wish new products, e.g. Pregnancy test kits, Lamisil for stronger clearer toe nails, Latisse for longer & thicker eyelashes, Premarin for menopausal symptoms, diabetic monitors, electronic toothbrushes, sense lenses, lenses cleaners, diet pills, vitamins, birth-control pills, Iuds, cusine supplements and Cholesterol-lowering pills (Americans spent nearly B in 2006 on Cholesterol medications alone per Ims Health, a Connecticut-based consulting business that monitors pharmaceutical sales.) There are also more surgeries: C-sections, Kidney transplants, open-heart triple by-pass, and breast augmentations. More surgeries mean more medicines are needed such as Vicodin for pain supervision and Warfarin to prevent blood clots in surgeries. Before the customers can get to the medicine aisles or pharmacy counters, they have to pass by chocolates, sodas, digital cameras, watches, toys, dolls, beers and wines, cosmetics, video games, flowers, fragrances, and greeting cards. Drug market hope you use the one-hour photos services and transfer your liquid propane tanks there. The market also carry seasonal items, e.g. Halloween costumes, and "As Seen on Tv" merchandise, e.g. Shamwow. As a result, customers buy more than their prescriptions and medicine in these drugstores. Rite Aid sells more 28,000 non-pharmacy items in its market while Walgreens has 22,000 distinct items on store shelves. Cvs reported that non-pharmacy sales represented 30% of the company's total sales in January of 2007. The outline for Walgreens is 34% and 37% for Rite Aid. Many pharmacy locations are in ensue convenience market especially ones that are in residential or rural areas. And so Walgreens hopes that customers also pick up Wd-44, and screw drivers at its market instead of at Home Depot; Thai Jasmine rice, and fish sauce to avoid a trip to Safeway or Kroger Supermarkets. during the recession, sales of these non-drug items are down as customers buy what they need and not what they want. Walgreens tries to sell out the estimate of items by 4000. It also introduces its own private label which has higher behalf margins. There are more and more generic medications on the market as a estimate of enormously beloved brand-name blockbusters will lose their 20-year long patents, e.g. Lipitor (best selling drug in the world to lower cholesterol) in 2010, Viagra (you know what it's for) in 2012. Drugstores prefer to sell generic drugs to customers due to higher behalf margins than the brand-name medications. Some people are addicted to pain killers, e.g. Hydrocodone and consume a large estimate of medicine, e.g. 30-day dosage in a day to get high. Agreeing to testimony from the National institute on Drug Abuse, Us retail pharmacies dispensed nearly 180 million prescriptions in 2007 for opiates, e.g. Hydrocodone. A high percentage of these prescriptions are probably not used for any legitimate curative purposes. This author estimates that at least 10% of the dispensed designate drugs are not used at all and sit idle in the medicine cabinets. They are eventually expired and thrown away. These companies sign very long-term, Nnn leases, guaranteed by their corporate assets. This makes the investment in the basal asset fairly low risk, especially for Walgreens with an A+ S&P rating. In fact, these properties are sometimes referred to as investment-grade properties. Once the drugstore chains sign the lease, they pay the rent right away and timely. This author is not aware of any properties leased by one of these drugstore chains in which the tenants failed to pay rents. Even when the market are terminated due to weak sales (Walgreens terminated 119 market in 2007), these companies may sublease the properties to other companies and continue to pay rents on the specialist leases. A typical Walgreens lease consists of 20-25 year primary term plus 8-10 five-year options. during primary term and options, there will be no rent increases in most of the leases. This is the main disadvantage of investing in Walgreens drugstores. A typical Cvs lease consists of 20-25 year primary term plus 4-5 five-year options. The rent is ordinarily flat during the primary term and then there is a 2.5%-10% rent growth in the in each 5-year option. A typical Rite Aid lease consists of 20-25 year primary term plus 4-8 five-year options. The lease often has a rent growth every 5-10 years.

Investment Risks: Although the pharmacy business in general is recession-insensitive, there are risks involved in your investment:

The main downside about investing in pharmacies is there is little or no rent bump for a long time, e.g. 20-50 years, especially for Walgreens. So the rent is effectively reduced after inflation is factored in. This is one of the main reasons these properties do not appeal to younger investors. The 3 drugstore chains now have a new formidable competitor, Wal-mart. Wal-mart sells designate drugs in more than 4000 Wal-mart, Sam's Club and Neighborhood market market in 49 states. The retail giant is known for launching in 2006 a highly-publicized generic designate drug program which now sells 350 generic medications for a 30-day supply. The actual estimate of medications is less as the medications with distinct strengths are counted as distinct medications. For example, Metformin 500 mg, 850 mg, and 1000 mg are counted as 3 medications. Wal-mart probably makes very little profits on these medications if any. However, the marketing campaign--created by Bill Simon, the President and Ceo of Wal-mart Us, generates a lot of publicity for Wal-mart. Wal-mart hopes to draw customers to its market with other prescriptions where it has higher behalf margins. In an unscientific study with just one brand-name designate of Lyrica, this author finds the lowest price at Costco, the highest price at Walgreens and Wal-mart at the middle. Other drug chains try to counter Wal-mart in distinct ways. Target now offers the same 350 generic medications for for a 30-day supply. Walgreens has a designate drugs club with membership fee which offers 1400 generic medications for as little as /week. Cvs says it will match any offers from its competitors. Chief business Correspondent Rick Newman from Us World & News record predicted that Rite Aid might not survive in 2009. While Rite Aid is still colse to in 2010, dire predictions continue. The study by Audit Integrity gave Rite Aid about a 10.5 percent opportunity of filing for bankruptcy in 2010. Drugs are also sold in thousands of supermarkets, Target stores, and Costco warehouses. However, there are no drive-thru windows at these market or Walmart to comfortably drop off the prescriptions and pick up medicines. Customers will not be able to pick up their prescriptions during lunch hour or after 7Pm at Target market or supermarkets. They need to have membership to buy medicines at Costco. Others may not fill their prescriptions at Walmart because they don't want to mingle with typical Walmart customers who are in lower income brackets. And some babyboomers don't want their prescriptions filled at Target or Walmart because there are no comfortable chairs for them to sit down to wait for their medicines. Many leases in areas with hurricanes and tornados are Nnn leases with the exception of roof and structure. So if the roof is damaged, you will have to pay for the expenses. The tenant may move to a new location down the road or across the road when the lease expires. This risk is high when the asset is located in small town where there is low barricade for entry, i.e. Lots of vacant & developable land. The tenant may ask for rent concession to improve its lowest line. The possibility is higher if the tenant is Rite Aid and if the store has low sales income and/or higher than market rent. More Americans are walking away from their prescriptions, especially the most costly brand-name medicines. This may have negative impact on the sales income and profits of drug market and consequently may cause drug store closures. Agreeing to Wolters Kluwer Pharma Solution, a health-care data company, nearly 1 in 10 new prescriptions for brand-name drugs were abandoned by people with commercial health plans in 2010. This is up 88% compared to 4 years ago just before the recession began. This trend is driven in part by higher and higher co-pays for brand name drugs as employers are shifting more guarnatee costs to their employees.

Among 3 drugstore chains, Walgreens and Cvs pharmacies in general have the best locations-at major intersections while Rite Aid has less than selected locations. Walgreens tends to hire only the top graduates from pharmacy schools while Rite Aid settles with lowest graduates to save costs. When inherent all drugstore chains try to fill the prescriptions with generic medications which have higher behalf margins

Walgreens: the business was founded in 1901 by Charles Walgreen, Sr. In Chicago. While the business has existed for more than 100 years, most market are only 5-10 years old. This is the best managed business among the three drugstore chains and also among the most admired social companies in the Us. The business has been run by executives with proven track records and hires the top graduates from universities. Due to its superior financial strength--S&P A+ rating-- and selected irreplaceable locations, properties with leases from Walgreens get the highest price per quadrate foot and/or the lowest cap rate among the 3 drugstore chains. In addition, Walgreens gets flat rent or very low rent growth for 20 to 60 years. The cap rate is often in the low 6% to 7.5% range in 2009. Investors who buy Walgreens tend to be more mature, i.e. Closer to retirement age. They are looking for a safe investment where it's more important to get the rent check than to get appreciation. They often compare the returns on their Walgreens investment with the lower returns from Us treasury bonds or Certificate of Deposits from banks. Walgreens opened many new market in 2008 and 2009 and thus you see many new Walgreens market for sale. It will slow down this expansion in 2010 and focus on renewal of existing market instead

Cvs: Cvs Corporation was founded in 1963 in Lowell, Ma by Stanley Goldstein, Sidney Goldstein, and Ralph Hoagland. The name Cvs stands for "Consumer Value Stores". As of 2009, Cvs has about 6300 market in the Us, mostly through acquisitions. In 2004, Cvs bought 1,200 Eckerd Drugstores mostly in Texas and Florida. In 2006, Cvs bought 700 Savon and Osco drugstores mostly in Southern California. And in 2008 Cvs acquired 521 Longs Drugs market in California, Hawaii, Nevada and Arizona for .9B dollars. The acquisition of Long Drugs appears to be a good one as it Cvs does not have any market in Northern Ca and Arizona. Besides, the price also included real estate. It is also bought Caremark, the largest pharmaceutical services business and changed the corporation name to Cvs Caremark. When Cvs bought 1,200 Eckerd stores, it formed a single-entity Llc (Limited Liability Company) to own each Eckerd store. Each Llc signs the lease with the asset owner. In the event of a default, the owner can only legally go after the assets of the Llc and not from any other Cvs-owned assets. Although the owner loses the guaranty safety from Cvs corporate assets, this author is not aware of any incident where Cvs closes a store and does not pay rent.

Rite-Aid: Rite Aid was founded by Alex Grass (he just passed away on Aug 27, 2009 at the age of 82) and opened its first store in 1962 as "Thrif D discount Center" in Scranton, Pennsylvania. It officially incorporated as Rite Aid Corporation and went social in 1968. By the time Alex Grass stepped down as the company's chairman and chief administrative officer in 1995, Rite Aid was the nation's largest drugstore chain in terms of total market and No. 2 in terms of revenue. His son, Martin Grass, took over but was ousted in 1999 for overstatement of Rite Aid's income in the late 1990s. Rite Aid is now the weakest financially among the 3 drugstore chains. In 2007, Rite-Aid acquired about 1,850 Brooks and Eckerd drugstores, mostly along the East coast to catch up with Walgreens and Cvs. In the process, it added a huge long term debt (currently owes over .69 Billion) and is the most leveraged drugstore chain based on its market value. The integration of Brooks and Eckerd did not seem to go well. income from some of these market went down as much as 20% after they change the sign to Rite Aid. In 2009, Rite-Aid had over 4900 market and over Billion in revenues. The figures went down in 2010 to 4780 market and .53 billion in revenue. On January 21, 2009 Moody's Investor Services downgraded Rite Aid from "Caa1" to "Caa2", eight notches below investment grade. Both ratings are "junk" which indicate very high reputation risk. Rite Aid contacted a estimate of its landlords in 2009 trying to get rent concession to improve the lowest line. In June 2009, Rite Aid successfully completed refinancing .9 Billion of its debts. However, it continues to struggle in 2010 as same store sales decreased 2.5% in June, 1.7% in May, 1% in April,.1% in March, 3.2% in February, and 2.1% in January..

Things to think when invested in a pharmacy

If you are interested in investing in a asset leased by drugstore chains, here are a few things you should consider:

If you want a low risk investment, go with Walgreens. In garage or growing areas, the degree of safety is the same whether the asset is in California where you get a 6% cap or Texas where you may get a 7.5% cap. So, there is no indispensable advantage to invest in properties in California as the asset value is based primarily on the cap rate. In 2010, the offered cap rate for Walgreens seems to come down from 7.5%-8.4% in 2009 to 6.5%-7.5% for new stores. If you are willing to take more risk, then go with Rite-Aid. Some properties covering of California may offer up to 10% cap rate in 2010. However, among the 3 drug chains, Rite Aid has 10.5% opportunity of going under in 2010. Should it utter bankruptcy, Rite Aid has the option to pick and select which locations to keep open and which locations to end the lease. To minimize the risk that the store is shuttered, select a location with strong sales and low rent to income ratio. Financing should be an important consideration. While the cap rate is lower for Walgreens than Rite Aid, you will be able to get the best rates and terms for Walgreens. A 7.25% cap Walgreens with 5.25% interest rate on the loan will generate more cash flow than a 10% cap Rite Aid with 9% interest rate (if you could find a lender for Rite Aid). If you are not a conservative investor or risk taker, you may want to think a Cvs pharmacy. It has Bbb+ S&P reputation rating. Its cap rate is higher than Walgreens but lower than Rite Aid. Some leases may offer good rent bumps. On the other hand, some Cvs leases, especially for properties in hurricane areas, e.g. Florida are not truly Nnn leases where landlords are responsible for the roof and structure. So make sure you adjust the cap rate down accordingly. Some of the Cvs locations have onsite Minuteclinic staffed by registered nurses. Since this clinic idea was introduced recently, it's not clear having a clinic inside Cvs is a plus or minus to the lowest line of the store. All 3 drugstore chains have similar requirements. They all want very visible, standalone, rectangular asset colse to 10,000 - 14,500 Sf on a 1.5 - 2 acre lot, preferably at a projection with about 75 - 80 parking spaces in a growing and high traffic location. They all wish the asset to have a drive-thru. Hence, you should avoid purchasing an inline property, i.e. Not standalone and asset with no drive-thru windows. There is a opportunity that these drugstores may not want to renew the lease unless the asset is located in a densely-populated area with no vacant land nearby. In addition, if you fetch a asset that does not meet the new requirements, for example a drive-thru, you may have a question getting financing as lenders are aware of these requirements. If the pharmacy is opened 24 hours a day, it is in a good location. Drugstore chains do not open the store 24 hours day unless the location draws customers. Many properties may have a percentage lease, i.e. The landlord can get supplementary rent when the store's each year income exceeds a definite figure, e.g. M. However, the income used to compute percentage rent often excludes a page-long list of items, e.g. Wine and sodas, tobacco products, items sold after 10 Pm, drugs paid by governmental programs. The excluded sales income could account for as much as 70% of store's gross revenue. As a result, this author has seen only 2 market in which the landlord is able to fetch supplementary percentage rent. The store with a percentage rent is required to record its monthly sales to the landlord. As an investors, you want to invest in a store with strong gross sales, e.g. Over 0 per quadrate foot a year. In addition, you also want to check the rent to income ratio. If the outline is in the 2-4% range, the store is likely to be very profitable so the opportunity the store is shut down is low. It does not matter how good the tenants are, avoid investing in declining and/or low-income areas or small towns with less than 30,000 residents within 5 miles ring. In a small town, it may be the only drug store in town and captures most of the market share. However, if a competitor opens a new location in the area, income may be severely affected. These properties are easy to buy now and hard to sell later. In 2009 where the reputation market is tight, you may have problems looking a lender to finance these properties. Many properties have an existing loan that the buyer must assume. If you have a 1031 exchange, think twice about buying this property. You should clearly understand loan assumption requirements of the lenders before spicy forward. Should you fail to assume the existing loan (assuming an existing loan is a lot more difficult than getting a new loan), you may run out of time for a 1031 transfer and may be liable to pay capital gain. With few exceptions, drugstore chains do not own the market they occupy for several reasons. Here are just a integrate of them: They know the pharmacy business but don't know real estate. Stock investors also don't want Walgreens to become a real estate investment company. Owning the real estate will wish them to carry lots of long term debts which is not a great idea for a publicly-traded company. About 10% of the drugstore properties for sale and typically Cvs pharmacies wish very small estimate of equity to acquire, e.g. 10% of the buy price. However, you are required to assume an existing fully-amortized loan with zero cash flow. That is, all of the rent paid by the tenant must be used to pay down the loan. The cap rate may be in the 7% range, and the interest rate on the loan could be spicy in the 5.5% to 6% range. Hence, the investor pays off the loan in 10 to 20 years. However, the investor has no definite cash flow. This requires you to come up with covering cash to pay income tax on the rental profits (the variation between the rent and mortgage interest). The longer you own the property, the more covering cash you will need to pay income taxes as the mortgage interest will get less and less toward the end. So who would buy this kind of property? The investors who have colossal losses from other properties. By acquiring this zero cash flow property, they may offset the income from the drugstore tenant against the losses from other investment properties. For example, a asset has 5,000 of rental profits a year, and the investor also has losses of 0,000 from other investment properties. As a result, the combined dutible profits are only ,000. The uninformed investors who fail to think that they have to raise supplementary cash to pay income taxes.

Out of the Box thinking If you put too much weigh on the S&P rating of the tenants, you may end up whether taking a lot of risks or passing up good opportunities.

Good location should be the key in your decision on which drug store to invest in. It's often said a lousy business should do well at a great location while the best tenant will fail at a lousy location. A Walgreens store that is terminated down later on (yes, Walgreens terminated 119 market in 2007) is still a bad investment even though Walgreens continues paying rent on time. So you don't want to blindly invest in a drug store simply because it hasa Walgreens sign on the building. No business is crazy sufficient to close a profitable location. It does not take a rocket scientist to understand that a financially-weak business like Rite Aid will make every effort to keep a profitable location open. On the other hand, a financially-strong Walgreens will need justifications to keep an unprofitable location open. So how do you settle if a drug store location is profitable or not if the tenant is not required to disclose its behalf & loss statement? The respond is you cannot. However, you can make an educated guess based on store's each year gross income is often reported to the landlord as required by the percentage clause in the lease. With the gross revenue, you can settle the rent to income ratio. The lower the ratio, the more likely the store is profitable. For example, if the each year base rent is 0,000 while the store's gross income is M then the rent to income ratio is 5%. As a rule of thumb, it's hard to make a behalf if this ratio is more than 8%. So if you see a Rite Aid with 3% rent to income ratio then you know it's likely a very profitable location. In the event Rite Aid declares bankruptcy, it will keep this location open and continue paying rent. If you see a Rite Aid drug store with 3% rent to income ratio offering 11% cap, chances are it's a low risk investment with good returns. The infirmity of corporate guaranty from Rite Aid is probably not as indispensable and the risk of having Rite Aid as a tenant is not nothing else but that significant. Drug market with new 25 years leases tend to sell at lower cap, e.g. 7-7.5% cap on new market versus 8.0-8.5% cap on established locations with 8-10 years remaining on the lease. This is because investors are afraid that the tenants may not renew the leases. Unfortunately, lenders also have the same fear! As a ensue many lenders will not finance drug market with 2-3 years left on the leases. The fact that drugstores with new leases have a selected on the price means they have inherent of 10% depreciation (buying new at 7.3% cap and selling at 8.3% cap when the leases have 10 year left). Some investors will not think investing in drug market with 5-10 years left on the lease. They might simply ignore the fact that the established market may be at irreplaceable locations with very strong sales. Tenants simply have no other choices other than renewing the lease.

Walgreens, Cvs, and Rite Aid - What Re Investors Should Know in 2011

Saturday, January 14, 2012

Top 10 Immediate Effects of Health Care Reform

Top 10 Immediate Effects of Health Care Reform Tube. Duration : 4.88 Mins.

We compiled a list of the top ten immediate reforms in the health care reform legislation. 10) The cut-off age for young adults to continue to be covered by their parents' health insurance rises to the age of 26. 9) Insurers must now reveal how much money is spent on overhead. 8) Chain restaurants will be required to provide a "nutrient content disclosure statement" alongside their items. Expect to see calories listed on both in-store and drive-through menus of fast-food restaurants sometime soon. 7) No more co-pays for checkups on new plans. 6) Lifetime caps on the amount of insurance an individual can have will be banned. 5) Seniors get rebate to fill the "donut-hole" in Medicare drug coverage, which severely limits prescription medication coverage expenditures over 00. 4) Immediate creation of high-risk pool to cover adults with pre-existing conditions. 3) Businesses with fewer than 50 employees will get tax credits covering up to 50% of employee premiums. 2) An end to denying coverage for pre-existing conditions (Immediately, children can't be denied. The ban on discriminating adults will take effect in 2014). 1) Insurance companies can no longer drop someone when he or she gets sick. A full list of the more immediate benefits: www.huffingtonpost.com Join The Daily Conversation on Facebook tinyurl.com Follow our Tweets for new videos twitter.com Background image can be found here: www.flickr.com With permission under creative commons license: creativecommons.org

Tags: thedailyconversation, TDC, Top, 10, Ten, Immediate, Effects, of, Health, Care, Reform, Congress, President, Obama, Republican, Democrat, Commentary, List, Talk, Show, News, Politics, USA, United, States, America, System, The, Daily, Conversation

Thursday, January 12, 2012

American SiCKO Adrian Campbell Montgomery Tells the White House Single Payer's the Answer

American SiCKO Adrian Campbell Montgomery Tells the White House Single Payer's the Answer Video Clips. Duration : 2.08 Mins.

www.wxyz.com DEARBORN, Mich. (WXYZ) - Participants at the first White House Regional Forum on Health Care Reform heard from many people who have horror stories about their health care. One participant was Adrian Campbell Montgomery. The young mother told the crowd about her battles with cancer. At 22 she was diagnosed with cervical cancer, but was denied a common treatment because she was too young. The surgery doctors wanted for her was only recommended was patients 26-years-old or older. Montgomery was able to recover, but 4 years later she is still in debt from the treatments. Montgomery, who has no health insurance, has also been diagnosed with ovarian cancer. She says the diagnoses alone has already put her another 000 in debt. Montgomery's wasn't the only story told at today's forum. A nurse told the crowd that while she is fully insured her son isn't covered. These White House forums are designed to help the President's staff prepare a health care reforms, with the idea to have a package ready for his signature by the fall. Today's event was hosted by Governor Jennifer Granholm and Wisconsin Governor Jim Doyle. Melody Barnes, President Barack Obama's Domestic Policy Council director, was there representing the White House. In addition to the forums, the White House has set up a website that you can send your story too. FLASHBACK -- Adrian Campbell Makes a Run for the Border in 'SiCKO': www.youtube.com Adrian Campbell runs for Livingston County Commissioner in ...

Tags: health, care, insurance, sicko, adrian, campbell, montgomery, mmflint

Wednesday, January 11, 2012

What's Really Behind the New Mammogram Rules?

What's Really Behind the New Mammogram Rules? Tube. Duration : 4.45 Mins.

Dr Bernardine Healy says it's what you are going to see with the new government health care reforms.

Keywords: Doctor, Bernard, Healy, Glenn, Beck, Mammogram, Fox, News, Health, Care, Reform, johnnydollar, 01

Tuesday, January 10, 2012

An Apology to Camille Labchuk

An Apology to Camille Labchuk Video Clips. Duration : 3.42 Mins.

Camille Labchuk was kind enough to respond to my questions regarding her platform. I had a couple more questions about her health care reforms and wanted to apologize for what I now realize was an unfair characterization of her health care proposals.

Keywords: Camile, Response, 2, 0, michaelfromcanada

Sunday, January 8, 2012

President Obama on Health Care Reform at the AMA

President Obama on Health Care Reform at the AMA Tube. Duration : 55.17 Mins.

The President gives his most extensive remarks to date detailing his vision for health care reform to the American Medical Association in Chicago. June 15, 2009. (Public domain)

Keywords: President, Barack, Obama, White, House, Health, Care, Reform, Doctors, American, Medical, Association, Chicago, whitehouse

Saturday, January 7, 2012



The Democratic Reforms Party (DRP) held its 3rd party congress yesterday with 126 party members in attendence. The event started with a video detailing the party's activities implemented since its creation . In line with the party's charter, the congress elected Asim Mollazade as its new chairman as well as members of its Political Council and Supervisory commission. In discussion on current issues, the attendees spoke about the party's duties and future projects. Several recommendations were discussed including to improve the party's local branches and create new regional branches. The attendees also discussed the need for making educational and health care reforms, increasing the number of youth styding abroad and involoving them in vocational trainings, increasing the presence of women in socio-political life, and improving soco-economic conditions for people with low income, families of the martyrs, veterans, and especially disabled veterans.


Friday, January 6, 2012

CNN Panel on Hitler and Obama's Health Care Reform

CNN Panel on Hitler and Obama's Health Care Reform Tube. Duration : 5.25 Mins.

A panel discussion on whether or not linking President Obama's policies to Adolf Hitler is simply rhetoric, or something more serious. The first thing David Frum points out is that Obama and Hitler do share a lot of things in common, and plugs a website called obamaisliterallyhitlet.com, which he calls "a funny website". "The nuttier you are, the more coverage you get," says Clarence Page. And Dana Bash says that such people linking Obama to Hitler lack "fundamental policy questions."

Tags: president, obama, adolf, hitler, swastika, i've, changed, mustache, hate, speech, hatred, heil, jew, oven, shame, of, you, defaced, painted, sign, david, scott, barney, frank, woman, support, policy, health, care, town, hall, meeting, panel, talk, news, politics, suzanne, malveaux, dana, bash, clarence, page, republican, democrat, liberal, conservative, socialism, fascism, ugly, angry, violence, references, fight, yell, fear, attack, comparison, rhetoric, germany, rush, limbaugh, nancy, pelosi, gop, funny, website

Thursday, January 5, 2012

Banking Fraud - arresting and control

Banking Fraud is posing threat to Indian Economy. Its vibrant supervene can be understood be the fact that in the year 2004 amount of Cyber Crime were 347 in India which rose to 481 in 2005 showing an increase of 38.5% while I.P.C. Class crime stood at 302 in 2005 along with 186 cases of cyber fraud and 68 cases cyber forgery. Thus it becomes very prominent that occurrence of such frauds should be minimized. More upsetting is the fact that such frauds are entering in Banking Sector as well.

In the present day, Global Scenario Banking law has acquired new dimensions. Banking did spread in India. Today, the banking law has entered into contentious markets in areas exterior resource mobilization, human resource development, buyer services and prestige supervision as well.

Health Care Reforms

Indian's banking law has any excellent achievements to its credit, the most striking of which is its reach. In fact, Indian banks are now spread out into the remotest areas of our country. Indian banking, which was operating in a highly comfortable and protected environment till the starting of 1990s, has been pushed into the choppy waters of intense competition.

Banking Fraud - arresting and control

A sound banking law should possess three basic characteristics to protect depositor's interest and collective faith. Theses are (i) a fraud free culture, (ii) a time tested Best institution Code, and (iii) an in house immediate grievance remedial system. All these conditions are their missing or highly weak in India. Section 5(b) of the Banking Regulation Act, 1949 defines banking... "Banking is the accepting for the purpose of lending or investment, deposits of money from the purpose of lending or investment, deposits of money from the public, repayable on inquire or otherwise and withdraw able by cheque, draft, order or otherwise." But if his money has fraudulently been drawn from the bank the latter is under precise obligation to pay the depositor. The bank therefore has to ensure at all times that the money of the depositors is not drawn fraudulently. Time has come when the safety aspects of the banks have to be dealt with on priority basis.

The banking law in our country has been taking care of all segments of our socio-economic set up. The article contains a argument on the rise of banking frauds and assorted methods that can be used to avoid such frauds. A bank fraud is a deliberate act of omission or commission by any man carried out in the course of banking transactions or in the books of accounts, resulting in wrongful gain to any man for a temporary duration or otherwise, with or without any monetary loss to the bank. The relevant provisions of Indian Penal Code, Criminal course Code, Indian ageement Act, and Negotiable Instruments Act relating to banking frauds has been cited in the present Article.

Evolution Of Banking law In India

Banking law occupies an prominent place in a nation's economy. A banking institution is needful in a contemporary society. It plays a pivotal role in economic development of a country and forms the core of the money store in an advanced country.

Banking industry in India has traversed a long way to assume its present stature. It has undergone a major structural transformation after the nationalization of 14 major commercial banks in 1969 and 6 more on 15 April 1980. The Indian banking law is unique and perhaps has no parallels in the banking history of any country in the world.

Reserve Bank Of India-Economic And collective Objective

The support Bank of India has an prominent role to play in the maintenance of the change value of the rupee in view of the close interdependence of international trade and national economic increase and well being. This aspect is of the wider responsibly of the central bank for the maintenance of economic and financial stability. For this the bank is entrusted with the custody and the supervision of country's international reserves; it acts also as the agent of the government in respect of India's membership of the international monetary fund. With economic development the bank also performs a variety of developmental and promotional functions which in the past were registered being exterior the normal purview of central banking. It also acts an prominent regulator.

Bank Frauds: concept And Dimensions

Banks are the engines that drive the operations in the financial sector, which is vital for the economy. With the nationalization of banks in 1969, they also have emerged as engines for collective change. After Independence, the banks have passed through three stages. They have moved from the character based lending to ideology based lending to today competitiveness based lending in the context of India's economic liberalization policies and the process of linking with the global economy.

While the operations of the bank have come to be increasingly needful banking frauds in banks are also expanding and fraudsters are becoming more and more sophisticated and ingenious. In a bid to keep pace with the changing times, the banking sector has diversified it enterprise manifold. And the old religious doctrine of class banking has been supplanted by mass banking. The challenge in supervision of collective accountability with economic viability has increased.

Definition Of Fraud

Fraud is defined as "any behavior by which one man intends to gain a dishonest benefit over another". In other words , fraud is an act or omission which is intended to cause wrongful gain to one man and wrongful loss to the other, either by way of concealment of facts or otherwise.

Fraud is defined u/s 421 of the Indian Penal Code and u/s 17 of the Indian ageement Act. Thus needful elements of frauds are:

1. There must be a representation and assertion;

2. It must retell to a fact;

3. It must be with the knowledge that it is false or without trust in its truth; and

4. It must induce an additional one to act upon the assertion in inquire or to do or not to do definite act.

Bank Frauds

Losses sustained by banks as a supervene of frauds exceed the losses due to robbery, dacoity, burglary and theft-all put together. Unauthorized prestige facilities are extended for illegal gratification such as case prestige allowed against pledge of goods, hypothecation of goods against bills or against book debts. Common modus operandi are, pledging of spurious goods, inletting the value of goods, hypothecating goods to more than one bank, fraudulent extraction of goods with the knowledge and connivance of in negligence of bank staff, pledging of goods belonging to a third party. Goods hypothecated to a bank are found to contain obsolete stocks packed in in the middle of goods stocks and case of shortage in weight is not uncommon.

An analysis made of cases brings out broadly the under mentioned four major elements responsible for the commission of frauds in banks.

1. Active involvement of the staff-both supervisor and clerical either independent of external elements or in connivance with outsiders.

2. Failure on the part of the bank staff to supervene meticulously laid down instructions and guidelines.

3. External elements perpetuating frauds on banks by forgeries or manipulations of cheques, drafts and other instruments.

4. There has been a growing collusion in the middle of business, top banks executives, civil servants and politicians in power to defraud the banks, by getting the rules bent, regulations flouted and banking norms thrown to the winds.

Frauds-Prevention And Detection

A close study of any fraud in bank reveals many Common basic features. There may have been negligence or dishonesty at some stage, on part of one or more of the bank employees. One of them may have colluded with the borrower. The bank official may have been putting up with the borrower's sharp practices for a personal gain. The allowable care which was anticipated of the staff, as custodians of banks interest may not have been taken. The bank's rules and procedures laid down in the hand-operated instructions and the circulars may not have been observed or may have been deliberately ignored.

Bank frauds are the failure of the banker. It does not mean that the external frauds do not defraud banks. But if the banker is upright and knows his job, the task of defrauder will come to be highly difficult, if not possible.

Detection of Frauds

Despite all care and vigilance there may still be some frauds, though their number, periodicity and intensity may be considerably reduced. The following course would be very helpful if taken into consideration:

1. All relevant data-papers, documents etc. Should be right away collected. Traditional vouchers or other papers forming the basis of the investigation should be kept under lock and key.

2. All persons in the bank who may be knowing something about the time, place a modus operandi of the fraud should be examined and their statements should be recorded.

3. The probable order of events should thereafter be reconstructed by the officer, in his own mind.

4. It is advisable to keep the central office informed about the fraud and additional developments in regard thereto.

Classification of Frauds and activity Required by Banks

The support Bank of India had set-up a high level committee in 1992 which was headed by Mr. A... Ghosh, the then Dy. Governor support Bank of India to inquire into assorted aspects relating to frauds malpractice in banks. The committee had noticed/observed three major causes for perpetration of fraud as given hereunder:

1. Laxity in observance of the laid down law and procedures by operational and supervising staff.

2. Over trust reposed in the clients who indulged in breach of trust.

3. Unscrupulous clients by taking advantages of the laxity in observance of established, time tested safeguards also committed frauds.

In order to have uniformity in reporting cases of frauds, Rbi determined the inquire of classification of bank frauds on the basis of the provisions of the Ipc.
Given below are the Provisions and their remedial measures that can be taken.

1. Cheating (Section 415, Ipc)

Remedial Measures.

The preventive measures in respect of the cheating can be concentrated on cross-checking concerning identity, genuineness, verification of particulars, etc. In respect of assorted instruments as well as persons involved in encashment or dealing with the property of the bank.

2. Criminal misappropriation of property (Section 403 Ipc).

Remedial Measure

Criminal misappropriation of property, guess the custody or control of funds or property, so subjected, with that of the man committing such frauds. Preventive measures, for this class of fraud should be taken at the level the custody or control of the funds or property of the bank generally vests. Such a quantum should be sufficient, it is extended to these persons who are really handling or having actual custody or control of the fund or movable properties of the bank.

3. Criminal breach of trust (Section 405, Ipc)

Remedial Measure

Care should be taken from the preliminary step when a man comes to the bank. Care needs to be taken at the time of recruitment in bank as well.

4. Forgery (Section 463, Ipc)

Remedial Measure

Both the stoppage and detection of frauds through forgery are prominent for a bank. Forgery of signatures is the most frequent fraud in banking business. The bank should take extra care when the instrument has been presented either bearer or order; in case a bank pays forged instrument he would be liable for the loss to the genuine costumer.

5. Falsification of accounts (Section 477A)

Remedial Measure

Proper diligence is required while filling of forms and accounts. The accounts should be rechecked on daily basis.

6. Theft (Section 378, Ipc)

Remedial Measures

Encashment of stolen' cheque can be prevented if the bank clearly specify the age, sex and two illustrated recognize activity marks on the body of the man traveler's cheques on the back of the cheque leaf. This will help the paying bank to really recognize the cheque holder. Theft from lockers and safe deposit vaults are not easy to commit because the master-key remains with the banker and the personel key of the locker is handed over to the costumer with due acknowledgement.

7. Criminal conspiracy (Section 120 A, Ipc)

In the case of State of Andhra Pradesh v. Ibs Prasad Rao and Other, the accused, who were clerks in a cooperative Central Bank were all convicted of the offences of cheating under Section 420 read along with Section 120 A. All the four accused had conspired together to defraud the bank by manufacture false inquire drafts and receipt vouchers.

8. Offences relating to currency notes and banks notes (Section 489 A-489E, Ipc)
These sections supply for the safety of currency-notes and bank notes from forgery. The offences under section are:

(a) Counterfeiting currency notes or banks.

(b) Selling, buying or using as genuine, forged or counterfeit currency notes or bank notes. Knowing the same to be forged or counterfeit.

(c) proprietary of forged or counterfeit currency notes or bank-notes, knowing or counterfeit and intending to use the same as genuine.

(d) manufacture or passing instruments or materials for forging or counterfeiting currency notes or banks.

(e) manufacture or using documents resembling currency-notes or bank notes.

Most of the above provisions are Cognizable Offences under Section 2(c) of the Code of Criminal Procedure, 1973.

Fraud Prone Areas In separate Accounts

The following are the inherent fraud prone areas in Banking Sector. In expanding to those areas I have also given kinds of fraud that are Common in these areas.

Savings Bank Accounts

The following are some of the examples being played in respect of savings bank accounts:

(a) Cheques bearing the forged signatures of depositors may be presented and paid.

(b) Specimen signatures of the depositors may be changed, particularly after the death of depositors,

(c) Dormant accounts may be operated by dishonest persons with or without collusion of bank employees, and

(d) Unauthorized withdrawals from customer's accounts by worker of the bank maintaining the savings ledger and later destruction of the modern vouchers by them.

Current list Fraud

The following types are likely to be committed in case of current accounts.

(a) occasion of frauds in the names of exiguous clubs or firms by unauthorized persons;

(b) Presentation and cost of cheques bearing forged signatures;

(c) Breach of trust by the employees of the clubs or firms possessing cheque leaves duly signed by the authorized signatures;

(d) Fraudulent alteration of the amount of the cheques and getting it paid either at the counter or though an additional one bank.

Frauds In Case Of Advances

Following types may be committed in respect of advances:

(a) Spurious gold ornaments may be pledged.

(b) Sub-standard goods may be pledged with the bank or their value may be shown at inflated figures.
(c) Same goods may be hypothecated in favour of separate banks.

Legal Regime To control Bank Frauds

Frauds constitute white-collar crime, committed by unscrupulous persons deftly benefit of loopholes existing in systems/procedures. The ideal situation is one there is no fraud, but taking ground realities of the nation's environment and human nature's fragility, an institution should always like to keep the overreach of frauds at the minimum occurrence level.

Following are the relevant sections relating to Bank Frauds

Indian Penal Code (45 of 1860)

(a) Section 23 "Wrongful gain".-

"Wrongful gain" is gain by unlawful means of property to which the man gaining is not legally entitled.

(b) "Wrongful loss"

"Wrongful loss" is the loss by unlawful means of property to which the man losing it is legally entitled.
(c) Gaining wrongfully.

Losing wrongfully-A man is said to gain wrongfully when such man retains wrongfully, as well as when such man acquires wrongfully. A man is said to lose wrongfully when such man is wrongfully kept out of any property, as well as when such man is wrongfully deprived of property.

(d) Section 24. "Dishonestly"

Whoever does anyone with the intention of causing wrongful gain to one man or wrongful loss to an additional one person, is said to do that thing "dishonestly".

(e) Section 28. "Counterfeit"

A man is said to "counterfeit" who causes one thing to look like an additional one thing, intending by means of that resemblance to institution deception, or knowing it to be likely that deception will thereby be practiced.

Breach Of Trust

1. Section 408- Criminal breach of trust by clerk or servant.

2. Section 409- Criminal breach of trust by collective servant, or by banker, merchant or agent.

3. Section 416- Cheating by personating

4. Section 419- Punishment for cheating by personation.

Offences Relating To Docments

1) Section 463-Forgery

2) Section 464 -Making a false document

3) Section 465- Punishment for forgery.

4) Section 467- Forgery of needful security, will, etc

5) Section 468- Forgery for purpose of cheating

6) Section 469- Forgery for purpose of harming reputation

7) Section 470- Forged document.

8) Section 471- Using as genuine a forged document

9) Section 477- Fraudulent cancellation, destruction, etc., of will, authority to adopt, or needful security.

10) Section 477A- Falsification of accounts.

The support Bank Of India Act, 1934

Issue of inquire bills and notes Section 31.

Provides that only Bank and except in case,granted by Central Government shall be authorized to draw, accept, make or issue any bill of exchange, hundi, promissory note or engagement for the cost of money payable to bearer on demand, or borrow, owe or take up any sum or sums of money on the bills, hundis or notes payable to bearer on inquire of any such person

The Negotiable Instruments Act, 1881

Holder's right to double of lost bill Section 45A.

1. The finder of lost bill or note acquires no title to it. The title remains with the true owner. He is entitled to recover from the true owner.

2. If the finder obtains cost on a lost bill or note in due course, the payee may be able to get a valid extraction for it. But the true owner can recover the money due on the instrument as damages from the finder.

Section 58

When an Instrument is obtained by unlawful means or for unlawful consideration no holder or indorse who claims through the man who found or so obtained the instrument is entitled to receive the amount due thereon from such maker, acceptor or holder, or from any party prior to such holder, unless such holder or indorse is, or some man through whom he claims was, a holder thereof in due course.

Section 85:

Cheque payable to order.

1. By this section, bankers are placed in privileged position. It provides that if an order cheque is indorsed by or on behalf of the payee, and the banker on whom it is drawn pays it in due course, the banker is discharged. He can debit his buyer with the amount so paid, though the endorsement of the payee might turn out to be a forgery.

2. The claim safety under this section the banker has to prove that the cost was a cost in due course, in good faith and without negligence.

Section 87. supervene of material alteration

Under this section any alteration made without the consent of party would be void. Alteration would be valid only if is made with Common intention of the party.

Section 138. Dishonour of cheque for insufficiency, etc., of funds in the account.

Where any cheque drawn by a man on an list maintained by him with a banker for cost of any amount of money to an additional one man from out of that list for the discharge, in whole or in part, of any debt or other liability, is returned by the bank unpaid. either because of the amount of money standing to the prestige of that list is insufficient to honour the cheque or that it exceeds the amount arranged to be paid from that list by an bargain made with that bank, such man shall be deemed to have committed an offence and shall, without prejudice.

Section 141(1) Offences by companies.

If the man committing an offence under Section 138 is a company, every man who, at the time the offence was committed, was in payment of, and was responsible to, the enterprise for the escort of the enterprise of the company, as well as the company, shall be deemed to be guilty of the offence and shall be liable to be proceeded against and punished accordingly.

Security Regime In Banking System

Security implies sense of safety and of free time from danger or anxiety. When a banker takes a collateral security, say in the form of gold or a title deed, against the money lent by him, he has a sense of safety and of free time from anxiety about the inherent non-payment of the loan by the borrower. These should be communicated to all strata of the society through approved means. Before staff managers should analyze current practices. safety course should be stated explicitly and agreed upon by each user in the definite environment. Such practices ensure data safety and enhance availability. Bank safety is essentially a defense against unforced attacks by thieves, dacoits and burglars.

Physical safety Measures-Concept

A large part of banks safety depends on collective safety measures. Corporeal safety measures can be defined as those definite and extra protective or defensive measures adopted to deter, detect, delay, defend and defeat or to perform any one or more of these functions against culpable acts, both covert and covert and acclamations natural events. The protective or defensive, measures adopted involve construction, premise and deployment of structures, equipment and persons respectively.

The following are few guidelines to check malpractices:

1. To rotate the cash work within the staff.

2. One man should not continue on the same seat for more than two months.

3. Daybook should not be written by the Cashier where an other man is available to the job

4. No cash seclusion should be allowed within passbook in case of seclusion by pay order.

5. The subject boss should ensure that all staff members have recorder their nearnessy in the attendance registrar, before starting work.

Execution of Documents

1. A bank officer must adopt a precise pro arrival in the doing of documents. The ink and the pen used for the doing must be maintained uniformly.

2. Bank documents should not be typed on a typewriter for execution. These should be invariably handwritten for execution.

3. The doing should always be done in the nearnessy of the officer responsible for regain them,
4. The borrowers should be asked to sign in full signatures in same style throughout the documents.

5. Unless there is a definite requirement in the document, it should not be got attested or witnessed as such attestation may convert the character of the instruments and the documents may subject to ad volrem stamp duty.

6. The paper on which the bank documents are made should be pilfer proof. It should be unique and available to the banks only.

7. The printing of the bank documents should have highly artistic intricate and involved graphics.

8. The documents executed in the middle of Banker and Borrowers must be kept in safe custody,

Changes In Legislations After Electronic Transactions

1. Section 91 of Ipc shall be amended to contain electronic documents also.

2. Section 92 of Indian Evidence Act, 1872 shall be amended to contain commuter based communications

3. Section 93 of Bankers Book Evidence Act, 1891 has been amended to give legal sanctity for books of list maintained in the electronic form by the banks.

4. Section 94 of the support Bank of India Act, 1939 shall be amended to facilitate electronic fund transfers in the middle of the financial institutions and the banks. A new clause (pp) has been inserted in Section 58(2).

Recent Trends Of Banking law In India

In the banking and financial sectors, the introduction of electronic technology for transactions, community of accounts, book-keeping and all other linked functions is now an imperative. Increasingly, either we like it or not, all banking transactions are going to be electronic. The thrust is on commercially prominent centers, which list for 65 percent of banking enterprise in terms of value. There are now a large amount of fully computerized branches across the country.

A switchover from cash-based transactions to paper-based transactions is being accelerated. Magnetic Ink character recognition clearing of cheques is now operational in many cities, beside the four metro cities. In India, the design, supervision and regulation of electronically-based payments law are becoming the focus of course deliberations. The imperatives of developing an effective, sufficient and speedy cost and community systems are getting sharper with introduction of new instruments such as prestige cards, telebanking, Atms, retail Electronic Funds change (Eft) and Electronic Clearing Services (Ecs). We are enthralling towards smart cards, prestige and financial Electronic Data Interchange (Edi) for level through processing.

Financial Fraud (Investigation, Prosecution, recovery and recovery of property) Bill, 2001

Further the Financial Fraud (Investigation, Prosecution, recovery and recovery of property) Bill, 2001 was introduced in Parliament to curb the menace of Bank Fraud. The Act was to prohibit, control, research financial frauds; recover and restore properties subject to such fraud; prosecute for causing financial fraud and matters linked therewith or incidental thereto.

Under the said act the term Financial Fraud has been defined as under:

Section 512 - Financial Fraud

Financial frauds means and includes any of the following acts committed by a man or with his connivance, or by his agent, in his dealings with any bank or financial institution or any other entity keeping collective funds;

1. The suggestion, as a fact, of that which is not true, by one who does not believe it to be true;

2. The active concealment of a fact by one having knowledge or trust of the fact;

3. A promise made with out any intention of performing it;

4. Any other act fitted to deceive;

5. Any such act or omission as the law specially declares to be fraudulent.
Provided that whoever acquires, possesses or transfers any proceeds of financial fraud or enters into any transaction which is linked to proceeds of fraud either directly or indirectly or conceals or aids in the concealment of the proceeds of financial fraud, commits financial fraud.

513(a) - Punishment for Financial Fraud

Whoever commits financial fraud shall be: (a) Punished with faithful imprisonment for a term, which may expand to seven years and shall also be liable to fine.

(b)Whoever commits serious financial fraud shall be punished with faithful imprisonment for a term which may expand to ten years but shall not be less than five years and shall also be liable for fine up to double the amount involved in such fraud.

Provided that in both (a) and (b) all funds, bank accounts and properties acquired using such funds subjected to the financial fraud as may reasonably be attributed by the investigating agency shall be recovered and restored to the rightful owner agreeing to the course established by law.


The Indian Banking industry has undergone enormous increase since nationalization of 14 banks in the year 1969. There has an practically eight times increase in the bank branches from about 8000 while 1969 to mote than 60,000 belonging to 289 commercial banks, of which 66 banks are in private sector.

It was the supervene of two successive Committees on Computerization (Rangarajan Committee) that set the tone for computerization in India. While the first committee drew the blue print in 1983-84 for the mechanization and computerization in banking industry, the second committee set up in 1989 paved the way for integrated use of telecommunications and computers for applying technogical breakthroughs in banking sector.

However, with the spread of banking and banks, frauds have been on a constant increase. It could be a natural supervene to increase in the amount of customers who are using banks these days. In the year 2000 alone we have lost Rs 673 crores in as many as 3,072 amount of fraud cases. These are only reported figures. Though, this is 0.075% of Rs 8,96,696 crores of total deposits and 0.15% of Rs 4,44,125 crores of loans & advances, there are any numbers of cases that are not reported. There were nearly 65,800 bank branches of a total of 295 commercial banks in India as on June 30, 2001 reporting a total of nearly 3,072 bank fraud cases. This makes nearly 10.4 frauds per bank and practically 0.47 frauds per branch.

An devotee Committee on Bank Frauds (Chairman: Dr.N.L.Mitra) submitted its article to Rbi in September 2001. The Committee examined and recommend both the preventive and curative aspects of bank frauds.

The prominent recommendations of the Committee include:

o A need for along with financial fraud as a criminal offence;

o Amendments to the Ipc by along with a new chapter on financial fraud;

o Amendments to the Evidence Act to shift the burden of proof on the accused person;

o extra provision in the Cr. Pc for properties involved in the Financial Fraud.

o Confiscating unlawful gains; and preventive measures along with the development of Best Code Procedures by banks and financial institutions.

Thus it can be terminated that following measures should necessarily be adopted by the Ministry of Finance in order to sell out cases of Fraud.

o There must be a extra Court to try financial fraud cases of serious nature.

o The law should supply separate structural and recovery procedure. Every bank must have a domestic enquiry officer to enquire about the civil dimension of fraud.

o A fraud enthralling an amount of ten crore of rupees and above may be determined serious and be tried in the extra Court.

The Twenty-ninth article of the Law Commission had dealt some categories of crimes one of which is "offences calculated to preclude and obstruct the economic development of the country and endanger its economic health." Offences relating to Banking Fraud will fall under this category. The most prominent feature of such offences is that generally they do not involve an personel direct victim. They are punishable because they harm the whole society. It is clear that money involved in Bank belongs to public. They deposit there whole life' safety in Banks and in case of Dacoity or Robbery in banks the collective will be al lost. Thus it is prominent that enough efforts should be taken in this regard.

There exists a new kind of threat in cyber world. Writers are referring it as "Salami Attack" under this a extra software is used for transferring the amount from the list of the individual. Hence the culprits of such crimes should be found fast and should be given precise punishment. Moreover there is requirement of more amount of It professionals who will help in looking a clarification against all these safety threats.

Banking Fraud - arresting and control

Wednesday, January 4, 2012

11/20/2009 Fundamentals of Health Care

11/20/2009 Fundamentals of Health Care Tube. Duration : 10.93 Mins.

On November 20, 2009, Senator Begich joined a discussion on the senate floor about health care reforms that will empower Americans seeking lower rates, fair treatment and quality care from the health insurance industry. Sen. Begich shared personal anecdotes from his relatives and their struggles with health insurance.

Tags: Senator, Mark, Begich, Health, Care, Reform, ussenator

Monday, January 2, 2012

Patient-centered health care reforms promoted by Maine Business Leader

Patient-centered health care reforms promoted by Maine Business Leader Tube. Duration : 1.65 Mins.

Robert Phelps, the President of the Maine company, BioTechnologies, located in Bar Harbor, speaks out in support of a 10 step, patient-centered health care reform plan offered by the Maine Association of Health Underwriters and The Maine Heritage Policy Center. This plan was delivered to Senators Snowe and Collins.

Tags: maine health care reform, maine health care, senator snowe, senator collins, Maine, Heritage, Policy

Sunday, January 1, 2012

Anti Healthcare Protest - Town Hall Health Care Reform Protesters - Tea Party Rally

Anti Healthcare Protest - Town Hall Health Care Reform Protesters - Tea Party Rally Video Clips. Duration : 6.48 Mins.

Stag News footage of the Tea Party protesters from an 8/29/09 town hall meeting concerning health care reform. There's also a "Billionaires for Wealthcare" cameo. ----------------------------------------------------------------------------------------------------------- Featured On: Frontline: Obama's Deal IFC's Media Project The ED Show (MSNBC) The Huffington Post, The Ron Reagan Show (Air America), RandiRhodes.com, ThinkProgress.com, BradBlog.com, HotAir.com, DailyKOS.com ThePoliticalCarnival.blogspot.com, TrueBlueLiberal.com, PoliticusUSA.com, CounterPunch.org Key Words: Angry Spring Valley Republicans Democrats Nationalized Universal Public Option Marxist Hitler Abortion Nazi Brown Shirts Storm Troopers Acorn Sean Hannity Glen Beck Mike Savage Fox News CNN Bill O'Reilly Rationing Death Panels Euthanasia Aarp Seniors Private Government Spending Hidden Mandate Abortion Taxes Medicare Medicade Hospitals Health Angry Shouting Yelling Screaming Arguing Protest Unconstitutional Protesters Billionaires For Wealthcare Screaming Yelling Shouting Biting Off Finger Bitten Bites Tenthers Birthers Movement San Diego Tea Party Kick Off Rally October 25th 10/25 Teabaggers USS Constitution The Ed Show Psycho Talk MSNBC Stag News StagNews 912 Project

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