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On October 17, the Delaware Supreme Court held that JP Morgan (JPM) terminated its security interest in all of the collateral provided by General Motors (GM) in support of a $1.5 billion loan, despite neither party intending that result, when it authorized the filing of a termination statement to its existing Uniform Commercial Code (UCC) financing statement. The Delaware Supreme Court stated that under Delaware law, the UCC requires only that a secured party authorize the filing of an amendment or termination statement, not that it otherwise understand the intent or the effect of such a filing. This holding places the burden on the secured party to understand the effects of its filings and to bear the consequences of any mistakes.

Since 2001, the Article 9 of the UCC, as adopted in Delaware, only requires that a secured party authorize, not authenticate, the filing of any amendment or termination of its existing financing statements. Unlike authentication, which is defined in Article 9 of the UCC, authorization has no such definition. Therefore, what it takes to authorize a filing in Delaware was an open question. Does a secured party need only to authorize the filing of an amendment or termination of its existing financing statement as drafted, or must the secured party actually intend the consequences of that filing in order for such authorization to be effective? In other words, can a secured party avoid the effect of a statement filed in error by proving that it did not intend the effect of that filing?

The answer to this question became all too important to JPM when GM filed for Chapter 11 reorganization under the US Bankruptcy Code in 2009. JPM had acted as administrative agent for two loans to GM: a $300 million synthetic lease loan and a $1.5 billion term loan. In 2008, GM decided to pay off the $300 million loan and asked JPM for authorization to file a termination statement with respect to the existing UCC financing statements filed to perfect its security interests in the collateral for the $300 million loan. Despite review by both parties and their legal counsel, a mistake in the UCC amendment, which terminated the interests of JPM in all collateral for both loans, went unnoticed until JPM sought priority over unsecured lenders in the GM bankruptcy proceedings.

In a series of proceedings and appeals, the question eventually came before the Delaware Supreme Court, and its answer was a resounding no. The court held that under the Delaware UCC, a secured party must deal with the effects of the plain language of the filings it authorizes, regardless of its intention in making those filings. The court stated that other parties are entitled to rely on that plain language in determining the priority of secured lenders.

What does this ruling mean for secured parties? Secured parties should exercise caution in authorizing the filing of UCC amendment and termination statements, particularly those drafted by the borrower or any other person. These UCC amendments and termination statements should be read carefully and thoroughly to ensure that the interests being amended or terminated reflect only the changes that the parties intend to make before authorization and filing. At least in Delaware, the new rule of thumb for secured parties is filer beware.

SAN FRANCISCO, Oct. 23, 2014 (GLOBE NEWSWIRE) — Xoom Corporation (Nasdaq:XOOM), a leading digital money transfer provider, is now offering instant deposits to Kotak Mahindra Bank accounts in India. This revolutionary service allows Xoom customers to instantly deposit money into their recipients Kotak Mahindra Bank accounts, 365 days a year, including bank holidays. Instant deposits to Kotak Mahindra Bank are processed through Xooms partnership with Punjab National Bank.

Through our partnership with Punjab National Bank and the breakthrough IMPS technology, we are thrilled to expand our instant deposit service to Kotak Mahindra Bank, said Julian King, Senior Vice President of Marketing and Business Development for Xoom. Instant deposits are available 365 days, including bank holidays, so customers will never have to wait. Speed and convenience are what customers expect from Xooms service and we continue to do just that in our mission to provide instant deposit to even more banks in India.

In addition to Kotak Mahindra Bank, Xoom also offers instant deposits to ICICI Bank, HDFC Bank, Punjab National Bank, Bank of Baroda, Union Bank of India, Federal Bank and Yes Bank.

Xoom provides great locked-in exchange rates for money transfers to India, and there is no fee when customers send more than $1,000 and pay with their US-based bank account. Plus, Xoom continues to provide fast bank deposits within four hours to all other banks in India, including to NRE and NRO accounts, when sent during bank processing hours in India.

Customers can also download the Xoom App for Android and iOS mobile devices for free. Visit https://www.xoom.com/india for more information.

About Xoom

Xoom is a leading digital money transfer provider that enables consumers to send money to 30 countries in a secure, fast and cost-effective way, using their mobile phone, tablet or computer. During the 12 months ended June 30, 2014, Xooms more than 1.1 million active customers sent approximately $6.3 billion to family and friends. The company is headquartered in San Francisco and can be found online at www.xoom.com.

About Kotak Mahindra Bank

Established in 1985, the Kotak Mahindra group is one of Indias leading financial services conglomerates. In February 2003, Kotak Mahindra Finance Ltd. (KMFL), the groups flagship company, received banking license from the Reserve Bank of India (RBI). With this, KMFL became the first non-banking finance company in India to become a bank – Kotak Mahindra Bank Ltd (KMBL).

KMBL offers complete retail financial solutions for varied customer requirements. The Savings Bank Account goes beyond the traditional role of savings, and provides range of services through a comprehensive suite of investment services and other transactional conveniences like Online Shopping, Bill Payments, ASBA, Netc@rd, ActivMoney (Automatic TD sweep-in and Sweep-out) etc. Kotaks Jifi, a first-of-its-kind fully integrated Social Bank Account, redefines digital banking by seamlessly incorporating social networking platforms like Twitter and Facebook with mainstream banking.

KMBL also offers an Investment Account where Mutual Fund investments are recorded and can be viewed in a consolidated fashion across fund houses amp; schemes. Further, the Bank offers loan products such as Home Loans, Personal Loans, Commercial Vehicle Loans, etc. Keeping in mind the diverse needs of the business community, KMBL offers comprehensive business solutions that include Current Account, Trade Services, Cash Management Services and Credit facilities.

Xoom – g

Media Contact:
Robin Carr, Xoom
415-660-1239
robin.carr@xoom.com

[Business Wire] Discover teamed up with the National Hockey League today to surprise 100 members and their families at one of the 18 Boys amp; Girls Clubs of Chicago with a visit from the
Read more on this.

Discover Financial Services (DFS), valued at $28.32B, started trading this morning at $62.30.

Looking at todays market, DFS one day range is $61.93 to $62.42 and has traded between $50.22 and $65.98 over the past year.

DFS shares are currently priced at 11.87x this years forecasted earnings, which makes them relatively inexpensive compared to the industrys 14.74x forward p/e ratio.

The company pays shareholders $0.96 per share annually in dividends, yielding 1.50%.

Consensus earnings for the current quarter by the 22 sell-side analysts covering the stock is an estimate of $1.22 per share, which would be $0.01 worse than the year-ago quarter and a $0.10 sequential decrease. In looking at the bigger picture, the full-year EPS estimate of $5.25 would be a $0.29 better when compared to the previous years annual results.

The quarterly earnings estimate is based on a consensus revenue forecast of the current quarter of $2.21 Billion. If realized, that would be a 3.76% increase over the year-ago quarter.

In terms of ratings, UBS Initiated DFS at Neutral (Jan 14, 2014). Previously, Deutsche Bank Initiated DFS at to Buy.

When considering if the stock is under or overvalued, the average price target is $70.10, which is 12.52% above where the stock opened this morning.

Summary (NYSE:DFS) : Discover Financial Services, a bank holding company, provides a range of financial products and services in the United States. The company operates in two segments, Direct Banking and Payment Services. The Direct Banking segment offers Discover card-branded credit cards to individuals and small businesses on the Discover Network. This segment also provides other consumer banking products and services, including private student loans, personal loans, home loans, home equity loans, and prepaid cards; and other consumer lending and deposit products, such as certificates of deposit, money market accounts, savings accounts, checking accounts, and individual retirement account certificates of deposit. The Payment Services segment operates the Discover Network, a payment card transaction processing network for Discover-branded credit cards, as well as for credit, debit, and prepaid cards issued by third parties. This segment also operates the PULSE network, an electronic funds transfer network, which provides financial institutions issuing debit cards on the PULSE network with access to automated teller machines; and point-of-sale terminals at retail locations for debit card transactions. In addition, it operates Diners Club International, a payments network that issues Diners Club branded credit cards; and provides card acceptance services. The company was incorporated in 1960 and is based in Riverwoods, Illinois.

Tag Helper ~ Stock Code: DFS | Common Company name: Discover | Full Company name: Discover Financial Services (NYSE:DFS) .

The Inequality Trifecta

October 30th, 2014

This is a dangerous combination that erodes social cohesion, political effectiveness, current gross domestic product (GDP) growth, and future economic potential. That is why it is so disappointing that, despite heightened awareness of inequality, the IMF/WB meetings – a gathering of thousands of policymakers, private-sector participants, and journalists, which included seminars on inequality in advanced countries and developing regions alike – failed to make a consequential impact on the policy agenda.

Policymakers seem convinced that the time is not right for a meaningful initiative to address inequality of income, wealth, and opportunity. But waiting will only make the problem more difficult to resolve.

In fact, a number of steps can and should be taken to stem the rise in inequality. In the US, for example, sustained political determination would help to close massive loopholes in estate planning and inheritance, as well as in household and corporate taxation, that disproportionately benefit the wealthy.

Likewise, there is scope for removing the antiquated practice of taxing hedge and private-equity funds carried interest at a preferential rate. The way home ownership is taxed and subsidized could be reformed more significantly, especially at the top price levels. And a strong case has been made for raising the minimum wage.

To be sure, such measures will make only a dent in inequality, albeit an important and visible one. In order to deepen their impact, a more comprehensive macroeconomic policy stance is needed, with the explicit goal of reinvigorating and redesigning structural-reform efforts, boosting aggregate demand, and eliminating debt overhangs. Such an approach would reduce the enormous policy burden currently borne by central banks.

It is time for heightened global attention to inequality to translate into concerted action. Some initiatives would tackle inequality directly; others would defuse some of the forces that drive it. Together, they would go a long way toward mitigating a serious impediment to the economic and social wellbeing of current and future generations.

Mohamed El-Erian Is Chief Economic Advisor At Allianz, a Multinational Financial Services Providing Company.

[Business Wire] The Board of Directors of Discover Financial Services declared a quarterly cash dividend on its Fixed Rate Non-Cumulative Perpetual Preferred Stock, Series B, in the amount of $16.25 per share.
Read more on this.

Discover Financial Services (DFS), valued at $28.55B, started trading this morning at $61.02.

A quick look at the market, the companys stock traded between $60.44 and $62.23 with the price of the stock fluctuating between $50.22 to $65.98 over the last 52 weeks.

Discover (DFS) shares are currently priced at 11.65x this years forecasted earnings, which makes them relatively inexpensive compared to the industrys 14.03x earnings multiple for the same period.

And for those looking to make a return holding the stock, the company pays shareholders $0.96 per share annually in dividends, yielding 1.60%.

In a review of the consensus earnings estimate this quarter, 22 sell-side analysts are looking at $1.34 per share, which would be $0.14 better than the year-ago quarter and a $0.01 sequential increase. What we find to be interesting is that the full-year EPS estimate of $5.33 is a $0.37 better when compared to the previous years annual results.

The quarterly earnings estimate is predicated on a consensus revenue forecast of $2.20 Billion. If reported, that would be a 6.80% increase over the year-ago quarter.

More recently, UBS Initiated DFS at Neutral (Jan 14, 2014). Previously, Deutsche Bank Initiated DFS at to Buy.

The average price target for DFS shares by the analysts covering the stock is $70.76, which is 15.96% above where the stock opened this morning.

Summary (NYSE:DFS) : Discover Financial Services, a bank holding company, provides a range of financial products and services in the United States. The company operates in two segments, Direct Banking and Payment Services. The Direct Banking segment offers Discover card-branded credit cards to individuals and small businesses on the Discover Network. This segment also provides other consumer banking products and services, including private student loans, personal loans, home loans, home equity loans, and prepaid cards; and other consumer lending and deposit products, such as certificates of deposit, money market accounts, savings accounts, checking accounts, and individual retirement account certificates of deposit. The Payment Services segment operates the Discover Network, a payment card transaction processing network for Discover-branded credit cards, as well as for credit, debit, and prepaid cards issued by third parties. This segment also operates the PULSE network, an electronic funds transfer network, which provides financial institutions issuing debit cards on the PULSE network with access to automated teller machines; and point-of-sale terminals at retail locations for debit card transactions. In addition, it operates Diners Club International, a payments network that issues Diners Club branded credit cards; and provides card acceptance services. The company was incorporated in 1960 and is based in Riverwoods, Illinois.

Tag Helper ~ Stock Code: DFS | Common Company name: Discover | Full Company name: Discover Financial Services (NYSE:DFS) .

With less than a week left before the Lafayette Parish School Board election, most of the 20 candidates will probably make last-minute pushes to encourage voters to vote Nov. 4. In doing so, they will employ a wide range of financial resources.

A review of campaign finance reports shows most school board candidates have raised less than $10,000 for their campaigns. But some have much more money available, including three candidates with more than $20,000 each. Some have received support from local and state political action committees. Four candidates have no reports filed with the state, likely because of a lack of contributions or a different type of campaign.

When it comes to spending, much of the candidate expenditures have been on the grassroots level. By far, the most money overall has gone toward yard signs, push cards, T-shirts, parade throws, meals for campaign volunteers and mailings, with a few expenses for Facebook ads and consultations with media or advertising companies.

It is typical for candidates for the school board to spend $1,000 to $5,000 to get elected, said University of Louisiana at Lafayette political science professor Pearson Cross. The issues are as local as they are the networks. Campaigning takes the form of walking the districts, rallies and signs. As such, there is no need for money for media buys, which are typically ineffective anyway because the districts are so small.

Here is a look at some of the biggest campaign finance trends in this years school board races:

Big money

A handful of candidates have surpassed the $10,000 mark in their campaign coffers, many with a combination of contributions, loans, personal money and in-kind donations.

District 8 candidate Erick Knezek has raised the most money so far, with more than $30,000 for his campaign. That includes $27,505 in contributions, $1,230 of his own money and $1,500 from in-kind donations. His campaign has spent $18,261 so far. Knezeks campaign funds are outpacing all other candidates, including his opponent, incumbent Hunter Beasley. Records show that Beasley has collected $1,350 in contributions, including $200 from his personal funds. He has spent $1,062 on his campaign.

Also amassing funds is District 4 incumbent Tehmi Chassion, who has used nearly $19,000 from his own funds for his campaign against challenger Erica Williams. Chassion has also received $5,375 in campaign contributions, bringing his total to $24,341. Records show that Chassion has spent $13,659 on his campaign. Williams meanwhile, has collected $4,325, including $730 of her own money. She has spent $3,313.

In District 9, both candidates have amassed healthy campaign funds. Jeremy Hidalgo has raised $20,399 so far, and received another $1,300 through in-kind contributions. He has also used $1,000 of his personal money. His campaign, which began nearly a year ago, has spent $11,349.

Hidalgos opponent, Brian West, has a total of $13,250 for his campaign. That includes $5,650 in contributions, $6,350 of his personal funds and $1,250 from in-kind contributions. He has spent $6,765 on his campaign.

District 5 incumbent Kermit Bouillion has amassed $13,329, including $11,293 in contributions, $1,096 from his personal funds, a $740 loan and $200 from in-kind donations. He has spent close to $7,000 on his campaign. His opponent, Britt Latiolais, has collected $4,575 and spent $3,103.

PACs, organizations get involved

Several political action committees have donated money to candidates. TPG PAC, led by Tyron Picard of The Picard Group, a government consulting firm, has donated $500 to District 1 candidate Mary Morrison, $200 to Bouillion and $200 to Hidalgo.

The Louisiana Realtors PAC has made the most contributions, with $2,000 each for Morrison, Williams, Bouillion, District 7 candidate Mark Cockerham, Knezek and Hidalgo.

Empower PAC, the political action arm of the Greater Lafayette Chamber of Commerce, has donated $1,000 each to Williams, Justin Centanni, Cockerham, Knezek and Hidalgo.

Smaller contributions have come from the Acadian Ambulance PAC, which has donated $500 each to Bouillion and Knezek. In addition, LOGPAC, the political action arm of the Louisiana Oil and Gas Association, has donated a total of $400 to Bouillion in donations and in-kind contributions, and $300 to Hidalgo.

PAC support for school board candidates is somewhat rare, because PACs to support local issues are a fairly new innovation, said Cross. I expect to see a bit more of this in the future, but it is unlikely that PACs will ever be the main driver of campaign finance in school board elections.

Although not official PACS, other groups have shown their support for some candidates. The Lafayette Parish Association of Educators provided nearly $470 in in-kind contributions to Chassion for push cards. Leadership for Lafayette has donated $500 to Bouillion. Leadership for Louisiana has provided $500 each to Centanni, Cockerham and Hidalgo, and the Louisiana Association of Educators donated $250 to Beasley.

Smaller campaigns

In addition to Williams, Latiolais and Beasley, three other candidates have raised less than $5,000 so far — Redell Comeaux Mama Miller in District 1, incumbent Tommy Angelle in District 2, challenger Elroy Broussard in District 3 and challenger Dawn Morris in District 7.

Meanwhile, four candidates did not have any campaign finance reports filed. Those were Coach Don Gagnard (District 1), Simon Mahan (District 2), James Chavis (District 2) and incumbent Shelton Cobb (District 3).

Kathleen Allen, spokeswoman for the Louisiana Ethics Administration, said candidates in some elections, including school board races, do not need to file reports unless they spend more than $2,500 or receive a contribution of more than $200 from any source, excluding the use of their personal funds.

Once they go over one of the thresholds, they are required to file and to continue to file reports for that election, Allen said.

Gagnard said he did not receive any campaign funds, and that the little money he spent for signs and cards came out of his own pocket.

Mahan said he has intentionally limited his campaign finances.

Im not taking any lobbyist money, and Ive capped my expenditures to $635 for the Nov. 4 election — or the amount an average family spends on getting their kids ready for school, he said.

Here are the Lafayette Parish School Board candidate campaign finances, as reported to the Louisiana Ethics Administration. The reports reflected collections and expenditures through late September and mid-October. The figures reflected include financial contributions only and do not include any in-kind contributions.

Source: Louisiana Ethics Administration

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  • VIENNA (Reuters) – Accommodative monetary policy is no cure-all for Europes economy and needs to be complemented with steps to fuel demand, European Central Bank Governing Council member Ewald Nowotny told Austrian magazine Trend.
    Monetary policy…

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By CentralBankNews.info
Last week five central banks maintained their policy rates with theBangko Sentral ng Pilipinas (BSP)the latest monetary authority to drop a hawkish bias or ease policy in response to waning inflationary pressures from the drop in commodity prices, especially energy, since June.
Canada and Norway’s central banks also took note of the weaker global economy, with economists speculating Norges Bank in December will once again delay or weaken its plan to raise rates in 2016.

9 Simple Tips for Retiring Rich

October 29th, 2014

Since WWII, we have enjoyed one of the most productive economies the world has ever seen, yet many seniors are broke. When you reach retirement age, you don’t have to be one of them.Whatever your age, fretting about what you didn’t do is futile. Start making the needed changes today.

The best place to begin is to define “rich.” For our team, rich means having enough money to choose whether or not to work and enough money that you control your time. Rich means you live comfortably according to your personal standards. If you’ve lived a middle-class lifestyle, a rich retirement means you can maintain that same lifestyle without worry.

The 9-Step Program

#1–Saving money is tough! Pension plans are no longer the norm. Some companies filed for bankruptcy and broke their promises. Either way, in the private sector, 401(k) accounts are the new norm. However, they’re optional — no one makes you contribute.

So, no matter whom you work for — a big or small corporation, a government agency, or yourself — if you want to retire, be damn sure you’re saving…no matter what you’ve been promised.

#2–Plan to work your tail off. If you want to pay for 60-plus years of life, chances are you’ll have to do more than 40 hours a week.

In theory, you can work 60 hours a week, live off two-thirds of your income (40 hours’ worth), and invest the remaining one-third (20 hours’ worth). However, if you start saving early, perhaps saving income equal to 10 hours of work will be enough. Your savings will have more time to accumulate and compound, and you’ve bought yourself extra leisure time along the way.

If both spouses are working hard outside the home, which is the norm today, work toward living off of one paycheck and investing the other (or using it to pay off debts and then start investing).

#3–Don’t complain when others retire with more. Someone always will.

This note saddens me. Some people chose to work 40 hours a week for most of their working lives. They felt it was important to spend more time at home with their families, and there’s nothing wrong with that choice. Still, it’s a trade-off.

I look at it as though they enjoyed mini slices of retirement time when they were young. If that’s your choice, don’t begrudge others who chose a different path and worked and/or saved more. They don’t owe you anything.

#4–Get out of debt and stay that way. Virtually every wealthy friend I have only started to build wealth after eliminating debt, including home mortgages. Some theory-loving pundits suggest taking out a low-interest mortgage and investing the money with the hope of earning more than the mortgage interest. Oh really? Most people’s investments don’t perform that well.

The chart below highlights how poorly the average investor stacks up:

Sure, some beat the odds, but even professional fund managers struggle to do so. As of mid-2013, 59.58% of large-cap funds, 68.88% of mid-cap funds and 64.27% of small-cap funds underperformed their respective benchmark indices, according to Aye M. Soe, McGraw Hill (MHFI) financial director.

If the big boys have a hard time and the average investor earns just 2.1%, one better secure a darn low mortgage rate before borrowing to invest.

One of the top ways to blow your nest egg is to stop working while you still have a mortgage. Downsize if you have to. Your personal home is not an investment; it’s part of the cost of living.

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AHMEDABAD: Karanj police rescued an abducted youth from Vadodara on Sunday. Police, however, got to know later that the youth was abducted by people known to him over monetary transactions. Police have rounded up three, including a woman, for the illegal confinement.

According to police, Khatunbano Mansuri, a resident of Khamasa, had informed police at 9 pm on Saturday that her son Ashfaq, 22, was abducted by unidentified persons. She got to know about the incident when the abductors called her up from Ashfaqs cellphone demanding Rs 20,000 for his release.

L A Zala, assistant commissioner of police, C Division, said that soon after getting the complaint, they activated a team for his search. With help of technical and human intelligence, police got to know that the call was made from Vadodara. A team was sent to Vadodara. We managed to zero-down on the location and found Ashfaq from a house in Gotri at 3am. We also rounded up the accused in the case from the spot, he said.

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