SEC Case Against Harrisburg Falls Short For Exempting Finance Pros, Some Say

Seal of the U.S. Securities and Exchange Commission. (Photo credit: Wikipedia)

HARRISBURG, PA – No one answered the phone or the door at former Mayor Steve Reed’s home Tuesday nearly 24 hours after the U.S. Securities and Exchange Commission announced a settlement with Pennsylvania’s capital city over fraud charges rooted in activity during his administration.

Some public finance and securities experts saw the settlement – dubbed “toothless” by one – as a warning to municipalities that consequences await them if investors are misled by false or incomplete financial statements from local governments.

Others, however, criticized SEC for failing to hold the city’s hired advisers to account.

“Reed ran the city, (current Mayor Linda) Thompson (is running) the city,” said Mark Schwartz, a former bond lawyer who previously represented Harrisburg City Council on its ultimately rejected bankruptcy petition. “There is a ‘buck stops there’ liability for (city leaders), but the people who do the work are bond lawyers.  These are bonds that never should have been issued.  Reed cannot issue bonds on his own.  Professionals were abysmal in terms of fulfilling their responsibilities to investors and they have gotten off scot-free.  They’ve made millions.”

Read more:  http://www.pennlive.com/midstate/index.ssf/2013/05/fsec_case_against_harrisburg_l.html#incart_m-rpt-1

Christie Had Secret Weight-Loss Surgery

English: , U.S. Attorney, Governor-elect of New Jersey (Photo credit: Wikipedia)

Gov. Chris Christie of New Jersey, whose long struggle with obesity has been raised as a political liability, secretly underwent weight-loss surgery three months ago, according to a statement from his office on Tuesday.

The surgery, which took place on Feb. 16, involved the placement of a silicone band around his stomach to reduce its size, limiting the amount of food he can take in but not altering his digestive process.

Mr. Christie, a Republican whose weight was an issue in previous campaigns and who is widely thought to be considering a run for president, disclosed the surgery in an interview with The New York Post in which he maintained that it had nothing to do with politics.  “It’s so much more important than that,” he said.

“I’ve struggled with this issue for 20 years,” he said.  “For me, this is about turning 50 and looking at my children and wanting to be there for them.”  His office confirmed the accuracy of the published interview but declined to provide additional details.

Read more:  http://www.nytimes.com/2013/05/08/nyregion/chris-christie-secretly-had-weight-loss-surgery.html?hp&_r=0

Samsung Opening 1,400 Mini-Shops Inside Best Buy Stores Across U.S.

English: Samsung Logo Suomi: Samsungin logo (Photo credit: Wikipedia)

The next time you walk into a Best Buy store, there’s a good chance you’ll see Samsung‘s answer to Apple’s retail stores.

The South Korean electronics giant, which has been closing the gap between itself and Apple, is rolling out hundreds of mini-shops across the U.S. inside Best Buy big-box locations as well as its smaller mobile-specific retail shops.  The stores are formally called Samsung Experience Shops and will showcase Samsung products.

A couple of shops opened in March and more have opened since.  Samsung hopes to have 900 of them up and running by the end of this month with another 500 opening throughout “late spring and early summer.”

One of the primary purposes of the shops is to provide Samsung customers with assistance on their devices.  That’s no surprise considering Samsung credits its social media fans for sparking its decision to build out the shops.

Read more:  http://www.mcall.com/news/nationworld/la-fi-tn-samsung-experience-shops-best-buy-20130507,0,6685597.story

New Program Brings Local Interns To Downtown Scranton Businesses

Map of Pennsylvania highlighting Lackawanna County (Photo credit: Wikipedia)

Local talent meets opportunity

Students at local colleges shouldn’t have to go out of town to get professional experience as interns, and local business needn’t look further than local institutions to get the talent they need.

That was the consensus of a group of business, college and government leaders who Monday announced the Small Business Internship Initiative to connect students and downtown business, a program they hope will expand to a multi-county area.

“If you look at the diversity of the higher education institutions in our area – there is no skill a business can not find,” said Gerald C. Zaboski of the University of Scranton, after a news conference on Courthouse Square announcing the pilot program.

Read more:  http://thetimes-tribune.com/news/new-program-brings-local-interns-to-downtown-businesses-1.1484808

Woman Found Dead In North Coventry House Fire

Map of Pennsylvania highlighting Chester County (Photo credit: Wikipedia)

NORTH COVENTRY TOWNSHIP — Officials believe the fire in a Mount Zion Avenue home where a woman was found dead Tuesday morning was accidental in nature.

Township Fire Marshal Ron Comtois said there was nothing suspicious about the fire, though its cause and origins are not yet being released.

Comtois said the patrolman who came upon the fire around 3:58 a.m. attempted to enter the home but could not and called the fire department.

Responding firefighters discovered a deceased woman, whom officials were not identifying, on the kitchen floor of the home.

Read more:  http://www.pottsmerc.com/article/20130507/NEWS01/130509506/breaking-woman-found-dead-in-north-coventry-house-fire-(video)#full_story

Pennsylvania Casinos Rank High In Tax Revenue

English: Pennsylvania county map (Photo credit: Wikipedia)

When it comes to gambling meccas, you might want to start counting Pennsylvania among them.

Pennsylvania casinos generated more tax revenue last year than those in any other state and more gross revenue than any state but Nevada, according to a national American Gaming Association report released Monday.

The “State of the States: The AGA Survey of Casino Entertainment” found that the commonwealth’s 11 casinos produced nearly $1.5 billion in tax revenue in 2012, up 2.1 percent from the previous year.  Nevada placed second at $868.6 million and New York third at $822.7 million.

Pennsylvania also was first in 2011.

Read more: http://www.post-gazette.com/stories/business/news/pennsylvania-casino-revenues-rank-high-686612/#ixzz2SdTUCkyl