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Bernard Madoff, convicted of running an $65 billion Ponzi scheme, was sentenced to 150 years in jail. What’s your take on his punishment?

Too heavy. There’s no point having him die in jail.
About right.
Not nearly heavy enough.
Not sure
 
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The Kiplinger Letter
 
 
 

CURRENT LETTER

 
The Kiplinger Washington Editors
July 2, 2009
 

Overhauling
Financial Regs

By year-end or so, Congress will give the nod to a major rewriting of the nation's financial regulatory system. This week’s Kiplinger Letter explores whether the package will do more harm than good and what lawmakers are likely to include.
 
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I just attended a franchise seminar. The speaker represents a few hundred franchises that (he says) are hand picked. He has the prospect (aka victim?) answer some questions about themselves then he makes recomendations - based on your personality, capital situation, etc.. If you pick a franchise, then he does some due dilligence for you. If you both decide it's a good idea, he helps you get started. He says he offers this service free of charge, which means he gets a commission if he's able to sell you a franchise. Has anyone done this? Successfully? Unsuccessfully?
-- fender
 

Ten Moves Obama Will Make Quickly

The next president will act within hours to put his imprint on government policy and show he's really serious about changing direction.
 
 

President-elect Barack Obama will have more on his to-do list on Jan. 20 than just take the oath of office on the north front of the Capitol, as historic as that will be.

He'll move within hours to mark a change in direction in national policies, issuing executive orders to reverse several of President Bush's more controversial policies and ask Congress to weigh in soon after with passage of bills blocked by Bush's vetoes or veto threats.

Expect these 10 quick moves:

Debt rescue package. New regulations or executive branch guidelines should make bank mergers easier in order to save teetering institutions. Also, stricter guidelines on restricting golden parachutes and curbing high executive compensation in firms participating in the government financial intervention. Plus, more-exact policy language defining which industries and types of firms will be eligible to participate in the Treasury-led rescue. Also possible is a temporary suspension on regulations requiring employer-funded defined-benefit pension plans to be fully funded in light of the slide in portfolio values.

Mortgages. Obama's team is working on additional steps to help struggling homeowners with the aim of using executive branch policymaking tools to set a course, most likely in conjunction with the Federal Deposit Insurance Corporation, Treasury Department and Freddie Mac and Fannie Mae. The initial step may begin with Congress taking up follow-on legislation.

Financial regulations. He'll create and quickly choose people for an advisory board to oversee all agency efforts to review and overhaul the nation's financial regulatory structure.

Emissions. Obama will reverse the Environmental Protection Agency's move to stop California from implementing its own plan to cut carbon dioxide emissions from cars by 30% in seven years.

Oil and gas drilling. Obama will block a recent Bush plan to lease up 360,000 acres of environmentally sensitive federal land in Utah.

Stem cells. The new president will ease an earlier Bush executive order banning federal funding for more than a limited amount of embryonic stem cell research.

Family planning. Look for a quick end to the so-called global gag rule, which bans federal funds for international groups that perform abortions or even provide counseling on abortion. The prohibition was originally pushed by the late Sen. Jesse Helms (R-NC) in the 1980s and strongly backed by social conservatives.

National energy council. The administration will set up a supervisory panel to coordinate policymaking related to energy independence and climate change.

Children's health care. The next Congress will act quickly out of the gate to expand health insurance for kids in mostly low-income and needy families, a program run by states. Bush vetoed a move to do so earlier this year, saying it lacked cost controls and might be manipulated by families who could afford their own health coverage for children.

Guantanamo Bay. Obama will announce plans to close the prison at the U.S. Navy port on the southeastern edge of Cuba soon after taking office, although it will take many months to determine the fate of terrorist-suspect prisoners being held there.

Obama will also move immediately on a stimulus package, but it's expected to take more time to persuade Congress to go along with a plan that could top $500 billion. Similarly, a change in Iraq policy may take weeks of high-level discussion and deliberation before changes are made. Other things will happen with more speed.

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