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Sen. Schumer comes bearing gifts
That and the money he promised to Auburn for its wastewater treatment plant.The city will receive $500,000 to develop a power source for the facility in connection to the biodigester that has yet to be built."We will be known for the extent of which we solve our own energy issues," Mayor Timothy Lattimore said.He called Mayor-elect Michael Quill to stand to his left as they listened to Schumer address aging sewer systems.Schumer spoke to 30 city employees, visiting politicians, and city officials, and the four television news cameras perched in front of them in a conference room in the city's wastewater treatment plant Monday afternoon.During the press conference, Schumer spoke about two acts he sponsors, including the Water Quality Investment Act to allow $14 billion in low-interest loans earmarked for sewer improvements.Lattimore thanked the senator for the $500,000 grant.
When a ‘Rescue’ Is Not: Bank of America Buys Countrywide
When the four billion dollar deal was leaked to the media, the markets were ecstatic and the share price went up. The acquisition crazed BOA which, thanks to new bank-friendly laws and deregulation, went from being a Western institution to a national one, was said to be acting to prevent the collapse of a company vital to saving the national economy. "My hero?" Actually, the Bank had invested two billion in Countrywide last August which was then seen as a great deal. They had paid only $18 dollars a share for 16% of the company. But the value of that investment fell by nearly half in just a few months. As the housing market went into free fall, Countrywide did as well with 7.2 percent of the loans they were servicing in serious arrears. Foreclosures on their properties had doubled.
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