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How much is a High School Diploma worth? Well, if you’re in the Dallas metro area and over 25 years of age, the answer is about $8,000 dollars, give or take a few hundred. In 2008, a person that failed to graduate from H.S. or get their GED could have been expected to earn approximately $20,253/yr. on average. Add in a H.S. Degree or GED, and that median goes up to $28,146. An additional $8k or so gets added for some college experience or Associate’s Degree, bringing the total to $36,782. And then the money really starts coming in: If you have a Bachelor’s Degree in North Texas, in 2008 the median salary was $52,219, and with a Graduate Degree the median rises to $66,211.

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How Much is a H.S. Diploma Worth?

For more than a century, there was no playing of “The Star-Spangled Banner” at Goshen College — a small Christian college with ties to the Mennonite Church.

That’s about to change. For the first time in the school’s history, Goshen College will play an instrumental version of the U.S. national anthem before many campus sporting events.

The decision to reverse the ban on the anthem is aimed at making students and visitors outside the faith feel more welcome, but it has roiled some at the 1,000-student college who feel the song undermines the church’s pacifist message and puts love for county above love for God.
John Roth, a Goshen College history professor, said Mennonites have historically avoided the song because its lyrics describe using war and military might to defend the country.

“The link between the national anthem and the military identity of the nation is made very explicit,” Roth said.

Mennonites, whose church is rooted in a 16th-century movement in Europe known as Anabaptism, also believe singing a “hymn of allegiance” like the national anthem implies a deeper loyalty to country rather than to God, Roth said. However, Mennonite Church USA — which represents the largest and most mainstream group of Mennonites in the U.S. — does not specifically prohibit the anthem.

The La Coste National Bank, La Coste, Texas, was closed today by the Office of the Comptroller of the Currency, which appointed the Federal Deposit Insurance Corporation (FDIC) as receiver. To protect the depositors, the FDIC entered into a purchase and assumption agreement with Community National Bank, Hondo, Texas, to assume all of the deposits of The La Coste National Bank. La Coste is approximately 15 miles west of San Antonio, TX.

The sole branch of The La Coste National Bank will reopen on Monday as a branch of Community National Bank. Depositors of The La Coste National Bank will automatically become depositors of Community National Bank. Deposits will continue to be insured by the FDIC, so there is no need for customers to change their banking relationship to retain their deposit insurance coverage. Customers should continue to use their existing branch until they receive notice from Community National Bank that it has completed systems changes to allow other Community National Bank branches to process their accounts as well.

This evening and over the weekend, depositors of The La Coste National Bank can access their money by writing checks or using ATM or debit cards. Checks drawn on the bank will continue to be processed. Loan customers should continue to make their payments as usual.

As of December 31, 2009, The La Coste National Bank had approximately $53.9 million in total assets and $49.3 million in total deposits. Community National Bank will pay the FDIC a premium of 0.51 percent to assume all of the deposits of The La Coste National Bank. In addition to assuming all of the deposits of the failed bank, Community National Bank agreed to purchase essentially all of the assets.

The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $3.7 million. Community National Bank’s acquisition of all the deposits was the “least costly” resolution for the FDIC’s DIF compared to all alternatives. The La Coste National Bank is the 18th FDIC-insured institution to fail in the nation this year, and the first in Texas. The last FDIC-insured institution closed in the state was Madisonville State Bank, Madisonville, on October 30, 2009.

In an article today we predicted that failures by small banks like these will become more and more common as the coming Commercial Real Estate crash gets close.

“Good morning, and thank you for joining me. Many of you in this room are my friends. Many of you in this room know me. Many of you have cheered for me, have worked with me, always supported me. Now, every one of you has good reason to be critical of me. I want to say to each on of you simply and directly I am deeply sorry for my irresponsible and selfish behavior I engaged in. I know people want to find out how i could be so selfish and foolish.”

“I have let you down”

“Elin never hit me that night or any night
there has never been an episode of domestic violence in our marriage.
Elin deserves praise, not blame.”

“I was unfaithful. I had affairs. I cheated.  What I did was not acceptable. and I am the only person to blame.

Tiger Woods, in happier times

I knew my actions were wrong.
I never thought about who I was hurting.
Instead I thought only about myself.”

“I brought this shame on myself.I hurt my wife, my kids, my mother, my wife’s mother, my foundation, and kids all around the world who admired me.”

“It’s up to me to start living a life of integrity.
I once heard, and I believe it’s true, it’s not what you achieve in life that matters.  It’s what you overcome.”

“It’s hard to admit that I need help. but I do.
For 45 days, I was in in-patient therapy, receiving guidance for the issues I’m facing.
but I’ve taken my first steps in the right direction.”

“For the sake of my family: please leave my wife and kids alone.”

“Above all, I am the one that needs to change.
I owe it to my family to become a better person.”

“I have a lot of work to do. And I intend to dedicate myself to doing it.”

“Starting tomorrow, I will leave for more treatment, and more therapy. ”

“I need to regain my balance, and be centered, so I can save the things more important to me: my children, and my marriage.”

“I do plan to return to golf one day.
When I do return, I need to make my behavior more respectful of the game.”

“There are many people in this room, and there are many people at home, who believed in me. Today, I want to ask for your help. I ask you to find room in your heart to one day, believe in me again.  Thank you.”

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On November 25, 2009, supermarket tabloid The National Enquirer published a story claiming that Woods had an extramarital affair with nightclub manager Rachel Uchitel?, a claim she denied. The story began to attract media attention when Woods had a car accident a day and a half later. He was leaving his home around 2:30 a.m. in his SUV, a 2009 Cadillac Escalade, when he collided with a hedge, a fire hydrant, and finally a tree down the street. Woods was treated for minor facial lacerations, and cited for careless driving. He refused to speak to the police and the accident fanned intense speculation for the following two days until he released a statement on his website. He took blame for the crash, but said it was a private matter; he also praised his wife Elin for getting him out of the car. Woods later announced that he would not attend his own charity golf tournament, the Chevron World Challenge, or any other remaining tournaments in 2009.

Interest in the story grew, until San Diego cocktail waitress Jaimee Grubbs publicly claimed in the gossip magazine Us Weekly that she had a two-and-a-half-year affair with Woods, producing voice and text messages that she said Woods left her. The voice message stated: “Hey it’s Tiger, I need you to do me a huge favor. Can you please take your name off your phone? My wife went through my phone…You got to do this for me. Huge. Quickly. Bye.”Woods released an apology on the same day the story was published, expressing regret for “transgressions” and saying “I have let my family down.” Woods was not specific about the reason for the apology, and requested privacy.

After over a dozen women claimed in various media outlets that they had affairs with Woods, media pressure increased. On December 11, he released another statement, admitting to infidelity, offering another apology, and announcing an indefinite hiatus from professional golf. On the same day, lawyers acting on his behalf obtained an injunction in the High Court of Justice of England and Wales, preventing the publication in the UK of any images of Woods naked or having sexual intercourse, while denying that Woods was aware of the existence of any such images. Reporting the subject of the injunction was also itself injuncted. The following week, one of the women who had undertaken media interviews regarding her relationship with Woods admitted having taken photographs of Woods naked, on the pre-meditated premise that she would sell them if they ever broke up.

The day after the statement, several companies indicated they were reconsidering endorsement deals. Gillette suspended advertising featuring Woods, and said they would not be hiring him for any public appearances for the company. On December 13, management consultancy firm Accenture completely cut its sponsorship of Woods, stating that the golfer was “no longer the right representative.”

On December 11, 2009, Woods announced he would take an indefinite leave from professional golf to focus on his marriage after he admitted infidelity.

In this press conference, Tiger Woods also mentioned how he would be seeking to return to his roots on the Buddhist faith, which he admitted abandoning in recent years.

This morning the Washington Post has an article up on something many of us have seen coming for a while: Commercial Real Estate (i.e., storefronts, malls, etc.) is due for the next big crash.  But this time, instead of the big bad banks everyone loves to hate, the ones taking the brunt of the crisis will be smaller local and regional banks.

A mortgage crisis like the one that has devastated homeowners is enveloping the nation’s office and retail buildings, and few places are likely to be hit as hard as Washington.

The new round of financial pain, which some had anticipated but hoped to avoid, now seems all but certain. “There’s been an enormous bubble in commercial real estate, and it has to come down,” said Elizabeth Warren, chairman of the Congressional Oversight Panel, the watchdog created by Congress to monitor the financial bailout. “There will be significant bankruptcies among developers and significant failures among community banks.”

Unlike the largest banks, such as Citigroup and Wachovia, that got into so much trouble early on, the community banks in general fared better in the residential mortgage crisis. But their turn is coming: Not only did community banks issue a higher proportion of commercial loans, but they also have held on to them rather than sell them to other investors.

Nearly 3,000 community banks — 40 percent of the banking system — have a high proportion of commercial real estate loans relative to their capital, said Warren, whose committee issued a report on commercial real estate last week.

While the rest of America was busy paying attention to the small plane that crashed into the IRS building in Austin, TX, the rest of the world has been having itself a little coup in Niger.

Diplomatic and military sources say Niger President Mamadou Tandja has been seized by mutinous soldiers during a coup attempt in Niger’s capital.

Mamadou-Tandja, Niger President

Media reports quoting senior officials say armed troops stormed the presidential palace Thursday afternoon as a meeting of government ministers was taking place.  Ministers in Mr. Tandja’s government also appear to be held captive.

A U.S. State Department spokesman said it appears there was an assassination attempt on Mr. Tandja but details are still unclear.

According to the news wire service Reuters, troops led by an army major captured Niger’s President Mamadou Tandja on Thursday after storming his palace in a four-hour gun battle that killed at least three soldiers, military sources said.

Political tensions had been high in the west African uranium exporter in recent months after Tandja changed the constitution to extend his rule last year, a move that drew widespread criticism at home and led to international sanctions.

“The coup leader has succeeded. It is being led by Major Adamou Harouna,” one Nigerien military source said. The president and the ministers were being held not far from the presidential palace in the capital Niamey, the sources added.

State radio is playing military music – a similar pattern to two coups in the 1990s.

Dressed in military uniform, a spokesman for a group calling itself the Supreme Council for the Restoration of Democracy appeared on Niger’s Tele Sahel sometime after 10 p.m. local time, surrounded by fellow members of the armed forces.

Without mentioning President Tandja, the spokesman, Col. Abdul Karim Goukoye Karimou, read from a statement saying the constitution and all institutions were suspended in the group’s move to take responsibility and ease political tension in the country. We want Niger “to be an example of democracy and governance,” the colonel said, calling for an end to “lies” and “corruption.” The coup leaders said they had ordered the country’s borders closed and had imposed a curfew.

Adrienne Diop, spokeswoman for the Economic Community of West African States, said that insurgents were holding the president with other ministers and people close to him, and that Mr. Tandja is apparently uninjured.

Mr. Tandja had been in power since 1999, when his election ended a period of coups and rebellions. He was re-elected in 2004 to a second five-year term that was to end in December. But protests arose last year as he moved to extend his grip on power, invoking extraordinary powers to rule by decree after dissolving parliament and the constitutional court, which opposed his plan for a referendum removing term limits.

International efforts to stabilize the situation, with the European Union suspending nonhumanitarian aid, failed to halt the deterioration.

Breaking news from Austin (constantly updated):

Earlier today a small single engine plane crashed into an IRS building housing almost 200 employees in North Austin.  FAA officials told CNN the plane was a Piper Cherokee PA-28.

An unidentified official with the National Transportation Safety Board said the pilot apparently set his own house on fire, got into the plane, and then flew it into the seven-story building, Fox News Channel reported An NTSB spokesman said the agency couldn’t confirm the assertion.

IRS Plane Crash in Austin February 2010

Austin station KXAN reports that North Austin resident Joe Andrew Stack’s house was set on fire earlier today, and police believe the two events are related.  A neighbor saved Stack’s wife and child.  Joe Stack owns a plane registered out of Georgetown.

Neighbors reported to KXAN that Stack had been having problems with the IRS, and Stack and his wife had an argument last night, and Stack’s wife and daughter left and spent the night at a hotel.  This morning, Stack’s wife and daughter returned, and that’s when the fire started.

Harry Evans of the Austin Fire Department said firefighters found “heavy fire destruction in and around the second floor … lots of heat, lots of smoke, lots of fire.”

KXAN reporter David Scott claimed that several people told them that there was a window cleaning truck and bystanders sprang into action, put ladders up against the building and rescued people out of the building before any officials arrived.

Federal officials said two F-16 fighter jets were launched as a precaution after the crash, though terrorist intent was not indicated.

“At this time we have no reason to believe there is a nexus to criminal or terrorist activity,” said Matt Chandler, spokesman for the Department of Homeland Security. “We are in the process of coordinating with state officials and other federal partners to gather more information and at this time we will defer additional questions to local officials and the FAA.”

Assistant Austin Fire Chief Harry Evans said at least one person was missing and two people were taken to a hospital. Their conditions and identities were not immediately known.

The crash sent workers fleeing as ceilings crumbled, windows shattered and flames shot out of the building.

Austin TV station KXAN reports they received a message supposedly from the suspect.  They are attempting to verify before airing.

Officials are keeping reporters and bystanders away from the building, fearing for its structural integrity.

BREAKING UPDATE!

According to web reports, a Joe Stack from Austin owns a company named “Embedded Art“. Today, the website has been replaced with a long, rambling suicide note.  The site list the administrative contact as Joe Stack. Below is the full text of the letter in case the site goes down, as well as what the website looked like before the change:

Read the rest of this entry »

If you believe the lies you hear about the worst being behind us in this recession, I have a bridge to sell you. The worst is yet to come. Case in point, today the Wall Street Journal has an article which has been common knowledge for some folks for a while: many cities and communities will end up having to declare bankruptcy when they finally can’t pay their bills:

Just days after becoming controller of financially strapped Harrisburg, Pa., in January, Daniel Miller began uttering an obscure term that baffled most people who had never heard it and chilled those who had: Chapter 9.

The seldom-used part of U.S. bankruptcy law gives municipalities protection from creditors while developing a plan to pay off debts. Created in the wake of the Great Depression, Chapter 9 is widely considered a last resort and filings under it are more taboo than other parts of bankruptcy code because of the resulting uncertainty for everyone from municipal employees to bondholders.

After  delays and questions about the state of her shins, American Lindsey Vonn pulled off a surprising finish in Women’s Downhill in the Vancouver 2010 Olympics, winning the gold medal. Just a week ago, Vonn’s biggest worry was her bruised shin, and whether it would keep her from participating in the Olympics at all. Teammate Julia Mancuso was second.

Vonn’s first race, was supposed to have been Thursday, but was postponed due to poor weather conditions. Vonn’s winning time was 1 minute and 44.19 seconds, with teammate and silver medalist Julia Mancuso trailing Vonn by just half a second (1:14.75). It was the second Olympic medal for Mancuso, after the gold in she won in Turin in the Grand Slalom.

Austria’s Elisabeth Görgl won the bronze.

From the Wall Street Journal: Greek police say a bomb exploded Tuesday evening outside an office of JPMorgan Chase in Athens, the Associated Press reports. No one was hurt, according to the report.

“It was a time-bomb at JP Morgan’s offices in central Athens,” a police official told Reuters. “The explosion damaged the outside door and smashed some windows.”

A local newspaper reportedly received a warning call prior to the explosion, according to Reuters. Police had cordoned off the area after the newspaper received the warning call.

Police cars, ambulances and fire engines have blocked streets in the upmarket central district of Kolonaki, where JP Morgan’s Greek offices are situated, a Reuters witness said.

News accounts in recent weeks have detailed how Wall Street firms helped Greece doctor its balance sheets to lie to the European Union that it was in compliance with rules governing debts to GDP ratios:

Wall Street tactics akin to the ones that fostered subprime mortgages in America have worsened the financial crisis shaking Greece and undermining the euro by enabling European governments to hide their mounting debts.

Even as the crisis was nearing the flashpoint, banks were searching for ways to help Greece forestall the day of reckoning. In early November — three months before Athens became the epicenter of global financial anxiety — a team from Goldman Sachs arrived in the ancient city with a very modern proposition for a government struggling to pay its bills, according to two people who were briefed on the meeting.

The bankers, led by Goldman’s president, Gary D. Cohn, held out a financing instrument that would have pushed debt from Greece’s health care system far into the future, much as when strapped homeowners take out second mortgages to pay off their credit cards.

It had worked before. In 2001, just after Greece was admitted to Europe’s monetary union, Goldman helped the government quietly borrow billions, people familiar with the transaction said. That deal, hidden from public view because it was treated as a currency trade rather than a loan, helped Athens to meet Europe’s deficit rules while continuing to spend beyond its means.

Athens did not pursue the latest Goldman proposal, but with Greece groaning under the weight of its debts and with its richer neighbors vowing to come to its aid, the deals over the last decade are raising questions about Wall Street’s role in the world’s latest financial drama.

As in the American subprime crisis and the implosion of the American International Group, financial derivatives played a role in the run-up of Greek debt. Instruments developed by Goldman Sachs, JPMorgan Chase and a wide range of other banks enabled politicians to mask additional borrowing in Greece, Italy and possibly elsewhere.