How to resolve AdBlock issue? 
Business News
- Details
- Written by: Editor
SACRAMENTO – Among the flurry of bills signed by Gov. Arnold Schwarzenegger this month was Senate Bill 17 by Senator Alex Padilla (D-Pacoima).
Co-authored by Senator Patricia Wiggins (D -- Santa Rosa), SB 17 will advance California’s clean energy policies by improving reliability and efficiency in power distribution through the deployment of smart grid technology.
Padilla said that "with SB 17 in place, a 21st century grid could be realized in California within the next five to ten years, allowing for a fundamental change in the way we think about, and use, electricity." Wiggins said that the new law "will help establish green technologies and green collar jobs."
SB 17 establishes deployment of smart grid technology as the policy of the state. It calls on the California Public Utilities Commission to determine the requirements for a smart grid deployment plan by July 2010. The bill also requires investor-owned utilities and municipal utility districts to develop smart grid deployment plans.
The Obama Administration has included $4.5 billion for the Smart Grid Investment Program in the economic stimulus package. SB 17 will make California more competitive when pursuing federal smart grid grants.
In California, 273,000 miles of transmission and distribution lines deliver power to homes and businesses. Yet, the antiquated electrical grid is neither clean, efficient, nor stable enough to meet California’s future needs.
Smart grid technology allows us to manage the electric grid more efficiently, reliably and securely while reducing greenhouse gas emissions. Smart grid also empowers consumers with real-time information so they can better conserve energy and save money.
According to the U.S. Department of Energy, smart grid technology can reduce carbon emissions by as much as 25 percent and electricity usage by 10 percent.
- Details
- Written by: Editor
SACRAMENTO – Seeking to recover more than $200 million in illegal overcharges and penalties, Attorney General Edmund G. Brown Jr. on Tuesday announced that he has filed suit against State Street Bank and Trust – one of the world's leading providers of financial services to institutional investors – for committing "unconscionable fraud" against California's two largest pension funds, CalPERS and CalSTRS.
The suit, which was unsealed Tuesday by a Sacramento Superior Court judge, contends that Boston-based State Street illegally overcharged CalPERS and CalSTRS for the costs of executing foreign currency trades since 2001.
"Over a period of eight years, State Street bankers committed unconscionable fraud by misappropriating millions of dollars that rightfully belonged to California's public pension funds," Brown said. "This is just the latest example of how clever financial traders violate laws and rip off the public trust."
The case was originally filed under seal by whistleblowers - "Associates Against FX Insider Trading," who alleged that State Street added a secret and substantial mark-up to the price of interbank foreign currency trades. The interbank rate is the price at which major banks buy and sell foreign currency.
Subsequently, Brown launched an independent investigation into the allegations.
Brown's investigation revealed that State Street was indeed overcharging the two funds. Despite being contractually obligated to charge the interbank rate at the precise time of the trade, State Street consistently charged at or near the highest rate of the day, even if the interbank rate was lower at the time of trade.
Additionally, State Street concealed the fraud by deliberately failing to include time stamp data in its reports, so that the pension funds could not determine the true execution costs by verifying when State Street actually executed the trades.
Commenting on this deception, one State Street senior vice president said to another executive that "…if providing execution costs will give [CalPERS] any insight into how much we make off of FX transactions, I will be shocked if [State Street] or anyone would agree to reveal the information."
Brown's office estimates that the pension funds were overcharged by more than $56.6 million over eight years. The lawsuit asks for relief in the amount of triple California's damages, civil penalties of $10,000 for each false claim; and recovery of costs, attorneys' fees and expenses. It is estimated that damages and penalties could exceed more than $200 million.
Under California's False Claims Act, anyone who has previously undisclosed information about a fraud, overcharge, or other false claim against the state, can file a sealed lawsuit on behalf of California to recover the losses. They must notify the Attorney General as well.
Such a case is called a "qui tam" case. If there is a monetary recovery, the law provides that the whistleblower "qui tam plaintiff" receives a share of the amount recovered if the requirements of the statute are met.
- Details
- Written by: Editor
A positive attitude is required.
Duties include clerical and answering phones. You'll learn a lot about Lake County.
For more information, call the Clear Lake Chamber at 707-994-3600.
- Details
- Written by: Lake County News Reports
On Sunday, Nov. 8, from 2 p.m. to 4 p.m. a social media meetup workshop is scheduled to be held in the dining area of the Hidden Valley Food Mart. The workshop will be a team effort by Mark Rudiger of Lake County Websites and Lamar Morgan of CDMM-Synergistic Business Marketing.
The workshop will make use of the dining area's 42-inch HDTV to showcase in slides ways small businesses can benefit from being in the social media space on the Internet. This will include ways to help your computer run more efficiently and effectively.
Free flash drives will be handed out with special software programs to enhance your computer's operation. There also will be a hands-on demonstration of how to rid your computer of the old files that slow it down.
Pokens will also be introduced into the mix. A Poken is a flash drive device that transfers social media data between people at the touch of a four-fingered Poken hand. Pokens are spreading in popularity around the world – especially at business networking events – including Tweetups, meetups, BNI functions and chamber of commerce meetings. For some, a Poken is "the new business card" of the 21st century. Pokens have already been utilized by IBM to help conduct major business conferences.
The Hidden Valley Food Mart has set itself up as a free WiFi hot spot. Folks can now do more than simply get the car filled up with gas and purchase groceries at the convenience store off Highway 29.
Soon you should be seeing a large, four-foot blue sign out by Highway29 announcing that Hidden Valley Food Mart is a free WiFi hot spot. The Internet access is made possible by AT&T/Yahoo and is high-speed DSL. However, the WiFi signal is also being made secure. That is being accomplished by The WiFi Co. of Colorado, which also provides an advertising splash page for branding purposes.
All those desiring to attend the upcoming workshop at the Hidden Valley Food Mart are encouraged to call 707-709-8605 for more information and to make a reservation.
The fee to attend the workshop is $30 (which includes a free flash drive you can take home and use with your computer).
Bringing one's laptop is encouraged because hands-on help will be available during the two-hour workshop. Seating is limited.