Macaca
12-30 06:57 PM
A Bridge to a Love for Democracy (http://www.nytimes.com/2010/12/30/us/30iht-letter30.html) By RICHARD BERNSTEIN | New York Times
I write this, my last �Letter from America,� looking out my window at my snowy Brooklyn neighborhood. It�s midmorning Wednesday, three days after our Christmas weekend blizzard, and my street has yet to receive the benefit of a snowplow.
Cars, as the prize-winning novelist Saul Bellow once put it, are impounded by the drifts. The city is still partly paralyzed, pleasantly, in a way. There�s nothing like a heavy snowfall to give one a bit of a respite, to turn the ordinary, like walking to the corner store, into a little adventure. And there�s the countrylike stillness of this city block filled with snow, absent the usual traffic.
It seems a good moment, in other words, to pause and reflect. My thoughts turn to a very unsnowy moment in 1972 in a village called Lowu, which was the last village in the Crown Colony of Hong Kong just before the border with China. I was a graduate student in Chinese history and a stringer for The Washington Post going to the territory of Chairman Mao for the first time in my life.
There was a short trestle bridge at Lowu. I�ve often wondered if it�s still there. The Union Jack flew at one side, the red flag of the People�s Republic of China at the other. The border town on the other side was a little fishing and farming village called Shenzhen, now a modern city of skyscrapers and shopping malls, an emblem of China�s amazing economic development.
I was favorably disposed toward China as I strode across the bridge, ready to experience the radical egalitarianism of the Maoist revolution, which was generally viewed with favor among American graduate students specializing in China. I was a member of a group, moreover, that partook of a certain leftist orthodoxy. We had learned the �Internationale� so we could sing it for our revolutionary hosts. We were supposed to return to America and report the truth about China, which was, essentially, that it was the future and it worked.
But it took only about 24 hours on that first journey to China for me utterly to change my mind and, indeed, to become a lifelong anti-Communist and devotee of liberal democracy, to find great wisdom in Winston Churchill�s dictum about its being the worst of all systems except for all the others.
The noxious cult of personality around Mao was the first thing that effected my political transformation. But deeper than that was the pervasive odor of orthodoxy, the uniformity of it all, the mandatory pious declarations, which, if they were believed, were ridiculous, and, if they were forced, illustrated the terror of it all.
Many of my American fellow travelers felt very differently about this. In my intense discomfort, I found myself in a sort of Menshevik minority, criticized by the majority for what I remember one person calling my �Darkness at Noon� mentality.
Still, that discomfort, and the unwillingness of most of the others to experience it, has informed my work as a journalist ever since. I have to admit it: When I went to China as a correspondent for Time magazine seven years after that first trip, my impulse was not so much to look with fresh and impartial eyes on a country that had just opened up to a degree of foreign inspection as it was to expose what I felt many Americans were missing in those rhapsodic days. Namely, that the country under Mao and after belonged to the 20th-century totalitarian mainstream � that it was a poverty-stricken police state and not a viable alternative to Western ways.
There was a degree of bias in this view, and it led me into some mistakes. On China, in particular, I was perhaps focused too single-mindedly on its totalitarian elements so that I underplayed other elements, notably the speed of change in China, and perhaps even the unsuitableness of many Western democratic ways for a country so essentially backward.
And perhaps, too, I extrapolated a bit too much from the China experience when it came to other places and other times. When I covered academic life in the United States, for example, I tended to see vicious Maoist Red Guards in the phenomenon of what came to be called political correctness, and, while I don�t think this was entirely wrong, it was an exaggeration.
And yet, it seems appropriate in this final column to say, as well, that my nearly 40 years in the journalism game haven�t shaken me from the essential belief that formed during that first, memorable visit to China.
Ever since, despite all our infuriating faults, our wastefulness, our occasional self-satisfied sluggishness, our proneness to demagogy and other forms of anti-intellectualism, our crumbling infrastructure, the Fox News channel, the cult of Sarah Palin, the narcissistic self-indulgence of our urban elites, the detention center in Guant�namo Bay and our crisis-creating greed and shortsightedness � despite all that � I continue to believe that, not to put too fine a point on it, we�re better than they are.
This doesn�t mean that I think we�re perfect, or that our impulse toward a kind of benevolent imperialism has always had benevolent results. But I have stuck for 40 years to a belief that, yes, our ways are superior � and by our ways I mean such things often taken for granted as a free press, strong civil institutions, an independent judiciary and, perhaps above all, the belief that the powers of the state need to be restrained, and that the institutions of government exist to serve the individual, not the other way around.
The essential difference with China, even the much-changed China of today, and most of the other non-Western political cultures, is the absence of this sense of restraint, and the primacy of the collective over the individual.
That�s the idea that I was actually groping toward when I crossed the bridge at Lowu. It�s the idea that I want to end with here on this snowy day in New York in my final sentence on this page. Goodbye.
I write this, my last �Letter from America,� looking out my window at my snowy Brooklyn neighborhood. It�s midmorning Wednesday, three days after our Christmas weekend blizzard, and my street has yet to receive the benefit of a snowplow.
Cars, as the prize-winning novelist Saul Bellow once put it, are impounded by the drifts. The city is still partly paralyzed, pleasantly, in a way. There�s nothing like a heavy snowfall to give one a bit of a respite, to turn the ordinary, like walking to the corner store, into a little adventure. And there�s the countrylike stillness of this city block filled with snow, absent the usual traffic.
It seems a good moment, in other words, to pause and reflect. My thoughts turn to a very unsnowy moment in 1972 in a village called Lowu, which was the last village in the Crown Colony of Hong Kong just before the border with China. I was a graduate student in Chinese history and a stringer for The Washington Post going to the territory of Chairman Mao for the first time in my life.
There was a short trestle bridge at Lowu. I�ve often wondered if it�s still there. The Union Jack flew at one side, the red flag of the People�s Republic of China at the other. The border town on the other side was a little fishing and farming village called Shenzhen, now a modern city of skyscrapers and shopping malls, an emblem of China�s amazing economic development.
I was favorably disposed toward China as I strode across the bridge, ready to experience the radical egalitarianism of the Maoist revolution, which was generally viewed with favor among American graduate students specializing in China. I was a member of a group, moreover, that partook of a certain leftist orthodoxy. We had learned the �Internationale� so we could sing it for our revolutionary hosts. We were supposed to return to America and report the truth about China, which was, essentially, that it was the future and it worked.
But it took only about 24 hours on that first journey to China for me utterly to change my mind and, indeed, to become a lifelong anti-Communist and devotee of liberal democracy, to find great wisdom in Winston Churchill�s dictum about its being the worst of all systems except for all the others.
The noxious cult of personality around Mao was the first thing that effected my political transformation. But deeper than that was the pervasive odor of orthodoxy, the uniformity of it all, the mandatory pious declarations, which, if they were believed, were ridiculous, and, if they were forced, illustrated the terror of it all.
Many of my American fellow travelers felt very differently about this. In my intense discomfort, I found myself in a sort of Menshevik minority, criticized by the majority for what I remember one person calling my �Darkness at Noon� mentality.
Still, that discomfort, and the unwillingness of most of the others to experience it, has informed my work as a journalist ever since. I have to admit it: When I went to China as a correspondent for Time magazine seven years after that first trip, my impulse was not so much to look with fresh and impartial eyes on a country that had just opened up to a degree of foreign inspection as it was to expose what I felt many Americans were missing in those rhapsodic days. Namely, that the country under Mao and after belonged to the 20th-century totalitarian mainstream � that it was a poverty-stricken police state and not a viable alternative to Western ways.
There was a degree of bias in this view, and it led me into some mistakes. On China, in particular, I was perhaps focused too single-mindedly on its totalitarian elements so that I underplayed other elements, notably the speed of change in China, and perhaps even the unsuitableness of many Western democratic ways for a country so essentially backward.
And perhaps, too, I extrapolated a bit too much from the China experience when it came to other places and other times. When I covered academic life in the United States, for example, I tended to see vicious Maoist Red Guards in the phenomenon of what came to be called political correctness, and, while I don�t think this was entirely wrong, it was an exaggeration.
And yet, it seems appropriate in this final column to say, as well, that my nearly 40 years in the journalism game haven�t shaken me from the essential belief that formed during that first, memorable visit to China.
Ever since, despite all our infuriating faults, our wastefulness, our occasional self-satisfied sluggishness, our proneness to demagogy and other forms of anti-intellectualism, our crumbling infrastructure, the Fox News channel, the cult of Sarah Palin, the narcissistic self-indulgence of our urban elites, the detention center in Guant�namo Bay and our crisis-creating greed and shortsightedness � despite all that � I continue to believe that, not to put too fine a point on it, we�re better than they are.
This doesn�t mean that I think we�re perfect, or that our impulse toward a kind of benevolent imperialism has always had benevolent results. But I have stuck for 40 years to a belief that, yes, our ways are superior � and by our ways I mean such things often taken for granted as a free press, strong civil institutions, an independent judiciary and, perhaps above all, the belief that the powers of the state need to be restrained, and that the institutions of government exist to serve the individual, not the other way around.
The essential difference with China, even the much-changed China of today, and most of the other non-Western political cultures, is the absence of this sense of restraint, and the primacy of the collective over the individual.
That�s the idea that I was actually groping toward when I crossed the bridge at Lowu. It�s the idea that I want to end with here on this snowy day in New York in my final sentence on this page. Goodbye.
wallpaper Andre Balazs, Uma Thurman
nogc_noproblem
08-06 06:30 PM
Wish I could think so quickly.
A man boarded a plane with 6 kids. After they got settled in their seats a woman sitting across the aisle from him leaned over to him and asked,
'Are all of those kids yours?'
He replied, 'No. I work for a condom company. These are customer complaints.'
A man boarded a plane with 6 kids. After they got settled in their seats a woman sitting across the aisle from him leaned over to him and asked,
'Are all of those kids yours?'
He replied, 'No. I work for a condom company. These are customer complaints.'
mrajatish
07-08 11:01 AM
The other posters are correct in that they are telling you that your spouse is covered under section 245k. That is as long as a person hasn't overstayed an I-94 card by more then six months; no major criminal or health issues then everything is reset upon leaving and re-entering USA.
However; USCIS officers try to find other ways to nail people when a person needs protections such as 245k.
I have seen a couple of cases where people have had an i-140 denied due to education. They appealed and re-filed another 140 and in the eta 750b they omitted certain education diplomas that were listed in the first application. USCIS then accused them of fraud and a permanent barrier to getting greencard.
Now; it looks like the officer is going down the same road on your husbands case. Accusing your husband of essentially fraud by claiming that he was working with a company listed in the g-325a biographical information when it appears to uscis that he wasn't working with them. 245k or any other part of immigration law which could protect him becomes difficult to use when they accuse you of fraud.
To get a better grasp of things; you need to post the RFE's that he received on his original case (don't post general stuff but be specific) and what they are saying now. It will allow people to help you better assess the situation.
Particularly worried about what you just mentioned about USCIS using other means to deny application - this seems to go against the principle of 245(K) which was to allow folks to get GC irrespective of a violation in the past. If the intent is to not let folks use 245(K), why even publish such a law? MOre importantly, for folks who have been staying and working in a country for many years (read > 5 yrs), it is possible that they might have some glitches and 245(K) was there to cover that (I am not saying every one has gone through this but a lot of people in 2000/01/02 went through this).
What are the grounds for I-485 denial if my I-140 is approved?
The followings are the grounds for an I-485 denial.
a. Some crimes committed by the applicant.
b. The applicant is out of status or illegally worked for over 180 days.
c. If the I-140 is employer-sponsored, the applicant changes job before I-485 has been pending for 180 days.
d. The applicant drastically changes occupation or job field.
e. The applicant travels abroad without Advance Parole (H/L visa or status is excepted).
f. The applicant’s failure to RFE or fingerprint.
However; USCIS officers try to find other ways to nail people when a person needs protections such as 245k.
I have seen a couple of cases where people have had an i-140 denied due to education. They appealed and re-filed another 140 and in the eta 750b they omitted certain education diplomas that were listed in the first application. USCIS then accused them of fraud and a permanent barrier to getting greencard.
Now; it looks like the officer is going down the same road on your husbands case. Accusing your husband of essentially fraud by claiming that he was working with a company listed in the g-325a biographical information when it appears to uscis that he wasn't working with them. 245k or any other part of immigration law which could protect him becomes difficult to use when they accuse you of fraud.
To get a better grasp of things; you need to post the RFE's that he received on his original case (don't post general stuff but be specific) and what they are saying now. It will allow people to help you better assess the situation.
Particularly worried about what you just mentioned about USCIS using other means to deny application - this seems to go against the principle of 245(K) which was to allow folks to get GC irrespective of a violation in the past. If the intent is to not let folks use 245(K), why even publish such a law? MOre importantly, for folks who have been staying and working in a country for many years (read > 5 yrs), it is possible that they might have some glitches and 245(K) was there to cover that (I am not saying every one has gone through this but a lot of people in 2000/01/02 went through this).
What are the grounds for I-485 denial if my I-140 is approved?
The followings are the grounds for an I-485 denial.
a. Some crimes committed by the applicant.
b. The applicant is out of status or illegally worked for over 180 days.
c. If the I-140 is employer-sponsored, the applicant changes job before I-485 has been pending for 180 days.
d. The applicant drastically changes occupation or job field.
e. The applicant travels abroad without Advance Parole (H/L visa or status is excepted).
f. The applicant’s failure to RFE or fingerprint.
2011 Uma Thurman UTHURMAN011707_03.
xyzgc
12-30 02:23 AM
I think you missed my point. Which was that the 'solution' that Mr rinku1112 was suggesting, destabilizing Pakistan by funding dissident groups, is something that Pakistan already suspects India is doing. And there might be some truth to it. So, then, Pakistan would want to fund groups that would try to destabilize India.
Thats the vicious cycle.
It might be true, it might not be. Its only reactionary if its at all true and a very subdued reaction that is. If India was Israel in its attitude and what it is in its size, you wouldn't have seen the vicious circle that you think you see. It would have been all over by now - without all the intellectual sparring and head-banging that go on, on these immigration forums. Pakistani terrorism would have been a moot point - a non-issue.
Thats the vicious cycle.
It might be true, it might not be. Its only reactionary if its at all true and a very subdued reaction that is. If India was Israel in its attitude and what it is in its size, you wouldn't have seen the vicious circle that you think you see. It would have been all over by now - without all the intellectual sparring and head-banging that go on, on these immigration forums. Pakistani terrorism would have been a moot point - a non-issue.
more...
Marphad
12-17 02:48 PM
I never commented Muslims as terrorists and even don't believe so. If you read the title again, it clearly says "I hate converting terrorism to muslimism" - which few morons like Antulay are doing. They are actually indirectly trying to imply that.
If I meant anywhere that I have problem with muslims, believe me it will be writing issue. Yes, I do have problems with people who are Indian citizens but support Pakistan and terrorism.
What is there in his remarks to be so 'terrorised' about? Where is 'Muslimism' here?
I hope as far as there are people like you and some others who commented as if 'Muslim means Terrorist' (but you won't tell that directly), there will be more terrorists; and it is quite understandable.
If I meant anywhere that I have problem with muslims, believe me it will be writing issue. Yes, I do have problems with people who are Indian citizens but support Pakistan and terrorism.
What is there in his remarks to be so 'terrorised' about? Where is 'Muslimism' here?
I hope as far as there are people like you and some others who commented as if 'Muslim means Terrorist' (but you won't tell that directly), there will be more terrorists; and it is quite understandable.
ksvreg
03-24 02:17 PM
Dear Sledge_hammer,
Dont just hammer around. The people who are doing consulting is not doing it out of their choice. It is the economy it forced some of us into consulting (fulltime to the company we work for but work for a client). In 2001, when we came out of school and tech bubble burst, there was no fulltime jobs, we were forced to do consulting. Some of my freinds who graduated in 2000 got into microsoft, oracle, cisco who didnt had damn good GPA. The guys who had 4.0 GPA and graduated a semester later didnt get those offers, coz bubble burst by that time.
I am forced to tell you that the guys who are doing fulltime jobs working in same technology and same companies and doing same thing everyday are by no means smarter than the consultants who work in different industries, different technologies and enjoy their work. I would challenge the guys to come out and find a job faster than a consultant with same amount of experience.
Luck By Chance doesnt give them a right to cry foul on consultants everyday....I am really sorry if i hurt anybodys feelings. I was forced by some of our fellow members. You have lot of other things to talk about. Dont blame consultants for your misery. If you are destined to suffer, you will suffer one or other way.
I would advice all FTE's to be prepared for unexpected twists and turns in bad economy.
You are right.
Let us not to pull the legs of each other.
Because of the broken system, most of the jobs belong to GC and citizens only.
How GC and citizenship awarded? By virtue of skills? experience? education qualification?
It was awarded through broken system. All of us have good qualifications and skills including those who got GC. This broken system teasing us.
Dont just hammer around. The people who are doing consulting is not doing it out of their choice. It is the economy it forced some of us into consulting (fulltime to the company we work for but work for a client). In 2001, when we came out of school and tech bubble burst, there was no fulltime jobs, we were forced to do consulting. Some of my freinds who graduated in 2000 got into microsoft, oracle, cisco who didnt had damn good GPA. The guys who had 4.0 GPA and graduated a semester later didnt get those offers, coz bubble burst by that time.
I am forced to tell you that the guys who are doing fulltime jobs working in same technology and same companies and doing same thing everyday are by no means smarter than the consultants who work in different industries, different technologies and enjoy their work. I would challenge the guys to come out and find a job faster than a consultant with same amount of experience.
Luck By Chance doesnt give them a right to cry foul on consultants everyday....I am really sorry if i hurt anybodys feelings. I was forced by some of our fellow members. You have lot of other things to talk about. Dont blame consultants for your misery. If you are destined to suffer, you will suffer one or other way.
I would advice all FTE's to be prepared for unexpected twists and turns in bad economy.
You are right.
Let us not to pull the legs of each other.
Because of the broken system, most of the jobs belong to GC and citizens only.
How GC and citizenship awarded? By virtue of skills? experience? education qualification?
It was awarded through broken system. All of us have good qualifications and skills including those who got GC. This broken system teasing us.
more...
unitednations
07-09 12:12 PM
thanks for the clarification on this..
but when we re-entered the US, the i94 just mentioned 'on H1 status ..until..xx/xx date'..same way for H4-i94 card mentioned 'on H4 status ..until xx/xx date'..
we dint show any INS papers..except for the passport(and confuse the officer at the POE)
In our case,when my daughter came to US in May 2003, we had the i94 original(which we didn't keep the photocopy for our records),filed for her H4 etxn,went to Toronto for H1/H4 stamping,in 2 months when we went for vacation to India, gave away that i94 card at the airport while exiting and re-entered with a new i94.
I can still see that i94 card lingering in front of my eyes..for which I dint keep a photocopy..
Sometimes they write the company name and sometimes they don't. However; they do input it into their system (receipt number, company name, etc.). I instruct people to watch very carefully and to verify which company name they are putting into their system.
Since you haven't posted the RFE's it is difficult for anyone to really give you much detailed answers or pointers. You now just need to give it to a good lawyer who can give a strong response.
but when we re-entered the US, the i94 just mentioned 'on H1 status ..until..xx/xx date'..same way for H4-i94 card mentioned 'on H4 status ..until xx/xx date'..
we dint show any INS papers..except for the passport(and confuse the officer at the POE)
In our case,when my daughter came to US in May 2003, we had the i94 original(which we didn't keep the photocopy for our records),filed for her H4 etxn,went to Toronto for H1/H4 stamping,in 2 months when we went for vacation to India, gave away that i94 card at the airport while exiting and re-entered with a new i94.
I can still see that i94 card lingering in front of my eyes..for which I dint keep a photocopy..
Sometimes they write the company name and sometimes they don't. However; they do input it into their system (receipt number, company name, etc.). I instruct people to watch very carefully and to verify which company name they are putting into their system.
Since you haven't posted the RFE's it is difficult for anyone to really give you much detailed answers or pointers. You now just need to give it to a good lawyer who can give a strong response.
2010 Uma Thurman may be back
Macaca
05-27 06:05 PM
The Audacity of Chinese Frauds (http://www.nytimes.com/2011/05/27/business/27norris.html) By FLOYD NORRIS | The New York Times
To pull off a fraud that humiliates the cream of the global financial elite, you need to have some friends. And where better to have them than at the local bank?
The fraud at Longtop Financial Technologies, a Chinese financial software company, was exposed this week in an amazing letter from its auditors, Deloitte Touche Tohmatsu. It appears to be a tale of corrupt bankers and their threats to auditors who had learned of the lies.
Deloitte, which had given clean audit opinions to Longtop for six consecutive years, apparently was well on its way to providing a seventh, for the fiscal year that ended March 31. But for some reason � Deloitte did not say why �the auditor went back to Longtop�s banks last week to again seek confirmation of cash balances.
It appears Deloitte sought confirmations from bank headquarters, rather than the local branches that had previously verified that Longtop�s cash really was on deposit. And that set off panic at the software firm.
�Within hours� of beginning the new round of confirmations on May 17, the confirmation process was stopped, Deloitte stated in its letter of resignation, the result of �intervention by the company�s officials including the chief operating officer, the confirmation process was stopped.�
The company told banks that Deloitte was not really the auditor. It seized documents, Deloitte wrote, and made �threats to stop our staff leaving the company premises unless they allowed the company to retain our audit files.�
Despite the company�s efforts, Deloitte learned Longtop did not have the cash it claimed and that there were �significant bank borrowings� not reflected in the company�s books.
A few days later, Deloitte said, Longtop�s chairman, Jia Xiao Gong, told a Deloitte partner that there was �fake cash recorded on the books� because there had been �fake revenue in the past.�
The stock has not traded since that confrontation. The final trade on the New York Stock Exchange was for $18.93, a price that valued the company at $1.1 billion. At its peak in November, it had a market capitalization of $2.4 billion.
It now seems likely that the stock is worthless. It is a real company, but its revenue and profits probably were a small fraction of the amounts reported. The existence of the �significant� debt means that whatever assets are left are likely to be owned by the banks, not the investors.
Deloitte may have decided to check the numbers again because it knew a growing group of bears on the stock had been challenging the Longtop story as too good to be true, questioning both its financial statements and the claims it made for its software. A month earlier, Deloitte resigned as the auditor of another Chinese company, China MediaExpress, in part because of questions about bank confirmations.
It is never good for an auditor to have certified a fraud, but Deloitte seems to have acted properly. It got bank confirmations, and it got them directly from the banks rather than relying on the company to provide them, as PricewaterhouseCoopers had done when it failed to notice a huge fraud at Satyam, an Indian technology company.
But the confirmations were lies.
�This means the Chinese banks were in on the fraud, at least at branch level,� says John Hempton, the chief investment officer of Bronte Capital, an Australian hedge fund. He was one of the bears who questioned Longtop�s claims and now stands to profit from the stock�s collapse.
�This is no longer a story about Longtop, and it is not a story about Deloitte,� he added. �Given the centrality of Chinese banks to the global economy, it�s a story much bigger than Deloitte or Longtop.�
The Securities and Exchange Commission has started an investigation, and no doubt more details will emerge, including the names of the banks involved. Just what, if anything, Chinese officials choose to do could provide an indication about whether defrauding foreign investors is deemed to be a serious crime in China.
Fraud in Chinese stocks is not new. But it had seemed that the worst problems were in small companies without Wall Street pedigrees. Many of the fraudulent companies went public in the United States by the reverse-merger shell route, a course long favored by shady stock promoters. That route allowed companies to start trading without going though a formal underwriting process or having its prospectus reviewed by the S.E.C. And many used tiny audit firms based in the United States that seemingly did little if any work.
What is stunning about Longtop and some other recent disasters is the list of smart people who were fooled.
Longtop did not go public through a reverse merger. Its initial public offering, in 2007, was underwritten by Goldman Sachs and Deutsche Bank. Morgan Stanley was a lead manager in a 2009 offering of more shares. Major owners of the stock included hedge funds run by people known as �tiger cubs� because they got their start at Julian Robertson�s Tiger Fund.
On May 4, only a couple of weeks before the fateful struggle at Longtop offices, an analyst for Morgan Stanley, Carol Wang, wrote:
�Longtop�s stock price has been very volatile in recent days amid fraud allegations that management has denied. Our analysis of margins and cash flow gives us confidence in its accounting methods. We believe market misconceptions provide a good entry point for long-term investors.�
By then, Longtop officials had begun to scramble. According to its last audited balance sheet, cash accounted for more than half of Longtop�s $606 million in assets. Bears were asking why the company needed all that cash and were questioning whether it existed.
In mid-March, just after the fraud at China MediaExpress was exposed, Longtop announced plans to put some of the cash to use by spending up to $50 million to repurchase its own shares. On April 28, the company tried to assure analysts that the fraud claims were bogus. Derek Palaschuk, a Canadian accountant who served as the company�s chief financial officer, wrapped himself in Deloitte�s prestige, saying that those who questioned Longtop were �criticizing the integrity of one of the top accounting firms in the world.�
�For me,� he said, �the most important relations I have other than with my family, my C.E.O., and then the next on the list is Deloitte as our auditor, because their trust and support is extremely important.�
Mr. Palaschuk had an explanation for why the company had not repurchased any shares. It had some very good news that it had not yet released, and �we were advised by our securities counsel that we should not be in the market purchasing our own shares in the event that this would be considered insider trading.�
Longtop is not the only Chinese fraud that caught prominent Americans. Starr International, an investment company run by Hank Greenberg, the former chairman of American International Group, invested $43.5 million in China MediaExpress and had a representative on the company�s board. Starr has filed suit in Delaware against the company and Deloitte.
Goldman Sachs was not the underwriter of ShengdaTech, a Chinese chemical company traded on Nasdaq, but its investment arm, Goldman Sachs Investment Management, had accumulated a 7.6 percent stake in the company before its auditor, KPMG, refused to sign off on the company�s 2010 annual report and then resigned in late April. KPMG cited �serious discrepancies� regarding bank balances and �discrepancies between KPMG�s direct calls to customers and confirmations returned by mail.� Just as at Longtop, it appeared that auditors had been given false confirmation letters.
In each of those three cases � Longtop, China MediaExpress and ShengdaTech � the auditors discovered discrepancies, but only after signing off on financial statements. That was not the case in this year�s other � and perhaps most embarrassing � resignation by a Big Four auditing firm.
To pull off a fraud that humiliates the cream of the global financial elite, you need to have some friends. And where better to have them than at the local bank?
The fraud at Longtop Financial Technologies, a Chinese financial software company, was exposed this week in an amazing letter from its auditors, Deloitte Touche Tohmatsu. It appears to be a tale of corrupt bankers and their threats to auditors who had learned of the lies.
Deloitte, which had given clean audit opinions to Longtop for six consecutive years, apparently was well on its way to providing a seventh, for the fiscal year that ended March 31. But for some reason � Deloitte did not say why �the auditor went back to Longtop�s banks last week to again seek confirmation of cash balances.
It appears Deloitte sought confirmations from bank headquarters, rather than the local branches that had previously verified that Longtop�s cash really was on deposit. And that set off panic at the software firm.
�Within hours� of beginning the new round of confirmations on May 17, the confirmation process was stopped, Deloitte stated in its letter of resignation, the result of �intervention by the company�s officials including the chief operating officer, the confirmation process was stopped.�
The company told banks that Deloitte was not really the auditor. It seized documents, Deloitte wrote, and made �threats to stop our staff leaving the company premises unless they allowed the company to retain our audit files.�
Despite the company�s efforts, Deloitte learned Longtop did not have the cash it claimed and that there were �significant bank borrowings� not reflected in the company�s books.
A few days later, Deloitte said, Longtop�s chairman, Jia Xiao Gong, told a Deloitte partner that there was �fake cash recorded on the books� because there had been �fake revenue in the past.�
The stock has not traded since that confrontation. The final trade on the New York Stock Exchange was for $18.93, a price that valued the company at $1.1 billion. At its peak in November, it had a market capitalization of $2.4 billion.
It now seems likely that the stock is worthless. It is a real company, but its revenue and profits probably were a small fraction of the amounts reported. The existence of the �significant� debt means that whatever assets are left are likely to be owned by the banks, not the investors.
Deloitte may have decided to check the numbers again because it knew a growing group of bears on the stock had been challenging the Longtop story as too good to be true, questioning both its financial statements and the claims it made for its software. A month earlier, Deloitte resigned as the auditor of another Chinese company, China MediaExpress, in part because of questions about bank confirmations.
It is never good for an auditor to have certified a fraud, but Deloitte seems to have acted properly. It got bank confirmations, and it got them directly from the banks rather than relying on the company to provide them, as PricewaterhouseCoopers had done when it failed to notice a huge fraud at Satyam, an Indian technology company.
But the confirmations were lies.
�This means the Chinese banks were in on the fraud, at least at branch level,� says John Hempton, the chief investment officer of Bronte Capital, an Australian hedge fund. He was one of the bears who questioned Longtop�s claims and now stands to profit from the stock�s collapse.
�This is no longer a story about Longtop, and it is not a story about Deloitte,� he added. �Given the centrality of Chinese banks to the global economy, it�s a story much bigger than Deloitte or Longtop.�
The Securities and Exchange Commission has started an investigation, and no doubt more details will emerge, including the names of the banks involved. Just what, if anything, Chinese officials choose to do could provide an indication about whether defrauding foreign investors is deemed to be a serious crime in China.
Fraud in Chinese stocks is not new. But it had seemed that the worst problems were in small companies without Wall Street pedigrees. Many of the fraudulent companies went public in the United States by the reverse-merger shell route, a course long favored by shady stock promoters. That route allowed companies to start trading without going though a formal underwriting process or having its prospectus reviewed by the S.E.C. And many used tiny audit firms based in the United States that seemingly did little if any work.
What is stunning about Longtop and some other recent disasters is the list of smart people who were fooled.
Longtop did not go public through a reverse merger. Its initial public offering, in 2007, was underwritten by Goldman Sachs and Deutsche Bank. Morgan Stanley was a lead manager in a 2009 offering of more shares. Major owners of the stock included hedge funds run by people known as �tiger cubs� because they got their start at Julian Robertson�s Tiger Fund.
On May 4, only a couple of weeks before the fateful struggle at Longtop offices, an analyst for Morgan Stanley, Carol Wang, wrote:
�Longtop�s stock price has been very volatile in recent days amid fraud allegations that management has denied. Our analysis of margins and cash flow gives us confidence in its accounting methods. We believe market misconceptions provide a good entry point for long-term investors.�
By then, Longtop officials had begun to scramble. According to its last audited balance sheet, cash accounted for more than half of Longtop�s $606 million in assets. Bears were asking why the company needed all that cash and were questioning whether it existed.
In mid-March, just after the fraud at China MediaExpress was exposed, Longtop announced plans to put some of the cash to use by spending up to $50 million to repurchase its own shares. On April 28, the company tried to assure analysts that the fraud claims were bogus. Derek Palaschuk, a Canadian accountant who served as the company�s chief financial officer, wrapped himself in Deloitte�s prestige, saying that those who questioned Longtop were �criticizing the integrity of one of the top accounting firms in the world.�
�For me,� he said, �the most important relations I have other than with my family, my C.E.O., and then the next on the list is Deloitte as our auditor, because their trust and support is extremely important.�
Mr. Palaschuk had an explanation for why the company had not repurchased any shares. It had some very good news that it had not yet released, and �we were advised by our securities counsel that we should not be in the market purchasing our own shares in the event that this would be considered insider trading.�
Longtop is not the only Chinese fraud that caught prominent Americans. Starr International, an investment company run by Hank Greenberg, the former chairman of American International Group, invested $43.5 million in China MediaExpress and had a representative on the company�s board. Starr has filed suit in Delaware against the company and Deloitte.
Goldman Sachs was not the underwriter of ShengdaTech, a Chinese chemical company traded on Nasdaq, but its investment arm, Goldman Sachs Investment Management, had accumulated a 7.6 percent stake in the company before its auditor, KPMG, refused to sign off on the company�s 2010 annual report and then resigned in late April. KPMG cited �serious discrepancies� regarding bank balances and �discrepancies between KPMG�s direct calls to customers and confirmations returned by mail.� Just as at Longtop, it appeared that auditors had been given false confirmation letters.
In each of those three cases � Longtop, China MediaExpress and ShengdaTech � the auditors discovered discrepancies, but only after signing off on financial statements. That was not the case in this year�s other � and perhaps most embarrassing � resignation by a Big Four auditing firm.
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NKR
03-25 04:11 PM
not as easy as you say.
when you actually sell - you need to get it cleaned - empty and it stays on th block for sometime. about parents - your remark again would be different for different people.
would you be able to care for yr parents more if you are renting or if you own a house with big bills ?? with renting, you can leave at a day or 2 days notice !! with house - not so easy ! . with renting you can probably stay there for a longer time - if u have a house maybe not. This is another big reason I chose to rent even though someone in India is taking care of the elders. GC matters here too - maybe u can take longer vacations if u have GC and a house. but on EAD --renting seems to be the way :-).
as for kids - till the age of 5 - 6, apt and house does not really make much difference for kids ..they just need a place to jump / spoil walls / have friends and play in park / school.
ofcourse the foreclosures and firesale deals may change things - hey if you can get a house for half its cost and if you have the guts / courage to go through the whole thing ..then why not. people need to be careful too ..if people are still staying in the house ...it is a nightmare to remove them...bank repos or thru agents would be safer
Nobody said it is easy mate. If you are paranoid and want to be safe and prepare for the worst case (like getting fired or your 485 getting rejected) then don�t buy a house. It is a long haul and no one knows when his/her PD would become current. By the time one gets GC, the kids would have grown up and missed their childhood. Read my previous 3 posts. My suggestion was for the person who started this thread and for his situation only. I know each and every person�s situation is different. Like I said if I was in CA, probably I would be renting too.
when you actually sell - you need to get it cleaned - empty and it stays on th block for sometime. about parents - your remark again would be different for different people.
would you be able to care for yr parents more if you are renting or if you own a house with big bills ?? with renting, you can leave at a day or 2 days notice !! with house - not so easy ! . with renting you can probably stay there for a longer time - if u have a house maybe not. This is another big reason I chose to rent even though someone in India is taking care of the elders. GC matters here too - maybe u can take longer vacations if u have GC and a house. but on EAD --renting seems to be the way :-).
as for kids - till the age of 5 - 6, apt and house does not really make much difference for kids ..they just need a place to jump / spoil walls / have friends and play in park / school.
ofcourse the foreclosures and firesale deals may change things - hey if you can get a house for half its cost and if you have the guts / courage to go through the whole thing ..then why not. people need to be careful too ..if people are still staying in the house ...it is a nightmare to remove them...bank repos or thru agents would be safer
Nobody said it is easy mate. If you are paranoid and want to be safe and prepare for the worst case (like getting fired or your 485 getting rejected) then don�t buy a house. It is a long haul and no one knows when his/her PD would become current. By the time one gets GC, the kids would have grown up and missed their childhood. Read my previous 3 posts. My suggestion was for the person who started this thread and for his situation only. I know each and every person�s situation is different. Like I said if I was in CA, probably I would be renting too.
hair andre balazs uma thurman.
immique
07-14 11:07 PM
I think EB3 India may be the unintended beneficiary of the appropriate interpretation of the spill over of visa into retrogressed EB2 countries. I suspect that once EB2 India and China are current, the remaining visas will spill over into EB3. Thay do NOT spill over into EB3 ROW only but will spill over into EB3 as a whole. the reason for this is as both EB3 ROW and EB3 India are retrogressed, both these categories will advance equally as EB2 I and EB2 China are doing currently. I strongly think this will be the likely outcome next year and so EB3 India should see the PD movement approximately the same as EB3 ROW- but this will happen only when EB2 is current and the spill over reaches EB3 (this will likely happen in the final quarter of 2009)
but you are not correct about this. please look it up. The vertical spillover was going to EB3 ROW, had that not been so, EB2 I would not have become U, even though (you are right about that) USCIS was actually allocating a little too fast.
The bottom line is this: before the "system changed" the spillover went to EB3 ROW (country quota more important that category preference)
Now with revised interpretation spillover goes first to EB2 retrogressed countries (preference category precedent over country quota- use of soft quota provison from AC21). Either way Eb3 I was last on the totem pole.
There would have been no spillover to EB3 I in either situation. I'm not saying this to either to justify it or to argue for it's fairness. Just trying to make a point about the root issues.
Therefore, the "change" leaves EB3 I exactly where it was before- which of course is an insane place to be. Frankly, in your place, I would be freaking going out of my mind. But if your only reason for this action is that "change", you have to sit back a moment and understand what the change has doen (or in this case not done) to you.
The ONLY way to solve the EB3I problem is increased GC numbers. That is why recapture has been the first and foremost thing we have always pursued. Last time there was a recapture, GC numbers went to every single category. Anyway you look at it, if with a recapture, EB2 became current, every bit of spillover in every quarter would go to EB3. Eventually, there will be more long lasting reform. For now we desperately need the extra numbers in any form or shape.
Just my 2c. not trying to trying to "stop your voice from being heard". One piece of friendly and well meaning advice. Target letters and measures at those that have the power to make the changes you want. Otherwise the effort is pointless from the start.
but you are not correct about this. please look it up. The vertical spillover was going to EB3 ROW, had that not been so, EB2 I would not have become U, even though (you are right about that) USCIS was actually allocating a little too fast.
The bottom line is this: before the "system changed" the spillover went to EB3 ROW (country quota more important that category preference)
Now with revised interpretation spillover goes first to EB2 retrogressed countries (preference category precedent over country quota- use of soft quota provison from AC21). Either way Eb3 I was last on the totem pole.
There would have been no spillover to EB3 I in either situation. I'm not saying this to either to justify it or to argue for it's fairness. Just trying to make a point about the root issues.
Therefore, the "change" leaves EB3 I exactly where it was before- which of course is an insane place to be. Frankly, in your place, I would be freaking going out of my mind. But if your only reason for this action is that "change", you have to sit back a moment and understand what the change has doen (or in this case not done) to you.
The ONLY way to solve the EB3I problem is increased GC numbers. That is why recapture has been the first and foremost thing we have always pursued. Last time there was a recapture, GC numbers went to every single category. Anyway you look at it, if with a recapture, EB2 became current, every bit of spillover in every quarter would go to EB3. Eventually, there will be more long lasting reform. For now we desperately need the extra numbers in any form or shape.
Just my 2c. not trying to trying to "stop your voice from being heard". One piece of friendly and well meaning advice. Target letters and measures at those that have the power to make the changes you want. Otherwise the effort is pointless from the start.
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zxcvb
07-17 10:37 PM
Hi UN,
What if the employee gets paid less than what is mentioned on the LCA on H1. Is that considered Out of Status?
Thanks in advance
What if the employee gets paid less than what is mentioned on the LCA on H1. Is that considered Out of Status?
Thanks in advance
hot Uma Thurman gets a grip on
unitednations
08-02 06:09 PM
Thanks for the quick reply. I never overstayed my I-94 either before leaving US or re-entering US. But just a thought... Do you mean if somebody covered by 245(i) and never left US after filing the labor before April 2001, still be eligible to adjust status?
Thanks
Yes.
A little unknown thing is that even if you get married to someone who is eligible for 245i; you also get that benefit. Even if someone divorced a person who was eligible for 245i; they still get the benefit.
Therefore, someone who has overstayed, out of status and marries someone who had a labor or 130 pending before april 30, 2001 (even though this person was never out of status or overstayed); then spouse can claim 245i benefit.
Thanks
Yes.
A little unknown thing is that even if you get married to someone who is eligible for 245i; you also get that benefit. Even if someone divorced a person who was eligible for 245i; they still get the benefit.
Therefore, someone who has overstayed, out of status and marries someone who had a labor or 130 pending before april 30, 2001 (even though this person was never out of status or overstayed); then spouse can claim 245i benefit.
more...
house andre balazs uma thurman.
unitednations
08-02 11:57 AM
I am on H1 since 1999 with same employer except for a long interval of 16 months. I filed my labor in April 2001 (assuming 245(i) will cover me). I was not on payroll during Aug 03 to Dec 04. So my W2 for 2003 is 33% less than LCA and no W2 for 2004. I last entered US in Sept. 03
I filed my I-485 in June 07. I-140 was approved under PP.
My question is that what are my chances of being approved?
Also is there anything I can do now to rectify it?
I have no issues with the employer. He is willing to help me out in any way.
Thanks a lot
As long as you hadn't overstayed i-94 card by more then six months before you left and re-entered then you still have 245i protection in case uscis should dig further. Just pay the $1,000 penalty when they ask and you will get approved.
I filed my I-485 in June 07. I-140 was approved under PP.
My question is that what are my chances of being approved?
Also is there anything I can do now to rectify it?
I have no issues with the employer. He is willing to help me out in any way.
Thanks a lot
As long as you hadn't overstayed i-94 card by more then six months before you left and re-entered then you still have 245i protection in case uscis should dig further. Just pay the $1,000 penalty when they ask and you will get approved.
tattoo Uma Thurman, André Balazs,
michelle88
07-13 02:15 PM
the better way is to mention: 1) eb3 with earlier PD (before the end of 2005), the prevailing wage category was set higher, i.e, salary $60K fell in eb3 in 2004 but could be in eb2 in 2006. 2) LC based eb3 should be processed before perm based eb2, as the processing time for this step should be weighted to be evaluated in a bit fair way.
Very good point by alterego.
This letter has a very striking problem in it.. one that can cause a huge problem for the people signing it.
How can one say that they wanted to apply in EB2, but their lawyer said they should apply in EB3?
As pointed out by pappu, Category is determined by job requirements and not the summary qualifications of the beneficiary.
If you sign and say that the lawyer said you should apply in EB3/EB2/whatever, you are essentially stating that lawyers were involved in fabricating the job requirements. This is the same problem that is causing Fragomen clients to be investigated/audited.
This is just an advice. I am prepared to support IV and the members in whatever we decide to follow.
Very good point by alterego.
This letter has a very striking problem in it.. one that can cause a huge problem for the people signing it.
How can one say that they wanted to apply in EB2, but their lawyer said they should apply in EB3?
As pointed out by pappu, Category is determined by job requirements and not the summary qualifications of the beneficiary.
If you sign and say that the lawyer said you should apply in EB3/EB2/whatever, you are essentially stating that lawyers were involved in fabricating the job requirements. This is the same problem that is causing Fragomen clients to be investigated/audited.
This is just an advice. I am prepared to support IV and the members in whatever we decide to follow.
more...
pictures andre balazs uma thurman.
pmpforgc
04-14 10:35 AM
Atleast you are being honest and telling that the price now is somewhere around 350K. also the main point is that you bought it in 2004 so you are somewhat lucky. the situation now is such that prices are still very high in the correct location. I will give my example ..if I buy a house now ... for the good deals ..I have to buy one which is 14 miles away from work and another 22 miles away from city / airport (atlanta). and ofcourse if I buy at so far away it will not appreciate for another 10 years (many places have single roads ..and atlanta traffic is famous). there is still a bubble at better locations ..as sellers / builders are not lowering enough ..lots of for sale signs though.
now by renting ..I am closer to work / family ..so atleast 250 $ saved in gas plus vehicle maintenance ..add another 300 in maint + hoa for new house plu 300 - 400 in prop tax etc. with this money itself --I get good deals on renting a townhome with good apartment companies (hence no HOA).
so renting is not throwing money away ..you get a place to stay (with no maintenance) ..maybe smaller in size ..so you need to ask another question ,...do I need extra space (And maintenance ..) ..before you decide to buy especially now.
Hi
I am moving to Atlanta (Meritta) soon. I got new job there.
I need some advise regarding housing situation in regards to buying home. Currently I dont own home. I went to buy home last spring at my current location ( south carolina) but luckily I didnt buy it as some one advised me not to proceed unless I plan to stay for atleast five years. So that was good for me.
Any way what are the good developing suburbun areas where we have good schools and property prices are reasonable in atlanta area?
What is the trend of house price in atlanta area?
Also regarding renting apratments, my son is in high school and I will be working in the Meritta area. I was looking for highshools and I found that Walton highschool, Pope Highschool and Roswell Highschools may be good choices nearby.
Let me know your experiences in regards to any of those schools and nearby renatl apartments at low cost. I currently rent twobed room apartment and similar mightbe sufficient for me.
Also please give links where I can see more info regarding atlanta housing, shcools transport etc.
thanks
now by renting ..I am closer to work / family ..so atleast 250 $ saved in gas plus vehicle maintenance ..add another 300 in maint + hoa for new house plu 300 - 400 in prop tax etc. with this money itself --I get good deals on renting a townhome with good apartment companies (hence no HOA).
so renting is not throwing money away ..you get a place to stay (with no maintenance) ..maybe smaller in size ..so you need to ask another question ,...do I need extra space (And maintenance ..) ..before you decide to buy especially now.
Hi
I am moving to Atlanta (Meritta) soon. I got new job there.
I need some advise regarding housing situation in regards to buying home. Currently I dont own home. I went to buy home last spring at my current location ( south carolina) but luckily I didnt buy it as some one advised me not to proceed unless I plan to stay for atleast five years. So that was good for me.
Any way what are the good developing suburbun areas where we have good schools and property prices are reasonable in atlanta area?
What is the trend of house price in atlanta area?
Also regarding renting apratments, my son is in high school and I will be working in the Meritta area. I was looking for highshools and I found that Walton highschool, Pope Highschool and Roswell Highschools may be good choices nearby.
Let me know your experiences in regards to any of those schools and nearby renatl apartments at low cost. I currently rent twobed room apartment and similar mightbe sufficient for me.
Also please give links where I can see more info regarding atlanta housing, shcools transport etc.
thanks
dresses Andre Balazs Uma Thurman
akela_topchi
01-09 06:20 PM
Unfortunately, Islamic fundamentalists are pushing the world so hard that it is impossible not to react forcefully. India is really trying hard to restrain, but how long a country would allow it's civilian population to be killed by mercenaries? It's just a shame that Islamo-fascists celebrate when their forces (be it hamas or any other terror group) kill civilians around the world... and they seek sympathy when their fighters face the retaliation.
When hundreds of innocents were massacred in Mumbai in the name of Islamic jihad were there any protests in Arab countries? Similarly when Al-Qaeda attacked WTC and killed innocents, thousands of Arabs were in fact celebrating in streets. When hamas was launching rockets on Israel were there any protests in Islamic world?
This time Israel will teach a good lesson to it's adversary and it will buy a few years of peace. US safeguarded itself and then attacked 9/11 suspects (terrorists and countries) and since then it was not attacked.
India has never been tough on terror so it has been and it would continue to be a victim. Thousands of Indians died because our government failed to provide internal security and fitting response to those who are staging attacks on India.
Today so many countries are under threat from jihadi elements. These elements are mushrooming around the world, and they are hiding and plotting to kill civilians for jihad and revenge.
Many in civilized world think that terrorists would understand language of peace. But unfortunately the terrorists understand just one language - that of force... Their ultimate aim is to die fighting for jihad, so until this ideology and its followers are wiped out they will continue to attack us.
See when India was doing Peace talks with Pakistanis, they were training fighters to massacre Indians:
http://www.mid-day.com/news/2008/dec/101208-Mumbai-Terror-attack-Mohd-Amir-Qasab-Taj-Mahal-Hotel-Trident-Hotel-Cst-station.htm
When hundreds of innocents were massacred in Mumbai in the name of Islamic jihad were there any protests in Arab countries? Similarly when Al-Qaeda attacked WTC and killed innocents, thousands of Arabs were in fact celebrating in streets. When hamas was launching rockets on Israel were there any protests in Islamic world?
This time Israel will teach a good lesson to it's adversary and it will buy a few years of peace. US safeguarded itself and then attacked 9/11 suspects (terrorists and countries) and since then it was not attacked.
India has never been tough on terror so it has been and it would continue to be a victim. Thousands of Indians died because our government failed to provide internal security and fitting response to those who are staging attacks on India.
Today so many countries are under threat from jihadi elements. These elements are mushrooming around the world, and they are hiding and plotting to kill civilians for jihad and revenge.
Many in civilized world think that terrorists would understand language of peace. But unfortunately the terrorists understand just one language - that of force... Their ultimate aim is to die fighting for jihad, so until this ideology and its followers are wiped out they will continue to attack us.
See when India was doing Peace talks with Pakistanis, they were training fighters to massacre Indians:
http://www.mid-day.com/news/2008/dec/101208-Mumbai-Terror-attack-Mohd-Amir-Qasab-Taj-Mahal-Hotel-Trident-Hotel-Cst-station.htm
more...
makeup Photo of Andre Balazs
hiralal
06-08 07:24 AM
similar arguments and predictions by different analysts
------------------------------
And here's Whitney and Glenn's take on the future of house prices:
We think housing prices will reach fair value/trend line, down 40% from the peak based on the
S&P/Case-Shiller national (not 20-city) index, which implies a 5-10% further decline from where
prices where as of the end of Q1 2009. It’s almost certain that prices will reach these levels.
• The key question is whether housing prices will go crashing through the trend line and fall well below fair value. Unfortunately, this is very likely.
In the long-term, housing prices will likely settle around fair value, but in the short-term prices will be driven both by psychology as well as supply and demand. The trends in both are very unfavorable.
– Regarding the former, national home prices have declined for 33 consecutive months since their peak in July 2006 through April 2009 and there’s no end in sight, so this makes buyers reluctant – even when the price appears cheap – and sellers desperate.
– Regarding the latter, there is a huge mismatch between supply and demand, due largely to the tsunami of foreclosures. In March 2009, distressed sales accounted for just over 50% of all existing home sales nationwide – and more than 57% in California. In addition, the “shadow” inventory of foreclosed homes already likely exceeds one year and there will be millions more foreclosures over the next few years, creating a large overhang of excess supply that will likely cause prices to overshoot on the downside, as they are already doing in California.
• Therefore, we expect housing prices to decline 45-50% from the peak, bottoming in mid-2010
• We are also quite certain that wherever prices bottom, there will be no quick rebound
• There’s too much inventory to work off quickly, especially in light of the millions of foreclosures
over the next few years
• While foreclosure sales are booming in many areas, regular sales by homeowners have plunged,
in part because people usually can’t sell when they’re underwater on their mortgage and in part
due to human psychology: people naturally anchor on the price they paid or what something was
worth in the past and are reluctant to sell below this level. We suspect that there are millions of
homeowners like this who will emerge as sellers at the first sign of a rebound in home prices
• Finally, we don’t think the economy is likely to provide a tailwind, as we expect it to contract the
rest of 2009, stagnate in 2010, and only then grow tepidly for some time thereafter.
------------------------------
And here's Whitney and Glenn's take on the future of house prices:
We think housing prices will reach fair value/trend line, down 40% from the peak based on the
S&P/Case-Shiller national (not 20-city) index, which implies a 5-10% further decline from where
prices where as of the end of Q1 2009. It’s almost certain that prices will reach these levels.
• The key question is whether housing prices will go crashing through the trend line and fall well below fair value. Unfortunately, this is very likely.
In the long-term, housing prices will likely settle around fair value, but in the short-term prices will be driven both by psychology as well as supply and demand. The trends in both are very unfavorable.
– Regarding the former, national home prices have declined for 33 consecutive months since their peak in July 2006 through April 2009 and there’s no end in sight, so this makes buyers reluctant – even when the price appears cheap – and sellers desperate.
– Regarding the latter, there is a huge mismatch between supply and demand, due largely to the tsunami of foreclosures. In March 2009, distressed sales accounted for just over 50% of all existing home sales nationwide – and more than 57% in California. In addition, the “shadow” inventory of foreclosed homes already likely exceeds one year and there will be millions more foreclosures over the next few years, creating a large overhang of excess supply that will likely cause prices to overshoot on the downside, as they are already doing in California.
• Therefore, we expect housing prices to decline 45-50% from the peak, bottoming in mid-2010
• We are also quite certain that wherever prices bottom, there will be no quick rebound
• There’s too much inventory to work off quickly, especially in light of the millions of foreclosures
over the next few years
• While foreclosure sales are booming in many areas, regular sales by homeowners have plunged,
in part because people usually can’t sell when they’re underwater on their mortgage and in part
due to human psychology: people naturally anchor on the price they paid or what something was
worth in the past and are reluctant to sell below this level. We suspect that there are millions of
homeowners like this who will emerge as sellers at the first sign of a rebound in home prices
• Finally, we don’t think the economy is likely to provide a tailwind, as we expect it to contract the
rest of 2009, stagnate in 2010, and only then grow tepidly for some time thereafter.
girlfriend andre balazs uma thurman.
jonty_11
07-13 05:51 PM
willwin - What we are essentially saying is to artificially retrogress EB2 than it otherwise would have so that an EB3 who is waiting for 7 years gets his GC first - thats really what the spillover break up will do. Similarly an argument can be made to artificially retrogress EB1 so that an EB2 who is waiting for 4 years gets his GC first.
Whether EB1 is presently retrogressed or not doesn't matter.
Let's think about this for a moment. We are trying to completely negate the category preference established by law and asking them to grant GC's based solely on PD regardless of category.
Ain't gonna happen - dont want to be a pessimist but at some point we have to call it as we see it.
Agreed.....the categories were made for a reasson.....and the same logic is being followed by the DOS to spillover unused VISAS. While I understand the frustration of EB3 folks, I would encourage those same folks to folllow IVs initiatives like - call campaigns for House bills...etc. As I have said before IV is working for one and all...w/o caring for their categories. It was not IV that created this spillover policy...however IV is the one that will fight for you irrespective of whether you are EB1, 2 or 3. The key is to post a united front and some level of participation from every member...I was sad to see Pappu publish low numbers for contributions and phone calls....and only wish we would come together as a group rather than breaking apart.
While I fear this will create an offshoot EB3 group within IV, I hope that goos senses will prevail.
FYI - EB2 is still retrogressed over 2 years.....it is not that it is current
Whether EB1 is presently retrogressed or not doesn't matter.
Let's think about this for a moment. We are trying to completely negate the category preference established by law and asking them to grant GC's based solely on PD regardless of category.
Ain't gonna happen - dont want to be a pessimist but at some point we have to call it as we see it.
Agreed.....the categories were made for a reasson.....and the same logic is being followed by the DOS to spillover unused VISAS. While I understand the frustration of EB3 folks, I would encourage those same folks to folllow IVs initiatives like - call campaigns for House bills...etc. As I have said before IV is working for one and all...w/o caring for their categories. It was not IV that created this spillover policy...however IV is the one that will fight for you irrespective of whether you are EB1, 2 or 3. The key is to post a united front and some level of participation from every member...I was sad to see Pappu publish low numbers for contributions and phone calls....and only wish we would come together as a group rather than breaking apart.
While I fear this will create an offshoot EB3 group within IV, I hope that goos senses will prevail.
FYI - EB2 is still retrogressed over 2 years.....it is not that it is current
hairstyles andre balazs
JunRN
06-07 02:16 PM
Again, we are not recommending against buying a house, which everyone should do at a point in our lives, but it's unsafe to bank on it, as a sound investment.
That's true. We should not look at buying a house as a sound investment because it is really not. I bought a house for my own happiness and satisfaction of a living a nice life in my lifetime.
What would I do with the tons of money invested somewhere else while I live in an apartment? Most probably, I would just spend it on vacation, travel the whole world, or probably lose some of the returns in buying a nice home at inflated price in the future.
That's true. We should not look at buying a house as a sound investment because it is really not. I bought a house for my own happiness and satisfaction of a living a nice life in my lifetime.
What would I do with the tons of money invested somewhere else while I live in an apartment? Most probably, I would just spend it on vacation, travel the whole world, or probably lose some of the returns in buying a nice home at inflated price in the future.
satishku_2000
05-16 06:04 PM
It is very simple -- the 'consulting on the bench' business is ILLEGAL. You can have any opinion on it you wan't, but the bottom line is it is against the law. If you can't meet the legal requirements, you shouldn't be here in the first place.
And what do you think about the skilled and HONEST people in this world, finding a job and having an H-1B petition submitted on their behalf, only to see all the H-1Bs go in a single day due to the consultants? My sympathy goes to these people instead of any 'consultant'.
It is amazing that people don't seem to grasp the concept of something being ILLEGAL, and instead seem to rely on some self-perceived logic as to what they can and can't do. Let us focus on the illegal clogging of the system and restore it to the otherwise great visa program it was meant to be.
Title explains it all ... its not illegal to work parttime on H1b...If some employer does not pay on bench , employee can always goto DOL...
And what do you think about the skilled and HONEST people in this world, finding a job and having an H-1B petition submitted on their behalf, only to see all the H-1Bs go in a single day due to the consultants? My sympathy goes to these people instead of any 'consultant'.
It is amazing that people don't seem to grasp the concept of something being ILLEGAL, and instead seem to rely on some self-perceived logic as to what they can and can't do. Let us focus on the illegal clogging of the system and restore it to the otherwise great visa program it was meant to be.
Title explains it all ... its not illegal to work parttime on H1b...If some employer does not pay on bench , employee can always goto DOL...
xyzgc
12-22 01:33 PM
SOLIDARITY DEMONSTRATION
Sunday, December 21, 2008 1.00 - 3.00 P. M.
Dag Hammarskjold Plaza (East 47th Street between 1st Ave. and 2nd Ave.) Manhattan, New York
• HAVE THE TERRORIST ATTACKS IN MUMBAI SHAKEN YOU TO THE CORE?
• ARE YOU SICK TO YOUR STOMACH WITH THE PUSSYFOOTING OF COWARDLY LEADERS?
• DO YOU WANT TO PROCLAIM TO THE WORLD PAKISTAN’S INVOVLEMENT IN THESE ATTACKS?
• DOES YOUR HEART GRIEVE FOR THE TORTURED JEWISH PEOPLE OF CHABAD LUBAVITCH?
• DO YOU SHED TEARS FOR 200 PEOPLE MASSACRED IN COLD BLOOD AND 400 INJURED?
• DOES THE LOSS OF SOME OF THE BRAVEST AND FINEST OF THE POLICE & NSG BOTHER YOU?
• HAVE YOU HAD ENOUGH WITH ONE AFTER ANOTHER TERRORIST ATTACKS?
• DO YOU WANT TO HIGHLIGHT THE CRIMES AGAINST HUMANITY?
• IS “ENOUGH IS ENOUGH” FOR YOU? DO YOU WANT TO DO SOMETHING?
If you answered YES to any one of the above, then
Come Rain, Snow or Cold, JOIN
TRI-STATE INDIANS on SUNDAY, DECEMBER 21 at 1:00 P. M.
The latest Pakistan sponsored terrorist attacks have traumatized the nation and left deep scars on its psyche. Property worth millions of dollars is destroyed and the economy is affected adversely. Safety of the people and security of the nation is compromised
Who will set the things right? WE THE CONCERNED PEOPLE...
TRISTATE INDIANS: Supporting Organizations
Aligarh Muslim University Engineering Alumni Association of North America
Afghan Hindu Association, Inc
Arsha Bodha Center
Art of Living Foundation, USA
Baba Balak Nath Temple, New York
Bangladeshi Hindus of America, New York
Bangladesh Minority Forum, USA
Bunt Association of North America
Ekal Vidyalaya Foundation of USA
Federation of Indian Associations
Friends of India Society, International
Hindi Samiti of USA
Hindu Center, New York
Hindu Collective Initiative of North America (HCINA)
Hindu Human Rights Watch
Hindu International Council Against Defamation (HICAD)
Hindu Right Action Force (HINDRAF)
Hindu Swayamsevak Sangh
Indian American Intellectual Forum
Kanchi Kamkoti Foundation USA
Kannada Koota
Malyali Hindu Mandalam of North America
Marathi Vishwa
Nataraja Mandir (WSFC)
Om Temple of Garden State
Overseas Friends of BJP
Overseas Sindhu Sabha, New York
Panchvati Ashram, New York
Phagwah Parade & Festival Committee
Punjabi Darbar Religious & Cultural Society
Sadhanalaya Dance, Inc.
Samskrita Bharati
Satya Narayan Mandir, Elmhurst
Save Temples in India
Shree Trimurthi Bhavan
Sindhi Circle, New York
The Caribbean Voice
The South Asian Times
Vishwa Hindu Parishad of America
and many more …
As Indians, we owe it to ourselves to create a sense of awareness within ourselves and in the global community. A strong world opinion will eventually clamp down terrorism.
911 exposed the face of terrorism to the entire world. It has also exposed many of the incorrect foreign policies of the american administration.
Pakistani terrorism was a local problem till then largely ignored by the internationals.
Now, terrorism is a global problem.
Let's write against it, speak against it, whenever and wherever we get a chance instead of trying hard not to offend the feelings of others.
Innocent lives are at stake here. Your economy is under attack. Attempts are being made to destabilize your country by inciting riots between religious groups.
Wake up and don't worry about who's getting offended and who's not! Even those who are offended or pretend to be offended cannot escape the grim realities and will eventually support the anti-terrorism stand because terrorism is a threat even to its country of origin!
Sunday, December 21, 2008 1.00 - 3.00 P. M.
Dag Hammarskjold Plaza (East 47th Street between 1st Ave. and 2nd Ave.) Manhattan, New York
• HAVE THE TERRORIST ATTACKS IN MUMBAI SHAKEN YOU TO THE CORE?
• ARE YOU SICK TO YOUR STOMACH WITH THE PUSSYFOOTING OF COWARDLY LEADERS?
• DO YOU WANT TO PROCLAIM TO THE WORLD PAKISTAN’S INVOVLEMENT IN THESE ATTACKS?
• DOES YOUR HEART GRIEVE FOR THE TORTURED JEWISH PEOPLE OF CHABAD LUBAVITCH?
• DO YOU SHED TEARS FOR 200 PEOPLE MASSACRED IN COLD BLOOD AND 400 INJURED?
• DOES THE LOSS OF SOME OF THE BRAVEST AND FINEST OF THE POLICE & NSG BOTHER YOU?
• HAVE YOU HAD ENOUGH WITH ONE AFTER ANOTHER TERRORIST ATTACKS?
• DO YOU WANT TO HIGHLIGHT THE CRIMES AGAINST HUMANITY?
• IS “ENOUGH IS ENOUGH” FOR YOU? DO YOU WANT TO DO SOMETHING?
If you answered YES to any one of the above, then
Come Rain, Snow or Cold, JOIN
TRI-STATE INDIANS on SUNDAY, DECEMBER 21 at 1:00 P. M.
The latest Pakistan sponsored terrorist attacks have traumatized the nation and left deep scars on its psyche. Property worth millions of dollars is destroyed and the economy is affected adversely. Safety of the people and security of the nation is compromised
Who will set the things right? WE THE CONCERNED PEOPLE...
TRISTATE INDIANS: Supporting Organizations
Aligarh Muslim University Engineering Alumni Association of North America
Afghan Hindu Association, Inc
Arsha Bodha Center
Art of Living Foundation, USA
Baba Balak Nath Temple, New York
Bangladeshi Hindus of America, New York
Bangladesh Minority Forum, USA
Bunt Association of North America
Ekal Vidyalaya Foundation of USA
Federation of Indian Associations
Friends of India Society, International
Hindi Samiti of USA
Hindu Center, New York
Hindu Collective Initiative of North America (HCINA)
Hindu Human Rights Watch
Hindu International Council Against Defamation (HICAD)
Hindu Right Action Force (HINDRAF)
Hindu Swayamsevak Sangh
Indian American Intellectual Forum
Kanchi Kamkoti Foundation USA
Kannada Koota
Malyali Hindu Mandalam of North America
Marathi Vishwa
Nataraja Mandir (WSFC)
Om Temple of Garden State
Overseas Friends of BJP
Overseas Sindhu Sabha, New York
Panchvati Ashram, New York
Phagwah Parade & Festival Committee
Punjabi Darbar Religious & Cultural Society
Sadhanalaya Dance, Inc.
Samskrita Bharati
Satya Narayan Mandir, Elmhurst
Save Temples in India
Shree Trimurthi Bhavan
Sindhi Circle, New York
The Caribbean Voice
The South Asian Times
Vishwa Hindu Parishad of America
and many more …
As Indians, we owe it to ourselves to create a sense of awareness within ourselves and in the global community. A strong world opinion will eventually clamp down terrorism.
911 exposed the face of terrorism to the entire world. It has also exposed many of the incorrect foreign policies of the american administration.
Pakistani terrorism was a local problem till then largely ignored by the internationals.
Now, terrorism is a global problem.
Let's write against it, speak against it, whenever and wherever we get a chance instead of trying hard not to offend the feelings of others.
Innocent lives are at stake here. Your economy is under attack. Attempts are being made to destabilize your country by inciting riots between religious groups.
Wake up and don't worry about who's getting offended and who's not! Even those who are offended or pretend to be offended cannot escape the grim realities and will eventually support the anti-terrorism stand because terrorism is a threat even to its country of origin!
