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As background information, here is the link and below is the copy of the SEC report citing David Marvin currently of Delaware’s Cash Management Board, and fining his firm M & P, $976,000 dollars…
Here is Celia’s account of last years inside dealing, targeting Marvin as the prime whiner in the infamous Cash Management Board pushback… It just dawned on me that Marvin probably handles investments for Markell and Blevins. Which would if true, provide clarity to the mechanizations that took place this past year.
Since the 15 year expiration is about or has already hit, (it was difficult to find), I am posting the entire judgment here, so it will last, if the SEC eliminates it off-line…. Without Further Ado….
UNITED STATES OF AMERICA
SECURITIES AND EXCHANGE COMMISSION
INVESTMENT ADVISERS ACT OF 1940
Release No. 1841 / September 30, 1999
File No. 3-10072
|In the Matter of
MARVIN & PALMER ASSOCIATES, INC.,
|ORDER INSTITUTING PUBLIC PROCEEDDINGS, MAKING FINDINGS, IMPOSING REMEDIAL SANCTIONS, AND ISSUING CEASE-AND-DESIST ORDER|
The Securities and Exchange Commission (“Commission”) deems it appropriate and in the public interest to institute public administrative proceedings pursuant to Sections 203(e), (f) and (k) of the Investment Advisers Act of 1940 (“Advisers Act”), against Marvin & Palmer Associates, Inc. (“M&P”), David F. Marvin (“Marvin”), MacThom Associates, Inc. (“MacThom”) and Thomas E. Dubis (“Dubis”)(collectively “Respondents”).
In anticipation of the institution of these proceedings, each of the Respondents has submitted an Offer of Settlement (“Offer”) to the Commission, which the Commission has determined to accept. Solely for the purpose of these proceedings and any other proceedings brought by or on behalf of the Commission or in which the Commission is a party, and without admitting or denying the findings contained herein, except for the jurisdiction of the Commission over them and over the subject matter of this proceeding, which is admitted, Respondents consent to the issuance of this Order Instituting Public Proceedings, Making Findings, Imposing Remedial Sanctions, and Issuing Cease-and-Desist Order (“Order”) and to the entry of the findings, cease-and-desist order, and remedial sanctions set forth below.
Accordingly, IT IS ORDERED that proceedings pursuant to Sections 203(e), (f) and (k) of the Advisers Act be, and hereby are, instituted.
On the basis of this Order and the Offers submitted by the Respondents, the Commission makes the following findings:
A.Marvin & Palmer Associates, Inc., incorporated and located in Wilmington, Delaware, has been registered with the Commission as an investment adviser since August 1986. As of March 11, 1999, M&P had approximately 62 clients and $7.6 billion in assets under management. M&P’s clients are primarily large institutional investors.
B.David F. Marvin, age 58, resides in Delaware and is Chairman, Chief Executive Officer and 50 percent owner of M&P. Marvin is the largest shareholder of M&P and is responsible for the overall management of the firm.
C.MacThom Associates, Inc., located in Kent, Ohio, was formed in 1996 and is wholly owned and operated by Thomas E. Dubis. The firm was ostensibly formed for the purpose of providing research services to M&P. At no time has MacThom been registered with the Commission as a broker-dealer or an investment adviser.
D.Thomas E. Dubis, age 58, resides in Kent, Ohio.
E.This proceeding involves the failure of M&P, a registered investment adviser, to disclose to its clients its use of at least $920,000 in soft dollars derived from a directed brokerage arrangement with a registered broker-dealer (“Broker”) in violation of provisions of the Advisers Act. The term “soft dollars” generally describes an arrangement whereby an investment adviser uses commission credits generated by securities trades executed in advisory client accounts to pay for research, brokerage, or other products, services, or expenses.
THE SOFT DOLLAR ARRANGEMENT
F.Since 1991, M&P has maintained a soft dollar arrangement with the Broker. Pursuant to the arrangement, M&P receives $.50 in soft dollar credits for each $1.00 in brokerage commissions directed to the Broker.
G.In February 1996, at Marvin’s behest, M&P directed the Broker to begin paying invoices submitted by MacThom, ostensibly for research performed by MacThom for M&P. In fact, MacThom conducted only a small amount of research, with a total value of $63,000 during the relevant time period. Most of the soft dollar payments were used by MacThom to compensate Dubis, MacThom’s principal and a close friend of Marvin, as well as the family of a deceased business associate and friend of Marvin, for their efforts in making introductions and referrals to M&P in its early years. From February 1996 through August 1998, the Broker paid $920,000 to MacThom, and MacThom and Dubis paid $635,000 of this amount to this family. With the exception of the research valued at $63,000, the payments to MacThom provided no benefit to the clients of M&P whose commissions generated the soft dollars used to make the payments.
M&P’S FAILURE TO DISCLOSE THE SOFT DOLLAR ARRANGEMENT
H.Neither the existence nor the terms of the soft dollar arrangement were disclosed to M&P’s clients in their advisory contracts or otherwise. Furthermore, M&P failed to amend its Form ADV after directing the Broker to begin paying invoices from MacThom and the arrangement was never disclosed in M&P’s Form ADV in effect between February 1996 and July 1998, the period during which the arrangement was in effect.
I.M&P failed to disclose the types of products and services it received pursuant to its soft dollar arrangement in response to Item 12 of Part II of the Form ADV, which requires registered investment advisers to describe the factors considered in selecting brokers, including the products, research and services obtained, and any procedures used to direct client transactions to a particular broker in return for products or services.
J.From February 1996 to July 1998, M&P’s Form ADV reflected a “no” answer in response to Part II Item 13.A., which asked whether the adviser “receives some economic benefit (including commissions, equipment or non-research services) from a non-client in connection with giving advice to clients.” In view of its soft dollar arrangement with the Broker, and the uses to which the payments were put, this response was false.
K.During the period in which the arrangement was in effect, M&P amended its Form ADV on at least eight occasions. Marvin reviewed and signed all but one of M&P’s Forms ADV and amendments filed with the Commission.
A.An investment adviser has a duty to disclose to clients all material information which might incline an investment adviser consciously or unconsciously to render advice which is not disinterested. SEC v. Capital Gains Research Bureau, Inc., 375 U.S. 180, 191-92 (1963). A fact is material if there is a substantial likelihood that a reasonable investor would consider it important. Basic, Inc. v. Levinson, 485 U.S. 224, 231-32 (1988).
B.Soft dollar arrangements are material because of the potential conflict of interest arising from an adviser’s receipt of some benefit in exchange for directing brokerage on behalf of client accounts. See Kingsley, Jennison, McNulty & Morse, Inc., 55 SEC Docket 2434, 2441 (Dec. 23, 1993);Interpretive Release Concerning the Scope of Section 28(e) of the Securities Exchange Act of 1934, Exchange Act Release No. 23170, 35 SEC Docket 905, 909 (Apr. 23, 1986) (“1986 Soft Dollar Release“).
C.Moreover, disclosure of soft dollar arrangements is specifically required by Form ADV.1 See Oakwood Counselors, Inc., Advisers Act Release No. 1614, 63 SEC Docket 2485 (Feb. 10, 1997); S Squared Technology Corp., Advisers Act Release No. 1575, 62 SEC Docket 1560 (August 7, 1996). Form ADV embodies mandatory disclosure requirements to ensure that material information regarding brokerage placement practices and policies are disclosed to investors. See Investment Adviser Requirements Concerning Disclosure, Recordkeeping, Applications for Registration and Annual Filings, Advisers Act Release No. 664 (Jan. 30, 1979); Disclosure of Brokerage Placement Practices By Certain Regulated Investment Companies and Certain Other Issuers, Advisers Act Release No. 665 (Jan. 30, 1979) (“1979 Soft Dollar Release“).
D.Items 12 and 13, and Schedule F, of Part II of Form ADV require registrants to disclose soft dollar arrangements with broker-dealers. For investment advisers who have discretionary authority to select the broker-dealers to be used to execute trades in client accounts, Item 12.B. requires a description of the factors considered in selecting brokers and determining the reasonableness of their commissions. Further, Item 12.B. requires advisers to describe the “products, research and services” given to the adviser or related persons, if the value of such “products, research and services” is a factor in selecting broker-dealers.2 Item 13 requires an investment adviser to disclose and describe any arrangement whereby it either receives an economic benefit from a non-client in connection with giving advice to clients or directly or indirectly compensates any person for client referrals.3 These disclosure requirements are designed to “assist clients in determining whether to hire an adviser or continue a contract with an adviser, and permit them to evaluate any conflicts of interest inherent in the adviser’s arrangements for allocating brokerage.” Kingsley, 55 SEC Docket at 2441-42; See S Squared, Advisers Act Release No. 1575, 62 SEC Docket 1560.
VIOLATIONS OF SECTIONS 206(1) AND 206(2) OF THE ADVISERS ACT
E.Sections 206(1) and (2) prohibit an investment adviser from employing any device, scheme, or artifice to defraud clients or from engaging in any transaction, practice or course of business that operates as a fraud on clients. Sections 206(1) and (2) establish a fiduciary duty for investment advisers to act for the benefit of their clients. Transamerica Mortgage Advisers, Inc. v. Lewis, 444 U.S. 11, 17 (1979). An investment adviser’s failure to disclose its soft dollar practices violates Sections 206(1) and 206(2). Renaissance Capital Advisors, Inc., Advisers Act Release No. 1688, 1997 SEC LEXIS 2643 (Dec. 22, 1997) (Sections 206(1) and 206(2));Oakwood, Advisers Act Release No. 1614, 63 SEC Docket 2485 (Sections 206(1) and 206(2)); S Squared, Advisers Act Release No. 1575, 62 SEC Docket 1560 (Section 206(2)). Scienter is an element of a Section 206(1) violation. Steadman v. SEC, 603 F.2d 1126, 1134 (5th Cir. 1979). Proof of scienter is not required to establish a violation of Section 206(2). SEC v. Capital Gains Research Bureau, Inc., 375 U.S. at 195.
F.M&P willfully violated Sections 206(1) and (2) by making materially false statements and omissions in M&P’s Form ADV and by failing otherwise to disclose to its clients that M&P was using soft dollar credits to pay non-research expenses.
G.Marvin willfully aided and abetted and caused M&P’s violations of Sections 206(1) and (2) by knowingly or recklessly making materially false and omissive statements in M&P’s Form ADV and by failing otherwise to disclose to M&P’s clients that M&P was using soft dollar credits to pay non-research expenses.
H.MacThom and Dubis caused M&P’s violations of Sections 206(1) and (2) by knowingly participating in a course of conduct which they knew or should have known was a violation of M&P’s fiduciary duty to its clients.
I.As a result of the conduct of M&P, Marvin, MacThom and Dubis, M&P and MacThom were unjustly enriched by $857,000.
VIOLATIONS OF SECTION 207 OF THE ADVISERS ACT
J.Section 207 of the Advisers Act makes it unlawful for any person willfully to make any untrue statement of material fact in any registration application or report filed with the Commission or willfully to omit to state in any such application or report any material fact required to be stated therein.4 A person violates Section 207 by filing false amendments to Form ADV. Stanley Peter Kerry, Advisers Act Release No. 1550, 61 SEC Docket 431 (January 25, 1996).
K.M&P’s “no” answer to Item 13.A. in its Form ADV in effect from February 1996 forward was false. M&P was in fact receiving an economic benefit from Broker, a non-client, in the form of soft dollar credits and payments to MacThom for M&P’s benefit. M&P’s response to Item 12.B. in its Form ADV in effect from February 1996 was misleading in that the response failed to disclose that M&P was receiving non-research services from Broker in return for directing client brokerage.
L.M&P’s omissions and false and misleading disclosures regarding its soft dollar arrangement were material.
M.M&P and Marvin willfully violated Section 207 in that they made untrue statements of material fact in M&P’s Form ADV and failed to disclose in M&P’s Form ADV the existence of the soft dollar arrangement and the non-research services received from the Broker.
Based on the foregoing the Commission finds that:
A.M&P willfully violated Sections 206(1), 206(2) and 207 of the Advisers Act.
B.Marvin willfully violated Section 207 of the Advisers Act and willfully aided and abetted and caused M&P’s violations of Sections 206(1) and 206(2) of the Advisers Act.
C.MacThom and Dubis caused M&P’s violations of Sections 206(1) and 206(2) of the Advisers Act.
In view of the foregoing, the Commission deems it appropriate to accept the Respondents’ Offers of Settlement.
Accordingly, IT IS HEREBY ORDERED that:
A.M&P shall be, and hereby is, censured;
B.M&P shall cease and desist from committing or causing any violation and any future violation of Sections 206(1), 206(2) and 207 of the Advisers Act;
C.M&P and MacThom shall, jointly and severally, within 30 days of the entry of this Order, pay disgorgement and prejudgment interest in the total amount of $976,980 to the United States Treasury. Such payment shall be: (A) made by United States postal money order, certified check, bank cashier’s check or bank money order; (B) made payable to the Securities and Exchange Commission; (C) hand-delivered or mailed to the Comptroller, Securities and Exchange Commission, Operations Center, 6432 General Green Way, Alexandria, Stop 0-3, VA 22312; and (D) submitted under cover letter that identifies M&P and MacThom as Respondents in these proceedings, and the file number of these proceedings, a copy of which cover letter and money order or check shall be sent to Ronald C. Long, District Administrator, Philadelphia District Office, Securities and Exchange Commission, 601 Walnut Street, Suite 1120E, Philadelphia, PA 19106;
D.M&P shall, within 30 days of the entry of this Order, pay a civil money penalty in the amount of $50,000 to the United States Treasury. Such payment shall be: (A) made by United States postal money order, certified check, bank cashier’s check or bank money order; (B) made payable to the Securities and Exchange Commission; (C) hand-delivered or mailed to the Comptroller, Securities and Exchange Commission, Operations Center, 6432 General Green Way, Alexandria, Stop 0-3, VA 22312; and (D) submitted under cover letter that identifies M&P as a Respondent in these proceedings, and the file number of these proceedings, a copy of which cover letter and money order or check shall be sent to Ronald C. Long, District Administrator, Philadelphia District Office, Securities and Exchange Commission, 601 Walnut Street, Suite 1120E, Philadelphia, PA 19106;
E.M&P shall comply with its undertakings as specified in its Offer of Settlement to perform and implement the following:
1.Within 60 days of the entry of this Order, M&P will revise its procedures manual to include a section setting forth policies and procedures regarding soft dollar arrangements with broker-dealers. Included in these procedures will be the requirement that all soft dollar arrangements be approved by in-house counsel employed at M&P. M&P will hold a mandatory meeting with its employees to review policies and procedures including those relating to soft dollar arrangements. Attendance at the meeting will be recorded and a copy maintained in the files of M&P.
2.Within 30 days of the entry of this Order, M&P will file with the Commission and provide each of its advisory clients an amended Form ADV disclosing all material terms of any soft dollar arrangement it has with any broker-dealer;
3.Within 30 days of the entry of this Order, M&P will provide a copy of this Order to all of its current clients;
4.Within 60 days of the entry of this Order, M&P will file an affidavit with the Commission’s staff, addressed to the attention of the District Administrator of the Commission’s Philadelphia District Office, 601 Walnut Street. Suite 1120E, Philadelphia, PA 19106, setting forth the details of its compliance with the undertakings set forth in subparagraphs E.1., 2. and 3. above;
5.For a period of one year after the entry of this Order, M&P will provide a copy of this Order to all of its prospective clients;
6.One year from the entry of this Order, M&P will file an affidavit with the staff of the Commission certifying its compliance with subparagraph E.5. above.
IT IS FURTHER ORDERED that:
F. Marvin shall be, and hereby is, censured;
G.Marvin shall cease and desist from committing or causing any violation and any future violation of Sections 206(1), 206(2) and 207 of the Advisers Act;
H.Marvin shall, within 30 days of the entry of this Order, pay a civil money penalty in the amount of $25,000 to the United States Treasury. Such payment shall be: (A) made by United States postal money order, certified check, bank cashier’s check or bank money order; (B) made payable to the Securities and Exchange Commission; (C) hand-delivered or mailed to the Comptroller, Securities and Exchange Commission, Operations Center, 6432 General Green Way, Alexandria, Stop 0-3, VA 22312; and (D) submitted under cover letter that identifies Marvin as a Respondent in these proceedings, and the file number of these proceedings, a copy of which cover letter and money order or check shall be sent to Ronald C. Long, District Administrator, Philadelphia District Office, Securities and Exchange Commission, 601 Walnut Street, Suite 1120E, Philadelphia, PA 19106;
I.MacThom and Dubis shall cease and desist from causing any violation and any future violation of Sections 206(1) and 206(2) of the Advisers Act.
By the Commission.
Jonathan G. Katz
|1||The “safe harbor” provided by Section 28(e) of the Securities Exchange Act of 1934 (“Exchange Act”) does not excuse an investment adviser from these disclosure obligations. The safe harbor protects an investment adviser only from charges of breach of fiduciary duty for failing to obtain the lowest available commission rate where the amount of commission is reasonable in relation to the value of brokerage and research services provided. 1986 Soft Dollar Release, 35 SEC Docket at 907.|
|2||See 1986 Soft Dollar Release, 35 SEC Docket at 909. There is a presumption that receipt of non-research and non-brokerage products or services, except where nominally valued, is a factor in the selection of brokers. 1979 Soft Dollar Release at n.6.|
|3||The 1986 Soft Dollar Release noted the relevance of Form ADV, Part II, Item 13 to soft dollar disclosure. 35 SEC Docket at 909 n.32.|
|4||Section 204 of the Advisers Act and Rule 204-1 thereunder require periodic filing and amendment of Forms ADV by investment advisers. Pursuant to Rule 204-1(d), a Form ADV or an amendment thereto is a “report” within the meaning of Section 207.|
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Shout out to El Som who dutifully does what in the other 49 states would be the News Journal’s duty, just so we too can be an informed public… Many thanks from those of us who use this valuable resource….
You probably know by now from the “other” sources that Valerie Longhurst is gutting $70 million from fixing our roads and bridges despite the disaster on 495!
You probably right now are smacking your forehead with your hand, and saying “What the fuck is she thinking?” I have to sit in traffic an extra hour because of her!!!!!!!!!!!!!!
You would be right. But, apparently she is not alone. The majority of the Legislature is still living in the 00′s and is too timid to increase revenues… any revenues… There is very tiny fringe of people cheering that… and that tiny fringe are the only ones who have their ear…
So the rest of us have to suffer more gridlock because of Valerie Longhurst… and more, and more, and more, more, more, more, more, …,
Collectively in 2 years we will all scream!!!!!!!!!!!!!! “Why doesn’t someone do something!!!!!!!!!!!!!!”….
Instead of passing a gas tax which will hurt only those speculators investing in gasoline….and will be 60% financed by out of state travelers….. she is cutting, (this is not about growing any bigger) but she is “cutting” infrastructure improvements…..
Well, we gotta cut something……
NO! YOU DON’T…….
There are unlimited resources for raising revenue… The gas tax is one… And taxing our wealthy is a goldmine… Recently it was determined that our wealthy could adquetely fund up to $1.3 billion yearly each single year…. to bring them up to the level counting for inflation to where they were taxed back in the 50′s… They survived then; they’ll survive now…. No billionaire has ever died impoverished…..
So with an untapped $1.3 billion at our disposal…. Valerie Longhurst is cutting back on rebuilding bridges and roads!… Just think… if that inspector who luckily got in his car that Monday morning to look under that bridge, … had been laid off. Just think, if all of them had been laid off! Exactly! That is where Valerie is taking us….
We’d not have fixed the bridge in time… We still be pulling bodies out the river….
This is where Valerie Longhurst is leading us… This is just plain fucking stupid. Anyone can see it is plain fucking stupid….
The problem is not really in the number of brain cells these legislators have…. They, I trust, have pretty close to the same number as the rest of us… The real problem…. IS THAT THEY… DON’T…. HEAR… YOU !!! (They hear the tiny few from ALEC 40 times a day)… You must make them HEAR you… You must…
Call or more effectively…. email…. today….
Say: RAISE THE GAS TAX AND TAX THE TOP ONE PERCENT….. BUT, whatever you do…. don’t EVER cut the transportation fund and make me wait in my car ONE MORE SINGLE MINUTE because you were too cheap to fix a bridge before it goes out!!!
And if you don’t know who they are…….
The problem with government these days is that they just don’t hear anymore from people with plain Common Sense…. Change that! Today!
(Sung to the tune of the National Anthem…..)
Oh, say, can you see?
By the pale florescent light.
What once was so proudly was hailed,
As the reason for Sussex’s being…..
Whose broad girths and wide ties.
Led Conservative battles galore…
Illegal prayers and hot sexed lies….
Made them more desire… a Conservator…..
As county sheriffs, with posse’s in arms…..
Or as popes whose morals were in great harm….
They kept the brown skinned down,
So only those who were white… could farm….
Oh say, doth… those… fallen… bigots,
From last century in rural Sussex’s Way……..
Represent the best, that Sussex can ever be-eee?
Or like the Georgetown hatchet? Should be buried after election day……..
Ken Grant, formerly with the Caesar Rodney Institute, a Koch Brothers’ mouthpiece, is now spokesperson for the TDC (The “Data” Center)… Granted, one would think also a former employee of AnalTech, would be technically more anal about throwing around facts. At least one would expect a lot less bluster…
Here is his take in the News Journal….
If you should choose to read it, you will find it to be mostly a lambasting of Newarks’ citizens and very little defense of the Data Center… Very little. Reminds one of when Caesar Rodney declared global warming was a hoax. It would attack all the scientific knowledge in the world, because it found one glacier out of 400,000 that was growing…. Of course in the readers head would pop this question… But what about the other 399,999? But the Caesar Rodney Institute was simply too unconcerned with 399,999 other pieces of evidence to even care…
Anyway… back to what he said….
He said: there are 4000 CHP’s scattered across the US… Here is the data sheet he pulled up to write his piece….. (pdf)
Here are his 4000 units. Here is what he doesn’t show…
Any little business that has a generator that also produces heat is included in his file. Even the original presentation made to the Newark zoning commission, that the data center would need an auxiliary power source like one might find on an IKEA, is included on the map…. I think it would be safe to assume that were such a small power plant going in at the Data Center, there would be no controversy as we speak…
The problem is the size… Ken Grant in his op-ed makes no mention of his size… The difference in size is like you took the penises of 5 horses, sewed them together and then attached that to a person… Saying he has a penis, so does every male… is disingenuous and dishonest… You are technically correct he has a penis… But …. who would want him in an arranged marriage with their daughter?
It may be true there are 8 people in Manhattan with penises. Bet none of them spew 10 horse testicle’s full of discharge, do they?
The one he touts in Austin is 52-75 MW. The award winning Texas A and M, is a paltry 60MW. Delaware will host a 248 MW generator.
Size does matter….
Let us talk water….. At minimum, the Christina River flows 6 cubic feet per second. The data center will use ~34.7 gallons per second (~3 million gal/day). There are 7.48 gallons per cubic foot. Rounding out the conversion, the data center will use 4.64 cubic feet per second of water flow out of the 6 cubic feet per second one usually finds every August. Obviously 1.36 cubic feet are left to fulfill all the needs downstream… The flow levels back in 2003 would leave dry river bed.
That is just not right. And Ken Grant (of course) makes no mention of that….
Let us talk air quality. Currently there is no radon in the air over Newark and Northern Delaware. There will be a lot. Radon as you know, kills. Currently there are no particles raining down on Newark Proper. These particles cause cancer… There will be a lot.. So these people that Ken Grant dismisses will be wheezing, coughing, hacking, and spitting up blood.
It is estimated that now after facts have matriculated into the community of Newark proper, that 98% of its residents are against the power plant. One is certain, that as these health facts get matriculated as well, that would be a guaranteed total…. For who wants to die a needless painful death?
So when Ken Grant calls 98% of Newark’s citizens who are sincerely worried about dying prematurely, ” a small group of very sincere but very wrong people”, perhaps he is correct in his assumption but just needs to turn that designation… the other way around…..
It is very tiny minority of the the Koch Brothers’ minions who deserve the ridicule and derision, not normal hard working Americans, who loved Newark so much, they bought a home here…..
One of my nightly escapades found me in a local Delaware Bar… I was brought here because the clientèle is political savvy even though most are not into politics… There this happened.
Bartender: “Attention everyone we are doing a spontaneous survey and afterwards when I tell you you can all down your drink.”..
Grumbling turns to mumbling which turns to silence…
Bartender: “Are you ready? First question…. How many of you out there believe everything you hear on Fox News.”….
(no one raised their hands, though talk afterwards said one did obviously for a joke and quickly put it down)
Bartender: “Ok, 2nd question… There will be 6…. 2nd question: How many of you believe everything you see on ABC news.”..
(no one raised their hands…)
Bartender “Ok, 3rd question: How many of you believe everything you see on CBS?”
(no one raised their hands)
Bartender: “Ok, Number 4. How many of you believe everything you see on CNN…..?’
(no one raised their hands)
Bartender: “Ok everyone only 2 more and we can get back to drinking… How many of you believe everything you see on…. ESPN!
(Laughter, exclamations, hands up, probably close to half… almost all male)
Bartender: “Better, Ok… one more… How many of you believe everything you see on John Stewart’s Daily Show on Domedy Central?”
(Lots of laughter, cheers, and a unanimous hand raising… Some ESPN males raising both hands…. )
I came away from the experience thinking that America is indeed in good hands… The “Bullsh\t” is completely missing the target….. The real stuff is getting through.
First Connecticut and New York raised their heat allowance from $1 dollar to $20 dollars in order to qualify millions for SNAP food stamps, who would otherwise get cut off.
Today, in a very surprising move, PA, did the same…
Where is Delaware? Every dollar spent puts $4-7 thousand back into our economy! It’s the fastest way to grow our economy!
“allow package stores to open at 8:00 a.m., instead of 9:00 a.m. on days other than Sundays”.
09/06/2012 Co., Inc., Standard Distributing 100 South Mews Dr., New Castle, DE 19720 Individual Data Conversion $200.00 Sokola For Senate
10/19/2012 of Delaware, LLC, United Distributors PO Box 10370, Wilmington, DE 19850 Individual Data Conversion $500.00 Sokola For Senate
10/22/2012 & Spirits of Delaware, Southern Wine PO Box 10887, Wilmington, DE 19850 Individual Data Conversion $300.00 Sokola For Senate
11/05/2012 Co., Inc., Standard Distributing 100 South Mews Dr., New Castle, DE 19720 Individual Data Conversion $500.00 Sokola For Senate
11/05/2012 Co., Inc., Standard Distributing 100 South Mews Dr., New Castle, DE 19720 Individual Data Conversion ($100.00) Sokola For Senate
11/05/2012 Inc., N.K.S. Distributors, Box 758, New Castle, DE 19720 Individual Data Conversion $200.00 Sokola For Senate
01/02/2012 Busch, Anheuser 250 Park Avenue, New York, NY Individual Data Conversion $200.00 Hudson Campaign Committee
10/15/2012 of Delaware, LLC, United Distributors P.O. Box 10370, Wilmington, DE 19850 Individual Data Conversion $300.00 Hudson Campaign Committee
2/19/2012 Anheuser Busch One Busch Place 202-7, St. Louis, MO PAC Committee Data Conversion $200.00 Hudson Campaign Committee
I’m skimming Nancy’s account of the Millsboro Vlasic Pickle delimna and my, are they in a pickle.
But some of the data given had me pause and ask questions… Perhaps one of my more astute readers geographically closer to the problem can reassure me that what I’m reading, “ain’t really so?”
“Samples at a central location showed levels of tetrachloroethene and perchloroethene above the state’s drinking water standard, according to the Department of Natural Resources and Environmental Control.”
Does this mean when I eat pickles I am getting tetrachloroethene and percholoroethene in my brine? Where would this contamination come from? What use do these chemicals have with vinegared cucumbers?…
Nitrate was detected in several onsite wells, but the drinking water standard was exceeded in only one onsite drinking water well and two monitoring wells.
The plant sits either in or almost on city limits. Does this mean everyone in Millsboro is drinking water, right now, right before the holidays, Christmas and all that, with family coming in to celebrate, that is potentially deemed harmful? It certainly would imply that it is… When was the last time Millsboro’s water and wells surrounding the town, have their purity checked to deem if they were truly safe, ..or not?
In addition, lead exceeded the state drinking water standard.
How can this happen in 2013? Drinking water? With excessive lead? (And we’re thinking Common Core is going to make these contaminated lead brains smarter?) When was the last time Millsboro wells and drinking water was checked for lead? Children live there, you know!
Other chemicals – including iron, cyanide, mercury, methyl acetate and chloroform – were found in soil samples but none present a risk to human health, DNREC officials said…
Beneficial: Iron, … Harmful:.. cyanide! mercury!, methyl acetate! chloroform!…. Here, drink this poison. It makes you tough, puts hair on your chest as long as you don’t drink too much…( but I’m a girl; I don’t want hair on my chest.)
Gov. Markell and other politicians have focused solely on a vacant site and jobs, and not the resources or impact on the tourist economy the area also depends on,”
For some of my western NY readers… can anyone tell me how much tourist revenue the Love Canal is currently bringing in these days?
A DNREC memo dated May 19, 1997, indicated concern about the Vlasic site.
Based on what was disclosed above….. I SHOULD “EFFIN” HOPE SO!!!!!!!!!!!!!!!!!!!!!!
The contamination of off-site shallow domestic wells which lie north and northeast of the Vlasic facility have always been the major concern regarding the potential off-site groundwater impacts of the groundwater plume,” the memo stated.
Translated… the water table will be contaminated some day inevitably, if not done so already. How does one pollute so much from pickles, for heaven’s sake… We EAT pickles!
Bob Wheatley, incoming public policy chairman for the Delaware Association of Realtors.
Oh, man. Like anyone is going to believe a single thing he says is true…..
Rob Arlett, Sussex County Association of Realtors public policy chairman: “This is also about property rights,” he said. “The owners of the building have the right to sell or lease their property.”
Appropriate translation: “Die! Die! You scurvy scum. Haul your bones to your graves will you? Bite off your tongues. You got no right to live! You got no right to be healthy! You got no right to have children without Birth Defects! YOU ARE SCUM. POND SCUM, YOU DON’T MATTER. YOU DON’T MATTER… NO ONE CARES IF YOU LIvE, DIE, OR MOVE. YOU ARE THE LOWEST FORM OF HUMAN EXCREMENT FOUND ON THE SEAT OF ANY PORTA-POTTY…. PROPERTY RIGHTS ARE WHAT ITS ABOUT! NO ONE CARES ABOUT YOU. PROPERTY RIGHTS! PROPERTY RIGHTS! PROPERTY RIGHTS! PROPERTY RIGHTS! PROPERTY RIGHTS! … OUR PROPERTY RIGHTS ARE ALL IMPORTANT! YOU SCUM WHO LIVE, WORK AND DIE IN THIS TOWN… GET OUT! GET OUT! GET OUT OF HERE NOW! PROPERTY RIGHTS! PROPERTY RIGHTS! PROPERTY RIGHTS…. NOTHING IN SUSSEX COUNTY MATTERS NOTHING NOTHING EXCEPT PROPERTY RIGHTS. PROPERTY RIGHTS, PROPERTY RIGHTS…. SCREW DEAD BABIES! PROPERTY RIGHTS, PROPERTY RIGHTS, PROPERTY RIGHTS… SCREW THE CHRISTIAN RELIGION… PROPERTY RIGHTS, PROPERTY RIGHTS, PROPERTY RIGHTS… SCREW EVERYONE EXCEPT THOSE WHO WILL MAKE MONEY OF THIS DEAL… PROPERTY RIGHTS, PROPERTY RIGHTS, PROPERTY RIGHTS…..
As said… looking for clarification… Thanks Nancy for stirring the pot… Never knew Millsboro had such a poisonous aquifer. And I eat pickles…
How does one grow Delaware Jobs?
- Does one say…. Here come here and will shave a penny off the cost?
- Does one say… If you work here, we will bend regulations to cost you less money?
- Does one say… Our productivity is high because our employees are smart?
- Does one say… There is no better place to live on this planet?
If you are good at what you do, you probably try all three…. (If that didn’t set off signals in your brain then step three is not even in the running).
We have strikes against us… We are are the 40th lowest economy, due to our small size… We have 39 bigger economies competing against us.
Any one of which can under-bid us on business taxes and make up the difference by raising their sales tax rate a penny….
So, against this, how do we increase Delaware’s jobs…
Well we’ve tried the carrot… Now the stick. There are businesses already heavily invested in Delaware…. Why not give them the option to write off new building costs?
In it’s simplest and most abstract form, it works like this:…..
Since paying taxes and building something both equally help the economy of the state, it makes no difference and is a simple trade off from the states economy’s point of view, as to whether the money goes directly to the treasury or indirectly, by being invested into new buildings on business properties… Therefore now is the time for businesses to expand, for that expansion can be written off the tax owed to the state…
The initial lost revenue will be returned in part by the taxes on the new jobs, and by taxes on the business transactions that mushroom as a result of this policy….
So as a business owner, you have this choice. You can pay the state and never see that money again, or you can build upon your property, and keep that money invested in the increased value of your assets… When you sell, you recoup the amount you invested so it is not lost revenue; it is not wasted… Plus the expansion now means your yearly net income is higher as well….
But at Delaware’s current abysmally low rates, even allowing the expansion write off, would benefit only a few of the larger, more prone-to-expand, business entities across this state…. Which is why it must be accompanied with a higher tax rates to create shock and awe among the principle players…
Taxes are based on the amount of money left over. Simply put, if there is no money leftover in a business, there is no tax… There is therefore incentive to maximize one’s profits in the field, and then minimize them on paper…. That incentive, creates the expansion that hires people… most particularly those in the construction trades….
Tax increases drove the WWII economy. The post war expansion. The Clinton Revival. And now this year, 2013… States enacting tax increases such as California and New Jersey, are doing much better now than states reveling on their lack of taxation and their lack of regulation…
More is better in this case.
Delaware has one of the weirdest tax state income tax delineations. The percentage climb stops at $65,000…. A person who makes $65,001 pays the same rate as does someone who’s financial empire brings in $65 billion dollars… We have much room to pay with. This year Delaware needs its General Assembly to act and pass a state tax system such as below…. This is just a first draft that will, and should be tweaked by the lobbyists scrambled by the powers that be to do damage control….
$1 Trillion and above…. 15%
$1 Billion and above…. 10%
$100 million and above…9%
$ 1 million and above… 8%
$100,000 and above… 7%
No further changes are required….
As an example New Jersey’s economic stimulus new tax hike rate stands at 8.97% over $500,000…. No one is going to run away from Delaware because of our increased tax rate…. unless they run away in order to pay even more.
Based on sources inside Delaware’s Department of Revenue, this would increase our state’s annual revenue intake by roughly $220 million dollars or about 7% of our current revenues…
What that should mean for every Delawarean, is that there is a very good likelihood that most of this will be invested right back into this state, if a that change in state tax code is made, thereby allowing the complete write-off of all domestic construction on this tiny patch of earth, only 35 miles wide, and 96 miles long…..
If you build on that small patch, Delaware won’t tax you the amount you spend upon the building. Delaware needs to jump on this idea first. Otherwise other states will take even this competitive edge away……