Greater FDIC Coverage Extended Through 2013 (up to $250,000)

Greater FDIC Coverage Extended Through 2013

- but Watch Out for 5 Gotchas
 

Last year,  during the 2008 financial crisis, the FDIC insurance coverage limits were hastily raised from $100,000 to $250,000 per depositor.  At the time, those higher FDIC limits were intended to be temporary, just through December 31, 2009.  The good news for consumers and small business owners alike is, the $250,000 FDIC insurance coverage has been extended through December 31, 2013.

 

(full article)

 

Congress to Change 401k Rules - Uh Oh!

Bill overhauling 401(k) rules clears House committee

The House Committee on Education and Labor approved a bill that would allow only independent financial advisers to counsel 401(k) account holders on investment decisions. The bill also calls for greater disclosure of fees charged by 401(k) plan administrators.

 

InvestmentNews
 

 

SEC Votes to Change Rules for Money Market Funds

SEC delays talk of controversial issue in money-market funds

 
The Securities and Exchange Commission voted 5-0 to move toward rules that would require money-market mutual funds to bolster their cash and hold highly liquid assets to reduce the likelihood of a run on the funds. The SEC also said it will later consider not allowing funds to maintain $1-per-share asset values.

 

The Wall Street Journal
 

Buffett Says US May Need a Second Stimulus Package

Buffett Says US May Need a Second Stimulus Package

Billionaire investor Warren Buffett said the US may need a second economic stimulus package as unemployment is poised to continue rising.

 

TRANSCRIPT: Warren Buffett's Live Lunch Interview on CNBC CNBC 
 

 

What Really Happens to Your Paycheck...

Paychex 4Q Net Profit Down 16%: Lower Sales & Interest Rates;

Paychex Inc.'s (PAYX) fiscal fourth-quarter profit dropped 16% on lower sales and interest rates. Shares fell 3.7%, to $25.71 in after-hours trading, as the payroll-processing company's results fell short of Wall Street's expectations and it forecast ...

Paychex Q4 net falls as weak economy weighs Reuters 
 

Do you know what happens to your paycheck?

Most employees (W2) don't know that many other people make money on your paycheck, before it even gets to you. All those deductions for Health Benefits, Retirement/401k and TAXES.  Those deductions are taken out of your paycheck and held and earn INTEREST for the PAYROLL PROCESSOR COMPANY.  Sometimes the money sits in the account, earning INTEREST for 30, 60 or even 90 days. 

 

Imagine that. 

They earn more INTEREST on your paycheck than you!

 

If you want to take control of the money you work so hard to earn, visit us at www.MLGCAP.com

Take a look at the INCOME BUILDER PROGRAM.

 

"Stay Tuned" for more info...

www.LegacyCapitalBook.net

 

Click here to get your copy  (Amazon, Barnes & Noble, e-book: Quick Download)  

Legacy Capital: The Driving Force of the American Dream
www.LegacyCapitalBook.com

 

 

Victor Lloyd Smith

Millennium Lyon Asset Management

 

FDIC Extends Unlimited Deposit Insurance

FDIC proposes extending unlimited deposit insurance

The Federal Deposit Insurance Corp. proposed a six-month extension on deposit insurance for transaction accounts that do not earn interest. Banks would have to agree to cover the protection through higher fees. Sheila Bair, chairwoman of the FDIC, said the program would be phased out, but circumstances might warrant the extension. "I do think it helped stabilize the system, and it enabled banks to buttress their ability to lend and also prevented some failures of some otherwise viable institutions," Bair said.

The Wall Street Journal 
 

The entrepreneurial focus: Details vs. big picture?

The entrepreneurial focus: Details vs. big picture?

Claudia Chan and Linda Kaplan-Thaler discuss whether business owners should have a micro or macro focus, while Jim Koch talks about the merits of "not being CEO anymore" so he can focus on what he's most passionate about.

CLICK TO VIEW VIDEO
 

 

More money for Wall St Bankers' paychecks

Citigroup pumping up paychecks

 

Bailed out financial giant says it will raise employees' base salaries, but will cut other payments to keep total compensation constant.

Citi to boost employees' base pay by up to 50 percent: report (Reuters) 
 

 

Obama's plan calls for "plain vanilla" mortgages

Obama's plan calls for "plain vanilla" mortgages

President Barack Obama's plan for overhauling the financial regulatory system would result in "plain vanilla" home loans for consumers unless they opt for riskier mortgages. The government is striving to make the mortgage process as simple and as difficult to abuse as possible. Mortgage brokers, however, will likely see their fee income decline. BusinessWeek/The Associated Press 
 

Strict Oversight for Large Banks Under Obama Plan

Largest firms would have strictest oversight under Obama plan

The Obama administration's proposal for overhauling the financial regulatory framework includes added scrutiny by the Federal Reserve for companies, banks and nonbanks of which failure would damage the overall economic system. Beyond bank holding companies, including Bank of America and Citigroup, only a few would be likely to qualify. The Wall Street Journal 
  

Click here to get your copy  (Amazon, Barnes & Noble, e-book: Quick Download)  

Legacy Capital: The Driving Force of the American Dream
www.LegacyCapitalBook.com

 

 

Victor Lloyd Smith

Millennium Lyon Asset Management

 

 

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Wall St loses ground on recovery worry

Wall St loses ground on recovery worry

The Dow and the S&P 500 dropped to session lows on Tuesday, while the Nasdaq trimmed gains, as investors worried that the economic recovery's pace might not be as strong as initially hoped.

(full article)

 

Click here to get your copy  (Amazon, Barnes & Noble, e-book: Quick Download)  

Legacy Capital: The Driving Force of the American Dream
www.LegacyCapitalBook.com

 

 

Victor Lloyd Smith

Millennium Lyon Asset Management

 

 

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Bankrupt GM Mirrors Bankrupt USA

Bankrupt GM Equals Bankrupt USA

 

General Motors (GM) recent bankruptcy is a mirror on the consumer debt based US economy. It's over. In our new global economy with increasing volatility, consumer debt is not a sustainable driver for economic growth.

 

GM bankruptcy will have far reaching implications for the equity and credit (debt) markets.  The overall impact is negative. Many GM suppliers will shut down, or scale back operations.  The ripple effect will reduce overall US GDP (gross domestic product).  The upcoming sell-off in US Equities will severely hurt US Pension Funds.  It may even lead to a "Pension Fund Crisis" that will require government intervention, on a massive scale. 

 

We expect the intervention (bailout) to take the shape of a US Government - Guaranteed Retirement Account (GRA).  Private/Corporate and Municipal Pension Funds that are underfunded or near/in default can transfer assets to the new GRA program. Pensioners will get a "guarantee" on the scheduled amount (value) of their pension, retirement account. the big question is if the retirement income (payout) will be indexed to CPI to protect against inflation.

 

We advise our  clients to take specific steps to take control of pension assets and protect their retirement income streams.  Register today and contact your Millennium Lyon - Investment Advisor for more details.

 

You should implement these strategies in your portfolio by June 30th, 2009 for maximum benefit. To read our other recommendations visit us online or call your Millennium Lyon - Investment Advisor today.

 

  

Click here to get your free copy    or    Quick Download (e-book)

Legacy Capital: The Driving Force of the American Dream
www.LegacyCapitalBook.com

 

 

Victor Lloyd Smith

Millennium Lyon Asset Management

 

 

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Legacy Capital Book is now on Amazon, Barnes & Noble

Legacy Capital Book is now #1 on Barnes & Noble and Amazon.

Check it out!  

     &

Tell a friend!

 

Click here to get your free copy    or    Quick Download (e-book)

Legacy Capital: The Driving Force of the American Dream
www.LegacyCapitalBook.com

 

 

Victor Lloyd Smith

Millennium Lyon Asset Management

 

 

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 Get your copy today!

 

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Unemployment Hits 9.4 Percent in May 2009

Jobless Rate Hits 9.4 Percent in May; Layoffs Slow

By Neil Irwin Employers slashed jobs at a much more measured rate than expected in May, even as the unemployment rate soared above 9 percent for the first time in 26 years, the Labor Department said today.

 full article

 

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Legacy Capital: The Driving Force of the American Dream
www.LegacyCapitalBook.com

 

 

Victor Lloyd Smith

Millennium Lyon Asset Management

 

 

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Countrywide execs charged with fraud

Former Countrywide execs charged with fraud

Three former executives at Countrywide Financial Corp. - Angelo Mozilo, David Sambol and Eric Sieracki - have been sued by the US Securities and Exchange Commission on charges of civil fraud, according to media reports.
 

full article

 

Click here to get your free copy    or    Quick Download (e-book)

Legacy Capital: The Driving Force of the American Dream
www.LegacyCapitalBook.com

 

 

Victor Lloyd Smith

Millennium Lyon Asset Management

 

 

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