By Francine McKenna, Contributor ChinaCast was a Delaware company traded on NASDAQ that has a significant number of US investors. The company’s operations, providing post-secondary education and e-learning services, are in China. According to a recently filed lawsuit, Deloitte Touche Tohmatsu CPA Ltd (DTTC) in Beijing, Peoples Republic of China signed the ChinaCast audit opinion but not until, according to the complaint, Deloitte’s US firm agreed the company’s disclosures were in accordance with Generally Accepted Accounting Principles (GAAP) and SEC reporting requirements. …read more
Source: FULL ARTICLE at Forbes Latest
Tag Archives: SEC
Apollo SEC Filing: Moves From Being on Notice to Probation
Filed under: Technology, U.S. Government, Industry News, Economy
Apollo Group, Inc. (NASDAQ: APOL) is showing some more negative news in the fields of online education and for-profit education. The company submitted and SEC filing on Monday showing that its University of Phoenix subsidiary received a notice of Probation from The Higher Learning Commission on February 22. This is a commission member of the North Central Association of Colleges and Schools regarding the ongoing accreditation reaffirmation review of the University.
HLC is the university’s institutional accreditor and the end result is that the peer review team determined that the University of Phoenix is not in compliance with Criterion One of the Criteria for Accreditation, Core Component 1d, and certain of the related Minimum Expectations. These points all relate to the university’s administrative structure and governance.
The team has now recommended that HLC place the University on Probation status as the University of Phoenix has insufficient autonomy in relation to its parent (Apollo Group) as far as its board of directors management independence.
Some good news was included: the team found that University of Phoenix was in compliance with substantially all other Criteria of Accreditation, including the criteria associated with academic matters and student services, and, with one recommendation of a follow up report, all the applicable Federal Compliance Program Components. It was also noted that this team “specifically noted that the University is well resourced and innovative and has many strengths, including a high level of relevant student services and technology and systems that benefit students and provide a consistent approach to facilitate learning across its programs and facilities.”
Some of this data had been telegraphed by the company before but on a lesser scale. It previously disclosed in January that the HLC had informed University of Phoenix that the draft review report would include a recommendation that the University be placed on Notice status. The problem is that this “Probation” is worse than the “Notice” status. Apollo said in the filing that the HLC did not explain why the recommendation changed from Notice to Probation.
The University of Phoenix did say that it intends to challenge and appeal this formal Probation recommendation while it works with HLC to reach an agreement on an appropriate governance model. The draft report also identified other areas of concern which will require future reporting and follow-up activities by the University. While those were not said to be the basis of the Probation, these include retention and graduation rates, sufficiency of Ph.D program faculty research activity, the reliance on federal student financial aid, assessment of student learning; and documenting credit hour policies and practices with regard to learning outcomes of learning teams.
Here is the problem for the university and for Apollo:
If the Probation recommendation is approved, the draft report recommends a probationary period through the Fall of 2014, with the requirement that University of Phoenix submit a probation report at that time demonstrating that the specified matters have been ameliorated. In addition, the …read more
Source: FULL ARTICLE at DailyFinance
Citigroup faced SEC questions over its value on brokerage
NEW YORK (Reuters) – At the same time that Citigroup Inc was unsuccessfully trying to convince an arbitrator that the brokerage it owned with Morgan Stanley was worth as much as $23 billion, the U.S. Securities and Exchange Commission in August was asking Citigroup to document the valuation it had placed on the asset. The request was made public on Friday when the agency posted written responses from Citigroup to questions from SEC staff about the bank's financial disclosures. …
All Talk: The SEC's Broken Broker-Dealer, Investment Advisor Examination Program
By Francine McKenna, Contributor On February 21, the Office of Compliance and Examinations at the U.S. Securities and Exchange Commission published its, “Examination Priorities for 2013″. The report includes a description of the regulatory review priorities for 11,000 registered investment advisers, 800 registered investment company complexes and 4600 registered broker-dealers with approximately 111 million customer accounts. However, the SEC‘s annual report, published last November, includes fiscal year 2012 performance metrics that say the agency and its partner self-regulatory agency FINRA are not keeping up with the annual “goals and objectives” rhetoric. …read more
Source: FULL ARTICLE at Forbes Latest
The Nomination Of Mary Jo White: More Than Just Politics
The President’s nomination of Mary Jo White to become Chairman of the SEC has generated reservations as well as praise.* Naysayers wonder whether her years in private practice representing banks and bankers, including J.P. Morgan Chase, Kenneth Lewis of Bank of America and John Mack of Morgan Stanley, will make it impossible for her to “switch sides” and hold financial companies accountable for violations of the law. …read more
Source: FULL ARTICLE at Forbes Latest
Making 20,000 Times Your Money on Heinz Call Options in 24 Hours Requires Inside Information
By Robert Lenzner, Forbes Staff We are fascinated to find out the identity of the lucky tippee who knew Berkshire Hathaway was going to buy Heinz for $72.50 a share– and bought call options when the stock was $60 a share. He or they will discover that the SEC instantly spotted the unusual purchase of out-of-the-money calls on Heinz shares– and instantly froze the account held in Zurich, Switzerland— where the inside trader figured wrongly that Swiss banking law would protect him. No longer. Heinz common stock was selling at $60 a share when a Swiss account bought 2533 option calls to purchase Heinz shares at a price of $65 a share. The cost to the buyer was only $90,000. The very next morning the takeover of Heinz was made public; Berkshire and a Brazilian takeover firm, EGG, had agreed with Heinz to buy 100% of its shares at $72.50 a share– 20% higher than the $60 closing price the day before. You only make such a move if you know for a certainty a deal was in the works at a price greater than $65 a share, the call price for the options. In one day, the $90,000 purchase price rewarded the buyer with call options worth $1.8 million in the marketplace. What a bonanza– at least until the buyer learned the Feds in America were after him. Trust me; you don’t want the FBI after you. And it is a welcome signal that the market monitors at the SEC picked up on the obviously suspicious trade immediately. That should put a scare into the purveyors of “inside information.” that can trigger either a sharp upward spike or dramatic descent in price. Good on the SEC, who called “The timing, size and profitability of the defendants’ trades, as well as the lack of prior history of significant trading in Heinz in the account “makes these trades highly suspicious.” One locus of illegal activity in the stock market has truly been inordinately successful– going after the inside traders in ruthless fashion, ie using wire taps of phone conversations, often by traders who are helping the government to reduce or avoid jail time. Just in the past year or so, the SEC has brought 60 cases, and there have been guilty pleas or jail sentences for over 70 individuals– many of them hedge fund analysts and fund managers looking for an illegal “edge” in beating the markets and earning compensation of many millions a year. It is much easier to pin down criminal activity in Wall Street trading than in the fraudulent or exploitative practices of large banks before and during the financial meltdown of 2008. Just the spectacle of the Feds convicting a half dozen former employees of Steven Cohen‘s hedge fund empire is instructive and hopefully a warning to others. Uncle Sam is listening to your crooked conversations and tracking your crimes. …read more
Source: FULL ARTICLE at Forbes Latest
FBI investigating potential insider trading in Heinz: spokesman
NEW YORK (Reuters) – The Federal Bureau of Investigation said on Tuesday it had opened an investigation into potential insider trading in shares of H.J. Heinz Co just before a takeover announcement last week. The announcement follows the U.S. Securities and Exchange Commission's decision to freeze assets connected to a Swiss trading account from which the alleged insider trades were made. “The FBI is aware of the trading anomalies the day before Heinz' announcement,” a spokesman said. “The FBI is consulting with the SEC to determine if a crime was committed. …
Johnny Football adjusting to post-Heisman fame
By Associated Press Johnny Manziel went to the Super Bowl where he hung out with the guys from Duck Dynasty. He was photographed with several other SEC players at Mardi Gras in New Orleans and spent part of NBA’s All-Star weekend in Houston with rapper and friend Wale. …read more
Source: FULL ARTICLE at ESPN Headlines
Conflict of Interest Almost Unavoidable in Dell's Earnings
Filed under: Technology, Earnings
If you believe that Michael Dell‘s proposed management-led buyout of Dell Inc. (NASDAQ: DELL) aims to undervalue the PC and IT player and is a move to take the company private on the cheap, then you better think about today’s earnings. This may be the final or next to last public earnings announcement issued by Dell. While we have no clue how the earnings really did in the most recent quarter, this is a real case where a classic conflict of interest stands out like a sore thumb.
If Michael Dell really wants to stick to a low price, it is in his best financial interest to have Dell report bad earnings. Maybe a couple key corporate or enterprise orders got pushed out. Maybe some expenses got moved forward. There are too many ways that a company can drive earnings (and revenues) in a quarter. It is important to recall that if Dell’s earnings are too strong then you could expect more than just the top two independent institutional shareholders publicly filing with the SEC that the $13.65 per share greatly undervalues the company.
All conspiracy theories aside, Dell is scheduled to report earnings after the close on Tuesday. Dell is expected to post $0.39 per share in earnings (down from $0.51 a year ago) on sales down almost 12% to $14.12 billion. Thomson Reuters shows that Dell had big upside two quarters ago against the estimates, but three of the past four quarterly earnings per share reports have been shy of expectations.
Note that Dell’s share price of $13.79 in late morning trading is above the $13.65 share price. Options traders are only expecting a move of up to about 2% in either direction, but we would caution with Dell trading above the formal buyout price that investors should disregard the options indicator today. Chart analysis is also useless on its own today. Dell shares are trading at $13.79, and the 52-week range is $8.69 to $18.36.
Again, there is no way to know what sort of earnings report will come out today. We just cannot overlook how the conflict of interest stands out as an obvious issue going into this report. Remember, there is $24 billion or so at stake in this deal.
Filed under: 24/7 Wall St. Wire, Earnings, PC Companies, Technology, Technology Companies Tagged: DELL
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Quintiles files with SEC to become public company
(AP)—Clinical testing company Quintiles Transnational wants to become a public company again after nearly a decade in private hands. …read more
Source: FULL ARTICLE at Phys.org
SEC Sues Traders Over Heinz Insider-Trading Allegations, Freezes Swiss Bank Account
By Jordan Maglich, Contributor
The Securities and Exchange Commission has filed a civil enforcement action against several traders suspected of booking nearly $2 million in profits from advanced knowledge of yesterday’s announcement that Warren Buffett’s Berkshire Hathaway would acquire H.J. Heinz Co. for $23.2 billion. Forbes reported yesterday on suspicious options trading data that showed a surge in the purchase of June $65 calls that dwarfed the average trading volume. According to Marketwatch, the SEC believes that multiple individuals were involved in the trading, and an emergency court order has been obtained freezing assets in a Zurich, Switzerland account. …read more
Source: FULL ARTICLE at Forbes Latest
SEC alleges inside trading ahead of Heinz merger
Federal regulators have alleged that a Swiss brokerage account was used for insider trading ahead of the H.J. Heinz merger Thursday.
The Securities and Exchange Commission obtained a court order Friday to freeze the account and prevent the assets from being moved.
The account was used for trades placed Wednesday that netted $1.7 million after the merger was announced. The SEC says it doesn’t know the identity of the traders but said they “took risky bets” that Heinz’s stock price would increase.
On Thursday, it was announced that Warren Buffett’s Berkshire Hathaway and a Brazilian firm had agreed to buy Heinz. Heinz’s stock rose nearly 20 percent after the merger.
The SEC is alleging that the traders must have known in advance about the pending transaction based on inside information.
Startup America for a Stronger America
This week, in his State of the Union address, President Obama outlined plans to build a stronger America, including actions to help entrepreneurs and small business owners expand and create new jobs. This vision builds on the continuing work of the White House Startup America initiative, an ongoing effort to inspire and accelerate high-growth entrepreneurship throughout the United States.
Just last week, entrepreneurs from across the country gathered at the White House to celebrate Startup America’s success thus far—and its two-year anniversary—by presenting ambitious plans for growing vibrant startup communities in Arizona, Colorado, DC, Indiana, Iowa, Maryland, North Carolina, Nebraska, Tennessee, Texas and Virginia.
After achieving several early milestones in its first year, Startup America’s momentum has only continued to grow. Here’s how:
Calling on Congress: In February 2012, the President signed a bill fulfilling his call to expand Self-Employment Assistance, a proven way to let states empower unemployed workers to start their own businesses. Then, in April 2012, the President signed into law the Jumpstart Our Business Startups (JOBS) Act, allowing small businesses and startups to more efficiently raise capital from investors, including through regulated crowdfunding platforms that the SEC is expected to approve this year. And, just last month, building on the 18 small business tax cuts he has already signed into law, the President extended through 2013 a crucial tax cut for investments in small businesses by signing the American Taxpayer Relief Act.
This year, President Obama will continue to call on Congress to build an immigration system for the 21st century that meets our economic and security needs. This includes common-sense reforms to cut waiting periods and attract the highly-skilled entrepreneurs and innovators who will help create jobs and grow our economy.
SEC sues over suspicious Heinz options trading
Securities regulators on Friday sued unknown traders over suspected insider trading in H. …read more
Source: FULL ARTICLE at Fox Business Headlines
SEC files suit against unknown traders over Heinz options
U.S. securities regulators on Friday filed suit against unknown traders in the options of ketchup maker H. …read more
Source: FULL ARTICLE at Fox Business Headlines
Former RIM Co-CEO Sells All RIM/BlackBerry Shares
Filed under: Technology, Industry News, Telecommunications
BlackBerry (NASDAQ: BBRY) has gone through quite a lot of changes, including a name change from Research In Motion. What is interesting is that its former co-CEO Jim Balsillie is no longer a shareholder. A Schedule 13G filing with the SEC on Thursday morning shows that Balsillie has eliminated his entire stake.
Balsillie was formerly one of the largest shareholders, with more than 26 million shares. The date is very delayed, as well as the as-of date, which turns out to be Dec. 31, 2012. Balsillie’s opportunity costs might have been huge. We do not know at what date the sales started, but RIM shares closed out 2012 at $11.87 and peaked above $14.00 earlier in December. Before that, all you have to do is to go back as recently as November 21 to see RIM shares back under $10.00. The lowest price of the fourth-quarter was listed as $7.27, and that was on October 1.
We would note that Michael Lazaridis shows in the same sort of filing that he held some 29,904,297 shares as of December 31, 2012.
What is interesting is that BlackBerry shares are up 3% at $14.40, even after the Balsillie filing was made known. BlackBerry shares have traded in a 52-week trading range of $6.22 to $18.32.
Filed under: 24/7 Wall St. Wire, Consumer Electronics, Corporate Governance, Insider Activity, Technology, Technology Companies, Telecom & Wireless Tagged: BBRY
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BlackBerry: Former Co-CEO Balsillie No Longer Holds Stock
Former BlackBerry Co-CEO Jim Balsillie no longer holds any shares of the company’s stock, according to a new filing with the the SEC. …read more
Source: FULL ARTICLE at Forbes Latest
Marin Software Files IPO
Marin Software this afternoon filed with the SEC for a $75 million initial pubic offering. …read more
Source: FULL ARTICLE at Forbes Latest
Tetraphase Pharmaceuticals Files Registration Statement for Proposed IPO
By MarketNewsVideo Tetraphase Pharmaceuticals today announced that it has filed a registration statement on Form S-1 with the SEC relating to a proposed IPO. Barclays and BMO Capital Markets are acting as joint book-running managers. Stifel, JMP Securities and Needham & Company are acting as co-managers for the offering. The offering …read more
Source: FULL ARTICLE at Forbes Markets
Weekly News & Politics Digest, February 8, 2013
- What’s On Your Mind • Noah: Today…
Noah: Today…
In the year 2011, the Lord came unto Noah,
who was now living in America and said:
“Once again, the earth has become wicked and over
-populated, and I see the end of all flesh before me.”
“Build another Ark and save 2 of every living thing
along with a few good humans.”
He gave Noah the blueprints, saying:
“You have 6 months to build the Ark before I will
start the unending rain for 40 days and 40 nights.
Six months later, the Lord looked down and saw Noah
weeping in his yard – but no Ark.
“Noah!,” He roared, “I’m about to start the rain!
Where is the Ark?”
“Forgive me, Lord,” begged Noah, “but things have changed.
“I needed a Building Permit.”
“I’ve been arguing with the Boat Inspector
about the need for a sprinkler system on it.”
“My neighbors claim that I’ve violated the neighborhood by-laws by building the Ark in my back yard and exceeding the height limitations. We had to go to the local Planning Committee for a decision.”
“Then the local Council and the Electricity Company demanded a shed load of money for the future costs of moving power lines and other overhead obstructions, to clear the passage for the Ark’s move to the sea. I told them that the sea would be coming to us, but they would hear none of it.”
“Getting the wood was another problem. There’s a ban
on cutting local trees in order to save the Greater Spotted Barn Owl.” “I tried to convince the environmentalists that I needed the wood to save the owls – but no go!”
“When I started gathering the animals the ASPCA took me to court. They insisted that I was
confining wild animals against their will. They argued the accommodations were too restrictive, and it was cruel and inhumane to put so many animals in a confined space.”
“Then the Environmental Agency ruled that I couldn’t build the Ark until they’d conducted an environmental impact study on your proposed flood.”
“I’m still trying to resolve a complaint with the
Human Rights Commission on how many minorities I’m
supposed to hire for my building crew.”“The Immigration Dept. is checking the
visa status of most of the people who want to work.”
“The trade unions say I can’t use my sons. They
insist I have to hire only Union workers with
Ark-building experience.”
“To make matters worse, the IRS seized all my assets, claiming I’m trying to leave the country illegally
with endangered species.”
“So, forgive me, Lord, but it would take at least 10
years for me to finish this Ark.”
“Suddenly the skies cleared, the sun began to shine,
and a rainbow stretched across the sky.”
Noah looked up in wonder and asked,
“You mean you’re not going to destroy the world?
“No,” said the Lord.
” The Government beat me to it.”HELLO-TRUTH!
Statistics: Posted by Gary Triplett — Thu Feb 07, 2013 9:07 pm
- Virginia State Government • VA’s House of Delegates agreed – Wants to Mint Its Own Coins
HOUSE JOINT RESOLUTION NO. 590
FLOOR AMENDMENT IN THE NATURE OF A SUBSTITUTE
(Proposed by Delegate Marshall, R.G.
on February 4, 2013)
(Patron Prior to Substitute–Delegate Marshall, R.G.)
Establishing a joint subcommittee to study the feasibility of a metallic-based monetary unit. Report.
WHEREAS, the purpose of money is to provide a reliable measure of value to facilitate the voluntary exchange of goods and services to the economic benefit of society; andWHEREAS, the need to establish a sound money unit was deemed so essential for assuring the success of the United States that Thomas Jefferson personally assumed the task of defining the dollar as a fixed standard of value in his Notes on the Establishment of a Money Unit and of a Coinage for the United States; and
WHEREAS, our nation’s most fundamental principles – equal rights, rule of law, private property rights, individual liberty – still require a dependable dollar to be meaningfully preserved; and
WHEREAS, unprecedented monetary policy actions recently taken by the Federal Reserve through activist intervention in banking and credit markets, including massive purchases of federal debt, have raised concern over the risk of dollar debasement and prompted inquiries into whether a metallic basis for United States currency might engender a more stable money unit consistent with limited government; and
WHEREAS, foreign threats to the United States in the form of sophisticated cyberattacks have begun to target banks and financial institutions, including primary banking service providers based in or operating within the Commonwealth, with the aim of undermining consumer confidence and seriously disrupting the functioning of our nation’s economy; and
WHEREAS, the availability of a trustworthy money unit to facilitate productive economic and financial activity has historically been a major factor in restoring confidence and civil order under conditions of duress, and since the United States Constitution (Article I, Section 10) decrees that “no state shall make anything but gold and silver coin a tender in payment of debts”; now, therefore, be it
RESOLVED by the House of Delegates, the Senate concurring, That a joint subcommittee be established to study the feasibility of a metallic-based monetary unit. The joint subcommittee shall have a total membership of 10 members that shall consist of eight legislative members and two nonlegislative citizen members. Members shall be appointed as follows: five members of the House of Delegates to be appointed by the Speaker of the House of Delegates in accordance with the principles of proportional representation contained in the Rules of the House of Delegates; three members of the Senate to be appointed by the Senate Committee on Rules; one nonlegislative citizen member with expertise in monetary and financial issues to be appointed by the Speaker of the House of Delegates; and one nonlegislative citizen member with expertise in monetary financial issues to be appointed by the Senate Committee on Rules. Nonlegislative citizen members of the joint subcommittee shall be citizens of the Commonwealth of Virginia. The joint subcommittee shall elect a chairman and vice-chairman from among its membership, who shall be members of the General Assembly.
In conducting its study, the joint subcommittee shall receive testimony from such witnesses and take such other evidence as it deems appropriate and shall consider recommendations for legislation, with respect to the need, means, and schedule for establishing a metallic-based monetary unit to serve as a contingency currency for the Commonwealth.
Administrative staff support shall be provided by the Office of the Clerk of the House of Delegates. Legal, research, policy analysis, and other services as requested by the joint subcommittee shall be provided by the Division of Legislative Services. Technical assistance shall be provided by the Treasurer of the Commonwealth of Virginia and the Bureau of Financial Institutions of the State Corporation Commission. All other agencies of the Commonwealth shall provide assistance to the joint subcommittee for this study, upon request.
The joint subcommittee shall be limited to four meetings for the 2013 interim, and the direct costs of this study shall not exceed $17,440 without approval as set out in this resolution. Approval for unbudgeted nonmember-related expenses shall require the written authorization of the chairman of the joint subcommittee and the respective Clerk. If a companion joint resolution of the other chamber is agreed to, written authorization of both Clerks shall be required.
No recommendation of the joint subcommittee shall be adopted if a majority of the House members or a majority of the Senate members appointed to the joint subcommittee (i) vote against the recommendation and (ii) vote for the recommendation to fail notwithstanding the majority vote of the joint subcommittee.
The joint subcommittee shall complete its meetings by November 30, 2013, and the chairman shall submit to the Division of Legislative Automated Systems an executive summary of its findings and recommendations no later than the first day of the 2014 Regular Session of the General Assembly. The executive summary shall state whether the joint subcommittee intends to submit to the General Assembly and the Governor a report of its findings and recommendations for publication as a House or Senate document and shall specify the date by which the report shall be submitted. The executive summary and the report shall be submitted as provided in the procedures of the Division of Legislative Automated Systems for the processing of legislative documents and reports, and shall be posted on the General Assembly’s website.
Implementation of this resolution is subject to subsequent approval and certification by the Joint Rules Committee. The Committee may approve or disapprove expenditures for this study, extend or delay the period for the conduct of the study, or authorize additional meetings during the 2013 interim.virginia.png
Statistics: Posted by Gary Triplett — Tue Feb 05, 2013 8:24 pm
- US Federal Government • Enrolled Bill H.R.325 – No Budget, No Pay Act of 2013
AT THE FIRST SESSION
Begun and held at the City of Washington on Thursday,
the third day of January, two thousand and thirteenTo ensure the complete and timely payment of the obligations of the United States Government until May 19, 2013, and for other purposes.
Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled,
SECTION 1. SHORT TITLE.
This Act may be cited as the “No Budget, No Pay Act of 2013”.SEC. 2. TEMPORARY SUSPENSION OF DEBT CEILING.
(a) Suspension.—Section 3101(b) of title 31, United States Code, shall not apply for the period beginning on the date of the enactment of this Act and ending on May 18, 2013.(b) Special Rule Relating To Obligations Issued During Suspension Period.—Effective May 19, 2013, the limitation in section 3101(b) of title 31, United States Code, as increased by section 3101A of such title, is increased to the extent that—
(1) the face amount of obligations issued under chapter 31 of such title and the face amount of obligations whose principal and interest are guaranteed by the United States Government (except guaranteed obligations held by the Secretary of the Treasury) outstanding on May 19, 2013, exceeds
(2) the face amount of such obligations outstanding on the date of the enactment of this Act.
An obligation shall not be taken into account under paragraph (1) unless the issuance of such obligation was necessary to fund a commitment incurred by the Federal Government that required payment before May 19, 2013.
SEC. 3. HOLDING SALARIES OF MEMBERS OF CONGRESS IN ESCROW UPON FAILURE TO AGREE TO BUDGET RESOLUTION.
(a) Holding Salaries In Escrow.—(1) IN GENERAL.—If by April 15, 2013, a House of Congress has not agreed to a concurrent resolution on the budget for fiscal year 2014 pursuant to section 301 of the Congressional Budget Act of 1974, during the period described in paragraph (2) the payroll administrator of that House of Congress shall deposit in an escrow account all payments otherwise required to be made during such period for the compensation of Members of Congress who serve in that House of Congress, and shall release such payments to such Members only upon the expiration of such period.
(2) PERIOD DESCRIBED.—With respect to a House of Congress, the period described in this paragraph is the period which begins on April 16, 2013, and ends on the earlier of—
(A) the day on which the House of Congress agrees to a concurrent resolution on the budget for fiscal year 2014 pursuant to section 301 of the Congressional Budget Act of 1974;
or(B) the last day of the One Hundred Thirteenth Congress.
(3) WITHHOLDING AND REMITTANCE OF AMOUNTS FROM PAYMENTS HELD IN ESCROW.—The payroll administrator shall provide for the same withholding and remittance with respect to a payment deposited in an escrow account under paragraph (1) that would apply to the payment if the payment were not subject to paragraph (1).
(4) RELEASE OF AMOUNTS AT END OF THE CONGRESS.—In order to ensure that this section is carried out in a manner that shall not vary the compensation of Senators or Representatives in violation of the twenty-seventh article of amendment to the Constitution of the United States, the payroll administrator of a House of Congress shall release for payments to Members of that House of Congress any amounts remaining in any escrow account under this section on the last day of the One Hundred Thirteenth Congress.
(5) ROLE OF SECRETARY OF THE TREASURY.—The Secretary of the Treasury shall provide the payroll administrators of the Houses of Congress with such assistance as may be necessary to enable the payroll administrators to carry out this section.
(b) Treatment Of Delegates As Members.—In this section, the term “Member” includes a Delegate or Resident Commissioner to the Congress.
(c) Payroll Administrator Defined.—In this section, the “payroll administrator” of a House of Congress means—
(1) in the case of the House of Representatives, the Chief Administrative Officer of the House of Representatives, or an employee of the Office of the Chief Administrative Officer who is designated by the Chief Administrative Officer to carry out this section; and
(2) in the case of the Senate, the Secretary of the Senate, or an employee of the Office of the Secretary of the Senate who is designated by the Secretary to carry out this section.
Attest:
Speaker of the House of Representatives.
Attest:
Vice President of the United States and
President of the Senate.Statistics: Posted by Gary Triplett — Tue Feb 05, 2013 12:07 pm
- Virginia • Summit Archives – Communities of the Northern Piedmont
Summit Archives – Communities of the Northern Piedmont
The WayBack Machine at archive.org archived “www.summit.net” starting in 1999. The first pages of Summit (then: Summit Web Communications Internet Services) were not archived since Summit’s content began in 1995, four years before The Wayback Machine grew to archive the information.
Although outdated, some information found here is still relevant. At any rate, it’s interesting to see the past and compare the many changes around the world over time.
The Internet Archive is a 501(c)(3) non-profit that was founded to build an Internet library. Its purposes include offering permanent access for researchers, historians, scholars, people with disabilities, and the general public to historical collections that exist in digital format. Founded in 1996 and located in San Francisco, the Archive has been receiving data donations from Alexa Internet and others. In late 1999, the organization started to grow to include more well-rounded collections. Now the Internet Archive includes texts, audio, moving images, and software as well as archived web pages in our collections, and provides specialized services for adaptive reading and information access for the blind and other persons with disabilities.
We hope you enjoy…
iframeStatistics: Posted by Gary Triplett — Mon Feb 04, 2013 5:22 pm