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  • Obama Announces Small Business Bail Out

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    President Obama has finally outlined a bail out plan for America’s small businesses. Perhaps due to mounting criticism that the administration is only helping huge corporations weather the economic storm, the Obama Administration outlined a series of policies targeted to direct more capital to small banks and community institutions that lend to small businesses, especially in economically deprived areas. The New York Times reports:

    The measures, announced by Mr. Obama at a small records storage company in Maryland, would allow smaller community banks to borrow at low rates from the Treasury Department’s Troubled Asset Relief Program. It would also raise the loan caps on several popular Small Business Administration programs.

    Under the administration plan, banks with less than $1 billion in assets could borrow from the program at a lower interest rate than financial institutions are required to pay.

    In exchange, banks must demonstrate how they would increase lending to small businesses and follow up with quarterly reports. According to the White House, most business loans by the community banks that are eligible for the new rules are made to small businesses.

    In addition, community groups that lend to small businesses in low-income areas under a Treasury Department program will be able to borrow relief money at just 2 percent annually for eight years. In the past, banks have been leery of the such loans because the program allows the government to buy warrants for the banks’ common stock and because it requires the institutions to limit executive compensation. But the small banks probably will not have to issue warrants in that program rules contain an exception for infusions of less than $100 million. The proposal as described Wednesday caps the infusions at $20 million.

    To learn more about Obama’s small business bailout program, be sure to check out these sites:

    +Obama Announces Small-Business Lending Push
    +Community banks to get bailout money as Obama seeks to boost small business
    +Obama refocuses bailout on small businesses

     

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  • NFL Star Arrested in Fight with Tila Tequila

    Posted by: www.tmz.com

    Shawn Merriman of the San Diego Chargers was taken into custody by the San Diego County Sheriff’s Department after an alleged altercation with Tila Tequila. San Diego Sheriff’s deputies responded to a call this morning at 3:45 AM. Tila claims she was “choked and physically restrained” by Merriman after she tried to leave his residence.

  • Obama Admin Planning to Revive Civil Rights Enforcement

    The Justice Department is moving forward with plans to expand its civil rights division, pursuing cases of discrimination in the workplace, housing and voting rights. From his first day on the job, Attorney General Eric Holder has pledged to strengthen the Civil Rights Division he inherited from the Bush administration.