08 May 2012

Boomers Stand to Inherit Trillions

By Ginny Grimsley
Closed-End Funds a Good Investment Option

Baby boomers stand to inherit $10 trillion in the next few years and women will get the bulk of it, according to a Cornell University study, because they outlive men an average of seven years.

"Women already control 60 percent of the nation's personal wealth - they outnumber men and they are traditionally the shoppers," says financial expert Scott T. Schultz, author of Scott Schultz's Guide to Closed-End Funds (www.closedendfundguru.com).

"It's sad that, despite the fact that nearly a third make more money than their husbands and they're starting businesses at twice the rate men are, 38 percent of women ages 30 to 55 worry they'll eventually live in poverty because they can't adequately save for retirement," he says.

With the first of the boomers hitting 65 this year, the nation will see an even greater number of retirement-aged women holding the country's purse strings.

"Many will inherit money and property from their parents and/or their husbands, and many will live another 30 to 40 years," Schultz says, citing the Cornell study. "They'll need to invest their money to ensure they have enough to avoid that impoverished retirement they fear, but they - and the nation - have lost confidence in the stock market; April 2011 saw the lowest number of investors since 1999."

What brokers don't tell clients about, he says, is closed-end funds. Schultz, ranked the No. 1 Separate Account Money Manager for three consecutive years by USA Today, says he earned that national honor by relying almost solely on these limited-issue stocks. Because they're available only in finite numbers and because watchful brokers can find them "on sale," they're a better bet as an investment for those who are willing to sit on them awhile.

Why is the American public so in the dark about closed-end funds? Noting his book is the first written on the topic in more than 20 years, Schultz says there are a few reasons:

• Brokers can't generate a lot of commissions from them. Brokers move open-ended funds quickly because they earn a commission with each transaction. It's easy money for them, Schultz says. Closed-end funds require a longer term investment strategy, so brokers who want to get rich quick won't use them.

• They require more effort from the broker, who has to work to find the "sales." One advantage of closed-end funds is that they can sometimes be purchased at a discount, so the investor starts off ahead of open-end investors who are paying full price for stocks, Schultz says. Even if the fund never gets back up to its full value, any increase at all is a gain. But the broker has to be willing to work to find the good investments with good discounts. And then he or she has to be willing to sit on them.

• Closed-end funds are boring! For a lot of brokers, it's just plain fun to trade stocks in products and initiatives with an exciting ring to them, whether it's Facebook or a treasure-hunting ship. These brokers are constantly trading stocks - and generating transaction feeds, lawyer fees and underwriting fees every time - because that's what they like to do. Closed-end funds require thoughtful, sometimes tedious research before buying, and then the patience of a saint as both the broker and the investor wait for the bid price to increase.

About Scott T. Schultz

Scott T. Schultz began his career in 1983 at E.F. Hutton and was ranked the nation's No. 1 Separate Account Money Manager by USA Today for three consecutive years using GIPS verified/audited performance numbers supplied by Morningstar, Inc. Schultz was a GOP nominee for U.S. Congress in 1988, and met with Presidents Ronald Reagan and George H.W. Bush at the White House. He graduated from Michigan State University with a degree in journalism.

08 May 2012

Loebsack Statement on Department of Labor's April Jobs Report

By Rick Martin

Washington, D.C. - Congressman Dave Loebsack today issued the following statement in response to the Department of Labor's announcement that the unemployment rate dropped slightly to 8.1 percent in April and 115,000 jobs were added.

"Unfortunately, the economy is nowhere near where it needs to be for Iowans who are out of work and still looking for a job.  To truly address this problem, Congress must put aside the games that have continually plagued any progress, and work together.

"It is frustrating when even legislation such as the Highway Bill, which has traditionally been done in a bipartisan fashion, has fallen to the Republican's political games.  This legislation would not only make our roads safer for families and more efficient for businesses and farmers, it is also an issue central to job creation and economic development in Iowa and across the country.  I have crossed party lines to try and pass this bill and I personally urged the President to become more engaged on a bipartisan basis to move forward a long-term transportation plan.

"It is critical to Iowa families, business and farmers that we move forward on both the Highway bill and a real jobs bill.  The games must end."

###
08 May 2012

Wrongdoing on the Taxpayers' Dime

By Rick Martin

by U.S. Senator Chuck Grassley

 

The taxpaying public's confidence in the federal government suffered more setbacks recently with two scandals:  excessive spending by the General Services Administration and allegations of misconduct within the Secret Service.  The actions by employees in these agencies have led to internal and congressional investigations that call into question the culture of the bureaucratic hierarchy.

 

Americans may not be as familiar with the GSA, which was established in 1949 to streamline the administration of the federal government, from purchasing paper clips to managing leases for office space.  In effect, it is an agency that is supposed to help other agencies operate efficiently and should therefore be a model of fiscal rectitude.  The GSA's lower-profile, behind-the-scenes work was elevated to a higher-profile public square when its $822,000 "retreat" in Las Vegas made the GSA the most recent example of excessive, wasteful spending by the federal government.

 

Showing blatant disregard for taxpayers who would foot the bill for its over-the-top conference in 2010, the GSA pulled out all the stops with lavish entertainment (including clowns and a psychic), gifts and luxurious accommodations knowing full well the taxpayers were picking up the tab.  Somehow I don't think the GSA needs to re-hire the mind-reader to figure out how taxpayers feel about paying for 300 federal employees to viva Las Vegas on their dime.

 

Yet another shoe dropped amid reports of alleged delinquency by federal agents on assignment in Colombia.  This time the scandal affected a federal agency that until now has enjoyed longstanding repute with the American public for its code of professional conduct.  The Secret Service has earned a prestigious reputation for its protective services to American presidents beginning after President McKinley's assassination in 1901.

 

Now the esteemed law enforcement agency, whose no-nonsense, clean-cut agents are renowned for wearing tinted sunglasses and corralling rope-lines at presidential events, is suffering a black eye from alleged carousing by a dozen agents soliciting prostitutes while on assignment in Colombia.  By any measure, Secret Service agents who would hire foreign female escorts for nighttime entertainment while on assignment exhibit the judgment skills of a class of nitwits.  The security risks associated with U.S. agents' allowing strangers into their hotel room in a foreign country are obvious.  Let's hope the President is correct when he claimed it was a few knuckleheads exercising poor judgment.

 

If the Secret Service incident is not isolated and instead exposes a broader culture within military, law enforcement and security forces that says this type of behavior is okay, that is a big problem.

 

That's why I'm asking more questions.  I'm glad the Secret Service acted swiftly to fire agents, revoke security clearances by those involved, and issue new rules explicitly prohibiting agents from hosting foreign nationals in their hotel rooms when traveling overseas.  The Homeland Security Department's Inspector General will be independently reviewing the Secret Service's internal inquiry.  An independent and transparent review will help restore credibility to the Secret Service.  As Ranking Member of the Senate Judiciary Committee, I take seriously my constitutional oversight responsibilities.  It would be negligent to sweep this incident under the rug and forget about it. Getting the facts on the table will help determine whether there is a broader cultural problem that needs fixing.

 

A Washington culture of overspending, mismanagement and layers of ineffective leadership within the vast federal government begs for enforceable accountability and transparency.

 

Taxpayers are reminded over and over again about the $15.6 trillion national debt and unrestrained spending that racks up deficits year after year.  Looming shortfalls in the nation's entitlement programs demand more effective stewardship of tax dollars.  And when scandals such as clowns in Vegas and prostitutes in Cartagena keep cropping up, the people's trust is further violated.

 

From many years of oversight work, I'd say Washington's modus operandi is that it's easier to go along to get along.  As an advocate on Capitol Hill for whistleblowers and watchdogs, I work for sunshine laws and reforms that will keep public the people's business and strengthen our system of checks and balances.  My oversight isn't based on the political party of the President.  Over the years, I have been an equal opportunity watchdog.  Leaving no stone unturned is the surest way to root out wrongdoing and hold the government accountable to the people it serves.

 

May 4, 2012
08 May 2012

C-SC's Miehe Claims HAAC Women's Golf Title

By Culver-Stockton College Sports Information

CANTON, MO (05/04/2012)(readMedia)-- Culver-Stockton College freshman Megan Miehe became the first Heart of America Athletic Conference champion in program history on Tuesday, winning by one shot at Hail Ridge Golf Course in Boonville, Mo.

Miehe, of Davenport, Iowa (Hempstead HS - Dubuque, Iowa), shot a 12-over 84 to finish with a 36-hole total of 19-over 163. She made a birdie on her final hole and then had to wait for four groups to finish before finding out she won by a single shot.

With the victory, Miehe qualified for the National Association of Intercollegiate Athletics (NAIA) national tournament, which will be held May 15-18 at Links Hill Country Club in Greenville, Tenn.

As a team, C-SC finished fourth in the six-team field. The Lady Wildcats' 750 total put them 35 shots behind champion Avila University (Mo.).

08 May 2012

Genesis Raffle For The Golf Trip Of Your Dreams

By Craig Cooper
DAVENPORT, Iowa -- May 4, 2012 -- Steve Kuttler only needed to buy one raffle ticket to experience the golf trip of the lifetime at the 2011 Lexus Champions for Charity National Championship at Pebble Beach.

Kuttler had previously only driven past the famed Pebble Beach Golf Resorts along the coast of California.

"That was enough. It wasn't even on my 'Bucket List' of things I wanted to do. I thought it was out of my range,'' said the Davenport Central High School teacher and golf coach. "It wasn't even my dream.''

A lucky draw at the 2011 Genesis Pro-Am Challenge changed all of that.

Kuttler purchased one $50 ticket for the raffle to play in the Lexus Champions For Charity National Championship tournament. The trip was donated by Lujack Lexus of Quad Cities, a tournament sponsor of the Genesis Pro-Am Challenge. Kuttler didn't think much about winning; not with just one ticket.

"Our daughter, Anne, is a nursing student at Luther College and she was one of the recipients of a $10,000 grant through the Genesis nursing scholarship program,'' Steve explained. "Everyone had been so kind to our daughter, and it was fun having her speak at the reception.

"We thought that we should spend $50 on a ticket for the raffle and we had the $50 that day.''

The one raffle ticket the Kuttlers had purchased was drawn as the winner. Steve and his son, Ben, a former high school golfer at Davenport West High School, played the Pebble Beach courses in the Lexus event last December.

Lujack Lexus of Quad Cities is again sponsoring the raffle to win the all-expenses paid 54-hole tournament. Only 300 tickets will be sold at $50 each or 3 tickets for $100 for the chance at the golf package valued at more than $8,000.

The ticket drawing for the package will be held on Aug. 20 at the annual Genesis Pro-Am Challenge. The Pro-Am will be held on three courses - Crow Valley Golf Club, Oakwood Country Club and Short Hills Country Club. Lujack Lexus of Quad Cities and Quad City Bank & Trust are tournament sponsors.

There will be a 11:30 a.m. shotgun start at each course and a $250 entry fee to play, which includes lunch, course refreshments, cart and greens fees, an entry gift and heavy hors d'oeuvres during the Awards Reception at each course. There will be a golf professional playing in each foursome.

Proceeds from the raffle and tournament help provide nursing scholarships for future and current Genesis nurses. For information, or to purchase tickets for the raffle, call (563) 421-6861.

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08 May 2012

National Father's Day Golf-A-Thon

By Rick Martin
What is ZERO's National Father's Day Golf-A-Thon?

More than 240,000 men will be diagnosed with prostate cancer this year, and more than 28,000 will die from the disease. By playing one round of golf on Father's Day weekend, you can save the men that mean the most to you.

ZERO's National Golf-A-Thon will be Father's Day weekend, June 15-17 2012. It is open to all golfers, regardless of their playing ability, gender or age. It is also both an individual and team competition. Participants can play for teams (departments, locations, courses, alumni) or as individuals. Participants play golf based on their own schedules on Father's Day weekend and are in competition to see which team or individual can raise the most money. Prizes will also be given out to the top three individuals or teams who raise the most money.

By participating in ZERO's National Father's Day Golf-A-Thon, 100 percent of the funds you raise will go toward prostate cancer awareness, research and testing.

Funds are raised for ZERO–The Project to End Prostate Cancer through pledges on holes played. The more holes a participant plays on Father's Day weekend, the more money they generate to fight prostate cancer. Participants will collect pledges from sponsors for each hole played during the ZERO's Father's Day Golf-A-Thon. If a participant plays 36 holes during the golf a thon and a sponsor pledges $1 a hole, the golfer will raise $36 towards the fight against prostate cancer. It's that easy!

The team or individual raising the most money will win the grand prize trip to the Know Your Score Celebrity Golf Tournament in Myrtle Beach, SC, benefiting prostate cancer awareness, research and testing. The trip includes lodging for four at Pawleys Plantation in Myrtle Beach, SC, four tickets to the VIP celebrity reception, four entries into the celebrity golf tournament, and four tickets to the gala. The runners up will receive ZERO golf apparel.

What courses can you play?

You can play any 9-hole or 18-hole golf course from any set of course tees in the world, based on your own schedule. You can play with your own personal golf partners or foursomes. No handicaps required. Just get out on Father's Day weekend, get your free pass from your significant other and play golf for a great cause!

How do I enter?

Golf-A-Thon participants will have their own personalized donation webpage that they can send to friends and family. It will be easy for supporters to make donations right on this page. You will also be able to include why you are participating and raising money for prostate cancer.

Why Prostate Cancer?

One in six men will be diagnosed with prostate cancer during his lifetime. Other than skin cancer, prostate cancer is the most common cancer in men. There are no noticeable symptoms of the disease while it is in the early stages, so testing is vitally important. The chances of a man getting prostate cancer are one in three with one close relative (father, brother) with the disease. The risk is 83 percent with two close relatives and 97 percent with three. African American men are at increased risk for the disease and have the highest rate of prostate cancer in the world - one in four men. They are also 2.5 times more likely to die from the disease.

At ZERO, we commit ourselves not only to reduce prostate cancer or alleviate the pain from the disease, but also to end it. We see a future where all men who have been diagnosed with prostate cancer will be cured or manage their illness with good quality of life, with the support they need to minimize physical and emotional suffering and cope effectively throughout their cancer journey.

To accomplish our goal, we provide comprehensive treatment information to patients, education to those at risk and conduct free prostate cancer testing throughout the country. We increase research funds from the federal government to find new treatments and we fund local grants to end the disease.

Ready to register? - or - Want to access your page?

Log In

Register

08 May 2012

Illinois Guardsmen Place in 2012 Marksmanship Exercise

By National Guard PAO Illinois

SPRINGFIELD, IL (05/04/2012)(readMedia)-- Seven members of the Illinois Army National Guard competed in the 2012 Winston P. Wilson Marksmanship Sustainment Training Exercise at Camp Robinson, Ark., April 23 to 27.

The team placed 16th out of 86 teams. The exercise included 395 National Guard and Reserve competitors. This is only the second time Illinois has placed in the top 20 in 41 years of the competition.

Soldiers' marksmanship was tested from five yards with an M9 pistol to 600 yards with the M16 rifle. The team received third place in the PT 300 match and seventh in the RT 309 match.

Top individual performers included Staff Sgt. Tracy Mix of Marseilles with Company A, 33rd Brigade Special Troops Battalion in Marseilles with an overall individual 12th place, the Chief's 50 Marksmanship skill badge, 8th place pistol and eight Excellence in Competition pistol points. Staff Sgt. Gabe Cullers of Carrier Mills, with Company A, 2nd Battalion, 130th Infantry Regiment in West Frankfort placed third in RI 302, rifle reflex fire.

Illinois' A team members included Staff Sgt. Tracy Mix of Marseilles with Company A, 33rd Brigade Special Troops Battalion in Marseilles; Chief Warrant Officer 2 Ryan Landon of Creal Springs with the 3637th Maintenance Company in Springfield; Staff Sgt. William Thorpe of Millstadt with Headquarters and Headquarters Company, 2nd Battalion, 130th Infantry Regiment in Marion; Sgt. Terry Pody of Machesney Park with 135th Chemical Company in Machesney Park.

Illinois' B team members included Staff Sgt. Gabe Cullers of Carrier Mills with Company A, 2nd Battalion, 130th Infantry Regiment in West Frankfort; Staff Sgt. Shawn Cannamore of Metropolis with Company C, 33rd Brigade Special Troops Battalion in Carbondale; Sgt. Chris Maag with the Minnesota Army National Guard; Capt. Thomas Martin Jr., of Streamwood with Headquarters and Headquarters Company, 404th Maneuver Enhancement Brigade in Chicago.

The team was coached by Sgt. First Class David Perdew of Astoria with Headquarters and Headquarters Detachment, 44th Chemical Battalion in Macomb.

08 May 2012

Agriculture Secretary Vilsack Announces Funding To Improve Rural Electric Infrastructure and Make the 'Grid' More Reliable and Efficient

By USDA Communications
Georgia Loan Moves USDA Closer to Secretary's Smart Grid Goal

WASHINGTON, May 4, 2012 - Agriculture Secretary Tom Vilsack today announced that rural electric cooperative utilities in 10 states will receive loans to install smart grid technologies and make improvements to generation and transmission facilities. Examples of funding announced today include a $102.8 million guaranteed loan to the Jackson Electric Membership Corporation in Jefferson, GA, to build and improve over 850 miles of distribution line and make other system improvements. The loan also includes $7.2 million in smart grid projects.

"A 21st century electric grid is essential to America's ability to create jobs in the clean energy economy of the future." Vilsack said. "These investments enable consumers and businesses to better manage their use of electricity and help maintain affordable rates. Building transmission infrastructure that employs smart grid technologies will make it easier to add renewable sources of electricity into the grid and also improve reliability."

With this funding, USDA Rural Development moves closer to reaching Secretary Vilsack's goal to fund more than $250 million for Smart Grid technologies. Today's announcement includes support for nearly $20 million in Smart Grid technologies. For example, In Kentucky, Cumberland Valley Electric was selected to receive a $17.6 million guaranteed loan, including $2.2 million in smart grid projects. Funds will be used to build and improve 100 miles of distribution line and make other system improvements.

The $334 million in loans announced today are provided by USDA Rural Development's Rural Utilities Service (RUS). The funding helps electric utilities upgrade, expand, maintain and replace rural America's electric infrastructure. USDA Rural Development also funds energy conservation and renewable energy projects.

The following is a list of rural utilities that will receive USDA funding, which is contingent upon the recipient meeting the terms of the loan agreement.

Georgia

  • Jackson Electric Membership Corporation - $102,800,000. Funding will be used to serve 8,656 consumers, build and improve 855 miles of distribution line, and make other system improvements. The loan includes $7,218,525 in smart grid projects.

Kentucky

  • Nolin Rural Electric Cooperative Corporation - $12,000,000. Funding will be used to construct and improve 102 miles of distribution line and make other system improvements. The loan also includes $543,087 for smart grid projects.
  • Cumberland Valley Electric, Inc. - $17,608,000. Funding will be used to build and improve 100 miles of distribution line and make other system improvements. The loan includes $2.2 million in smart grid projects.

Minnesota

  • Minnesota Valley Electric Cooperative - $18,450,000. Funding will be used to build and improve 101 miles of distribution line and make other system improvements. The loan also includes $5.9 million in smart grid projects.

Missouri

  • Missouri Rural Electric Cooperative - $3,000,000. Funding will be used to build and improve 44 miles of distribution line and make other system improvements.

Missouri, Iowa and Nebraska

  • Atchison-Holt Electric Cooperative - $5,000,000. Funding will be used to build and improve 62 miles of distribution line and make other system improvements.

Nebraska

  • Panhandle Rural Electric Membership Association - $7,839,000. Funding will be used to serve 113 consumers, build and improve 49 miles of distribution line, and make other system improvements. The loan amount includes $1,823,200 in smart grid projects.

North Carolina

  • North Carolina Electric Membership Corporation - $33,822,000. Funding will be used to finance capital improvements at the Catawba nuclear Station Units 1 and 2.

Oklahoma

  • Southeastern Electric Cooperative, Inc. - $4,787,000. Funding will be used to build and improve 26 miles of distribution line and make other system improvements.

Virginia

  • Northern Neck Electric Cooperative - $14,337,000. Funds will be used to build and improve 88 miles of distribution line and make other system improvements. The loan includes $1.1 million for smart grid projects.

Washington

  • Public Utility District No. 1 of Jefferson County - $115,507,000. Funding will be used to build and improve 825 miles of distribution line and make other system improvements. The loan amount includes $99,000 in smart grid projects.

Since taking office, the Obama administration has taken significant steps to improve the lives of rural Americans and has provided broad support for rural communities. The Obama Administration has set goals of modernizing infrastructure by providing broadband access to 10 million Americans, expanding educational opportunities for students in rural areas and providing affordable health care. In the long term, these unparalleled rural investments will help ensure that America's rural communities are repopulating, self-sustaining and thriving economically.

USDA, through its Rural Development mission area, administers and manages housing, business and community infrastructure and facility programs through a national network of state and local offices. Rural Development has an existing portfolio of more than $165 billion in loans and loan guarantees. These programs are designed to improve the economic stability of rural communities, businesses, residents, farmers and ranchers and improve the quality of life in rural America.

#

USDA is an equal opportunity provider and employer. To file a complaint of discrimination, write: USDA, Office of the Assistant Secretary for Civil Rights, Office of Adjudication, 1400 Independence Ave., SW, Washington, DC 20250-9410 or call (866) 632-9992 (Toll-free Customer Service), (800) 877-8339 (Local or Federal relay), (866) 377-8642 (Relay voice users).

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08 May 2012

Trivia Night Fund-raiser for Churches United

By Jared Johnson

In support of Churches United's Emergency Fund

Friday, June 1st

Doors open 6 pm - Trivia begins at 7 pm

@ St. John Vianney Catholic Church, 4907 18th Street, Bettendorf

Baby Boomers! Wear your best 60's & 70's clothes but there will be questions for all generations!

Food available to purchase thanks to the generous support of the Blue Iguana!

(Tacos, Salsa & Chips, beverages etc.)

NO Alcoholic Beverages!

$10/person, $80/table

"Limited" SILENT AUCTION

Before the vacations begin, COME and support those less fortunate!

08 May 2012

Simon: Time to weigh in on Classrooms First recommendations

By Justin Stofferahn

Deadline to provide input on school district efficiency proposals is May 14

SPRINGFIELD - May 4, 2012. In advance of the May 14 deadline, Lt. Governor Sheila Simon is inviting parents, teachers, administrators and community members to submit online comments about a set of draft recommendations that will make it easier for school districts to consolidate and help them save up to $1 billion in operations costs by sharing services.

Individuals can leave comments on each of the commission's individual recommendations at the Lt. Governor's website. The input will be used, along with the testimony from four public hearings, to finalize the commission's recommendations prior to their submission to the Governor and General Assembly this summer.

"The Classrooms First Commission started its work six months ago with public input on school district efficiency and effectiveness," said Simon, who chairs the Classrooms First Commission. "We incorporated the concerns and ideas of hundreds of constituents in our draft recommendations, and we want to hear from educators, parents and community members again before we take our plan to the Governor. This input will make our final recommendations more valuable and representative of our state."

The Classrooms First Commission is a bi-partisan group of education stakeholders that was charged last fall by Governor Quinn and the General Assembly to reduce duplicative education spending and improve educational outcomes. To read the draft recommendations and find out more about the Classrooms First Commission visit www.ltgov.illinois.gov.

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