Analyst Says 'Yes' - the Secret is in the Algorithm

Without being naïve and overly optimistic, there is a way of knowing what the world's financial markets will do, says Lambros Klouvidakis, who has devoted the past dozen years of his life to the study of currency exchange behavior.

"Humanity has already done 'the impossible' several times: We've been to the moon, we've created the jet engine, we've discovered and utilized penicillin and we've developed a global system of interconnected computer networks - the internet," says mathematician Lambros Klouvidakis, a Canadian market expert who says he has developed a world's first - an algorithm that calculates market behavior called Semathy, which is also the name of his consultancy firm (www.semathy.com).

"All of these advancements in human understanding took visionaries to look outside the box, recognize how the world works and engineer a solution, and that's essentially what I've done. People who have experienced findings from Semathy are shocked on the spot; some slink away not knowing how to respond."

Klouvidakis explains some essential aspects of enumerating money markets:

• The process: After devoting 12,000 hours of his life and accumulating 9,000 pages of notes, Klouvidakis has developed an algorithm, or formula, that "can calculate the exchange rates, stock prices, commodities and more by the minute ... any time." The formula is based on the immutable qualities of money and the behavior of people toward money. People tend to look at data coming from the markets as a sea of confusion, but there is a substructure to the world's markets. A skill at abstraction and willingness to break down information into smaller and smaller pieces - "nanopieces" - allows an observer to begin to see a market's language. Markets are like natural phenomena, which can seem highly complex. But a forest, for example, is simply the constant self-replication of individual trees. "Markets also boil down to simple factors," he says, "and when you know them, you can calculate the forthcoming value with a high degree of accuracy."

• The New York Stock Exchange: This is the world's largest stock exchange, with an average daily trading value roughly estimated between $75 billion to $153 billion daily. This is not an ideal environment for calculating rates because of the many variables that are exceedingly difficult to fortell, but Klouvidakis says he can. "Unlike the foreign exchange market, or forex, the New York Stock Exchange is riddled with x-factors including CEOs, share holders, public money, politicians and various other influencers and manipulators," he says. "Unless you are in on all of the secrets of the U.S. exchange, it's difficult to determine rates with a high degree of accuracy."

• The foreign exchange: The world's many markets make up a vast monetary realm outside of New York called the forex, which is a form of exchange for the global trading of international currencies. This is exponentially larger in terms of daily trading value, which is roughly estimated to be $4 trillion daily. "While many may view this as a much more complicated beast, it is actually much more computational because it involves actual money, without so many unpredictable variables," he says. "That's why anyone looking to engineer a trading method of market rates should focus on the forex."

About Lambros Klouvidakis

Lambros Klouvidakis is the creator of Semathy, an elite foreign exchange consultancy. He is a math expert, not a trader, who has dedicated more than 12 years of his life to the study of currency exchange behavior. The formula he developed, an algorithm based on the behavior of money and supply and demand, marks current foreign exchange rates versus forthcoming rates. The Semathy formula is designed to give financial institutions and governments the ability to capitalize on the foreign exchange market's unique qualities and make viable trading decisions.

Business Expert Identifies Benefits, Pitfalls of 3 Leadership Styles

The top five leaders most admired by the world's business executives are Winston Churchill, Steve Jobs, Mahatma Gandhi, Nelson Mandela  and Jack Welch - in that order, according to the 2013 Global CEO Survey conducted by PwC.

The qualities the surveyed CEOs most admired? Strong vision, motivational, caring, innovative, persistent and ethical.

"These results tell us a lot about what it takes to be a strong business leader in today's rapidly changing global marketplace," says Barbara Trautlein, author of "Change Intelligence: Use the Power of CQ to Lead Change that Sticks" (www.changecatalysts.com).

"The respondents cited a broad range of qualities to describe the same individual leaders, which tells us they recognize today's leaders need a combination of strengths."

Trautlein, who has a PhD in organizational psychology and more than 25 years experience helping businesses lead change, says contemporary leaders must have a high CQ - Change Intelligence.

"Today's marketplace is in a state of constant change, and successful companies are those that can also respond and quickly adapt to the changes around them. That requires leaders who are able to lead with the head - focusing on the big-picture goal and business objectives; the heart - knowing how to engage, coach and motivate people; and with your hands - providing the tactical tools and skills necessary like a project manager," she says.

"People tend to be stronger in one or two of those areas and weaker in the others. We need to identify our weak areas and work on strengthening them."

To do that, you must ask yourself: "Are you a head, heart or hands leader?" Trautlein identifies three of the seven CQ leader styles, their strengths, weaknesses, and a coaching suggestion for each:

The Coach (heart-dominant):

Strengths:

• Encourages people to join in discussions, decisions
• Steps in to resolve process problems, such as conflict
• Listens to all viewpoints
• Recognizes and praises others for their efforts
• Helps reduce stress by lightening the mood

Weaknesses:

• Sees team process and organizational climate as ends in themselves
• Fails to challenge or contradict others
• Does not recognize the importance of accomplishing tasks
• Overuses humor and other conflict-mitigation techniques
• Does not emphasize long-range planning

Coaching: Make connections with people but also connect them with the mission. Don't allow engagement to take precedence over performance.

The Visionary (head-dominant)

Strengths:

• Stays focused on goals
• Engages in long-range thinking and planning
• Takes a big-picture view
• Enjoys seeing new possibilities
• Scans the horizon for the next big opportunity

Weaknesses:

• Doesn't fully consider the effects a change will have on organizational culture
• May be less apt to focus on team members' individual needs
• Complains about lack of progress toward goals
• Does not give sufficient attention to the process by which goals are met
• Neglects to ensure that the tactical details of the change process are handled

Coaching: It's vital that the vision be shared by all those working to make it happen. Remember to share your vision with others (heart) and lay out a path to that vision that incorporates visible milestones along the way (hands).

The Executor (hands-dominant)

Strengths:

• Excels at project planning and execution
• Accomplishes tasks in a timely and efficient manner
• Can be depended upon to do what's asked
• Freely shares information and materials so other have the training, tools and resources they need
• Pushes the team to set high performance standards

Weaknesses:

• Loses sight of the big picture - the goal of the change process
• Lacks patience with people and process issues
• Pushes for unrealistic performance standards
• Becomes impatient with other team members who don't live up to standards
• Goes into data overload, providing too much detailed information.

Coaching: Expand your definition "execution." Engage people by making a compelling case for the change so you'll have their support, and take time-outs periodically to evaluate your goals and strategy.

"Most leaders are not all head, hands or heart - most are some combination, which is why there are seven Change Leader styles," Trautlein says. "And even leaders who have all three in seemingly equal measures have some pitfalls to watch out for."

The point is not to change who we are fundamentally, but rather to embrace our strengths, shore up our blindspots, and adapt our styles to be more effective when leading across a variety of different people and situations.  By building their CQ, leaders simultaneously become more powerful to help their teams and organizations - as well as less stressed and frustrated themselves.  And, they more consistently role model the pivotal leadership qualities CEOs most admire.

About Barbara Trautlein, PhD.

Barbara Trautlein is author of Change Intelligence:  Use the Power of CQ to Lead Change that Sticks, and a change leadership consultant, international speaker and researcher. She helps all levels of leaders in achieving their personal and professional goals, from Fortune 50 companies to small- and mid-sized businesses, in industries ranging from steel mills to sales teams, refineries to retain, and healthcare to high tech. Trautlein has a PhD in organizational psychology from the University of Michigan.  Learn more at www.ChangeCatalysts.com.

Washington, D.C. - Congressman Dave Loebsack released the following statement as furlough days begin this week for most civilian employees, including Rock Island Arsenal employees, within the Department of Defense.  These employees will be furloughed for 11 days through September due to budget cuts that were created by sequestration and other budgetary factors. Loebsack has been opposed to these drastic cuts since they were created by the Budget Control Act, which he voted against.  He has repeatedly called on Congressional leaders to work to find a balanced, commonsense way to replace sequestration and responsibly deal with the fiscal situation facing the nation.

"The furlough days that begin this week are the result of Washington dysfunction hitting the men and women working at the Rock Island Arsenal. It is unconscionable that the workers who stand up for our country and support our troops day after day are being forced to take a pay cut because Congress and the Administration can't work together to replace the arbitrary cuts. Forcing middle class families and the Quad Cities economy to pay for Washington's dysfunction is reprehensible.

"Sequestration is an irresponsible and illogical way to deal with our nation's fiscal challenges.  It is inexcusable that Congress has so far refused to come back to the table and replace sequestration in a commonsense, balanced fashion.  We have to address our economic needs while more substantially reducing the deficit over the long-term.  I remain committed to working with anyone to address this issue and will continue to fight for the hardworking men and women at Rock Island Arsenal and the people who sequestration has affected most."

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-40 Years and Still Going Strong-

DAVENPORT, Iowa, July, 1, 2013 - Get ready to celebrate a major milestone: NorthPark Mall is proud to announce the celebration of its 40th anniversary in the Quad City area.

NorthPark Mall officially opened on Wednesday, July 11, 1973, with a mere 700,000 square feet. At the time, the shopping center was the largest enclosed mall in the entire state of Iowa. Over the years, NorthPark Mall has provided thousands of jobs to local employees, new products to the increasing shopper base and a convenient place where families could get all their shopping completed in one stop.

Today NorthPark Mall is home to nearly one million square feet of shopping, dining and entertainment and employs thousands of Davenport-area residents. The center is anchored by JC Penney, Von Maur, Younkers, Dillard's and Sears and offers guests over 135 retailers. Since the mall opened the community has been an integral part to the success of the shopping center and that holds true today.

"Great activities for families and kids are an important part of what our mall offers the community," said Aleshia Chiesa, Marketing Manager, NorthPark Mall. "NorthPark is a staple of the community and we expect to keep it an invigorating shopping experience for everyone."

The community is invited to celebrate the mall's 40th anniversary with a formal ribbon-cutting that will take place on July 11, 2013, at 11:00 a.m., refreshments will be provided at the entrance to the food court and near Barnes and Noble. Local city officials, including the Chamber of Commerce will be attending.

For a complete listing of family-friendly activities at NorthPark Mall, visit www.north-park-mall-ia.com or follow us on Facebook and Twitter to receive the most up-to-date information.

Macerich is a fully integrated self-managed and self-administered real estate investment trust, which focuses on the acquisition, leasing, management, development and redevelopment of regional malls throughout the United States. Additional information about Macerich can be obtained from the Company's website at www.macerich.com.

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Treat Your Organization's Most Valuable Resource with Care, Says Former Businessman of the Year

When a successful formula is discovered in the business world, it's copied and becomes part of standard operating procedure throughout entire industries.

The newest SOP trend among leading businesses? - Focusing on employee and family well-being, says Gary Kunath, who was honored nationally as Businessman of the Year and recognized with a dinner hosted by the President of the United States.

"Many think that professional well-being drives personal well-being, but it's the exact opposite," says Kunath, a speaker at top business schools and businesses including Lockheed and Marriott, and author of "Life...Don't Miss It. I Almost Did: How I Learned To Live Life to Its Fullest," (www.lifedontmissitbook.com).

"The top companies know focusing on employee well-being is critical and serves as the conduit to increasing innovation, emotional loyalty, natural productivity and overall profitability, but they have exhausted the traditional vehicles inside their companies to do this, so they are focusing on impacting their employees lives 'outside' of the company."

Employee well-being is very smart business and everyone wins, he says; it's the key to elevating associate engagement. According to the Aspen Institute, more than 70 percent of employees today would sacrifice promotions and pay increases for family well-being. Yet only 40 percent of employees feel their employers demonstrate that they care about them, says the American Psychology Association.

Several major corporations have approached Kunath and asked him to build a program that shows their people how to master life balance and maximize the joy and contentment in their lives, he says.

"The results have been tremendous," he says. "People love that they are cared for just as much when leaving the building as they are when arriving."

Kunath's newest three hour seminar for businesses centers on employee life balance and well-being; here he offers five things business owners and employees should consider in achieving life balance:

• Bring humanity back to the workplace: There are simple truths about what motivates employees today and what they want and need from their employers. Employee well-being drives profits and is good for business, he points out. Employers need to allow employees to completely disconnect from work in their off hours - for instance, not expecting them to respond to emails or conference calls after hours. He also points out the "Life Balance Dilemmas" people face, including his own; a former workaholic lifestyle nearly ruined his family relationships before he learned how to develop balance.

• The "Life ... Don't Miss It" approach: According to a Harvard study, we all have the capability to maximize our happiness regardless of the situation we find ourselves in. A large part of how happy you are is determined through intentional activity. There are things you can do to maximize happiness in your life even in the worst of adversities. Giving people a way to elevate their family well-being is critical to top performance on the job.

• Applying Life-Balance secrets: Kunath targets 10 points for Mastering Life Balance. Some of those points are: Money doesn't make you rich; Express gratitude to others; the power of perspective; relationship refinement (thinning the herd); and Good goes around. "All of these points go to the overall perspective of total life balance and focusing on the areas, and the people, that really matter," he says.

• Power of Perspective: Why is it that people who have faced death often live the most?  Why must we wait for adversity to teach us to get the most out of life?  The answer is that you don't. Kunath emphasizes various perspectives on how you can live life to the fullest every day and what the keys are to maximizing employee and family well-being.

• The three greatest gifts you can give your family: For all the importance and effort involved in mastering a worklife to fund a family's well-being, the three greatest gifts you have to offer are actually free! They are time, memories and traditions. Time is our greatest resource, and it's also our most scarce, which makes memories all the more important. They give you a place to go for all of your life. Traditions live on after you're gone; they're a legacy you leave for your loved ones.

About Gary Kunath

Gary Kunath is the founder of The Summit Group, whichis ranked among the top sales-training companies in the world by Selling Power magazine. His value-creation approach received the "Innovative Practice of the Year Award" by 3M worldwide. He was named Businessman of the Year and was recognized at a dinner hosted by the president of the United States. He has lectured extensively at prominent business schools, and is currently an adjunct professor at The Citadel's Sports Marketing graduate program. Kunath is an owner of several professional minor league baseball teams along with his partners, Bill Murray, Jimmy Buffet and Mike Veeck. The group is famous for managing its teams around the "Fun is Good" approach.

'If we sell it, and if you buy it, U.S. manufacturing will return'


KANSAS CITY, Mo. - Across the political spectrum and in all walks of life in the U.S., everyone bemoans the decline in American manufacturing.

Ordinary Americans buy foreign goods, but wish they could find U.S-made products of equal or better value.

With the popularity of cheap imports, some patriotic Americans have given up even looking at labels anymore, assuming there's just no way to make buying American a regular practice.

But now someone is doing something about all that.

Meet the American Made Stores. Today it's a website - soon the first brick-and-mortar store will open in Blue Springs, Mo., right outside Kansas City, the home of the American Made Stores, a partnership between WND and REKO, WND's heralded online shopping fulfillment company - the one noted for its top-notch customer service at the WND Superstore.

Click here to browse American Made Stores by category.


"The concept is very simple," says Joseph Farah, founder and chief executive officer of WND. "If we sell it, and if you buy it, U.S. manufacturing will return. It's a 'Field of Dreams' vision. 'If you build it, they will come.' And we have faith in the American people that they will come - first to the American Made Stores website, later to the brick-and-mortar store in Missouri and, ultimately, to a nationwide chain of retail stores selling only American-made products of all kinds."

This is not just a business for those involved. It's a mission.

And here's the mission statement behind it: "To rebirth American manufacturing while educating Americans about the importance of a strong and vibrant U.S.-based manufacturing economy by offering a unique, convenient, cost-saving and fun shopping experience for those wishing to find American-made products in one place. By rewarding companies who employ Americans working in factories on American soil, you can direct your purchasing power in a way that will not only benefit you and your family, but stimulate a manufacturing renaissance that will benefit your descendants and your country."

"We believe the success of this business can dispel some of the ugly myths that have developed over the decades about American manufacturing," says Terry Reed, one of the principals of the American Made Stores. "It's just not true that Americans can't make quality products at reasonable prices. It's also not true that American manufacturing is no longer important to the country. In fact, it's a matter of vital national security."

The American Made Stores will provide an opportunity to honor companies which have remained and/or are returning to U.S.-based manufacturing. They will be a destination to showcase American ingenuity by displaying new patents and products. They will serve as a launch platform for American start-up companies and products. They will serve as a place to expose companies and individuals who make false claims about American content through fraudulent labeling and claims.
Expert Cites Benefits & Ways to Ease Privacy Concerns

Nearly 10 years after real-time package- and people-tracking went viral with the advent of GPS-enabled cell phones, small businesses face two big concerns.

"One is expense. Small businesses, especially those still recovering from the worst recession in modern history, can't always afford to provide their employees with GPS-equipped smart phones," notes location-based services specialist George Karonis, founder and CEO of LiveViewGPS, Inc., provider of Mobile Phone Locate tracking service,  (www.mobilephonelocate.com).

"The second issue is privacy. People generally don't want their employer to be a 'big brother' boss who can track their every move. It's not because they're doing something they shouldn't, but because it invades their space, and the information could be misinterpreted or misused."

But employee tracking has plenty of obvious benefits to small business owners:

• Provide baseline information. It gives businesses solid data to analyze for initiatives such as improving efficiency. Businesses with lots of workers in the field making deliveries or service calls can optimize routes and schedules.

• Improve customer service and satisfaction. Tracking helps a business tell people waiting somewhere for a delivery or service exactly where their package or service-person is and how long the wait will be.

• Improve response times. On-site coordinators can re-route workers in the field to respond to unscheduled calls in the most efficient way possible.

• Reduce costs. The greater efficiency provided by tracking helps lower costs by reducing both downtime and overtime.

So how can businesses circumvent affordability and employee privacy concerns?

One way is to accomplish both is to use a service that doesn't involve extra equipment, including software, or a contract, Karonis says.

"If you're not loading apps or software onto someone's personal phone, it's less intrusive for the employee and he or she will be more willing to allow use of their own phone. There's also no added drain on the battery, because there's no app constantly running in the background, and no hitch-hiking on their data plan or incurring a data charge," he says.

"If you make it non-intrusive employees won't tend to feel that you're invading their privacy."

Using a service that charges per location, with no requirement for a time-specific contract, is also more cost-efficient for the business, Karonis says.

"For the small business that's merely seeking to improve efficiency and customer service, constant tracking isn't necessary. That's more appropriate in a situation where employers have large number of people constantly in the field, for instance, UPS. Or, employers who feel the need to monitor unproductive employees," he says.

There's a growing backlash as the public is subjected to more and more stalking - from cameras mounted at traffic lights to social networking sites recording shopping habits and topics of conversation, Karonis notes.

"We've reached a crossroads where we need to find a balance between surveillance that provides legitimate business advantages and surveillance that invades people's privacy," he says.

"It really is possible to strike that balance and, in a small business that thrives on trust, mutual respect and fully invested employees, it's essential."

About George Karonis

George Karonis has a background in security and surveillance, and has specialized in location services since 2005. A self-professed computer geek, one of his chief concerns is balancing the usefulness of tracking with the protection of individuals' privacy. He is founder and CEO of LiveViewGPS, Inc.

Innovative technology helps boost sales as 10 millionth customer checks in online!

(June 24, 2013) - Great Clips Inc., the world's largest hair salon brand with salons in our area, celebrates its Online Check-in ? the interactive shortcut for haircuts ? as the 10 millionth customer checked in online at a Great Clips salon this month. Great Clips, the first in the haircare industry to introduce online check-in, reports the technology's huge success has contributed to the company's 34 consecutive months of sales growth and 29 consecutive months of increased customer counts.

"We are thrilled to report that our Online Check-in has been a huge success as we continue to explore new technology to improve the customer experience," says Rhoda Olsen, CEO of Great Clips. "We have remained the industry leader because we seek out technology innovation - not because it's a shiny new toy - but because it helps our customers and keeps them coming back for more. We have always known people want a great haircut at a great price, but we also know that customers crave the convenience and short wait times that online check-in offers."  

High-Tech Haircut
The Digital "Do"

Online Check-in was introduced in 2011 and is available at 3,300 Great Clips salons across the U.S and Canada. It allows customers to remotely log in from a computer or smart phone and view estimated wait times at surrounding salons. Customers click the "check-in" icon to add their name to the list at the Great Clips salon of their choice, and by the time they arrive, they are likely next or almost next in line ? saving precious time they might spend waiting in the lobby for their haircut.

App-lause! Digital Success Story:

· Recently, the 10 millionth customer checked in online to a Great Clips salon.   More than 800,000 customers a month use Great Clips Online Check-in. With the rate of growth, the company expects to hit an average of 1 million customers a month using online check-in by the end of summer.

· Great Clips recognizes customers want convenience right at their fingertips, so the company made huge advancements in mobile marketing by creating an Online Check-in App. 70 percent of Great Clips customers who used Online Check-in downloaded the Online Check-in app for Android and  iPhone.

· Customers have downloaded the Great Clips' Online Check-in app more than 1.5 million times. By the end of this year, the company expects to hit 2 million app downloads.

· Due to the success of Online Check-in, many Great Clips salons nationwide have installed in-salon monitors to display waiting lists to customers, with more adding them every day. The monitors show customers where they are on the list, how many customers checked in online and how many have yet to arrive.

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About Great Clips' Online Check-In

Great Clips' Online Check-In feature is powered by ICS Net Check In®, a patent-pending, internet-based technology platform developed by Innovative Computer Software. Online Check-in allows customers to remotely log in from a computer or smart phone and view the estimated wait time at surrounding salons. Consumers can click the "check-in" icon to add their name to the list at the Great Clips salon of their choice, and by the time they arrive, they are likely next or almost next in line - saving precious time they might have spent waiting in the lobby for their haircut.

About Great Clips, Inc.
Great Clips, Inc. was established in 1982 in Minneapolis. Today, Great Clips has more than 3,300 salons throughout the United States and Canada, making it the world's largest salon brand. Great Clips salons employ nearly 30,000 stylists who receive ongoing training to learn the Great Clips customer service system and advanced technical skills. Make Great Clips your choice for value-priced, high-quality haircare for men, women and children. No appointments are needed, and salons are open nights and weekends. And it's more convenient than ever with Great Clips' Online Check-In and Clip Notes. To check in online, visit www.greatclips.com or download the app for Android and iPhone. For more information about Great Clips, Inc. or to find a location near you, visit www.greatclips.com.

Pilot Program will Drive Innovation and Growth by Connecting Four Leading Illinois Corporations with Emerging Illinois Start-Ups

CHICAGO - Governor Pat Quinn today launched the Illinois Corporate/Start-Up Challenge, a program designed to connect the state's emerging, innovative start-up businesses and major corporations, strengthening the connections between these critical components of the business community. The initiative is part of the governor's agenda to create jobs and drive Illinois' economy forward.

"Illinois is experiencing an entrepreneurial renaissance with tremendous growth in the start-up community," Governor Quinn said. "We have one of the largest concentrations of Fortune 500 companies in the nation, and better connecting our corporate leaders to our cutting-edge entrepreneurs will foster even more innovation and drive economic growth."

Four major corporations have agreed to participate in the pilot program: Allstate, Molex, Motorola Mobility and Walgreens. Each company is designating a point of contact to serve as a liaison to the Illinois start-up and technology community, functioning as a "Chief Start-up Officer" for the purposes of this program. The pilot, to be run by the Illinois Science & Technology Coalition (ISTC) with support from Governor Quinn's Illinois Innovation Council, will assist these corporations by matching them with some of Illinois' most innovative start-ups and emerging companies.

"Illinois corporations are now relying more than ever on technology and innovation to stay globally competitive and, as a result, are looking outside their walls for new ideas and disruptive solutions," Brad Keywell, Illinois Innovation Council chairman said. "This program will better link corporate leaders with entrepreneurs and helps pave a path for these emerging companies to gain feedback and expand their businesses."

As part of the program, the corporations will work with a select group of Illinois-based start-up companies over the course of four to six months, providing them with mentoring, partnership and business opportunities. Each corporation will have a customized plan based on their needs and innovation priorities, and will report back on the outcomes of their engagement. Ultimately, the goal is to encourage all Illinois companies to support the growth of emerging Illinois businesses.

"We are thrilled to be working with this group of corporate leaders to help them more systemically engage with local entrepreneurs and emerging enterprises," ISTC President and CEO Mark Harris said. "Illinois is rich with innovation talent, and this program will better link our entrepreneurial and corporate communities for mutual benefit."

About the Illinois Science & Technology Coalition

The Illinois Science & Technology Coalition (ISTC) is a member-driven, nonprofit organization that works to cultivate and attract research and technology-based investment, talent and job growth in the state. Through strategic public-private partnerships, advocacy efforts and project management, ISTC connects government, academia and industry to leverage the state's world-class resources to enhance Illinois' position as a global hub for research, innovation and entrepreneurship. For more information, visit www.istcoalition.org

About the Illinois Innovation Council

The Illinois Innovation Council (IIC) is a diverse group of leaders convened by Governor Pat Quinn to promote engagement, innovation and economic development. Its mission is to identify and advance strategies that foster and accelerate the innovation and economic growth that will create the jobs of today and tomorrow. For more information, visit www.istcoalition.org/innovation 

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by U.S. Senator Chuck Grassley

 

The IRS is in hot water again.

I learned recently that the IRS has failed to take steps to stop bonuses to union members in spite of a clear directive from the White House Office of Management and Budget.  The directive instructs the IRS to stop all discretionary bonuses during the ongoing federal budget sequestration.

In fact, the IRS routinely claims to be short on resources.  Even so - and now with sequestration, as well - the IRS appears to have $70 million to spend on bonus payments to IRS employee union members.

The agency even seems to be making an extra effort to give the bonuses, despite opportunities to renegotiate with the union and an instruction to cease discretionary bonuses during sequestration.

There's no question that the IRS needs to answer to the taxpayers.  I sent a letter on Tuesday asking the Acting IRS Commissioner to explain why the agency seems to be on track to award some $70 million in discretionary bonuses to union members.

We've learned about the IRS arguably spitting on the rights of law-abiding citizens by targeting certain groups seeking tax-exempt status solely for their perceived political affiliation.  Now, the IRS may be thumbing its nose at taxpayers by giving tens of millions of dollars in bonuses when every part of the federal government needs to be tightening its belt.

This adds insult to injury in light of the revelation several weeks ago that the IRS has paid out more than $92 million in bonuses during the Obama administration.  Lois Lerner is the director of the IRS division that targeted political groups for scrutiny.  She pled the Fifth to avoid answering questions from Congress and is currently on paid administrative leave.  But, since 2009, she received more than $42,000 in bonuses.  Joseph Grant, the former head of the agency's tax exemption division, received $84,000.  Former Acting Commissioner Steven Miller received approximately $100,000 in bonuses since 2009.

Again, the public deserves a full explanation, and I'm working to get it from the IRS.

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