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Some states faced with sinking tax collections and rising debt are going after unused gift cards that bolster their revenue. South Carolina is considering legislation that would give the state the right to collect unclaimed gift-card credit. A similar measure in Texas to allow the collection of unused credit even from cards that have no expiration date passed that state's House this spring and stalled in the Senate. Texas already collects unused gift cards with expiration dates. Since the recession began, states have been aggressively tapping so-called abandoned property -- anything from gift cards to dormant bank accounts and safety-deposit...

WASHINGTON (Reuters) - President Barack Obama is launching a "Major Economies Forum on Energy and Climate" to help facilitate a U.N. agreement on global warming, the White House said on Saturday. Leaders from 16 major economies have been invited to a preparatory session on April 27 and 28 in Washington to "help generate the political leadership necessary" to achieve an international pact to cut greenhouse -snip- It said the meeting would spur dialogue among developed and developing countries about the issue, "and advance the exploration of concrete initiatives and joint ventures that increase the supply of clean energy while cutting...

California Rep. Henry Waxman said Thursday the environment and U.S. economy depend on congressional action to confront the threat of climate change. Waxman, chairman of the Energy and Commerce Committee, spoke as he opened Congress' first hearing on climate legislation. A group of 14 corporate

Should the 401k Be Killed?By Justin Fox Thursday, Dec. 04, 2008 **SNIP** That leaves the question of just what the best retirement-savings system for working families might look like. There have been several proposals (including one by Barack Obama during the campaign) to create modestly subsidized, automatic IRAs, at least for the more than 50% of private-sector workers who don't have access even to 401(k)s. Ghilarducci wants more — a government-run plan, financed in part by the end of the 401(k) tax deduction, that would guarantee a 3% return above inflation. Don't think that's a good deal? Fine. But remember...

RIO DE JANEIRO, Nov. 20 -- Argentina's Senate on Thursday night gave final approval to the government's plan to nationalize the private pension system in an attempt to protect retirement investments from the international financial crisis. The proposal by President Cristina Fernández de Kirchner last month to nationalize about $25 billion in private pension funds provoked an outburst of criticism that the government was seizing retirement savings for cash to shore up its finances. But after 12 hours of deliberation Thursday, Fernández de Kirchner's plan was approved 46 to 18 by senators who argued that the private pension system never...

All US Financials Will be Nationalized in a Year: Manager FINANCIALS, CITIGROUP, NATIONALIZE, GOVERNMENT, BAILOUT CNBC.com It's not preferable, but all major U.S. financial companies will eventually be under government control because the alternative is so much worse, Hugh Hendry, chief investment officer at hedge fund Eclectica Asset Management, said Friday. "All financials will be owned by the U.S. government in a year," Hendry said. "I bet you." Nationalizations take dramatic losses from the private sector and places them on the larger balance sheet of the public sector, he said. "It's not good," but society is vulnerable and society is...

Democrats in the U.S. House have been conducting hearings on proposals to confiscate workers’ personal retirement accounts — including 401(k)s and IRAs — and convert them to accounts managed by the Social Security Administration. Triggered by the financial crisis the past two months, the hearings reportedly were meant to stem losses incurred by many workers and retirees whose 401(k) and IRA balances have been shrinking rapidly. The testimony of Teresa Ghilarducci, professor of economic policy analysis at the New School for Social Research in New York, in hearings Oct. 7 drew the most attention and criticism. Testifying for the House...

You may have heard about Argentina's plan to nationalize private retirement accounts. Some Democrats on Capitol Hill are inspired, and with their big election victory they may get the chance to test Peronist ideas in America. Meet Congressmen George Miller and Jim McDermott, who are eager to change the way Americans save for their golden years. They'll also be powerbrokers in the next Congress. Mr. Miller, who came in with the Class of 1974 from California, chairs the House Education and Labor Committee. Mr. McDermott, who has represented Seattle the past two decades, runs a House Ways and Means subcommittee...

RALEIGH Democrats in the U.S. House have been conducting hearings on proposals to confiscate workers' personal retirement accounts including 401(k)s and IRAs and convert them to accounts managed by the Social Security Administration. Triggered by the financial crisis the past two months, the hearings reportedly were meant to stem losses incurred by many workers and retirees whose 401(k) and IRA balances have been shrinking rapidly. The testimony of Teresa Ghilarducci, professor of economic policy analysis at the New School for Social Research in New York, in hearings Oct. 7 drew the most attention and criticism. Testifying for the House Committee...

Democrats in the U.S. House have been conducting hearings on proposals to confiscate workers' personal retirement accounts - including 401(k)s and IRAs - and convert them to accounts managed by the Social Security Administration. Triggered by the financial crisis the past two months, the hearings reportedly were meant to stem losses incurred by many workers and retirees whose 401(k) and IRA balances have been shrinking rapidly. The testimony of Teresa Ghilarducci, professor of economic policy analysis at the New School for Social Research in New York, in hearings Oct. 7 drew the most attention and criticism. Testifying for the House...

The rise and fall of the 401(k)Mike Ivey — 11/12/2008 5:36 am **SNIP** The State of Wisconsin Investment Board, for example, manages the retirement funds of more than 550,000 current and former government workers in the state. It is widely respected as one of the best public pension funds in the nation. In Wisconsin, monthly pension payouts to retirees are calculated based on five years of market returns, which helps to smooth out the inevitable ups and downs of Wall Street. Even with the unprecedented stock market decline of 2008, participants in the Wisconsin retirement system are likely only looking...

http://www.carolinajournal.com/exclusives/dems-target-private-retirement-accounts.html

Preparing for the Obama EraBush Officials and President-Elect Working Together On Pressing Issues By Robert Barnes, Dan Eggen and Anne E. Kornblut Washington Post Staff Writers Sunday, November 9, 2008; A01 Faced with one of the most important transfers of presidential power in American history -- amid wars on two fronts, the looming threat of terrorism at home and a full-blown economic crisis -- the outgoing Bush administration and the incoming Obama team have responded with exceptional cooperation on those issues, aides and outside experts say. **SNIP** The Obama team has begun submitting names to the FBI for expedited security...

DO YOU PEOPLE OUT THERE HAVE ANY NOTION OF THE PESTILENCE YOU HAVE CALLED UPON OUR HEADS? ... Bottom line on the obama effect: 1. Israel is now alone: Unless you believe the Israelis will rely on someone who entered Pakistan on an Indonesian passport as an adult for its security. War with Iran by Israelis inevitable. Same will never be approved by the Dalibama. Israel must act alone or accept an Iranian Nuclear presence. I don’t believe an existensial threat of this type will be accepted by the Holocaust survivors, and I can’t blame them for feeling this way....

RALEIGH — Democrats in the U.S. House have been conducting hearings on proposals to confiscate workers’ personal retirement accounts — including 401(k)s and IRAs — and convert them to accounts managed by the Social Security Administration. Triggered by the financial crisis the past two months, the hearings reportedly were meant to stem losses incurred by many workers and retirees whose 401(k) and IRA balances have been shrinking rapidly. The testimony of Teresa Ghilarducci, professor of economic policy analysis at the New School for Social Research in New York, in hearings Oct. 7 drew the most attention and criticism. Testifying for...

Obama's retirement plan proposalsRetirees and workers with 401(k) savings may see changes. By DAVID PITT Associated Press Writer November 09. 2008 6:59AM The election is over and the message is clear — the economy is priority one. The big question now is how some of President-elect Barack Obama's campaign proposals will affect retirees and workers with 401(k) and other retirement accounts. Looking at them a bit closer may reveal some clues. What are some of the ideas Obama has proposed that could impact my retirement planning? One issue Obama has endorsed may get serious consideration before he takes the oath...

Is Obama taking a page out of Hugo's book or vice versa. The stories are astoundingly similar. May 1 -- Democratic presidential candidate Barack Obama's proposal for a windfall profits tax on oil companies could cost $15 billion a year at last year's profit levels, a campaign adviser said. The plan would target profit from the biggest oil companies by taxing each barrel of oil costing more than $80, according to a fact sheet on the proposal. The tax would help pay for a $1,000 tax cut for working families, an expansion of the earned- income tax credit and assistance...

Boston, MA – Today, Governor Mitt Romney issued the following statement on the House Democrat plan to dramatically increase taxes on the American people: "House Democrats have shown once again why they cannot be trusted with stewardship of our economy. Their tax plan is nothing more than a recipe for higher taxes and slower economic growth. Instead of raising taxes on hard-working Americans and giving more money to the government, we need to lower taxes. Pro-growth economic policies do not begin with government taking more money out of taxpayers' pockets." The Democrats' Plan To Increase Taxes: The House Democrat Alternative...

A politically connected businessman has been indicted for a second time on federal fraud charges. Stuart Levine is linked to a scam involving the Illinois Teachers Pension Fund along with one of the Democratic party's biggest fund raisers, Joseph Cari. The message from the feds Wednesday is crystal clear: Chicago City Hall is only one of the fronts in the war on government corruption. It also appears to be rampant at the boards and commissions that oversee billions of dollars in state of Illinois programs. One of the alleged scammers is multi-millionaire businessman Stuart Levine. Another is Joe Cari, one...

A man gave up $123,850 and the 1999 Ford Windstar van he was driving to the Cleveland County Interstate Criminal Enforcement Team Thursday afternoon. The enforcement team, made up of regular sheriff's deputies who patrol the county's highways and I-85, pull over speeders and others violating traffic laws. But, in the midst of these regular pullovers, they're trained to spot suspicious items in order to find contraband. In the case of Thursday's incident, officers pulled over the southbound van on a routine traffic stop on I-85 near mile marker 2 and found a hidden compartment with the money in it,...