Wednesday, June 16, 2010

“Financially, U.S. Senator Russ Feingold, a Wisconsin Democrat, out of place in Senate - Post-Crescent” plus 3 more

“Financially, U.S. Senator Russ Feingold, a Wisconsin Democrat, out of place in Senate - Post-Crescent” plus 3 more

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Financially, U.S. Senator Russ Feingold, a Wisconsin Democrat, out of place in Senate - Post-Crescent

Posted: 16 Jun 2010 07:55 AM PDT

WASHINGTON — In a legislative body that could be dubbed the "Millionaires' Club," U.S. Sen. Russ Feingold is out of his league.

The Middleton Democrat reported a net worth of $441,737 on his 2009 personal finance statement. On his 2009 federal tax statement, Feingold claimed $158,166 in adjusted gross income, derived primarily from his Senate salary. He paid $25,244 in taxes and received a refund of $1,970.

Ron Johnson, a Republican Oshkosh businessman who wants Feingold's Senate seat, probably would fit right in with the well-heeled members of the upper chamber. But Wisconsinites won't get a sense of his net worth until after July 17, a 45-day extension of the deadline by which he was required to file a report.

Every year, members of Congress must file statements on their financial status by May 15. Members of the House of Representatives must file with the House clerk's office, while senators have to submit their statements to the Senate secretary.

Candidates for the Senate must disclose their personal finance status within 30 days after declaring their candidacy. The reports cover gifts, honoraria, sponsored travel and the value of assets and liabilities. But incumbents and candidates are required to report only in broad ranges, making it difficult to pinpoint net worth.

The average net worth of senators in 2008 was about $15 million, according to an analysis by the Center for Responsive Politics, which tracks spending in politics.

Sen. Herb Kohl, D-Wis., ranked as the richest member by virtue of his ownership of the Milwaukee Bucks professional basketball team. He declared his net worth as between $163.5 million and $265.6 million.

Feingold, 57, who is seeking re-election to a fourth six-year term, ranked 95th in 2008 among the 100 senators on the wealth chart.

Feingold made his 2009 statement available in advance of the public release, scheduled for today from the Senate secretary's office. It shows a house valued at $325,000 as his biggest asset, followed by a $260,000 pension plan and $54,415 worth of stock. He reported debt totaling $283,583, including a $170,777 mortgage.

John Kraus, a senior adviser to the Feingold campaign, said the senator's statement and his release of it reflect an adherence to Wisconsin's "proud tradition of open and clean government, and that's a tradition that Mr. Johnson is thumbing his nose at or doesn't understand."

Kraus and the Democratic Party of Wisconsin are chiding Johnson for failing to file his statement within 30 days while spending money for campaign ads.

Kraus said in a press release issued Thursday that according to state Democratic officials, Johnson has said he would spend $10 million to $15 million of his personal wealth on his campaign and had committed $350,000 for television ads that began airing that day.

"If Johnson can't get his own fiscal house in order, how can he make any claim to get the country's in order?" asked DPW Chairman Mike Tate. "If Terrence Wall and other candidates, past and present, can meet deadlines for reports and comply with the law, surely Johnson can do the same."

Juston Johnson, Johnson's campaign manager, said his candidate requested and was granted an extension and is complying with all filing guidelines.

"We wanted to make sure everything is as accurate as possible," Johnson said. "We're not hiding anything. We're being completely transparent.

"Unlike Russ Feingold," Johnson added, "Ron has not been on the public dole the last 30 years. Ron simply wants to ensure he provides the committee a complete and thorough compilation of his records."

Wall, a Madison real estate developer, dropped out of the race after the Wisconsin Republican Party's state convention last month. Also dropping out was Richard Leinenkugel, leaving Watertown businessman David Westlake as Feingold's only other GOP challenger.

Westlake, who declared his candidacy last June 30, filed a financial disclosure report in August showing that he, too, has less wealth than most senators. His sole source of income was an $88,000 salary as president of High IQ, a consulting firm. He claimed assets worth $4,004 to $60,000. His debt ranged from $100,007 to $315,000.

Larry Bivins: 202-906-8105 or lbivins@postcrescent.com

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PERSONAL FINANCE - Dallas Morning News

Posted: 15 Jun 2010 09:54 PM PDT

Credit Card Debt Help – How To Predatory Lending And Settle Credit Card Debt - PRLog (free press release)

Posted: 16 Jun 2010 11:44 AM PDT

bargaining and added interest.

Where the Term "Predatory Lending" Originated

The term "predatory lending" is a very broad term referring to unfair or abusive practices commonly used by credit card companies or other lenders. Unsecured loans in the form payday loans, credit cards or other types of consumer debt with unreasonably high interest rates are a form of predatory lending. Predatory loans are usually backed by expensive collateral like your paycheck, a car or even your home. When you fall behind on your loan payments, the "predators" really profit. Due to the terms of the contract you signed with them, when you fall behind on payments, they may repossess your collateral and sell it. When they sell the collateral, they use the money collected to pay off the loan and the rest is profit.

Some predatory lending techniques include:
* Unjustified risk factor pricing - this is the practice of charging more interest or fees to borrowers the company sees as a credit risk.

* Failure to disclose all terms and conditions - misleading new borrowers and even changing terms after documents have been signed by both parties.

* Short term loans with high fees - payday loans, late fees and overdraft fees. Ultimately, the fees you pay for the short-term convenience they offer works out to be significantly higher than market interest rates.

Personal Finance Advisors and Credit Counseling Services

The Internet is a great source for free personal finance advice and credit counseling services. Personal finance advisors like David Ramsey and Robert Kiyosaki, among others, share information about how they earned their money. They even offer step-by-step instructions for those willing to take a few financial risks in order to improve their financial status. Financial gurus aren't always the answer to every credit problem, but everyone could benefit from what they teach.

Credit counseling services including credit card debt solutions companies can help prioritize your debt. Prioritization and proper financial management go a long way in helping you achieve freedom from credit card debt. Don't continue to pay the predators by simply paying your minimum monthly credit card payments. Most of your payment is going to interest and fees while very little is being done about your premium. Have you ever paid the minimum amount and noticed your balance didn't move or even increased? Interest and hidden fees are designed to keep you indebted to the company.

Always take special care in applying for loans of any type, and remember that convenience is expensive! Acquiring a loan or a credit card for a non-emergency situation is only adding fuel to your already smoldering financial situation. When you feel you are getting in over your head, stop and do something. If you are unsure of your options or would like a financial consultation, check online. Many reputable businesses offer free advice to help you understand your financial situation and crawl out from under that pile of credit card debt.
Free Debt Advice
(http://www.debtconsoladate.com)

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2010 Governor Race Is Similar To 1978 Race - And Response - Chattanoogan

Posted: 16 Jun 2010 10:47 AM PDT

 2010 Governor Race Is Similar To 1978 Race - And Response
posted June 16, 2010

Folks, our state may be in for a repeat of the 1978 Governors race between Senator Lamar Alexander and Knoxville banker Jake Butcher. Why?

During the 1978 Governors race, Lamar Alexander was considered the underdog because, at the time, Jake Butcher owned many banks and was considered rich and unbeatable. Fast forward to the 2010 Governors race, and it is the same scenario - Congressman Zach Wamp is considered the underdog because Knoxville Mayor Bill Haslam is considered a very wealthy man.

The big issue in this race is that Bill Haslam refuses to disclose to the voters all income tax records, as Wamp and Ramsey have. One word best describes this, and that is total transparency of all candidates seeking office.


In 1978 it was Butchers big time banking interest. Today it is Haslams unknown transparency with all his business interest.

We all know what happened in 1978. Jake Butcher lost to Alexander. Is this race going to be a 1978 instant replay?

W.L. Bubba Ricketts

* * *

Bubba, more silly season for the Wamp campaign?

I understand that local elected officials, such as Mayor Ron Littlefield are endorsing Zach Wamp for governor. I get that. However, I view your allegations of lack of disclosure, as a very desperate and a flat-out lie.

Mayor Haslam has released all of his personal finance information, as Zach Wamp has. In fact, the financial records have been audited and deemed sufficient.

I guess when education, fiscal responsibly, and a proven track record cannot be demonstrated, straw grabbing is an appropriate response. It appears that the Wamp campaign is simply ramping up pure desperation.

April Eidson
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