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05 May 2012

Former Calif. employment agency worker pleads guilty to taking more than …

SANTA ANA, Calif. — Federal prosecutors say a former worker for California’s employment agency has pleaded guilty to accepting more than $40,000 bribes in return for wrongly issuing more than $500,000 in unemployment checks

U.S. Attorney Andre Birotte Jr. says 30-year-old David Paul Holden pleaded guilty Friday to conspiracy and bribery.

Birotte says Holden worked for the Anaheim office of the Employment Development Department when he received the in cash kickbacks from ineligible workers others recruited for him.

Birotte says Holden worked for the Anaheim office of the Employment Development Department when he received the in cash kickbacks from ineligible workers others recruited for him.

Four of the recruiters have also been charged with conspiracy and embezzlement.

Birotte says Holden orchestrated the kickback scheme, in which more than 50 people provided their social security numbers in exchange for unemployment checks.

Holden faces a maximum sentence of 15 years in prison if convicted. He is due for sentencing Aug. 27.




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05 May 2012

Detroit job fair provides resources as well as leads

Detroit— Since Hilda McGhee, 53, of Southfield was laid off in January, she’s experienced some struggles in the job market.

“What’s frustrating is looking for employment and not being called back or being told you’re overqualified,” she said.

So McGhee took her search to the seventh annual Jobs! Jobs! Jobs! career expo hosted by the Detroit Branch of the NAACP at Fellowship Chapel.

The jobs fair was part of a weekend of activities by the NAACP that culminates in the civil rights group’s fundraising dinner Sunday.

More than 6,000 are expected to attend the Fight for Freedom Fund event at Cobo Center, where U.S. Attorney General Eric Holder will be the keynote speaker.

A spokesman for Holder told the Associated Press violent crime in Detroit will be among the issues addressed in his speech.

In addition to hosting employers such as Beaumont Hospital, Detroit Medical Center, Consumers Energy and the Dearborn Police Department, the fair offered help with resumes and improving interviewing skills.

“We wanted to not just have the regular job fair. We wanted to make sure people had resources as well,” said LaToya Henry, a spokeswoman for the expo.

“You can look for a job; they can help you learn how to find a job. We’re trying to make it holistic to cover all needs.”

Friday’s fair was the first 18-year-old Daryl Smallwood of Southfield attended.

“(I’m here) to look for a job and get a feel for a job fair,” Smallwood said.

McGhee said, “Here, I’m hoping to see if I can at least put in a resume with somebody and see how it works out.”

People could use computers provided by the Detroit Workforce Development Department and Michigan Works! to file resumes and applications.

jkatzenstein@detnews.com

(313) 222-2019


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05 May 2012

Futures Slip After Weak Government Jobs Report

U.S. stock index futures declined Friday following a weaker-than-expected government employment report, adding to signs of economic sluggishness.

Non-farm payrolls rose much less than expected, with employers adding just 115,000 jobs in April. Economists surveyed by Reuters expected employers to increase hiring by 170,000 workers. Still, the unemployment rate slipped to 8.1 percent, the lowest since January 2009.

“It’s crystal clear that the economic recovery is in doubt—you have an economy that is in need of organic growth and you’re not getting it from these reports,” said Todd Schoenberger, managing principal at The BlackBay Group. “Participation rate dropped and average working hours are down—if you’re lucky enough to have a job, your spending power is still down.”

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European shares were lower, ahead of a potentially tumultuous weekend for European politics during which France and Greece hold elections. In the UK, the opposition Labor party made significant gains in local elections over the ruling Conservative and Liberal Democrat coalition, in what will likely come to be seen as a protest vote against the government’s austerity measures.

Among earnings, LinkedIn
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] reported better-than-expected revenue and profit, racking up strong growth from services that help companies find and hire employees.

Kraft Foods
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] results edged above Wall Street estimates and also reaffirmed its full-year growth targets. The Dow component said it was on track with plans to split into two companies later this year.

Bank of America
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] said in a quarterly filing that it would have been required to post $5.1 billion in collateral under derivatives contracts as of March 31 if major ratings agencies had downgraded its debt by two notches.

Bailed-out insurer AIG
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] said quarterly profit more than doubled from a year earlier, exceeding expectations with the help of investment gains.

Cablevision Systems
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] added more video subscribers than expected in the first quarter, but its shares fell 8 percent as investors balked at the declining profit and cash-flow growth it reported on Thursday.

Toy maker LeapFrog Enterprises
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] posted strong quarterly results, helped by an earlier, faster and strong demand for its LeapPad learning tablet.

In further corporate news, United Parcel Service
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] said it approved a new $5 billion share buyback program and increased the amount of cash it would pay to finance its largest takeover in its nearly 105-year history. The largest package delivery company said it now expects to use about $5 billion in cash and to issue about $1.8 billion in new debt to fund its purchase of Dutch company TNT Express. 

Meanwhile, fruit and fresh vegetable distributor Dole Food
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]may spin off one or more of its units as the company initiated a strategic business review of its business.

—Follow JeeYeon Park on Twitter: @JeeYeonParkCNBC—

Coming Up This Week:

FRIDAY: Alcoa shareholders mtg, Berkshire shareholders mtg; Earnings from Berkshire Hathaway

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05 May 2012

Investors eye Fed next week as jobs growth slows


By Myra P. Saefong, MarketWatch

SAN FRANCISCO (MarketWatch) — Investors will seek clues from speeches by Federal Reserve officials next week to find out the central bank’s plans following a wave of disappointing data on U.S. employment.

Quarterly financial results from the likes of Cisco Systems Inc.


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, Walt Disney Co.


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and Priceline.com Inc.


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and developments in Europe, with elections in France and Greece over the weekend, will also be in the spotlight.


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U.S. week ahead: Buffett, earnings

Laura Mandaro reviews Berkshire Hathaway’s annual meeting and earnings reports from Disney and Cisco. Photo: Bloomberg

Next week, “the headlines will focus on speeches from the Federal Reserve to determine what action will now be taking given the soft employment numbers,” said Michael Yoshikami, chief executive officer of Destination Wealth Management in Walnut Creek, Calif. “It is our view that in all likelihood the Federal Reserve will embark on a new quantitative easing policy sometime in the next 60 days.”

Federal Reserve Chairman Ben Bernanke will speak about bank lending in Chicago Thursday morning. Speeches from presidents for the Federal Reserve banks in Richmond, Minneapolis, Dallas and Philadelphia are also on tap.

The speeches come on the heels of disappointing U.S. jobs data in the past week, which showed a slowdown in jobs growth for April.

Figures also showed that Chicago manufacturing eased to a 29-month low in April, consumer spending slowed in March and first-quarter productivity fell. Growth among U.S. manufacturers expanded in April, however, by the fastest pace in 10 months and jobless claims for the week ended April 28 fell for the first time in a month.

Investors have been pouting over a U.S. economy that is “not hot enough for a sustained recovery and not cold enough to prompt Bernanke to institute a [third round of quantitative easing],” said Keith Springer, president of Springer Financial Advisors.

Against that backdrop, the Dow Jones Industrial Average


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closed at 13,038 on Friday, down 168 points, or 1.3%, to 13,038, losing 1.4% for the week. The Nasdaq Composite


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fell 68 points, or 2.3%, to 2,956 for the session, down 3.7% for the week, while the SP 500


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fell 22 points, or 1.6%, to finish at 1,369, down 2.4% from a week ago.
Read about Friday’s action in U.S. stocks.

“This week, headlines were dominated by news from Europe, the Facebook IPO, and weak employment numbers,” said Yoshikami. “All of these factors contributed to an overall volatile week for the markets.”

Economic data and the Fed

The jobs data were a key reason why the equities markets posted declines this past week.

The jobs numbers “were disappointing from the perspective that you would like to see them stronger at this point,” said Matthew Tuttle, chief investment officer at Tuttle Wealth Management LLC in Stamford, Conn.

Next week, investors will get further clues on the state of economy from data on the trade deficit, producer prices and consumer sentiment.
See the U.S. economic calendar.

On Thursday, the deficit, which measures the difference between the nation’s imports and exports, is forecast to widen to $49.7 billion in March, according to economists polled by MarketWatch, from $46 billion in February.

On Friday, the overall producer price index is forecast to rise 0.1% for April, with seasonally-adjusted core PPI prices up 0.2%. That compares to unchanged wholesale prices and a rise of 0.3% in core PPI for March.

A preliminary reading on consumer sentiment for May, released by the University of Michigan/Thomson Reuters, is expected to show a fall to 75.7 from a final reading of 76.4 for April.

QE3 is inevitable and ‘will push stocks to new highs once it comes along. Without it, the bull market is over and we have likely see the highs for this cycle.’

Keith Springer, Springer Financial Advisors

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