The Los Angeles factory of the prestigious American Apparel had to bear the brunt of laying off around 1,500 workers as they were immigrants who did not have the permit to work in America. In early 2008, the ICE had already completed an extensive inspection to determine whether the American Apparel was actually complying with the stated immigration laws of the land. In July 2009, ICE issued a notification to American Apparel stating that the agency failed to verify the employment eligibility of around two hundred of the organization’s employees. The ICE had basically conducted an extensive review of the databases of the government and discovered that over 1,600 of the American Apparel employees were actually not authorized to work in America.
This is an important development and surprising too. It is due to the fact that American Apparel had earned the reputation of advocating strongly for the immigration reforms. They run a ‘Legalize LA’ campaign that has evolved as an exquisite part of the culture of the company. The resources at the website of the American Apparel that deal with advertising and education reflects the commitment of the company towards raising the awareness with regard to immigration issues. The CEO of the company, Dov Charney could not hide his disappointment at the loss of such a huge chunk of employees. His grandparents had been immigrants to this land.
Written by srini on September 21st, 2009 with no comments.
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Pierre Omidyar was born on the 21st of June, 1967 and is an Iranian-American entrepreneur born in France. His birth-place was Paris, France and his parents were Iranian immigrants. His father was a surgeon and his mother had earned reputation as an academic. The family immigrated to US when Omidyar was six years of age. He grew up at Washington D.C. and his interest in computers developed when he was at St. Andrew’s Episcopal School in Potomac, Maryland. He graduated in computer science from the Tufts University and soon after he began his career with Claris, a subsidiary of Apple Computers. In 1991, Pierre co-founded the Ink Development. It was a pen-based computing startup that later came to be known as e-commerce company and rechristened as eShop.
When Pierre was on a holiday weekend, he was busy developing the original computer code for what came to later known as eBay, the super-brand auction site. On the 4th of September 1995, Labor Day, eBay was officially launched. The services in the site were initially free but charges were introduced later on to meet the internet service provider expenses. In 1996, Jeffery Skoll joined the company and two years later, a public offering was launched and Pierre and Skoll both evolved as billionaires. Currently, the shares owned by Omidyar are an estimated $2.65 billion. The Omidyar Network with his wife Pam, is another of his achievements.
Written by srini on September 20th, 2009 with no comments.
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In comparison to the checking account rates, the money market does offer better returns. The investor can attain effective interest earnings as well as indulge in active and profitable cash management. There are several banking institutions that can be resorted to in this aspect. The APY percentage for the savings account is 2.30% and the interest rates are 2.27% in the Valley Community Bank. In Choice Financial, the APY percentage is 2.26% in their RateBuilder Savings. The given APY percentage is for one month introductory rate and then the rates revert to the usual rate tiers. The investor is not allowed to make than over six withdrawals or transfers each month.
For the Georgia residents, there is the Darby Direct. The savings account in this bank offers 2.25% on their high yield online savings account. Then, there is the Quantum National Bank that offers 2.00% interest rate on their money market accounts and an APY percentage of 2.02%. This allows the investor earn as much as $100,000 as an APY. In the UFB Direct, the interest rate for the savings account is 1.98% and the APY percentage is 2.00%. This is a US Savings account where the investor is allowed to make six pre-authorized transfers for each cycle period. One can also access this account with his ATM card. You can get to know about the rates from the UFB Direct website. //
Written by srini on September 20th, 2009 with no comments.
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In the data compiled by the US Treasury market, you would find that after a grand surge in August, the savings account rates have again begun to fall. Investors might feel depressed by the low rates, but savings account does not really have an alternative when it comes to savings. A very appealing savings account rate may not be available, but the investor is required to be aware of the factors that affect these savings account rates. The average bond market and the stock market have fluctuated in the recent times due to the economic disillusionment. //
Say, the situation when the savings account rate slipped down to 1.5%, the deals that were above 2% still remained unchanged. A lot of the banking institutions had their savings account paying less than 1%. Often it is found that the investors happen to stay with the savings account by default. A little action with regard to altering the status of your investment portfolio can prove to be a source of rich dividends for the future. You may stand to earn the full 1% in your savings account rates. Any neglect in this effect might turn out to be dear. In general, the common perception is to wait till the period when the average savings account rates would rise. We find that the power to reap benefits is more in the hands of the depositors today.
Written by srini on September 19th, 2009 with no comments.
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Apart from being a currency speculator, Soros is a stock investor, a philanthropist, entrepreneur and a political activist. He was born on the 12th of August, 1930 in Budapest, Hungary. With a fortune of an estimated $11.0 billion, George Soros is listed as the 29th richest man in the world. He is well known for his penchant for donations and since 1979, he has donated $6 billion in various causes. In the presidential election of America in 2004, he is believed to have rolled in millions, simply to bar the re-election of George Bush.
He is one amongst the three founders of the Center for American Progress and is a representative at the board. He is the chairman of the Soros Fund Management and the Open Society Institute. He has also founded Georgia’s Rose Revolution and which had an indelible political impact.
His father was a Hungarian Jew and an Esperantist writer. In 1956, Soros immigrated to New York City and began to work as an arbitrage trader. Later, he joined the Wertheim and Company as an analyst. Soros was a believer in the theory of ‘Relexivity’. Through the course of his career, Soros realized that he would be a better investor than a philosopher or executive. The journey towards becoming a millionaire began with the setting up of the First Eagle, his first investment fund.
Written by srini on September 19th, 2009 with no comments.
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E-Loan’s online savings account is worth taking a look. A visit to the E-Loan’s savings website can provide you will all the details in this regard. It is a no-frills offer, which is combined with a competitive rate. The Annual Percentage Yield is considered to be one of the best with respect to the online savings account. There are no fees charged on the balances of this bank. The investor is provided with an externally linked account through which he is able to get access to his money or deposited amount. Given below are a few vital aspects of the E-Loan savings account:
- The investor requires a minimum deposit of $5000 in order to open an account and after it gets opened the balance can become lower than that, if required.
- The investor is allowed a maximum of six withdrawals every calendar month.
- The deposit is offered FDIC coverage for any amount up to $100,000.
- There are no deposits that are allowed through mails.
- The interest that is earned can get compounded on a regular basis.
Apart from these advantages, the investor is required to be wary of certain factors that will secure his savings in the long run. The flexibility factor is quite limited out here. As the transfer of money from the accounts is limited, you might not be able to debit your insurance from your existing account.
Written by srini on September 18th, 2009 with no comments.
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From the second week of September 2009, all the immigrants working in the USA are required to follow the specifications of E-Verify. This electronic system is administered by the US Department of Homeland Security. It has been made mandatory for all federal government contractors to check the eligibility of the immigrant employee through this screening mechanism. All the newly-hired immigrant employees along with the current ones are subject to this rule and the companies that have attained a new contract, are required to enroll in E-Verify within a month of the stipulated contract award date.
The newly-hired immigrant employees are required to present their information in the Employment Eligibility Verification Form or the Form I-9. This is then keyed in to the E-Verify Website. Here, this information is run against the DHS and SSA databases. If a match is found with regard to these databases, the said immigrant is declared eligible to work in the United States. If the information keyed in is not found to be in alignment with the databases, the employee is allowed to get in touch with the federal agency in order to counter the mismatch and present the required verification data. There are ample scopes for improvement in the manner in which these databases work. The USCIS reveals that there are around 550,000 worksites to aid over 145,000 employers in this E-Verify Program.
Written by srini on September 18th, 2009 with no comments.
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The Education Savings Account or the ESA is a very good way to invest for the better future of your child. Children grow fast and in no time you will find that your child is ready to go to college. So, it is a very good idea to start saving for the financial needs of your child, when he grows up, as early as possible.
The Education Savings Account is actually a custodial account, where the child owns the money but the account is managed by the parents or a legal guardian of the child. The best attribute of the account is that the money being saved in the account is tax free and if the money is withdrawn and used for the child, then the parents need not pay any taxes for it.
The Education Savings Account can be opened by the parents or relatives of a child, in his name, if he is under the age of 18. The child also needs to have a social security number. The Education Savings Account has a maximum annual contribution limit of $2,000 per student until the child reaches his 18th birthday. But this does not mean that you can actually contribute $2,000 in the ESA. The contribution is also limited by your earnings per year. In some financial institutions and banks, there is a minimum limit of contribution too. It is generally kept at $100 but it may vary with various institutions. At the most, it can be $500 per month.
But before you take the decision to open an Education Savings Account for your child, you must keep in mind that the money that is being accumulated in the ESA of your child may reduce his chances of getting financial aids in future. The ESA may also reduce the availability of certain tax credits to your child.
Written by srini on September 17th, 2009 with no comments.
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Sergey Brin immigrated to America when he was six years of age. He was born on the 21st of august, 1973. The world’s most prominent Internet Company characterized by its popular search engine and online advertising technology is better known as Google Inc. Brin is a Russian-American computer scientist who also happens to be the co-founder on this multi-billionaire company.
He acquired his undergraduate degree from the University of Maryland and is a double major in computer science. After completing his graduation, he shifted to Stanford to do his Ph. D in computers and came across Larry Page. A superior search engine was born when these two came together, and Brin’s data mining technique was effectively used. This program became very popular in Stanford, and Larry and Brin rented a garage and began this mission of the launch of Google. The motto of Google is “Don’t be evil” and its objective is to make information across the world “universally accessible and useful”. Brin was even referred as the “Enlightened Man” in The Economist magazine.
Sergey was born in Moscow to a mathematics professor Michael Brin and his mother was a research scientist at the University of Maryland. His father dreamt of becoming an astronomer but the Communist Party in Russia debarred Jews from holding top positions. Thus, the family was rather compelled to immigrate to the USA.
Written by srini on September 17th, 2009 with no comments.
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Investors are found to bear this common apprehension that all bonds are identical. This idea however, is pretty far from the truth. Bond ratings came into existence and were developed gradually over a period of time with an objective to aid the investors realize the amount of risks involved with regard to the different kinds of bonds available in the market.
It is only those bonds that are issued by the federal government or agencies that bear the least amount of risks but, apart from them, every other variety of bonds does bear a certain amount of risks that the investor ought to be aware of before hand. This mechanism of bond rating allows the investor to comprehend this potential risk that exists by default. He can not only evaluate the various determining conditions of the bond, but also effectively balance this default risk. This takes into account the interest payments that are paid to the investor on the bonds.
Investment in bonds is considered to be safe due to the fact that the investor receives his payment on interest expense prior to the payments to the stock-holders. There is a negligible chance of non-payment unless of course, the company decides to declare bankruptcy.
Although, this risk may mot be a magnanimous one, there might be companies that go default on their bonds. This entails that the said risk is not merely perceived, it is indeed real. In such a situation, the bond-holder or the investor does not receive his interest payment but, he might as well end up losing his entire investment on the bond.
Written by srini on September 16th, 2009 with no comments.
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