H1B Cap, Retrogression of Priority Dates, and Fraud Detention

H1B Cap : The H1B cap has not been met for fiscal year 2010 (FY2010). This is an indicator that economic realties impact the number of H1B filings. It thus supports the contention that there is no need for an H1B quota, because filing levels self-regulate based on economic conditions. In a soft economy, H1B numbers are not exhausted, or at least not as quickly.

The U.S. Congress needs to heed this fact and either eliminate the H1B quota altogether or increase the H1B numbers for use in a strong economy, so that highly-skilled professionals can available when needed to strengthen business, rather than short changing U.S. businesses, hampering their access to the foreign skilled / professional workers they need.

Retrogression of Priority Dates: The backlog of immigrant visa numbers in most categories in the employment-based arena is providing an opportunity for other countries, particularly European countries, to attract highly-skilled workers and create immigration options that will benefit their economies.

These economies are likely to draw the best and brightest highly-skilled workers, who are not able to obtain permanent residency status in the United States for many years due to visa number retrogression. Retrogression is the result of too few immigrant visas to meet the demand of U.S. businesses.

Fraud Detention : The collection of the $500 fraud fee for new H1B or L-1 petitions is being used to invest in hiring more investigators. One recent phenomenon is that business practices that were standard and went unchallenged previously, now are being viewed as "fraud." Many companies must revise their practices to meet current standards. This does not mean that these practices of employers or businesses are necessarily fraudulent. Many of them fit more within what would be considered technical violations or sloppiness.

The Fraud Summary Sheet that USCIS examiners use while processing H1B petitions is baffling, since it presumes fraud based upon criteria that seem superfluous on many levels. It presumes fraud if the employer meets two out of the following three criteria: has been doing business for fewer than ten years, has fewer than 25 employees, and/or has less than $10 million in revenue. Most well-established companies started with these drawbacks. Even many large, well-known, highly-reputable companies are being issued intensive requests for evidence (RFEs) that seem to be without basis.


http://www.greencardapply.com/...ws09/news09_0711.htm



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Peterl,

Careful!!!
Apply self to the Thread In question!!!

Things are going in the right direction today. Hooray!!!

Markets

DOW 9,241.22 +170.50 (+1.88%)
NASDAQ 1,997.16 +29.40 (+1.49%)
S&P 500 994.30 +19.15 (+1.96%)

Democrats want to keep GM



Of DOW JONES NEWSWIRES

WASHINGTON (Dow Jones)--The U.S. Senate will vote Wednesday on a measure compelling the federal government to distribute its ownership stakes in General Motors Co. and Chrysler LLC to taxpayers as common stock within a year of the companies emerging from bankruptcy protection.

The vote will occur shortly, according to Senate sources.

Republicans are attempting to attach the auto equity measure to a spending bill funding the Department of Energy in fiscal 2010.

Normally, the auto provision would be deemed irrelevant to such legislation and would be unlikely to be voted on.

But because House lawmakers inserted a meaningless "Buy America" provision affecting the U.S. auto industry in companion legislation last week, the Senate is allowing a vote on the measure, sponsored by Sen. Lamar Alexander, R-Tenn.

His amendment would require the Treasury to evenly distribute its 60% stake in General Motors and the 8% stake it will control in Chrysler to all American taxpayers within a year of the companies coming out of bankruptcy protection.

It would also prohibit the Treasury from using any further taxpayer money to bail out GM or Chrysler.

Senate Democrats are expected to oppose the measure. They will need 60 votes to defeat it...



What did I tell you. There is no way in hell obama or his band of pirates are going to give us what is ours. Just to reiterate. The money given to bail out GM was OUR money, not theirs. Yet, the dems are not willing to relinquish OUR money back to us. No, instead, they want to maintain government control of a private company. So much for the argument that obama isn't a socialist.

Dow ends best July in 20 years

Stocks are mixed Friday after the second-quarter GDP report. Dow gains nearly 9% in the month.

By Alexandra Twin, CNNMoney.com senior writer


NEW YORK (CNNMoney.com) -- The stock advance lost steam late Friday, at the end of Wall Street's best July in decades, as investors considered a report that showed the pace of the recession is easing.

According to early tallies, the Dow Jones industrial average (INDU) ended the session a few points higher, as did the S&P 500 (SPX) index. Both ended at fresh 2009 highs, just above the more than 9-month highs hit Thursday.

For the month of July, the Dow gained around 8.8%, according to early tallies, seeing its best July since 1989, when it gained 9%. The S&P 500 is up 7.5% this month, seeing its best July performance since 1988, when it gained 8.8%.

The Nasdaq composite (COMP) lost a few points after ending the previous session at its highest close since Oct. 1.

The Nasdaq was up 8% in the month, its best July since 1997, when it gained 10.5%.

Stocks struggled higher through most of Friday, as investors focused on the positives in the morning's GDP report and the latest batch of quarterly results. But the advance seemed to lose momentum by the close.

"There's a constant bid in the market, you can't knock it down," said Joseph Saluzzi, co-head of equity trading at Themis Trading.

In the last three weeks, the major gauges have all gained around 12% as investors have breathed a sigh of relief that the pace of the economic slowdown has eased and corporate profits are closer to recovering.

Saluzzi said the news over the last few weeks hasn't been especially positive, just not as bad as expected. But he said bullish sentiment has taken over, adding that investors are jumping in -- perhaps out of fear of missing the rally.

GDP: The pace of economic decline slowed in the second quarter, in the clearest indicator yet that the recession is winding down.

GDP, the broadest measure of U.S. economic activity, shrank at a 1% annual rate in the April-through-June period. Economists surveyed by Briefing.com thought GDP would shrink at a faster 1.5% rate.

The results reflected a smaller decline in exports as the result of higher consumer prices and more government spending.

"There are some positive signs in the report, but there's not a clear sign that we are moving back to growth just yet," said James King, chief investment officer at National Penn Investors Trust. "I think that's why you're seeing a mild reaction in the markets."

GDP has declined for four quarters in a row, hitting the nadir in the first quarter, which was revised lower to a decline of 6.4% from the originally reported drop of 5.5%.

In the fourth quarter of 2008, GDP dipped at a 5.4% annual rate. The two quarters represent the biggest quarterly declines in 26 years.

In other economic news, the House of Representatives voted to add $2 billion to the popular cash-for-clunkers program, which has been running low on funds. The Senate will vote on the bill Monday. The program is seen as having already started to help lift auto sales.

The Chicago PMI, a regional read on manufacturing, rose to 43.4 in July from 39.9 in June. Economists surveyed by Briefing.com thought it would rise to 43.

Quarterly results: Dow component Chevron (CVX, Fortune 500) reported a 71% drop in second-quarter profit due to oil and gas prices and lower demand for fuel in a global economic slowdown. The No. 2 oil producer said it earned 87 cents per share versus $2.69 a year earlier. Economists surveyed by Thomson Reuters thought it would earn 97 cents per share. Shares gained 2%.

On Thursday, No. 1 oil producer Exxon Mobil (XOM, Fortune 500), also a Dow component, reported a 66% drop in quarterly profit. Shares of Exxon dipped Friday.

Late Thursday, Walt Disney (DIS, Fortune 500) reported weaker earnings that topped estimates on weaker revenue that missed estimates. Shares of the Dow component slipped nearly 4% Friday.

Also late Thursday, Las Vegas Sands (LVS) reported a wider quarterly loss as the recession cut into profits at its casinos and hotels. The company reported weaker quarterly earnings that topped estimates and weaker revenue that missed estimates. On Friday, a number of analysts downgraded the company or warned about its capital position. Shares slumped 16% in unusually active New York Stock Exchange trading.

Ford Motor (F, Fortune 500) shares rallied, with economists estimating that the Cash for Clunkers program will help boost auto sales.

Market breadth was mixed. On the New York Stock Exchange, winners topped losers three to one on volume of 930 million shares. On the Nasdaq, decliners topped advancers by a narrow margin on volume of 1.9 billion shares..
0:00 /2:50Economy: Here comes the sun

Bonds: Treasury prices rallied, lowering the yield on the benchmark 10-year note to 3.48% from 3.60% late Thursday. Treasury prices and yields move in opposite directions.

Other markets: In global trading, European markets ended mixed in afternoon trading and Asian markets ended higher.

U.S. light crude oil for September delivery rose $2.53 to settle at $69.45 a barrel on the New York Mercantile Exchange.

In currency trading, the dollar fell versus the euro and the Japanese yen.

COMEX gold for December delivery rose $18.50 to settle at $955.80 an ounce. To top of page
First Published: July 31, 2009: 9:47 AM ET

cnn

Every silver-lining has a davdah somewhere LOL

quote:

Originally posted by Brit4064:
Every silver-lining has a davdah somewhere LOL

LOL

Amazing, isn't it. In spite of attempting to convert private enterprise to socialism, capitalism is making a come back.

If anyone thinks they missed the bus on this one, think again. Although the DOW is past the half way point it doesn't mean obscene gains aren't possible anymore. The banking sector is lagging the general trend. Many of them, Citi, BofA, Fiththird, and others are no where near 1/2 way home. Which means an investment now will likely grow substantially in a short time.

http://money.cnn.com/2009/08/0...stversion=2009080313

BofA to pay $33M fine over Merrill bonuses

SEC charged Bank of America with failing to alert shareholders about bonus payments to Merrill Lynch, bank settles and agrees to pay fine.

Last Updated: August 3, 2009: 2:33 PM ET

NEW YORK (CNNMoney.com) -- The Securities and Exchange Commission filed charges Monday against Bank of America for misleading investors about billions of dollars in bonuses paid to top executives at Merrill Lynch following its purchase of the brokerage giant.

Bank of America agreed to settle, without admitting to the charges. The Charlotte, N.C.-based lender will pay a penalty of $33 million, which will be subject to court approval. The company was not immediately available for comment.

Regulators alleged that Bank of America failed to disclose plans to give out $5.8 billion in bonuses for fiscal year 2008 in its proxy statement. Instead, Bank of America told shareholders that Merrill had agreed not to pay year-end performance bonuses, according to the SEC.

"Failing to disclose that a struggling company will pay out billions of dollars in performance bonuses obviously violates that duty and warrants the significant financial penalty imposed by today's settlement," Robert Khuzami, Director of the SEC's division of enforcement, said in a statement.

Merrill's decision to pay big bonuses first came to light in February, after New York State Attorney General Andrew Cuomo accused the firm of "secretly" rewarding executives before its merger with BofA closed.

The subsequent investigation by state officials ultimately led to a string of revelations, including Merrill's decision to move up the date of its year-end bonus payments.

Bank of America chief executive officer Ken Lewis also alleged that federal regulators threatened to remove him and other board members if Bank of America backed out of the deal.

Congress waded into the issue shortly thereafter, as lawmakers grilled Lewis, Federal Reserve Chairman Ben Bernanke and former Treasury Secretary Henry Paulson on the matter.

Rep. Darrell Issa, R-Calif, the ranking member for the House Committee on Oversight and Government Reform, said that the SEC's charges against BofA offered a "validation" of the concerns of his fellow committee members.

The committee has been looking into what transpired after BofA agreed to buy Merrill and Issa hinted that the investigation may not be over.

"The circumstances certainly underscore the need for us to continue our investigation of the Bank of America -- Merrill Lynch acquisition and the role officials at the Treasury and Federal Reserve had in pressuring the acquisition to move forward," Issa said in a statement.

Cuomo's office also indicated Monday that Bank of America may not be free from further scrutiny, adding that they were continuing their investigation about whether Merrill's bonuses violated state securities laws.

Separately, Bank of America announced a shake up in some of its top management ranks Monday, including the hiring of former Citigroup (C, Fortune 500) executive Sallie Krawcheck to run the bank's global wealth management unit.

Bank of America (BAC, Fortune 500) shares rose more than 3.5% in Monday afternoon trading.

Tarp was a bad idea



Aug 3, 2009 02:46:28 (ET)

LONDON (Dow Jones)--The U.K. government's program to insure the toxic assets of partially nationalized banks is delaying an economic recovery and could cost the taxpayer GBP25 billion, the Financial Times reported Monday, citing the Treasury.

Although the major banks will report huge writedowns on bad debts this week, the full picture may take many more months to emerge, as the long-delayed asset protection scheme has held up restructuring work on companies whose creditors include Royal Bank of Scotland Group PLC (RBS.LN) and HBOS PLC (HBOS-LN), part of Lloyds Banking Group PLC (LLOY.LN).

The government said in February that it would insure GBP585 billion of assets for the two bailed-out banks, but has yet to finalize details of the scheme.



Across the pond and mirroring our own efforts the Brits are beginning to realize emulating the proclaimed emperor wasn't such a good idea.

As was told by many, the TARP program is going to slow down the recovery. Another fine example of why the government needs to step aside and let the economy fix itself.

So was Obama refinancing



FHFA: May Loan Modifications Drop, Foreclosure Starts Rise

WASHINGTON (Dow Jones)--The Federal Housing Finance Agency said in a monthly report that completed loan modifications fell for a second-straight month in May, dropping to 10,400.

The modifications count for nearly half of the agency's May foreclosure prevention efforts.

Meanwhile, foreclosure starts rose 5% to 90,600 as an increasing number of properties ineligible for the Obama administration's foreclosure prevention effort began moving through the process.

The FHFA, which oversees Fannie Mae (FNM) and Freddie Mac (FRE), said both short sales and delinquencies continued rising in the month. Short sales were up 3% to 3,700 - more than three times their level a year earlier. Delinquencies of 60 days or more rose by 80,100 while the total number of loans more than 60 days delinquent was up 7% to 1.3 million in May.

The FHFA said lost income remains the top reason for borrowers to become delinquent on their loans. The percentage of borrowers blaming lost income for their delinquencies rose to 40% in May from 34% at the beginning of the year.

Let's not kid ourselves, housing still hurting



By Marke****ch
Aug 4, 2009 11:19:00 (ET)

CHICAGO (Marke****ch) -- Let's not kid ourselves about a couple of things: Home sales really have picked up in the last few months, bringing the very high level of houses on the market down to just regularly high. And the job market has not picked up, leaving millions of homeowners at risk of default and foreclosure and limiting the pool of future home buyers.

So make what you want out of the latest home-sales data Tuesday, in which the National Association of Realtors index of pending home sales rose for a fifth straight month.

If you like stock-market analogies, even if they are not appropriately extended to housing, you might call this a bear-market rally. Or you could make the bullish case that the worst is behind us -- indeed pending home sales are now up nearly 7% over 2008 levels.

But several "special items" need to be accounted for in these numbers. For one, there is an $8,000 first-time home-buyer tax credit being offered that has lured a good number of buyers off the fence. That perk, though, ends Nov. 30, meaning we've about exhausted that pool unless Congress extends the tax break. For another, many of these recent sales have been of severely distressed properties, at mighty big discounts, and in most areas of the country a normal move-up housing market is still nonexistent.

The more sobering numbers Tuesday come out of what purports to be an upbeat Treasury Department release that it is "on track" to modify as many as 4 million mortgages over the next two-plus years to help troubled homeowners remain in their homes. So far, though, only about 230,000 such modifications are underway, and the track record of those that have completed the process has been horrendous -- as many as 50% of modified home loans default again.

Here's the trouble: The number of problem loans is overwhelming. Adding up the at-risk mortgages of J.P. Morgan Chase (JPM, Trade ), Bank of America (BAC, Trade ), Wells Fargo (WFC, Trade ) and CitiMortgage (C, Trade ), you find about 1.7 million loans eligible for renegotiation under the government Making Homes Affordable Plan.

The big four lenders have started modifications on 155,000 of them, not even 10%.

And the half million or so folks who are losing their jobs every month? How long before their mortgages are heaped on that pile?

Home sales have stabilized and even shown some life, and that's a good thing. The housing market overall? Not so much.



Truest words yet. The market is up over 9000 but no where near the 16000 it was a while back. Housing sales are for the most part in the foreclosure niche. Primarily an investor or first time buyer episode. Few if any are moving on up.

Looking good today!!!

Markets »
Updated: 2:30 pm ET, August 07
+162.33(+1.75%)Dow 9,418.59+34.82(+1.76%)Nasdaq 2,007.98+18.21(+1.83%)S&P 1,015.29

Something is happening



Fed seen ending Treasury buying as recovery looms

By Deborah Levine
Aug 7, 2009 15:56:00 (ET)

NEW YORK (Marke****ch) -- The Federal Reserve will probably allow its $300 billion Treasury-buying program to end over the next six weeks as signs of a housing recovery prompt the central bank to unwind one its most aggressive and unusual interventions into financial markets, big bond dealers say.

With the Fed no longer a constant, large buyer of Treasury notes and bonds, benchmark yields and mortgage rates will likely rise. But that threat isn't expected to prompt policymakers, some of whom have expressed increasing alarm over the prospects of higher inflation from the Fed's ultra-loose monetary policy, to extend the program.

"The Fed is likely to reinforce that they are not going to be in the market after the $300 billion is up," said Ajay Rajadhyaksha, head of U.S. fixed-income strategy at Barclays Capital, one of the 18 primary U.S. government security dealers that trade with the Fed.

Fed policymakers led by Fed Chairman Ben Bernanke will update markets on their outlook for the U.S. economy and their efforts to revitalize credit markets on Wednesday at the end of their two-day meeting.



Despite democrat efforts to drive us to the point of perceived necessitated socialism, capitalism is making a come back. Last in the chain of recovering sectors is the financial services arena. Which in of itself shouldn't be a surprise given it was beat down the most. With that, and signs showing it is returning to its former self, restored faith to our system of commerce is deserved.

Another event



Freddie Mac Shares Surge After Firm Posts Profit

Aug 10, 2009 10:23:42 (ET)

By John Spence

Freddie Mac shares nearly doubled in early trading Monday, rallying after the mortgage-finance giant reported a quarterly profit and said it won't have to hit up the government for more financial assistance, at least for now.

Freddie Mac (FRE) rallied 80% to start the week. Shares of Fannie Mae (FNM), which with Freddie Mac has been placed in government conservatorship during the credit crunch, were along for the ride, gaining about 30%.

In the broader financial sector, the Financial Select Sector SPDR Fund (XLF) rose fractionally in morning action.

One notable mover to the upside Monday was another bailed-out financial giant, American International Group Inc. (AIG), which rose for the fourth straight session after more than doubling last week. Shares of AIG, the insurance company that is roughly 80% owned by U.S. taxpayers, was up 8% at last check.

Another standout from last week's rally in financial stocks, Citigroup Inc. (C), also saw its shares get off to a strong start to the week.



Did anyone think Freddie would ever post a profit again? AIG, Freddie, Citi, some of the more nefarious characters in the wall street meltdown. They are still around and making a comeback. I hope all the democrats listened to their messiah a few months ago and sold off all three back then. They don't deserve any faith based gains.

If it feels good, do it.



Financial Stocks Get Swept Up By Market Optimism


NEW YORK (Dow Jones)--Financial stocks have bounced back from Tuesday's declines during recent trading, with analysts pinning the gains on a general sense of optimism rather than any fundamental news.

Rochdale Securities analyst **** Bove said he noticed the generally positive atmosphere Wednesday as he watched morning business news shows, during which commentators highlighted a number of good signs, including the better-than-expected corporate profits in the last quarter and recent promising macro-economic data.

That positive attitude helped fuel a market rally, Bove said, carrying financial stocks higher as well.

It feels real good today. Woo-hoo!!

Love/Hate Relationship




BOSTON (Marke****ch) -- Shares of banking giants Bank of America Corp. and Citigroup Inc. were rising in premarket trading Thursday on heavy volume following news that renowned hedge fund manager John Paulson's firm snapped up B. of A. and other bank stocks in the second quarter. Shares of B. of A. and Citi were up about 5% ahead of Thursday's opening bell. The Financial Select Sector SPDR Fund was also set to rise after gaining 2% on Wednesday.


Hate their credit cards, love their stock.

Wall street to the rescue



Trading likely helped Canada banks avoid worst

By Brittany Levine
Aug 17, 2009 22:21:00 (ET)


SAN FRANCISCO (Marke****ch) -- A recent rise in capital markets activity likely helped Canadian banks avoid steeper drops in earnings in their most recent quarter, mirroring a trend that also helped second-quarter results at U.S. banks, analysts say.

But higher profits from trading operations, expected to surface when Canadian banks start reporting fiscal third-quarter earnings next week, might not be enough to sustain the six-month rally in the shares of Toronto Dominion Bank (TD, Trade ), Royal Bank of Canada (RY, Trade ), Canadian Imperial Bank of Commerce (CM, Trade ) and others.

They lenders are struggling against souring corporate loans and tighter U.S. financial regulation



What this means is the investors who took a position and leap of faith with their own money are keeping banks afloat. Looking at the closing comments it is the increased government regulation that is holding back recovery.

Washington goes to Walmart



General Motors Co. said its July sales in China rose 78% from a year earlier to 144,593 vehicles, a record for the month in the company's second-largest market.

"This was GM China's best July ever, extending an uninterrupted series of single-month sales records that started in January 2009," GM said in a statement.

China, which overtook the U.S. in January as the world's largest auto market by sales volume, is playing a key role in GM's recovery after it emerged from bankruptcy protection last month.

The company's sales in China during the January-to-July period rose 43% from a year earlier to 959,035 vehicles. GM didn't provide year-earlier figures. It sold 143,294 vehicles in China in June.

While auto sales in the U.S. have plummeted amid the financial crisis, sales in China have been strong this year on the country's buoyant economy as well as government measures to boost sales of small cars, including favorable tax policies and subsidies for purchases in rural areas.....


GM is building many of its new models in other countries. Most of its sales are now overseas. And to think, you lent GM a lot of money to make a comeback. Only problem is, we aren't going to benefit from it in the job market. Question is, why not? Here is a clue. The UAW is banned in China. There is no EPA or OSHA who thinks a tree or some obscure insect has more rights than you do. Think about that as you're waiting in line at the unemployment office or see a tree hugging environmentalist whacko on a green peace mission. Think about that the next time you want to chear the messiah who is now promising free health care. After all, he signed off sending your job to China. I think I would rather have the job than the need to see a doctor due to stress from my kids starving.