NewsFeeds 3.4.09

Henrico slashes construction plans (Times-Dispatch)
Henrico County is slashing its construction plans for next year by nearly 90 percent because of worries about the recession. Hungry contractors are cutting bids to the bone as interest rates have tumbled and building looks easy to afford, but — like many ordinary consumers — county officials are loath to take on new financial obligations just now.

Trial begins for businessman accused of $132 million fraud (Times-Dispatch)
Is Edward Hugh Okun a conniving liar and thief who masterminded a $132 million fraud with 577 victims, some of whom lost their life savings? Or was he a successful, if at times overly aggressive, businessman who never intended to defraud anyone, who borrowed — not stole — money and intended to repay it?

Va. Insurer’s Decline Came With Scant Warning (Washington Post)
On Feb. 12, Virginia’s insurance regulator seized control of Shenandoah Life Insurance, saying the company’s investments had deteriorated to the point that state intervention was necessary to protect policyholders. Claims for disability, health and death benefits, among others, are still being paid. So are certain standard annuity payments. But, for the time being, consumers who want to cash in policies, withdraw money from annuities or otherwise tap nest eggs they have entrusted to Shenandoah are out of luck.

The Stimulus’ Hidden Winners (Slate)
Everyone knows about construction companies, but tech firms are cashing in, too.

Ex-Leaders of Countrywide Profit From Bad Loans (NY Times)
Fairly or not, Countrywide Financial and its top executives would be on most lists of those who share blame for the nation’s economic crisis. After all, the banking behemoth made risky loans to tens of thousands of Americans, helping set off a chain of events that has the economy staggering. So it may come as a surprise that a dozen former top Countrywide executives now stand to make millions from the home mortgage mess.

Price Isn’t Tied to Your Product (Entrepreneur)
When pricing your product, who you’re selling is more crucial than what you’re selling.

Henrico slashes construction plans (Times-Dispatch)
Henrico County is slashing its construction plans for next year by nearly 90 percent because of worries about the recession. Hungry contractors are cutting bids to the bone as interest rates have tumbled and building looks easy to afford, but — like many ordinary consumers — county officials are loath to take on new financial obligations just now.

Trial begins for businessman accused of $132 million fraud (Times-Dispatch)
Is Edward Hugh Okun a conniving liar and thief who masterminded a $132 million fraud with 577 victims, some of whom lost their life savings? Or was he a successful, if at times overly aggressive, businessman who never intended to defraud anyone, who borrowed — not stole — money and intended to repay it?

Va. Insurer’s Decline Came With Scant Warning (Washington Post)
On Feb. 12, Virginia’s insurance regulator seized control of Shenandoah Life Insurance, saying the company’s investments had deteriorated to the point that state intervention was necessary to protect policyholders. Claims for disability, health and death benefits, among others, are still being paid. So are certain standard annuity payments. But, for the time being, consumers who want to cash in policies, withdraw money from annuities or otherwise tap nest eggs they have entrusted to Shenandoah are out of luck.

The Stimulus’ Hidden Winners (Slate)
Everyone knows about construction companies, but tech firms are cashing in, too.

Ex-Leaders of Countrywide Profit From Bad Loans (NY Times)
Fairly or not, Countrywide Financial and its top executives would be on most lists of those who share blame for the nation’s economic crisis. After all, the banking behemoth made risky loans to tens of thousands of Americans, helping set off a chain of events that has the economy staggering. So it may come as a surprise that a dozen former top Countrywide executives now stand to make millions from the home mortgage mess.

Price Isn’t Tied to Your Product (Entrepreneur)
When pricing your product, who you’re selling is more crucial than what you’re selling.

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