My views turn inward

This past weekend I had a severe health problem escalate even further. I picked up a cold, a flu strain or some kind of infection that affected my breathing. After having chest x-rays made; seeing my doctor’s physician assistant; and getting prescriptions for a series of antibiotics and steroids, I realized that my views had turned inward. I began thinking about my health problem 24 7. I just let the world go by. I didn’t read the daily newspaper in depth as I usually do. I didn’t watch my Duke Blue Devils play on television. And I didn’t watch the NASCAR Sprint Cup races in its entirety. My views turned inward.

When my wife was driving me back from the doctor’s office, we passed the once run down North Hills shopping mall. In the last few years, its new owners have transformed it into the cities most unique shopping plaza with restaurants, department stores, clothing stores, specialty shops, a theatre and a hotel. Parts of the facility are still under construction. On land next to the plaza, the same owners have constructed the area’s nicest senior’s retirement complex. Still, across the main thorough affair they are building a high-rise office building, more specialty shops, and a mixed family housing complex.

I have heard one financial guru make the statement that “in these times of falling stock market values there are opportunities”. As we drove passed I realize these people have vision. In these poor economic times they are expanding to incorporate shopping, office space, entertainment and housing all in the same complex. Similar to Walt Disney’s vision of Epcot, North Hills will stand out as the community of the future. Their vision sees opportunities.

So, its good to see opportunities taking shape rather than bankruptcies and layoff being announced.

Yet another major fraud case has emerged

Yesterday, a caravan of cars and trucks carrying federal authorities pulled up to the headquarters of the Stanford Group in Houston. They went inside and shut down what the regulators described as a “massive ongoing fraud” stretching from the Caribbean to Texas, and around the world.

The Stanford Group is an investment firm ran by Robert Allen Stanford. He may be just another wealthy financier. But, in the breezy money haven of Antigua, he was an influential adviser to the local financial banks, decorated with a knighthood, and courted by Antigua government officials.

The status of the Standford Group’s investments in as much as $8 billion in high-yielding certificates of deposit held in the firm’s bank in Antigua, which the Securities and Exchange Commission, in a civil suit, said Mr. Stanford and two colleagues fraudulently peddled to scores of investors.

Also unknown Tuesday was the whereabouts of Robert Stanford. His financial activities on the tiny island had raised eyebrows among American authorities as far back as a decade ago. But, nothing was done.

Like Bernard Madoff, who is accused of operating a $50 billion Ponzi scheme, Robert Stanford offered investment opportunities that sounded almost too good to be true: promises of lucrative returns on relatively safe certificates of deposit that were often more than twice the going rate offered by mainstream banks.

Regulators claim the Stanford Group lulled investors into believing the Certificate of Deposit (C.D.) purchases were safe by advertising investments in “liquid” securities that could be bought and sold easily. Stanford Group said it could pay higher rates on the C.D.’s because of the consistently high returns it made on investor assets. And it claimed to be safe, thanks to monitoring by a team of more than 20 analysts and yearly audits of the investments by regulators in Antigua. None of that was true, according to the S.E.C.’s complaint.

So, once Robert Stanford surfaces, he’ll face charges and prove the money of the depositors is still there or he’ll have to face the consequences. Whatever that is.

Another Congressional Stimulus Bill

Senate and House leaders announced today that they had reached agreement on a $789 billion economic stimulus bill, clearing the way for final Congressional action and President Obama’s signature, perhaps as early as tomorrow. Yes, that is $789 billion. Wow! Where is all this money coming from?

Even trimmed to $789 billion, the recovery measure will be the most expansive unleashing of the government’s fiscal firepower to fight a recession in modern history. And yet it seemed almost trifling compared with the potential price tag of $2.5 trillion for the rescue plan for the financial system announced on Tuesday by Treasury Secretary Tim Geithner.

What Has Happened to NASCAR?

As NASCAR fans prepare for the 2009 season many wonder what has happened. The drivers and car owners on the entry list for the first race this season is far different than it was just a few months ago as the 2008 season ended.

Over the short off season the current economic crises has had a major affect on the race teams. First were reports that Petty Enterprises (PE) may fold its operations and the famed #43 would no longer be. PE released their driver, Bobby Labonte, to pursue other avenues.

Then word came that Dale Earnhardt Inc. (DEI) was having sponsorship problems. At the same time the driver of the #15 car, Paul Menard, announced he was leaving DEI and would drive a new entry #98 for Yates Racing. Menards, the home improvement stored owned by his father would be the sponsor. Yates Racing moved the owner points from their #38 to the #98. This left David Gilliland (the normal driver of the #38) with a car but without a sponsor or owner points.

Chip Ganassi had closed operations of his #40 car at mid-season last year. Reed Sorenson left the #41 to drive for Gillett Evernham Motorsports. Now, Ganassi only had the #41 and #42 cars. Texaco terminated their sponsorship of the #42 car. Ganassi moved the Target sponsor to the #42 car. This left the #41 without a driver or sponsor.

While this was going on Petty Enterprises was rumored to merge with Ganassi. Then everyone was surprised that Chip Ganassi was merging his NASCAR operation with DEI to form Earnhardt Ganassi Racing (EGR). The stable of cars would be the #1 (Truex), #8 (Amirola), #41 (unnamed) and #42 (Montoya) Rumors were hot and heavy that Bobby Labonte would drive the #41.

Richard Petty, who had sold the majority interest in Petty Enterprises in June 2008, announced Petty Enterprises was in discussion with Gillett Evernham Motorsports to merge their operation. The process took several weeks and ended with PE and GEM becoming Richard Petty Motorsports (RPM). The cars and drivers would be #9 (Kayne), #19 (Sadler) #43 (Sorenson). Later, RPM announced that A.J. Allmendinger would drive the former #10 car to be renumbered #44 with the owner points from the #10.

Bobby Labonte had been rumored to drive the EGR #41. But, Bobby Labonte announced that he would be driving the #96 Hall of Fame Racing car. The car would be sponsored by Ask.com and become part of the Yates Racing shop. Yates Racing would move their owner points from the #28 car to the #96 car. Driver of the #28, Travis Kvapil, will have no owner points for the 2009 season and is only planned to run the first 5 races of the year. There is no sponsor as of yet.

Latest announcement is that John Andretti will drive the #34 for EGR with no sponsor to date.

Other driver changes are as follows:
#00 David Reutimann
#07 Casey Mears
#08 Boris Said
#09 Brad Keselowski
#12 David Stremme
#14 Tony Stewart
#20 Joey Lagano
#23 Mike Skinner
#27 Kirk Shelmerdine
#28 Travis Kvapil
#33 Clint Bowyer
#34 John Andretti
#39 Ryan Newman
#41 Jeremy Mayfield
#47 Marcos Ambrose
#60 James Hilton
#64 Geoff Bodine
#66 Terry Labonte
#82 Scott Speed
#87 Joe Nemechek