Tag Archives: California

Schwarzenegger in Russian Business Talks – On Twitter

California Governor Arnold Schwarzenegger is in Moscow seeking high-tech business deals, bringing along a pair of silicon implants as he and Californian executives took a look at Russia‘s “Silicon Vally,” after having a little chat with Russian president Medvedev – on Twitter.

“Russian weightlifters with degree were my first heroes,” he told reporters at a press conference, and pointing out; “I’m a lone republican, surrounded by dems, even in bed.”

Russia Today reports:

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Finally, Bankers Are Getting Some Competition

As good credit is getting harder and harder to get – at least for ordinary people and small businesses – new solutions is starting to emerge. Like the lending clubs.  The concept is not new – in fact – this is what the good old banks once used to do.

“Folks just need a way out.”

Don Burke


Planet Depos owner Joe DiMonte was struggling with his bank to get funding for his newly started business, so he reached out to Lending Club, an online peer-to-peer lending service, and got his money in less than 2 weeks.”Someone from California gives $25. Someone from Alaska or Florida gives another $75 and before you know it, you’re up to $15,000,” the happy business owner reports.

The staff of the 9 month old startup is working to get depositions taken all over the world.

But this time last year, Planet Depos, barely had a camera or a court reporter.

And, they struggled to get any help from a bank.

“You go there, and you just kinda get laughed at,” says Planet Depos owner Joe DiMonte.

So DiMonte reached out to Lending Club, an online peer-to-peer lending service, and got his money in less than 2 weeks.

“Someone from California gives $25. Someone from Alaska or Florida gives another $75 and before you know it, you’re up to $15,000,” he says.

Ages ago, when simplicity reigned, neighbors were the real community bank.

Now there’s a rebirth of this kind of transaction, through what’s called peer-to-peer lending.

“It’s not being paid to a nameless, faceless bank. They know there’s a real person on the other end. It’s the same for investors,” says John Donovan COO of Lending Club.

Donovan says the approach is simple; credit worthy borrowers get low interest rates and investors see big returns.

However, the selection process is very detailed. You must have a score of at least 660 to qualify.

Peer lending differs from bank lending in the way they diversify their loans. Today’s large banks aren’t putting all their eggs in one basket, and the people who invest get to spread out their risk.

The lending clubs are putting a few eggs in a few baskets. Borrowers get money from different sources and by given only smaller amounts, they also reduce their overall risk.

“I have 899 that are currently in some stage of being paid back – and current,” investor Don Burke says.

Burke joined a lending club 18 months ago to diversify his investments.

But the stories behind the loan applications, made him clinch the deal.

Loans From The Heart

One of his first loans truly tugged at the heart:

“A fella ended up in a wheelchair and needed to make his home more wheelchair accessible,” he says.

Something Mr Burke probably will have to do in a few years, as he has muscular dystrophy.

“Folks just need a way out,” Burke says.

A Game Changer

Both givers and receivers call this approach to banking – a game changer.

Business owner Joe DiMonte says he hopes to complete the circle.

“Maybe one day I’ll be an investor on Lending Club.”

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US States Holding More Than $30bn In Unclaimed Cash And Property

While Mr. Schwarzenegger is terminating all the public expenses he’s able to, the state of California is holding on to nearly USD 6 billion in form of unclaimed property, belonging to approximately 11,6 million individuals and organizations. The various US states are currently holding unclaimed cash and property mounting to more than USD 32 billion.

“The California State Controller‘s Office has been successful in returning more than  USD 1 billion worth of unclaimed property to its owners.”


California state controller’s office is putting up never-before-efforts to reach the owners of unclaimed property, according to the website CashUnclaimed.com. From January 2007 until the end of 2009, the office sent out 3,17 million notices warning owners that their property was likely to be taken over by the state. The question of success is a matter of opinion.


“The efforts have started showing encouraging results. The California State Controller’s Office has been successful in returning more than $1 billion worth of unclaimed property to its owners,” CashUnclaimed.com writes.

One out of seven……well, I guess Mr. Schwarzenegger’s tax collectors can book a few more tax dollar, but I wouldn’t go so far and call the almost three year long project a “success.”

In addition to the 3,7 million notices, 1,89 million notices are sent to suspected owners informing them that their property have been taken under the state custody.

The state of California has enacted Unclaimed Property Law that requires property holders such as corporations, business associations, financial institutions and insurance companies to annually report and return dormant property to the State Controller’s Office.

Source of Revenue

In spite of the efforts by the state authorities, California is still sitting over the mound of unclaimed cash and property.

“The state is looking at this huge cache of money as a source to fill the budgetary deficit of the state as it is certain that a large chunk of this will remain unclaimed forever,” CashUnclaimed.com writes, adding:

“More and more Californians are coming forward to stake their claim over the property that they had forgotten somewhere down the line.”

Hey! That reminds me; I still have that beach house….I’ve totally forgot!

Sure…

Who Owe The Norwegian PM 100 Dollar?

According to the website, it is estimated that 9 out of 10 Americans are owed cash that sits unclaimed year after year.

Those who are still not taken any initiative to find any unclaimed cash in their name can log on to the site; http://www.cashunclaimed.com, and check if they have some hidden treasures.

It’s got one of the largest databases for unclaimed money in the world.

The current database lists billions of dollars in unclaimed money, property, accounts and assets from all 50 states and several Federal agencies.

Unfortunately, the search engine could not locate any outstandings belonging to me.

However, it seems like someone in the US owe the Norwegian prime minister, Jens Stoltenberg, the crucial amount of one hundred dollar.

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