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Al's Bargain Place
Friday September 5, 2008
Used to treat rheumatoid arthritis, the four drugs leave patients vulnerable to fungal infections WASHINGTON (AP) -- The Food and Drug Administration ordered
stronger warnings Thursday on four medications widely used to treat
rheumatoid arthritis and other serious illnesses, saying they can raise
the risk of possibly fatal fungal infections. The drugs -- Enbrel, Remicade, Humira and Cimzia -- work by
suppressing the immune system to keep it from attacking the body. For
patients with rheumatoid arthritis,
the treatment provides relief from swollen and painful joints, but it's
"a double-edged sword," said the FDA's Dr. Jeffrey Siegel. That's
because the drugs also lower the body's defenses to various kinds of
infections. Siegel, who heads the office that oversees arthritis
drugs, said the FDA became concerned after discovering information that
doctors appeared to be overlooking a particular kind of fungal
infection called histoplasmosis. Of 240 cases of the infection reported
to the FDA, a total of 45 patients died -- about 20 percent. The
infection, which mimics the flu, is prevalent in much of the middle
part of the country. It can have particularly grave consequences if it
isn't caught early and spreads beyond the respiratory system to other
organs of the body. Siegel said the investigation began with a
single case of a woman taking one of the drugs who died of
histoplasmosis. Delving into the case, doctors at the FDA found that
the woman had been sick with the fungal infection for a long time.
"This case led us to be concerned that there may be other situations in
which physicians may not recognize histoplasmosis," said Siegel. FDA
officials searched the agency's database and found the 240 cases of
patients taking the medications who had also developed the fungal
infection. Of those, at least 21 appeared to involve a late diagnosis.
And 12 of these patients -- more than half -- ultimately died.
Siegel said the FDA's order Thursday means that the risk of
histoplasmosis will be flagged in a "black box," the strongest warning
information in a drug's prescribing literature. The four medications
already have black box warnings about the risk of infections, but the
language varies from drug to drug.
Patients will be alerted to call their doctors if they develop
persistent fever, cough, shortness of breath or fatigue, which can be
signs of the fungal infection. And the FDA is also urging
doctors to consider aggressive use of antifungal drugs in patients who
develop such symptoms, even if the infection has not been confirmed by
a laboratory test. Siegel said such a decision should not be taken
lightly, since antifungal drugs can also have dangerous side effects.
Doctors should also consider stopping treatment with the
immune-suppressing drugs, he said. The four
drugs belong to a class known as TNF-alpha blockers, and are also used
to treat Crohn's disease, juvenile arthritis, certain types of
psoriasis, and other conditions. Three of the drugs, Enbrel, Humira and
Remicade, are considered blockbusters, with sales of over $1 billion
annually for each. Cimzia is newer and less widely used. All are
delivered by injection.Copyright 2008 The Associated Press. All rights reserved.This material may not be published, broadcast, rewritten, or redistributed.
| | Posted by alfred at 11:34 AM - | |
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posted on: September 03, 2008
| about stocks:
IAT /
ITYC /
KBE /
KRE /
RKH
Integrity Bank was closed by the FDIC on Friday due to the usual culprits of real estate loans and bad risk management:
(From Bloomberg):"Aug. 29 (Bloomberg) --
Integrity Bank of Alpharetta, Georgia, was closed by U.S. regulators
today, the 10th bank to collapse this year amid a surge in soured
real-estate loans stemming from the worst housing slump since the Great
Depression.
Integrity Bank, with $1.1 billion in assets and $974 million in
deposits, was shuttered by the Georgia Department of Banking and
Finance and the Federal Deposit Insurance Corp. Regions Financial
Corp., Alabama's biggest bank, will assume all deposits from Integrity,
which was run by Integrity Bancshares Inc. The failed bank's five
offices will open on Sept. 2 as branches of Regions, the FDIC said...
...`Banks are being closed at the fastest pace in 14 years as
financial companies report more than $505 billion in writedowns and
credit losses since 2007. California lender IndyMac Bancorp Inc., which
had $32 billion in assets, was closed July 11 in the third-largest bank
seizure, contributing to a 14 percent drop in the U.S. deposit
insurance fund that had $45.2 billion at the end of the in the second
quarter.
Regions will buy about $34.4 million in assets and will pay the
FDIC a premium of 1.01 percent to assume the failed bank's deposits,
the FDIC said. The FDIC estimates the cost of the Integrity failure to
its deposit-insurance fund will be $250 million to $300 million. ..
...Integrity was ordered by federal and state regulators in May
to present a capital-raising plan within 60 days. At the time, the
company had been trying without success for at least eight months to
raise $40 million after loans to residential and commercial developers
were hurt by the collapse of the real estate market…
...Integrity Bancshares, which sold for more than $14 a share in
January 2007, closed today at 4 cents in over-the-counter trading. "
(From the Washington Post):"Integrity Bank,
which opened in November 2000, specialized in real estate lending in
the Atlanta area with a self-described "faith-based culture."
Throughout the early part of the decade, when the housing market was
booming, Integrity grew into a billion-dollar, publicly traded company.
But when the real estate market started faltering, the bank found
itself in trouble.
The bank replaced its chief executive in August 2007 and hired a
turnaround expert in September, only to voluntarily delist its shares
from the Nasdaq Global Market in March. Nasdaq had threatened to delist
the company for failing to comply with reporting standards.
Rickey McCullough, an FDIC spokesman, said late Friday that the
bank failed due to its aggressive pursuit of construction loans,
coupled with falling real estate values and "inadequate risk
management."
Construction loans made up 76 percent of the bank's total loan
portfolio. For the quarter ended June 30, the bank posted a loss of
$33.56 million."
A couple of things jumped out at me when I first read about this:
Since '07 the banks have reported about 1/2 a trillion
worth of credit losses and write downs, so much for the Pollyannas that
were adamantly insisting that the total amount would be a fraction of
that amount.
We're barely 3/4 of the way through the year and we've already had
3X as many bank failures as last year, the FDIC's insurance fund has
been depleted by 14% and it stands to reason that
we'll see more before the end of the year. Let's not forget that
banking failures tend to be lagging indicators, as in: today's failures
are often the result of yesterday's problems. In other words: even if
the banking environment starts to improve it may turn out to be too
little, too late for many of the nation's struggling banks.
Look at how things have changed in past year: in September of '07 the $2.5 billion failure of Net Bank
(another Alpharetta, GA based bank) was the largest since the S & L
crisis, today a $2.5 billion bank failure would be around 1/13th the
size of the recent failure of IndyMac.
You can read the Bloomberg article here, and the Washington Post article here.
Sources:
Bloomberg: "Integrity Bank Becomes 10th U.S. Failure This Year" -- Alison Vekshin and Ari Levy, August 29, 2008 .
The Washington Post:"Georgia Bank Closes in 10th Failure This Year" -- Madlen Read, August 30, 2008.
Disclosure: at the time of publishing the author didn't own a position in any of the companies mentioned in this article.
| | Posted by alfred at 9:44 AM - | |
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The Current Population Survey (CPS) is a monthly
survey of households conducted by the Bureau of Census for the Bureau
of Labor Statistics. It provides a comprehensive body of data on the: labor force, employment, unemployment and persons not in the labor force.
Next Release: September 5, 2008
The Employment Situation for August 2008 will be released on September 5, 2008, at 8:30 A.M. Eastern Time.
September 05, 2008
The unemployment rate rose from 5.7 to 6.1 percent in August, and
nonfarm payroll employment continued to trend down (-84,000). In
August, employment fell in manufacturing and employment services,
while mining and health care continued to add jobs.
More...
(HTML)
(PDF)
Featured News Release:
Worker Displacement
August 29, 2008
From January 2005 through December 2007, 3.6 million workers
were displaced from jobs they had held for at least 3 years.
The number of displaced workers was about the same as the
January 2003 to December 2005 level, 3.8 million.
More...
(HTML)
(PDF)
Current CPS Economic News Releases:
All CPS News Releases »
| | Posted by alfred at 8:52 AM - | |
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By Roy Mark2008-08-06
The Secret Service claims AdSurfDaily is a massive
Internet-based wire fraud scheme. The alleged scam entices investors by
promising huge returns if they invest and enroll in a paid autosurf program.
Bloggers rally and rip into the government action.
The online pitch goes something like this: Invest in our paid
autosurf program and earn a 125-150 percent return for every dollar invested.
All the investor has to do is surf a few Web sites each day. At least that's
what Thomas A. Bowdoin and his AdSurfDaily.com site claims.
Sound too good to be true? That's exactly what the U.S.
Secret Service thinks, and on Aug. 1 the agency seized approximately $53 million
in funds and two homes as part of an investigation into what federal authorities
claim is a "massive Internet-based wire fraud scheme."
According to a complaint filed in the U.S. District Court for
the District of Columbia, the scheme involves ASD (AdSurfDaily.com) generating
advertising revenue by automatically rotating advertised Web sites into its
investors' Internet browsers.
Since ASD creates no significant new wealth by selling
advertising to purchasers outside of its investor-members, authorities claim ASD
is a classic Ponzi scheme, using money from new investors to pay off earlier
investors before the whole thing collapses.
Federal prosecutors and the Secret Service raided ASD's
Quincy, Fla., headquarters Aug. 1, seizing the $53 million. In court documents
filed Aug. 4, the Secret Service claims that the money and Bowdoin's homes in
Quincy and Myrtle Beach, S.C., are forfeitable to the United States
government.
Neither Bowdoin nor anyone else connected to ASD has been
criminally charged in the investigation, although the seizure of Bowdoin's funds
makes it difficult for ASD to do business for the time being.
The court complaint says ASD masked its Ponzi scheme
ambitions by calling its investors "advertisers," their investments "ad
purchases" and the ASD payments to investors "rebates." However, according to
the complaint, ASD did not operate as a seller of advertising services and there
was no legitimate product being sold to support the profits ASD promised to pay
its investors for relinquishing their funds.
While the Secret Service was mum on the investigation,
bloggers were not.
"I truly believe Andy set this company up to be legal. He is
a proven ethical businessman," wrote Ginger from Tennessee on Tallahassee's WCTV Web site. Quincy is located just
outside Tallahassee, and the station covered the raids on Bowdoin's home and
office.
Another post to the site claimed, "Just because the feds take
civil action against someone does not mean the allegations are true, and this is
one … such case. This company had only the best intentions, shared the wealth
with all involved, and were working with their legal team to ensure government
compliance on all laws."
But the Internet & Affiliate Marketing News
blog carried this post: "First of all, they are a classic Ponzi scheme
because money is being paid out from new members investing to the old members
who already earned their credits and are ready to cash out. This scam is growing
fast and there are more and more people cashing out, so they need more new
members to cover all the payouts."
| | Posted by alfred at 8:29 AM - | |
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By Roy Mark2008-09-03
Once touted the as centerpiece of the National
Counterterrorism Center's efforts to upgrade the government's terrorist watch
list, Railhead program floundering after contractor turf battles over using an
Oracle relational database or an Extensible Markup Language model. House Science
and Technology Committee's Investigations and Oversight Subcommittee also faults
program management and oversight by National Counterterrorism Center officials.
Rep. Brad Miller calls Railhead on the brink of collapse after a $500 million
investment of taxpayer dollars.
The U.S. House of Representatives is investigating what it
calls the technical failure and mismanagement of one of the government's top
counterterrorism programs. Dubbed "Railhead," the program was intended to
upgrade the U.S. terrorist watch list and improve the integration of U.S.
terrorist intelligence from the nation's 16 separate intelligence agencies.
Located at the NCTC (National Counterterrorism Center) in
Northern Virginia, the Railhead program was the highly touted centerpiece of the
NCTC's counterterrorism programs. The House Science and Technology Committee's
Investigations and Oversight Subcommittee, though, claims the program is on the
"brink of collapse" after an estimated $500 million in
taxpayer funding.
According to the investigative panel, the majority of more
than 800 private contractors from dozens of companies working on Railhead have
been laid off and NCTC officials have "drastically curtailed" the program.
"The program not only can't connect the dots, it can't find
the dots," Subcommittee Chairman Brad Miller, D-N.C., said Aug. 21. "This is a
critical national security program that has been plagued by technical design and development errors,
basic management blunders and poor government oversight."
The original plan for Railhead called for it to update and
enhance the NCTC's terrorist intelligence database called TIDE (Terrorist
Identities Datamart Environment) that provides the backbone of the FBI's
consolidated terrorist watch list. Originally designed by Lockheed Martin in the
aftermath of the 9-11 terrorist attacks, TIDE is built in Oracle as a relational
database.
"This original database, however, suffers from basic design,
management and maintenance inefficiencies and problems," states a Subcommittee memo on the Railhead program. "For
instance, only about 60 percent of the data, including names and addresses,
mentioned in CIA cables provided to NCTC are actually extracted from these
messages and placed in the TIDE database."
As private contractors and government employees modified the
program, TIDE was further hamstrung by dozens of tables or categories for
identical fields of information that significantly limits search functions. In
addition, TIDE uses SQL, which the Subcommittee calls a "cumbersome computer
code," to query the tables, rows and columns of the database.
"Without a detailed index of the data stored in each table in
TIDE, the SQL search engine is blindfolded, unable to locate or identify
undocumented data," the memo states. Although the original Railhead design team
suggested building a new database in Oracle, Railhead government program
managers decided to move forward with the XML model.
A June program "gap analysis" by SRI International found
serious shortcomings in the Railhead program.
"The ability to search e-mail and discussion threads, and the
ability to search for images and attachments will be absent," the report states.
"Advanced search capabilities such as selecting a timeframe for FININTEL
[Finished Intelligence] searches and allowing Boolean keyword searches of
results will be absent."
The report concluded, "Without these major functions, the
system will not fulfill its information sharing mission for the counterterrorism
community."
Miller said even if the program is abandoned, he wants an
investigation into what happened with Railhead.
"The problems on the Railhead program appear to be
depressingly similar to programs on other major IT initiatives which have
resulted in schedule delays, increased financial costs and ultimately failure on
some projects," Miller wrote to Edward Maquire, Inspector General of
the Office of the Director of National Intelligence, on Aug. 21. "Turf
battles among contractors, particularly between the design and development team,
have hampered the sharing of critical technical data that has impaired the
success of the Railhead program."
| | Posted by alfred at 8:22 AM - | |
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