NEW YORK (AP) -- Total U.S. money market mutual fund assets rose by $7.87 billion to $2.572 trillion for the week that ended Wednesday, the Investment Company Institute said Thursday.
Assets of the nation's retail money market mutual funds fell by $4.27 billion to $887.46 billion, the Washington-based mutual fund trade group said. Assets of taxable money market funds in the retail category fell $2.93 billion to $701.97 billion. Tax-exempt retail fund assets fell $1.33 billion to $185.49 billion.
Meanwhile, assets of institutional money market funds rose $12.13 billion to $1.685 trillion. Among institutional funds, taxable money market fund assets rose $12.73 billion to $1.599 trillion; assets of tax-exempt funds fell $600 million to $86.37 billion.
The seven-day average yield on money market mutual funds was 0.03 percent in the week that ended Tuesday, unchanged from the previous week, said Money Fund Report, a service of iMoneyNet Inc. in Westborough, Mass.
The 30-day average yield was also unchanged from last week at 0.03 percent. The seven-day compounded yield was flat at 0.03 percent. The 30-day compounded yield was unchanged at 0.03 percent, Money Fund Report said.
The average maturity of portfolios held by money market mutual funds fell to 45 day from 46 days in the previous week.
The online service Bankrate.com said its survey of 100 leading commercial banks, savings and loan associations and savings banks in the nation's 10 largest markets showed the annual percentage yield available on money market accounts was unchanged from last week at 0.13 percent.
The North Palm Beach, Fla.-based unit of Bankrate Inc. said the annual percentage yield available on interest-bearing checking accounts was unchanged from the week before at 0.06 percent.
Bankrate.com said the annual percentage yield on six-month certificates of deposit was also unchanged at 21 percent from the previous week. The yield on one-year CDs was unchanged at 0.33 percent. It fell to 0.52 from 0.53 percent on two-and-a-half-year CDs. It was flat at 1.12 percent on five-year CDs.
Money a good thing in Scott Walker recall election - Washington Times
SALT LAKE CITY, June 2, 2012 — Wisconsin voters look poised to deliver a fairly telling vote of confidence for their governor, Scott Walker.
To Democrats, whose heretofore legislatively-guaranteed political advantages have helped them to engineer the recall, Walker's probable victory only serves as proof that the Republican governor is unfairly buying the election.
Setting aside the obvious hypocrisy of the conventional wisdom that President Obama's unprecedented war chest represents the enthusiasm of millions of ordinary Americans, the idea that Governor Walker's win is tainted by the millions he has spent to run the campaign is preposterous.
Preposterous because it relies on a number of assumptions that are antithetical to American democracy.
The first of these assumptions is that voters can't discern issues for themselves, that they are simply mindless automatons who are easily hypnotized by seductive advertising.
If that is the case, perhaps President Obama's impressive victory in 2008 wasn't so impressive after all, considering that he outspent his rival many times over in the closing weeks of the presidential contest.
Closer to home, the recall effort against Walker himself was financed by those with a stake in getting him out of office. He did not ask for this election, so for liberals to complain that he is raising and spending money in an effort to make his case to voters is a bit disingenuous.
Of course it was their perfect right to dedicate their own time and resources to the recall effort. Indeed, in a participatory democracy, it should be lauded. So too, should the contributions and participation of thousands of donors who have decided to commit their resources to the governor.
John Nichols complains in the Capital Times, a left-leaning newspaper, that Walker exploited a "loophole in Wisconsin election law which removes contribution limits for officials seeking to prevent a recall election." He neglects to mention that the loophole is purposeful and consistent, since no limit exists on raising funds to mount a recall in the first place.
Nor should there be. Citizens who choose to engage in politics shouldn't be hindered by laws designed to restrict how they spend time or money. And it seems ridiculous to expect that a sitting governor should be powerless while his opponents amass their forces against him setting up a recall.
Another faulty assumption that liberals make is that money from business associations (to which they try to tie Walker) is somehow less virtuous than money from other types of associations.
The Left's preferred association is the labor union, and it was they who organized what might very well turn out to be the most colossal strategic error of the past decade. Nevertheless, the fight is almost completely over union money—whether union bosses can use the machinery of the state to forcibly extract political funds from public employees—and initially financed by union money. If anyone can be accused of trying to buy the gubernatorial seat in Wisconsin, it is the public sector unions, not the current governor who already won it less than two years ago.
A third bad assumption is that money actually moves votes.
ABC news reports that the executive director of the nonpartisan Wisconsin Democracy Campaign is skeptical.
"So far," said Mike McCabe, "the tens of millions of dollars that have been spent on ads don’t seem to have moved the needle very much. Poll numbers haven’t changed much. Walker’s approval ratings haven’t changed. So the tens of millions spent don’t seem to have changed very many minds."
On the other hand, the act of contributing is a civic act that has great importance. It is a way for people to get involved and show their support for one cause or the other. So far, Walker is winning that contest, which infuriates the Left because part of their trope is that they represent the masses.
Recall the weeks and months of large scale demonstrations at the state capitol in Madison, a sign, we were told, that the people were unhappy with the governor. Their mobilization was lauded as high-minded political participation.
Some people skip work and march. Others donate a few bucks.
Democrats regularly try to "buy" elections. Governor Walker's challenger, Tom Barrett, has frantically tried to raise money. The unions have poured in precious dollars during every phase of the foolhardy recall, from the state senatorial elections to that of the state supreme court seat held by David Prosser.
If they could raise more money, they would.
For them to claim that Scott Walker is trying to buy the election simply because he has been more successful at raising money is ignorant of the role of money in American elections, and the freedoms it represents.
Learn more about the author at Rich-Stowell.com
Rich is a teacher and a soldier. In addition to writing the "Rich Like Me" political column at the Washington Times Communities, he is the author of Nine Weeks: A Teacher’s Education in Army Basic Training; Tunnel Club; and Not Another Boring Textbook: A High School Students’ Guide to their Inner Conservative, which you can follow on Facebook.
This article is the copyrighted property of the writer and Communities @ WashingtonTimes.com. Written permission must be obtained before reprint in online or print media. REPRINTING TWTC CONTENT WITHOUT PERMISSION AND/OR PAYMENT IS THEFT AND PUNISHABLE BY LAW.
Money Watch: Investing tips to help put kids through college - USA Today
Q: I am a single parent. I will soon be debt-free and then I can set aside a little money for my daughter's college. Should I put it in a savings account or are there better options? I will only have four years to save.
A: Four years is not a long time horizon; however, you still need to be willing to take on some investment risk in order to grow your money.
A savings account will earn very little income at these low interest rates and you will owe tax on that interest income. But a well-diversified portfolio in a 529 plan offers better upside potential. And your earnings would grow tax free, and withdrawals would be tax free when used for college expenses.
In addition to federal tax benefits, many states offer tax deductions for 529 plan contributions. But some of the states are considering reducing or eliminating the tax deduction as they grapple with mounting budget deficits. Investors need to be very careful in choosing their own state's 529 plan solely on the basis of a state tax deduction that may or may not be there in the future.
It's wise to shop around before you choose a 529 plan. One of the best sites to compare and contrast plans is http://www.savingforcollege.com/. It provides a 5-Cap rating for each state's 529 plans, based on such things as performance and risk. A 1-Cap rating is the worst and 5-Cap is the best.
That four-year time horizon makes your asset allocation challenging. It requires you to look more at the investment markets and be willing to make investment choices that might go against popular logic.
For example, you would naturally consider an age-based portfolio option or bonds and cash as your most conservative options. However, with interest rates at record lows and the possibility that they will rise over the next four years, you would be investing in bonds at exactly the wrong time, because bond prices fall when interest rates go up.
And an age-based portfolio for an 18-year-old would be weighted heavily in bonds and cash. Given the real possibility that interest rates will rise, you might need to put more of your 529 plan into stocks to avoid the interest-rate risk in bonds.
You could place it in stable value funds, but your returns would be meager over that time horizon. Stocks, given all the volatility, have produced the best long-term total returns, but it requires taking a bit of risk.
If your daughter goes to a four-year college, you could continue to invest inside the 529 plan while she attends college, so presumably your time horizon is longer than just the four years she has until she begins college. In addition, many kids take a gap year after high school to travel and save money for college, which may give you an additional year to grow your investments.
John Gugle, NAPFA -registered financial adviser
Alpha Financial Advisors, Charlotte
Money and passports: Is George Zimmerman's plight racial? - HULIQ.com
Shouts of injustice may calm some down now that Travyon Martin’s shooter George Zimmerman has to report to jail in the next two days.
A judge has given Zimmerman 48 hours to surrender. The judge also revoked Zimmerman's $150,000 bond.
Zimmerman failed to report $200,000 raised and stored inside his PayPal account. He and his wife discussed the evasion during jail phone calls. The two used a special code to deceive listeners and discuss the funds.
A Florida judge ruled that Zimmerman’s deceit merits revocation of his bond. Furthermore, Zimmerman’s second passport was discovered.
Some argue that his $200,000 should not be included as personal finances because that money goes to his attorneys. Others say that Zimmerman’s lie, or attempted cover-up, really harms Zimmerman’s chances at trial. They asked how can a jury believe a man who hasn’t been honest with the courts?
Others have defended Zimmerman’s two passports, explaining that he likely lost the first and ordered a second. Still, wisdom, based in logic and the law not race, dictates that if Zimmerman’s second passport was needed because he lost the first, then an honest man would have reported recovering the first lost passport.
Zimmerman’s last name, particularly European, and Trayvon’s first name, particularly African American, have set off a string of events that have pit race and parties against each other.
Many older members of the African American community believe George Zimmerman wasn’t charged with murder immediately because his victim was black. A number of African Americans and lawyers for Trayvon Martin have stated over and over that had Martin been the shooter, Martin would be in jail.
Those on the opposite end of the race spectrum, those who believe Zimmerman is a white victim, are also prominent debaters in the Trayvon Martin shooting. Many argue that Zimmerman’s hope rests with Republicans and gun lobbyists who believe in Stand Your Ground and the right to bear arms in this country as long as the owner has a legal right (permit) to carry the weapon.
Others point to an African American President who has made only one comment on the Trayvon Martin shooting. Weeks after the murder and about a week after Trayvon Martin’s death saturated cable news, President Obama told the world that if he had a son, his son would look like Trayvon. These “others’ argue that Zimmerman’s become part of a federal “witch hunt”--a sly reference to Department of Justice Deputy Eric Holder, also African American.
Communities, black, white and other, have all cried “Justice for Trayvon” thus shunning any and all notions that they’ve gathered in Trayvon’s Martin name to race bait. For many, Zimmerman’s trial is about justice, not race.
Zimmerman shot an unarmed African American 17-year-old. His lawyers will argue self-defense. The 17-year-old had THC in his system. Zimmerman had been on a prescription drug that warns of upset to the psyche, particularly with moods that cater anxiety and aggression.
What his trial and the what the law mean to George Zimmerman isn’t clear. Past behaviors, inc luding a scuffle with police that merited a mug shot and criminal record suggest that Zimmerman has had problems with authority in his past. Lying about his finances has cast an old light on Zimmerman. A light that suggests Zimmerman owns a certain disrespect and casual disregard for the American Justice System
passport cover photo credit: Wikipedia
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EU finance ministers haggle over bank rules - Yahoo Finance
BRUSSELS (AP) -- European Union finance ministers are to meet in in Brussels Tuesday to hammer out an agreement over how high banks should build their defenses against future financial shocks, with the U.K. running the risk of being isolated over who should set the height.
The EU's 27 members agree on the need to increase capital reserves of banks, following an international agreement called Basel III, which was negotiated by the world's largest economies to avoid another financial meltdown such as the one brought on by the collapse of U.S. investment bank Lehman Brothers in 2008.
But the U.K. wants national regulators to be able to set requirements significantly higher than those of the EU — a position opposed by almost all other EU members, who fear investors might then prefer UK banks and flee from those in other countries.
On his way into the meeting Tuesday morning, George Osborne, the British chancellor of the exchequer, was non-committal about the possibility of reaching an agreement.
"This is a time of considerable uncertainty in the eurozone economies," he said, referring to the 17 countries — the U.K. not among them — that use the euro currency. "And that uncertainty is undermining the entire European recovery. And I think we're reaching a point where we've got to make a decision to see the eurozone stand behind their currency. A very important part of that, of course, is strengthening the entire European banking system. And that is what we intend to do today."
Once enacted, Basel III would require lenders to increase their highest-quality capital — such as equity and cash reserves — gradually from 2 percent of the risky assets they hold to 7 percent by 2019. An additional 2.5 percent would have to be built up during good times. All members of the G-20 have agreed to implement Basel III; if the European Union succeeds, it would become the first entity to institute the new requirements.
The U.K. is arguing that, because national taxpayers have to bail out banks when they fail, national authorities should be able to set more stringent requirements to guard against such failures. A compromise proposal offered by the Danes, who hold the rotating presidency of the European Union, would allow national authorities some leeway to increase requirements beyond those called for in the Basel III agreement. That proposal has broad support — except, so far, from the U.K.
The finance ministers can approve the compromise proposal without British support, through what is known as qualified majority voting, in which member countries have different numbers of votes according to their populations. However, there is a tradition in the EU that changes that would affect an industry in a particular country — such as the banking sector in the U.K. — are not forced into effect over the objections of that country, and consensus is sought.
"I think there should be a unanimous decision on such an important issue," Swedish Finance Minister Anders Borg said on his way into the meeting.
Stimulus money boosts Florida reef restoration - Palm Beach Post
The Associated Press
Updated: 12:36 p.m. Saturday, June 2, 2012
Posted: 10:51 a.m. Saturday, June 2, 2012
KEY LARGO, Fla. — Coral reef restoration along Florida's shores has been getting a boost from federal stimulus money.
The American Recovery and Restoration Act of 2009 provided $3.3 million to grow about 30,000 threatened staghorn and elkhorn coral colonies in underwater nurseries. About 10,000 of the fast-growing corals are being transplanted in eight areas along a 300-mile reef tract from Broward County to the Florida Keys, and in the U.S. Virgin Islands.
The goal of the transplants is to spawn tens of thousands more coral colonies.
"We're just giving them a jump start," said The Nature Conservancy's James Byrne, the marine biologist overseeing the three-year project.
"Now, if they can successfully reproduce, it will blow away anything we can do," he told The Miami Herald (http://hrld.us/JCwSEm).
The money was part of $167 million given to coastline restoration projects; the entire stimulus package totaled $831 billion. The funding, which created or supported 56 jobs, ends in December.
"Before, most coral restoration efforts focused on places with large (vessel) groundings," said Sean Morton, superintendent of the Florida Keys National Marine Sanctuary. "This is the first attempt to do it reef-wide and turn around a long-term trend of coral reef decline."
Scientists say staghorn and elkhorn coral populations have declined by about 90 percent throughout the Caribbean over the last 30 years. Many factors have contributed to the decline, including a die-off of algae-eating spiny sea urchins, disease caused by bleaching from rising water temperatures, ocean acidification, water pollution and hurricanes.
"If you went snorkeling or diving anywhere in the Caribbean in the early '80s, you'd see corals everywhere," Byrne said. "Staghorn used to be the dominant one on the reef, providing almost all the habitat for small juvenile fish to go into. And elkhorn dominated the top of the reef, building big reef crests that waves break on."
In 2006, elkhorn and staghorn were the first corals to be put on the threatened list under the Endangered Species Act.
"Staghorn is a thinner branching colony that looks like the thin antlers of a young stag," said Erich Bartels, coral science manager at Mote Marine Laboratory. "Elkhorn looks like big moose antlers that go out in a big fan shape."
Both corals are important to Florida's ecosystem and economy, scientists say.
"This is restoring nature for people's sake. These habitats are nature's infrastructure," said Rob Brumbaugh, The Nature Conservancy's director of global marine restoration. "We're making fish. When you make fish, you make jobs. It's a good investment."
___
June 02, 2012 12:36 PM EDT
Copyright 2012, The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
SS&C Zoologic Launches Finance 2.0 iPad Application - Yahoo Finance
WINDSOR, Conn., May 22, 2012 (GLOBE NEWSWIRE) -- SS&C Technologies (Nasdaq:SSNC - News), a global provider of investment and financial software-enabled services and software, announced the launch of a free iPad(R) application on the iTunes App Store. The Zoologic Finance 2.0 app allows users to access accredited courses for the financial services industry from their iPad or other mobile devices.
The first course offered in the Finance 2.0 mobile app is "Introduction to Securities Markets." The course outlines the function and organization of capital markets, and describes how securities are structured, priced and sold. Users will learn about the participants in the securities markets industry, and identify and compare the types of securities being traded today. Designed for the iPad, the comprehensive course features interactive animations, glossary definitions, dynamic content and knowledge-check questions.
"We are extending our commitment to make professional education accessible in virtually every format that exists. The Finance 2.0 app is a robust and easy-to-navigate app for online learning," said Richard Shalowitz, Senior Vice President and Managing Director, SS&C Zoologic. "This application sets a new standard for how people learn on their iPad and mobile devices, delivering quality education anytime, anywhere."
A Zoologic client since 2010, David S. Krause, PhD, Director of Applied Investment Management at Marquette University said, "Portability is important when you're talking about learning and continuing education today. Marquette wants to lead the way with what these devices can do for education and the Zoologic Finance 2.0 app shows us how to create a truly mobile learning experience."
In addition to the Finance 2.0 app, Zoologic's new mobile learning (mLearning) platform uses the latest cloud-based technologies, enabling users to take Zoologic courses on virtually any mobile device, including Android phones. For frequent travelers, Zoologic courses are available in an iBook format so users can download courses for use offline. The Finance 2.0 app for the iPad is available as a free download from the Apple iTunes App Store at http://itunes.apple.com/us/app/finance-2.0/id516305026?mt=8.
About SS&C Technologies
SS&C is a global provider of investment and financial software-enabled services and software focused exclusively on the global financial services industry. Founded in 1986, SS&C has its headquarters in Windsor, Connecticut and offices around the world. 5,000 financial services organizations, from the world's largest to local financial services organizations, manage and account for their investments using SS&C's products and services. These clients in the aggregate manage over $16 trillion in assets.
Additional information about SS&C (Nasdaq:SSNC - News) is available at www.ssctech.com.
Follow SS&C on Twitter, Linkedin and Facebook.
The SS&C Technologies logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=8587
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