| Stocks drift lower on writedowns, discouragement over rate relief
TORONTO - Stock markets moved mainly lower Friday afternoon with financials under the gun in the wake of fresh writeoffs of securities backed by mortgage debt while investors were reminded not to expect another interest rate cut when the U.S. Federal Reserve meets next month. Toronto's S&P/TSX composite index gave up early gains to move down 39.68 points to 13,484.75 after credit concerns pushed the index down 250 points Thursday. The financial sector moved down 0.5 per cent and Bank of Montreal (TSX:BMO) shares 34 cents lower at $56.78 as it said it is booking $320 million in writedowns arising from disorder in world credit markets, joining the list of big banks hurt by the collapse of the U.S. subprime mortgage market. That works out to $210 million after tax.
Investigators Probe California State Senator's Campaign Credit Card Charges
(RTTNews) - A top Democrat in the California state Senate is being investigated for allegedly using credit cards to charge $397,000 in political expenses without disclosing who was paid or what was purchased, in violation of state campaign finance laws. State Sen. Carole Migden, chairwoman of the Senate Democratic Caucus, is the target of an investigation by the state Fair Political Practices Commission, which confirmed its investigation in a letter obtained by The Los Angeles Times. As a part of their probe, investigators are looking at the last seven years of the San Francisco Democrat's credit card expenses. She could face up to $60,000 in fines if found to be in violation. "Expenses are required to be itemized so we can assure that campaign donations are going to expenses related to campaigns and not toward personal profit or other inappropriate expenses," Kathay Feng, executive director of California Common Cause, told The Times.
East Ramapo students warned about college loan scams
SPRING VALLEY - College-bound students were warned yesterday about the perils of tuition loans and told about a recent state law protecting them from unscrupulous lenders and schools. About 35 East Ramapo school district students attended a lecture about a nationwide investigation into college loans from a top lawyer with the New York state Attorney General's Office. The students also were told about a state law - "Student Lending Accountability, Transparency and Enforcement Act" - that protects them and their parents from predatory loans. The law - known as SLATE - gives students, among other rights, the ability to choose their own lending institution and polices the industry and colleges. Congress is passing a federal law mirroring SLATE to provide nationwide protections.
IL Veterans' Homes' Nurses Can Get Money For Student Loans
Nurses working in Illinois Veterans' homes can now get some help paying off student loans. Governor Blagojevich announced the new Veterans' Homes Nurse Loan Repayment Program. Nurses working in one of the state's four veterans' homes are eligible to have as much as $5 thousand of their student loans repaid by the state. There is a total of $1.2 million available for nurses through the program. To be eligible for the repayment, the registered professional or licensed practical nurse must: -be a US citizen or eligible non-citizen and be an Illinois resident -have an outstanding balance due on an eligible educational loan (includes Stafford loans, Graduate PLUS loans, consolidation loans, nursing student loans, Supplemental Loans for Students, alternative loans and other types of government and institutional loans) -be a nurse who meets licensing requirements of the IL Dept.
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