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Tuesday, October 1, 2013

A review this week by Wikinews of US Consumer Financial Protection Bureau (CFPB) complaints about student loans in the United States shows Sallie Mae leads all lending institutions in complaints. Of the 4,851 complaints dating back to March 2012 when the CFPB first began collecting student loan data, 2,262 or 46.6% of all complaints were about the lender. US Federal Reserve data from 2010/2011 shows Sallie Mae is the nation’s largest student loan lender, responsible for 25% of the market

The other major lenders in this space include Wells Fargo, JP Morgan Chase, PNC, and Discover. In complaints, AES/PHEAA came in second with 546, or 11.3% of all complaints. Wells Fargo, Citibank and JPMorgan Chase each had between 5% and 7.5% of all complaints, totaling 918 complaints between them. 78 other lending institutions round out the list of organizations with complaints filed against them for student loans.

Few of the complaints originate from people with problems with federal student loans. Less than 1%, 35 total, are for these types of loans, with Sallie Mae accounting for the bulk of complaints with 17 total. 14 other lending institutions have 3 or fewer complaints. For non-federal student loans, Sallie Mae is still the leader for complaints, with 2245 or 46.6% of all non-federal student loan complaints.

The Consumer Financial Protection Bureau sorts complaints into three issues: Problems when you are unable to pay, Repaying your loan, and Getting a loan. None of the federal loans had complaints about getting a loan. For non-federal loans, 65.5% of the 4,816 complaints related to loan repayment. Sallie Mae led in total complaints in this category with 1467. They were followed by AES/PHEAA with 356, Wells Fargo with 231, Citibank with 201, Discover with 158, JPMorgan Chase with 154, ACS Education Services with 143, and KeyBank NA with 116. CFPB says loan repayment issues include a basket of claim types including “fees, billing, deferment, forbearance, fraud, and credit reporting.” Problems when you are unable pay accounts for 30.8% of the complaints. Sallie Mae had 698 complaints. They were followed by AES/PHEAA with 181, JPMorgan Chase with 106, Wells Fargo with 104, Citibank with 70, and KeyBank NA with 58. Many of the complaints are, according to the CFPB, because borrowers have difficulty getting deferrments on loan repayment as a result of being unable to find employment.

The total complaints against Sallie Mae for September of this year is 2 fewer than the same time last year. The company’s performance this year compared to last year has been mixed. March and June numbers were down over 150 complaints from the same month a year before. April, May, July and August all saw increases of 17–43. Of the top six lenders by volume of complaints, only AES/PHEAA and Citibank saw drops every month between March and September from the total volume in the previous year. Wells Fargo had a gain of 1 in August and 6 in May from the previous year. JPMorgan Chase had a difference of 0 from the same month last year for April, 3 more this year for May, and 4 more for August. Discover saw an increase every month from the same period last year except for September. When the total complaints differences from year to year for March to September are counted, this year has 571 fewer complaints against the top six lenders.

Most, 1470, of the complaints against Sallie Mae were closed with explanations. 10.2% were closed with monetary relief. 7.7% were closed with non-monetary relief. 2.1% were closed with relief and 12.1% were closed without relief. AES/PHEAA’s complaint closure picture was much different. 40.1% of AES/PHEAA’s 546 complaints were closed with non-monetary relief, 35.3% were closed with explanations and 21.2% were closed without relief. Of the eight lending institutions with 100 or more complaints filed against them, Discover was the institution most likely to result in a closure with monetary relief with 12.9% of all their closures ending this way. Citibank was the institution with the highest percentage of closures ending with no relief at 26.0%.

Complaints over student loan lenders were geographically distributed, coming from 3,447 different zip codes. The largest cluster of complaints is for 20001, a Washington D.C. zip code with 10 complaints originating from there. 07950, the zip code for Morris Plains, New Jersey, and 37013, the zip code for Antioch, Tennessee, each had 8 complaints originating from them. Zip codes for Patchogue, New York; Philadelphia, Pennsylvania; Washington D.C.; and Arlington, Virginia each had 7 complaints originating from them. By volume of complaints by state, New York led with 497, with California second with 467, Pennsylvania third with 303, Florida fourth with 288 and Ohio fifth with 219 complaints. US Territories largely occupied the bottom spots. The Northern Marianas Islands, with a population of around 50,000, had 1 complaint. The U.S. Armed Forces – Pacific had 3. North Dakota and U.S. Armed Forces – Europe had 5 complaints each. South Dakota had 7. Wyoming had 8. Puerto Rico and Alaska had 9 each. Rounding out the bottom five states by volume of complaints, Mississippi had 11.

With the possibility of a United States government federal shutdown looming on October 1, student loans may be impacted because of potential for an automatic increase in interest rates.

Friday, November 2, 2007

Igor Moiseyev, who has been widely acclaimed as the greatest 20th-century choreographer of folk dance, has died today after a long illness. He was 101 years old.

Born Igor Alexandrovich Moiseyev on January 21, 1906 in Kiev, Moiseyev graduated from the Bolshoi Theatre ballet school in 1924 and danced in the theatre until 1939. His first choreography in the Bolshoi was Footballer in 1930 and the last was Spartacus in 1954.

Since the early 1930s, he staged acrobatic parades on Red Square and finally came up with the idea of establishing the Theatre of Folk Art. In 1936, Vyacheslav Molotov put him in charge of the new dance company, which has since been known as the Moiseyev Ballet. Among about 200 dances he created for his company, some humorously represented the game of football and guerrilla warfare. After visiting Belarus he choreographed a Belarusian “folk” dance Bulba (“Potato”), which over the years indeed became a Belarusian folk dance. According to the Encyclopædia Britannica, Moiseyev’s work has been especially admired “for the balance that it maintained between authentic folk dance and theatrical effectiveness”.

Moiseyev was named People’s Artist of the USSR in 1953, Hero of Socialist Labor in 1976, received the Lenin Prize (1967, for the dance show A Road to the Dance), four USSR State Prizes (1942, 1947, 1952, 1985), Russian Federation State Prize (1996), was awarded numerous orders and medals of the Soviet Union, Spain, and many other countries. On the day of his centenary, Moiseyev became the first Russian to receive Order for the Merits before the Fatherland, 1st class — the highest civilian decoration of the Russian Federation.

Wednesday, May 27, 2009

Cardiff, Wales —Labour, Plaid Cymru, and No2EU candidates for the Wales seats in the European Parliament met at Cardiff‘s Sandringham Hotel last night for the second of two pre-election hustings debates hosted by Cardiff Trades Union Congress. Cardiff TUC president Katrine Williams moderated as Derek Vaughan of the Labour Party, Jill Evans MEP of Plaid Cymru, and Rob Griffiths of the No2EU coalition, the tops of their respective lists, took questions from an audience of 22 composed largely of socialist activists and trade union members.

Candidates from the Tories, Liberal Democrats, and Green Party were not invited to the evening debate, although the Liberal Democrats did take part in the TUC’s debate earlier in the day. Ms Williams explained that the Liberal Democrats and Tories had been excluded because “we wanted to have candidates more representative of trade unions” but that not inviting the Greens had been “an oversight” due to the less prominent tradition of green politics in Wales. The BNP, UKIP and some minor parties also did not take part.

In opening statements, the three candidates discussed their records and their goals for the European Parliament. Mr Vaughan, leader of Neath Port Talbot County Borough Council, asserted the pro-organised labour credentials of the Labour Party, which has been under fire for several years from the left, and noted that Labour, which currently controls two of Wales’s four seats in the EU Parliament, has brought £1.5 billion to Wales, with a comparable amount to come in the future. Calling the BNP “Nazis” and comparing the British political situation to that in Germany in the 1930s, Vaughan called for the parties of the left to rally behind Labour in order to ensure that the BNP did not obtain any seats in Wales; but he expressed resignation to the likelihood that the BNP would earn a seat in North West England.

Ms Evans, meanwhile, who has been an MEP for ten years, announced her opposition to the pro-privatisation current in the EU and pledged that Plaid would support a new program of public investment and pro-organised labour revisions of EU directives, particularly the Posted Workers Directive.

Mr Griffiths, meanwhile, who is General Secretary of the Communist Party of Britain, took a position urging radical reform of the European Union. The Lisbon Treaty, which he characterised as a re-branding of the European Constitution, would, he argued, enshrine neo-liberal policies in Europe and impose them on its member states in a way that was irreversible — “at least by any constitutional means”. Calling for a “social Europe” as opposed to a “United States of Europe“, Griffiths suggested that the creation of a European Defence Agency and the actions of the European Court of Justice were being used to turn the European Union into a capitalist “empire” akin to the United States.

Discussion of the ongoing UK parliamentary expenses scandal and its implications for MEPs, who draw salaries and expenses considerably higher than Westminster MPs do, dominated the early discussion. The Labour candidate expressed the position that the problems in accountability leading to the scandal had been fixed; his opponents noted that of the parties currently representing Britain in Brussels, only Labour has not yet disclosed their expenses (although Mr Vaughan states that the party will begin to do so soon) and Mr Griffiths furthermore declared that the scandal was part of a wider problem: the corruption of the political system by big business.

On the subject of a common European defence policy the three candidates supported widely differing views. The No2EU candidate stated plainly that he considers Europe not to be threatened, and said that a European defence force would be used for foreign adventures in Afghanistan, Africa, and elsewhere in the developing world while at the same time building up the armaments industry in Europe. Ms Evans, meanwhile, argued that the proper role of a common EU force would be as a “civil force” supporting conflict prevention and conflict resolution operations, and also called for the abolition of NATO. Mr Vaughan finished the second round of questioning arguing that a common European armed force should be an alternative to the “US-dominated” NATO, but also stated the importance of bilateral alliances in building up a common European defence force, citing the Franco-German Brigade of the Eurocorps as an example.

Debate ended on the contentious question of MEP salaries, with one member of the audience challenging the three candidates to pledge to accept a wage, if they won, equal to the average wage of their constituents. Ms Evans agreed that the set wage, currently £63,000 rising to £73,000 in 2010, was “too high”, but would not commit to a so-called “worker’s wage”, under heavy criticism from the audience. Mr Vaughan, following, called it “not fair” to ask MEPs to take such a pledge but asserted “I have never been motivated by money” and finished his part in the debate with a call to elect more left-wing socialist MEPs. Mr Griffiths, whose No2EU coalition has made a worker’s wage for MEPs part of their election manifesto, readily pledged to hold to a living wage, albeit not necessarily one equal to the average wage of his constituents, and described some of the difficulties associated with refusing an EU salary, noting that initially No2EU had proposed that its MEPs should draw no salary and claim no expenses from Europe but the coalition’s legal advisors had said that to do so would endanger the status of any of its members as MEPs.

Voting for the European Parliament elections in the United Kingdom takes place June 4.

Monday, December 3, 2007

At Thanksgiving dinner David Shankbone told his white middle class family that he was to interview Reverend Al Sharpton that Saturday. The announcement caused an impassioned discussion about the civil rights leader’s work, the problems facing the black community and whether Sharpton helps or hurts his cause. Opinion was divided. “He’s an opportunist.” “He only stirs things up.” “Why do I always see his face when there’s a problem?”

Shankbone went to the National Action Network’s headquarters in Harlem with this Thanksgiving discussion to inform the conversation. Below is his interview with Al Sharpton on everything from Tawana Brawley, his purported feud with Barack Obama, criticism by influential African Americans such as Clarence Page, his experience running for President, to how he never expected he would see fifty (he is now 53). “People would say to me, ‘Now that I hear you, even if I disagree with you I don’t think you’re as bad as I thought,'” said Sharpton. “I would say, ‘Let me ask you a question: what was “bad as you thought”?’ And they couldn’t say. They don’t know why they think you’re bad, they just know you’re supposed to be bad because the right wing tells them you’re bad.”

Sunday, March 27, 2005

Danville, California — The California-based Engligh language tracker, Global Language Monitor, released its 2005 list of most confusing – yet frequently cited – high tech buzzwords to be “HTTP,” “Voice Over IP” (VoIP), and “Megapixel.” Closely following were “Plasma,” “Robust,” “WORM” and “Emoticon.”

In early March, the group used a predictive index computer algorithm to track specific words and phrases in the media and on the Internet. They were tracked in relation to frequency, contextual usage and appearance in global media outlets.

The Global Language Monitor claims to analyze and catalogue trends in word usage and word choices, focusing on the linguistic impact on various cultures. The GLM says it relies upon a global network of volunteer linguists, professional wordsmiths and other bibliophiles to monitor the trends in the evolution and demise of world languages.

GLM’s list, in order of frequency of use, of the most-confusing technology terms with the group’s explanation as to why they are faulty follows:

1. HTTP – HyperText Transfer Protocol is the standard protocol used for transmitting web pages (which are written in HTML (HyperText Markup Language)), not text written while hyper on too much Starbucks coffee. There are more than 1 billion references to HTTP on the web alone.
2. Voice over IP – Voice over Internet Protocol, (pronounced voyp, similar to Detroit) is a way of transmitting voice data over the Internet. VoIP is becoming more popular as services such as Skype offer people free voice communication with anyone with a broad-band connection.
3. Megapixel – Approximately one million pixels, not a single, big pixel (“mega” is the metric system prefix for million). “Pixel” itself is a technical term which means “picture element”. Digital pictures consist of a grid of millions of pixels, which are square or rectangular dots, each having a single colour.
4. Plasma – A plasma display (commonly used in televisions) is a flat, lightweight surface with a grid of millions of tiny glass bubbles containing plasma. A digitally controlled electric current flows through the bubbles causing the plasma inside to glow various colours. Plasma displays have nothing to do with blood plasma.
5. Robust – Robustness generally means “it won’t break easily.” It supposedly describes computer programs or hardware that have been well-tested and demonstrated to not crash or fail often, but since it is a vague term by nature (how robust is robust?) it is frequently used by marketing types regardless.
6. WORM – While a worm is a type of computer virus, WORM stands for ’Write Once, Read Many’. It describes a file system primarily used for optical disks, such as CDs and DVDs. For example, CD-Rs can only be written (or “burned”) once but afterwards can be read many times (otherwise you could only listen to your music CD once). This excludes re-writable CDs which can be written many times.
7. Emoticon – Emoticon stands for emotional icon. An emoticon is a sequence of characters that look visually like a face and are used in text chat to convey emotion. The most common emoticon is the smiley face – 🙂 – which looks like two eyes and a mouth turned 90 degrees.
8. Best of Breed – Not to be confused with the Westminster Dog Show, a best-of-breed product is a personalized solution made of components from various manufacturers; in other words, it’s a sort of high tech ‘mix-and-match’.
9. Viral Marketing – A recent marketing trend which relies on word-of-mouth to spread, rather than traditional advertising strategies. It is called “viral” because as people talk about it, the marketing message “spreads” to new people, who in turn inform others, and so on, which is how viruses spread. The Burger King “Subservient Chicken” campaign is considered an example of viral marketing. Computer viruses used by spammers to turn desktop computers into “zombie” spam relays are something completely different.
10. Data Migration – Data migration is an idealistic (though usually impossible) concept where data can be used by different versions of the program in which it was created (newer or older). The migration (migration means “to move”) refers to the fact that the data is moved from one version (or program) to another without difficulty or loss of information. It is a subset of backward and forward compatibility.

Other terms being tracked included “client/server,” “solution,” “paradigm,” “backward compatible,” and the “STUN protocol.”

Friday, May 9, 2008

The price of oil per barrel has risen to a new all time high. During trading in Asia and in London, England the price of NYMEX Crude oil futures, per barrel, was at US$124.34 (22:07 eastern time) setting a new record high. Brent Crude oil also hit a new record high of US$122.84, but soon retreated to $121.79.

Several factors, including a weaker U.S. dollar and worries on the world supply, have caused the price of oil to skyrocket in the past week.

Despite worries, OPEC states that supply is currently meeting the current demands and there is currently no shortage of oil.

“There is clearly no shortage of oil in the market. OECD commercial oil stocks remain above the five-year average, with days of forward cover at a comfortable level of more than 53 days. US crude inventories, meanwhile, rose by almost six million barrels last week, which is a further indication that oil supplies are plentiful,” stated OPEC in a statement on its website.