Home Blog Page 234

Miller: Deadspun

By
Michael Miller
-
0

Circulation is the lifeblood of the newspaper industry. The Internet and digital distribution have dramatically increased the reach of publications, but counting the number of printed copies remains a major part of setting advertising rates and empirically measuring market penetration.

I do not play any tangible role in the circulation of Toledo Free Press (my job is to make and package the pizza, not deliver it), but my email address is the recipient of the flood of delivery requests and thank-yous and the drip of do-not-deliver requests. When such requests arrive, I forward them to Toledo Free Press President and Publisher Tom Pounds, who runs the circulation department.

During our eight-year history, we have dealt with circulation threats both external (saboteurs from competitors who tamper with delivered papers) and internal (from prosecuted ex-employees looking to pocket money from falsifying delivery route reports).

While I do not directly impact circulation, my livelihood (and the livelihoods of the dozens of Toledo Free Press employees) hinges on it. So when those numbers are called into question, it is serious business.

At 10:58 a.m. Feb. 22, Blade sports reporter Ryan Autullo posted on his Twitter account, @AutulloBlade: “At a coffee shop, and @ToledoFreePress just delivered their Sunday paper ‘the largest circulation in town’ two days before Sunday.”

It’s disturbing that a high-profile, professional reporter like Autullo could pack so much inaccuracy and misdirection in fewer than 140 characters. First, Toledo Free Press has never claimed to have the “largest circulation in town.” We have the largest circulation in the county.

It’s also odd that Autullo fails to understand the simple process by which a weekly publication dates its covers. Toledo Free Press is designed to reach readers on Sunday, so it is dated for Sunday. Delivery starts early to ensure the more than 86,000 copies reach their destinations on time. If you subscribe to any magazine, from TIME to Entertainment Weekly, you have probably noticed that the cover date is always a week or more ahead. That’s the system.

Most disturbingly, Autullo is mocking Toledo Free Press’ circulation statement, even though he must know something about the auditing process that allows newspapers to make such statements. Toledo Free Press is audited by the Circulation Verification Council. In Lucas County, Toledo Free Press delivers 76,341 Sunday copies. The Blade is audited by Alliance for Audited Media. In Lucas County, The Blade delivers 70,590 Sunday copies. These are facts, not opinion, and a high-profile, professional reporter such as Autullo — whose work involves stats and scores and numbers — should have some elemental grasp of the unassailable nature of math. Toledo Free Press is Lucas County’s largest circulated newspaper (You should also know that our number was updated for 2012; The Blade’s most recently released audit is apparently from 2011).

Autullo’s tweet was brought to my attention but as it was more confused than pointed, it did not warrant a direct response. Toledo Free Press retweeted his message without comment, to allow our followers to see the unwarranted aspersion for themselves.

I have no way of knowing Autullo’s motives for taking a swipe at us, but he certainly deserves compassion for having some tough days recently. On Feb. 12, the website Deadspin beat him to the public with the story behind the resignation of University of Toledo track coach Kevin Hadsell. In a clumsy and defensive attempt to salvage some dignity, Blade Managing Editor Dave Murray took a shot at Deadspin’s credibility — “The difference between the coverage of this story by The Blade and Deadspin is that [Blade reporter Ryan] Autullo is a professional journalist who has named sources and you can believe what he reports,” Murray posted on the story’s Facebook comments section. That resulted in an Internet frenzy from new media journalists who said Deadspin editors described Murray as “archaic,” “tin-eared” and an “***hole.”

Just hours after Autullo took his misinformed shot at Toledo Free Press, karma does what it does best. Deadspin updated its Hadsell story, describing The Blade as “the unofficial publicity arm of the University of Toledo” and reported, “For an idea of how The Blade has framed the story, here’s a tweet from reporter Ryan Autullo: ‘Hadsell tweet: We’ve learned he boozed, had relationships with coeds, and was great at his job. #mostguyswouldkillforthat’.”

One does not have to be a journalism school graduate or high-profile journalist to understand how inappropriate it is for a reporter who is covering such a controversial and upsetting story to publicly express his admiration for the person he is supposed to objectively write  about. Autullo has the right to glorify a man trusted with students who reportedly indulged in drinking and sexual relationships with those students, but stating that opinion undermines any trust in his reporting choices — both what he includes and what he leaves out.

Toledo Free Press, capitalizing on karma’s gift, tweeted a link to Deadspin’s update, with the hashtags #coffee and #coverdate.

Autullo responded: “Almost as inane as TFP’s outlandish circulation claims.”

We will probably never know why Autullo chose to wade into an 16-month-old multimillion dollar lawsuit, exposing himself and his employer to legal ramifications with such an easily disprovable statement. With one tweet, he went from jabbing to engaging in actionable disparagement.

His comments questioning Toledo Free Press’ audited circulation numbers open a number of unpleasant legal questions. On what basis does he say our circulation numbers are “outlandish”? With whom at The Blade has he discussed the topic, and what other falsehoods are the parties engaged in regarding Toledo Free Press?

Why, in addition to calling into question the veracity of Toledo Free Press, is he attacking and disparaging the methodology and data of the Circulation Verification Council (CVC)? CVC audits thousands of publications with combined circulations above 50 million; Autullo, as a high-profile, professional journalist, has publicly disparaged CVC and cast doubt on its work. I can’t imagine CVC president and CEO Tim Bingaman will react to that attack with good humor.

Autullo may also have violated his employer’s “Internet & Email Acceptable Use Policy,” which reads, “You must refrain from making any false or defamatory statements in any Internet forum or from committing any other acts which could expose this Company to liability.” But that’s a matter for Autullo’s employer to discuss with him.

Circulation is the lifeblood of the newspaper industry. When someone attempts to poison that blood with toxic disparagement, a swift and definitive response is warranted. There is enough bad blood between Toledo Free Press and The Blade without uninformed tweeters making matters worse.

Michael S. Miller is editor in chief of Toledo Free Press and Toledo Free Press Star. Email him at [email protected].

Pounds: Trashing Husted’s BOE road map

By
Toledo Free Press
-
0

“The only sure things in life are death, taxes and Lucas County having the worst election board in the State of Ohio.”



— Steve Fought, campaign manager for Rep. Marcy Kaptur

Six months ago, Ohio Secretary of State (SOS) Jon Husted, undoubtedly with an eye on the then-upcoming presidential election, placed the Lucas County Board of Elections (BOE) under SOS administrative oversight and assistance. That long-overdue move helped protect the integrity of the elections process from the BOE’s dysfunction and inability to rise above the severely flawed personalities in charge. In a report issued this week, SOS-hired consultants who evaluated the Lucas County BOE recommended that Director Meghan Gallagher and Deputy Director Dan DeAngelis be removed from office.

In their report, consultants Jim Ruvolo, a Democrat who served on the BOE from 1976-82 and from November 2011 to February 2012, and Jon Allison, a Columbus-based attorney and Republican, wrote, “We conclude that the Lucas County Board of Elections as presently situated is devoid of management leadership, is without most of the basic organizational structure, policies and procedures necessary to function as an accountable government entity and is culturally plagued by mistrust and fear.”

We have been saying that since August 2011 and have long called for Gallagher’s resignation. Jon Stainbrook, board member and chair of the Lucas County Republican Party, would also better serve the public by going back to whatever it is he did before applying his unique talents to staining the democratic process with conflict and obstinance. In a Feb. 26 letter to the BOE, Husted wrote, “With yesterday’s release of Mr. Allison and Mr. Ruvolo’s report and recommendations, you have been provided with a roadmap to place the Lucas County Board of Elections on track. My office has provided you with all of the tools and resources that we can reasonably provide.”

Predictably, at a Feb. 26 board meeting, no movement was made toward following the SOS recommendation. There is no indication that any of the SOS’s efforts will effect change, or that any confidence has been restored.

This era of BOE operation will be remembered as an utter failure, a humiliation on a statewide level and an example of managerial incompetence that lowered an already pitiful standard in Lucas County.

Gallagher is collecting an annual salary in excess of $85,000; what are voters getting for that investment? Gallagher’s epic failure to control the BOE and its most basic functions has resulted in acrimony and an unimaginable situation for the Secretary of State. There is no logical future for her as BOE director and no clear path for true reform until she resigns or is removed from office.

Husted has provided a solution. The BOE is ignoring it. Stainbrook and Gallagher may feel they have outlasted the SOS intervention and “won,” but Lucas County continues to be the loser as long as these two have a presence at the BOE.



Thomas F. Pounds is president and publisher of Toledo Free Press and Toledo Free Press Star. Contact him at [email protected].

Treece Blog: Non-sequester

By
Ben Treece
-
0

This week, Rolling Stone’s Matt Taibbi wrote an article detailing the sequester cut — what they mean and how we got to this point. Politics aside, Taibbi is a fantastic writer who received a lot of notoriety after covering the failings of Wall Street in 2008-09, and who wrote scathing articles critiquing both the Bush and the Obama administrations for allowing those events to happen and then bailing out those who put us in the mess.

While the term has appeared on the news a lot over the past week, many people are still confused as to what exactly the sequester is and how we got to this point. The idea of the sequester was first bounced around in 2011, back when the fiscal cliff was a still a big deal. Democrats wanted the wealthy to “pay their fair share,” and Republicans stood their ground saying they would not approve tax increases without substantial spending cuts.

In response, the White House proposed the sequester, thinking that a deal would be worked out down the road. Once 2013 began, Democrats got the 2 percent FICA tax increase they wanted, and at the time of this writing we are days away from the sequester deadline. Be sure to check out the Bipartisan Policy Center for some great information and history on the sequester.

Now Democrats are stepping up saying this would be a catastrophe and the sequester cuts were never intended to actually happen but were more a way to delay spending cuts until a time when a more sustainable compromise could be reached (code for Democrats saying they were hoping they would have taken a majority in the House and Senate during the 2012 elections so they could do whatever they wanted).

Taibbi makes some great points, especially that $85 billion in cuts per year (some reports actually read $109 billion per year) is not all that drastic, reminding us that the Federal Reserve gave Citigroup more than that in one month of 2009 alone.

Putting the cuts in perspective, according to the proposed 2013 White House Budget, total outlays of the federal government would total more than $41 trillion between now and 2021, when the sequester is set to end. This ends up being a 2.9 percent reduction in spending.

Now let’s look at it from a personal income standpoint. Let’s say you spend an average of $25,000/year, a 2.9 percent cut in your spending would result in a $725 savings per year. My point is that the cuts are not that drastic, but they are a start.

Of course, we have politicians pandering to different crowds saying that these “Draconian cuts” would be devastating to the fragile U.S. economy. Factcheck.org did a great job pointing out many of these inaccuracies.

Even Taibbi points out in his piece that parading Janet Napolitano around saying that several thousand border patrol agents will be laid off in an effort to terrorize those living in border states who have been victimized by cartel violence in recent years is unfair. “We hated it when George Bush threatened us with the specter of terrorist attacks to get what he wanted politically, so we ought to be hating this, too,” he writes.

What Democrats fail to realize is that this is exactly what the Republicans have wanted all along — spending cuts! Fiscal conservatives have been screaming for more than a decade that government spending has gotten out of hand and needs to be reined in, but no substantial cuts have ever been agreed upon. It is also no secret that the Republican Party on a national scale is in a bit of disarray. This could be the event that Republicans use as a “told you so,” for the next several election cycles. However, here is the kicker — the sequester was an idea that the White House was forced to make in response to Republicans standing firm on no tax hikes without spending cuts. If the sequester pans out, it will be a battle for credit that will certainly be fought on national nightly news programs and in long editorials of national newspapers.

Everyone should read up on the sequester. While the cuts are not as broad and severe as you have been led to believe, it is important to know how much is set to be cut, what the impacts are and what the benefits are. History shows us that a more cost-effective, efficient government is great for the economy in the long run, and it is about time we curtailed out-of-control federal spending.

Ben Treece is a 2009 graduate from the University of Miami (Fla.), BBA International Finance and Marketing. He is a partner with Treece Investment Advisory Corp (www.TreeceInvestments.com) and a stockbroker licensed with FINRA, working for Treece Financial Services Corp. The above information is the express opinion of Ben Treece and should not be construed as investment advice or used without outside verification.

Union leader concerned about TPS abuse report procedures

By
John McCartney
-
0

A union leader’s concerns with the procedures teachers and administrators use to report suspected child abuse or neglect failed to generate discussion at a Feb. 26 Toledo Public School (TPS) Board of Education meeting.

Rather, board members focused on the three-year contract renewal of four administrative cabinet members. Board President Brenda Hill asked to delay that vote because the board is in the process of hiring a superintendent to replace Jerome Pecko when he leaves his position July 31.

At the Feb. 13 TPS Human Resources Committee (HRC) meeting, Hill brought to the committee’s attention that Don Yates, president of the Toledo Association of Administrative Personnel, had expressed concern over the number of TPS investigations, a review of how Lucas County Children Services (LCCS) caseworkers deal with referrals and the relationship between TPS and LCCS.

Cheryl Spieldenne, chief human resources officer for TPS, said in her report on the HRC meeting that Yates has expressed concern with LCCS being called in when there was an administrator involved in a child abuse or neglect investigation.

Board member Bob Vasquez, who said he has had the same responsibility to report suspected abuse and/or neglect in his professional career, reminded the committee that TPS has a policy for reporting.

“We must follow it,” Vasquez said of that policy. “If I am told that you believe a child is being abused, I have an obligation under the law to report it. It’s not up to me to do anything but report. It’s my legal obligation.”

Pecko told the committee  there had been a recent change in the reporting procedure districtwide and that all reporting must now go through the superintendent’s office. He also said that there would be LCCS staff training sessions later in the year.

Yates, who did not attend the HRC meeting, said Feb. 19 that his concern centered on the training sessions Pecko said would take place.

“I am concerned with the administrative review process, especially when administrators and teachers are involved,” Yates said. “I believe there may be confusion internally as to who does what investigation. We need to be able to dot the i’s and cross the t’s, especially when administrators and teachers are involved.

“On the flip side, however, there are referrals that are legitimate and there are cases that need investigation. We want to stress education so folks know what’s an appropriate referral,” Yates said.

Choice is not an option

Dean Sparks, LCCS’s executive director, referred to state law — Ohio Revised Code Section 2151.421, which identifies “school authorities, employees and teachers” as one of 15 professions “required by law to report if they suspect or know that child abuse is occurring.”

Ohio law is clear that choice is not an option for school personnel, Sparks said. The law requires immediate reporting of any known or suspected abuse or neglect.

“This is not a union issue,” Sparks said. “This is a state law issue. Failure to make a report of any abuse that should reasonably be suspected is a misdemeanor punishable by jail time and a fine.

“Let me couple this by saying we get lots of reports about a variety of people who care for children, like teachers, preachers, scout leaders, day care providers and foster parents, that never turn out to be true. So to say that it could be a career-ender for someone reporting [the suspicion of abuse or neglect] is a misnomer. It could be if somebody’s abusing children, and if they’re abusing children, we want it to be a career-ender.”

Sparks said all reports are confidential by law and LCCS does not disclose who made the report without that person’s consent.

Once investigated, Sparks said that cases are deemed “unsubstantiated,” “substantiated” or “indicated.”

Sparks said most letters that come across his desk are “unsubstantiated” allegations. “So that, in itself, is a protection for that educator,” he said.

“Anybody can say anything they want about any of us. And if we conduct an investigation and said it didn’t happen, then that never happened. That seems to me to be some protection from civil and personal liability for that person.

“And for everybody who goes through an investigation of child abuse or neglect as a perpetrator, it’s really uncomfortable. We understand that. There’s no way that we can ask those questions [comfortably]. But it really is for the protection of everyone.”

Sparks said in more than 70 percent of the cases referred to LCCS, “we find that it has not reached the level of abuse and neglect. “And that’s not just for teachers. That’s all together.”

No child in jeopardy

Yates further qualified his concerns Feb. 26.

“In years past, we’ve had speakers come in from [LCCS] to meet with school counselors, to make sure that teachers and principals and everybody is real clear about reporting requirements,” he said. “To me, that’s just a good way of making sure that no child is in jeopardy because somebody wasn’t sure or somebody had a question about a situation and they didn’t know who to contact. To me, that’s just a good of having a solid relationship between two organizations in charge of kids.”

Prior to 2009, Yates worked as a school assistant center coordinator, supervising counselors, special education teachers and psychologists. In that job, Yates said he was “pretty well plugged into” districtwide child abuse and neglect professional development classes.

“I’m not aware that we’ve done that recently,” Yates said. “At a Human Resources Committee meeting, I made the comment that I think it’s time to set that up again just to make sure that everybody knows what the requirements are.”

Background checks

In other business, the board agreed to pay the $22 fee for all employees Ohio Attorney General Bureau of Criminal Investigation (BCI) background checks at a cost of $63,140 to the district. The 3-2 vote approving this move was predicted by Cecelia Adams, board vice president, during the Feb. 13 Finance Committee meeting. Responsibility for the FBI background check will remain with the employee.

However, in presenting her committee report to the full board, Adams did not mention the 42-minute background check discussion that took place in the Finance Committee meeting. She asked the board to approve the related items in a bundle.

Before her motion could be seconded, Vasquez asked Adams why she had not disclosed the committee’s decision to bring the background check item to the board without a recommendation for a full discussion at the regular board meeting.

Adams said current TPS policy requires both; that in 2008, the decision to pay for both background checks was an emergency issue; and that she did not think there would be a need to do anything if that policy is to stay the same.

“Basically it is the responsibility of the employee,” she said.

Board member Lisa Sobecki immediately disagreed with Adams, saying that TPS should pay for the BCI background check and the employee should pay for the FBI background check. Sobecki cited the timeliness of the issue, saying employees “need to know when they come to work tomorrow what they will be expected to do.”

Sobecki also questioned whether the board had actually made the decision in 2008 or whether “this understanding may have been an administrative decision that was never brought to the board.”

Sobecki said she asked at the Jan. 22 board meeting that payment for background checks be put on the HRC agenda to be examined.

“Through discussion, HR discovered there was a policy issued and they had to look at whether they were going to change policy because the law had changed,” Sobecki said. “I, as a board member, said, ‘Wait a second. I was on the board at that time. I don’t recall this coming from the board. If it had, can someone show me? Is there a memorandum of understanding with your bargaining units? Was that agreement known to folks through a memorandum of understanding?’

“I don’t know if there’s one out there or not. One was not produced. All that could be produced was a letter that went out from Human Resources to the employees regarding their obligations, what was going to be happening, and the state law and what it is.”

‘Tough economic times’

Sobecki said the background check requirement includes bus drivers and food service workers as well as teachers and administrators.

“Ms. Hill referred to someone who has worked four years in the district working part-time making $9,000,” she said. “And $22 is important for someone who is possibly trying to get an education or paying off student loans or going to school or making a house payment.

“Those are what I look at because I value my employees and understand and sometimes can feel what they’re going though in these tough economic times. And they have worked tirelessly for us, not only in the position they are paid for, but also in their sacrifices on a very huge deficit that they didn’t create. That was my thinking through this whole process.

“And I agree with my colleagues that both of the checks are important. Actually, I wished that the state did the BCI check because it picks up things that the FBI check does not do. That’s a legislative thing in Columbus.”

Willy’s Salsa debuts several new flavors

By
Toledo Free Press
-
0
Bowling Green-based Willy’s Salsa recently debuted several new flavors, including Holy Frijoles Black Bean ‘N Corn Salsa and Just Peachy Salsa. Photo courtesy Dennis Dickey.

There is caution tape plastered on Willy’s Inc.’s website. Dennis Dickey, the brains behind Willy’s Salsa, warns his seven flavors of salsa are “highly addictive.”

“I get emails all the time,” Dickey said. “A lot of people [are] asking what I put in it. They’ll be joking. They’ll say, ‘Hey, we just finished a container of your salsa and now we’re driving across town to get another one.’ Once you start eating it, it’s hard to stop.”

But Dickey said there is no secret in the recipe. The seven flavors, the newest including Holy Frijoles Black Bean ‘N Corn Salsa and Just Peachy Salsa, are made from just a few ingredients.

“Everything that we do is off of one basic recipe,” Dickey said.“The sweet — all that is [added] is cane sugar. And the peach [is the] same thing; it’s cane sugar, peach flavoring … and we use chunks of peaches. The peaches are just for looks; they don’t really add any flavor.”

Dickey said the peach flavor is perfect to put on chicken or fish.

Willy’s Salsa also includes the original recipe in three versions: mild, medium and hot. Dickey likes the hot version best.

“We have the best hot salsa on the planet,” Dickey said. “That’s got habanero and serrano peppers in it. The hot is so good. I love to put it on a baked potato with sour cream and butter. I’ll even stop at Taco Bell, and I’m not even crazy about Taco Bell, but I’ll put a whole container of salsa on like five tacos and it’s really good.”

Dickey said the best feature about his salsa is the freshness. He does not keep his salsa in glass jars because, he said, glass jars of salsa have to be finished quickly or they grow mold.

The one-pound salsa tubs are available for just under $4 at several stores, including Kazmaier’s Market, Giant Eagle, The Andersons and Kroger. Right now, Dickey said between 500 and 600 stores sell Willy’s Salsa in Ohio, Illinois, Wisconsin and Michigan.

“We’re bigger [in Michigan] than we are here,” Dickey said. “That’s not the way it should be.”

Dickey’s goals do not stop there. Dickey added that in five years he wants to sell his company and retire.

“We’re going to be a national company,” Dickey said. “That’s my goal.”

Dickey originally worked at what is now InsideOut Home Recreation. He would bring his salsa to parties and his co-workers said he should start selling it. Later, he left his $80,000-a-year job to start Willy’s Salsa.

For more information, visit the web site www.willyssalsa.com.

Port increases president’s contracting authority

By
Toledo Free Press
-
0

The Board of Directors for the Toledo-Lucas County Port Authority unanimously voted to increase President Paul Toth’s contracting authority from $25,000 to $100,000 on Feb. 28.

“Last time we changed the (contracting) authority, it was back in the ’90s and obviously things have changed and gotten more expensive,” Toth said, adding that the amendment allows the Port Authority to move “at the speed of business.”

“What really brought [the amendment] out was just the market,” said Matt Sapara, chief operating officer for the Port Authority. “It becomes more and more difficult for us to retain our agility when we’re trying to get these projects completed.”

The materials from the Feb. 28 meeting echoed Toth’s and Sapara’s statement: “The cost of doing business has increased, rendering this threshold to be more frequently exceeded than when it was originally established.”

Before the amendment increasing his contracting authority was passed, Toth was able to enter contracts and select providers of goods, equipment, material and services of up to $25,000 without board approval. Now that amount changes to $100,000.

“It is recommended that the threshold be increased to $100,000 to enable the President to more efficiently commence those projects and secure those goods and services that are not financially significant,” read the board’s materials. Anything above $100,000 still requires a resolution from the Board of Directors.

Toth said that contracts must still be within the Port Authority’s budget. He also said that $100,000 was in the ballpark of other port authority presidents’ contracting authority amounts.

The amendment also changed the signing requirements of checks, drafts, notes and bonds. Before the amendment passed, both the fiscal officer (which Toth is considered) or an assistant fiscal officer and a board member had to sign any checks, drafts, notes and bonds of $25,000 or more. Checks less than $25,000 only required the signature of either the fiscal officer or a board member, according to documents. With the change to the policy, the dual-signing requirement is now just for amounts of more than $100,000.

Sapara said he didn’t see any resistance to the amendment at the meeting, which Toth was unable to attend.

“We’re very fortunate that there’s a good relationship between the board and staff and there’s checks and balances in place,” he said, adding that Toth is still required to report on his decisions to the board.

Before the amendment, Toth was required to report on contracted expenditures of $10,000 to $25,000 to the Board of Directors every quarter. Now with the increased amount, Toth must report on expenditures from $10,000 to $100,000 every quarter.

Rathbun: Adjustments to FDIC

By
Gary Rathbun
-
0

In my last column I discussed FDIC insurance and what some of the psychology involved does to the behavior of depositors as well as the banks. In this column, I want to spend some time talking about alternatives to the FDIC coverage and an alternative to individual bank solvency.

On Feb. 19, I had the privilege of having Hester Peirce from the Mercatus Center at George Mason University on my radio program, “Eye on Your Money.” We were able to spend some time talking about her research and commentary on the Dodd-Frank legislation and the devastating effect it is going to have on the economy. (You can listen to the podcast at privatewealthconsultants.com)

We mainly talked about two points in our conversation: First, instituting a deductible on the FDIC coverage and second, something called double liability for bank reserves.

Most of the insurance that you and I have in our lives has some sort of deductible or co-insurance, which is similar. What would happen if the FDIC insurance on your bank accounts had a deductible of, say, 5 or 10 percent? Would you be more interested in the overall finances of the bank? Would the bank be more diligent if it knew that potential depositors were going to scrutinize their balance sheet before putting any money in the account?

As it stands today, the investor really doesn’t need to be concerned about the financial condition of the bank they are depositing in as long as the account is under the $250,000 limit. After that, no one even looks at the financials, the lending practices or the people involved. Furthermore, the bank — knowing that no one cares about the financials — doesn’t need to concern itself with the amount of risk it takes because the government will provide the safety net if anything doesn’t work out as planned.

Having a deductible would go a long way toward fixing some of these issues. We have a deductible everywhere else, why not on our bank accounts?

Double liability is a concept that has been around for a long time and was in place before FDIC came along. Double liability simply means that the shareholders of a bank could be called upon to contribute additional capital to the reserves if needed. The amount required was generally a small percentage of the original share amount but additional nonetheless.

Prior to the Glass-Steagall Act, double liability was very effective in protecting bank creditors, including bank depositors. In fact, during the first four years of the Depression, very little depositor money was lost while double liability was in place.

Reintroducing double liability for financial firms would cause investors to increase the risk-monitoring by bank shareholders and managers. Shareholders — not federal deposit insurance — would be the primary bearers of losses resulting from poor risk management. This would greatly change the way depositors and investors in banks would approach their decisions.

Additionally, “too big to fail” would no longer be part of our vernacular with regards to financial institutions. The taxpayer would no longer be the safety net for banks and other financial institutions that wish to take on inappropriate risk with depositors and investors money.

Will either of these things happen? Doubtful. No one wants to take responsibility for their own decisions, be it banks, investors or depositors. As long as the attitude of a risk-free financial life prevails there will be no long-term solution to the financial institutions’ problems.

Gary L. Rathbun is the president and CEO of Private Wealth Consultants, LTD. He can be heard every day on 1370 WSPD at 4:06 p.m. on “After the Bell,” everyday on the Afternoon Drive, and every Tuesday, Wednesday and Thursday evening at 6 p.m. throughout Northern Ohio on “Eye on Your Money.” He can be reached at (419) 842-0334 or email him at garyrathbun@private wealthconsultants.com.

Retirement Guys: Found money

By
Mark Clair & Nolan Baker
-
0

Don’t you just love it when you slip on your jacket, check the pockets and find $20? Who doesn’t, right? One of the favorite parts of our job at The Retirement Guys is to help people find money when it comes to their investments. Finding money for clients is a two-part process that involves looking at the money going out and looking at the money coming in. Once we get started, money can usually be found in a lot of different ways.

Here are just a few ways that you, too, can find money.

Money going out

1. Buy the right investments in the right accounts. Consider holding tax-favored investments in taxable accounts. Many times, we find investors who own fully taxable accounts have investments that are 100 percent taxable each year. Instead, if the investments were shifted to a tax-free municipal bond, tax-advantaged real estate investment trusts or energy investments versus fully taxable strategies, less would go to taxes and more could be kept by the investor.

2.  Get life insurance policies that leverage money and provide long-term care benefits. Health care costs can wipe out the average family and even those with millions of dollars shouldn’t pay dollar for dollar for health care costs. Instead, leverage your money with insurance.

3. Cut investment fees and expenses. Sometimes it takes some work to add up all of the fees and expenses that are both disclosed and undisclosed in investments. Yet, once the effort is put in, wasted fees and expenses can be eliminated.

4. Eliminate debt. We talk with people all of the time who have a mortgage, credit card or car loans that cost anywhere from 4 percent to 15 percent; yet, they also have large balances in accounts that are earning less than 1 percent. By paying off the debt, they get to keep more of their hard-earned money.

5. Max out Roth IRA contributions. Roth IRAs offer the opportunity to get 100 percent tax-free growth and income for life. Roth IRAs aren’t just for young kids; they are a great option to consider for investors of all ages.

Money coming in

6. Old annuities. Minimum guaranteed rates in many older fixed annuities are much higher than what the average investor could get in other current safe accounts. Be sure to review how surrender changes could apply if any money is added into older annuities before you invest.

7. Life insurance policies that focus on maximum cash value can be a great approach. Insurance policies not only offer guarantees but indexed universal life insurance policies allow the account owner a higher potential return than most other fixed investments. Consider policies that don’t lock up your money.

8. Save in a company retirement plan. According to Aon Hewitt, 46 percent of American workers age 20-29 who have access to a pre-tax 401(k) retirement plan do not participate in the plan. Not only is it a mistake to not save for retirement, but the employee could also be missing out on free money if the company offers a matching contribution.

9. Pay attention to yield. Most investors focus mainly on the performance of their account. Although performance is important, the average investor has little control over the performance of the stock market in the future. Instead, focus on what can be controlled by concentrating on which yield can be increased by the proper investment selection. More yield from dividends and interest means more annual income.

These ways to find money do not consider your particular situation or risk tolerance. They should be used as a starting point in getting a comprehensive review done prior to making any changes. What we often find is that the average person is able to find money in several ways. So check out these nine ways with your money. Then visit us at ToledoFreePress.com and share with us some other ideas on how you have been able to find money.

Insurance guarantees are based upon the claims-paying ability of the insurance company. To qualify for the tax-free and penalty-free withdrawal of earnings, a Roth IRA must be in place for at least five tax years, and the distributions must take place after 59 ½ or due to death, disability or first-time home purchase ($10,000 lifetime maximum). Depending upon state law, Roth IRA distributions may be subject to state taxes.

For more information about The Retirement Guys, tune in every Saturday at 1 p.m. on 1370 WSPD or visit www.retirementguysnetwork.com. Securities and Investment Advisory Services are offered through NEXT Financial Group Inc., Member FINRA / SIPC. NEXT Financial Group, Inc. does not provide tax or legal advice. The Retirement Guys are not an affiliate of NEXT Financial Group. The office is at 1700 Woodlands Drive, Suite 100, Maumee, OH 43537. (419) 842-0550

Culbreath: UT hockey team heads to championship tournament

By
Matt Culbreath
-
0

Compared to football or baseball, hockey has relatively few fans. Compared to college football, college hockey’s fanbase is dang near miniscule. In this region, though, it does have its followers: Ohio State, University of Michigan, Michigan State and Bowling Green State University all have fantastic NCAA Division I programs that have seen players move on to the upper echelons of the sport. Those teams are gearing up for the final CCHA tournament, and we’ll hopefully see some of them at the Huntington Center at the Midwest Regionals of the NCAA Tournament on March 30 and 31.

Lost in all of that, though, is a scrappy team that plays in a public rink on Alexis Road that wears the midnight blue and gold. They may not be an NCAA team, but they’re starting to see success at their level.

The University of Toledo hockey team is not so much an official team as it is a student organization, but its history goes all the way back to 1965. It currently plays in the Tri-State Collegiate Hockey League (TSCHL), a Division II conference in the American Collegiate Hockey Association (ACHA) (think the NAIA, but for hockey). Their history includes successes both past and present: an ACHA Division II National Championship in 1992, and league titles in the ’60s, ’70s and ’80s. Last year, the Rockets blazed through the TSCHL tournament to win the league championship. This year, the Rockets shared the regular-season title with Dayton and head into the March 1-3 TSCHL Tournament as one of the top seeds, hoping to defend their title. The Rockets also had qualified for the ACHA Regional tournament, but lost a 3-2 heartbreaker to Virginia Tech in overtime.

Much of the team’s organization is built from within. Head Coach Matt Bollinger is a former player for the team. General Manager Greg Urig also spent four years on the ice for the Rockets before lending his services to building the program. According to Urig, the team would come and go based on whether or not there were enough people interested to actually field a team. Now, the structure is in place where the team is actually recruiting.

“It’s a matter of telling these kids that the level of play they’ll see here is about on the same level as they’d see in a Division III team in the NCAA,” Urig told me. “It’s still a collegiate level of hockey.”

I also talked to Mark Born, the father of Zack Born, one of the team’s offensive leaders. Mark was the one who originally reached out to Toledo Free Press, because he’s excited about the success the team has seen in recent years. “These are good kids, and this is good hockey that Toledo needs to see.”

It’s a little late in the year to take in the team now. They play their regular season games at the Team Toledo Ice House, but the regular season is already in the books. This weekend’s tournament will be held in North Canton, so if you’re up for a road trip, then hurry up; Toledo plays at 6:30 p.m. on March 2, and the Championship game is March 3 at 1:30 p.m.

Barring the roadie, you’re going to want to keep an eye out for this squad. Qualifying for the ACHA regional tournament was a Big Friggin’ Deal for this team, validating last year’s title and this year’s regular season championship. And spread the word: There are big-time prep hockey programs around here, and if a kid isn’t going to play for one of the big boys on the collegiate level, it doesn’t mean they still can’t play.



Matt “Shaggy” Culbreath is sports director at 1370 WSPD. Email him at [email protected].

Family Practice: Move over, Steve Martin

By
Shannon Szyperski
-
0

I’m less than two months away from earning my “10 Years of Motherhood” pin. Technically, I think I probably earned it five or six months ago considering it’s been about 10 and a half years since I started with my first bout of morning sickness. Nonetheless, my oldest is about to turn a decade old and my motherhood will officially do the same.

As this monumental milestone inches closer and closer to reality, I suspect I’ll struggle to grasp  and accept its weight in more ways than one. I’m counting on fits of denial, phantom ticks of my biological clock seeming to beg for one more baby and two to four middle-of-the-night, where-has-the-time-gone panic attacks. Perhaps because we are just so busy on a daily basis or perhaps because the fits of denial have already begun, what should be a wicked tugging of the ol’ maternal heartstrings has so far manifested itself in a completely different way. As I soak up my three wonderful children each day, all I can seem to think of is, “I can’t believe I have been having to repeat the same thing over and over for almost ten years now!”

.

That’s right. I have been spouting off the same motherly instructions for 10 long years, many to no avail. “Brush your teeth.” “Put that away.” “Please eat something.” “Turn the TV off.” “Say ‘thank you.’” “That’s enough.” “Put your clothes back on right now.” Over and over and over again.

My inability to get through to my fairly good children after reiterating the same simple commands repeatedly every day for nearly a decade makes me realize that not everything is our fault as parents and that children aren’t necessarily steered into compliance by suggestions from parenting magazines. I’ve spent years, nay, nearly a decade working tirelessly to mold my children to the best of their abilities and I have yet to feel triumphant enough to take a victory lap or two.

Despite my best efforts (make that 80 percent or so of my best effort or so), we’re still combating messy rooms, nose picking, picky eating, food all over the house, inappropriate attire, writing on furniture, homework refusal, bathing refusal, bedtime refusal, most every other kind of refusal, forgotten toilet flushes, sibling rivalry, hitting, yelling, and the all-time classic, talking back. Every. Single. Day. I’m exhausted just thinking about it.

Fortunately, the years of experience have not left me completely without beneficial parenting skills, as I can name your toddler’s ailment in four symptoms or less and change a diaper with my eyes closed. Still, I can’t help but wonder at what point I’m finally going to get good at this. My bossy 9-year-old, school-hating 7-year-old and TV-addicted 3-year-old don’t quite move me to pat myself on the back for a job well done.

And then I remember a story a friend once told me. He spoke of how when, pre-children, he groaned at some friends with children for not being available enough and canceling plans at the last minute. “What jerks,” he thought. Upon having his own children and partaking in the 24-hour-a-day, 365-day-a-year state of responsibility that is parenthood, however, he had an epiphany. “All of a sudden I realized,” he confessed, “that all of those years I was the jerk.”

Between his declaration and my ongoing realization that my kids aren’t and will likely never be parenting-magazine perfect, I’ve decided that much of raising children has to do with simply acknowledging what a jerk you’ve been most of the years prior. Even though I knew kids like the back of my hand before I even had my own, deep down I still had the notion that many a parent was doing it wrong.

Growing up, you think your own parents are doing it all wrong and then throughout young adulthood you can barely see children out in public without contemplating how superior your parenting skills are going to be to their parents’ skills. “My children will never be like that,” you oh-so-foolishly gloat.

Yet, here I stand, 10 years into the parenting gig and, despite both encouraging good choices and setting good examples, I can’t even get my kids to wear coats in the wintertime. That “10 Years of Motherhood” pin is no doubt going to be a reminder of how little I have it all figured out rather than a badge of wisdom. In the wise words of Michael Franti, “The more I see the less I know.”



Shannon Szyperski and her husband, Michael, are raising three children in Sylvania. Email her at [email protected].

1...233234235...303Page 234 of 303