B6 WEDNESDAY MAY 19, 2010 BUSINESS ASHLAND TIMES-GAZETTE
Economically speaking MARKET ROUNDUP
A DAY ON WALL STREET
Obama labels
GOP the ‘just
say no’ crowd
By ERICA WERNER
Associated Press
YOUNGSTOWN — Lump-
ing Republicans together
as the “just say no” crowd,
President Barack Obama chal-
lenged his critics on Tuesday
to explain why they oppose
his steps to fix the economy.
Said Obama: “Tell us why
doing nothing would be better
for America.”
In the latest campaign
stop for his economic agenda,
this one in struggling Ohio,
Obama took concerted swipes
at what he called the “unified, STOCKS OF LOCAL INTEREST
determined opposition of one Name Sym. Last Chg. Name Sym. Last Chg.
AFLAC Inc AFL 45.01 -0.96 Las Vegas Sands LVS 22.23 -0.27
party.” He said it’s not too late AMR Corp AMR 7.09 -0.22 MGM MIRAGE MGM 12.98 -0.34
Associated Press photo
for bipartisanship, even as he AT&T Inc
Abbott Labs
T 25.59 -0.18 Marathon Oil
McDonalds
MRO
MCD
32.25
70.02
0.64
-0.12
criticized those he said were President Barack Obama salutes as he walks off Air Force One at Youngstown Adv Micro Dev
ABT
AMD
48.05
8.42
-0.38
-0.43 MeadWestvaco MWV 24.5 -0.56
bad-mouthing his efforts. Air Reserve Station in Youngstown on Tuesday. Obama’s administration proposed Alcatel-Lucent
Alcoa Inc
ALU
AA
2.5
11.82
-0.08
-0.28
Microsoft Corp
Motorola Inc
MSFT
MOT
28.6
6.78
-0.21
-0.07
“If the just-say-no crowd a trust fund of more than $800 million to pay for the cleanup of closed General Altria Group
American Ele Pwr
MO
AEP
21.37
32.6
-0.33
-0.39
NCR Corp
Newell Rubbermaid
NCR
NWL
12.67
16.4
0.08
-0.39
had won out — if we had done Motors sites in 14 states, including one in Lordstown near Youngstown. Ashland Inc
BP PLC
ASH
BP
55.04
45.38
-1.2
-1.19
NiSource Inc
Nokia Corp
NI
NOK
15.65
10.19
-0.2
-0.22
things the way they wanted Bank of America BAC 15.95 -0.4 Norfolk Sthn NSC 57.11 -1.02
Bob Evans Farms BOBE 29.03 -0.3 Occid Petl OXY 80.93 0.4
to go — we’d be in a deeper ticularly on the key measure of few months in the term of the STAR, a place he said is ben- Boeing Co BA 67.72 -1.96 PNC Financial PNC 63.68 -2.17
world of hurt,” Obama said, jobs. late Democratic Rep. John efiting directly from his eco-
CBS Corp
Chevron Corp
CBS
CVX
14.91
76.85
-0.34
-0.88
PPG Inds
Penney JC Co
PPG
JCP
65.63
26.65
-0.49
-0.97
in the swing state of Ohio. Murtha. nomic policies. Cisco Syst CSCO 24.36 -0.51 Pentair, Inc PNR 34.16 -0.37
His comments came on a Citigroup C 3.73 -0.13 PepsiCo PEP 66.53 -0.22
Unemployment here is close to day of closely watched primary The parent company of the
The president is on a drive CocaCola KO 53.1 -0.31 Pfizer Inc. PFE 15.81 -0.3
11 percent, above the already- elections in Kentucky, Pennsyl- V&M is spending $650 million
Conagra Foods CAG 24.48 0 Philip Morris Int. PM 45.56 -0.69
to show people that the coun- ConocoPhillips COP 54.67 -0.52 PowerShs QQQ Trust QQQQ 46.43 -0.65
high nationwide average of vania and Arkansas, which are to build a 1 million-square- DPL Inc DPL 26.29 -0.5 Praxair Inc PX 77.79 -0.29
nearly 10 percent. try’s economy is getting better, Daimler AG DAI 50.98 -0.13 Presstek PRST 4.01 0.03
shaping up as a referendum on even as their individual situa- foot mill in Youngstown Direxion FinBear 3X
Direxion FinBull 3X
FAZ
FAS
14.99
25.54
1.22
-2.46
ProShs UltraSht S&P
ProSh Ultra Sht QQQ
SDS
QID
32.89
17.57
0.89
0.48
The president came to incumbent Democrats — and tions may not be yet. He got now that the nearby Norfolk Dow Chemical DOW 26.73 -0.17 ProShs Ultra S&P500 SSO 38.48 -1.05
explain and defend economic to a degree the president. out of Washington and donned Southern railroad is building DryShips Inc
Du Pont
DRYS
DD
5.01
37.08
-0.11
-0.57
ProSh UltSh RealEst
ProSh Ultra Fincl
SRS
UYG
27.94
59.38
1.34
-3.55
stimulus spending, and mea- Two Democratic senators a spur, thanks to money from E TRADE Financial ETFC 1.49 -0.04 RPM Intl RPM 20.15 -0.43
a hard hat, goggles and a fire- Eastman Kodak EK 5.66 -0.15 Regions Fincl RF 7.92 -0.35
sures like tax credits and — Arlen Specter of Pennsyl- last year’s stimulus act. To
retardant jacket while touring EnPro Inds NPO 33.21 -0.92 SPDR S&P Retail XRT 40.21 -0.93
extended unemployment ben- vania and Blanche Lincoln of applause from the assembled Exxon Mobil Corp XOM 62.79 -0.48 Sara Lee Corp SLE 14.77 -0.13
a hot, noisy plant where metal Fannie Mae FNM 0.98 -0.02 Sears Holdings Corp SHLD 102.01 -6.89
efits he’d championed with Arkansas — faced stiff chal- workers, Obama said it would FirstEnergy Corp FE 35.92 -0.63 Sprint Nextel Corp S 4.7 0.2
mostly Democratic support piping was being manufac- FirstMerit Corp FMER 19 -0.63 SPDR SPY 112.4 -1.55
lenges from fellow Democrats, be the biggest industrial plant Ford Motor F 11.55 -0.41 SPDR Financial XLF 14.92 -0.44
in Congress. Without those tured.
who say the senators were not built in the region since a GM GenCorp
Gen Dynamics
GY
GD
5.65
70.55
-0.09
-1.22
Standex
Taiwan Semicon
SXI
TSM
26.87
9.73
-1.21
-0.24
measures, he said, “the steady sufficiently loyal to party pri- He acknowledged that plant went up in nearby Lord- Gen Electric GE 17.23 -0.33 Texas Instruments TXN 24.54 -0.88
progress we are beginning orities. And in a special House some may not be impressed stown in the 1960s.
Gen Mills
Goodrich Corp
GIS
GR
73.71
73.43
-0.2
-0.79
3M Company
Timken Co
MMM
TKR
84.02
31.47
-0.66
-0.54
to see across America just race in southwestern Penn- by a president swooping into Obama’s visit to Youngstown Goodyear GT 12.39 -0.56 Vale SA VALE
VZ
26.05
28.42
-0.94
-0.24
Gorman-Rupp GRC 28.35 -0.86 Verizon Comm
wouldn’t exist.” sylvania that’s attracted high town, when all they want was the latest on Obama’s Honeywell Intl HON 44.72 -0.42 Viacom Inc VNV 24.35 -0.34
VOD 19.54 -0.53
Republicans have opposed spending from the national to see is a headline saying: White House-to-Main Street
Hospira Inc
Humana
HSP
HUM
52.71
46.2
-0.16
0.31
Vodafone Group
WalMart Stores WMT 53.71 0.98
the steep cost of Obama’s political parties, a Republican “You’re hired.” tour of towns and businesses, Huntgtn Bancshs
iShs Emerg Mkts
HBAN
EEM
6.16
38.43
-0.34
-0.82
Wayne Savings Bcsh
Wells Fargo & Co
WAYN
WFC
8.25
30.59
-0.21
-1.38
plans and criticized the pace and Democrat faced off to see Still, he tried to keep spir- often in economically depressed iShares Rus 2000
Intel Corp
IWM
INTC
68.35
21.43
-1.34
-0.59
Wendys Arbys Group
Weyerhaeuser Co
WEN
WY
4.63
44.45 -1.28
0
of the promised recovery, par- who would serve out the final its up for employees at V&M regions. JPMorgan Chase & Co JPM 39.02 -0.82 Worthington Inds WOR 15 -0.25
Kimberly Clark KMB 62 -0.29 Xerox Corp XRX 10.01 -0.09
MUTUAL FUNDS
Old GM site in Lordstown may get funding for cleanup
Name Symbol Last Chg.
American Funds American Balanced A ABALX 16.4 -0.13
American Funds Bond Fund of Amer A ABNDX 12.1 0.03
American Funds Capital Inc Bldr A CAIBX 45.57 -0.34
American Funds Capital World G/I A CWGIX 31.04 -0.4
American Funds EuroPacific Gr A AEPGX 34.71 -0.38
By KEN THOMAS rehabilitate dozens of vacant manufac- ing most, if not all, of its investment” in American Funds Fundamental Investors A
American Funds Growth Fund of Amer A
ANCFX
AGTHX
32.01
26.95
-0.42
-0.34
Associated Press turing facilities and offices left barren GM. American Funds Inc Fund of Amer A AMECX 15.25 -0.1
by GM’s government-led bankruptcy last Montgomery and Summers said the American Funds Invmt Co of Amer A AIVSX 25.38 -0.32
WASHINGTON — The Obama admin- American Funds New Perspective A ANWPX 24.24 -0.3
year. Montgomery announced the cleanup environmental plan would provide $536 American Funds Washington Mutual A AWSHX 24.55 -0.31
istration on Tuesday proposed a trust at a conference sponsored by the White
Davis NY Venture A NYVTX 30.53 -0.47
fund of more than $800 million to pay million for the cleanup of properties and Dodge & Cox Balanced DODBX 64.36 -0.74
House and the Brookings Institution on about $300 million to help states and
Dodge & Cox Income DODIX 13.21 0.03
for the cleanup of closed General Motors the future of automotive communities
Dodge & Cox International Stock
Dodge & Cox Stock
DODFX
DODGX
29.58
95.99
-0.49
-1.6
sites in 14 states. communities pay for property taxes, Fidelity Balanced FBALX 16.65 -0.14
affected by the industry’s downsizing. demolition costs, plant security and other Fidelity Contrafund FCNTX 58.14 -0.86
President Barack Obama, speaking in General Motors received $50 billion Fidelity Diversified International FDIVX 25.14 -0.51
Youngstown, which is near a GM assem- expenses. Fidelity Equity-Income FEQIX 39.69 -0.76
in government aid to get through its More than half of the sites are in Mich-
Fidelity Freedom 2020 FFFDX 12.51 -0.11
bly plant in Lordstown, called the trust a bankruptcy last year. GM has repaid $6.7
Fidelity Growth Company
Fidelity Low-Priced Stock
FDGRX
FLPSX
70.23
33.49
-1.08
-0.46
“landmark agreement to help dozens of igan, and others are located in Ohio, Indi- Fidelity Magellan FMAGX 64.25 -0.91
billion that the government considered
communities like Youngstown revitalize ana and New York. The fund will “take Fidelity Puritan FPURX 16.35 -0.14
loans, with the remaining $43.3 billion Fidelity Spartan 500 Index Inv FUSEX 39.76 -0.56
and redevelop old, shuttered GM facili- these properties and once again make Franklin Income A FKINX 2.05 -0.01
converted to a 61 percent stake in the Harbor International Instl HAINX 49.07 -1.06
ties, preparing them for new industries, automaker. them productive assets for your towns PIMCO Total Return A PTTAX 11.15 0.02
PIMCO Total Return Admin PTRAX 11.15 0.02
new jobs and new opportunity.” GM said Monday that its net income and communities,” Montgomery said. PIMCO Total Return Instl PTTRX 11.15 0.02
Ed Montgomery, who leads the White rose to $865 million in the first quarter. Some of the sites include: former GM T. Rowe Price Growth Stock
Vanguard 500 Index Admiral
PRGFX
VFIAX
27.28
103.52
-0.48
-1.47
House Council on Automotive Commu- Company officials have said a public stock plants in Wilmington, Del.; Kansas City, Vanguard 500 Index Investor
Vanguard GNMA Adm
VFINX
VFIJX
103.5
10.87
-1.47
0.01
nities and Workers, said the fund would offering — a key step in the government Kan.; Shreveport, La.; Pontiac, Mich.; Vanguard GNMA VFIIX 10.87 0.01
Vanguard Institutional Index Instl Pl VIIIX 102.83 -1.46
clean up nearly 90 properties shuttered in eventually selling its ownership stake — Flint, Mich.; Lansing, Mich.; and Moraine, Vanguard Institutional Index Instl VINIX 102.82 -1.47
the GM bankruptcy. could come later this year or in 2011. Ohio. Other facilities are located in Syra- Vanguard Interm-Term Tx-Ex Adm
Vanguard PRIMECAP
VWIUX
VPMCX
13.56
58.09 -0.83
0
He said it represented the largest envi- White House economic adviser Larry cuse, N.Y.; Janesville, Wis.; Indianapolis; Vanguard Short-Term Investment-Grade Adm
Vanguard Total Bond Market Index Adm
VFSUX
VBTLX
10.74
10.59
0.01
0.03
ronmental and economic development Summers gave an upbeat assessment of West Mifflin, Pa.; Fredericksburg, Va.; Vanguard Total Bond Market Index VBMFX 10.59 0.03
Vanguard Total Intl Stock Index VGTSX 13 -0.27
effort for former manufacturing sites. the company’s future, saying there was a Kokomo, Ind.; Framingham, Mass.; Dan- Vanguard Total Stock Mkt Idx Adm VTSAX 28 -0.41
The cleanup plan will help raze or “real prospect of the government recover- ville, Ill., and Trenton, N.J. Vanguard Total Stock Mkt Idx Instl
Vanguard Total Stock Mkt Idx
VITSX
VTSMX
28
27.99
-0.41
-0.41
Vanguard Wellington Adm VWENX 49.91 -0.36
Vanguard Wellington VWELX 28.89 -0.21
Vanguard Windsor II Investor VWNFX 23.64 -0.37
Note: Visit www.times-gazette.com for more detailed stock information.
Fair Finance investors hear update on asset recovery
By CHRIS LEONARD No one has been charged with criminal But financial recovery could take a few MARKET REPORTS
Dix Communications wrongdoing. years. The process, he said, takes time
At Monday’s meeting, Bash detailed Precious metals Select steers .............. 82.00-87.00
AKRON — Hundreds of Fair Finance because recovering assets such as art, Holstein steers .......... 64.00-73.00
the structure of Fair Finance and how it Gold, oz. ........................... 1,214.30
investors had a chance Monday to learn cars or a home can’t take place until a Choice heifers ........... 88.00-97.00
Silver, oz. .............................. 18.85
about the fate of their money since a was owned by various companies, liken- buyer is found. Select heifers ............ 67.00-82.00
Platinum, oz. ................... 1,688.50
November FBI raid put the shaken finan- ing the company to a parent-grandparent Durham loaned money to at least 10 Palladium, oz. .................... 506.00 Holstein heifers ......... 65.00-79.00
cial company into legal limbo. subsidiary corporation relationship, rath- companies, Bash said. Legal counsel Kelly
Surrounded with a small team of ana- er than a parent-subsidiary relationship. Burgan said some of those companies Cows
Fair Finance, started in 1934, was Cash corn Comm. and utility ..... 55.00-68.50
lysts, accountants and attorneys at the were insolvent upon receiving the loan.
bought by Indiana businessman Tim Dur- May corn ................................ 3.08 Canner/cutter ............ 24.00-52.00
Akron City Centre Hotel, Fair Finance “Virtually all the money that he used to June 2010 corn ....................... 3.10
trustee Brian Bash was bombarded with ham in 2002. Since then, it has been co- get ownership in these things was derived O/N 2010 corn ........................ 3.09 Bulls
questions — in two different sessions owned with James Cochran. The compa- from Fair Financial; that’s where your All bulls ...................... 57.00-71.25
Jan. 2011 corn ........................ 3.26
because of the volume of attendees — ny sold investment certificates that came investment certificate money is going we
about financial concerns, pending crimi- with rates as high as 9 percent, but were think, to a large degree,” Bash said. Cash beans Feeder Cattle
nal investigations and the overall process not government-insured. It is owned by Howard Kleine, a forensic accountant, May beans .............................. 9.10
Yearling steers ......... 75.00-102.00
to regain assets. its parent company Fair Holdings, which said he has been examining seized Fair June 2010 beans .................... 9.10
Yearling heifers ....... 75.00-102.00
in turn is wholly owned by its parent DC Steer calves ............. 75.00-102.00
Bash said the focus of the trustees is Finance records. S/O/N 2010 beans .................. 8.39
Heifers calves .......... 75.00-102.00
to recover assets, not to pursue a crimi- Investments, according to court records. Jan. 2011 ................................. 8.53
“Now most cases like this, there is Holstein steers 550 & down .........
nal investigation. Trustees are looking at All three companies are jointly owned
by Durham and Cochran. no hidden cash as much as you want to ................................... 75.00-102.00
recovering real estate, cars, artwork and believe. Normally, these people are spend- Cash wheat Holstein steers 550 & up ..............
third-party loans involving Fair Finance “The money that was taken through May wheat ............................. 4.08 ................................... 75.00-102.00
the investment certificates that you all ing it as fast as they get the cash,” Kleine
co-owners Tim Durham and James said. July/Aug. 2010 ........................ 4.02
Cochran. purchased over a period of time, that Back to Farm Calves
$200 million or more, was taken from Fair Bash said his law firm, which worked Oats Bulls .......................... 10.00-120.00
Monday’s event was classified as a
“341” meeting, part of the bankruptcy Finance, floated up through Fair Holdings, on the Bernie Madoff case, is investigating Cash oats ............................... 2.50
process. Bash was appointed interim through to DCI and out DCI to affiliated Fair Finance’s insurance policies to deter- Goats
mine if any investments can be recouped. Creston All goats ................... 52.00-102.50
trustee after investors forced the compa- companies, Obsidian, which made loans
Any money recovered is being invested in May 17, 2010
ny into bankruptcy in February. to National Lampoon, which made loans Feeder Sale
The U.S. Attorney’s Office for the to U.S. Rubber Recycling, which made a trust fund, gaining some interest, at the Hogs 2 p.m. Friday, May 21
Southern District of Indiana filed a civil loans to a number of other companies,” Bank of America, which is FDIC insured, Market hogs .............. 52.00-65.25
lawsuit the day of the November FBI Bash said at Monday’s meeting. Bash said. Light ........................... 62.00-65.25 West Salem Town & Country
Fair Finance, Fair Holdings and DCI Fair Finance has eight offices through- Heavy ......................... 52.00-60.00 Co-Op Hay and Straw Auction
raid, which was later dismissed, accusing
May 18, 2010
Durham, his companies and associates of all filed consolidated tax statements. out northeast Ohio, including one each in
Sows 1st cut mix hay . 72.50-195.00 ton
defrauding customers by getting them to Bash said he has filed paperwork try- Ashland, Medina and Wooster. Light ...................................... 44.00 1st cut sq. mix ............... 2.100 ea.
buy investment certificates and using that ing to consolidate the tax statements at ■ Reporter Chris Leonard can be reached at 1st cut alfalfa ................ 75.00 ton
money to make interest and redemption the bankruptcy level to examine all the 330-287-1643 or e-mail cleonard@the-daily- Cattle 2nd cut alfalfa ................. 2.20 ea.
payments to earlier investors. books throughout all the companies. record.com. Choice steers ........... 90.00-100.00 Eggs ...... ......................... 1.30 doz.