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2095635 2038-01-18 05:00:00.0 UTC 2038-01-18T00:00:00.000-05:00 2010-09-24 11:41:52.0 UTC 2010-09-24T07:41:52.000-04:00 content/best-3-more-banks-under-stress-citizens-rates-escalate-and-100-million-club published 2010-09-24 11:47:57.0 UTC 2010-09-24T07:47:57.000-04:00 drupal 46513 Wake up and good morning. I've scanned Friday's news and want to share my three favorite business stories that touch on Florida and tell us something extra about our trying-to-recover economy. Let's get to it. No. 1: The Sarasota-Bradenton area just can't seem to stop hemorrhaging troubled banks. After regulators closed Bradenton's Horizon Bank earlier this month, they are now pressing Sarasota's LandMark Bank of Florida with a 90-day deadline to raise fresh capital or find a buyer. It may be problematic. Raising fresh capital when a bank is already under the thumb of regulators is extremely hard to do. So is finding a buyer. Once regulators close a bank they sell it off anyway for pennies on the dollar. But what distinguishes this Sarasota Herald Tribune story is the fact that LandMark got itself mired in the muck because of a loan tied to Sarasota Ponzi scheme meister Art Nadel (now in jail, photo, right). As the story states: "The bank is owed $2 million by Christopher Moody, who with his father Neil were partners of admitted Ponzi schemer Arthur Nadel. Moody pledged stock and promissory notes as collateral for a loan LandMark made less than two weeks after the Nadel-Moody hedge funds collapsed. That collateral has been seized for the Nadel receivership." Here is the complete story. No. 2: Many Florida newspapers report that most customers of the state-run Citizens Property Insurance (Florida's largest property insurer) will see their rates increase by an average 10 percent next year -- despite the remarkable absence of hurricanes hitting Florida for years. Insurance Commissioner Kevin McCarty (photo, below left) approved dozens of rate hikes since early last year because he said many companies reported premiums aren't keeping pace with costs due to a rise in sinkhole claims and other claims not related to hurricanes. The state's flip-flopped for years on what rates to set for Citizens, though none of them have been enough based on the analyses of insurance actuaries. Here's the kicker, though. Rick Scott, who's running for governor, says he wants to attract more private insurance companies back into the state to sell property coverage. But the only way that will happen is for Citizens' rates to rise sharply, allowing private companies to price their own policies without the disruption of cheaper Citizens coverage. Here are stories on Citizens' latest rate hike plans from the St. Petersburg Times, Orlando Sentineland Palm Beach Post. No. 3: Could Hillsborough County be the catalyst of the $100 Million Club for public school systems? Last year, the Bill & Melinda Gates Foundation announced a stunning $100 million in education grants to the county's school system. Now comes a $100 million stock donation that Facebook founder Mark Zuckerberg is expected to announce today on Oprah Winfrey's show. Now that would be a dazzling trend of Pay It Forward for this country. And it started here. Check out this AP story. -- Robert Trigaux, Times Business Columnist Robert Trigaux venturebiz Ponzi scheme,Education,Economy,banks,bank failure The Best 3: More banks under stress, Citizens rates escalate, and a $100 million club? templatedata/tampabaytimes/BlogArticle/data/venturebiz/2010/09/24/46513-best-3-more-banks-under-stress-citizens-rates-escalate-and-100-million-club BlogArticle 2012-11-11 22:39:58.0 UTC 2012-11-11T17:39:58.000-05:00 Wake up and good morning. I've scanned Friday's news and want to share my three favorite business stories that touch on Florida and tell us something extra about our trying-to-recover economy. Let's get to it.Ponzi scheme,Education,Economy,banks,bank failurePonzi scheme,Education,Economy,banks,bank failureRobert Trigaux 380405 2038-01-18 05:00:00.0 UTC 2038-01-18T00:00:00.000-05:00 2012-10-25 12:47:39.0 UTC 2012-10-25T08:47:39.000-04:00 robert-trigaux published Robert Trigaux <p>Robert Trigaux joined the <i>Times</i> as a business writer in 1991. In 2000, he began writing a business column three times a week. He served as business editor from 2005 to 2008, when he resumed his role as business columnist. While at the <i>Times</i>, he has covered a range of beats including banking and finance, technology, telecommunications, energy and economic development. He has received various awards for business writing, including two Green Eyeshades from the Society of Professional Journalists, a commendation for column writing from the Society of American Business Editors and Writers and a first place in business columns from the National Association of Newspaper Columnists.</p><p>In the late 1970s, Robert started his business journalism career in New York writing for various business publications covering topics from technology to the furniture industry. At the <i>American Banker</i>, a daily national newspaper, he covered the financial industry in New York and London, then served for eight years as its bureau chief in Washington, D.C. He holds an economics degree from Colgate University.</p> Times Business Columnist writers DTI 35045303 Robert Trigaux joined the Times as a business writer in 1991. In 2000, he began writing a business column three times a week. He served as business editor from 2005 to 2008, when he resumed his role as business columnist. While at the Times, he has covered a range of beats including banking and finance, technology, telecommunications, energy and economic development. He has received various awards for business writing, including two Green Eyeshades from the Society of Professional Journalists, a commendation for column writing from the Society of American Business Editors and Writers and a first place in business columns from the National Association of Newspaper Columnists. In the late 1970s, Robert started his business journalism career in New York writing for various business publications covering topics from technology to the furniture industry. At the American Banker, a daily national newspaper, he covered the financial industry in New York and London, then served for eight years as its bureau chief in Washington, D.C. He holds an economics degree from Colgate University. <p>Phone: (727) 893-8405</p><p>Email: <a href="mailto:trigaux@tampabay.com ">trigaux@tampabay.com</a></p><p>Blog: <a href="http://blogs.tampabay.com/venture/">Venture</a></p><p>Twitter: <a href="https://twitter.com/VentureTampaBay">@VentureTampaBay</a></p> 1 resources/images/dti/2012/10/Trigaux_Bob_wp.jpg true templatedata/tampabaytimes/AuthorProfile/data/35045303-robert-trigaux AuthorProfile 2012-10-25 12:47:39.0 UTC 2012-10-25T08:47:39.000-04:00 <p><strong><img alt="number3.png" width="160" height="160" class="ibimage ibimage_left" src="/resources/images/blogs/venturebiz/46507.png" />Wake up and good morning</strong>. I've scanned Friday's news and want to share <strong>my three favorite business stories</strong> that touch on Florida and tell us something extra about our trying-to-recover economy. Let's get to it.</p> <p><strong>No. 1:</strong> The Sarasota-Bradenton area just can't seem to stop hemorrhaging troubled banks. After regulators closed Bradenton's <strong><a href="http://www.tampabay.com/news/business/banking/was-bradenton-banks-failure-sale-premature/1121356">Horizon Bank</a></strong> earlier this month, they are now pressing Sarasota's <strong><a href="https://www.landmarkbankfl.com/Default.aspx">LandMark Bank of Florida</a></strong> with a 90-day deadline&nbsp;to raise fresh capital or find a buyer. It may be problematic. Raising fresh capital when a bank is already under the thumb of regulators is extremely hard to do. So is finding a buyer. Once regulators close a bank they sell it off anyway for pennies on the dollar. But what distinguishes this <strong>Sarasota </strong><em><strong>Herald Tribune</strong></em> story is the fact that LandMark got itself mired in the muck because of a loan tied to <strong>Sarasota Ponzi scheme meister Art Nadel</strong> (<em>now in jail, photo, right</em>).</p> <p><img alt="artnadeljailbookoing.jpg" width="160" height="202" class="ibimage ibimage_right" src="/resources/images/blogs/venturebiz/46509.jpg" />As the story states: &quot;The bank is owed $2 million by <strong>Christopher Moody</strong>, who with his father Neil were partners of admitted <strong>Ponzi schemer Arthur Nadel</strong>. Moody pledged stock and promissory notes as collateral for a loan LandMark made less than two weeks after the Nadel-Moody hedge funds collapsed. That collateral has been seized for the Nadel receivership.&quot; Here is the <a href="http://www.heraldtribune.com/article/20100924/ARTICLE/9241012/2416/NEWS?p=all&amp;tc=pgall">complete story</a>.&nbsp;</p> <p><strong>No. 2: </strong>Many Florida newspapers report that most customers of the state-run Citizens Property Insurance (Florida's largest property insurer) will see their rates increase by an average 10 percent next year -- despite the remarkable absence of hurricanes hitting Florida for years.&nbsp;<strong>Insurance Commissioner Kevin McCarty</strong>&nbsp;(<em>photo, below left</em>) approved dozens of rate hikes since early last year because he said many companies reported premiums aren't keeping pace with costs due to a rise in sinkhole claims and other claims not related to hurricanes.</p> <p><img alt="kevinMcCartyfldoir.jpg" width="160" height="226" class="ibimage ibimage_left" src="/resources/images/blogs/venturebiz/46511.jpg" />The state's flip-flopped for years on what rates to set for Citizens, though none of them have been enough based on the analyses of insurance actuaries. Here's the kicker, though. <strong>Rick Scott</strong>, who's running for governor, says he <a href="http://www.miamiherald.com/2010/09/20/1834468/scott-calls-for-insurance-overhaul.html">wants to attract more private insurance companies</a> back into the state to sell property coverage. But the <strong>only way that will happen is for Citizens' rates to rise sharply</strong>, allowing private companies to price their own policies without the disruption of cheaper Citizens coverage. Here are stories on Citizens' latest rate hike plans from the <em><a href="http://www.tampabay.com/news/business/banking/florida-approves-citizens-property-rate-hikes-above-10-percent/1123645">St. Petersburg Times</a></em>, <em><a href="http://www.orlandosentinel.com/business/fl-citizens-insurance-rates-20100923,0,4787705.story">Orlando Sentinel</a></em>and <em><a href="http://www.palmbeachpost.com/money/state-approves-10-percent-rate-increase-for-citizens-934235.html">Palm Beach Post</a></em>.</p> <p><strong>No. 3:</strong> Could Hillsborough County be the catalyst of the <strong>$100 Million Club</strong> for public school systems?&nbsp;Last year, the <strong><a href="http://www.gatesfoundation.org/Pages/home.aspx">Bill &amp; Melinda Gates Foundation</a></strong> announced a stunning <a href="http://seattletimes.nwsource.com/html/nationworld/2012335075_gates12.html">$100 million in education grants</a> to the county's school system.&nbsp;Now comes a $100 million stock donation that <strong>Facebook founder <a href="http://blogs.wsj.com/digits/2010/09/23/the-techies-on-the-forbes-400-zuckerberg-passes-jobs/">Mark Zuckerberg</a></strong> is expected to announce today on <strong>Oprah Winfrey's</strong> show. Now that would be a dazzling trend of Pay It Forward for this country. And it started here. Check out <a href="http://www.nytimes.com/aponline/2010/09/24/us/AP-US-Facebook-Newark-Schools.html?scp=1&amp;sq=Tampa&amp;st=nyt">this AP story</a>.</p> <p>-- Robert Trigaux, <em>Times Business Columnist</em></p>trueruntime2016-08-30 05:56:17