Hundreds crowd hearing on proposed tax hike in Wildwood

Some suggested consolidation was the answer. We all have Wildwood in our name," one man said of the town's neighboring communities.Others asked what can be cut to make up the difference. Troiano said the city is working with the staff it needs as a resort town and further cuts would hamper the services residents and visitors require.Some questioned previous budgetary decisions, such as the construction of a new recreation center at Maxwell Field.But all said 25 cents was simply too much to take."The bottom line is this tax increase is abominable," said Kathleen Taintor, a longtime city taxpayer.Troiano reiterated his desire to bring more ratables to town in the form of high-rise hotels, which he said would lessen the tax burden in the long term."The more ratables you have, the better your tax rate's going to be," Troiano said.Resident John Bruno asked about the short-term."What has been done?" Bruno asked of the mayor's plan to lessen the burden in 2008.Troiano said he was negotiating and working with multiple buyers to close a land sale that would result in a much lower tax increase for the year."You don't make a sale until you make a sale," Troiano said of his desire to hold off releasing details until a deal is done.Bruno questioned the decision, however, again to use a land sale, what he called a Band-Aid, to hold off what appears to be an inevitable tax increase."I'll offer the Band-Aid until I get these high-rises up," Troiano said.Troiano said that with a sale, the tax increase would more likely be less than 10 cents.Other residents asked about what is being done to increase revenues, such as charging fees for many of the events that make use of city beaches.Troiano said "the free ride is over," and the city will pursue revenue from those events.



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The Seeds of Success

"I found myself $7 million in debt, without realizing that it really was a colossally stupid deal," McCann says.

"But the good news was that Chris [his younger brother] had joined the company, and we paid down the debt over the next five years, and while it was a stupid deal, it was also the best thing we ever could have done."

It goes to show that taking a risk is a part of growing a business, but it needs to be a calculated one.

"You can be creative in your business without having a creative bone in your body," McCann says. He offers an example how years ago, he created a program called Fresh Rewards, where if you bought nine bouquets, that 10th one was free.

"People get a kick out of getting a free bouquet, and I remember people said that'll never work; nobody's going to use the card," McCann says.




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Neuberger sale wouldn't crunch Lehman debt ratings

N: Quote, Profile, Research) were to sell its asset management business, any impact on its debt ratings would likely be minimal, analysts at Fitch Ratings and Moody's Investors Service said on Friday.

Media reports in recent weeks have said that Lehman may look to sell its asset management business, most recently a CNBC report on Friday.

Asset management businesses generate relatively steady earnings for investment banks. Those steady earnings are a positive for credit ratings that are based in part on how likely a company is to generate the cash flow to pay its debt.

In the case of Lehman, its asset management business is relatively small.

"They've done very well with the business, but it's not of sufficient size or scale to offset volatility for the rest of the business," said Eileen Fahey, analyst at Fitch.



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Personal debt consolidation

Moody's raises the Japan debt rating on fiscal policy - Hürriyet

AFP

Moody's raises the Japan debt rating on fiscal policy Hürriyet, Turkey - 21 hours ago The increase on long-term, local-currency debt from A1 "was prompted by expectations of continued fiscal restraint and consolidation, coupled with an ... Moody's upgrades Japan's debt rating AFP Japan Debt Rating Raised By Moody's on Fiscal Policy (Update2) Bloomberg Japan's government debt upgraded to 'Aa3' from 'A1' - Moody's Forbes Middle East North Africa Financial Network - Wall Street Journal all 22 news articles

Business Highlights

The Oracle of Omaha is betting that the country's candy jar is recession-proof.

With financing from Warren Buffett, candy maker Mars Inc. on Monday said it is buying confectioner Wm. Wrigley Jr. Co. for an estimated $23 billion in cash. The deal would marry brands that sweet-toothed Americans have munched on for decades: Mars owns Snickers and M&Ms; Wrigley's gum brands include Juicy Fruit, Orbit, Extra and Big Red.

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Who's the boss? You or your debt?

In these tough financial times, many look at debt as a dirty word. But who among us is debt free?

Chances are if you have a house or a car you've financed that purchase. And even day-to-day expenses such as gas, groceries or business lunches are handled with credit cards.

To be financially sound, the goal should be to have a handle on your debt. You should have control over what you owe instead of it controlling you.

My husband and I do this about every six months or so because, like most people, our finances change periodically. If we get raises, buy a new car or add a new member to the family, the money situation changes.

In order to really know where your money's going, you need a realistic assessment of what comes in and what goes out.


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(AFX UK Focus) 2008-04-29 00:00 Business Highlights

(AP) - Mars buying gum maker Wrigley with financing from Buffett

CHICAGO (AP) -- The Oracle of Omaha is betting that the country's candy jar is recession-proof.

With financing from Warren Buffett, candy maker Mars Inc. on Monday said it is buying confectioner Wm. Wrigley Jr. Co. for an estimated $23 billion in cash. The deal would marry brands that sweet-toothed Americans have munched on for decades: Mars owns Snickers and M&Ms; Wrigley's gum brands include Juicy Fruit, Orbit, Extra and Big Red.

Buffett's Berkshire Hathaway Inc. will purchase a $2.1 billion minority equity interest in the Wrigley subsidiary once the deal is completed. The Omaha, Neb.-based company also offered $4.4 billion of subordinated debt to fund the deal.

If the buyout receives regulatory and shareholder approval, the combined companies would leapfrog over Britain's Cadbury Schweppes as the world's largest confection maker -- a move that's already fueling speculation that the buyout could spawn a round of candy industry consolidation.


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