Bankruptcy Could Shutter 13.5% of Illinois’ Power Generating Capacity

To contact us Click HERE

Threemonths ago executives at Midwest Generation, operator of six coal fired electric power generating plants in Illinois, announced they were closing twoof the plants in Chicago, as part of an environmental deal to avoid expensivestack gas cleaning installations at the creaky old facilities at the Fisk andCrawford plants. Earlier this week the same executives said they may not beable to keep their other four Illinois coal fired plants open, as low naturalgas prices and resulting low rates for electricity threaten the company withbankruptcy.
Closingof the Fisk and Crawford plants as the company has agreed to do will put about180 employees out of work. The six Midwest Generation plants provideelectricity to power 5 million homes in the state, but the grid operator isobligated to keep supplying electricity to those customers even if all sixplants are shuttered. Nevertheless, closing all six plants would throw 1,000people out of work, and shut down 13.55 of the total power generation capacityin Illinois.
MidwestGeneration’s parent Edison International says it will not provide financialsupport for Midwest. If Midwest filed for bankruptcy, as it is threatening todo, its bondholders would have to decide whether to keep the remaining plantsin Romeoville, Joliet, Waukegan and Pekin open for business, by fundingenvironmental upgrades Midwest does not have the cash to pay for, sell them, ifa buyer could be found, or shut them down and abandon them. In any event,Midwest predicts it will default on a half billion dollar debt repayment duenext June.
Companyofficials are in negotiations to restructure $3.7 billion in unsecured debt inorder to avoid bankruptcy. Analysts predict Midwest’s cash flows will remainnegative until at least 2016 without a sharp upturn in utility rates. ParentEdison International’s profits are down 46% from a year ago.

Senate Finance Committee Wimps Out On Tax Reform

To contact us Click HERE

Thursday’smeeting of the Senate Finance Committee was supposed to be this nation’s firststep toward comprehensive reform of the Internal Revenue Code, attacking a listof 75 different special interest tax incentives that don’t really have anythingat all to do with social policy – the usual justification for special interestbenefits conferred by Congress through tax code loopholes. Instead, it turnedout to be a clear demonstration of just how wimpy Senators can be when faced withtaking away tax benefits for their own constituents.
Hereare some of the specialized tax advantages that were on the agenda fortermination, but ended up being retained in future tax years: 1) accelerateddepreciation for capital improvements at NASCAR racetracks (wonder what thesocial policy behind that one could be?); 2) millions of dollars in rum taxrebates for Puerto Rico and the U. S. Virgin Islands (wonder which SenateFinance committee members drink daiquiris?); 3) economic development taxcredits for StarKist’s tuna cannery in American Samoa; 4) tax credits of $2,500for buyers of electric motorcycles and other low speed electric vehicles (theSenators did remove golf carts from the list of qualifying electric vehicles,though). Out of 75 special interest tax benefits on the termination agenda, theSenators could only agree that 20 were fit for elimination. Characterizingthese moves as “more than baby steps,” Finance Chairman Max Baucus crowed “I’mproud of what we’ve done as a committee.”
Othercommittee members were somewhat more truthful in their remarks defending thesmall number of special interest perks removed from the tax code in thecommittee report, which won’t even get a vote in either house until midSeptember, when the six week summer recess concludes. Michigan Senator DebbieStabenow candidly pleaded for the NASCAR accelerated depreciation as a jobsaver in her state: “Big tax reform is where we need to look at all this stuff,”she said. Meaning, let’s kick this can down the road until after the elections.Oklahoma Senator Tom Coburn was more candid. “Nobody wants to make the hardchoices around here,” he intoned.

Sealed Court Conviction Left Trump’s Florida Deal To Go South

To contact us Click HERE

Recordsreleased last week by the U. S. Supreme Court reveal that when Brooklyn U. S.District Court Judge Leo Glasser sealed the record of Felix Sater’s convictionon a guilty plea to joining with crime syndicate members in cheating investorsall across the country, while Sater awaited sentencing in the Brooklyn case,the secrecy order enabled Sater to bilk more than 100 other investors in FortLauderdale’s Trump International Hotel & Tower. The $200 million Las OlasBoulevard construction project now stands incomplete, empty, and chained offalong Fort Lauderdale’s popular beachfront.
JoeAltschul, attorney for 75 of the bilked purchasers of units in the failedcondominium hotel development explained why the Brooklyn court’s secrecy orderaided in the fraud against his clients: “Each of these purchasers had a rightto know who they were dealing with. It’s bad enough that they prop up DonaldTrump as the developer, but then you find out that it’s not Trump but aconvicted felon already charged in financial shenanigans.”
Briefsin the Supreme Court case contend that the Sater case is only one of many inthe Eastern District of New York in which prosecutors get judges to sealconviction records of mobsters – records which should be public to protectother innocent investors considering putting money into deals with felons whohave already pleaded guilty to financial fraud, but whose convictions the courtkeeps secret on the supposed basis of a need to protect the lives of crimefigures cooperating in government investigations into mob activities. Lawyersinvolved in this particular case are especially miffed because in passingsentence Sater’s case Judge Glasser took a pass on the traditional measure ofordering Sater to make restitution to the folks he duped while secretlyconvicted on his guilty plea and awaiting sentencing. There’s nothing aboutthat aspect of the case that could have contributed to avoiding a mob hit onSater.
Whenprosecutors and the courts contribute to the ongoing frauds of criminalsagainst the investing public, and then shirk responsibility for making wholethe folks they are supposed to protect from mob activities, it makes honestpeople in the construction business wonder whose side these public officialsare on.
Saterowns a $4.8 million condo on Fisher Island, and allegedly paid the mob $1.5million to be let in on the Fort Lauderdale Trump project. One of the lawyersinvolved in the Supreme Court case which resulted in release of the sealedrecord of Sater’s conviction is former federal judge Paul Cassell, who blamesJudge Glasser for not immediately making Sater’s guilty plea conviction public.“The court illegally gave away millions to a criminal,” Cassell says. Miamifirst Amendment lawyer Tom Julin agrees. “It’s the worst thing a court can do.In a day and age when economic crimes can affect massive amounts of people,there’s a real danger in super sealing these kinds of judicial proceedings.”

Target Stores Files RICO Lawsuit Claiming Paving Fraud By Chicago Area Contractor

To contact us Click HERE

TargetStores has filed a civil lawsuit in federal court in Minneapolis under theRacketeering Influenced and Corrupt Organizations Act against Bridgeview basedRose Paving Company, LCH Pavement Consultants, United Paving Company, AmericanPavement Solutions, Asphalt Maintenance, Inc., and officers of several of thenamed companies, claiming that the defendants conspired to defraud Target ofmillions in a bid rigging and kickback scheme involving maintenance of parkinglots at 1,700 Target stores across the country. Target alleges that LCHorganized the participating paving contractors to divide up the $100 millionworth of parking lot repair work by fraudulently inflating bids, agreeing tosubmit non-competitive prices on bids outside their corruptly designatedterritories, and requesting bids only from contractors in on the scheme.
Targetalso contends that participating paving contractors overbilled for work neveractually performed, and charged for removal and replacement of asphalt all theway down to the substrate when the work done was only a surface overlay. Thesuit says Target was billed for and paid LCH for hundreds of thousands ofdollars in work that was never done, and that LCH paid the contractorssubmitting false billings and then demanded kickbacks from them.
Storelocations named in the complaint as being involved in the fraudulent billingsinclude Target parking lots in Cicero and Lake Zurich. Other locationsidentified in the lawsuit include stores in California, Arizona, Montana,Virginia, Pennsylvania, Texas, Georgia and New York. Target claims theconspiracy began in 2009 and continued through 2012.

Senate Finance Moves Forward On Energy Tax Credit Extension

To contact us Click HERE

Justbefore the summer recess in Congress was declared, the Senate Finance Committeepassed a measure including a one year extension of production tax credits forwind and geothermal energy projects, making the incentive applicable toprojects breaking ground any time until the end of 2013. The credit is set toexpire at the end of 2012 unless both houses of Congress pass the measure,cobbled together by Senate Finance chairman Max Baucus and ranking member OrinHatch. Reported out of the Senate Finance Committee on a bipartisan vote of19-5, the bill includes a total of $205 billion in tax cut extensions forindividuals and businesses.
WhileCommittee passage of the bill is welcomed by energy businesses, some renewableenergy advocates mourn that it does not go far enough. “A temporary taxprovision I don’t think provides enough incentive for capital investment, andthat’s what our industry needs,” according to Associated General Contractors ofAmerica Senior Executive Director of Governmental Affairs Jeff Shoaf.
AmericanCouncil of Engineering Companies Vice President of Governmental Affairs SteveHall, says the tax credits are “absolutely essential” for the health of therenewable energy economy.
Thefate of this legislation when Congress reconvenes after the summer break isstill uncertain. Tax credit extensions are just the first step in comprehensivereform of the Internal Revenue Code, and all such legislation may well bepushed back on the Congressional calendar until after the November elections.Furthermore, should some sort of tax cut extender bill get passed when Congresscomes back into session, there will be heated debate over, and revisions to,the contents of this bill before anything reaches the Oval Office forsignature.

THESE BOOTS ARE MADE FOR WALKING...ROME

To contact us Click HERE

The booties

These boots are made for walking, the streets of Italy that is.  I was concerned with my recent trip to Italy because I knew that touring Italy means walking.  While I normally love walking a city, my concern was that this summer I broke my big toe and have been slowly making my way into shoes.  I have tennis shoes (for working out only) and high heels.  So, I purchased a pair of booties just prior to my departure and hoped they would support me through my days in Rome, the Tuscany Region and Venice. You see, in Italy you don't see many tennis shoes.  It's all about fashion. The average person is fashionable but their old sidewalks and uneven pavement are murder on heels.  Booties don't fail me now.I actually wore my booties on the plane.  They have one zipper at the heel which makes them easy to take off and put back on.  They have a one inch heel and are of the softest leather.  Boy, were they comfortable even after my feet swelled a bit. Can't seem to lay off the wine!

Colosseum

Trevi Fountain

Bonnie and me walking down Spanish Steps

We began touring right after arriving with only enough time to check into our room and freshen up. First stop, Rome and a walk around the outside of the Colosseum. What was evident to me after listening to our guide is that my history of the Colosseum was derived from movies.  While Hollywood stays pretty close to the true history, some creative embellishment has been implemented.  For example; As told by our guide, the symbol for "to the death" is not a thumbs down. The gesture is made with the thumb to side with a swipe across the throat. Another misrepresentation pointed out by our guide is that masses of Christians were persecuted at the Colosseum. The Colosseum was the arena for wild animals brought in from Africa battling during the day and gladiators battling in the afternoon.  How are the feet? So far so good! Later that afternoon the Trevi Fountain and The Spanish Steps.  Absolutely love the energy at both.  Filled with crowds of tourists from all over the world taking photos and just hanging around along with locals busying about.  Trevi Fountain, Fontana di Trevi,  is a beautiful site and half the fun is jockeying for position to throw your coin in, in hopes of a return on your investment of returning to Rome, a tradition of legend that doesn't seem to be lost on anyone.  It's a beautiful piece of art that stands out among the crowds and chaos. The fountain was completed in 1762 by Nicoli Salvi, who was commissioned by Pope Clement XII. It took 30 years to be built. The Spanish Steps or Piazza de Spanga ascends to the French Church Trinita dei Monti.  At the bottom of the steps is Fontana della Barcaccia, the fountain, shaped like a small boat. The 137 steps in three tiers begs a climb to the top for a fantastic view of Rome and the square below. So far my booties are still comfortable. Suggestion:  Do your reading on the history ahead of time and do these two sites on your own so you can take your time and soak up the scenery. Side bar: On our walk from The Trevi Fountain to The Spanish Steps we window shopped.  Store window after store window wowed us with the most stylish shoes and hand bags.  The highest heels I've ever seen and the sharpest styles. Red ones, black ones, ones covered in crystals, feathers or fringes.  The most outlandish...a pig bag.  A large bag shaped like a pig covered in crystals!After our day of touring the hunger pangs started knocking.  We gathered the group and headed to Renovatio La Soffitta for our welcome dinner. La Soffitta is a small restaurant, as most are in Italy and is located near The Vatican.  When in Rome, well you know the rest...we had a traditional five course meal starting with Antipasti (dried meat selection, cheese selection, olives and marinated vegetables).  First Course or Primi Piatti or Pasta course; Rigatoni alla Marinara and meat lasagna.  Third course insalata or salad.  Main course or Secondi Piatti, Saltimbocca alla Roma, a thin piece of veal with a lemon sauce. Fifth course DESSERT.  We had a selection of different Italian desserts, a lemon cheese cake made with ricotta cheese, of course tiramisu and a variety of tarts Italian donuts, one was soaked in Ameretto that was like taking a shot.Nothing to do with my booties, my feet needed a well deserved break and now with my belly full, my body needed a good stretch and a good night sleep.

Shot from the Sistine Chapel

I've been to Rome a couple of times and had never gone to The Vatican Museums.  Actually, I never had an interest in going.  I know what you're thinking.  Who's not interested in The Vatican.  I can't tell you why, I just wasn't.  Needless to say, I am so very glad I did.  It was fa-bu-lous!  The architecture, the paintings, the tapestries, the history, the serenity.  I could go on and on.  There are currently 13 Vatican Museums that make up the complex housing works of art through the centuries with different Popes adding to the collection over time.  It was founded by Popes Clement XIV and Pius VI. But of course the most famous are the Sistine Chapel and the works of Michelangelo.  There's a photo I took and I'm not sure it captured what my natural eye lens saw but it's of a group of cardinals in a corridor.  This sounds simple enough but the lighting and placement spoke volumes.  We were then in the midst of a parade of cardinals with varied styles, different head coverings and swagger, yes swagger. One had on a fedora and a top coat draped over his shoulders.  They were of different ethnicity from different parts of the world.  What a treat!  From the beginning of tour outside of the cathedral to the end finishing with Swiss Guards colorfully clad, I was enthralled!  The Vatican City is a must see.  By the way...booties and feet still feeling fine!  Suggestion:  Go on a guided tour so you'll know what your seeing and to skip the long lines.Where we stayed:  Hotel Giulio Cesare or as we would say Julius Cesar.  This is a four star property located at Via degli Scipioni and near St. Peters Basilica.  If you go to the roof top at night you get a beautiful view of the Basilica.  This is a 19th century partician villa that has every bit of Italian charm.

Travel Gifts

To contact us Click HERE
Merry Christmas!

Want to know what to get jet setter in your life.  OK, they may not be a jet setter but if they travel they'll appreciate one of these gifts for Christmas. 

The Silk Travel Blanket:
Why we love it? It's yours and yours alone.  It hasn't been used by thousands of other people.  We also like the weight of it and the foot pocket.  Use it on the plane, in the car or at the hotel, especially if you are sensitive to detergents.
Cost: $42.85

Magellan's Smart Lite Travel Alarm Clock:
Why we love it? It's small, has a back light that turns on automatically, large LCD display and an ascending volume.
Cost: $20.85

Balanzza Mini Luggage Scale:
Why we love it? It's compact and you get to weigh your luggage before the airline does.  No surprises.  It also has an ergonomic handle, displays in pounds and kilogram and will store your bags weight in memory so you can read it after you put it down.
Cost: $25.00

Folding Noise Canceling Headphones:
Why we love it?  NOISE CANCELING! Well that's the number one reason.  It drowns out the surrounding noise so all you hear is your music or movie.  We also like that it's folding so it packs nicely.
Cost: $69.95

Magellan's On Tour Under seat Rolling Tote:
Why we love it? It's lightweight, fits under the seat, made of rough ballistic nylon, has lots of pockets inside and out, and did I say fits under the seat!  Had to say it again.
Cost: $99.00

Smart Packing DVD:
Why we love it?  We travel a lot and see tons of people with too much luggage.  Here's a tutorial on packing.  It will save you time, money and back pain!
Cost: 14.85

Magellan's Aluminum Travel Wallet
Why we love it? Beside the fact that it looks nice and is sleek, it has RFID protection in the design.
Cost: $29.50

Magellan's EveryWear Women's Hipster Travel Brief:
Why we love it? They're designed for travel, won't bunch, very soft, stretchy and they look nice.
Cost: 14.50

Travel Combination Converter/Adaptor Plugs:
Why we love it? It automatically switches itself based on the appliance combining the function of a transformer converter and the converter for heating appliances.
Cost: $48.85

Magellan's Luxe Inflatable Seat Cushion:
Why we love it? It has Motion Response which means it moves when you do.  It also looks nice and can be used on planes, trains, ships, cars or stadiums.
Cost: $29.85

Women's Voyager Convertible Travel Jacket:
Why we love it? It fits a women's shape! Can you believe what you can put in it's multi-pockets? Umbrella, iPad, phone, guidebook, maps, compact camera, water just to name a few.  The sleeves zip off and it's water-resistant and machine washable.
Cost: $129.50

Mobile Power Flex DC to AC Adaptor:
Why we love it? It gives your car an electrical outlet.  It converts your cigarette lighter into a wall-style AC outlet.  It has a 300 watts of surge capacity protection and automatic shut down to protect your cars battery.
Cost: $34.85

The above items are all found at www.magellans.com.

Please note that all of these items were selected by The Traveling Eye team because these are the items we love and use!

Other items we love

Pocket Purifier:
Why we love?  We're not germophobes but we recognize that being around alot of people in areas that are not always cleaned thoroughly, impurities can spread and make you sick.  The Pocket Purifier is a handheld germ killing UV light.  It's compact and can be used on just about any thing.  One thing I use it for is the back seat tray on planes.
Find it at www.purelyproducts.com/pocket-purifier

Arm Pocket Sport 20:
Why we love it?  it fits on your arm, is moisture resistant and holds touch screen devices, ID, credit cards and keys.  Great for working out or on a day of touring to keep your items from harms way.
Find it at www.armpocket.com

ETA Neck Pillow & Blanket:
Why we love it?  If you've ever listened to our show you have heard me on numerous occasions talk about how much I love the traveling neck pillow and having my own blanket.
Find it at www.etatravelgear.com

Happy Shopping and Merry Christmas from The Traveling Eye!