Wednesday, October 27, 2010

1 internet marketing

While presenting Tuesday at Pivot Conference, Scott Brinker, president and CTO of ion interactive, explained why he believes organizations should take the next step toward digital proficiency by fostering a new breed of executives — the chief marketing technologist. Brinker explains this type of executive as:

“… someone who has a hybrid between business and technology, a strong background in engineering and IT, is an early adopter of technology, but someone who also understands the pragmatic realities of scaling technology. But most importantly, someone who brings those skills and combines them with a deep love and passion for the marketing mix. This is a technologist that reports to the CMO, not the CIO.”

Traditionally, organizations silo functions into categories — communications, finance, creative, operations, and of course, marketing and technology, to name a few. Brinker’s case for the Chief Marketing Technologist has legs, especially as marketing and technology functions are becoming increasingly intertwined. Your company may have seasoned marketers and top-of-the-line technologists, but it takes those who are dually knowledgeable in both marketing and technology to really make the right moves in class='blippr-nobr'>Internetclass="blippr-nobr">Internet marketing, as they are the ones who really understand the way the web works and what’s possible for marketing from a technological point of view.

Below are three missions that Brinker believes a Chief Marketing Technologist would be uniquely poised to tackle. We caught up with Brinker after his presentation and he elaborated on each of these points. Read on to see what he had to say and add your thoughts in the comments below.

1. Translating Strategy into Technology

The first mission for a chief marketing technologist should be to “collaborate with the CMO on translating strategies into technology with much higher fidelity, and vice-versa — also help in revealing new opportunities that technologies provide for new strategies,” Brinker said.

In our follow-up, Brinker explained the importance of having a middle ground between marketing and technology, in particular due to the lack of cohesion between marketing and tech jargon. “One of the challenges we see between marketing and the people who provide technology to marketers, whether it’s the IT department or outside vendors,” he said, “is that marketers have a certain language and nomenclature that they use to communicate their vision. And vice-versa, technologists spend years learning their lingo and perspective on the world.

“The idea of a marketing technologist is someone who’s natively versed in both languages and understands the concepts of what’s in technology and what’s in marketing, and they can serve as the translator,” he concluded.

2. Choreographing Technology Across Marketing

“Choreograph the entire collection of marketing, technology and data that we see throughout the organization. Find ways to tap the synergy between all of these different components,” Brinker suggested.

We asked Brinker what this might entail for a chief marketing technologist, including the type of data that he was referencing. He explained, “All of this technology that’s popping up all over marketing — web analytics, marketing automation, advertising behavioral segmentation — are all fairly sophisticated on their own. The problem is that behind the scenes, they don’t talk very well together. It’s not because the products can’t talk together — it’s because there isn’t really anyone connecting the dots.”

The effect of not having someone like a marketing technologist to bridge the gap between various data banks is an overload of inefficiently used data. “I think what we’re seeing here is more and more data,” Brinker said, “that there’s no one really finding ways of taking data from the web analytics, for instance, and feeding that into our conversion optimization testing. How do we take the experiences someone has on a conversion optimization path and feed that into the marketing optimization system?”

3. Infusing Tech into the Company’s Marketing DNA

“Perhaps most importantly, is to infuse technology into the DNA of marketing itself — our practices, our people, our culture,” Brinker said.

He recommended “having people on your team, in your group that have physical proximity to you who really get the technology, because they’re as eager to hear from you about marketing objectives and strategies, [as they are] to talk about what they’re doing in technology.”

Brinker explained that having technology-versed team members on a team helps facilitate “natural osmosis by raising the [level of] technical proficiency and familiarity” of an organization. He believes that a marketing technologist’s role is to seek out marketing candidates who have technical backgrounds. Employing tech-savvy people is a step toward infusing technology into a company’s culture and DNA.

Does your company support a position similar to Brinker’s proposed chief marketing technologist? If so, let us know in the comments.

See Brinker’s full presentation from the Pivot Conference below:




In our first article we discovered that the key to starting a successful medical marketing campaign is research about your patient demographics and the goals of your practice. After or perhaps during this time, many physicians and dentists realize that it’s harder than they thought.


You have to remember that medical marketing is not rocket science. It combines the best strategies of medical practice management, marketing, and business ideology. It takes effort, money, and patience… but the rewards are endless, especially for the patients.


1. Starting off the right way with research is the right step. Although it may be hard to establish a clear and consistent message you’d like to deliver to everyone, no business was ever founded without it.


2. For 90% of doctors a medical website is almost always the first thing they think about. And rightfully so. The physician’s website will certainly act as an anchor in every part of the medical marketing campaign. Publish a medical website, optimize it, develop content and begin a medical internet marketing campaign that speaks to patients about who you are.


While medical marketing language is very crucial in this case you have to remember that the content should be separate for healthcare providers and patients. Your patients go to your website to verify that their decision to see you is rational. Offer them the opportunity to interact with you through the website. Offer clearly visible phone number, opportunity to email, and plenty of information relevant to their unmet medical needs. It’s also important to recognize that the language you use will give patients the impression of what to expect in their interaction with you.


3.Start to reach out to local primary care physicians and specialists on whom the success of your practice depends. Some specialties, especially dentistry, can solely depend on their referral network. It would only be prudent to make sure that the responsible parties for 40%-100% of your business be in constant touch with you. Find out what kind of information they’d like to see from you on a regular basis. Exchange emails. Be available for consultations.

Continued on the next page


Exclusive: Yahoo Courts Former <b>News</b> Corp. Digital Exec Ross <b>...</b>

He's baaaaaack. Former Fox Interactive Media President Ross Levinsohn, that is, who is the top candidate to replace Hilary Schneider as Yahoo's US head, according to several sources close to the situation.

Arrowheadlines: Chiefs <b>News</b> 10/27 - Arrowhead Pride

Good morning Chiefs fans! There's some interesting Kansas City Chiefs news today. A great piece from Cory Greenwood's hometown newspaper, and more on Chambers' playing time start us off. Enjoy.

<b>News</b> - Rep: Blake Lively, Penn Badgley Split! - Celebrity <b>News</b> <b>...</b>

"They're still good friends," an insider tells the new Us Weekly.


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Exclusive: Yahoo Courts Former <b>News</b> Corp. Digital Exec Ross <b>...</b>

He's baaaaaack. Former Fox Interactive Media President Ross Levinsohn, that is, who is the top candidate to replace Hilary Schneider as Yahoo's US head, according to several sources close to the situation.

Arrowheadlines: Chiefs <b>News</b> 10/27 - Arrowhead Pride

Good morning Chiefs fans! There's some interesting Kansas City Chiefs news today. A great piece from Cory Greenwood's hometown newspaper, and more on Chambers' playing time start us off. Enjoy.

<b>News</b> - Rep: Blake Lively, Penn Badgley Split! - Celebrity <b>News</b> <b>...</b>

"They're still good friends," an insider tells the new Us Weekly.


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While presenting Tuesday at Pivot Conference, Scott Brinker, president and CTO of ion interactive, explained why he believes organizations should take the next step toward digital proficiency by fostering a new breed of executives — the chief marketing technologist. Brinker explains this type of executive as:

“… someone who has a hybrid between business and technology, a strong background in engineering and IT, is an early adopter of technology, but someone who also understands the pragmatic realities of scaling technology. But most importantly, someone who brings those skills and combines them with a deep love and passion for the marketing mix. This is a technologist that reports to the CMO, not the CIO.”

Traditionally, organizations silo functions into categories — communications, finance, creative, operations, and of course, marketing and technology, to name a few. Brinker’s case for the Chief Marketing Technologist has legs, especially as marketing and technology functions are becoming increasingly intertwined. Your company may have seasoned marketers and top-of-the-line technologists, but it takes those who are dually knowledgeable in both marketing and technology to really make the right moves in class='blippr-nobr'>Internetclass="blippr-nobr">Internet marketing, as they are the ones who really understand the way the web works and what’s possible for marketing from a technological point of view.

Below are three missions that Brinker believes a Chief Marketing Technologist would be uniquely poised to tackle. We caught up with Brinker after his presentation and he elaborated on each of these points. Read on to see what he had to say and add your thoughts in the comments below.

1. Translating Strategy into Technology

The first mission for a chief marketing technologist should be to “collaborate with the CMO on translating strategies into technology with much higher fidelity, and vice-versa — also help in revealing new opportunities that technologies provide for new strategies,” Brinker said.

In our follow-up, Brinker explained the importance of having a middle ground between marketing and technology, in particular due to the lack of cohesion between marketing and tech jargon. “One of the challenges we see between marketing and the people who provide technology to marketers, whether it’s the IT department or outside vendors,” he said, “is that marketers have a certain language and nomenclature that they use to communicate their vision. And vice-versa, technologists spend years learning their lingo and perspective on the world.

“The idea of a marketing technologist is someone who’s natively versed in both languages and understands the concepts of what’s in technology and what’s in marketing, and they can serve as the translator,” he concluded.

2. Choreographing Technology Across Marketing

“Choreograph the entire collection of marketing, technology and data that we see throughout the organization. Find ways to tap the synergy between all of these different components,” Brinker suggested.

We asked Brinker what this might entail for a chief marketing technologist, including the type of data that he was referencing. He explained, “All of this technology that’s popping up all over marketing — web analytics, marketing automation, advertising behavioral segmentation — are all fairly sophisticated on their own. The problem is that behind the scenes, they don’t talk very well together. It’s not because the products can’t talk together — it’s because there isn’t really anyone connecting the dots.”

The effect of not having someone like a marketing technologist to bridge the gap between various data banks is an overload of inefficiently used data. “I think what we’re seeing here is more and more data,” Brinker said, “that there’s no one really finding ways of taking data from the web analytics, for instance, and feeding that into our conversion optimization testing. How do we take the experiences someone has on a conversion optimization path and feed that into the marketing optimization system?”

3. Infusing Tech into the Company’s Marketing DNA

“Perhaps most importantly, is to infuse technology into the DNA of marketing itself — our practices, our people, our culture,” Brinker said.

He recommended “having people on your team, in your group that have physical proximity to you who really get the technology, because they’re as eager to hear from you about marketing objectives and strategies, [as they are] to talk about what they’re doing in technology.”

Brinker explained that having technology-versed team members on a team helps facilitate “natural osmosis by raising the [level of] technical proficiency and familiarity” of an organization. He believes that a marketing technologist’s role is to seek out marketing candidates who have technical backgrounds. Employing tech-savvy people is a step toward infusing technology into a company’s culture and DNA.

Does your company support a position similar to Brinker’s proposed chief marketing technologist? If so, let us know in the comments.

See Brinker’s full presentation from the Pivot Conference below:




In our first article we discovered that the key to starting a successful medical marketing campaign is research about your patient demographics and the goals of your practice. After or perhaps during this time, many physicians and dentists realize that it’s harder than they thought.


You have to remember that medical marketing is not rocket science. It combines the best strategies of medical practice management, marketing, and business ideology. It takes effort, money, and patience… but the rewards are endless, especially for the patients.


1. Starting off the right way with research is the right step. Although it may be hard to establish a clear and consistent message you’d like to deliver to everyone, no business was ever founded without it.


2. For 90% of doctors a medical website is almost always the first thing they think about. And rightfully so. The physician’s website will certainly act as an anchor in every part of the medical marketing campaign. Publish a medical website, optimize it, develop content and begin a medical internet marketing campaign that speaks to patients about who you are.


While medical marketing language is very crucial in this case you have to remember that the content should be separate for healthcare providers and patients. Your patients go to your website to verify that their decision to see you is rational. Offer them the opportunity to interact with you through the website. Offer clearly visible phone number, opportunity to email, and plenty of information relevant to their unmet medical needs. It’s also important to recognize that the language you use will give patients the impression of what to expect in their interaction with you.


3.Start to reach out to local primary care physicians and specialists on whom the success of your practice depends. Some specialties, especially dentistry, can solely depend on their referral network. It would only be prudent to make sure that the responsible parties for 40%-100% of your business be in constant touch with you. Find out what kind of information they’d like to see from you on a regular basis. Exchange emails. Be available for consultations.

Continued on the next page


bench craft company complaints

Exclusive: Yahoo Courts Former <b>News</b> Corp. Digital Exec Ross <b>...</b>

He's baaaaaack. Former Fox Interactive Media President Ross Levinsohn, that is, who is the top candidate to replace Hilary Schneider as Yahoo's US head, according to several sources close to the situation.

Arrowheadlines: Chiefs <b>News</b> 10/27 - Arrowhead Pride

Good morning Chiefs fans! There's some interesting Kansas City Chiefs news today. A great piece from Cory Greenwood's hometown newspaper, and more on Chambers' playing time start us off. Enjoy.

<b>News</b> - Rep: Blake Lively, Penn Badgley Split! - Celebrity <b>News</b> <b>...</b>

"They're still good friends," an insider tells the new Us Weekly.


bench craft company complaints bench craft company complaints

Exclusive: Yahoo Courts Former <b>News</b> Corp. Digital Exec Ross <b>...</b>

He's baaaaaack. Former Fox Interactive Media President Ross Levinsohn, that is, who is the top candidate to replace Hilary Schneider as Yahoo's US head, according to several sources close to the situation.

Arrowheadlines: Chiefs <b>News</b> 10/27 - Arrowhead Pride

Good morning Chiefs fans! There's some interesting Kansas City Chiefs news today. A great piece from Cory Greenwood's hometown newspaper, and more on Chambers' playing time start us off. Enjoy.

<b>News</b> - Rep: Blake Lively, Penn Badgley Split! - Celebrity <b>News</b> <b>...</b>

"They're still good friends," an insider tells the new Us Weekly.


bench craft company complaints bench craft company complaints

Exclusive: Yahoo Courts Former <b>News</b> Corp. Digital Exec Ross <b>...</b>

He's baaaaaack. Former Fox Interactive Media President Ross Levinsohn, that is, who is the top candidate to replace Hilary Schneider as Yahoo's US head, according to several sources close to the situation.

Arrowheadlines: Chiefs <b>News</b> 10/27 - Arrowhead Pride

Good morning Chiefs fans! There's some interesting Kansas City Chiefs news today. A great piece from Cory Greenwood's hometown newspaper, and more on Chambers' playing time start us off. Enjoy.

<b>News</b> - Rep: Blake Lively, Penn Badgley Split! - Celebrity <b>News</b> <b>...</b>

"They're still good friends," an insider tells the new Us Weekly.


bench craft company complaints bench craft company complaints

Tuesday, October 26, 2010

foreclosure listings


The Foreclosure Mess-a Follow-up

October 18, 2010

David Kotok


>


Wow, there were many, many emails in response to the recent piece entitled “Foreclosure Mess.” Here are some of those observations.


Some folks missed the opening disclaimer and attributed the piece to me; that was their error. I did not write it [BR: The original was from Gonzalo Lira's blog]. I only edited out the expletives. I do not believe that F this and F that add anything. MK wrote back: “The article’s issues needed the expletives. In this particular case they would have been in context and not extraneous. Next time leave them in. &%$)@%%$.” Readers who get to the end of today’s follow-up will be able to judge for themselves.


The piece had many technical and legal errors, although most professionals agreed with this overall theme. Barry Ritholtz summarized the legal side with a “lawyer’s hat” on: “The flaw in this piece is that courts have long been authorized to apply principles of equity, as opposed to law, to cases brought before it. This means that we do not want to create unjust enrichment for either wrongdoers or other bad outcomes. We have two bad actors here: The homeowner who is in default, and the banks/securitizes who failed to do the document creation and title management correctly. Most judges do not want to see, in civil cases, an absurd outcome. Rewarding the homeowner (free house!) or the lenders (No penalty for massive screw-ups!), a total victory would offend those principles. An example of a possible outcome in a full-blown litigation might be for the court to order the mortgage modified to the current equity value of the home, so that it punishes the lenders who failed to do their proper legal work on the documents, but does not give a home to a defaulted homeowner free. Courts of “equity” (meaning fairness, not ownership) apply these principles to avoid ridiculous outcomes.”


A senior bank executive with extensive mortgage experience also responded. WP wrote: “There are technical errors made by the writer, but much of it is accurate.”


JR replied: “David, how are you, my mother fwd this to me as I am in the business. Is it safe to assume that the bank foreclosures will be taken off the market, which would then decrease the amount of homes that are listed dramatically (over 70%) in some markets. The market has been saturated with foreclosure listings. Over the past 2 years, it has been very easy to get a foreclosure sale, where individuals were able to buy a home for 76 cents on the dollar, in essence bringing the values down on sales-cost comparisons (appraisals). What impact will we see to the market? I’m thinking that with the foreclosures no longer as easy to get as a McDonalds happy meal, the remaining properties that are listed will now sell at or above market value, because the “value foreclosure meal” will be no longer available to the buyer. What will this do to the short sale market, being that short sales were the bank alternative to foreclosure?”


Another lawyer weighed in. Mr. B wrote: “In this case, I must quibble. I believe that the mortgagor cannot go scot-free. While enforcing the mortgage is by far the more convenient route, the claimant standing in the shoes of the mortgagee/note owner could claim against the home “owner” for unjust enrichment outside the mortgage enforcement procedure. Evidence of the existence of the claim can be adduced from related documentation. The “home owner” could be required to prove the source of funds for buying the house…, which of course he could not. All very inconvenient, time consuming and expensive. But look on the bright side. It’s employment for lawyers.”


And another lawyer. Jay wrote: “Despite what your friend says, just because the chain of ownership of the note is broken does NOT mean a borrower is relieved of his debt. Observers have speculated for a long time about what would happen if a judge demanded that only the right owner could foreclose, and that particular chicken has come home to roost. It may take awhile, but sooner or later the banks will find the original note and the proper successor in interest will be found and the defaulting borrower will have to make a deal or be foreclosed out. Meanwhile, all the shenanigans are true and they will result in big delays and huge costs as lenders have to go back and do things right. Some homeowners who were improperly evicted will have claims and they will get some relief but they won’t get their houses back. This is indeed a mess and the lenders deserve everything they are getting – particularly Bank of America, which bought one of the worst offenders, Countrywide.


In addition, another lawyer named Howard said: “While it is true that some may take advantage of the mortgage mess, the process will always win. You do not make good law for the bad cases. You cannot have people lying and fraudulently fixing chain of title due to the inconvenience. I once had a mortgage foreclosure that XXXXXX handled. It took years, and at the end he had made a theoretical mistake and was forced to start over or seek judicial help in fixing the error. While the client was furious, the process was righteous.


Michael G. added to the debate: “We’re talking about estimates of $20bn or more in losses (from put-backs, etc.). I agree that you do not make good law from bad cases. And I know that shortcuts were taken when loans were securitized. I was not suggesting a solution, only the gravity of the problem. The halting of foreclosures is one more factor that will prevent the housing market from finding equilibrium and weigh on the health of American banks. Stagnant economic growth, a financial system under heavy stress, and plenty of landmines to side-step… but hey, at least NBER says that the recession ended!”


Kathy is a skilled observer of our system. She wrote “Suggesting the dissolution of civil society is fear mongering/hyperbole. I believe the US is in for a long uncertain meandering period as housing unravels, but I don’t think we’re going back to keeping cash and guns under the mattress.”


A senior partner in a major accounting firm liked the original piece. JB replied: “Whoever wrote it explained this situation as clearly as the Big Short explained the base mess. Please pass on my thanks for a job well done.”


CG chimed in from Hawaii: “The whole purpose of MBSs was for Wall Street to “Madoff the World.”


MS is a skilled lawyer and former judge. He wrote: “First paragraph starts off wrong. The note does not permit foreclosure. Suing on the note gives plaintiff a judgment. It is the mortgage which makes the property security for the note. No mortgage, no foreclosure. So I stopped reading.”


Highly tech-savvy businessperson GC wrote: “While it is popular to try and pin all the blame on Fannie and Freddie (and they certainly deserve as much opprobrium as we have energy left to give), in fact the ownership of MERS is a good indictment of all the players in the game. See this link: http://www.mersinc.org/about/shareholders.aspx . ”


Lastly, Elliot S. wrote and linked websites. He did this in response to John Mauldin who ran the original piece in his newsletter. “They are wrong with regards to the Note and chain of title. Actually, they couldn’t more wrong. The Note is just the IOU and gives the lender the right to collect any money lost. MERS has nothing to do with Notes only with mortgages. The mortgage is the controlling document that is used for the foreclosure and the ONLY document. The mortgage gets assigned from one lender to another and often the assignments didn’t get recorded and the last lender, who actually owned the mortgage, didn’t have the right to foreclosure. Therefore, they created MERS, which is a registration of the mortgage but not to a bank, but to MERS. MERS is the mortgage holder and the loans are assigned via registration number. Therefore, if XYZ sells a mortgage to ABC, MERS is notified that the lender’s MERS ID is changed from XYZ to ABC and there is no need for a recorded assignment and that alleviated a huge problem for unrecorded or lost assignment. The foreclosure is actually performed in the name of MERS. So I am not sure what the heck this guy is talking about. The issue with GMAC and other lenders has NOTHING to do with this. The issue is what they are calling “Robo-signers” which are individuals who signed affidavits stating that they had “personal knowledge” of the facts in a foreclosure case, when in fact they did not. http://www.forextv.com/forex-news-story/forex-why-did-the-mortgage-servicers-use-robo-signers Read this actual and in the paragraph that starts with Second, they will provide the support for my claims. Here are additional articles I searched for on the web. http://www.fiercefinance.com/story/robo-signer-wells-fargo-no-foreclosure-halt-yet/2010-10-14 and http://www.housingwire.com/2010/10/15/robo-signers-are-a-drop-in-the-bucket-to-mortgage-industrys-problems I hate people that have no idea what they are talking about and mislead people. They don’t even know what a Note and Mortgage are or what they are used for, holy cows. And MERS doesn’t slice or dice mortgages they are just a repository. Must of the slicing and dicing is done in CDOs, which if needed I will explain why. CDO unlike MBS or RBMS continually slice and dice the junior pieces or Mezz into new CDO whereby they take the more riskier debt make them look like AAA.”


I will stop and add just add a few personal observations. No writer mentioned the role of real estate taxes so we discussed this with NE, a highly skilled, community development real estate professional. He described how a well-informed tax-sale certificate buyer could jump ahead of the other lien holders and get a house on the cheap. In addition, an occupant could keep the tax payments current, delay the mortgage payment while the mess is in the courts, and remain in the house for quite a while. He noted how many mortgage servicers do not collect the real estate taxes and are therefore exposed.


Also, state law prevails on mortgages. That means 50 jurisdictions with 50 different sets of rules. The securities are mostly through NY trusts, noted Josh Rosner. The trust will determine how the securitizations are unwound, not the rules under which the foreclosures will occur. Many of our diverse legal opinions are coming to us because the lawyers involved are citing their own local jurisdictions.


We thank the many, many readers for their thoughtful comments. We do not normally pass on a piece and keep the writer anonymous. Had he written without rudeness and expletives the outcome might have been different. It is too bad he had to resort to abusive language. The original text, despite the technical errors, was provocative and captured the gist of the mess.


Many have asked about the identity of the original writer, LG sent this email: “David Kotok: A simple Google search would have revealed to you who wrote the following. I doubt he is need of you providing him 15 minutes of fame, but who knows…http://gonzalolira.blogspot.com/2010/10/second-leg-down-of-americas-death.html .” Thank you, LG.


BTW, there is an investment implication in our view. We believe the banking system will weather this mess and the weakness in the sector will evolve into a buying opportunity as a result. The new Fed policy of additional QE implies more liquidity to offset the economic weakness of the foreclosure mess and more subsidies for banks.




MOVIES

Nevada Smith: Steve McQueen plays novelist Harold Robbins' character at a younger age in this 1966 Western that sends the title character on a mission of vengeance after his father is murdered by three men in a dispute over gold — and nothing and no one will stand in his way. The strong supporting cast includes Karl Malden, Brian Keith and Suzanne Pleshette (2:30 p.m. TCM). 


The Lovely Bones: Director Peter Jackson's 2009 adaptation of Alice Sebold's bestseller stars Stanley Tucci as a neighbor of a murdered youngster (Saoirse Ronan). Her survivors, including her parents (Rachel Weisz, Mark Wahlberg), are seen through her eyes as her spirit witnesses the aftermath of the tragedy from above (8 p.m. HBO). 


SPORTS


College football: Boston College at Florida State (9 a.m. ESPN); Arkansas at Auburn (12:30 p.m. CBS); Texas at Nebraska (12:30 p.m. ABC); Iowa at Michigan (12:30 p.m. ESPN); California at USC (12:30 p.m. FS Prime); South Carolina at Kentucky (3 p.m. ESPN2); Ohio State at Wisconsin (4 p.m. ESPN); Iowa State at Oklahoma (4 p.m. FS Prime); Arizona at Washington State (4:30 p.m. VS); Mississippi at Alabama (6 p.m. ESPN2); Oregon State at Washington (7:15 p.m. ESPN).


Baseball: Playoffs: The New York Yankees visit the Texas Rangers (1 p.m. TBS); the San Francisco Giants visit the Philadelphia Phillies (4:30 p.m. Fox). 


Exhibition basketball: The Denver Nuggets visit the Lakers (7:30 p.m. FSN).


Photo: Justin Stephens / Cartoon Network



ABC <b>News</b> airs big exposé on BMW N54 engine problems, lawsuits [w <b>...</b>

ABC News investigates BMW fuel pump problems – Click above to watch video after the jump ABC News has cottoned on to the story that BMW.

AMERICAblog <b>News</b>: MoveOn woman kicked &amp; stomped by &#39;Libertarian <b>...</b>

News and opinion about US politics from a liberal perspective.

Small Business <b>News</b>: Marketing Mambo

It's a dance step every small business must master and arguably the most important especially in the beginning of your small business. Marketing encompasses.


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bench craft company complaints

Houston Foreclosures Texas, 4Bd, 2Ba, $ 115,000.00 : ForeclosureDataBank.com by ForeclosureDataBank


ABC <b>News</b> airs big exposé on BMW N54 engine problems, lawsuits [w <b>...</b>

ABC News investigates BMW fuel pump problems – Click above to watch video after the jump ABC News has cottoned on to the story that BMW.

AMERICAblog <b>News</b>: MoveOn woman kicked &amp; stomped by &#39;Libertarian <b>...</b>

News and opinion about US politics from a liberal perspective.

Small Business <b>News</b>: Marketing Mambo

It's a dance step every small business must master and arguably the most important especially in the beginning of your small business. Marketing encompasses.


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The Foreclosure Mess-a Follow-up

October 18, 2010

David Kotok


>


Wow, there were many, many emails in response to the recent piece entitled “Foreclosure Mess.” Here are some of those observations.


Some folks missed the opening disclaimer and attributed the piece to me; that was their error. I did not write it [BR: The original was from Gonzalo Lira's blog]. I only edited out the expletives. I do not believe that F this and F that add anything. MK wrote back: “The article’s issues needed the expletives. In this particular case they would have been in context and not extraneous. Next time leave them in. &%$)@%%$.” Readers who get to the end of today’s follow-up will be able to judge for themselves.


The piece had many technical and legal errors, although most professionals agreed with this overall theme. Barry Ritholtz summarized the legal side with a “lawyer’s hat” on: “The flaw in this piece is that courts have long been authorized to apply principles of equity, as opposed to law, to cases brought before it. This means that we do not want to create unjust enrichment for either wrongdoers or other bad outcomes. We have two bad actors here: The homeowner who is in default, and the banks/securitizes who failed to do the document creation and title management correctly. Most judges do not want to see, in civil cases, an absurd outcome. Rewarding the homeowner (free house!) or the lenders (No penalty for massive screw-ups!), a total victory would offend those principles. An example of a possible outcome in a full-blown litigation might be for the court to order the mortgage modified to the current equity value of the home, so that it punishes the lenders who failed to do their proper legal work on the documents, but does not give a home to a defaulted homeowner free. Courts of “equity” (meaning fairness, not ownership) apply these principles to avoid ridiculous outcomes.”


A senior bank executive with extensive mortgage experience also responded. WP wrote: “There are technical errors made by the writer, but much of it is accurate.”


JR replied: “David, how are you, my mother fwd this to me as I am in the business. Is it safe to assume that the bank foreclosures will be taken off the market, which would then decrease the amount of homes that are listed dramatically (over 70%) in some markets. The market has been saturated with foreclosure listings. Over the past 2 years, it has been very easy to get a foreclosure sale, where individuals were able to buy a home for 76 cents on the dollar, in essence bringing the values down on sales-cost comparisons (appraisals). What impact will we see to the market? I’m thinking that with the foreclosures no longer as easy to get as a McDonalds happy meal, the remaining properties that are listed will now sell at or above market value, because the “value foreclosure meal” will be no longer available to the buyer. What will this do to the short sale market, being that short sales were the bank alternative to foreclosure?”


Another lawyer weighed in. Mr. B wrote: “In this case, I must quibble. I believe that the mortgagor cannot go scot-free. While enforcing the mortgage is by far the more convenient route, the claimant standing in the shoes of the mortgagee/note owner could claim against the home “owner” for unjust enrichment outside the mortgage enforcement procedure. Evidence of the existence of the claim can be adduced from related documentation. The “home owner” could be required to prove the source of funds for buying the house…, which of course he could not. All very inconvenient, time consuming and expensive. But look on the bright side. It’s employment for lawyers.”


And another lawyer. Jay wrote: “Despite what your friend says, just because the chain of ownership of the note is broken does NOT mean a borrower is relieved of his debt. Observers have speculated for a long time about what would happen if a judge demanded that only the right owner could foreclose, and that particular chicken has come home to roost. It may take awhile, but sooner or later the banks will find the original note and the proper successor in interest will be found and the defaulting borrower will have to make a deal or be foreclosed out. Meanwhile, all the shenanigans are true and they will result in big delays and huge costs as lenders have to go back and do things right. Some homeowners who were improperly evicted will have claims and they will get some relief but they won’t get their houses back. This is indeed a mess and the lenders deserve everything they are getting – particularly Bank of America, which bought one of the worst offenders, Countrywide.


In addition, another lawyer named Howard said: “While it is true that some may take advantage of the mortgage mess, the process will always win. You do not make good law for the bad cases. You cannot have people lying and fraudulently fixing chain of title due to the inconvenience. I once had a mortgage foreclosure that XXXXXX handled. It took years, and at the end he had made a theoretical mistake and was forced to start over or seek judicial help in fixing the error. While the client was furious, the process was righteous.


Michael G. added to the debate: “We’re talking about estimates of $20bn or more in losses (from put-backs, etc.). I agree that you do not make good law from bad cases. And I know that shortcuts were taken when loans were securitized. I was not suggesting a solution, only the gravity of the problem. The halting of foreclosures is one more factor that will prevent the housing market from finding equilibrium and weigh on the health of American banks. Stagnant economic growth, a financial system under heavy stress, and plenty of landmines to side-step… but hey, at least NBER says that the recession ended!”


Kathy is a skilled observer of our system. She wrote “Suggesting the dissolution of civil society is fear mongering/hyperbole. I believe the US is in for a long uncertain meandering period as housing unravels, but I don’t think we’re going back to keeping cash and guns under the mattress.”


A senior partner in a major accounting firm liked the original piece. JB replied: “Whoever wrote it explained this situation as clearly as the Big Short explained the base mess. Please pass on my thanks for a job well done.”


CG chimed in from Hawaii: “The whole purpose of MBSs was for Wall Street to “Madoff the World.”


MS is a skilled lawyer and former judge. He wrote: “First paragraph starts off wrong. The note does not permit foreclosure. Suing on the note gives plaintiff a judgment. It is the mortgage which makes the property security for the note. No mortgage, no foreclosure. So I stopped reading.”


Highly tech-savvy businessperson GC wrote: “While it is popular to try and pin all the blame on Fannie and Freddie (and they certainly deserve as much opprobrium as we have energy left to give), in fact the ownership of MERS is a good indictment of all the players in the game. See this link: http://www.mersinc.org/about/shareholders.aspx . ”


Lastly, Elliot S. wrote and linked websites. He did this in response to John Mauldin who ran the original piece in his newsletter. “They are wrong with regards to the Note and chain of title. Actually, they couldn’t more wrong. The Note is just the IOU and gives the lender the right to collect any money lost. MERS has nothing to do with Notes only with mortgages. The mortgage is the controlling document that is used for the foreclosure and the ONLY document. The mortgage gets assigned from one lender to another and often the assignments didn’t get recorded and the last lender, who actually owned the mortgage, didn’t have the right to foreclosure. Therefore, they created MERS, which is a registration of the mortgage but not to a bank, but to MERS. MERS is the mortgage holder and the loans are assigned via registration number. Therefore, if XYZ sells a mortgage to ABC, MERS is notified that the lender’s MERS ID is changed from XYZ to ABC and there is no need for a recorded assignment and that alleviated a huge problem for unrecorded or lost assignment. The foreclosure is actually performed in the name of MERS. So I am not sure what the heck this guy is talking about. The issue with GMAC and other lenders has NOTHING to do with this. The issue is what they are calling “Robo-signers” which are individuals who signed affidavits stating that they had “personal knowledge” of the facts in a foreclosure case, when in fact they did not. http://www.forextv.com/forex-news-story/forex-why-did-the-mortgage-servicers-use-robo-signers Read this actual and in the paragraph that starts with Second, they will provide the support for my claims. Here are additional articles I searched for on the web. http://www.fiercefinance.com/story/robo-signer-wells-fargo-no-foreclosure-halt-yet/2010-10-14 and http://www.housingwire.com/2010/10/15/robo-signers-are-a-drop-in-the-bucket-to-mortgage-industrys-problems I hate people that have no idea what they are talking about and mislead people. They don’t even know what a Note and Mortgage are or what they are used for, holy cows. And MERS doesn’t slice or dice mortgages they are just a repository. Must of the slicing and dicing is done in CDOs, which if needed I will explain why. CDO unlike MBS or RBMS continually slice and dice the junior pieces or Mezz into new CDO whereby they take the more riskier debt make them look like AAA.”


I will stop and add just add a few personal observations. No writer mentioned the role of real estate taxes so we discussed this with NE, a highly skilled, community development real estate professional. He described how a well-informed tax-sale certificate buyer could jump ahead of the other lien holders and get a house on the cheap. In addition, an occupant could keep the tax payments current, delay the mortgage payment while the mess is in the courts, and remain in the house for quite a while. He noted how many mortgage servicers do not collect the real estate taxes and are therefore exposed.


Also, state law prevails on mortgages. That means 50 jurisdictions with 50 different sets of rules. The securities are mostly through NY trusts, noted Josh Rosner. The trust will determine how the securitizations are unwound, not the rules under which the foreclosures will occur. Many of our diverse legal opinions are coming to us because the lawyers involved are citing their own local jurisdictions.


We thank the many, many readers for their thoughtful comments. We do not normally pass on a piece and keep the writer anonymous. Had he written without rudeness and expletives the outcome might have been different. It is too bad he had to resort to abusive language. The original text, despite the technical errors, was provocative and captured the gist of the mess.


Many have asked about the identity of the original writer, LG sent this email: “David Kotok: A simple Google search would have revealed to you who wrote the following. I doubt he is need of you providing him 15 minutes of fame, but who knows…http://gonzalolira.blogspot.com/2010/10/second-leg-down-of-americas-death.html .” Thank you, LG.


BTW, there is an investment implication in our view. We believe the banking system will weather this mess and the weakness in the sector will evolve into a buying opportunity as a result. The new Fed policy of additional QE implies more liquidity to offset the economic weakness of the foreclosure mess and more subsidies for banks.




MOVIES

Nevada Smith: Steve McQueen plays novelist Harold Robbins' character at a younger age in this 1966 Western that sends the title character on a mission of vengeance after his father is murdered by three men in a dispute over gold — and nothing and no one will stand in his way. The strong supporting cast includes Karl Malden, Brian Keith and Suzanne Pleshette (2:30 p.m. TCM). 


The Lovely Bones: Director Peter Jackson's 2009 adaptation of Alice Sebold's bestseller stars Stanley Tucci as a neighbor of a murdered youngster (Saoirse Ronan). Her survivors, including her parents (Rachel Weisz, Mark Wahlberg), are seen through her eyes as her spirit witnesses the aftermath of the tragedy from above (8 p.m. HBO). 


SPORTS


College football: Boston College at Florida State (9 a.m. ESPN); Arkansas at Auburn (12:30 p.m. CBS); Texas at Nebraska (12:30 p.m. ABC); Iowa at Michigan (12:30 p.m. ESPN); California at USC (12:30 p.m. FS Prime); South Carolina at Kentucky (3 p.m. ESPN2); Ohio State at Wisconsin (4 p.m. ESPN); Iowa State at Oklahoma (4 p.m. FS Prime); Arizona at Washington State (4:30 p.m. VS); Mississippi at Alabama (6 p.m. ESPN2); Oregon State at Washington (7:15 p.m. ESPN).


Baseball: Playoffs: The New York Yankees visit the Texas Rangers (1 p.m. TBS); the San Francisco Giants visit the Philadelphia Phillies (4:30 p.m. Fox). 


Exhibition basketball: The Denver Nuggets visit the Lakers (7:30 p.m. FSN).


Photo: Justin Stephens / Cartoon Network



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ABC News investigates BMW fuel pump problems – Click above to watch video after the jump ABC News has cottoned on to the story that BMW.

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ABC <b>News</b> airs big exposé on BMW N54 engine problems, lawsuits [w <b>...</b>

ABC News investigates BMW fuel pump problems – Click above to watch video after the jump ABC News has cottoned on to the story that BMW.

AMERICAblog <b>News</b>: MoveOn woman kicked &amp; stomped by &#39;Libertarian <b>...</b>

News and opinion about US politics from a liberal perspective.

Small Business <b>News</b>: Marketing Mambo

It's a dance step every small business must master and arguably the most important especially in the beginning of your small business. Marketing encompasses.


bench craft company complaints bench craft company complaints

ABC <b>News</b> airs big exposé on BMW N54 engine problems, lawsuits [w <b>...</b>

ABC News investigates BMW fuel pump problems – Click above to watch video after the jump ABC News has cottoned on to the story that BMW.

AMERICAblog <b>News</b>: MoveOn woman kicked &amp; stomped by &#39;Libertarian <b>...</b>

News and opinion about US politics from a liberal perspective.

Small Business <b>News</b>: Marketing Mambo

It's a dance step every small business must master and arguably the most important especially in the beginning of your small business. Marketing encompasses.


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Friday, October 22, 2010

Stock Making Money

Here’s a chart of what tail risk looks like, in the stock market:



The thick blue line is Bank of America stock, hitting a new 52-week low today after reporting losses of $7.3 billion in the third quarter. The thin blue line is financial stocks generally, which are doing much better than BofA. And the thin red line is the S&P 500, which is significantly higher than it was this time last year.


To judge by the headlines, BofA ought to be doing pretty well. Its earnings report today beat expectations, and yesterday it announced that it was going to start foreclosing on properties again, long before anybody expected it would do so. On top of that, it’s the biggest bank in the U.S., with a deposit base of $900 billion—that’s 11.71% of the total U.S. deposit base, making BofA the clear leader on that front and the only bank now to break the 10% cap. With the Federal Reserve throwing free money at the entire U.S. financial system in an attempt to keep the recovery going, and the yield curve sloping upwards in the right direction for easy banking-sector profits, these ought to be good times indeed for BofA.


So why is BofA’s stock in the doldrums, relatively speaking? The answer is tail risk. Part of that risk is regulatory: BofA is too big to fail, and will therefore be subject to extra regulatory scrutiny and higher capital requirements than smaller banks. On top of that, huge swathes of the post-Dodd-Frank regulatory architecture remain to be written in detail, and the risks to big banks on that front are all to the downside, given how deregulated they were up until now.


But the much larger part is mortgage-related: JP Morgan came out yesterday and said that banks could be forced to buy back as much as $120 billion in mortgage bonds from investors. And BofA bears the lion’s share of that risk, incorporating as it does not only Merrill Lynch but also Countrywide.


The mortgage mess hasn’t gone away, and BofA is going to trade at a discount unless and until it’s resolved. That doesn’t mean that the market is pricing in some kind of mortgage-related disaster. It’s just pricing in a very uncertain probability distribution of possible outcomes, some of which are very bad indeed. And since investors hate that kind of uncertainty, the share price is underperforming, and is likely to stay low for as long as the uncertainty persists.



Weekly Audit: Foreclosuregate Hits Home

by Lindsay Beyerstein, Media Consortium blogger

Earlier this month, Bank of America (BOA), the country's largest bank, announced a moratorium on foreclosures in all 50 states.

The bank promised not to sell any foreclosed homes or take any more delinquent borrowers to court until it had reviewed its potentially defective foreclosure process. Other major lenders soon announced that they too were suspending foreclosures in dozens of states. Why are the biggest banks in the country voluntarily calling for a time-out? It's a hint that we're facing a huge problem: The banks aren't sure if they have the legal right to foreclose on millions of homes.

Here's what's new in foreclosuregate since the Audit took up the story last week. The Bank of America announced that it would resume some foreclosures on Oct. 25, having deemed its own methods sound. The stock market begged to differ. BOA's stock fell over 5% on Thursday and other bank stocks also took a beating, as did mortgage bonds. This pattern indicates that investors are very worried about the effect of the foreclosure crisis on the health of the banks.

Rep. Alan Grayson (D-FL) is calling for a foreclosure moratorium under the new Financial Stability Oversight Council (FSOC), as Ellen Brown reports for Truthout. The FSOC has the power to preemptively break up any large financial institution that threatens U.S. economic security. Grayson wants a moratorium on all mortgages securitized between 2005 and 2008 until the FSOC can determine which foreclosures are valid and which are bogus.

The missing link

So, what kind of "defects" in the foreclosure process are we talking about? Fraud, basically.

Zach Carter of the Campaign for America's Future explains to Chris Hayes of the Nation why Bank of America and other major lenders are in so much trouble: They are just administering loans for other lenders. You make your check out to the Bank of America, but the bank is just babysitting after the loan for the bondholders.

The real creditors are the investors who own bonds made up of pieces of many different mortgages, including yours. The bond gives the bondholder a share of the money that you and other borrowers pay each month. If you don't pay, BOA initiates foreclosure. If you're late, BOA charges you fees.

However, the bank can't just hire a foreclosure company to take your home away on a whim. The bank must first show proof that it is entitled to foreclose because you've defaulted on your mortgage in the form of a mortgage note. If you hold one of those toxic asset mortgages, there's a good chance the bank doesn't have the note.

As Dean Baker explains in Truthout, in many, if not most, cases, "liar loans" (mortgages issued with no proof of income or assets) have become given way to "liar liens" (foreclosures with no proof of default).

According to Carter, all the big banks have been hiring foreclosure mills to rubber-stamp their claims without checking. Unscrupulous foreclosure companies are admitting to "robo-signing," i.e., foreclosing without even checking whether the bank's claims were legit.

Foreclosuregate

According to Andy Kroll of Mother Jones, the Bank of America stands to lose up to $70 billion over what's come to be known as "foreclosuregate." A mortgage starts out with an originator, typically a bank or a mortgage broker. In the heyday of mortgage-backed securities, investment banks were buying up hundreds of thousands of mortgages, making them into mortgage-backed bonds, and selling them to investors.

Unfortunately, if the bank doesn't have the note, who does? The mortgage originator may have gone bankrupt, many were fly-by-night operators that folded when the housing bubble burst. Many mortgages were bought and resold more than once before they found their way into a mortgage-backed bond.

So, the question is whether the bank really owned the mortgages it made into mortgage backed-securities and sold to individuals, pension funds, and other institutions. If not, the banks stand could be on the hook for selling assets they didn't actually own to investors.

Moratorium now

The scandal affects so many mortgages that some lawmakers are calling for a nationwide moratorium on foreclosures until investigators can sort out who owns what once and for all. Rep. Edolphus Towns (D-NY) told Amy Goodman of Democracy Now! that Congress needs to stop banks from putting people out on the street until there is some way to differentiate between fraudulent foreclosures and justified ones:

And so, I just think that people who are saying that this is going to hurt--I think that it's going to help, because once people gain confidence in the fact that they're being treated fairly and that there's no discrepancies in the records, then people will feel very comfortable in terms of trying to move forward. But until that happens, you're always going to have these comments about the fact that that was not done right, it was done unfairly. And, of course, I think there's enough here for us to stop and to pause and to say, let's take a look here before we move forward. So a moratorium is definitely in order.

The Obama administration opposes the moratorium on the grounds that it would hurt the housing market and thereby slow the economy. Towns counters that what would really be bad for the economy is letting banks take people's homes away without any semblance of due process. If the government doesn't act to protect the innocent, foreclosuregate could shatter the confidence of potential home buyers. Would you want to invest in a house if you were afraid the bank could just take it away from you?

In AlterNet, Mike Lux argues that fraudulent foreclosures are one more assault on poor and middle class Americans. He argues that the banks are so used to being coddled by Washington that they're counting on legislators to retroactively change the rules to protect them from the consequences of their own devious behavior.

At this point we don't know what percentage of foreclosed-upon homes have simply been stolen by banks to pay bondholders, but we do know the problem is vast and systemic. The Obama administration is content to let the banks seize private property first and ask questions later. We need a moratorium to take stock and restore the rule of law.

This post features links to the best independent, progressive reporting about the economy by members of The Media Consortium. It is free to reprint. Visit the Audit for a complete list of articles on economic issues, or follow us on Twitter. And for the best progressive reporting on critical economy, environment, health care and immigration issues, check out The Mulch, The Pulse and The Diaspora. This is a project of The Media Consortium, a network of leading independent media outlets.







Nuclear submarine runs aground off Skye | Scotland | STV <b>News</b>

Royal Navy submarine HMS Astute stranded after accident near Skye Bridge.

Fox <b>News</b> Gives Juan Williams $2 Million Contract | 89.3 KPCC

NPR has been sharply criticized for terminating the contract of news analyst Juan Williams for remarks he made about Muslims. Williams appeared on Fox's "The O'Reilly Factor" Thursday night to respond to NPR's decision.

Deadly Shark Attack Kills Student; Victim Identified | KEYT.com <b>...</b>

Vandenberg - New information is emerging regarding a shark attack that occurred this morning at a beach near Vandenberg Air Force Base.


eric seiger eric seiger

Here’s a chart of what tail risk looks like, in the stock market:



The thick blue line is Bank of America stock, hitting a new 52-week low today after reporting losses of $7.3 billion in the third quarter. The thin blue line is financial stocks generally, which are doing much better than BofA. And the thin red line is the S&P 500, which is significantly higher than it was this time last year.


To judge by the headlines, BofA ought to be doing pretty well. Its earnings report today beat expectations, and yesterday it announced that it was going to start foreclosing on properties again, long before anybody expected it would do so. On top of that, it’s the biggest bank in the U.S., with a deposit base of $900 billion—that’s 11.71% of the total U.S. deposit base, making BofA the clear leader on that front and the only bank now to break the 10% cap. With the Federal Reserve throwing free money at the entire U.S. financial system in an attempt to keep the recovery going, and the yield curve sloping upwards in the right direction for easy banking-sector profits, these ought to be good times indeed for BofA.


So why is BofA’s stock in the doldrums, relatively speaking? The answer is tail risk. Part of that risk is regulatory: BofA is too big to fail, and will therefore be subject to extra regulatory scrutiny and higher capital requirements than smaller banks. On top of that, huge swathes of the post-Dodd-Frank regulatory architecture remain to be written in detail, and the risks to big banks on that front are all to the downside, given how deregulated they were up until now.


But the much larger part is mortgage-related: JP Morgan came out yesterday and said that banks could be forced to buy back as much as $120 billion in mortgage bonds from investors. And BofA bears the lion’s share of that risk, incorporating as it does not only Merrill Lynch but also Countrywide.


The mortgage mess hasn’t gone away, and BofA is going to trade at a discount unless and until it’s resolved. That doesn’t mean that the market is pricing in some kind of mortgage-related disaster. It’s just pricing in a very uncertain probability distribution of possible outcomes, some of which are very bad indeed. And since investors hate that kind of uncertainty, the share price is underperforming, and is likely to stay low for as long as the uncertainty persists.



Weekly Audit: Foreclosuregate Hits Home

by Lindsay Beyerstein, Media Consortium blogger

Earlier this month, Bank of America (BOA), the country's largest bank, announced a moratorium on foreclosures in all 50 states.

The bank promised not to sell any foreclosed homes or take any more delinquent borrowers to court until it had reviewed its potentially defective foreclosure process. Other major lenders soon announced that they too were suspending foreclosures in dozens of states. Why are the biggest banks in the country voluntarily calling for a time-out? It's a hint that we're facing a huge problem: The banks aren't sure if they have the legal right to foreclose on millions of homes.

Here's what's new in foreclosuregate since the Audit took up the story last week. The Bank of America announced that it would resume some foreclosures on Oct. 25, having deemed its own methods sound. The stock market begged to differ. BOA's stock fell over 5% on Thursday and other bank stocks also took a beating, as did mortgage bonds. This pattern indicates that investors are very worried about the effect of the foreclosure crisis on the health of the banks.

Rep. Alan Grayson (D-FL) is calling for a foreclosure moratorium under the new Financial Stability Oversight Council (FSOC), as Ellen Brown reports for Truthout. The FSOC has the power to preemptively break up any large financial institution that threatens U.S. economic security. Grayson wants a moratorium on all mortgages securitized between 2005 and 2008 until the FSOC can determine which foreclosures are valid and which are bogus.

The missing link

So, what kind of "defects" in the foreclosure process are we talking about? Fraud, basically.

Zach Carter of the Campaign for America's Future explains to Chris Hayes of the Nation why Bank of America and other major lenders are in so much trouble: They are just administering loans for other lenders. You make your check out to the Bank of America, but the bank is just babysitting after the loan for the bondholders.

The real creditors are the investors who own bonds made up of pieces of many different mortgages, including yours. The bond gives the bondholder a share of the money that you and other borrowers pay each month. If you don't pay, BOA initiates foreclosure. If you're late, BOA charges you fees.

However, the bank can't just hire a foreclosure company to take your home away on a whim. The bank must first show proof that it is entitled to foreclose because you've defaulted on your mortgage in the form of a mortgage note. If you hold one of those toxic asset mortgages, there's a good chance the bank doesn't have the note.

As Dean Baker explains in Truthout, in many, if not most, cases, "liar loans" (mortgages issued with no proof of income or assets) have become given way to "liar liens" (foreclosures with no proof of default).

According to Carter, all the big banks have been hiring foreclosure mills to rubber-stamp their claims without checking. Unscrupulous foreclosure companies are admitting to "robo-signing," i.e., foreclosing without even checking whether the bank's claims were legit.

Foreclosuregate

According to Andy Kroll of Mother Jones, the Bank of America stands to lose up to $70 billion over what's come to be known as "foreclosuregate." A mortgage starts out with an originator, typically a bank or a mortgage broker. In the heyday of mortgage-backed securities, investment banks were buying up hundreds of thousands of mortgages, making them into mortgage-backed bonds, and selling them to investors.

Unfortunately, if the bank doesn't have the note, who does? The mortgage originator may have gone bankrupt, many were fly-by-night operators that folded when the housing bubble burst. Many mortgages were bought and resold more than once before they found their way into a mortgage-backed bond.

So, the question is whether the bank really owned the mortgages it made into mortgage backed-securities and sold to individuals, pension funds, and other institutions. If not, the banks stand could be on the hook for selling assets they didn't actually own to investors.

Moratorium now

The scandal affects so many mortgages that some lawmakers are calling for a nationwide moratorium on foreclosures until investigators can sort out who owns what once and for all. Rep. Edolphus Towns (D-NY) told Amy Goodman of Democracy Now! that Congress needs to stop banks from putting people out on the street until there is some way to differentiate between fraudulent foreclosures and justified ones:

And so, I just think that people who are saying that this is going to hurt--I think that it's going to help, because once people gain confidence in the fact that they're being treated fairly and that there's no discrepancies in the records, then people will feel very comfortable in terms of trying to move forward. But until that happens, you're always going to have these comments about the fact that that was not done right, it was done unfairly. And, of course, I think there's enough here for us to stop and to pause and to say, let's take a look here before we move forward. So a moratorium is definitely in order.

The Obama administration opposes the moratorium on the grounds that it would hurt the housing market and thereby slow the economy. Towns counters that what would really be bad for the economy is letting banks take people's homes away without any semblance of due process. If the government doesn't act to protect the innocent, foreclosuregate could shatter the confidence of potential home buyers. Would you want to invest in a house if you were afraid the bank could just take it away from you?

In AlterNet, Mike Lux argues that fraudulent foreclosures are one more assault on poor and middle class Americans. He argues that the banks are so used to being coddled by Washington that they're counting on legislators to retroactively change the rules to protect them from the consequences of their own devious behavior.

At this point we don't know what percentage of foreclosed-upon homes have simply been stolen by banks to pay bondholders, but we do know the problem is vast and systemic. The Obama administration is content to let the banks seize private property first and ask questions later. We need a moratorium to take stock and restore the rule of law.

This post features links to the best independent, progressive reporting about the economy by members of The Media Consortium. It is free to reprint. Visit the Audit for a complete list of articles on economic issues, or follow us on Twitter. And for the best progressive reporting on critical economy, environment, health care and immigration issues, check out The Mulch, The Pulse and The Diaspora. This is a project of The Media Consortium, a network of leading independent media outlets.







Nuclear submarine runs aground off Skye | Scotland | STV <b>News</b>

Royal Navy submarine HMS Astute stranded after accident near Skye Bridge.

Fox <b>News</b> Gives Juan Williams $2 Million Contract | 89.3 KPCC

NPR has been sharply criticized for terminating the contract of news analyst Juan Williams for remarks he made about Muslims. Williams appeared on Fox's "The O'Reilly Factor" Thursday night to respond to NPR's decision.

Deadly Shark Attack Kills Student; Victim Identified | KEYT.com <b>...</b>

Vandenberg - New information is emerging regarding a shark attack that occurred this morning at a beach near Vandenberg Air Force Base.


eric seiger eric seiger


SIPNS How to Make Money in Stock, Even Though It's In the Dumps by palynp





















































Wednesday, October 20, 2010

Making Money Ebay




Everyone makes mistakes, but missteps in the selling process can have especially serious consequences. Not only do they deprive your business of revenue, but they can erode confidence in your company among members of your staff as well as potential customers. The following mistakes are particularly common among start-ups, but even the most seasoned entrepreneurs can fall victim to them. Here's how to identify them—and avoid them.

Neglecting to collect customer data. Every time you make a sale, it's an opportunity to make another sale down the road. Remember that your existing customers are your best source of revenue. But you can only tap them if you have a method for keeping track of them. Sonny Ahuja, the CEO of Grandperfumes.com, learned that the hard way. "Five years ago I had seven stores selling designer perfumes and colognes in all major malls of Wisconsin," he says. When he began losing customers to Amazon and eBay, Ahuja decided to close his stores and move his business online. But when he launched Grandperfumes.com, he had no money for online marketing.  "That's when I realized that if only all my sales people had collected all the names and addresses of customers that came to my stores for the past eight years — imagine the power of that database! I could have been back in business in no time." Now, he's diligent about collecting and segmenting customer data on Grandperfumes.com.

Dig Deeper: 10 Ways to Get More Sales From Existing Customers

Relying too heavily on the Internet. So you've been exceptionally clever with your web strategy and your organic vegan dog food is at the tippity-top of the relevant search engine rankings. The stuff is practically selling itself. Good for you! Until, that is, Google gives you a nasty smack down. That's what happened to Christian Arno, founder Lingo24, an international translation company with offices in London; Aberdeen, Scotland; and New York City. "In 2006, our high Google rankings for key search terms suffered, probably because of Google changing its search algorithm," says Arno. "We suddenly dropped on Google search results for terms we'd always ranked highly for such as translation services and translation agencies. We didn't have any proactive sales strategy in place, so our revenue suffered." Since then, he's hired several outbound sales people who proactively identify potential clients. "And our Google rankings are back up too now, so we have two strong avenues for sales," says Arno.

Dig Deeper: How Google Cost Me $4 Million

Failing to qualify leads. "When I first started in sales, I was an eager beaver," recalls Jon Biedermann,
vice president of
 DonorPerfect, a CRM fundraising software company in Horsham, Pennsylvania. "No lead went untouched or uncalled — I treated every opportunity as the sure fire next sale." Big mistake. Early in his career, Biedermann got a lead from a large university. He called to assess their needs, customized the software for them, and worked on personalizing the demonstration for days. "The day of the demo came, and I presented our software in front of 10 people from the university. We had everything they needed — it was perfect," he says. But when he asked about the decision-making timeframe, he was crushed.  "Oh, we aren't going to switch software," they told him. "We were thinking about using this for our smaller satellite campus and we were hoping you would donate it to us."
Biedermann realized his error instantly. "In my zeal to get the sale, I completely forgot to ask the one crucial question: Do you have the authority and money to make this decision?"  

Dig Deeper: How to Qualify Sales Leads


Delaying sales until your product or service is ready for primetime. There's a lot to be said for doing market research for a new product or service by trying to sell it while it's still in development. That way, you'll find out exactly what customers want before you spend time perfecting your offering in a vacuum. "Entrepreneurs should hit the streets, and talk to 'friendlies' to sell your product or service even when its still just an idea, and ask people what they are willing to pay for it," says Kyle Hawke, co-founder of Whinot, a Charlottesville, Virginia-based virtual firm of independent consultants who work on small business marketing projects. Hawke learned that lesson after spending $5,000 on web features that he says "no one cared about." He now knows that he should have tested Whinot out on low-risk clients who were willing to sign on for a discounted price – or a free trial – while he and his partners worked out the kinks. "The best way to figure out how much something is worth is to get someone to pay for it," he says.

Dig Deeper: How to Build a Bootstrapping Culture

Accepting every sale. "No" is not a popular word among entrepreneurs, especially during the start-up phase, and most especially as it pertains to sales. But maybe it should be uttered more often, because the wrong kind of sale is ultimately worse than no sale at all. "It's a big challenge as a small company to say 'No, thanks, this isn't a good fit for us, please give your money to someone else,'" says Michael Buckingham, founder of Holy Cow Creative, a Midland, Michigan, design and marketing company that works with churches and ministries. "In the beginning I said yes to everyone; financially, it felt like I had to," he says. "Next thing I knew I was involved in a project that was not good for me or the client. We pushed through it, we met our objectives but our work is about more than projects and invoices. I learned that relationships are key to sales. It's why I now turn down nearly every RFP; it's void of relationship."

Dig Deeper: Getting to No

Offloading the sales function. When Tom Greenshaw first started Cashier Live in Chicago, he wanted to focus mainly on product development and support for the web-based point of sales software that he sells to independent retailers. So he built a sales channel with affiliates and partners, hoping to offload as much of the direct sales function as possible. "This seemed to be working well and we quickly signed up a number of partners that were interested in selling Cashier Live," he says. "But those partners weren't as well versed in the software as we were."  Many of them over-promised customers regarding the capabilities of the software, or dragged Greenshaw's staff into the sales process, which confused customers and ate up company time and resources. "I learned a lot from this experience, and we've since been very successful with our own sales efforts," he says today. When he tries selling through channel partners again, he'll make sure to train them thoroughly on the company's software.

Dig Deeper: Sales: When Is it Safe to Hire?

Fixating on big fish. When Scott Gerber first founded Sizzle It!, a New York City-based video production company, he admits that he "used to be obsessed with only going after home-run clients—those that had big names and huge wallets."  But selling to very large companies is time consuming and often frustrating since decision-making is slow and payments even slower. Sizzle It! ultimately landed big clients like Procter & Gamble, but closing sales would sometimes take six months or more. And frequently, Gerber's staff would put months of effort into sales that never materialized. "The pursuit of these titans often put us in cash flow crunches," says Gerber. "My biggest mistake in guiding Sizzle It!'s strategy in its earlier years was not going after more base-hit clients. Now, we have an even split of clients, which has not only helped us to spread the word about our company faster, but also helped us to maintain a healthy cash flow."

Dig Deeper: How to Cold Call a Big Customer







“It remains to be seen if it’s good in the long run but what’s exciting is Amazon has proven the ability to move product,” said Ben Gottlieb, president of mobile app maker Stand Alone Inc. “It all depends on the implementation. But if they live up to what they say, we can make more money.”


That’s a real issue. Gottlieb, who sells a crossword app, says he makes 20-30 times more selling his apps in the App Store compared to Android Market. It’s gotten a little better lately, but it’s still discouraging trying to sell in Android Market, which has more than 80,000 apps. Developers like Gottlieb say the store needs more recommendation and discovery tools, more categories, a better check-out system and more marketing muscle. These are all things that Amazon could immediately address.


Arron La, maker of the Advanced Task Manager app, said Amazon could help ignite sales by giving better recommendation tips and making checkouts easier for users. He said Google Checkout can be a nightmare at times, sometimes charging people multiple times for one app. A reliable and familiar system like Amazon’s could prompt people to open up their wallets, something they don’t do that much of in the Android Market. He also hopes that Amazon will do more to promote apps and advertise its app store, which Google has shied away from.


Google, for its part, is working on a number of changes, including a new web-based Android Market and a reported deal with PayPal  for payments. And it just expanded the number of countries that can buy paid apps.Even with those improvements, La feels better about Amazon because the company seems more committed to making money, something Google seems less interested in. Google claims it doesn’t make any money from Android Market.


“Once you have the right things in place and you get that ecosystem going, you can definitely make money out of it,” he said. “But that’s been what’s hurting Android Market. Everyone using Google devices, they want and expect everything for free. When Google released Android market, they had no paid apps in the beginning.”


To be sure, an Amazon Android store or a similar market from Verizon Wireless could be a headache for developers. Developers would have to get in the habit of submitting and updating apps in multiple markets. Users might get confused as to who to turn to for apps or support. Amazon will have the ability to turn down apps and has stated it won’t approve offensive or pornographic content. It could lead to some gripes from developers about rejected apps, similar to complaints about the App Store, and it’s unclear if it will be as easy as one click to buy an app and get it on an Android device.


If Amazon proves to be a real player in the app market, expect a lot of developers to look Amazon’s way. They’ll be happy to get something closer to an App Store experience for their apps. “Apple is about the making the whole experience pleasant while Google is just focused on getting the job done and it’s not always pretty,” Gottlieb said. “Amazon is somewhere in between and it’s definitely closer to Apple than Google.”


Related research from GigaOM Pro (subscription req’d):



  • Why Google Launched App Inventor

  • Is Amazon the New Self-Publish Kingpin?

  • Why Carriers Still Hold the Key to Handset Sales



robert shumake hall of shame

Crowd gets raucous at Oberstar-Cravaack debate | Duluth <b>News</b> <b>...</b>

Jim Oberstar and Chip Cravaack didn't just face each other this morning at the Duluth Entertainment Convention Center Auditorium, they faced angry mobs of their opponent's supporters.

Watershed debuts Waterproof Bag for iPad | iLounge <b>News</b>

iLounge news discussing the Watershed debuts Waterproof Bag for iPad. Find more iPad Accessories news from leading independent iPod, iPhone, and iPad site.

<b>News</b>: Jean Claude Van Damme Suffers Heart Attack On Set Of WEAPON

Images From Cronenberg's TALKING CURE � Brody Versus Argento � JCVD Has Heart Attack On Set � TROLL HUNTER Coming To America � MORPHINE Doc Gets A Trailer � Pegg / Frost Alien Comedy PAUL Trailer. Film News ...


robert shumake hall of shame



Everyone makes mistakes, but missteps in the selling process can have especially serious consequences. Not only do they deprive your business of revenue, but they can erode confidence in your company among members of your staff as well as potential customers. The following mistakes are particularly common among start-ups, but even the most seasoned entrepreneurs can fall victim to them. Here's how to identify them—and avoid them.

Neglecting to collect customer data. Every time you make a sale, it's an opportunity to make another sale down the road. Remember that your existing customers are your best source of revenue. But you can only tap them if you have a method for keeping track of them. Sonny Ahuja, the CEO of Grandperfumes.com, learned that the hard way. "Five years ago I had seven stores selling designer perfumes and colognes in all major malls of Wisconsin," he says. When he began losing customers to Amazon and eBay, Ahuja decided to close his stores and move his business online. But when he launched Grandperfumes.com, he had no money for online marketing.  "That's when I realized that if only all my sales people had collected all the names and addresses of customers that came to my stores for the past eight years — imagine the power of that database! I could have been back in business in no time." Now, he's diligent about collecting and segmenting customer data on Grandperfumes.com.

Dig Deeper: 10 Ways to Get More Sales From Existing Customers

Relying too heavily on the Internet. So you've been exceptionally clever with your web strategy and your organic vegan dog food is at the tippity-top of the relevant search engine rankings. The stuff is practically selling itself. Good for you! Until, that is, Google gives you a nasty smack down. That's what happened to Christian Arno, founder Lingo24, an international translation company with offices in London; Aberdeen, Scotland; and New York City. "In 2006, our high Google rankings for key search terms suffered, probably because of Google changing its search algorithm," says Arno. "We suddenly dropped on Google search results for terms we'd always ranked highly for such as translation services and translation agencies. We didn't have any proactive sales strategy in place, so our revenue suffered." Since then, he's hired several outbound sales people who proactively identify potential clients. "And our Google rankings are back up too now, so we have two strong avenues for sales," says Arno.

Dig Deeper: How Google Cost Me $4 Million

Failing to qualify leads. "When I first started in sales, I was an eager beaver," recalls Jon Biedermann,
vice president of
 DonorPerfect, a CRM fundraising software company in Horsham, Pennsylvania. "No lead went untouched or uncalled — I treated every opportunity as the sure fire next sale." Big mistake. Early in his career, Biedermann got a lead from a large university. He called to assess their needs, customized the software for them, and worked on personalizing the demonstration for days. "The day of the demo came, and I presented our software in front of 10 people from the university. We had everything they needed — it was perfect," he says. But when he asked about the decision-making timeframe, he was crushed.  "Oh, we aren't going to switch software," they told him. "We were thinking about using this for our smaller satellite campus and we were hoping you would donate it to us."
Biedermann realized his error instantly. "In my zeal to get the sale, I completely forgot to ask the one crucial question: Do you have the authority and money to make this decision?"  

Dig Deeper: How to Qualify Sales Leads


Delaying sales until your product or service is ready for primetime. There's a lot to be said for doing market research for a new product or service by trying to sell it while it's still in development. That way, you'll find out exactly what customers want before you spend time perfecting your offering in a vacuum. "Entrepreneurs should hit the streets, and talk to 'friendlies' to sell your product or service even when its still just an idea, and ask people what they are willing to pay for it," says Kyle Hawke, co-founder of Whinot, a Charlottesville, Virginia-based virtual firm of independent consultants who work on small business marketing projects. Hawke learned that lesson after spending $5,000 on web features that he says "no one cared about." He now knows that he should have tested Whinot out on low-risk clients who were willing to sign on for a discounted price – or a free trial – while he and his partners worked out the kinks. "The best way to figure out how much something is worth is to get someone to pay for it," he says.

Dig Deeper: How to Build a Bootstrapping Culture

Accepting every sale. "No" is not a popular word among entrepreneurs, especially during the start-up phase, and most especially as it pertains to sales. But maybe it should be uttered more often, because the wrong kind of sale is ultimately worse than no sale at all. "It's a big challenge as a small company to say 'No, thanks, this isn't a good fit for us, please give your money to someone else,'" says Michael Buckingham, founder of Holy Cow Creative, a Midland, Michigan, design and marketing company that works with churches and ministries. "In the beginning I said yes to everyone; financially, it felt like I had to," he says. "Next thing I knew I was involved in a project that was not good for me or the client. We pushed through it, we met our objectives but our work is about more than projects and invoices. I learned that relationships are key to sales. It's why I now turn down nearly every RFP; it's void of relationship."

Dig Deeper: Getting to No

Offloading the sales function. When Tom Greenshaw first started Cashier Live in Chicago, he wanted to focus mainly on product development and support for the web-based point of sales software that he sells to independent retailers. So he built a sales channel with affiliates and partners, hoping to offload as much of the direct sales function as possible. "This seemed to be working well and we quickly signed up a number of partners that were interested in selling Cashier Live," he says. "But those partners weren't as well versed in the software as we were."  Many of them over-promised customers regarding the capabilities of the software, or dragged Greenshaw's staff into the sales process, which confused customers and ate up company time and resources. "I learned a lot from this experience, and we've since been very successful with our own sales efforts," he says today. When he tries selling through channel partners again, he'll make sure to train them thoroughly on the company's software.

Dig Deeper: Sales: When Is it Safe to Hire?

Fixating on big fish. When Scott Gerber first founded Sizzle It!, a New York City-based video production company, he admits that he "used to be obsessed with only going after home-run clients—those that had big names and huge wallets."  But selling to very large companies is time consuming and often frustrating since decision-making is slow and payments even slower. Sizzle It! ultimately landed big clients like Procter & Gamble, but closing sales would sometimes take six months or more. And frequently, Gerber's staff would put months of effort into sales that never materialized. "The pursuit of these titans often put us in cash flow crunches," says Gerber. "My biggest mistake in guiding Sizzle It!'s strategy in its earlier years was not going after more base-hit clients. Now, we have an even split of clients, which has not only helped us to spread the word about our company faster, but also helped us to maintain a healthy cash flow."

Dig Deeper: How to Cold Call a Big Customer







“It remains to be seen if it’s good in the long run but what’s exciting is Amazon has proven the ability to move product,” said Ben Gottlieb, president of mobile app maker Stand Alone Inc. “It all depends on the implementation. But if they live up to what they say, we can make more money.”


That’s a real issue. Gottlieb, who sells a crossword app, says he makes 20-30 times more selling his apps in the App Store compared to Android Market. It’s gotten a little better lately, but it’s still discouraging trying to sell in Android Market, which has more than 80,000 apps. Developers like Gottlieb say the store needs more recommendation and discovery tools, more categories, a better check-out system and more marketing muscle. These are all things that Amazon could immediately address.


Arron La, maker of the Advanced Task Manager app, said Amazon could help ignite sales by giving better recommendation tips and making checkouts easier for users. He said Google Checkout can be a nightmare at times, sometimes charging people multiple times for one app. A reliable and familiar system like Amazon’s could prompt people to open up their wallets, something they don’t do that much of in the Android Market. He also hopes that Amazon will do more to promote apps and advertise its app store, which Google has shied away from.


Google, for its part, is working on a number of changes, including a new web-based Android Market and a reported deal with PayPal  for payments. And it just expanded the number of countries that can buy paid apps.Even with those improvements, La feels better about Amazon because the company seems more committed to making money, something Google seems less interested in. Google claims it doesn’t make any money from Android Market.


“Once you have the right things in place and you get that ecosystem going, you can definitely make money out of it,” he said. “But that’s been what’s hurting Android Market. Everyone using Google devices, they want and expect everything for free. When Google released Android market, they had no paid apps in the beginning.”


To be sure, an Amazon Android store or a similar market from Verizon Wireless could be a headache for developers. Developers would have to get in the habit of submitting and updating apps in multiple markets. Users might get confused as to who to turn to for apps or support. Amazon will have the ability to turn down apps and has stated it won’t approve offensive or pornographic content. It could lead to some gripes from developers about rejected apps, similar to complaints about the App Store, and it’s unclear if it will be as easy as one click to buy an app and get it on an Android device.


If Amazon proves to be a real player in the app market, expect a lot of developers to look Amazon’s way. They’ll be happy to get something closer to an App Store experience for their apps. “Apple is about the making the whole experience pleasant while Google is just focused on getting the job done and it’s not always pretty,” Gottlieb said. “Amazon is somewhere in between and it’s definitely closer to Apple than Google.”


Related research from GigaOM Pro (subscription req’d):



  • Why Google Launched App Inventor

  • Is Amazon the New Self-Publish Kingpin?

  • Why Carriers Still Hold the Key to Handset Sales



bench craft company reviews

Crowd gets raucous at Oberstar-Cravaack debate | Duluth <b>News</b> <b>...</b>

Jim Oberstar and Chip Cravaack didn't just face each other this morning at the Duluth Entertainment Convention Center Auditorium, they faced angry mobs of their opponent's supporters.

Watershed debuts Waterproof Bag for iPad | iLounge <b>News</b>

iLounge news discussing the Watershed debuts Waterproof Bag for iPad. Find more iPad Accessories news from leading independent iPod, iPhone, and iPad site.

<b>News</b>: Jean Claude Van Damme Suffers Heart Attack On Set Of WEAPON

Images From Cronenberg's TALKING CURE � Brody Versus Argento � JCVD Has Heart Attack On Set � TROLL HUNTER Coming To America � MORPHINE Doc Gets A Trailer � Pegg / Frost Alien Comedy PAUL Trailer. Film News ...


robert shumake detroit

robert shumake twitter

Awesome Antique 1800s Russian Malachite Box w/Key yqz Sold on eBay by Million Dollar Power Seller Norb Novocin User Name estateauctionsinc by gettingsoldonebay


robert shumake detroit

Crowd gets raucous at Oberstar-Cravaack debate | Duluth <b>News</b> <b>...</b>

Jim Oberstar and Chip Cravaack didn't just face each other this morning at the Duluth Entertainment Convention Center Auditorium, they faced angry mobs of their opponent's supporters.

Watershed debuts Waterproof Bag for iPad | iLounge <b>News</b>

iLounge news discussing the Watershed debuts Waterproof Bag for iPad. Find more iPad Accessories news from leading independent iPod, iPhone, and iPad site.

<b>News</b>: Jean Claude Van Damme Suffers Heart Attack On Set Of WEAPON

Images From Cronenberg's TALKING CURE � Brody Versus Argento � JCVD Has Heart Attack On Set � TROLL HUNTER Coming To America � MORPHINE Doc Gets A Trailer � Pegg / Frost Alien Comedy PAUL Trailer. Film News ...


robert shumake detroit



Everyone makes mistakes, but missteps in the selling process can have especially serious consequences. Not only do they deprive your business of revenue, but they can erode confidence in your company among members of your staff as well as potential customers. The following mistakes are particularly common among start-ups, but even the most seasoned entrepreneurs can fall victim to them. Here's how to identify them—and avoid them.

Neglecting to collect customer data. Every time you make a sale, it's an opportunity to make another sale down the road. Remember that your existing customers are your best source of revenue. But you can only tap them if you have a method for keeping track of them. Sonny Ahuja, the CEO of Grandperfumes.com, learned that the hard way. "Five years ago I had seven stores selling designer perfumes and colognes in all major malls of Wisconsin," he says. When he began losing customers to Amazon and eBay, Ahuja decided to close his stores and move his business online. But when he launched Grandperfumes.com, he had no money for online marketing.  "That's when I realized that if only all my sales people had collected all the names and addresses of customers that came to my stores for the past eight years — imagine the power of that database! I could have been back in business in no time." Now, he's diligent about collecting and segmenting customer data on Grandperfumes.com.

Dig Deeper: 10 Ways to Get More Sales From Existing Customers

Relying too heavily on the Internet. So you've been exceptionally clever with your web strategy and your organic vegan dog food is at the tippity-top of the relevant search engine rankings. The stuff is practically selling itself. Good for you! Until, that is, Google gives you a nasty smack down. That's what happened to Christian Arno, founder Lingo24, an international translation company with offices in London; Aberdeen, Scotland; and New York City. "In 2006, our high Google rankings for key search terms suffered, probably because of Google changing its search algorithm," says Arno. "We suddenly dropped on Google search results for terms we'd always ranked highly for such as translation services and translation agencies. We didn't have any proactive sales strategy in place, so our revenue suffered." Since then, he's hired several outbound sales people who proactively identify potential clients. "And our Google rankings are back up too now, so we have two strong avenues for sales," says Arno.

Dig Deeper: How Google Cost Me $4 Million

Failing to qualify leads. "When I first started in sales, I was an eager beaver," recalls Jon Biedermann,
vice president of
 DonorPerfect, a CRM fundraising software company in Horsham, Pennsylvania. "No lead went untouched or uncalled — I treated every opportunity as the sure fire next sale." Big mistake. Early in his career, Biedermann got a lead from a large university. He called to assess their needs, customized the software for them, and worked on personalizing the demonstration for days. "The day of the demo came, and I presented our software in front of 10 people from the university. We had everything they needed — it was perfect," he says. But when he asked about the decision-making timeframe, he was crushed.  "Oh, we aren't going to switch software," they told him. "We were thinking about using this for our smaller satellite campus and we were hoping you would donate it to us."
Biedermann realized his error instantly. "In my zeal to get the sale, I completely forgot to ask the one crucial question: Do you have the authority and money to make this decision?"  

Dig Deeper: How to Qualify Sales Leads


Delaying sales until your product or service is ready for primetime. There's a lot to be said for doing market research for a new product or service by trying to sell it while it's still in development. That way, you'll find out exactly what customers want before you spend time perfecting your offering in a vacuum. "Entrepreneurs should hit the streets, and talk to 'friendlies' to sell your product or service even when its still just an idea, and ask people what they are willing to pay for it," says Kyle Hawke, co-founder of Whinot, a Charlottesville, Virginia-based virtual firm of independent consultants who work on small business marketing projects. Hawke learned that lesson after spending $5,000 on web features that he says "no one cared about." He now knows that he should have tested Whinot out on low-risk clients who were willing to sign on for a discounted price – or a free trial – while he and his partners worked out the kinks. "The best way to figure out how much something is worth is to get someone to pay for it," he says.

Dig Deeper: How to Build a Bootstrapping Culture

Accepting every sale. "No" is not a popular word among entrepreneurs, especially during the start-up phase, and most especially as it pertains to sales. But maybe it should be uttered more often, because the wrong kind of sale is ultimately worse than no sale at all. "It's a big challenge as a small company to say 'No, thanks, this isn't a good fit for us, please give your money to someone else,'" says Michael Buckingham, founder of Holy Cow Creative, a Midland, Michigan, design and marketing company that works with churches and ministries. "In the beginning I said yes to everyone; financially, it felt like I had to," he says. "Next thing I knew I was involved in a project that was not good for me or the client. We pushed through it, we met our objectives but our work is about more than projects and invoices. I learned that relationships are key to sales. It's why I now turn down nearly every RFP; it's void of relationship."

Dig Deeper: Getting to No

Offloading the sales function. When Tom Greenshaw first started Cashier Live in Chicago, he wanted to focus mainly on product development and support for the web-based point of sales software that he sells to independent retailers. So he built a sales channel with affiliates and partners, hoping to offload as much of the direct sales function as possible. "This seemed to be working well and we quickly signed up a number of partners that were interested in selling Cashier Live," he says. "But those partners weren't as well versed in the software as we were."  Many of them over-promised customers regarding the capabilities of the software, or dragged Greenshaw's staff into the sales process, which confused customers and ate up company time and resources. "I learned a lot from this experience, and we've since been very successful with our own sales efforts," he says today. When he tries selling through channel partners again, he'll make sure to train them thoroughly on the company's software.

Dig Deeper: Sales: When Is it Safe to Hire?

Fixating on big fish. When Scott Gerber first founded Sizzle It!, a New York City-based video production company, he admits that he "used to be obsessed with only going after home-run clients—those that had big names and huge wallets."  But selling to very large companies is time consuming and often frustrating since decision-making is slow and payments even slower. Sizzle It! ultimately landed big clients like Procter & Gamble, but closing sales would sometimes take six months or more. And frequently, Gerber's staff would put months of effort into sales that never materialized. "The pursuit of these titans often put us in cash flow crunches," says Gerber. "My biggest mistake in guiding Sizzle It!'s strategy in its earlier years was not going after more base-hit clients. Now, we have an even split of clients, which has not only helped us to spread the word about our company faster, but also helped us to maintain a healthy cash flow."

Dig Deeper: How to Cold Call a Big Customer







“It remains to be seen if it’s good in the long run but what’s exciting is Amazon has proven the ability to move product,” said Ben Gottlieb, president of mobile app maker Stand Alone Inc. “It all depends on the implementation. But if they live up to what they say, we can make more money.”


That’s a real issue. Gottlieb, who sells a crossword app, says he makes 20-30 times more selling his apps in the App Store compared to Android Market. It’s gotten a little better lately, but it’s still discouraging trying to sell in Android Market, which has more than 80,000 apps. Developers like Gottlieb say the store needs more recommendation and discovery tools, more categories, a better check-out system and more marketing muscle. These are all things that Amazon could immediately address.


Arron La, maker of the Advanced Task Manager app, said Amazon could help ignite sales by giving better recommendation tips and making checkouts easier for users. He said Google Checkout can be a nightmare at times, sometimes charging people multiple times for one app. A reliable and familiar system like Amazon’s could prompt people to open up their wallets, something they don’t do that much of in the Android Market. He also hopes that Amazon will do more to promote apps and advertise its app store, which Google has shied away from.


Google, for its part, is working on a number of changes, including a new web-based Android Market and a reported deal with PayPal  for payments. And it just expanded the number of countries that can buy paid apps.Even with those improvements, La feels better about Amazon because the company seems more committed to making money, something Google seems less interested in. Google claims it doesn’t make any money from Android Market.


“Once you have the right things in place and you get that ecosystem going, you can definitely make money out of it,” he said. “But that’s been what’s hurting Android Market. Everyone using Google devices, they want and expect everything for free. When Google released Android market, they had no paid apps in the beginning.”


To be sure, an Amazon Android store or a similar market from Verizon Wireless could be a headache for developers. Developers would have to get in the habit of submitting and updating apps in multiple markets. Users might get confused as to who to turn to for apps or support. Amazon will have the ability to turn down apps and has stated it won’t approve offensive or pornographic content. It could lead to some gripes from developers about rejected apps, similar to complaints about the App Store, and it’s unclear if it will be as easy as one click to buy an app and get it on an Android device.


If Amazon proves to be a real player in the app market, expect a lot of developers to look Amazon’s way. They’ll be happy to get something closer to an App Store experience for their apps. “Apple is about the making the whole experience pleasant while Google is just focused on getting the job done and it’s not always pretty,” Gottlieb said. “Amazon is somewhere in between and it’s definitely closer to Apple than Google.”


Related research from GigaOM Pro (subscription req’d):



  • Why Google Launched App Inventor

  • Is Amazon the New Self-Publish Kingpin?

  • Why Carriers Still Hold the Key to Handset Sales



robert shumake hall of shame

Awesome Antique 1800s Russian Malachite Box w/Key yqz Sold on eBay by Million Dollar Power Seller Norb Novocin User Name estateauctionsinc by gettingsoldonebay


robert shumake twitter

Crowd gets raucous at Oberstar-Cravaack debate | Duluth <b>News</b> <b>...</b>

Jim Oberstar and Chip Cravaack didn't just face each other this morning at the Duluth Entertainment Convention Center Auditorium, they faced angry mobs of their opponent's supporters.

Watershed debuts Waterproof Bag for iPad | iLounge <b>News</b>

iLounge news discussing the Watershed debuts Waterproof Bag for iPad. Find more iPad Accessories news from leading independent iPod, iPhone, and iPad site.

<b>News</b>: Jean Claude Van Damme Suffers Heart Attack On Set Of WEAPON

Images From Cronenberg's TALKING CURE � Brody Versus Argento � JCVD Has Heart Attack On Set � TROLL HUNTER Coming To America � MORPHINE Doc Gets A Trailer � Pegg / Frost Alien Comedy PAUL Trailer. Film News ...


robert shumake detroit

Awesome Antique 1800s Russian Malachite Box w/Key yqz Sold on eBay by Million Dollar Power Seller Norb Novocin User Name estateauctionsinc by gettingsoldonebay


robert shumake hall of shame

Crowd gets raucous at Oberstar-Cravaack debate | Duluth <b>News</b> <b>...</b>

Jim Oberstar and Chip Cravaack didn't just face each other this morning at the Duluth Entertainment Convention Center Auditorium, they faced angry mobs of their opponent's supporters.

Watershed debuts Waterproof Bag for iPad | iLounge <b>News</b>

iLounge news discussing the Watershed debuts Waterproof Bag for iPad. Find more iPad Accessories news from leading independent iPod, iPhone, and iPad site.

<b>News</b>: Jean Claude Van Damme Suffers Heart Attack On Set Of WEAPON

Images From Cronenberg's TALKING CURE � Brody Versus Argento � JCVD Has Heart Attack On Set � TROLL HUNTER Coming To America � MORPHINE Doc Gets A Trailer � Pegg / Frost Alien Comedy PAUL Trailer. Film News ...


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Crowd gets raucous at Oberstar-Cravaack debate | Duluth <b>News</b> <b>...</b>

Jim Oberstar and Chip Cravaack didn't just face each other this morning at the Duluth Entertainment Convention Center Auditorium, they faced angry mobs of their opponent's supporters.

Watershed debuts Waterproof Bag for iPad | iLounge <b>News</b>

iLounge news discussing the Watershed debuts Waterproof Bag for iPad. Find more iPad Accessories news from leading independent iPod, iPhone, and iPad site.

<b>News</b>: Jean Claude Van Damme Suffers Heart Attack On Set Of WEAPON

Images From Cronenberg's TALKING CURE � Brody Versus Argento � JCVD Has Heart Attack On Set � TROLL HUNTER Coming To America � MORPHINE Doc Gets A Trailer � Pegg / Frost Alien Comedy PAUL Trailer. Film News ...


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Crowd gets raucous at Oberstar-Cravaack debate | Duluth <b>News</b> <b>...</b>

Jim Oberstar and Chip Cravaack didn't just face each other this morning at the Duluth Entertainment Convention Center Auditorium, they faced angry mobs of their opponent's supporters.

Watershed debuts Waterproof Bag for iPad | iLounge <b>News</b>

iLounge news discussing the Watershed debuts Waterproof Bag for iPad. Find more iPad Accessories news from leading independent iPod, iPhone, and iPad site.

<b>News</b>: Jean Claude Van Damme Suffers Heart Attack On Set Of WEAPON

Images From Cronenberg's TALKING CURE � Brody Versus Argento � JCVD Has Heart Attack On Set � TROLL HUNTER Coming To America � MORPHINE Doc Gets A Trailer � Pegg / Frost Alien Comedy PAUL Trailer. Film News ...


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robert shumake hall of shame

Crowd gets raucous at Oberstar-Cravaack debate | Duluth <b>News</b> <b>...</b>

Jim Oberstar and Chip Cravaack didn't just face each other this morning at the Duluth Entertainment Convention Center Auditorium, they faced angry mobs of their opponent's supporters.

Watershed debuts Waterproof Bag for iPad | iLounge <b>News</b>

iLounge news discussing the Watershed debuts Waterproof Bag for iPad. Find more iPad Accessories news from leading independent iPod, iPhone, and iPad site.

<b>News</b>: Jean Claude Van Damme Suffers Heart Attack On Set Of WEAPON

Images From Cronenberg's TALKING CURE � Brody Versus Argento � JCVD Has Heart Attack On Set � TROLL HUNTER Coming To America � MORPHINE Doc Gets A Trailer � Pegg / Frost Alien Comedy PAUL Trailer. Film News ...


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Crowd gets raucous at Oberstar-Cravaack debate | Duluth <b>News</b> <b>...</b>

Jim Oberstar and Chip Cravaack didn't just face each other this morning at the Duluth Entertainment Convention Center Auditorium, they faced angry mobs of their opponent's supporters.

Watershed debuts Waterproof Bag for iPad | iLounge <b>News</b>

iLounge news discussing the Watershed debuts Waterproof Bag for iPad. Find more iPad Accessories news from leading independent iPod, iPhone, and iPad site.

<b>News</b>: Jean Claude Van Damme Suffers Heart Attack On Set Of WEAPON

Images From Cronenberg's TALKING CURE � Brody Versus Argento � JCVD Has Heart Attack On Set � TROLL HUNTER Coming To America � MORPHINE Doc Gets A Trailer � Pegg / Frost Alien Comedy PAUL Trailer. Film News ...


robert shumake twitter

Crowd gets raucous at Oberstar-Cravaack debate | Duluth <b>News</b> <b>...</b>

Jim Oberstar and Chip Cravaack didn't just face each other this morning at the Duluth Entertainment Convention Center Auditorium, they faced angry mobs of their opponent's supporters.

Watershed debuts Waterproof Bag for iPad | iLounge <b>News</b>

iLounge news discussing the Watershed debuts Waterproof Bag for iPad. Find more iPad Accessories news from leading independent iPod, iPhone, and iPad site.

<b>News</b>: Jean Claude Van Damme Suffers Heart Attack On Set Of WEAPON

Images From Cronenberg's TALKING CURE � Brody Versus Argento � JCVD Has Heart Attack On Set � TROLL HUNTER Coming To America � MORPHINE Doc Gets A Trailer � Pegg / Frost Alien Comedy PAUL Trailer. Film News ...