Student actors need money to perform in international festival

Lemon Bay High School's theater troupe wants to take its show on the road but could use some financial backers.

After staging "The Wedding Singer" at a state competition in April, international judges selected the group for the closing performance for the International Thespian Festival in Lincoln, Neb., June 22-27.

Just seven high school productions from around the world were chosen to appear on the festival's main stage.

But there is a plot twist: the students need to raise about $75,000 to make the trip.

They faced a deadline on Friday to come up with $29,000 for registration fees, room and board for the cast and crew of 53 students. They were about $6,000 short on Friday afternoon, but theater director Jennifer Kelly said the festival is willing to work with the group as long as the money can be raised.

There also are transportation expenses for the students, chaperones, musicians and technicians, plus the scenery, props and costumes.

Because of budget constraints, the theater program is completely self-sufficient and relies on donations and ticket sales. The cost of the trip stunned students.

"When we heard how much money we needed, we all thought it was pretty much impossible," said stage manager Cody Becker, a junior. "Then we thought about the time we had and what we can do every morning, every afternoon and every night, and we thought, 'We can do this.'"

In two weeks' time, Becker and other students put together a promotional video and press releases, publicized their plight on MySpace and Facebook, and sent a letter to local organizations for publicity. They are also planning fundraisers and seeking a grant from the Gulf Coast Community Foundation of Venice.

Kelly, theater director at the school since 2000, said no school from Florida has been chosen for the international festival in more than 10 years.

"It's a rare occurrence," she said. "It's a big deal in the world of high school theater, if you will. It's even more miraculous coming from a small town and a small high school."

"The Wedding Singer" is a musical production of the 1998 Adam Sandler-Drew Barrymore film.

"I knew it would be the most perfect show for this group," Kelly said. "They're eccentric themselves, they're fun, we have a lot of dancers and a lot of talented kids, and they're very comedic."

Now the troupe is hoping for a happy ending.

"To go to an international event, it's like a dream. I have to pinch myself sometimes," said Robby Wagenseil, a senior who plays George, one of the leads. "It's a great opportunity to showcase our talent and show what a small department like this can do at the international level."

Kelly said coming up short on funding is not an option.

"We don't take no for an answer," she said.

Chrysler Dealership Closing; We Need Our Mone

Chrysler will close 789 dealerships, according to CNN. That’s a lot of people that will lose their livelihoods, from the owners to the cleaning crews. Our heart and our prayers go out to all of them. These are difficult times to lose your job.

This big hit on the economy causes us to restate the request from today’s other post for a tax withholding holiday. Chrysler’s bankruptcy can’t be stopped. But a boost in consumer spending will improve the outlook for the people that are about to lose their jobs at Chrysler, and at troubled companies throughout the economy. Think about those individuals that will be able to find new jobs created by spending from the holiday. Think about their families. Remember that the job created or saved by the tax withholding holiday could be yours.

I expect to see many comments from readers about how we have spent too much already on the bailouts and stimulus plans. They will insist that we can’t afford a tax cut right now after spending so much money. I understand these concerns, but the past is behind us and can’t be changed. The debate over the value of those programs can take place somewhere else. I want to provide a platform for all of us to look forward.

We earn our money. The needs of The People have to come ahead of the needs of the government. Right now, a tax holiday will improve consumer spending and will save jobs, and as I explained in my earlier post today, give families facing lay-offs a significant boost in money to save or spend as they need. Right now, We The People need a stimulus and the government of the people, by the people, for the people, needs to allow the people the right to the fruits of our labors.

Cramer's Mad Money - Will Scott's Need a Miracle to Grow? (5/12/09)

CEO Interview: Jim Hagedorn, Scott's Miracle Grow (SMG)

Cramer felt Scott's Miracle Grow is a company that has gotten unfairly beaten up after a good quarter; because it didn't raise guidance, investors began a huge selloff which Cramer thinks was overdone, especially since so many Americans have caught the gardening bug. He invited CEO Jim Hagedorn to discuss why the stock price has dropped an additional 5 points since the initial decline two weeks ago.

Hagedorn thinks his company is still being punished for not having raised guidance in spite of strong sales and a 45% increase in shipments to retailers in May. Currency conversion problems account for only a 5% dip in earnings. While most brands are selling well, Hagedorn admits his high-end Smith & Hawken gardening supplies and furniture are not really suitable for the economic situation, and said he plans to make some changes. Cramer thinks Scott's Miracle Grow is headed higher.

Underdog Days: Bank of New York Mellon (BK), Ford (F), Anadarko Petroleum (APC), U.S. Bancorp (USB)

Tuesday's rapid decline followed by a successful finish for the Dow 50 points up proves that this is an underdog market, according to Cramer who says he is one of the few voices in the financial media that welcome intraday declines, which would otherwise signal volatility; "We love comebacks, we love underdogs, we love tenacity," he said.

The equity offerings of Bank of New York Mellon and Anadarko Petroleum are not bearish signs, but provide yet more opportunities for more investors to jump into the market. At first, prices for BK and USB's offerings fell, but it soon became apparent that was an opportunity to "swoop up and buy." Cramer would trade Ford's offering in a similar fashion; avoid buying it at the outset, but wait for the price to fall amid panic and then buy. He also criticized "pullbackers" who advocate waiting for stocks to fall through the floor before buying. Instead, he recommended picking up stocks on modest intraday declines.

Off the Charts: Goldman Sachs (GS)

Cramer squared off with technician Rick Bensignor over whether or not to buy Goldman after it's substantial run from $47 to $140. According to Bensignor, the chart indicates Goldman is a sell with resistance at $140 and fewer buyers as the stock rises. Cramer says he doesn't mind if Goldman's price rises or falls for the short-term, it is still a buy on its fundamentals. Goldman is an essential force in the financial world and will continue to take market share as companies seek its advice. While Goldman looks expensive, it is actually trading at a discount to historical levels and taking into account its large book value.

Cramer's Outrage: Stop the Nobel Prize Winners!

"Somebody, please, stop the Nobel Prize winners! These guys have become completely toxic to the market!” cried Cramer. The focus of his criticism is Nobel Prize Winner is Paul Krugman and others who said there will be a long, slow recovery and maybe even a "lost generation" before a real upturn. Cramer reiterated this is not the 1980s in Japan. Instead of PhDs, what is really needed are doctors who know how to handle life and death emergencies. Ben Bernanke and Tim Geithner have finally gotten with the program; confidence is needed to get the market back on track; "The best way to diagnose a problem is treating it."

AIG: We don't need more money

AIG chief executive Edward Liddy will tell Congress this week that the sprawling firm that has received roughly $180 billion in federal aid commitments does not need more bailout money.

"We are stabilizing AIG's liquidity so that we do not need support beyond those amounts that the government has already authorized, although as I have said before the state of the economy will be a factor," Liddy will testify on Wednesday before the House Committee on Oversight and Government Reform.

Liddy said that the company, which has received the most bailout money of any firm, will restructure into a smaller corporation and no longer have a financial products division. That was the division that expanded deep into the market for risky credit default swaps and brought the firm to its knees.

The company has limited its exposure to those derivatives to $1.5 trillion in face value, compared with the original $2.7 trillion.

Liddy said AIG is working to divest properties to repay taxpayers, but intends not to sell parts of the company at "firesale prices."  

AIG kicked up a firestorm when the firm disclosed that it intended to pay $165 million in executive compensation to employees of the financial products division. The criticism dominated Capitol Hill for more than a week, and led President Obama to express outrage at the payments.

Still, Liddy will warn Congress not to distract the firm from restructuring with more criticism.

"Rampant, unwarranted criticism of AIG serves only to diminish the value of our businesses around the world -- to the detriment of our shareholders, including taxpayers, who own some 80 percent of AIG," Liddy writes.

'Creative minds' need money

 am writing in response to Gov. Strickland's comments linking education to the economy. He stated that "in the days and decades ahead, a strong Ohio will require creative minds and innovative thinkers. Education revivals lead to economic revivals -- because great students go on to be great workers who can excel and thrive in the changing, modern marketplace."

I agree with Gov. Strickland's comments. He is absolutely correct. Unfortunately, he is not following his own recommendations. Strickland has decreased funding to the Ohio Board of Regents, which provides scholarships for our "creative minds, innovative thinkers and great students."

My children are some of these "creative minds, innovative thinkers and great students." They have been selected to receive the Ohio Board of Regents' Ohio Academic Scholarship. My son has received this for two years. My daughter was chosen to receive this next year as she enters college. My children were notified that "due to budgetary constraints, no funding has been appropriated for this program beyond the current year."

When Strickland emphasizes the need for great students to lead us out of our economic downturn, has he failed to realize that these great students need assistance in paying for the extreme cost of college education? Removing monies from the budget that would have been used to enrich our work force with excellent workers is not, in my opinion following the plan that Strickland professes to believe. His action in removing these scholarships is in the exact opposite direction of his statements.

I would like to see Strickland reassess the focus of his education reform and include the principle of "enabling the 'creative minds, innovative thinkers and great students' opportunity to attend colleges and universities with scholarship assistance."

Treasuries Rise; Stress Tests May Show Banks Need More Money

Two-year Treasuries rose on speculation the results of bank-stress tests will show some of the biggest financial institutions need new capital, stoking demand for the safety of U.S. government debt.
The advance pushed the yield on the two-year note down from the highest level in a month. Regulators determined that Bank of America Corp. needs $34 billion, the largest requirement of the 19 U.S. lenders reviewed, according to a person familiar with the matter. Ten-year securities were little changed before a record $22 billion sale of 10-year notes today.
“There are still bits and pieces of bad news about that have some effect on the market,” said David Keeble, head of fixed-income strategy in London at Calyon, the investment- banking unit of Credit Agricole SA. “These little pieces of bad news fly in the face of lots of good news stories and this tempers their impact. There is also the issue of supply.”
The two-year note yield fell two basis points to 0.95 percent as of 9:56 a.m. in London, according to BGCantor Market Data. The 0.875 percent security maturing in April 2011 rose 1/32, or 31 cents per $1,000 face amount, to 99 27/32.
The yield on the 10-year security was little changed at 3.17 percent.
The banks may outline their strategies to add capital, or in other cases buy out government stakes, after the Federal Reserve publishes the stress tests results tomorrow. Fed Chairman Ben S. Bernanke said yesterday that another shock to the financial system may stall the economic recovery.
Jobless Report
The pace of U.S. job losses is slowing, a report may show today, adding to evidence the worst of the economic slump is over. ADP Employer Services will say U.S. companies cut 645,000 workers in April, down from 742,000 in March, according to the median estimate in a Bloomberg survey of 28 economists.
Today’s 10-year sale comes after a three-year auction yesterday. The government is scheduled to sell 30-year bonds tomorrow.
Ten-year notes yielded 2.95 percent at the prior auction of the maturity on April 9. Investors bid for 2.49 times the amount of debt on offer, versus an average for the past 10 sales of 2.21 times.

Fed Stress Test Results May Show 10 U.S. Banks Need Money

The Federal Reserve plans to deliver results of stress tests on U.S. banks to executives today that may show about 10 companies need additional capital to weather a deeper recession, people familiar with the matter said.
Banks are formulating plans for filling their capital requirements, much of which would likely come from conversions of preferred shares, the people said. Many of the 19 lenders under review and the government are set to discuss publicly the examinations after markets close May 7, the people said.
Financial shares jumped the most in almost a month yesterday on optimism about the tests. The Treasury and regulators have presented different options for the banks to shore up their books without taking taxpayer money, including selling assets, seeking private capital and converting previous government investments from preferred to common shares.
“Maybe the capital that’s required from these tests is going to be smaller than the market had been anticipating,” said Blake Howells, an analyst at Becker Capital Management, which oversees $1.7 billion in Portland, Oregon, and owns shares of U.S. Bancorp and KeyCorp, referring to the stock rally.
Still, “for the stress test to have any sort of legitimacy, some of the banks are going to have to raise capital,” he said.
Fed Meeting
Fed spokeswoman Michelle Smith declined to comment. The Fed’s Board of Governors met late on May 3rd to discuss the stress tests, according to a posting on the central bank’s Web site, the second Sunday evening meeting on the matter in three weeks.
Last week, the Fed delayed the release of the tests, originally scheduled for yesterday, as banks challenged some of the conclusions. Citigroup Inc. and Bank of America Corp. were among the banks found to need additional capital, people familiar with the matter have said.
Both firms disputed the Fed’s determination. Yesterday, Bank of America gained 19 percent after the company denied it was working on a plan to raise $10 billion. Citigroup rose 7.7 percent.
A person familiar with Citigroup’s plans said the bank wasn’t likely to need new taxpayer cash and was focusing on converting government shares and getting capital from private investors to satisfy regulators.
The number of banks deemed to need more capital has increased from six to eight a week ago, after regulators boosted their target for the reserves the firms must hold, according to a person familiar with the matter.
Capital Ratio
Officials favor tangible common equity equal of about 4 percent of a bank’s assets, up from a 3 percent goal earlier in the process, two people with knowledge of the deliberations said last week.
While banks are trying to avoid the taint of taking federal funds -- and the potential pay restrictions and executive firings that come with it -- the government will also benefit by handing out less cash. Not including repayments, the Treasury has about $110 billion left in the $700 billion Troubled Asset Relief Program that Congress passed last October.
Lawmakers have repeatedly said they won’t approve any more funds. Some lenders, including Goldman Sachs Group Inc., have said they intend to pay back as soon as possible the TARP money they received last year.
President Barack Obama’s spokesman said yesterday that some banks will “undoubtedly” need more capital but the administration expects them to be able to get it in private markets.
TARP Funds
“The administration doesn’t believe we need to go to Congress right now” to seek more money to rescue banks, White House press secretary Robert Gibbs said at his daily briefing.
For those institutions needing more capital, “everyone involved will be looking for banks to raise this through either private means or the selling of some assets that they have or that they control,” Gibbs added.
Such a result may not appease critics, including Nobel prize laureate in economics Joseph Stiglitz, who have suggested temporary government takeovers to cleanse banks’ balance sheets.
“Rather than financial or economic fixes, it looks like the Treasury really doesn’t have enough money to address the situation, and therefore is going back to this idea that somehow if we change preferred into common, magically the problem goes away,” said Joseph Mason, a banking professor at Louisiana State University in Baton Rouge who previously worked at the Treasury’s Office of the Comptroller of the Currency.
The 19 firms include Citigroup, Bank of America, Goldman Sachs, GMAC LLC, MetLife Inc., Fifth Third Bancorp and Regions Financial Corp. The banks in the test hold two-thirds of the assets and more than half of the loans in the U.S. banking system, according to a Fed study released April 24.
Regulators are pushing higher minimum capital levels for the banks to determine whether they can survive a worsening recession. Tangible common equity can be boosted by converting preferred shares to common equity