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Tuesday's Daily Pulse
What You Need to Know About Florida Today
Strapped Florida Banks Ask for Help
Florida banks—already weakened by the real-estate bust and hit again by customers suffering from the BP PLC oil spill—are asking federal regulators for a reprieve from government-ordered capital raising as they struggle to stay alive. In a Monday letter to Federal Deposit Insurance Corp. Chairman Sheila Bair and Federal Reserve Chairman Ben Bernanke, Florida's top banking lobbyist requested all local banks be granted a 12-month break from higher capital requirements, loan appraisals and new regulatory sanctions. [Source: Wall Street Journal]
Investors Snap up Florida Banking Bargains
As bank failures in Florida continue to mount, new players are swooping in. They are veteran bankers, but not well-known banks. They have raised sizable war chests of cash to snap up the state's sickest banks at bargain prices. These private equity and investor groups also are buying weakened banks that appear salvageable, as well as some healthy banks that need fresh money to grow. They plan to become the new powers in Florida banking. [Source: Sarasota Herald-Tribune]
Foreign Trade Zone Could Expand in North Florida
Jacksonville’s foreign trade zone — where businesses can get relief from custom duties on cargo shipped into the United States from abroad — could stretch as far inland as Columbia County. The Jacksonville Port Authority administers the federally-created foreign trade zone and is in the process of applying for a multi-county zone that would give businesses fast-track consideration throughout the region. [Source: Florida Times-Union]
School Superintendents Question Accuracy of FCAT Results
The superintendents of Hillsborough County and four other large school districts said Monday they have doubts about the accuracy of this year's FCAT results and want a state investigation. The Florida Comprehensive Assessment Test is the foundation of the state's accountability system, driving curriculum, student placement, school grades and millions in reward dollars. [Source: St. Petersburg Times]
» Victims Assured: Claims Will Be Paid [St. Petersburg Times]
» Gulf Seafood Tested for Oil, Not Dispersant [Palm Beach Post]
» UF Creates Faculty Task Force to Address Spill [Gainesville Sun]
» Graham Bias Questioned [Palm Beach Post]
» First Lady Touts Gulf Vacations, Vacations in Maine [ABC News]
ALSO AROUND FLORIDA:
› Ad Exec Becomes Major Gator Booster
For the past three decades, Andy Fletcher has made his living pitching products to all forms of clientele. He has worked with everything from the hottest product on the market to the tiniest unknown trying to jockey its way into the public spotlight. Now, Fletcher has been entrusted to sell a product that, although quite familiar, is a bit more personal. In May, Fletcher, the former president, partner and chief executive officer of the Fletcher Martin advertising agency based out of Atlanta, assumed the role of UF's associate vice president of marketing and public relations.
› Space Forum Focuses on Future
Strategic doing, done right. That was the goal of about 100 people who gathered in the ballroom at the Holiday Inn on Wickham Road for five hours Monday for a "strategic doing" workshop. The participants worked on coming up with ways to help offset the economic impact of the upcoming end of the space shuttle program and its loss of 8,000 jobs.
› Unemployed Candidate Pays Himself from Campaign
As a strict constitutional constructionist, Republican Congressional candidate Jason Sager believes the government has no business paying unemployment benefits. Yet Sager, who is running in Florida's 5th District, collected more than $18,000 in unemployment over the last two years. Sager now says he'll draw a salary from his own campaign. His job title? Full-time candidate. "It's not abnormal," Sager said. "I'm the only paid staffer on the campaign. The law was put in place so people who aren't wealthy can afford to run for office."
› COLUMN: What Does "Taking Responsibility" Mean?
Astute reader Tom Miller of Clearwater observes: "When a politician or some other crook says, "I take responsibility," they are released from any further criticism. When they really want absolution, they say, "I take FULL responsibility." Mr. Miller is correct. The modern practice of "taking responsibility" often means the exact reverse. The translation is, "I will pretend to admit something, in hopes that I do not have to suffer any consequence."
› Small Business Loans Remain Elusive
Federal Reserve Chairman Ben Bernanke on Monday pushed banks to increase lending to small businesses to boost the economy, but Southwest Florida bankers said regional conditions and pressure from regulators are tying their hands. Bernanke and other regulators have urged banks since February to increase their lending to smaller companies. Lawmakers on Capitol Hill have complained that small businesses that want to take out loans are having trouble getting them. Banks have countered by saying demand is weak. Remy Fenelus, owner of Remy’s Custom Design tailor shop in south Fort Myers, said he knows lack of demand isn’t the only factor because he has been looking for money to expand for months.
› HSN Teams Up for "Biggest Marketing Partnership" Ever
Tom Cruise or Angelina Jolie draw enough fans to open a movie. How about HSN? Hollywood is about to find out as the St. Petersburg TV shopping network launches a three-day marathon Aug. 6 hyping the release of the Julia Roberts film Eat Pray Love. Usually, movie tie-ins match fast food, soft drink makers and action movies. But HSN hopes to join the fashion industry, which has made in-roads selling its wares through the flicks Sex and the City and The Devil Wears Prada.
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