Newspapers / The Charlotte Post (Charlotte, … / Feb. 12, 2004, edition 1 / Page 23
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7C STRICTLY BUSINESS/tniie Cbnlttte jpMtt Thursday, February 12, 2004 Macom plans to spin off Blockbuster Continued from page 8C tising-driven business like TV and radio. Viacom acquired Blockbuster in 1994 to help finance its bid for Paramount. Including the Blockbuster charge, Viacom reported a net loss of $385.4 million in the fourth quarter, or 22 cents per share, compared with earnings of $652.4 mil- Uon, or 37 cents per share, in the same period a year ago. Revenues increased 11 per cent to $7.52 billion from $6.78 billion. Viacom reported a 19 per cent gain in operating income at its cable networks group, a rehable profit center that includes MTV VHl and Nickelodeon. Television earnings declined 23 percent compared with the year-ago period, which the company attributed to a lack of politi cal advertising and higher expenses for programming, and radio income fell 10 per cent on lower advertising revenues. For the full year, \fiacom reported net earnings of $1.42 billion, or 80 cents a share, versus $725.7 million, or 41 cents a share, in 2002, which included an account ing charge of $1.48 bUhon. Full-year revenues rose 8 percent to $26.59 billion from $24.61 billion in 2002. On the Net: http://www.viacom.com Comptroller general critieizes Fannie Mae Continued from page 8C steady performer. In addi tion, the company has admitted inflating 2001 prof its by nearly $1 billion and said it may not be able to complete its accounting for 2003 until next Jxme. The accounting and man agement turmoil at the com pany rattled Wall Street and the mortgage market. But Freddie Mac executives have said the company’s financial soundness and ability to manage interest-rate risk have not been compromised. If either company were to fail, it would have “a signifi cant adverse ripple effect” throughout the financial markets, he said. ‘We have to be careful to make sure they don’t fail,” Walker testi fied. Walker also criticized Fannie Mae’s governance, which has CEO Franklin Raines also serving as chair man of the board, while its chief operating officer and chief financial officer are vice chairmen of the board. OFHEO, the current regu lator, is pushing to split the company’s top executive position in two - a proposal that requires White House approval.’ Raines said recently that the company’s board does not support such a division. The regulatory agency already has required Freddie Mac to make the executive split within a “rea sonable” period of time as part of its settlement with the company in December. Fannie Mae spokeswoman Janice Daue said the board had previously decided to ensure independence by des ignating a lead director, and that the company believes it is not necessary at this time to divide the chairman and chief executive roles. We’re always willing to discuss these issues with Congress,” Daue said in a telephone interview. Fannie Mae and Freddie Mac were created by Congress to pump money into the multitriUion-dollar home mortgage market by buying home loans from banks and other lenders and bundling them into securi ties for sale on Wall Street. Both Fortune 500 compa nies, they have grovm rapid ly in recent years and are among the nation’s largest financial institutions. On the Net: Fannie Mae: www.fanniemae.com Freddie Mac: www.freddiemac. com Office of Federal Homing Enterprise Oversight: www.qfheo.gov General Accounting Office: www.gao.gov Social Security refonn to drive up U.S. debt Continued from page 8C over record deficits, expected to reach $521 bfilion this year alone, and Democrats have warned that the nation’s mormting debt load could become a drag on eco nomic growth. A senior Democratic con gressional aide warned the debt would push up interest rates. While it may be designed to save Social Security in the long run, the aide warned, “The patient may be dead by then.” Gregory Mankiw, who chairs the White House cormcil, acknowledged per sistent budget deficits “do tend to raise interest rates. ... That is one of the reasons why getting the budget deficit down is an important priority.” Though Republicans who control the U.S. Congress see little chance of passing Social Security reform in a presidential election year, the estimates could revive debate over Bush’s plan to let workers redirect a por tion of their payroll taxes into personal stock or bond accounts. Under the model analyzed by the Council of Economic Advisers, workers could vol untarily redirect 4 percent of their payroll taxes up to $1000 annually to a personal account. Bond proceeds would make up for diverted payroll tax funds and shore up the Social Security system. Bush opposes raising taxes or requiring additional contri butions from workers. The bonds would be gradually paid off using future savings from Social Security as bene fits growth slowed. But Buchan said: “We’ve made no decisions about how the transition to personal accounts would be financed.” Bush advisers had once hoped to use budget surplus es, projected in 2000 at $5.6 trillion over 10 years, to fund the transition period. The White House expects the budget shortfall to total $1.35 trillion through 2009 and government debt to rise from $8.1 trillion to $10.5 trilUon, forcing Bush’s eco nomic advisers to look at alternatives. Dr. Carl Arrington, Lticensed Presenter -Say Yes To Success! ‘'Dr. Am'rigton is a recognized Fast- Start Distributor with EcoQuest International He has spent years help ing others reach their personal and professional dreams. Using It All As we travel the road to success, often we have the tendency to focus completely on what would be the ideal situation for ourselves. There are dreams that we have had for years. Finally we get to the point where we decide that we are going to go after our dreams and make them come true. We make plans to reach our goals so that we can realize our ultimate dreams. However, much of what we plan is based on a perfect scenario. We often fail to plan for the unexpected. Our plans may not always work out perfectly. Sometimes circumstances arise that we had not anticipated. For example, financial backing that we had counted on does not come through, someone that we depended on to help us on a particular project is no longer able to work with us, or something happens in a relationship that results in its ending. If we are not prepai-ed for the unexpected, this can really throw us. By being caught off guard, we become distracted and disappointed. We may feel that there is no point in pursuing our dreams any longer. Yet, one of the keys to success is learning to accept all that may come our way. However, this does not mean passive acceptance. Successful people take what happens and uses it to their advantage, whether it may be considered good or bad. Those who create success in life know that good and disappointment arc a part of life. They will take the disappointments and learn from them in order to take them to their next level of success. Regardless of what you may encounter along the road to success, always keep in mind that you can use it all to make your dreams come true. Let nothing stand in the way of achieving your dreams. Using all that you have been given, you can make it happen! Depending on Others for Your Success? START YOUR OWN SUCCESSFUL BUSINESS? 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The Charlotte Post (Charlotte, N.C.)
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Feb. 12, 2004, edition 1
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