LEE REPORTS -7 NEW WAYS TO GET TO HELL

BY LEE DEGENSTEIN

So here we are at the beginning of the second quarter of 2008. It would be a fair statement I think you’ll agree, that things have not gone smoothly so far this year. We are still involved in a very unpopular war, the stock market has fallen about 10%, the US dollar is at record lows, gas and commodity prices are going through the roof, home foreclosures are rising at a record pace, the mortgage mess is leading to a meltdown in the financial services sector, the fifth largest investment bank had to be bailed out, thousands of people have lost their jobs and global warming threatens life as we know it on our small planet, need I go on?

So in the midst of what can only be described as a crisis, the Vatican has just released 7 new deadly sins, which if violated, could earn you a one way ticket to hell. Just what the world needs, more rules, regulations and more importantly more things to feel guilty about. Let me say at the outset that while I was born Jewish, most of my religious training and background comes from the Catholic Church. It’s a long story that I need not delve into at this time.

About 25 percent of the world’s population is Catholic so these new rule changes (because that’s what they are) affect a lot of people. Just as a refresher, the seven original deadly sins are: Pride, Avarice (greed), Envy, Wrath, Lust, Gluttony and Sloth. On top of those, we have the 10 commandments, thou shall not lie, kill covet thy neighbor’s wife and so on. The breaking of these commandments could also get you an eternal seat in the hot place.

The Vatican said last month that the world has new opportunities mostly due to technology and with that comes new responsibilities, hence the seven new deadly sins. In case you missed them here they are: Drug Dealing, Abortion, Pedophilia, Causing Social Injustice, Polluting, Genetic Engineering, and my personal favorite, Being Obscenely Rich. What interesting to me is that three of these new deadly sins are illegal the others are not.

I mean no disrespect by this but are you guys kidding? Most religions are based on laws dating back thousands of years, many of which have nothing to do with what’s relevant in 2008. All Religion, is losing followers in droves. I would respectfully suggest that the religions of the world make it more appealing to be religious not more difficult.

Let’s take a look at some of the new deadly sins.



Drug Dealing:
Doesn’t tobacco and alcohol kill more people each year than drug dealers do? What about using illegal drugs? What about drunk driving and second hand smoke? Do we get a pass on that? If someone is dealing drugs, then someone is buying and using them. Is dealing worse than using? There are more users than dealers.

Pedophilia:
Perhaps our friends in Rome haven’t bought a newspaper in the last ten years. I seem to remember reading somewhere that some of its more stalwart members have had some issues with this pedophilia thing in the past. People who live in glass houses shouldn’t throw stones.

Polluting:
I wish they were more specific here because we are all guilty of polluting in one form or another. Every time we start the family car we are polluting. I don’t think Hell can hold the entire planet unless they are planning a massive expansion project. Cattle passing gas contributes to global warming isn’t that polluting? Where do we send those cows to India?

Causing Social Injustice:
What?

Being Obscenely Rich:
Hello? The Catholic Church, by many accounts is the second largest land owner on the planet right behind the Mormon Church. The Church also is the proud owner of the largest art collection known to mankind. Could I get a ruling on when one crosses the line from just being rich to being obscenely rich? Is there a dollar breakpoint that I am not aware of? I guess this means that we’ll be seeing more of people like Bill Gates and Warren Buffet in church on Sundays. Pass them the basket first if you please. Oh yea, what if one is obscenely rich and donates oodles of money to the Church? Does that mean there is some special dispensation? I think we need a ruling here.

Personally, I think these new deadly sins are for the most part, a bit weak and require a more detailed explanation. It’s all about marketing guys. The object is to attract people not turn them off. Perhaps the Vatican can hire some Madison Avenue marketing consultants and give us a rewrite say in about 50 years when I am dead and buried.

In the meantime, as a public service I would like to add my suggestions for the new seven deadly sins. They are:

Parking in a handicapped zone
Not braking for small animals
Allowing your cell phone to ring in the movies, theatre or church or confessionals
Speaking too loudly on that cell phone when it does go off,
Breaking wind in small enclosed places like elevators and confessionals
Hogging the TV clicker
Leaving the toilet seat up – That one’s for the ladies

So there you have it. I think my list would make everyone happy, and makes the world a better place to live in. More importantly, the list is doable by each and every one of us.

Finally, if we all lived by the Golden Rule, “Treat others as you would want to be treated” the world would be a better place to live in. The guy or gal who wrote that really got it right! Someone call the Vatican please!

Lee Degenstein has covered the financial markets for print and broadcast media for more than 15 years. Mr. Degenstein was also the news director and morning anchor at two major radio stations in New Jersey. He has been a reporter/contributor to United Press International, The Associated Press, The Mutual Broadcasting System and New York 1 News. A winner of the Associated Press award for 'best business story' he lives and works in New York City. Mr. Degenstein can be reached by email at: lee723@verizon.net© Copyright 2008Lee Degenstein.All rights reservedwww.leereports.blogspot.com

LEE REPORTS - DOING IT IN ALBANY

By Lee Degenstein

Stop, I cannot take it anymore! Too much information! Let’s move on! A little governing wouldn’t hurt! Can you guys get control of your hormones?

These are just some of the thoughts that have passed through my mind since the so called Albany sex scandal started dominating the news a few weeks ago. Last weekend the first seven pages of both the NY Daily News and NY Post were chock full of Albany Sex stories. Regular Lee Reports readers know that I hardly ever go back to a subject once I have covered it. I will make an exception in this instance, mainly because it’s just too good to pass up. When you have free material like this you use it! That’s one of the nice things about having your own Blog.

Why do we think our politicians are supposed to be different, a cut above the ordinary human being and should lead a life above and beyond reproach, especially when comes to extra marital sex? I guess it has something to do with the way we were brought up. Many of us actually took our marital vows seriously. You are not supposed to stray, we were taught.

I was curious about what percentage of married people actually have had extra marital affairs. Unfortunately, when I went to the internet to do a search I got very few statistics. However I did get a huge list of internet sites like married affairs.com, discreet adventures.com, cheating wives date link.com etc. You can look up the rest yourself, do your own work! I also found a site called alibi network.com. This is a site that claims they are “A full service agency providing alibis and excused absences, as well as assistance with excused absences with a variety of sensitive issues.” Someone has thought of everything. Before you race over to site I think you have to pay for the service.

Some estimates indicate that 50 % of married women and as much as 70% of married men have had affairs. More reliable and believable data comes from the University of Chicago's National Opinion Research Center. About 15% of women and 22% of men surveyed in 2002 said they'd ever had an affair with someone besides their spouse. Personally, I think those numbers are low, don’t you? Perhaps the word “affair” wasn’t explained carefully enough.

Wouldn’t it be great if there were figures like this for our elected officials? We could institute a new type of scoring system. Each candidate could be ranked by how many affairs they have had and how many times they got caught. I am not so sure I would want to vote for a person that had a high “got caught” score. How smart could he be? Would you vote for a candidate that would be this careless? We actually might get a better class of politician in we instituted the “FSDS” or Full Sexual Disclosure Score system . Like the saying goes, who can trust an honest politician? Full sexual disclosure, now that’s what we need today in Government.

For a person who is legally blind, we are learning that Governor David Patterson over the years has felt his way around more than the Senate Chamber. Excuse me for a second we have a question from the Press. “Governor, are you really legally blind, or is that a cane in your pocket?” No Comment!

It turns out that Governor Patterson could give former Governor Eliot Spitzer a bang for his buck (sorry) when it comes to fooling around. More importantly, Patterson didn’t even have to pay for it! I will give him credit for admitting his extra marital activities and coming clean, (sorry again). We have also just learned that Patterson has admitted to using Marijuana and Cocaine in his seeded, sultry past. I guess unlike former President Clinton, Governor Patterson inhaled. But so what?

Our former Mayor, Rudolph Giuliani, appears to have had affairs with everyone woman he was married to. Taking a page from the J. Edgar Hoover playbook, our former Mayor also likes to crossdress at dinner parties like the annual Alfred Smith press dinner. While a bit unsightly, does it lessen his ability to be a good Mayor? Under the category of, “Too Much Information,” the press has learned from informed sources,(are there uninformed sources?), that Spitzer liked to have sex with black socks on, (yes his feet). I wonder if those socks had the New York State crest on the ankles. Forget about the visual!

I wonder what NY State Senate Majority Joe Bruno does on some of his frequent trips out of town? You are probably familiar with the phrase, “politics makes strange bedfellows.” What does Assembly Speaker Shelly Silver do when he is far from home? I bet he and Joe Bruno can really party it up when they put their minds together. I think I have uncovered the reason that the New York State budget is late every year!

What if politicians asked the members of the press what they do in their spare time or when they travel? I get a kick out of these reporters and their holier than thou attitudes. I was a radio News director and anchorman for more than three years. Most of the members of the press I knew are very thankful that they are the ones that are asking the questions. Remember, people who live in glass houses shouldn’t get stoned, I mean throw stones!

When it comes right down to it, many, if not most of us have at one time or another operated a motor vehicle after having had too much to drink, many of us have smoked pot, many of us have cheated on a spouse, or in the words of former President Jimmy Carter, “lusted in our heart.” Should we expect that the human beings we elect to public office will be any different? Upon leaving office President Herbert Hoover said people get the politicians and officials they deserve. Do we deserve better? Are we any better? These are things to ponder.

Speaking of pondering, since becoming single again, perhaps I should be pondering a run for State office in my quest to find the winner of the future Mrs. Degenstein contest. It appears that Albany has become the Plato’s Retreat of the North. There apparently is more action up there than in most Second Avenue singles bars. Looks like I might get better results in our State’s capital than on match.com or Jdate!

Lee Degenstein has covered the financial markets for print and broadcast media for more than 15 years. Mr. Degenstein was also the news director and morning anchor at two major radio stations in New Jersey. He has been a reporter/contributor to United Press International, The Associated Press, The Mutual Broadcasting System and New York 1 News. A winner of the Associated Press award for 'best business story' he lives and works in New York City. Mr. Degenstein can be reached by email at: lee723@verizon.net© Copyright 2008Lee Degenstein.All rights reservedwww.leereports.blogspot.com

SPITZER'S MISTAKES

By Lee Degenstein

If I ever needed an incentive to start writing again, I guess I owe it to our almost former Governor Eliot Spitzer. Thanks Gov, or should I say number nine. This is being written before we know if Spitzer will step down as Governor of The State of New York, however most people think he will. In fact it looks like has to.

Recently, we learned of former Mayor Rudolph Giuliani’s affair, which he survived. Not to be outdone the Mayors of Miami, Los Angeles and San Francisco all recently admitted to extra marital affairs, but they too survived. Even former President Bill Clinton, America’s all time Olympic champion of infidelity survived, and he got more action in both the Governor’s mansion and the Whitehouse than most of us could ever hope to get in a lifetime!. So what did Eliot Spitzer do that was so wrong?

The answer is threefold. He paid for sex, he got caught, and oh yea and he was really stupid. Is there really such a difference between mounting a woman in the office and hiring a hooker? One is legal and the other is not. Interestingly enough I’ll bet that if this happened in Europe it would have appeared on page 25 of the local paper.

My first bit of advice to Governor Spitzer is that he should immediately call Bill Clinton for counseling, after all we didn’t used to call him Slick Willy for nothing, and it’s too late to call Reverends Graham and Jackson. Secondly, it has been reported that Spitzer has a credit balance at the Emperor’s Club which is the escort service that he allegedly used. Eliot, you may want to have the Emperor send you a check forthwith, because it doesn’t look like you’ll need their services for a long time.

We have learned that Spitzer was identified as being client number 9. It would appear that Spitzer was among the first customers of this escort service. I am sure there is a number ten, eleven, and twelve and so on. It seems that Eliot went to the well several times. I would give a lot of money to find out who number eight and number 10 are. Admit it you would too! Wouldn’t it be great to learn that NY State Senate Majority Leader Joseph Bruno was number eight and Hillary Clinton was number ten? It couldn’t get any better than that.
.
One of the laws that was broken is something called the Mann act. This act prohibits the transportation of a hooker across state lines for the purpose of prostitution. (Now why else would you transport a prostitute across state lines?) As a former prosecutor, Spitzer had to be aware of this. In addition to this violation, he also appears to be guilty of what is called structuring, which is a very complex law having to do with the transference of money. Spitzer had to be aware of this too. Do the phrase Death Wish ring a bell?

While we are on the subject, Spitzer’s conduct is a slap in the face to every hardworking hooker in New York State. What’s wrong with our girls Governor? Not good enough for you? All he had to do was to look in the back of New York Magazine or for that matter the Village Voice and he could have had a gaggle of girls all costing less than $1,100 an hour! But no, he had to go out of state which I find somewhat disloyal, especially for a Governor. By the way, what so you get for $1,100 an hour or don’t I want to know. Just the image of Eliot in a leather mask is too much for me to handle.

So what’s the deal with this guy? Did he want to get caught? He sure did everything possible to make sure it would happen. Of course what makes this all the worse, is that Spitzer won the race for Governor with a mandate of 70%. He was going to be Mr. law and order, and clean up Albany which needs some major cleaning. He was seen as a bully by those he prosecuted. When the news about the Governor reached the trading floor of the New York Stock Exchange, trading actually stopped for a moment and loud cheers went up from the crowd. He has no friends on Wall Street either. Spitzer even offended members of his own party during his first days in office, which is why you don’t see too many people coming to his defense.

I never held elective office. Yes, I was the Secretary of the Student Council in Prep School but I ran unopposed. So what is it about being elected to office and having some power, that causes those we elect to start thinking with the brain that is below their waistline? There must be some correlation but I still don’t get it. Do they think they won’t ever get caught? They almost always do and it is usually because of some misstep or stupid move. Bill Clinton is an expert when it comes to getting caught and he is presumably one of the smartest Presidents we have ever had.

So as of this writing it looks like Lieutenant Governor David Patterson may become the first Black Governor of New York State. He is well respected by his colleagues in the State Senate and has a good reputation. He will go far in repairing the fences that Spitzer has “steamrolled” through.

The press is making a big deal of the fact that Patterson is legally blind. FDR was physically challenged and he was one of the best Presidents we ever had. Perhaps it will take a blind man to see his way through the political minefield known as Albany. I say good luck Mr. Patterson and so long Eliot you got what you apparently wanted and deserve. We deserve better!

Lee Degenstein has covered the financial markets for print and broadcast media for more than 15 years. Mr. Degenstein was also the news director and morning anchor at two major radio stations in New Jersey. He has been a reporter/contributor to United Press International, The Associated Press, The Mutual Broadcasting System and New York 1 News. A winner of the Associated Press award for 'best business story' he lives and works in New York City. Mr. Degenstein can be reached by email at: lee723@verizon.net© Copyright 2008Lee Degenstein.All rights reservedwww.leereports.blogspot.com

EAT LESS RED MEAT - SAVE OUR PLANET?

Unless you have been living in a cave or better yet on another planet, you have most likely heard of the Green Movement. Across our fruited plain, everyone and everything seem to be trying to come up with ideas to help save the planet by controlling Global Warming. While there is no question in my mind that over the years we have abused our planet’s environment sometimes I think we may go a bit far in trying to correct the past.

Case in point, earlier this week, an article in one of the world’s leading independent general medical journals claimed that limiting our intake of red meat could possible slow the rate of Global Warming. I kid you not.

The Lancet reported that eating less meat could help slow global warming by reducing the number of livestock and thereby decreasing the amount of methane flatulence from the animals. According to the Lancet, gases from animals destined for dinner plates account for nearly a quarter of all emissions worldwide.

I knew all along that we humans were not to blame for our environmental mess, it’s those damn pesky farting animals. Well I certainly feel a lot better. Thank God that The Lancet didn’t suggest that we curtail our consumption of beer or baked beans that would have been too much to handle.

Apparently another way of reducing greenhouse gases from farming practices, like feeding animals higher-quality grains, would only have a limited impact on cutting emissions. I have come up with a better idea. Why not mix a gas reducing compound like Beano into the animal’s feed. Remember to have your cow pop a Beano before every meal and there “be no gas”. That would do it.

We have all heard the expressions “tree hugger and “environmental whacko”. It seems to me that while there may be some actual science behind The Lancet’s claims, however, it is not realistic for anyone to think that we will limit our red meat intake to save the environment. This might actually send someone like Ronald Macdonald into cardiac arrest. We have a hard enough time limiting our consumption of red meat to reduce heart disease in humans.

In other global warming news, earlier this week it was reported that Congress is considering legislation that would eventually phase out incandescent light bulbs in favor of fluorescent bulbs. In an effort to shed my horrible environmental record, your reported promptly marched down to the local Bed Bath and Beyond to purchase one of the new longer lasting, environmentally friendly fluorescent bulbs.

The first thing I noticed was that these new bulbs cost quite a bit more than their incandescent counterparts. However I quickly learned that the higher price is mitigated by the fact that the bulbs are guaranteed to last up to five years. So far, so good. Having thought that I was doing the right thing for both the environment and being quite proud of myself, I raced home (on foot) and installed my new environmentally friendly purchase.

The new fluorescent bulb looks much like what I would expect a Martian IUD to look like. Now came the moment of truth. I turned on the switch and watched as the wave of light spiraled through the twisting mass of fluorescence. There was only one problem. I didn’t get much light out of my new bulb. I had replaced my incandescent bulb with a fluorescent bulb of the same wattage and the result was less than impressive. A bit disappointed, I quickly returned the incandescent bulb to its rightful place. I have decided to throw the florescent one at the first card carrying member of Greenpeace that I encounter. If I can’t find one, Al Gore’s SUV will do just fine as a target, thank you very much.

If Congress really wants to get serious about saving our environment they would enact legislation that would force car and truck manufacturers to produce vehicles that get better gas mileage and spew less damaging emissions into the atmosphere. While they were at it, they would also order the oil companies to produce alternate fuels and make them available quickly. You can’t make me believe that in this day and age we can’t vehicles to be more fuel efficient and gasoline to burn cleaner.

The bad news is that Congress can pound the table all it wants to about cleaner energy and more efficient vehicles. The sad reality is that Congress will never make those demands because the oil and gas and the big three auto makers are major contributors to political campaigns.

So I have made environmental peace with myself for the time being and have decided to never order a cheeseburger again. Eating less cheese means less, you know what.


Lee Degenstein has covered the financial markets for print and broadcast media for more than 15 years. Mr. Degenstein was also the news director and morning anchor at two major radio stations in New Jersey. He has been a reporter/contributor to United Press International, The Associated Press, The Mutual Broadcasting System and New York 1 News. A winner of the Associated Press award for 'best business story' he lives and works in New York City. Mr. Degenstein can be reached by email at: lee723@verizon.net

© Copyright 2007Lee Degenstein.

All rights reserved

www.leereports.blogspot.com

NEW YORK CITY TOURIST SURVIVAL KIT

August 2007

Many moons ago a tourist from London England found himself on Manhattan’s Seventh Avenue looking for Madison Square Garden. A bit confused and very lost he stopped a man on the street and said: “Excuse me sir, but could you kindly tell me where Madison Square Garden is or should I screw myself now”?

That was the reputation that New Yorkers many years ago but all of that has changed. Some visitors say that ever since the tragedy of 9/11, New York has become a kinder more ‘gentile’ place. Many tourists I have spoken with over the summer have said they have found New Yorkers to be friendly and very helpful. I must have missed those parts of the city.

With the summer season almost over, New York City is preparing itself for the annual onslaught of tourists that fill its streets between Thanksgiving, Chanukah, Kwanza, Ramadan and oh yes Christmas (how’s that for politically correct?). It is in that spirit that Lee Reports offers tourists from around the world some survival tips for travel to the City.

New York City is the safest big city in America but there are still a few people that haven’t gotten that memo yet. Remember, the key to being a tourist in the Big Apple is to try to fit in and be like other New Yorkers whatever that means.

1: When you hear the phrase “the City” it means Manhattan, not the outer boroughs.

2: When you arrive at the airport take a yellow cab, or public transportation into Manhattan. If you take a cab, immediately after giving the foreign born driver your destination, say something like “It’s good to be back in the City again”. This will make the driver think you have been here before and are familiar with the surroundings. It will also eliminate the possibility of the driver taking you to Manhattan by way of Buffalo. Speaking of taxis, note your driver’s name. If it has too many vowels in it or if the driver doesn’t speak with a foreign accent, you have probably gotten into the wrong cab. You may want to get out at the next red light, assuming your driver stops at it! Also look for the bottle of Mr. Poppy air freshener that usually adorns the dashboard. Bathing seems to be optional for some drivers.

3: Assuming that you arrive at your hotel in one piece you will undoubtedly want to take a walk and check out the local scenery. If it is warm when you get here avoid wearing Bermuda shorts black socks and sandals, it’s a dead giveaway that you are not from around here.

4: When you are walking about the City swing your arms vigorously while walking as other New Yorkers do. Avoid the temptation of walking around while looking at the tops of buildings. This is a tip off to muggers that you are fair game. It also lessens the possibility of you walking into a lamp post.

5: The best way to get around the City is the subway, formerly known as the electric sewer. Buy a Metrocard it will get you into the subway system faster and more importantly most locals have one.

6: If you are lucky enough to find a seat remember the most important rule of subway riding. NEVER look another passenger in the eye. Doing this gives that passenger the legal right to kill you. That’s why the subway provides you with all of those preparation H ads to look at.

7: Spitting in the subway is illegal, throwing up is on the house – literally!

8: If you want to buy a newspaper, never take the one on top of the pile. I am not sure why, but the locals always grab a paper in the middle of the stack. You never know the top one may be radioactive and if you take it all your future children will grow up to look like Flipper.

9: If you want to start your day with a cup of coffee you are in the right city. There must be over 1,000 establishments just waiting to serve up an overpriced jo. However remember this important rule. If you take your coffee black, say “give me a black”. Using the word please will just slow up the entire process. For some unknown reason a “regular coffee” in my fair city means coffee with milk. Most normal people would think a regular coffee would be black, but this is not the case here. If you want a bagel and cream cheese say ”give me a bagel with a schmere”. By the way, a large cup of coffee in some establishments will cost as much as a gallon of gas and unlike gasoline the tax is not included.

10: In your travels around the city, you will undoubtedly see some stores that have signs in the windows saying something like “Going out of business – lost our lease or final clearance sale”. Whatever you do, stay out of these stores. They have been going out of business longer than you have been on the planet. Their merchandise is usually overpriced and in some cases used and repackaged.

11: Avoid walking over manhole covers. They have a tendency to either explode and or electrocute. Do I have your attention yet?

12: While it’s rare to see them anymore, you may stumble over a person sleeping on the street or in the park. Just remember that they are now referred to as homeless and not bums.

13: While we are on the subject, you may be accosted by someone or something asking you to help them out by giving them some money. While it’s better to give than receive (yeah right) avoid your charitable instincts. The probability is that they have more money and a better car than you do.

14: It’s a well known fact among New Yorkers that there is no love lost between New York City Policeman and New York City Firemen which is why you want to avoid travel here around March 17th also known as St. Patrick’s day. Before the letter writing starts, this has nothing to do with the great Irish people who helped build this city many years ago. However you are likely to see cops and firemen stumbling out of a pub arm in arm wearing each other’s hats. Just remember, one of them has a gun!

15: A tip for you nature lovers, stay away from those gray and black birds also known as pigeons. Their nickname is flying rats. I think way back they used to be sparrows, but between the air and water they have somehow been transformed.

16: Finally, it’s not necessary to use a phrase like “excuse me or pardon me” when speaking to a stranger, a simple “YO” should do the trick, Sounding like a local is important.

Above all New York City is a great place to visit but you probably don’t want to live here. It is my hope that these travel tips will help make your stay in The Big Apple a memorable one. Spend lots of money here as we need the tax revenue.


Lee Degenstein has covered the financial markets for print and broadcast media for more than 15 years. Mr. Degenstein was also the news director and morning anchor at two major radio stations in New Jersey. He has been a reporter/contributor to United Press International, The Associated Press, The Mutual Broadcasting System and New York 1 News. A winner of the Associated Press award for 'best business story' he lives and works in New York City. Mr. Degenstein can be reached by email at: lee723@verizon.net
© Copyright 2007
Lee Degenstein.
All rights reserved
www.leereports.blogspot.com

THE INCREDIBLE SHRINKING TV PICTURE

August 2007

Have you noticed lately that the bottom third of your television screen is starting to look busier and more crowded than a New York City traffic Jam? In television parlance this part of the TV screen is known as the “lower third”, and it’s full of information that no one really wants to see.

Just about every network, local and cable station is making the most of this prime piece of TV real estate. It all started about 15 years ago with what’s known as the “bug”. As you face your TV screen the bug is the small graphic symbol that appears on the far lower right corner.

The bug serves two purposes. First it identifies what channel or network you are watching, as if we really need reminding. Second and more importantly to the station owners, it prohibits a competing station from recording and re-broadcasting another station’s programming. While the bug may be annoying, research has shown that most people don’t even notice after a while as they are focusing on the center of the TV screen.

With the cost of programming and the competitive environment in the TV business you can almost excuse this invasion of your picture. What I can not excuse however is all the video crawl garbage that now occupies the lower third of the screen just to the left of the bug. Every network, cable and local station is guilty of overcrowding that picture space with unnecessary information.

I don’t know about you, but I feel a bit invaded by all of this information, the vast majority of which is completely useless. For some reason the TV operators must think their audience is pretty stupid. How many times have you seen something flash up on the bottom of your screen that says “You’re watching Law & Order”. I already know what I am watching, that’s why I tuned to your station in the first place. You do not have to remind me.

TV execs also use this space to promote upcoming programming. While this is being done partly for the audience’s benefit, it’s really being done to attract and keep the advertisers happy. It’s all about money in the TV business. This constant promoting of new or upcoming shows is basically given to the advertisers for free.

However some stations or networks are taking advantage of this space. While watching a program on TNT (Turner Network Television) the other night, Kyra Sedgwick, the star of TNT’s “The Closer” all of a sudden appeared on the lower third kneeling by a piece of crime scene tape shining a flashlight. Recently VH-1 during several of their programs showed a promo of the new Andrew Dice Clay Show. The problem was that Andrew took up the entire left hand side of the screen from top to bottom. I think that’s a bit overdoing it, especially to promote a guy like Andrew Dice Clay. I have the feeling that we are going to see more and more of this in the years to come.

A horrible thought occurred to me while flipping through the channels. How far are we away from commercials being shown while we are watching a program? Don’t laugh, but this is a distinct possibility. All they would have to do is to show a can of diet Coke for ten seconds, they don’t need audio to get out their message.

Speaking of commercials have you noticed that the sound on commercials is between ten and twenty percent louder than the audio of the program you were watching? Even though the FCC actually prohibits this practice it has been done for years without as much as a slap on the wrist to the guilty.

Are you aware of the commercial conspiracy that exists on both the local and network level? Let me explain. For example, if you have ever watched the local news shows that air between 5:00 PM and 6:30 pm, all of these news programs more often than not air commercials at the same time.

In fact, this practice extends far beyond the local news. The cable network programmers have figured out that if they all air their commercials at the same time it will lessen the chances of you channel surfing away to another program. While it’s a pain in the clicker for viewers, it makes perfect sense from the standpoint of the cable programmers.

There are clearly more important problems plaguing us in these complex times and I probably watch too much TV anyway. However, I know I am not alone in feeling somewhat put upon by all of this. I have a lot more to say on this issue but I will have to cut it short because my favorite Geico commercial is on!


Lee Degenstein has covered the financial markets for print and broadcast media for more than 15 years. Mr. Degenstein was also the news director and morning anchor at two major radio stations in New Jersey. He has been a reporter/contributor to United Press International, The Associated Press, The Mutual Broadcasting System and New York 1 News. A winner of the Associated Press award for 'best business story' he lives and works in New York City. Mr. Degenstein can be reached by email at: lee723@verizon.net
© Copyright 2007
Lee Degenstein.
All rights reserved
www.leereports.blogspot.com

WHY THEY ARE CALLING AGAIN?

August 2007


Lately I have noticed that I have been getting an increasing number of those bothersome telemarketing calls at all hours of the day and night. What’s troubling about this is that I registered for the “National Do Not Call Registry” when I moved into my new apartment about one year ago. So what happened and more importantly, why am I getting three to five telemarketing calls per day?

Well as it turns out I went to the National Do Not Call Registry web site at www.donotcall.gov and found out that the numbers I had registered were for some reason dropped from the system, but more on that in a moment.

The National Do Not Call Registry was set up by the Federal Trade Commission back in 2003. Its goal was to alert telemarketers to people who wished not to be called. The FTC literally has millions and millions of numbers in its data base. Telemarketers covered by the National Do Not Call Registry have up to 31 days from the date you register to stop calling you. Your registration is supposed to be good for five years and is effective 24 hours after you register online.

That’s how things are supposed to work but since we are dealing with a huge governmental agency (AKA Bureaucracy) and computers, things do not always work out as planned. So being the intrepid reporter I am trying to be, I thought I would call the FTC and get some official comment. Easier said than done. I called their media center in Washington but was told that since “Lee Reports” is not a recognized member of the media (at least not yet) I would have to call their help line to find out why my number was apparently dropped from the system.

After being switched around a few times I was told that sometimes numbers are just dropped from the system through computer glitches. I was advised that it would be a good idea to check to see if I were registered every six to twelve months even though the registration is supposed to be good for five years. Just another example of our tax dollars at work!

According to the FTC’s own website, just registering for the Do Not Call Registry down not guarantee that those dinnertime calls will stop. However, placing your number on the National Do Not Call Registry will stop most telemarketing calls, but not all. Due to limitations in the jurisdiction of the FTC and FCC, calls from, or on behalf of, political organizations, charities, and telephone surveyors would still be permitted, as would calls from companies with which you have an existing business relationship, or those to whom you’ve provided express agreement in writing to receive their calls. In addition calls from registered charities and political organizations are not covered by the registry.

If you buy a product from a company and fill out the product’s registration card, that company is permitted to call you because it is deemed that since you purchased a product from that company, you have a business relationship with them. That company may call you for up to 18 months after your last purchase or delivery from it, or your last payment to it, unless you ask the company not to call again. In that case, the company must honor your request not to call. If they subsequently call you again, they may be subject to a fine of up to $11,000.

So the bottom line is to visit www.donotcall.gov to verify the status of your registration, especially if you notice a pick up in unwanted telemarketing calls. If you do not have access to email then you call the FTC at 1-888-382-1222. You can also report violations on the same site. If you still have questions the FTC has a very comprehensive list of frequently asked questions (FAQ) at http://www.ftc.gov/bcp/edu/pubs/consumer/alerts/alt107.shtm .


Lee Degenstein has covered the financial markets for print and broadcast media for more than 15 years. Mr. Degenstein was also the news director and morning anchor at two major radio stations in New Jersey. He has been a reporter/contributor to United Press International, The Associated Press, The Mutual Broadcasting System and New York 1 News. A winner of the Associated Press award for 'best business story' he lives and works in New York City. Mr. Degenstein can be reached by email at: lee723@verizon.net
© Copyright 2007, Lee Degenstein.
All rights reserved
www.leereports.blogspot.com

THE MYTHS OF MANAGED MONEY

By Lee Degenstein
July 2007

Back in 1971 Wall Street critic and author Richard Ney penned a book called “The Wall Street Jungle”. The first line of the book was, “No one seems to have any fun around here anymore”, those were the words of I.W. “Tubby” Burnham founder of Burnham & Company which later became Drexel Burnham Lambert.

Truer words were never spoken. A few years later negotiated (discounted) commissions came into being, offering clients a cheaper way to invest in stocks. Then in1974, Charles Schwab launched the nation’s first discount brokerage firm and Wall Street has never been the same for one very simple reason, discounted commissions cut into the profitability for brokerage firms and revenues became quite unpredictable.

In an effort to stop shrinking profit margins, Wall Street’s answer was to come up with more, but not necessarily better investment choices for the investing public. Traditionally, the major brokerage firms like Merrill Lynch, E.F. Hutton, Prudential Bache, Shearson and Paine Webber offered its customers just a few investment choices, such as stocks, corporate, municipal and government bonds and a few mutual funds. Today of course the investment menus offered by firms allow investors a choice of nearly 100 different products and services.

In the late 1970’s E.F. Hutton invented a new product which it called Consulting Services. This allowed qualified investors to place their money with a portfolio manager who worked outside of the firm. These managers heretofore only managed the money of millionaires. This took the investment choices out of the hands of stockbrokers and into the hands of money managers. All that the broker had to do was to choose which money manager to place his client’s money with, and oh yes, collect a fee for that service.

Rather than charging commissions, investors paid a management fee which typically ran between one and three percent of the assets under management. Fee based business were here to stay. Brokers were paid a cut of the fees (about 40-50 percent in most cases) four times a year.

Managed money was a great innovation for brokerages because for the first time firms had products that produced recurring and more importantly predictable revenues. Stockbrokers’ income no longer solely depended on how the Dow Jones average performed. Today, virtually every brokerage firm (including Charles Schwab) offers managed money services to their clients. Some firms only require as little as a $25,000 investment.

So is managed money right for you? Of course that depends on things like your investment goals, how much you have to invest and how involved you want to be in making investment choices. However there are several myths about managed money that you should know about before dipping your toes in the fee based investment pool.

MYTH ONE:
Paying a fee rather than per trade commissions, and having your money “managed”, could be cheaper in the long run.

FACT ONE: If you don’t make a lot of transactions, managed money could turn out to be more expensive than just paying straight commissions. If you have bonds in your account you could wind up paying for these bonds to be managed while they are just sitting in your account, thus lowering yields. If you are a long term investor there should be no need to make several transactions.

MYTH TWO:
Your broker says, “Let’s put your money in the hands of a professional money manager. Your money will be managed and followed on a full time basis not by one person but by a whole team”.

FACT TWO: Your broker is supposed to be a professional. Whether you call him a financial consultant, stockbroker registered representative or money manager, a broker’s job is in reality to manage your money. In most cases, when you have your money managed by outside people your dollars are typically commingled with other investors’ money. You have virtually no say in what the manager invests in. You never speak with the money manager directly you just deal with your broker.

MYTH THREE:
Having your money managed puts you and your broker on the same side of the table when it comes to account activity and the inherent conflict that lies within.

FACT THREE: Your broker should have always been on your side of the table. If he or she is making trades just to generate commissions then you should drop that broker like a bad habit especially if these trades have been losing ones. You should also be aware that there is a good chance the money manager is executing trades through your broker’s firm. This is the money manager’s way of “paying back” firms for placing their client’s assets with them.

MYTH FOUR:
Money managers have access to research from all around the street as well as being able to speak with management of the companies in which they invest, therefore they must be better informed than just a broker.

FACT FOUR: Technology like the internet gives you access to research from all around the street. Most brokers can get other firms research in less time than it takes to make a cold call. With the advent of Regulation “D” a company can not disseminate news or information to just a couple of analysts of managers. All new news from a company must be disseminated to all interested parties at one time not piecemeal.

My father who was a stockbroker for more than 75 years always said “never confuse brains with a bull market.” From the mid 1990’s until the bubble broke after 9/11 the stock market scored unprecedented gains. It was tough to lose money in the market during that time.

However in the post 9/11 market environment, making money became more difficult. Instead of having returns of 20% plus, investors had to settle for smaller gains and in all too many cases suffered losses. Then on top of those losses those investors had to add a management fee for the privilege.

IS MANAGED MONEY RIGHT FOR YOU?
Managed money is right for you if:
1) You have more than $100,000 to invest
2) You want no part in making investment choices
3) You make a lot of transactions
4) You feel comfortable with the money manager your broker has chosen
5) You can get your money out at any time

DO THE MATH
Go through your transactions for the last 12 months. Add up those commissions. Then calculate what the management fee would have been on your account. Your broker can give you an idea of the fees that a typical money manager would charge. So let’s say on your $100,000 account you spent $800 in commissions. Your broker tells you that a typical money manager charges 2% which of course would result in a $2,000 fee. Ask your broker to justify the additional $1,200 in fees you would be charged should you choose to go the managed money route. Then you have to ask yourself is it worth it?

While saying that you are having your money professionally managed may sound good on the golf course, take a look at both the upside and downside of this form of investing. One thing you can be sure of, managed money is great for your broker and his/her firm but that certainly doesn’t mean it is right for you. If you don’t have a lot of money to invest you may do better by investing in a Mutual Fund with a good track record.


Lee Degenstein has covered the financial markets for print and broadcast media for more than 15 years. Mr. Degenstein was also the news director and morning anchor at two major radio stations in New Jersey. He has been a reporter/contributor to United Press International, The Associated Press, The Mutual Broadcasting System and New York 1 News. A winner of the Associated Press award for 'best business story' he lives and works in New York City. Mr. Degenstein can be reached by email at: lee723@verizon.net
© Copyright 2007 Lee Degenstein
All rights reservedwww.leereports.blogspot.com