Warning to Egyptians
Please, please, somebody else read this and tell me what it means. From today’s Kuwait Times:
Informed souce at the Ministry of Communications revealed that the closure of websites of companies that offer illegal international telephone call service was successful because the number of international calls from Kuwait and coming to Kuwait from other states increased following their decision.
On the other hand, the Egyptian ambassador to Kuwait Ahmad Abdullah warned Egyptian expatriates in Kuwait against violating the Kuwaiti laws expecially following a number of complaints were filed against Egyptian citizens of cheating residents with providing illegal residence permits and driving licenses. The ambassador asked all Egyptian expats to avoid this kind of illegal actions because the expats who commit such crimes will be deported from Kuwait, reported Al-Qabas.
My comment: Excuse me? How are these two paragraphs even related? How is banning telephone calls successful due to an increase in the banned telephone calls? And for what will Egyptians be deported – using an illegal phone? Providing fake residencies? Fake driver’s licenses? All of the above?
Raise Your Voices
My blogging friend Hilaliya raised HIS voice in an article entitled Kuwait ‘Ministry Of Communications’ Attempts To Extort Internet Users and found an elaborated article on the Ministry of Communication ban. You can read his rant, and go to the Arab Times article by clicking here.
Internet Phones Blocked in Kuwait
Watching the news lately, I became more and more uneasy as Indian telephone service providers – evidently clandestine – were raided with frequency and shut down. All these men want is a few minutes chatting with their families, without paying an arm and a leg.
We’re all in the same boat.
In a tiny little article in the Kuwait Times yesterday, they announced that ALL internet calling services would be blocked. Those that are not already blocked soon will be.
I had heard rumblings from friends, phones not working, etc. We all subscribe to Vonage, or Skype, or one of the myriad internet phone services; it’s part of what makes living and working in Kuwait DO-ABLE.
This last year, with my father dying, the phone was my lifeline. Because it has the same area code as my family, my Mom felt free to call me anytime and give me an update on how Dad was doing. When I know we are going back for a visit, I can get on that phone and make dental appointments, schedule a doctor’s appointment, harangue my bank when they have made a mistake.
I don’t even have a private land line into our dwelling. There is a phone, but it goes through the desk where the guard doesn’t really understand English that well. All my calls come through my cell phone . . . OR the internet phone. The price of the service was well worth it in terms of my peace of mind, and my mother’s, and my sisters. Our son feels free to call us when he chooses – it is a Godsend.
The land lines here are notorious. I am outraged. The international call rates are extortionate, and the call quality is horrorific.
When we lived Qatar and the internet phone services were blocked, the major international companies in town all went to their ambassadors and had them formally protest to the government. The ambassadors made the case. And the ban was reversed.
Please. If you are Kuwaiti, use your wasta. If you are a guest-worker here in this country, protest to your Ambassador, and ask her or him to get involved, to take this to the highest levels. This ban on internet phone services hurts the morale of ALL people here in Kuwait who have family in other parts of the world. It makes Kuwait look greedy and mean-spirited, and we all know that is not the true nature of Kuwaitis.
Mortgage Crisis Spirals
(My comment: Belief in promises of “easy” money cause problems all over the world. Eventually, there is always a price to pay. Meanwhile, the current crisis presents buying opportunities to those who have saved and wisely invested.)
Mortgage Crisis Spirals, and Casualties Mount
from today’s New York Times
By JULIE CRESWELL and VIKAS BAJAJ
Published: March 5, 2007
Even in affluent Orange County, Calif., the growing wealth of executives and brokers in the booming mortgage industry was hard to miss.
For Kal Elsayed, a former executive at New Century Financial, a large lender based in Irvine, driving a red convertible Ferrari to work at a company that provided home loans to people with low incomes and weak credit might have appeared ostentatious, he now acknowledges. But, he says, that was nothing compared with the private jets that executives at other companies had.
“You just lost touch with reality after a while because that’s just how people were living,” said Mr. Elsayed, 42, who spent nine years at New Century before leaving to start his own mortgage firm in 2005. “We made so much money you couldn’t believe it. And you didn’t have to do anything. You just had to show up.”
Just as the technology boom of the late 1990s turned twenty-something programmers into dot-com billionaires, and leveraged buyouts a decade earlier turned Wall Street bankers into Masters of the Universe, the explosive growth in subprime lending turned mortgage bankers and brokers into multimillionaires seemingly overnight.
Now an escalating crisis in the market, which seemed to reach a new crescendo late last week, is threatening a wide band of people. Foremost are the poor and minority homeowners who used easy credit to buy houses that are turning out to be too expensive for them now that mortgage rates are going up, but the pain is also being felt widely throughout the business world.
Large companies that bought subprime lenders during the boom, like H&R Block and HSBC, are now scrambling to sell them or scale back their exposure. Many investors are also likely to suffer: Wall Street firms made billions in fees, commissions and trading revenue from packaging and selling subprime mortgages to them as bonds.
New Century has emerged as a poster child for the lenders that rode that boom to the top and are now in free fall. The company disclosed on Friday that federal prosecutors and securities regulators were investigating stock sales and accounting errors. The latter could jeopardize billions of dollars in financing for the company, which issued $39.4 billion in subprime loans in the first nine months of last year.
Weakening home prices and rising default rates have rocked the subprime business. But for those who cashed out before the market turned, the ride up was particularly sweet. The three founders of New Century, for example, together made more than $40.5 million in profits from selling shares in the company from 2004 to 2006, according to an analysis by Thomson Financial. They collected millions of dollars more in dividends, salaries, bonuses and perks.
The company said in a statement yesterday that the founders were “still significant shareholders,” noting that they collectively owned about 7 percent of the company at the end of last year.
New Century’s stock price, which seemed to mirror the trajectory of the subprime business, peaked at nearly $66 a share in December of 2004 and traded in the $40s most of last year; on Friday, it was trading at $11 a share after the market closed. In a series of sales from August to November, two of the company’s founders sold shares for an average price of about $40 a share, for a total profit of $21.4 million.
It is not known whether the stock sales by the founders are among the sales being examined by federal investigators. Some of them had been part of scheduled stock sales that are often used by executives to diversify their portfolios. But some of the sales occurred on the same day that the executives entered the plans. A New Century spokeswoman, Laura Oberhelman, said that executives declined further comment.
You can read the rest of the article by clicking here.
Women in Pakistan
Last but not least from today’s Kuwait Times are two articles from recent news in Pakistan, both involving women and the men who (seem to) own them:
Police Seek Pakistanis Pressing Woman to Hand Over Her Daughter
Karachi: Police are seeking ten men, including several tribal elders, accused of pressuring a Pakistani woman to hand over her teenage daughter as payment for a 16 year old poker debt, officials said yesterday.
In the latest case highlighting how conservative customs threaten women’s rights in Pakistan, Nooran Umrani alleges that despite paying off her late husband’s debt of 10,000 Pakistani rupees, she was threatened with harm if she failed to hand over her daughter, Rasheeda. The 17 year old was to be surrendered as a bride for the son of Lal Haider, the man who won the card game years before, Umrani told reporters . . . Police said yesterday that the mother and daughter were in their protection and that an investigation was opened against Haider, his son, and eight others. . .
Nooran said her husband was a gambler who ran up the debt at a poker game when Rasheeda was 1 year old. He promised Haider that he would get Rasheeda in lieu of payment when she grew up, Nooran said. . . .
President General Pervez Musharraf has vowed to give women more rights in line with his policy to project Pakistan as a moderate, progressive Islamic nation. In December, Musharraf signed into law a bill that makes it easier to prosecute rape cases in the courts, and the country’s ruling party recently introduced a bill to outlaw forced marriages, including under tribal custom in which woman are married off in order to settle disputes.
My comment: The debt was paid. And what was the father thinking?? giving away his daughter to cover his debts? I can’t wrap my mind around it.
Pakistani Sells Wife’s Kidney to Buy Tractor
Karachi: Pakistani police have arrested two men after a village woman complained that her husband and relatives had sold one of her kidneys in order to buy a tractor, police said yesterday. Although her kidney had been removed 18 months earlier, the woman named Safia only learnt it was missing after seeking treatment for a urinary tract problem in January. “She had said she was three months pregnant when her husband, Shakeel Ahmed beat her and then took her to the hospital for treatment,” said Mohammad Akram, duty officer at Noushera Jadeed police station in Punjab province. “But at the hospital, her husband, in connivance with three other people, sold her kidney to buy the tractor,” he said. Unlike many other parts of the world, including neighboring India, there is no law in Pakistan banning the trade in organs. Poverty-ridden Pakistanis living in rural areas sell their kidneys to pay off debts or raise money for their families. Sick but wealthy Pakistanis, and foreigners from the Gulf, Britain and Canada flock to private hospitals in Pakistan for kidney transplants, made possible by these donors.
My comment: Seems his wife is just another revenue-raising resource to Shakeel Ahmed. If asked, she might have even agreed, but it would be nice to be asked, not to discover it 18 months later. The news article says he was arrested. I wonder if he committed a crime under Pakistani law?
Donna Leon: Read and Savor
When I tell you about Donna Leon, I am really introducing you to a friend. I can’t remember when we met, but I can tell you that I seek her out whenever I can. Just listing her books, I realized there were several I hadn’t seen and I ordered them immediately, from the Amazon re-sellers.
“Why the resellers?” you are asking. Donna Leon is not that easy to find, in the United States. Some of the books in her series seem to have been printed only in the UK, which is a pity, because The Donna Leon books really need to be read in order.
While they can be a quick read, they are better read slowly and savored. It’s not that hard. Her humor is subtle, sometimes even sly. Commissario Guido Brunetti, her main character, lives in Venice. He has a family, a sweet wife – Paola, and a daughter and a son. He eats Venetian meals, he lives in an illegal Venetian apartment, he has a glass of wine or two with his lunch. It helps to read the books in order, as his children grow from childhood to teen-agers, and to grow older with him as he solves his cases.
But in Donna Leon’s books, solving the cases is not the goal. As often as not, even while Brunetti solves the case, justice is not served. The books are about the living conditions and social realities of life in Venice, and in Italy. The books are about painful subjects – child prostitution, traffic in women, blood diamonds and African immigrants, and about art fraud and Mafia crime and big business. And the book is about Venetian and Italian interconnections, so that some crimes just disappear, some evidence just disappears, and Brunetti’s dunderhead of a boss tells him to just look the other way.
While each book is deceptively short, and written in clear, simple language, the books are richly complex, weaving a myriad of details into each page.
Thanks to Donna Leon, I know what it is like on a cold, rainy day in Venice, when the water rises and you have to try to walk on raised boards to get where you are going. I know what it is like to have a family emergency and the police vaporetto is in use elsewhere and to try to figure out the fastest way to run home, crossing bridges, grabbing a taxi, complicated by the canal system and tourist infestations in Venice. I know when policement get together for lunch in Venice, you don’t talk business until AFTER you have finished your exquisite pasta with truffles, accompanied by a glass or two of the fabulous house wine. Donna Leon has taken me there.
In Death and Judgement, the book I just finished, Brunetti is called by a police sergeant who has arrested a former police sergeant and wants Brunetti to come to the station. Brunetti’s conversations with the arresting sergeant always require a lot of patience:
(Brunetti) “Did the people in Mestre tell you to make out an arrest report?”
“Well, no, sir,” Alvise said after a particularly long pause. “They told Topa to come back here and make a report about what happened. The only form I saw on the desk was an arrest report, so I thought I should use that.”
“Why didn’t you let him call me, officer?”
“Oh, he’d already called his wife, and I know they’re supposed to get one phone call.”
“That’s on television, officer, on American television,” Brunetti said, straining towards patience.
We’ve all been there. Dealing with those who think they understand, and their understanding is . . . imperfect.
In another part of this book, in which the major issue is the big business of trafficking in women for prostitution, Brunetti is having a conversation with his wife:
Paula pulled gently on his hand. “Why do you use them?”
“Hum?” Brunetti asked, not really paying attention.
“Why do you use whores?” Then, before he could misunderstand, she clarified the question. “Men, that is. Not you. Men.”
He picked up their joined hands and waved them in the air, a vague, aimless gesture. “Guiltless sex, I guess. No strings, no obligations. No need to be polite.”
“Doesn’t sound very appealing,” Paola said, and then added “But I suppose women always want to sentimentalize sex.”
“Yes, you do.” Brunetti said.
Paola freed her hand from his hand and got to her feet. She glanced down at her husband for a moment, then went into the kitchen to begin dinner.
If you are reading that interchange too quickly, too superficially, you will totally miss the significance of the last sentence. If you have been married a long time, you will totally understand that a whole lot happened. This is one of the things I love about Donna Leon.
Death at La Fenice
Death in a Strange Country
Dressed for Death
A Venetian Reckoning
Acqua Alta
The Death of Faith
A Noble Radiance
Fatal Remedies
Friends in High Places
A Sea of Trouble
Willful Behavior
Uniform Justice
Doctored Evidence
Blood From a Stone
Through a Glass Darkly
Personal Debt and Blogging
Came across this article this morning in the New York Times. Overcoming debt is not unlike overcoming other addictions – and getting support online can help. Interesting article with international application.
Debtors Search for Discipline via Blogs
When a woman who calls herself Tricia discovered last week that she owed $22,302 on her credit cards, she could not wait to spread the news. Tricia, 29, does not talk to her family or friends about her finances, and says she is ashamed of her personal debt.
Theo Rigby for The New York Times.
Leigh Ann Fraley, a financial educator, writes a blog about how she overcame $19,947 in credit card debt. “I teach people how to get out of debt for a living,” she said, “but I couldn’t do it myself until I started the blog.”
The King and Queen of Debt Tell All
Yet from the laundry room of her home in northern Michigan, Tricia does something that would have been unthinkable — and impossible — a generation ago: she goes online and posts intimate details of her financial life, including her net worth (now negative $38,691), the balance and finance charges on her credit cards, and the amount of debt she has paid down since starting a blog about her debt last year ($15,312).
Her journal, bloggingawaydebt .com, is one of dozens that have sprung up in recent years taking advantage of Internet anonymity to reveal to strangers fiscal intimacies the authors might not tell their closest friends.
Like other debt bloggers, Tricia believes the exposure gives her the discipline to reduce her debt. “I think about this blog every time I’m in the store and something that I don’t need catches my eye,” she told readers last week. “Look what you all have done to me!”
A decade after the Internet became a public stage for revelations from the bedroom, it is now peering into the really private stuff: personal finance.
The blogs open a homey and sometimes shockingly candid window on the day-to-day finances of American households in a time of rising debt, failing mortgages and financial uncertainty. In 2006, the average American household carried about $7,200 in revolving debt (mostly on credit cards) and $21,000 in total debt.
A blog called “Poorer Than You” (kgazette.blogspot.com) describes the financial doings of a 20-year-old film-school dropout. (Typical post: “Yesterday we ate lunch at Subway for a total of $8.00, and went grocery shopping … with a list! And didn’t buy anything that wasn’t on it!”) On saveleighann.blogspot.com, Leigh Ann Fraley, 37, provides daily accounts of her escape from $19,947 in credit card debt.
“I teach people how to get out of debt for a living, but I couldn’t do it myself until I started the blog,” said Ms. Fraley, who conducts seminars in personal finance for a bank in Northern California. “I started to write everything down, like, ‘I saved 20 cents today by parking at a meter that still had time on it.’ I tell things I wouldn’t tell my family.” When she got out of debt in December, she said, “The blog was the first people I told.”
A Boston couple who call themselves the King and Queen of Debt started their his-and-hers blog, “We’re in Debt” (wereindebt.com), last March as a way to talk to each other about their debt. They owed $34,155.70 on their credit cards at the time, and an additional $120,000, mostly in student loans.
“My wife and I have good communication skills in every avenue of life except finances,” said the King of Debt, insisting on anonymity because, he said, “We don’t want our parents to find out and kill us.”
Starting the blog, he said, “was a way to communicate.”
Tricia started her blog after reading the online account of another woman, thedebtdefier.blogspot.com, who said she had paid off her credit card debt of $19,794.23 in a little more than a year.
Like other bloggers interviewed for this article, Tricia said she and her husband had arrived at their debt gradually, not by big financial crises but by regularly spending more money than they made, using credit that was offered freely by credit card companies.
“It was nothing over the top,” said a Georgia blogger who calls himself N.C.N., for No Credit Needed, describing how his credit card balance reached $11,510.22.
“Just pretty much what everyone I know does and continues to do,” N.C.N. said. “Every month I’d say, ‘We’re going to pay off this credit card completely.’ Then I’d say, ‘O.K., just this month we’ll let it slide.’ Then you wake up and you have $5,000 on your credit card.” He says on his blogs (ncnblog.com and ncnnetwork.com) that he has no debt now and no credit cards. Like other blogs, his sites run advertisements for debt-reduction services, and N.C.N. says he makes a small profit.
Tricia said her credit problems began in her freshman year at Michigan Technological University, when she opened a Visa account in return for the campus signup premium, a large candy bar. Since then, she said, she has rarely made more than minimum payments. As credit card companies offered her more cards and deeper credit lines, she said she kept her balance close to the maximum, eventually topping $37,000. Even as her credit card debt surpassed her annual income, she assumed that someday she would make more money and pay it off.
She said she never discussed her debt with family or friends. “You don’t want them to know,” she said. “Our parents hope for the best for us, and it’s hard to let them know we’re struggling. And with friends, you don’t want them to think less of you. And when you go out with friends you don’t want to say, ‘Oh, I can’t do that, I don’t have the money.’ ”
Keeping the blog, she said, has made her conscious of her spending. Though most of her readers are strangers, she worries about letting them down.
“I know that if I use my credit card, I’ll have to go on there and say I used it. I’ll have to fess up. I’ve been wanting one of those L.C.D. TVs for quite a while now, but every time I see them, I think about having to come on the blog and say I bought it. Because we don’t need it, we have a TV, but it’s still a temptation that’s there. And I’m sure if I wasn’t blogging we’d already have it.”
For the engaged couple who say they are behind a blog called “Make Love, Not Debt” (makelovenotdebt.com; net worth: negative $70,787.94), the feedback from readers has not always been gentle. “People have very strong feelings about debt,” said the blog’s female half, who calls herself Her. “People were appalled by my spending, like buying a $500 pair of shoes.”
“Just having the amount of debt we have is offensive to a lot of people,” said Him, the blog’s other half. “People will levy personal attacks for mistakes we acknowledge. We don’t think that’s quite necessary.”
When they discussed wanting a $25,000 wedding, one reader scolded them: “Grow up, a wedding isn’t about how much debt you put yourself or your parents into. If you are worried about that, in my opinion, you are not ready for marriage.”
Tricia said the comments she had gotten had been overwhelmingly supportive. But she acknowledges that the fear of censure can be useful as well.
“I feel embarrassed about it,” she said of her debt. “I try not to, though. I try to put a spin on it when I start to get too down. I think to myself if we didn’t get in this mess and get out of it, we would’ve just kept going the way we were. But now we have health insurance, we’re saving for retirement. We could’ve just been living on the edge, but not underneath.”
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