Lawsuit seeks all the money in the whole world
Dalton Chiscolm has filed a lawsuit against Bank of America seeking “1,784 billion, trillion dollars,” Reuters reports. He would like it placed in his account today, according to the lawsuit. He’d also like another $200 million.
His case is as clear as mud.
“Incomprehensible,” U.S. District Judge Denny Chin said in a brief order.
“He seems to be complaining that he placed a series of calls to the bank in New York and received inconsistent information from a ‘Spanish woman,’” the judge wrote. “He apparently alleges that checks have been rejected because of incomplete routing numbers.”
Don Mecoy
Business Writer
Tiger roars past $1 billion
Tiger demonstrates is pitching skills in this Buick ad.
Forbes.com’s SportsMoney blog by Mike Ozanian estimates that Tiger Wood’s $10 million payday last weekend pushed his career earnings — on and off the course — past the $1 billion mark. That would make him the world’s first billion-dollar athlete, Ozanian said.
Ozanian writes:
The scary part is that Woods is only 33-years-old and might have 15 years of competitive golf left in him and 30+ years of designing golf courses. This is only the first $1 billion for Woods.
Comments on the blog claim that Michael Jordan, Magic Johnson and Formula 1 driver Michael Schumacher already have eclipsed the billion-dollar mark. But Woods’ financial accomplishments at such a tender age are impressive.
Don Mecoy
Business Writer
First-class stamps: getting your two-cents’ worth
The price of a first-class postage stamp rose 2 cents today (unless you stocked up on “Forever Stamps” ahead of time). I’ve always thought a first-class stamp was one of the modern era’s great bargains. Or at least I thought so until I read this article from Georg Jensen.
Just as General Motors has in effect subsidized Big Oil by continuing to build gas-guzzlers in recent years, so has the USPS continued to subsidize Big Mail by shaping its operations to encourage what it now calls, revealingly, “standard mail”—that is, advertising junk mail. Most American citizens are blissfully unaware of the degree to which USPS subsidizes U.S. businesses by means of the fees it collects from ordinary postal customers. For example, if you wish to mail someone a large envelope weighing three ounces, you’ll pay $1.17 in postage. A business can bulk-mail a three-ounce catalog of the same size for as little as $0.14.
The price of a first-class stamp has risen a bit faster than the rate of inflation, but it tracks fairly well. A look at the consumer price index calculator at the Bureau of Labor Statistics shows that 44 cents today has the same spending power as 4 cents in 1919. But a first-class stamp in 1919 cost only 2 cents.
To look at it from the other direction, a first-class stamp that cost 2 cents in 1919 would cost 25 cents today based solely on the rate of inflation. The 3-cent stamp, which originated in 1932, is roughly equivalent to a cost of 47 cents today.
A first-class stamp hit the 10-cent mark in 1974, which is equivalent to 43 cents in 2009.
A look at stamp prices between 1919 to present.
Year — Postage, per ounce
1919 — 2 cents
1932 — 3 cents
1958 — 4 cents
1963 — 5 cents
1968 — 6 cents
1971 — 8 cents
1974 — 10 cents
1975 — 13 cents
1978 — 15 cents
1981 — 18 cents (March)
1981 — 20 cents (November)
1985 — 22 cents
1988 — 25 cents
1991 — 29 cents
1995 — 32 cents
1999 — 33 cents
2001 — 34 cents
2002 — 37 cents
2006 — 39 cents
2007 — 41 cents
2008 — 42 cents
2009 — 44 cents
Source: U.S. Postal Service
Don Mecoy
Business Writer
Happy birthday, Abe!
In honor of Abraham Lincoln’s 200th birthday today and the 100th anniversary of his image gracing the front of the penny, the U.S. Mint has issued new designs for the back of that ubiquitous coin. The first of the four designs goes into circulation today and a new design will be issued about every three months.
The reverse designs featured on the series of circulating coins are emblematic of four periods, or themes, in the life of Abraham Lincoln: his birth and early childhood in Kentucky; his formative years in Indiana; his professional life in Illinois; and his presidency in Washington, D.C. The coins will be issued in approximately three-month intervals.
And it sounds like the Mint will be issuing a permanent new design for the penny at the end of this year.
At the conclusion of the 2009 Lincoln Bicentennial One-Cent Program, the 2010 (and beyond) one-cent coin will feature a reverse design that will be emblematic of President Lincoln’s preservation of the United States of America as a single and united country.
Don Mecoy
Business Writer
Printing money
Who couldn’t use a little more cash? Now there’s a convenient site on the Internet where you can print your own.
Don Mecoy
Business Writer
Minty freshness
Now that the U.S. Mint has completed its 50 state coins program, it plans to issue six quarters in 2009 that honor Washington, D.C., and the five U.S. territories. It makes sense as a kind of continuation of a very successful chapter in the Mint’s long history.
Quick trivia test: Can you name the five U.S. territories? (I couldn’t. This one stumped me.)
A coin memorializing Duke Ellington, a Washington, D.C., native, will be issued later this month. It’s clear that this coin isn’t part of the 50 state quarters program because no head and shoulder image of persons living or dead were allowed on those coins (I’m not sure how Helen Keller got on the Alabama coin). I also wonder about the engraving of Duke Ellington. How many pianists actually rest their elbow on the keyboard of their instrument?
Don Mecoy
Business Writer
Folding money
Don’t have any idea what to do with your cash these days? You’re not alone. Economic turmoil and slumping markets have baffled even the most experienced of investors.
As the old saying goes, if you want to double your money in this market, fold it in half and stick it in your pocket. Or, like the artist at this site, fold your money in creative ways.
Don Mecoy
Business Writer
Nothing’s safer than money in the bank
I spoke to three bankers in the span of two days last week, and within the first 60 seconds of each conversation each of them made the same statement: “Nothing’s safer than money in the bank.”
Of course, it’s a media and customer education campaign, but it’s also pretty good advice. Particularly in Oklahoma, where our robust energy and agricultural sectors combined with an unusually strong housing market, have left banks in good shape.
Don Mecoy
Business Writer
Money facts
While sifting through the Internets trying to figure out just how much money $700 billion is, I stumbled across this list of fairly random money facts from the U.S. Treasury. I figured our tax dollars paid for it, so we might as well enjoy it.
- – During fiscal year (FY) 2007, the Bureau of Engraving and Printing produced approximately 38 million notes a day with a face value of approximately $750 million.
- – 95% of the notes printed each year are used to replace notes already in, or taken out of circulation.
- – The first paper currency issued by the U.S. Department of the Treasury were Demand Notes Series 1861.
- – During the Civil War period, the Bureau of Engraving and Printing was called upon to print paper notes in denominations of 3 cents, 5 cents, 10 cents, 25 cents, and 50 cents. The reason for this is that people hoarded coins because of their intrinsic value which created a drastic shortage of circulating coins.
- – In 1929, the size of currency was reduced to about 2/3’s of its former size when production was converted to 12-subject plates. The familiar portraits and back designs of our currency were also established at that time.
- – The approximate weight of a currency note, regardless of denomination is (1) one gram. There are 454 grams in one (1) U.S. pound, therefore, there should be 454 notes in (1) one pound(Avoirdupois system). If the troy system were used, there are (12) twelve ounces in (1) one pound; therefore, if one note weighs approximately (1) one gram, then (1) troy pound contains approximately 375 notes.
- – If you had 10 billion $1 notes and spent one every second of every day, it would require 317 years for you to go broke.
- – A stack of currency one mile high would contain over 14½ million notes.
- – Currency paper is composed of 25% linen and 75% cotton. Red and blue synthetic fibers of various lengths are distributed evenly throughout the paper. Prior to World War I the fibers were made of silk.
- – Between the Fort Worth, Texas and the Washington, DC Facilities approximately 18 tons of ink per day are used.
- – Have you ever wondered how many times you could fold a piece of currency before it would tear? About 4,000 double folds (first forward and then backwards) are required before a note will tear.
- – The average life span of a Federal Reserve Note by denomination:
Denomination
$ 1 ……………
$ 5 ……………
$ 10 ………….
$ 20 ………….
$ 50 ………….
$100 …………Life Span
21 months
16 months
18 months
24 months
55 months
89 months - – The 100 dollar note has been the largest denomination of currency in circulation since 1969.
- – The obverse and reverse of the Great Seal of the United States appeared in a currency design for the first time when the $1 Silver Certificate. Series 1935, was issued. The Seal dates back to 1782 — before the Constitution.
- – The legend, “In God We Trust,” became a part of the design of United States currency in 1957 and has appeared on all currency since 1963.
- The largest note ever printed by the Bureau of Engraving and Printing was the $100,000 Gold Certificate, Series 1934. These notes were printed from December 18, 1934 through January 9, 1935 and were issued by the Treasurer of the United States to Federal Reserve Banks only against an equal amount of gold bullion held by the Treasury. These notes were used for transactions between FRBs and were not circulated among the general public.
- – The origin of the “$” sign has been variously accounted for, however, the most widely accepted explanation is that the symbol is the result of evolution, independently in different places, of the Mexican or Spanish “P’s” for pesos, or piastres, or pieces of eight. The theory, derived from a study of old manuscripts, is that the “S” gradually came to be written over the “P,” developing a close equivalent of the “$” mark. It was widely used before the adoption of the United States dollar in 1785.
- – Contrary to popular belief, the automobile pictured on the back of the $10 note is not a Model “T” Ford. It is merely a creation of the designer of the bill.
- – The hands of the clock in the steeple of Independence Hall on the reverse of the $100 Federal Reserve Note are set at approximately 4:10.
- – Martha Washington is the only woman whose portrait has appeared on a U.S. currency note. It appeared on the face of the $1 Silver Certificate of 1886 and 1891, and the back of the $1 Silver Certificate of 1896.
- – The beginning of an establishment for the engraving and printing of U.S. currency can be traced as far back as August 29, 1862, to a single room in the basement of the Main Treasury Building where two men and four women separated and sealed by hand $1 and $2 U.S. notes which had been printed by private bank note companies. Today there are approximately 2,800 employees who work out of two buildings in Washington, D.C. and a facility in Fort Worth, Texas.
- – During Fiscal Year 2007, it cost approximately 6.2 cents per note to produce 9.1 billion U.S. paper currency notes.
Don Mecoy
Business Writer
Stupid criminal tricks
If you’re going to float a forged check, you really ought to avoid counterfeiting drafts from a bank that collapsed in the biggest, most public failure of 2008. The FDIC reports that IndyMac Federal Bank, F.S.B., of Pasadena, Calif., has reported that counterfeit official checks bearing the institution’s name are in circulation.
The counterfeit items display the routing number 122037171, which is assigned to an Integrated Payment Systems account held at Wells Fargo Bank, Ltd., Los Angeles, California. Currently, IndyMac Federal Bank issues official checks through this account. The items are similar to authentic official checks; however, the counterfeit items display a security feature statement along the bottom border between two padlocks.
But you can probably ignore the description. I’d just avoid any check drawn on IndyMac.
Don Mecoy
Business Writer
