CBS: Banks Racked Up Billions In Penalty Fees

Banks have retaliated for people defaulting, by raising their rates and credit card fees.  Chase has added $120.00 fee to it’s no fee cards. American Express has raised it’s late fees from $29.00 to $39.00. Chase and Bank of America have double interest rates on some customers up to 30%.

Best Buy “demoting” 8,000 senior sales associates

This is not a repeat of Circuit City yet, but Best Buy is starting to head down the same road with the job eliminations and wage slashes.

Thousands of Best Buy store employees will see their pay slashed or their positions eliminated.

Best Buy would not disclose the number of people affected, but New York investment firm Sanford Bernstein said in a research note Wednesday that as many as 1,000 assistant store managers would have their positions cut. Up to another 8,000 senior sales associates would be demoted to regular sales positions that would pay 25 percent to 50 percent less than their previous jobs.

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Britain: First Stem Cell Therapy To Cure The Blind

An incredible breakthrough in stem cell therapy, by British Scientist, that promises to cure age-related macular degeneration (AMD), the most common cause of blindness.

Surgeons predict it will become a routine, one-hour procedure that will be generally available in six or seven years’ time.

The treatment involves replacing a layer of degenerated cells with new ones created from embryonic stem cells. It was pioneered by scientists and surgeons from the Institute of Ophthalmology at University College London and Moorfields eye hospital.

This week Pfizer, the world’s largest pharmaceutical research company, will announce its financial backing to bring the therapy to patients.

Pfizer’s is playing a major role in the clinical trials and they have agreed to manufacture the membranes.

The team is applying for regulatory approval for trials from the Medicines and Healthcare products Regulatory Agency, the Human Tissue Authority and the gene therapy advisory committee.

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American Sterling Bank – 24th Bank Failure This Year

By February 9th, this year, we had nine banks that had failed across the United States. Here is the list :

FirstBank Financial Services, McDonough, Georgia. Deposits here will now be held at Regions Bank, based in Birmingham, Alabama, and FirstBank’s branches will reopen as Regions branches.

Alliance Bank, Culver City, California. Deposits here will now be held at California Bank & Trust, based in San Diego, California, and Alliance’s branches will reopen as California B&T branches.

County Bank, Merced, California. Deposits here have been transferred to Westamerica Bank, based in San Rafael, California, and County’s branches are reopening today as Westamerica branches.

MagnetBank, Salt Lake City, Utah does not have a receiving bank, so the FDIC will be mailing checks to customers for their insured amounts.

Suburban Federal Savings Bank, Crofton, MD has transferred its deposits to Bank of Essex, Tappahannock, VA.

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