A little bit of his own detective work and some luck helped a sharp-eyed victim of credit card fraud catch the man police say charged up a giant TV and several appliances on his stolen credit card.
As Joel Guimares, 25, drove by the Dunkin’ Donuts on Route 9 in Framingham yesterday on the way to work, he recognized the man he watched on a Target store security video recording using Joel's credit card to buy a flat-screen TV, convection oven, coffeemaker and other items.
“I was following the guy, and I was calling the police at the same time,” said Guimares, who lives in Framingham. “He ended up driving by the police headquarters, and they got him there.”
The suspect, Donald Larsen, 34, a manager at a Whole Foods Market, was charged with larceny of property worth more than $250 and credit card misuse.
Guimares got a call Monday from his credit card company about the possible misuse of his credit card. He had lost his wallet at the same Dunkin’ Donuts where he spotted the suspect.
The credit card company told him someone had spent about $2,000 at the Target on Route 30. Guimares said he went there and asked to see the security video recording.
He watched, but did not recognize the man buying the television.
But yesterday, while driving to his job at the Framingham Saab dealership, he recognized the face he saw.
Larsen drove away, Guimares followed and called the police with the license plate number, and Larsen was arrested.
Sunday, September 03, 2006
Hands off the RBA [Reserve Bank of Australia]
Lower mortgage home loan interest rates are important to homeowners and home buyers and all the industries that rely on them, but is the Howard Government trying to manipulate the Reserve Bank of Australia's decisions on interest rates for politic advantage?
The fine balance of economic power between our elected government, which controls fiscal policy, and the appointed Reserve Bank, which controls interest rates, has never been an easy one and it is certainly not likely to get any easier as economic conditions get more difficult.
But separating politics from mortgage home loan interest rates is one of the best things that has ever happened to the Australian economy.
As the past 15 consecutive years of economic growth provides good testament to, Reserve Bank independence has served us very well and far better than if the Federal Treasurer still had his hands "on all of the levers" as Paul Keating once boasted.
Rather than setting interest rates with votes in mind, the RBA has a simple measure of its success, to encourage a high rate of economic growth without endangering its 2 per cent to 3 per cent inflation target.
By contrast, politics is all about securing power.
When governments had control of interest rates, they were set with votes in mind and the economy second. If there was a line-ball decision to be made, votes won and the economy lost out.
However, it is very clear from the recent comments of the retiring Reserve Bank governor that the road that an independent central bank has to follow is sometimes a rocky one.
Politicians find it hard not to take credit for what the bank does right and to complain bitterly when it does things that they see as impairing their popularity.
Indeed, just a few weeks ago the Treasurer started talking about what "we" look at when "we" set interest rates, implying that he had something to do with it. He does not. Similarly, the RBA governor's recent comments make clear his distress at the Prime Minister's interest rate claims during the last election.
Going into a period of greater economic uncertainty, these pressures are only going to increase.
Already the bank has made it clear the economic stimulus provided by Canberra's tax cuts was a factor in forcing its hand to increase interest rates, in order to offset the inflationary pressures resulting from the tax cuts.
This puts the Government in a challenging position as it is now on notice that further vote buying tax cuts could result in vote shedding interest rate increases.
The last thing our economy needs is for open warfare, or indeed angst behind closed doors, to develop between the RBA and the Government.
One of Peter Costello's best decisions was to formalise the agreement between the Government and the RBA on the conduct of monetary policy.
It is in all our interests that this agreement be honoured in both its letter and intent.
Source: Courier Mail. Tim Hughes is a director of Value Capital Management.
The fine balance of economic power between our elected government, which controls fiscal policy, and the appointed Reserve Bank, which controls interest rates, has never been an easy one and it is certainly not likely to get any easier as economic conditions get more difficult.
But separating politics from mortgage home loan interest rates is one of the best things that has ever happened to the Australian economy.
As the past 15 consecutive years of economic growth provides good testament to, Reserve Bank independence has served us very well and far better than if the Federal Treasurer still had his hands "on all of the levers" as Paul Keating once boasted.
Rather than setting interest rates with votes in mind, the RBA has a simple measure of its success, to encourage a high rate of economic growth without endangering its 2 per cent to 3 per cent inflation target.
By contrast, politics is all about securing power.
When governments had control of interest rates, they were set with votes in mind and the economy second. If there was a line-ball decision to be made, votes won and the economy lost out.
However, it is very clear from the recent comments of the retiring Reserve Bank governor that the road that an independent central bank has to follow is sometimes a rocky one.
Politicians find it hard not to take credit for what the bank does right and to complain bitterly when it does things that they see as impairing their popularity.
Indeed, just a few weeks ago the Treasurer started talking about what "we" look at when "we" set interest rates, implying that he had something to do with it. He does not. Similarly, the RBA governor's recent comments make clear his distress at the Prime Minister's interest rate claims during the last election.
Going into a period of greater economic uncertainty, these pressures are only going to increase.
Already the bank has made it clear the economic stimulus provided by Canberra's tax cuts was a factor in forcing its hand to increase interest rates, in order to offset the inflationary pressures resulting from the tax cuts.
This puts the Government in a challenging position as it is now on notice that further vote buying tax cuts could result in vote shedding interest rate increases.
The last thing our economy needs is for open warfare, or indeed angst behind closed doors, to develop between the RBA and the Government.
One of Peter Costello's best decisions was to formalise the agreement between the Government and the RBA on the conduct of monetary policy.
It is in all our interests that this agreement be honoured in both its letter and intent.
Source: Courier Mail. Tim Hughes is a director of Value Capital Management.
More Homeowners are changing over to fixed interest rate mortgage loans
The number of home-buyers locking in their mortgages to a fixed interest rate, rather than the variable rate, to avoid the possinblity of a still higher interest rate burden has nearly doubled during the past year.
Australians borrowed a total of $20.53 billion during June in a sign of a rebound in the national property market. The surge was led by people buying investment properties to take advantage of the tax breaks on offer last year.
The property finance results showed people borrowed 2 per cent more during June compared with the month before.
Nearly 64,000 houses were bought despite the Reserve Bank of Australia raising rates just one month earlier.
The number of new mortgages taken out and fixed for two years has started to climb, according to the Australian Bureau of Statistics' figures.
During June, 10,963 loans were fixed, which accounted for 16.7 per cent of all the mortgages.
The result was up from just 10.3 per cent last year, showing home-buyers were concerned about the future movements of interest rates.
Economists said yesterday the 2 per cent rise in borrowing levels was further justification for the RBA's August rate rise.
The double blow of two rate increases is expected to cool the national appetite to borrow money.
TD Securities chief economist Stephen Koukoulas said there was room for growth in the housing market over the next few months. "Housing finance commitments are continuing to power ahead," he said. "The level of interest rates were no constraint to stronger levels of activity."
Mr Koukoulas said the level of investment in housing should move even higher later this year.
But one downside in the finance figures was a sustained fall in the number of first home buyers.
Of all of the purchases, 17 per cent were first-time buyers - the lowest for a year. CommSec economist Craig James said the size of mortgages was forcing those who rent to stay put.
The average home loan is now $227,800 in Australia.
The value has fallen over the past six months and is growing at the slowest rate in nearly five years.
"First home buyers are heading for the exit doors, with the exodus likely to continue in coming months," Mr James said.
"First home buyers are caught between a rock and a hard place. Mortgages are more expensive, causing buyers to retreat to the sidelines."
Economists said the growth in borrowings would not overly concern the RBA because it would have factored it into the decision to raise rates. The next rate movement is still expected to be in November.
Souce: Newscorp
Australians borrowed a total of $20.53 billion during June in a sign of a rebound in the national property market. The surge was led by people buying investment properties to take advantage of the tax breaks on offer last year.
The property finance results showed people borrowed 2 per cent more during June compared with the month before.
Nearly 64,000 houses were bought despite the Reserve Bank of Australia raising rates just one month earlier.
The number of new mortgages taken out and fixed for two years has started to climb, according to the Australian Bureau of Statistics' figures.
During June, 10,963 loans were fixed, which accounted for 16.7 per cent of all the mortgages.
The result was up from just 10.3 per cent last year, showing home-buyers were concerned about the future movements of interest rates.
Economists said yesterday the 2 per cent rise in borrowing levels was further justification for the RBA's August rate rise.
The double blow of two rate increases is expected to cool the national appetite to borrow money.
TD Securities chief economist Stephen Koukoulas said there was room for growth in the housing market over the next few months. "Housing finance commitments are continuing to power ahead," he said. "The level of interest rates were no constraint to stronger levels of activity."
Mr Koukoulas said the level of investment in housing should move even higher later this year.
But one downside in the finance figures was a sustained fall in the number of first home buyers.
Of all of the purchases, 17 per cent were first-time buyers - the lowest for a year. CommSec economist Craig James said the size of mortgages was forcing those who rent to stay put.
The average home loan is now $227,800 in Australia.
The value has fallen over the past six months and is growing at the slowest rate in nearly five years.
"First home buyers are heading for the exit doors, with the exodus likely to continue in coming months," Mr James said.
"First home buyers are caught between a rock and a hard place. Mortgages are more expensive, causing buyers to retreat to the sidelines."
Economists said the growth in borrowings would not overly concern the RBA because it would have factored it into the decision to raise rates. The next rate movement is still expected to be in November.
Souce: Newscorp
Mortgage Manager and Financial Services Giant adds fees to build bottom line
By increasing fee incomes, the James Packer-backed Mortgage Manager, Mortgage funder, and Funds Manager and is gaining traction as a mainstream financial services group.
Challenger Fiancial Services yesterday announced an increase of 28 per cent in statutory net profit, after tax and before significant items, to $153 million.
Funds management fees, a steady, predictable income stream, grew from $218 million, or 67 per cent of Challenger's net income, to $315 million.
"Fees now account for roughly 70 per cent of net income," said Michael Tilley, managing director of Challenger, trumpeting what he sees as one of the more significant achievements of his tenure.
Challenger now categorises its business into mortgage management, funds management, asset management and financial planning. It was formerly categorised under annuities, wealth management and mortgages.
Since he took over as CEO of Challenger in August 2004, Mr Tilley has made a concerted effort to break with the past.
The funds management group has diversified the portfolio, backing its annuities into more fixed income and infrastructure.
At the same time, it embraced Macquarie's specialist funds model, selling a listed and unlisted infrastructure fund. Yesterday, Challenger took another step in that direction when Mr Tilley said it was sounding out the market about the launch of a listed property trust, capitalised at over $500 million.
Challenger will take a stake of up to 40 per cent in the new fund, but the underlying purpose is to further rebalance the portfolio backing the company's annuity book. More than half is still invested in property, while Challenger has 21 per cent in infrastructure and the remainder mostly in fixed interest.
The target is to move to a mix where property, infrastructure and fixed interest take 30 per cent each, and equities take 10 per cent.
Funds management was another bright spot for Challenger. Chris Cuffe, who built Colonial First State's money management machine, spearheaded the growth of Challenger's funds management group until he quit in February to join not-for-profit microfinance group Opportunity Australia. Mr Cuffe said at the time he was leaving the group in good shape.
"We broke through the break-even point (with funds management)," Mr Tilley said yesterday. "In 2005, for more than half the year, we were losing money."
But after acquiring HSBC's local asset management operation and increasing assets organically, the funds management group gained sufficient assets to generate a profit.
Funds management earnings before interest and tax switched from a $10 million loss last year to a $24 million gain.
Challenger Fiancial Services yesterday announced an increase of 28 per cent in statutory net profit, after tax and before significant items, to $153 million.
Funds management fees, a steady, predictable income stream, grew from $218 million, or 67 per cent of Challenger's net income, to $315 million.
"Fees now account for roughly 70 per cent of net income," said Michael Tilley, managing director of Challenger, trumpeting what he sees as one of the more significant achievements of his tenure.
Challenger now categorises its business into mortgage management, funds management, asset management and financial planning. It was formerly categorised under annuities, wealth management and mortgages.
Since he took over as CEO of Challenger in August 2004, Mr Tilley has made a concerted effort to break with the past.
The funds management group has diversified the portfolio, backing its annuities into more fixed income and infrastructure.
At the same time, it embraced Macquarie's specialist funds model, selling a listed and unlisted infrastructure fund. Yesterday, Challenger took another step in that direction when Mr Tilley said it was sounding out the market about the launch of a listed property trust, capitalised at over $500 million.
Challenger will take a stake of up to 40 per cent in the new fund, but the underlying purpose is to further rebalance the portfolio backing the company's annuity book. More than half is still invested in property, while Challenger has 21 per cent in infrastructure and the remainder mostly in fixed interest.
The target is to move to a mix where property, infrastructure and fixed interest take 30 per cent each, and equities take 10 per cent.
Funds management was another bright spot for Challenger. Chris Cuffe, who built Colonial First State's money management machine, spearheaded the growth of Challenger's funds management group until he quit in February to join not-for-profit microfinance group Opportunity Australia. Mr Cuffe said at the time he was leaving the group in good shape.
"We broke through the break-even point (with funds management)," Mr Tilley said yesterday. "In 2005, for more than half the year, we were losing money."
But after acquiring HSBC's local asset management operation and increasing assets organically, the funds management group gained sufficient assets to generate a profit.
Funds management earnings before interest and tax switched from a $10 million loss last year to a $24 million gain.
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