Governor Wolf Remarks on Rejecting Republican Cut to Education; Releasing Emergency Funding

first_imgLike Governor Tom Wolf on Facebook: Facebook.com/GovernorWolfRead the press release on rejecting the Republican plan to cut education.Check out the Twitter Collection of the announcement.BUDGET ANNOUNCEMENT 12/29 Governor Wolf Remarks on Rejecting Republican Cut to Education; Releasing Emergency Funding December 29, 2015 Budget News,  Remarks,  Videos Governor’s Reception RoomHarrisburg, PATRANSCRIPT:I am going to exercise my constitutional right to line item veto this ridiculous exercise in budget futility. I’m calling on our legislators to get back to Harrisburg – back to the work they left unfinished last week. In the meantime I’m vetoing their $95 million cut to education. I’m also vetoing other items that they don’t pay for.At the same time, I’m allowing emergency funding for our schools to get out. I’m also letting funding go out to our human service agencies and to our counties. But this is on an emergency basis only.In doing this, I’m expressing the outrage that all of us should feel about the garbage the Republican legislative leaders have tried to dump on us. This budget is wrong for Pennsylvania. And our legislators – the folks we elected to serve us – need to own up to this. They need to do their jobs. This budget is wrong for so many reasons.First, it doesn’t balance. Even with the numbers presented to me by the Republicans before they ran out of town just before the Christmas holiday. This budget doesn’t add up. In fact it leaves a half a billion dollar hole for this year (2015-16). And a $2 billion hole for next year.There’s a reason why the outside rating agencies have downgraded our debt. They’re telling the world what our legislators want to ignore. Our fiscal house is a mess.Second, this pretend budget doesn’t make the investments a prudent state government should make, in things like education.This exercise in stupidity actually cuts education funding by $95 million compared to the draconian Corbett budgets. It does add a modest amount in basic education funding, but then it takes out over $300 million to be used for school construction.By the way, before they left town, our legislators also neglected to provide any funding for Penn State, University of Pittsburgh, Lincoln University, Temple, Penn School of Veterinary Science. The budget they concocted doesn’t have enough revenue to leave any room for doing anything to increase funding for our state universities over 2014-15 levels.This budget is doubly frustrating because we were so close to a reasonable one. I had worked patiently and persistently with Republican leaders over the past many months to agree on a compromise budget.That compromise budget was in balance. That compromise budget invested in our kids and our schools. That compromise budget also included historic pension reform and historic liquor reform. That compromise budget actually passed the Republican dominated Senate by a vote of 43-7. And it passed the House on a number of preliminary votes.Then, before the final vote, the Republican House leaders told their members to go home. I get it that everyone is tired of this stalemate But we were almost there. And this makes what they did all that much more unconscionable. They simply left town before finishing their jobs.They can deny what they did. They can try to justify what they did. They can throw around all the political nonsense they want, but the fact remains. They ran off – pretty quickly at that – before they finished their job. And they left us with a real holiday mess. Let’s not kid ourselves; we still need a budget.We need one that actually adds up, this year and next. We need one that fully funds the needs of our schools. We need one that really covers the cost of our state. We need to pass the budget that the Senate and House passed – Senate Bill 1073. And that I’m ready to sign.If we don’t get this right, we will face massive cuts to education and human services next year. And we’ll see huge increases in local taxes and massive additional cuts to our local schools. Remember 2011? We need to get this right.So, to the legislators elected to do the people’s business: let’s get back to work. Let’s get back to the work the people of Pennsylvania sent you here to do. Let’s get back to work to finish the job you almost finished last week. SHARE Email Facebook Twitterlast_img read more

Judge gives green light for KBC and others in Facebook class action

first_imgFacebook investors including KBC Asset Management (KBCAM) have been given permission by a US judge to pursue their class action against the social media company, relating to growth forecasts published in the run-up to its initial public offering (IPO) on the NASDAQ in May 2012.The plaintiffs, who represent a class of purchasers of Facebook Class A common stock in the IPO, claim Facebook made materially untrue and misleading statements in its registration statement and prospectus.Facebook’s primary revenue source is advertising, and the registration statement referred to growth opportunities in the mobile market, as well as the risks involved in monetising that market by displaying advertisements on mobile devices, which Facebook had not yet done.But after the statement was published, and only a day after the first roadshow presentation, Facebook cut its internal projected revenue figures for the second quarter of 2012, as potential negative implications of increased mobile use became clearer. Only a small number of analysts were told about this change.Ten days later, the hugely successful IPO saw 421m Facebook shares sold at $38 each, raising a total of more than $16bn (€14.8bn) and making it one of the largest-ever IPOs for a technology company.Soon afterwards, however, news of Facebook’s falling revenues began to emerge.Reuters reported that, shortly before the IPO, Facebook had taken the “rare and disruptive” step of cutting its revenue guidance to analysts during the period when the roadshow was taking place.It also later revealed that, as a result, analysts from three of the lead IPO underwriters – Morgan Stanley, Goldman Sachs and JPMorgan Chase – revised their revenue estimates for Facebook while the roadshow was in progress but disclosed this fact only to a small number of select clients.Following these assertions, Facebook’s stock price fell more than 18% below the IPO price, wiping out billions of dollars in market capitalisation.The share price took more than a year to recover.Robert Sweet, US district judge, Southern District of New York, has now allowed class certification for both institutional and retail investors, allowing them to pursue group lawsuits, and appointed class representatives and counsel.The defendants had argued that shareholders should pursue their claims individually because of the varying degrees of their knowledge about mobile’s negative impact on Facebook’s revenue, as well as about the revised revenue projections.But Judge Sweet said: “As long as a sufficient constellation of common issues binds class members together, variations in the sources and applications of a defence will not automatically foreclose class certification.”The defendants had also argued that the class could not be certified because “US securities laws do not apply extraterritorially … but only where title to the security transfers within the US”.More than 53m shares had been sold through the IPO to investors based abroad.But the judge accepted the plaintiffs’ assertion that foreign allocants “participated in a strictly US IPO of a US company in order to receive shares registered in the US with the SEC that would trade exclusively on an American exchange”.KBCAM’s participation as a plaintiff is through two sub-funds of the KBC Equity Fund, KBC Equity Fund New Shares and KBC Equity Fund Technology.Because of their specific investment proposition – technology shares and IPOs, respectively – both funds invested in a limited number of Facebook shares when the company was floated.The shares account for barely 1% of the funds’ portfolios, and KBCAM said their impact on the funds’ performance and net asset value is negligible.But it said it joined this action because its duty as an asset manager is to defend the interests of its customers and investors, regardless of their size.The lead plaintiffs are the North Carolina Department of State Treasurer (on behalf of the North Carolina Retirement Systems), the Arkansas Teacher Retirement System and the Fresno County Employees’ Retirement Association.The defendants include Facebook, a number of Facebook directors and officers including chairman and co-founder Mark Zuckerberg, and the underwriters of the IPO.Facebook has said it is appealing the decision.last_img read more

Republic versus Northern Ireland behind closed doors.

first_imgThe Republic play Northern Ireland today in an unofficial friendly behind closed doors before facing England in a friendly on Sunday.O’Neill admits it’s been tough for some of his players to get back to training following the end of the club season.last_img