Stocks
Value Investing

There are many approaches to stock investing, one of the most popular being value investing....

Premium Content
Monthly Digital Access

Subscribe

Already A Subscriber?
Login
Yearly Digital+Print Access

Subscribe

Moneylife Magazine Subscriber or MSSN member?
Login

Yearly Subscriber Login

Enter the mail id that you want to use & click on Go. We will send you a link to your email for verficiation
NY Attorney General retreats after pressing Red Cross on post-Sandy spending
The office of Attorney General Eric Schneiderman sought details on how the charity spent donations after the super-storm, but the information was never released
 
Last month we explored the role of the American Red Cross after Hurricane Sandy and the lack of transparency in how the charity spent more than $300 million raised after the storm. Experts criticized the group for not offering a detailed accounting of its post-Sandy efforts.
 
It turns out New York’s attorney general had similar questions for the prominent charity, according to a previously unpublished letter the office sent to the Red Cross.
 
The office of Attorney General Eric Schneiderman last year asked the Red Cross for much of the same detailed financial information that we sought from the group. But no such information was released.
 
And when the attorney general’s office later came to an agreement with the group about its reporting of financial information after disasters, there were no requirements for anything beyond summary data. That means that it will continue to be difficult to assess the response of the Red Cross to future disasters.
 
The attorney general's office requested information from the Red Cross starting soon after Sandy in late 2012 and managed to get some answers.
 
But in a June 2013 letter, which we obtained through a Freedom of Information Law request, the head of the attorney general’s charities bureau expressed “continuing concerns about fundraising and relief efforts conducted by the American Red Cross in response to Hurricane Sandy.”
 
The letter asked the Red Cross to:
detail its post-Sandy spending including "how much was spent on personnel, supplies, transportation, fuel, rental fees, professional fees, administrative costs, and any other relevant categories." 
separate figures it commonly combines as "spent or committed," a practice that makes it impossible to determine how much aid has been distributed versus merely promised.
 
No such details have been released. The Red Cross didn’t provide the breakdowns when we asked for them either. (Neither the Red Cross nor Attorney General’s office would say whether the numbers were provided privately.) 
 
Several months later, in October, Schneiderman announced an agreement with the Red Cross covering, among other things, how the group will release information after future disasters. But the deal does not specify how much detail the Red Cross must provide in its post-disaster financial reports. Instead, it simply requires the Red Cross to regularly report summary financial information.
 
“The central question that drove the attorney general’s correspondence with the Red Cross -- what’s going on with the Sandy money? -- was thrown out the window in the final agreement,” said Doug White, a nonprofit expert who directs the fundraising management program at Columbia University.
 
The Office of the Attorney General did not respond to requests for comment. When we originally reported on the lack of transparency, the Red Cross it issues "regular reports about our spending and programs for disasters such as Sandy."
 
They declined to comment this time. 
 
While the agreement doesn’t require the Red Cross to release much in terms of financial details, the organization did agree to stop referencing a particular disaster in fundraising appeals once it determines it has raised enough money to meet the need.
 
Courtesy: ProPublica.org

User

Modi govt sets up SIT to unearth black money
The SIT will be headed by Supreme Court's former judge MB Shah and will include revenue secretary, CBI and IB directors, official from ED, CBDT chairman and RBI's deputy governor
 
The first Cabinet meeting of the Narendra Modi government resolved to form a special investigation team (SIT) to unearth black money stashed abroad.
 
Newly-appointed Law Minister Ravi Shankar Prasad said the SIT will be headed by former Supreme Court judge MB Shah and will include the highest-level officials from financial and economic departments as well as law enforcement agencies.
 
The establishment of a National Judicial Commission to give Executive a say in appointment of judges and setting up an SIT on black money were the priority areas for the Modi government, Prasad said earlier on Tuesday.
 
The SIT will be headed by former Supreme Court judge MB Shah and will include Revenue Secretary, CBI and IB directors, Enforcement Directorate official, CBDT Chairman and RBI deputy governor. Former Supreme Court judge Arijit Pasayat will be the vice-chairman of the panel.
 
The Supreme Court had last week granted the government one week to constitute the SIT for monitoring of all black money cases.
 
“In the first Cabinet of the new government…in the light of the directions of the SC, we have constituted an SIT for unearthing black money… This was an important issue for us,” Prasad told reporters after a one-and-a-half-hour long Cabinet meeting.
 
According to a press release, other members of the SIT are Director General of the Narcotics Control Bureau, Director General of Revenue Intelligence, Director of the Financial Intelligence Unit and a Joint Secretary in the Central Board of Direct Taxes.
 
“The SIT has been charged with the responsibility and duties of investigation, initiation of proceedings and prosecution in cases of Hasan Ali and other matters involving unaccounted money,” the release said.
 
The panel will have jurisdiction in cases where investigations have commenced, are pending, are waiting to be initiated or have been completed.

User

We are listening!

Solve the equation and enter in the Captcha field.
  Loading...
Close

To continue


Please
Sign Up or Sign In
with

Email
Close

To continue


Please
Sign Up or Sign In
with

Email

BUY NOW

The Scam
24 Year Of The Scam: The Perennial Bestseller, reads like a Thriller!
Moneylife Magazine
Fiercely independent and pro-consumer information on personal finance
Stockletters in 3 Flavours
Outstanding research that beats mutual funds year after year
MAS: Complete Online Financial Advisory
(Includes Moneylife Magazine and Lion Stockletter)