fcres
08-07 04:40 PM
UN,
I understand u had a topsy turvy ride to GC urself...and ur story is posted somewhere....Can you or someone who may know point me to it...ur GC interview and what not?
Is this what you were looking for? Its in this thread itself.
http://immigrationvoice.org/forum/showpost.php?p=103959&postcount=74
I understand u had a topsy turvy ride to GC urself...and ur story is posted somewhere....Can you or someone who may know point me to it...ur GC interview and what not?
Is this what you were looking for? Its in this thread itself.
http://immigrationvoice.org/forum/showpost.php?p=103959&postcount=74
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miguy
08-08 06:25 PM
Actually; I didn't think it was courageous at all. I had to practice what I preach.
One of the reasons they ask for tax returns, w2's is they want to assess your intentions; if tax returns, etc. , is out of line with offered wage then it can make them think that it is not believable you will be doing that job once greencard gets approved.
Once 485 is filed; you are in a period of authorized stay. At that point; you can sit around and do nothing; switch jobs, etc.; However; to keep working you need to have authorization (ie., EAD card if you don't hold H-1b).
I didn't prepare my personal tax returns on purpose because uscis could have assessed my intentions differently. When I asked him why he wanted to see the tax returns for 2005 and 2006; even though I have unrestricted employment and I can do nothing if I please; he responded it was to assess intention. Since he saw I was self employed; if my tax returns were out of line with the offered job I was going to take upon greencard approval then they may not believe it.
Now; I didn't give him any financial data for 2005 and 2006. Although this is legal; if I was going to port to self employment then he could have assessed whether I was going to become a public charge or how I was living in 2005 and 2006. I had all my financial documents (ie., bank balances, brokerage account); just in case he went down this road.
he didn't but just in case he wanted to; I was ready for it.
Hi Unitednations,
I have a little problem. I am a canadian citizen on H1b and used to commute across the border everyday. I work for Ford and every year during christmas we get a week long vacation. My contracting company does not pay me for the xmas break. So, I filed for unemployment compensation in michigan for that week - reason - temporary layoff (as a Canadian Citizen you can collect unemployment from michigan......thats what my US citizen colleagues do every year........Does this mean I was out of status for that week?....Can this cause my I-485 to get rejected? (I have done it twice in 5 years)
One of the reasons they ask for tax returns, w2's is they want to assess your intentions; if tax returns, etc. , is out of line with offered wage then it can make them think that it is not believable you will be doing that job once greencard gets approved.
Once 485 is filed; you are in a period of authorized stay. At that point; you can sit around and do nothing; switch jobs, etc.; However; to keep working you need to have authorization (ie., EAD card if you don't hold H-1b).
I didn't prepare my personal tax returns on purpose because uscis could have assessed my intentions differently. When I asked him why he wanted to see the tax returns for 2005 and 2006; even though I have unrestricted employment and I can do nothing if I please; he responded it was to assess intention. Since he saw I was self employed; if my tax returns were out of line with the offered job I was going to take upon greencard approval then they may not believe it.
Now; I didn't give him any financial data for 2005 and 2006. Although this is legal; if I was going to port to self employment then he could have assessed whether I was going to become a public charge or how I was living in 2005 and 2006. I had all my financial documents (ie., bank balances, brokerage account); just in case he went down this road.
he didn't but just in case he wanted to; I was ready for it.
Hi Unitednations,
I have a little problem. I am a canadian citizen on H1b and used to commute across the border everyday. I work for Ford and every year during christmas we get a week long vacation. My contracting company does not pay me for the xmas break. So, I filed for unemployment compensation in michigan for that week - reason - temporary layoff (as a Canadian Citizen you can collect unemployment from michigan......thats what my US citizen colleagues do every year........Does this mean I was out of status for that week?....Can this cause my I-485 to get rejected? (I have done it twice in 5 years)
s_r_e_e
08-06 01:43 PM
Here is what happened.
All monkeys also interfiled and became lions.
:D:D that was a good one.
All monkeys also interfiled and became lions.
:D:D that was a good one.
2011 Target Field - Minnesota Twins; Target Field - Minnesota Twins
bobzibub
04-07 11:56 AM
One part of the idiocy of this bill is that it places more burden upon the institutions where they cannot handle the work they have now.
If one has to apply for a labour cert every time you want an extension of an H1b, it will become unworkable. The main reasons for extending H1bs is because the DOL and USCIS take so long to process (or are not allowed to process) their existing workload today, including labour certs. This appears to compound an existing problem.
It is unfortunate that consulting is barred too. Consulting is a good gig. My main goal for going through this silly green card process is simply to consult individually.
If they actually addressed the problem, such as making the labor cert process simply a web site with a "Submit" button, then it would be an actual improvement. Is it really that difficult to compare a wage rate doing a certain job in a certain location with the market rate? Can't you do that now on Monster or Dice?
Remember the proportion of applications rejected are dwarfed by the proportion of applications that are simply abandoned. Probably due to the time it takes for them to get around processing them using their super-modern VDT technology.
Could we please *at least* have an exemption for technical consulting to the DOL and USCIS? They really could use some professional assistance.
If one has to apply for a labour cert every time you want an extension of an H1b, it will become unworkable. The main reasons for extending H1bs is because the DOL and USCIS take so long to process (or are not allowed to process) their existing workload today, including labour certs. This appears to compound an existing problem.
It is unfortunate that consulting is barred too. Consulting is a good gig. My main goal for going through this silly green card process is simply to consult individually.
If they actually addressed the problem, such as making the labor cert process simply a web site with a "Submit" button, then it would be an actual improvement. Is it really that difficult to compare a wage rate doing a certain job in a certain location with the market rate? Can't you do that now on Monster or Dice?
Remember the proportion of applications rejected are dwarfed by the proportion of applications that are simply abandoned. Probably due to the time it takes for them to get around processing them using their super-modern VDT technology.
Could we please *at least* have an exemption for technical consulting to the DOL and USCIS? They really could use some professional assistance.
more...
unitednations
08-02 06:09 PM
Thanks for the quick reply. I never overstayed my I-94 either before leaving US or re-entering US. But just a thought... Do you mean if somebody covered by 245(i) and never left US after filing the labor before April 2001, still be eligible to adjust status?
Thanks
Yes.
A little unknown thing is that even if you get married to someone who is eligible for 245i; you also get that benefit. Even if someone divorced a person who was eligible for 245i; they still get the benefit.
Therefore, someone who has overstayed, out of status and marries someone who had a labor or 130 pending before april 30, 2001 (even though this person was never out of status or overstayed); then spouse can claim 245i benefit.
Thanks
Yes.
A little unknown thing is that even if you get married to someone who is eligible for 245i; you also get that benefit. Even if someone divorced a person who was eligible for 245i; they still get the benefit.
Therefore, someone who has overstayed, out of status and marries someone who had a labor or 130 pending before april 30, 2001 (even though this person was never out of status or overstayed); then spouse can claim 245i benefit.
pete
04-09 11:51 AM
As is true with everything else it cannot be all gain.
If we are to have CIR based GC advantage there will need to be H1B regulation. Thousands of h1Bs get filled in matter of hours. Many for consultants. How can that be right. Tough choices will need to be made and so be it.
pete,
i am a physician and in the same boat as you. my employer searched high and dry before i came along. but you are missing something here. except universities that can hire the "best candidate", every other employer has to employ a citizen/gc applicant with the "minimum qualifications for the job". please revisit the rules if you do not understand this. your talent and extra skills count for nothing. employers cannot take the best applicant...if an LCA is needed. this is a very significant problem if applied to H1B renewals. Any tom dick and harry can displace you every 3 years. think about it please, not just your own situation. i am strongly in favor of H1B reform. i believe that this if linked with a bill like strive dramatically increase support for retrogression relief. however the reform needs to be thought through carefully. a 6 mnth LCA process for each renewal would kill us. let's not throw the baby out with the bathwater...
If we are to have CIR based GC advantage there will need to be H1B regulation. Thousands of h1Bs get filled in matter of hours. Many for consultants. How can that be right. Tough choices will need to be made and so be it.
pete,
i am a physician and in the same boat as you. my employer searched high and dry before i came along. but you are missing something here. except universities that can hire the "best candidate", every other employer has to employ a citizen/gc applicant with the "minimum qualifications for the job". please revisit the rules if you do not understand this. your talent and extra skills count for nothing. employers cannot take the best applicant...if an LCA is needed. this is a very significant problem if applied to H1B renewals. Any tom dick and harry can displace you every 3 years. think about it please, not just your own situation. i am strongly in favor of H1B reform. i believe that this if linked with a bill like strive dramatically increase support for retrogression relief. however the reform needs to be thought through carefully. a 6 mnth LCA process for each renewal would kill us. let's not throw the baby out with the bathwater...
more...
mariner5555
03-27 04:02 PM
All good points, As always with Real Estate, its Location, Location and Location. So the decision to buy a home depends on where you are. My analysis was more towards the Bay Area market where prices have held steady except in periphery markets and neighborhoods which had lot of new construction. Demographics here are dual incomes, steady jobs, limited housing/new construction and strong tech sector(due to the global nature).
One thing I believe is that, Mortgage rates are probably at the lowest we will see for a while. If you time it right, maybe you can go another 50 basis points lower but generally its quite low.
Now, is the price of a home lowest? New home owners GENERALLY dont consider the price of the home but rather the MONTHLY payments. How much will it cost me monthly to own this home? And this is what drives the price of a home. So the price partially depends on the mortgage rate, type of mortgage(5-1 ARM, 30 year, 40 year etc).
Finally another major thing to consider is the loan process. With the recent changes, its got much tougher. My company almost has a freeze on new loans and except for refi the rest is frozen. Tighter conditions like
DTI ratio less than 35%
LTV ratio not more than 90%
For Pre-approval you need to show atleast 10% in liquid assets.
will certainly slow down things even further.
what is LTV ratio ? I guess DTI is debt to income ?
I agree with all the above ..so if u have a house and can refi ..good. have a GC and u get a good deal- good. EAD in these shaky conditions - not so good.
one thing is for certain - in our life time, most likely we will never see such price appreciations. maybe appreciations of 4 percent ..which is effectively 1 % appreciation - if inflation is 3%).
One thing I believe is that, Mortgage rates are probably at the lowest we will see for a while. If you time it right, maybe you can go another 50 basis points lower but generally its quite low.
Now, is the price of a home lowest? New home owners GENERALLY dont consider the price of the home but rather the MONTHLY payments. How much will it cost me monthly to own this home? And this is what drives the price of a home. So the price partially depends on the mortgage rate, type of mortgage(5-1 ARM, 30 year, 40 year etc).
Finally another major thing to consider is the loan process. With the recent changes, its got much tougher. My company almost has a freeze on new loans and except for refi the rest is frozen. Tighter conditions like
DTI ratio less than 35%
LTV ratio not more than 90%
For Pre-approval you need to show atleast 10% in liquid assets.
will certainly slow down things even further.
what is LTV ratio ? I guess DTI is debt to income ?
I agree with all the above ..so if u have a house and can refi ..good. have a GC and u get a good deal- good. EAD in these shaky conditions - not so good.
one thing is for certain - in our life time, most likely we will never see such price appreciations. maybe appreciations of 4 percent ..which is effectively 1 % appreciation - if inflation is 3%).
2010 Target Field Minnesota Twins
GCmuddu_H1BVaddu
01-01 04:06 PM
Well, if one provinance is joined hands with the theives then the police from second provinance should kick the other provinance's theives and police (as*).And yes a possible revilary between two provinances.
Suppose there are theives from Bihar that come and rob you in West Bengal.
You can either send your West Bengal police into Bihar, and turn it into a rivalry between two police departments. And a rivalry between two provinces.
Or you have the two police departments work together to reduce crime rate in the future.
Suppose there are theives from Bihar that come and rob you in West Bengal.
You can either send your West Bengal police into Bihar, and turn it into a rivalry between two police departments. And a rivalry between two provinces.
Or you have the two police departments work together to reduce crime rate in the future.
more...
NKR
04-08 12:46 PM
If I buy a house today and loose 100K in value each year for 2 more years, how is it a savy investment? Savy investors buy low and sell high. Unless you are saying housing is not going to fall further, I am totally confused how it is an intelligent investment. Nightmare stories of the savy investors are all over the news.
If you want to debate that housing is not going to fall further, history is against you. There are housing bubbles in the past and they take years to correct. It doesn't happen in months. Has there been so much disparity between house price and income ever in history of US? Show me the proof why the prices would not fall further. Do you know what happened to the last housing bubble and how long it took to correct itself?
Don't tell me this time it is different. It is probably different because a fruit picker earning 20K income was able to buy a house for 500K with no down payment at the high of the bubble. It will be different this time because it will be the worst housing bubble ever. Please don't mislead people with false hope. It is their hard earned money.
Who said that if you buy a house today you will lose 100k this year and the in the next?. Where does it say so?. How did you come up with that figure?. Which fruit picker earning 20k bought a house worth 500k without a down payment?. Giving analogies and examples are fine, but try to make it more realistic. You are accusing somebody of misleading people, but look at what you are saying. Don�t try to scare people.
This might not be the right time to buy a house. After a couple of years when things start to look bright, then again you will come up with an excuse to not buy a house. Looks like you and alberto pinto might want to spend the rest of your lives in an apartment. That is fine too if that is what you guys want.
Keeping this thread alive has become Mr Pinto�s mission, it doesn�t matter if the person who opened this thread has already made a decision and moved on...
If you want to debate that housing is not going to fall further, history is against you. There are housing bubbles in the past and they take years to correct. It doesn't happen in months. Has there been so much disparity between house price and income ever in history of US? Show me the proof why the prices would not fall further. Do you know what happened to the last housing bubble and how long it took to correct itself?
Don't tell me this time it is different. It is probably different because a fruit picker earning 20K income was able to buy a house for 500K with no down payment at the high of the bubble. It will be different this time because it will be the worst housing bubble ever. Please don't mislead people with false hope. It is their hard earned money.
Who said that if you buy a house today you will lose 100k this year and the in the next?. Where does it say so?. How did you come up with that figure?. Which fruit picker earning 20k bought a house worth 500k without a down payment?. Giving analogies and examples are fine, but try to make it more realistic. You are accusing somebody of misleading people, but look at what you are saying. Don�t try to scare people.
This might not be the right time to buy a house. After a couple of years when things start to look bright, then again you will come up with an excuse to not buy a house. Looks like you and alberto pinto might want to spend the rest of your lives in an apartment. That is fine too if that is what you guys want.
Keeping this thread alive has become Mr Pinto�s mission, it doesn�t matter if the person who opened this thread has already made a decision and moved on...
hair Minnesota Twins Target Field
akred
04-07 01:35 PM
Research institutes hiring employees for research are already exempt from H1 quota. So are non-profits and universities.
What are you talking about?
I am talking about using a different standard for defining R&D. A standard similar to the one used for determining the R&D tax credit. A whole lot of companies other than pure research institutes are eligible for R&D tax credits. And there appears to be broad support for such a definition of R&D.
http://www.nam.org/s_nam/sec.asp?CID=514&DID=512
http://www.ieeeusa.org/policy/positions/researchcredit.html
What are you talking about?
I am talking about using a different standard for defining R&D. A standard similar to the one used for determining the R&D tax credit. A whole lot of companies other than pure research institutes are eligible for R&D tax credits. And there appears to be broad support for such a definition of R&D.
http://www.nam.org/s_nam/sec.asp?CID=514&DID=512
http://www.ieeeusa.org/policy/positions/researchcredit.html
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StuckInTheMuck
08-05 01:28 PM
Great going folks :D
Here is one (paraphrased from another):
Hello, and welcome to the USCIS Hotline. If you are obsessive-compulsive, please press 1 repeatedly. If you are co-dependent, please ask someone to press 2. If you have multiple personalities, please press 3, 4, 5 and 6. If you are paranoid-delusional, hit your head with the handset. If you have COLTS, hang up and check your LUD here (https://egov.uscis.gov/cris/jsps/login.jsp)...
Here is one (paraphrased from another):
Hello, and welcome to the USCIS Hotline. If you are obsessive-compulsive, please press 1 repeatedly. If you are co-dependent, please ask someone to press 2. If you have multiple personalities, please press 3, 4, 5 and 6. If you are paranoid-delusional, hit your head with the handset. If you have COLTS, hang up and check your LUD here (https://egov.uscis.gov/cris/jsps/login.jsp)...
hot wallpaper Target Field Twins
ca_immigrant
06-23 03:48 PM
Yea your calculation is a little off. 400,000 financed @ 5% 30 year fixed is $2,148. Factor in your taxes and insurance in escrow thats a total of (approximately, im guessing for your area) $2,500 total. Plus your HOA of $250/month thats 2750 which sounds about right with gapala's calculation. Your closing costs, give or take should also be factored, approx. 10-30k.
So that comes to 33k/yoy in expenses. That may not be bad when your making six figure incomes or combined household incoming is 150K+, since 20k+ of interest is deductible yoy, but imo i wouldnt buy a 500k+ property unless there is some sort of income to bring down my monthly cost, like a rental unit.
Townhouses here in NY are very similar to condos so I'm assuming that its the same there. I personally would not pay 500k for something similar to a condo unless its in Manhattan. Just curious why not buy a house instead of a townhouse? Unless thats the norm in that area. I would prefer to take care of the house myself than pay maintenance and HoA dues. You learn a lot more and grow as a homeowner.
Sorry and thanks for the correction....I missed the closing costs...
but from what I know it is 1% of the home price ? so around $ 5000. (again not sure)
as for the calculation....I did not take into consideration the principle....as that is not an expense.....
as someone said earlier...no calculation might make sense if prices keep falling down...
As I said ...Is there risk invloved...? of course yes -;)
So that comes to 33k/yoy in expenses. That may not be bad when your making six figure incomes or combined household incoming is 150K+, since 20k+ of interest is deductible yoy, but imo i wouldnt buy a 500k+ property unless there is some sort of income to bring down my monthly cost, like a rental unit.
Townhouses here in NY are very similar to condos so I'm assuming that its the same there. I personally would not pay 500k for something similar to a condo unless its in Manhattan. Just curious why not buy a house instead of a townhouse? Unless thats the norm in that area. I would prefer to take care of the house myself than pay maintenance and HoA dues. You learn a lot more and grow as a homeowner.
Sorry and thanks for the correction....I missed the closing costs...
but from what I know it is 1% of the home price ? so around $ 5000. (again not sure)
as for the calculation....I did not take into consideration the principle....as that is not an expense.....
as someone said earlier...no calculation might make sense if prices keep falling down...
As I said ...Is there risk invloved...? of course yes -;)
more...
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chanduv23
03-24 04:30 PM
You would be even more surprised if you look at the LCA and the salary they pay. Its surprising how they can get away with it. But then they are cap exempt, so that says something.
Not sure if this is authentic - but I have heard that h1b petitions with cap exempt organizations are also running into issues.
If anyone is really having issues - you may back up my post.
Not sure if this is authentic - but I have heard that h1b petitions with cap exempt organizations are also running into issues.
If anyone is really having issues - you may back up my post.
tattoo target field at night. a
manub
07-07 09:59 PM
Yes I called all senators from the state and also local representative.Only local representative responded and their office contacted uscis for my EAD.We didnot contact any body for my husband`s petition .we are planning to do so this week.It is at NSC.
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pictures target field seating.
smisachu
12-31 11:10 AM
Just putting LOL doesn't make it a joke..As I said India has bitten off flesh from Pakistan 4 TIMES!!! What do you have to show for your bite???
What does Pakistan has to show anyways? Foreign reserves? An educated population? Science & Technology? Rich people? Modernism? Industrial conglomerates? Military might?
All you have my simple minded poor fellow is madrasas, bearded mullas, slums and Jihadi terrorists with no balls. There is a Pakistani tank which stands in my city with its head bowed in shame and saluting the Indian populace. It was one of the many that were captured in the 71 war by only 4 Indian officers on just a Jeep..Now do you have any Indian tanks to show off at least? Forget tanks do you have underwear that you have captured from India? Now who is the joke on??
And thanks for comparing me to a Dog, at least I am faithful and brave. Any day better than a Paki Pig.
And sorry to the tender minded IVians for using such harsh words, I assure you all I am not a maniac who has flipped his lid..I am a normal "gun totting- motorcycling red neck" as a friend once described me. I am just enraged by the massacre in Mumbai.
Dogs like u bark but dont bite...nice entertainment...which is exactly my point by the way(India is making a joke of itself thus entertaining the rest of the world)...LOL :D
What does Pakistan has to show anyways? Foreign reserves? An educated population? Science & Technology? Rich people? Modernism? Industrial conglomerates? Military might?
All you have my simple minded poor fellow is madrasas, bearded mullas, slums and Jihadi terrorists with no balls. There is a Pakistani tank which stands in my city with its head bowed in shame and saluting the Indian populace. It was one of the many that were captured in the 71 war by only 4 Indian officers on just a Jeep..Now do you have any Indian tanks to show off at least? Forget tanks do you have underwear that you have captured from India? Now who is the joke on??
And thanks for comparing me to a Dog, at least I am faithful and brave. Any day better than a Paki Pig.
And sorry to the tender minded IVians for using such harsh words, I assure you all I am not a maniac who has flipped his lid..I am a normal "gun totting- motorcycling red neck" as a friend once described me. I am just enraged by the massacre in Mumbai.
Dogs like u bark but dont bite...nice entertainment...which is exactly my point by the way(India is making a joke of itself thus entertaining the rest of the world)...LOL :D
dresses hair Rate this Minnesota Twins
Raju
05-24 03:32 PM
Raju, the unemployment is at 4.7%. That is good, but how about earning power and wage increases ? I hear all the time my friends report that they can no longer afford goods and services as they did five or four years ago. There are plenty of evidence that in many sectors wages have dropped or have stagnated. Is that indication of surplus pr shortage of workers ?
Regarding his idea of sending 15 millions of illegals out, that is not absurd. He never told he wanted to do it overnight. A gradual, slow deportation program yes, it would be probably the best way to handle this.
I am sorry if I look negative to you guys, but my goal is to be sincere and honest about facts here.
I think that wages have gone up drastically during the dotcom bubble and you should expect them to flatten for a few years. Also, the economy is coming out from a bust and that accounts to a little stagnation. It is simple man, the world also has to catch up. If you get the same job done for much less in coutries like China, India, Russia and romania, why do you think the wages will go up, unless there is a new technology, that absolutely needs cutting edge skills. This is the way it has been in ht past, this is the way it is in present and will be this way in future. The services and goods you are talking about will become more expensive if you want to send the undocumented workers out. And the wages may not go up that much because companies can get stuff done in other parts of the world. A reporter should talk about two sides of the issue and I have never seen Lou do that. I do not have the time/interest to find the transcripts but he had been offensive about H1s and I heard him say that H1's do not pay taxes, which is a blunder.
Regarding his idea of sending 15 millions of illegals out, that is not absurd. He never told he wanted to do it overnight. A gradual, slow deportation program yes, it would be probably the best way to handle this.
I am sorry if I look negative to you guys, but my goal is to be sincere and honest about facts here.
I think that wages have gone up drastically during the dotcom bubble and you should expect them to flatten for a few years. Also, the economy is coming out from a bust and that accounts to a little stagnation. It is simple man, the world also has to catch up. If you get the same job done for much less in coutries like China, India, Russia and romania, why do you think the wages will go up, unless there is a new technology, that absolutely needs cutting edge skills. This is the way it has been in ht past, this is the way it is in present and will be this way in future. The services and goods you are talking about will become more expensive if you want to send the undocumented workers out. And the wages may not go up that much because companies can get stuff done in other parts of the world. A reporter should talk about two sides of the issue and I have never seen Lou do that. I do not have the time/interest to find the transcripts but he had been offensive about H1s and I heard him say that H1's do not pay taxes, which is a blunder.
more...
makeup Check out the new wallpaper we
Macaca
05-27 06:05 PM
The Audacity of Chinese Frauds (http://www.nytimes.com/2011/05/27/business/27norris.html) By FLOYD NORRIS | The New York Times
To pull off a fraud that humiliates the cream of the global financial elite, you need to have some friends. And where better to have them than at the local bank?
The fraud at Longtop Financial Technologies, a Chinese financial software company, was exposed this week in an amazing letter from its auditors, Deloitte Touche Tohmatsu. It appears to be a tale of corrupt bankers and their threats to auditors who had learned of the lies.
Deloitte, which had given clean audit opinions to Longtop for six consecutive years, apparently was well on its way to providing a seventh, for the fiscal year that ended March 31. But for some reason � Deloitte did not say why �the auditor went back to Longtop�s banks last week to again seek confirmation of cash balances.
It appears Deloitte sought confirmations from bank headquarters, rather than the local branches that had previously verified that Longtop�s cash really was on deposit. And that set off panic at the software firm.
�Within hours� of beginning the new round of confirmations on May 17, the confirmation process was stopped, Deloitte stated in its letter of resignation, the result of �intervention by the company�s officials including the chief operating officer, the confirmation process was stopped.�
The company told banks that Deloitte was not really the auditor. It seized documents, Deloitte wrote, and made �threats to stop our staff leaving the company premises unless they allowed the company to retain our audit files.�
Despite the company�s efforts, Deloitte learned Longtop did not have the cash it claimed and that there were �significant bank borrowings� not reflected in the company�s books.
A few days later, Deloitte said, Longtop�s chairman, Jia Xiao Gong, told a Deloitte partner that there was �fake cash recorded on the books� because there had been �fake revenue in the past.�
The stock has not traded since that confrontation. The final trade on the New York Stock Exchange was for $18.93, a price that valued the company at $1.1 billion. At its peak in November, it had a market capitalization of $2.4 billion.
It now seems likely that the stock is worthless. It is a real company, but its revenue and profits probably were a small fraction of the amounts reported. The existence of the �significant� debt means that whatever assets are left are likely to be owned by the banks, not the investors.
Deloitte may have decided to check the numbers again because it knew a growing group of bears on the stock had been challenging the Longtop story as too good to be true, questioning both its financial statements and the claims it made for its software. A month earlier, Deloitte resigned as the auditor of another Chinese company, China MediaExpress, in part because of questions about bank confirmations.
It is never good for an auditor to have certified a fraud, but Deloitte seems to have acted properly. It got bank confirmations, and it got them directly from the banks rather than relying on the company to provide them, as PricewaterhouseCoopers had done when it failed to notice a huge fraud at Satyam, an Indian technology company.
But the confirmations were lies.
�This means the Chinese banks were in on the fraud, at least at branch level,� says John Hempton, the chief investment officer of Bronte Capital, an Australian hedge fund. He was one of the bears who questioned Longtop�s claims and now stands to profit from the stock�s collapse.
�This is no longer a story about Longtop, and it is not a story about Deloitte,� he added. �Given the centrality of Chinese banks to the global economy, it�s a story much bigger than Deloitte or Longtop.�
The Securities and Exchange Commission has started an investigation, and no doubt more details will emerge, including the names of the banks involved. Just what, if anything, Chinese officials choose to do could provide an indication about whether defrauding foreign investors is deemed to be a serious crime in China.
Fraud in Chinese stocks is not new. But it had seemed that the worst problems were in small companies without Wall Street pedigrees. Many of the fraudulent companies went public in the United States by the reverse-merger shell route, a course long favored by shady stock promoters. That route allowed companies to start trading without going though a formal underwriting process or having its prospectus reviewed by the S.E.C. And many used tiny audit firms based in the United States that seemingly did little if any work.
What is stunning about Longtop and some other recent disasters is the list of smart people who were fooled.
Longtop did not go public through a reverse merger. Its initial public offering, in 2007, was underwritten by Goldman Sachs and Deutsche Bank. Morgan Stanley was a lead manager in a 2009 offering of more shares. Major owners of the stock included hedge funds run by people known as �tiger cubs� because they got their start at Julian Robertson�s Tiger Fund.
On May 4, only a couple of weeks before the fateful struggle at Longtop offices, an analyst for Morgan Stanley, Carol Wang, wrote:
�Longtop�s stock price has been very volatile in recent days amid fraud allegations that management has denied. Our analysis of margins and cash flow gives us confidence in its accounting methods. We believe market misconceptions provide a good entry point for long-term investors.�
By then, Longtop officials had begun to scramble. According to its last audited balance sheet, cash accounted for more than half of Longtop�s $606 million in assets. Bears were asking why the company needed all that cash and were questioning whether it existed.
In mid-March, just after the fraud at China MediaExpress was exposed, Longtop announced plans to put some of the cash to use by spending up to $50 million to repurchase its own shares. On April 28, the company tried to assure analysts that the fraud claims were bogus. Derek Palaschuk, a Canadian accountant who served as the company�s chief financial officer, wrapped himself in Deloitte�s prestige, saying that those who questioned Longtop were �criticizing the integrity of one of the top accounting firms in the world.�
�For me,� he said, �the most important relations I have other than with my family, my C.E.O., and then the next on the list is Deloitte as our auditor, because their trust and support is extremely important.�
Mr. Palaschuk had an explanation for why the company had not repurchased any shares. It had some very good news that it had not yet released, and �we were advised by our securities counsel that we should not be in the market purchasing our own shares in the event that this would be considered insider trading.�
Longtop is not the only Chinese fraud that caught prominent Americans. Starr International, an investment company run by Hank Greenberg, the former chairman of American International Group, invested $43.5 million in China MediaExpress and had a representative on the company�s board. Starr has filed suit in Delaware against the company and Deloitte.
Goldman Sachs was not the underwriter of ShengdaTech, a Chinese chemical company traded on Nasdaq, but its investment arm, Goldman Sachs Investment Management, had accumulated a 7.6 percent stake in the company before its auditor, KPMG, refused to sign off on the company�s 2010 annual report and then resigned in late April. KPMG cited �serious discrepancies� regarding bank balances and �discrepancies between KPMG�s direct calls to customers and confirmations returned by mail.� Just as at Longtop, it appeared that auditors had been given false confirmation letters.
In each of those three cases � Longtop, China MediaExpress and ShengdaTech � the auditors discovered discrepancies, but only after signing off on financial statements. That was not the case in this year�s other � and perhaps most embarrassing � resignation by a Big Four auditing firm.
To pull off a fraud that humiliates the cream of the global financial elite, you need to have some friends. And where better to have them than at the local bank?
The fraud at Longtop Financial Technologies, a Chinese financial software company, was exposed this week in an amazing letter from its auditors, Deloitte Touche Tohmatsu. It appears to be a tale of corrupt bankers and their threats to auditors who had learned of the lies.
Deloitte, which had given clean audit opinions to Longtop for six consecutive years, apparently was well on its way to providing a seventh, for the fiscal year that ended March 31. But for some reason � Deloitte did not say why �the auditor went back to Longtop�s banks last week to again seek confirmation of cash balances.
It appears Deloitte sought confirmations from bank headquarters, rather than the local branches that had previously verified that Longtop�s cash really was on deposit. And that set off panic at the software firm.
�Within hours� of beginning the new round of confirmations on May 17, the confirmation process was stopped, Deloitte stated in its letter of resignation, the result of �intervention by the company�s officials including the chief operating officer, the confirmation process was stopped.�
The company told banks that Deloitte was not really the auditor. It seized documents, Deloitte wrote, and made �threats to stop our staff leaving the company premises unless they allowed the company to retain our audit files.�
Despite the company�s efforts, Deloitte learned Longtop did not have the cash it claimed and that there were �significant bank borrowings� not reflected in the company�s books.
A few days later, Deloitte said, Longtop�s chairman, Jia Xiao Gong, told a Deloitte partner that there was �fake cash recorded on the books� because there had been �fake revenue in the past.�
The stock has not traded since that confrontation. The final trade on the New York Stock Exchange was for $18.93, a price that valued the company at $1.1 billion. At its peak in November, it had a market capitalization of $2.4 billion.
It now seems likely that the stock is worthless. It is a real company, but its revenue and profits probably were a small fraction of the amounts reported. The existence of the �significant� debt means that whatever assets are left are likely to be owned by the banks, not the investors.
Deloitte may have decided to check the numbers again because it knew a growing group of bears on the stock had been challenging the Longtop story as too good to be true, questioning both its financial statements and the claims it made for its software. A month earlier, Deloitte resigned as the auditor of another Chinese company, China MediaExpress, in part because of questions about bank confirmations.
It is never good for an auditor to have certified a fraud, but Deloitte seems to have acted properly. It got bank confirmations, and it got them directly from the banks rather than relying on the company to provide them, as PricewaterhouseCoopers had done when it failed to notice a huge fraud at Satyam, an Indian technology company.
But the confirmations were lies.
�This means the Chinese banks were in on the fraud, at least at branch level,� says John Hempton, the chief investment officer of Bronte Capital, an Australian hedge fund. He was one of the bears who questioned Longtop�s claims and now stands to profit from the stock�s collapse.
�This is no longer a story about Longtop, and it is not a story about Deloitte,� he added. �Given the centrality of Chinese banks to the global economy, it�s a story much bigger than Deloitte or Longtop.�
The Securities and Exchange Commission has started an investigation, and no doubt more details will emerge, including the names of the banks involved. Just what, if anything, Chinese officials choose to do could provide an indication about whether defrauding foreign investors is deemed to be a serious crime in China.
Fraud in Chinese stocks is not new. But it had seemed that the worst problems were in small companies without Wall Street pedigrees. Many of the fraudulent companies went public in the United States by the reverse-merger shell route, a course long favored by shady stock promoters. That route allowed companies to start trading without going though a formal underwriting process or having its prospectus reviewed by the S.E.C. And many used tiny audit firms based in the United States that seemingly did little if any work.
What is stunning about Longtop and some other recent disasters is the list of smart people who were fooled.
Longtop did not go public through a reverse merger. Its initial public offering, in 2007, was underwritten by Goldman Sachs and Deutsche Bank. Morgan Stanley was a lead manager in a 2009 offering of more shares. Major owners of the stock included hedge funds run by people known as �tiger cubs� because they got their start at Julian Robertson�s Tiger Fund.
On May 4, only a couple of weeks before the fateful struggle at Longtop offices, an analyst for Morgan Stanley, Carol Wang, wrote:
�Longtop�s stock price has been very volatile in recent days amid fraud allegations that management has denied. Our analysis of margins and cash flow gives us confidence in its accounting methods. We believe market misconceptions provide a good entry point for long-term investors.�
By then, Longtop officials had begun to scramble. According to its last audited balance sheet, cash accounted for more than half of Longtop�s $606 million in assets. Bears were asking why the company needed all that cash and were questioning whether it existed.
In mid-March, just after the fraud at China MediaExpress was exposed, Longtop announced plans to put some of the cash to use by spending up to $50 million to repurchase its own shares. On April 28, the company tried to assure analysts that the fraud claims were bogus. Derek Palaschuk, a Canadian accountant who served as the company�s chief financial officer, wrapped himself in Deloitte�s prestige, saying that those who questioned Longtop were �criticizing the integrity of one of the top accounting firms in the world.�
�For me,� he said, �the most important relations I have other than with my family, my C.E.O., and then the next on the list is Deloitte as our auditor, because their trust and support is extremely important.�
Mr. Palaschuk had an explanation for why the company had not repurchased any shares. It had some very good news that it had not yet released, and �we were advised by our securities counsel that we should not be in the market purchasing our own shares in the event that this would be considered insider trading.�
Longtop is not the only Chinese fraud that caught prominent Americans. Starr International, an investment company run by Hank Greenberg, the former chairman of American International Group, invested $43.5 million in China MediaExpress and had a representative on the company�s board. Starr has filed suit in Delaware against the company and Deloitte.
Goldman Sachs was not the underwriter of ShengdaTech, a Chinese chemical company traded on Nasdaq, but its investment arm, Goldman Sachs Investment Management, had accumulated a 7.6 percent stake in the company before its auditor, KPMG, refused to sign off on the company�s 2010 annual report and then resigned in late April. KPMG cited �serious discrepancies� regarding bank balances and �discrepancies between KPMG�s direct calls to customers and confirmations returned by mail.� Just as at Longtop, it appeared that auditors had been given false confirmation letters.
In each of those three cases � Longtop, China MediaExpress and ShengdaTech � the auditors discovered discrepancies, but only after signing off on financial statements. That was not the case in this year�s other � and perhaps most embarrassing � resignation by a Big Four auditing firm.
girlfriend target field twins.
Legal
07-10 09:54 AM
;)
Actually this "slavery" terminology is good for us, we can strategically use this to promote legislation like SKIL among anti-immigrationists and Congressmen/ senators.
ELIMINATING GC BACKLOGS WOULD END THIS SLAVERY....
LEGAL IMMIGRANTS GETTING GC IN DUE TIME WOULD REDUCE H1 B SLAVERY
Actually this "slavery" terminology is good for us, we can strategically use this to promote legislation like SKIL among anti-immigrationists and Congressmen/ senators.
ELIMINATING GC BACKLOGS WOULD END THIS SLAVERY....
LEGAL IMMIGRANTS GETTING GC IN DUE TIME WOULD REDUCE H1 B SLAVERY
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vbkris77
03-31 07:42 PM
I am not convinced with the whole systematic preadjudication logic at all. I think it has to do with the mistakenly released memo by USCIS and the criteria which is listed in it. Companies meeting the criteria listed in that memo's H1s/I140s are being looked at and I485 app in the same file. There is no trend in the posts on this site by people who received RFEs to suggest systematic preadjudication, they are all over the place. EB2, EB3 - priority date-years ranging from 2001 to 2006, received RFEs.
May be their receipt dates are close.. Remember, CIS can't sort the application by PD. They can process in FIFO of RD.
May be their receipt dates are close.. Remember, CIS can't sort the application by PD. They can process in FIFO of RD.
pd_recapturing
04-15 02:39 PM
Mariner555 is right. When I was buying a house, my friend also bought a house at the same time. he bought a big brand new single family and I bought a smaller old townhouse (2004 built). His house did cost hom around 200k more than mine. Now, after 5 months, when I asked him, how is life, he lamented that whole of his income goes towards the mortgage and nothing left for other activities. In my opinion, one shud buy house when he/she can save enough to enjoy other aspects of life after paying the mortgage. I have seen ppl cursing their decision to buy house because of the mortgage. I do not think that its anything to do with housing market.
And finally believe me, living in your own house is a great feeling so go for it...:)
And finally believe me, living in your own house is a great feeling so go for it...:)
ganguteli
03-23 12:30 PM
The other day someone called me offering to sell some services.
I said, this is a great service and thank you for calling. I also have a great service to sell. Could you please give me your home phone number. She said she does not have a phone. I said, how come you live in USA without a phone?
She said, she does not want to give me and be bothered with such sales calls.
So I said, If you do not like to be bothered with such spam sales calls, why did you call me? :)
I said, this is a great service and thank you for calling. I also have a great service to sell. Could you please give me your home phone number. She said she does not have a phone. I said, how come you live in USA without a phone?
She said, she does not want to give me and be bothered with such sales calls.
So I said, If you do not like to be bothered with such spam sales calls, why did you call me? :)
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