For Ken Lewis Hope Springs Eternal on TARP Pay Back

From the Los Angeles Times, BofA chief Ken Lewis says he plans to repay bailout funds soon

Bank of America Corp. Chief Executive Kenneth D. Lewis said Tuesday that he wanted to start repaying $45 billion in federal bailout funds next month, after the government's "stress test" of his bank, and to give back the remainder as soon as the nation's wobbly financial system is stabilized.

Ken, I hear ya' and let me say that I hope that I look like Angelina Jolie by April. Let's see which if any of these things come true.

Bitter NCAA Coach Or Concerned American: You Be the Judge

(click here to view President Obama's NCAA bracket picks)

On the NCAA Conference's "March Madness" kickoff day, comes this from Duke's Coach K (and long-time Republican donor) after Obama picks UNC to win the tournament:

Duke Coach to Obama: Worry About the Economy, Not NCAA Picks

"Somebody said that we're not in President Obama's Final Four, and as much as I respect what he's doing, really, the economy is something that he should focus on, probably more than the brackets," Duke coach Mike Krzyzewski said from the Blue Devils' first-round site in Greensboro, N.C.

HAHAHAHAHAHA! Leave it to our favorite, feisty "rat-faced" (Correction:Blue Devil) Coach to call out the President on playing the bracket game. I'll bet it's the first time Coach K has ever discouraged anyone from catching the ever-contagious "March Madness Fever." So what is he - snubbed NCAA coach or patriotic American?

Good Luck to all North Carolina teams!

Charlotte Public Schools: Prune the Top

In the Observer, "Amid protests, CMS sets stage for teacher cuts."

The Charlotte-Mecklenburg school board on Tuesday approved a plan that could lead to laying off 456 teachers and 83 assistant principals, but not before getting an earful from anxious, angry teachers who demanded more administrative cuts first.

Superintendent Peter Gorman stressed that the plan was only that – a plan, one made necessary by budget shortfalls that officials say could be as large as $87 million. Money from the federal stimulus legislation might help, he said, but planning for class schedules and renewing teacher contracts requires action by this spring.

Watch out for the plan that Peter Gorman and the school board cook up!

When Gorman came to Charlotte as the new Superintendent of schools he immediately set upon creating nine separate "learning centers" at a total cost of around $9 million. This restructuring seemed to put down calls from teachers and families for more localized participation in CMS policies. I also think it helped get the school board's $500 million bond passed (it had failed a referendum in the previous year).

But now with tax revenue shrinking and budget cuts on the horizon, these "learning centers" (really administration centers) must be trimmed or better, eliminated. These centers (totaling approx 100 staffers) effectively are mini-systems within larger CMS system. Under Gorman, the number of CMS administrators has ballooned, especially for the $100, 000+ salaried set.

Eliminating teachers when the schools are swelling with students just sounds wrong. Granting bonuses to administrators that earn $100,000 when some schools don't have adequate school supplies is indefensible.

No cuts for any "learning center" staffers? No cuts for the 180 paid consultants/supervisors or 700 clerical workers? Really Gorman... just cuts for teachers and assistant principal staff?

While I do think the teacher compensation structure must change to becomee more performance- than tenure-based, I side with the CMS teachers on this one.

I've grown weary of Peter Gorman's "empire-building" and agree with one sign at yesterday's teacher rally that read "Prune the Top."

NC Holding Residents' Tax Refunds Hostage

The Tarheel State joins California in delaying personal income tax refunds. Tax payers getting hosed....again!

Per today's News & Observer, "NC income tax refunds are slow in getting out."

North Carolina individual income tax refunds are slow in getting out because the Department of Revenue wants to ensure it has enough steady cash to cut the checks, agency Secretary Kenneth Lay said Thursday.

The "temporary backlog" described by Lay is the latest fiscal problem for North Carolina state government, which is dealing with dwindling tax collections due to the recession. Gov. Beverly Perdue is trying to close a projected $2.2 billion shortfall this fiscal year.

How Tough Will Things Get in Charlotte? Very Tough

A sobering piece entitled "The Rust Belt Comes to Charlotte" from freebie Creative Loafing. Basically, the pain is just beginning here.