Press Releases

CHICAGO--(BUSINESS WIRE)-- The Illinois Policy Institute and Citizens Against Government Waste (CAGW) today released the 2010 Illinois Piglet Book, a report finding $350 million in lost savings, challenging the myth there's no fat in the Illinois state budget. The report reviews state spending on education, health and human services, natural resources, agriculture, the arts council and economic development. In 2008, the Institute and CAGW released a 2008 Illinois Piglet Book, which uncovered hundreds of millions of dollars of wasteful spending. Two years later, the wasteful spending continues. Here are a few examples:

    --  *$6,500 for a tub of live bass. The state paid for fishing seminars and
        demonstrations using a 4,000-gallon, 40-foot long tank filled with live
        fish.
    --  *$10,000 for a Hollywood gala. Your tax dollars funded a star-studded
        party for "Dark Knight" director Christopher Nolan.
    --  *$78,066 for quail promotion. The state is funding Quail Unlimited,
        which is "dedicated to the wise use and management of America's wild
        quail, doves, upland game birds and other forms of wildlife."
    --  *$353,165 for car racing. The state is funding Raceway Associates, which
        partners with big-time races like the Indianapolis 500 and the Daytona
        500, as well as a massive construction grant for Atkinson Motorsports
        Park in northwestern Illinois.

"The 2010 Illinois Piglet Book identifies more than $350 million in unnecessary and wasteful spending our state leaders have tucked into the budget," said Illinois Policy Institute CEO John Tillman. "Springfield has a spending problem, not a revenue problem - and these numbers just scratch the surface. It is clear the appetite for spending must be curtailed if we are going to solve our budget crisis."

"The 2010 Illinois Piglet Book shows that Illinois legislators and bureaucrats need to be better stewards of the citizen's tax dollars," said CAGW Vice President of Policy David Williams.

"In this difficult economic climate, Illinoisans have tightened their belts, yet our lawmakers continue to spend our tax dollars like there is no tomorrow," said Nicole Kurokawa, Author of 2010 Illinois Piglet Book. "Passing on such monumental debt to future generations is selfish and fiscally irresponsibility, and must end."

The Illinois Policy Institute is a nonpartisan research and education organization, a leading voice for economic liberty and government accountability in Illinois, engaging policymakers, opinion leaders, and citizens on the state and local level by promoting free market principles and liberty-based public policy initiatives. To learn more, visit www.illinoispolicy.org. CAGW is a private, non-partisan, non-profit organization representing more than one million members and supporters nationwide whose mission is to eliminate waste, mismanagement, and inefficiency in the federal government. To learn more, visit www.cagw.org.

    Source: Citizens Against Government Waste (CAGW) and Illinois Policy Institute (IPI)

eBay Brings Community into Innovation Process

SAN JOSE, Calif.--(BUSINESS WIRE)-- eBay (Nasdaq: EBAY) is planting the seeds of fresh ideas in its new "Garden by eBay," an area on eBay.com that will allow eBay Community members to test new features and offer input on suggested improvements and changes. Announced today, the new eBay Garden will encourage eBay users to contribute to the growth of initial concepts (seeds) to fully "grown," ready-to-launch products and features.

Key facts:

    --  Garden by eBay is a new experimental space where users can test,
        interact with, and offer input on existing or new ideas for products and
        features for eBay.com.
    --  Garden members' input will be provided directly to the teams that manage
        new, proposed or existing features, bringing sellers and buyers directly
        into the innovation process, and allowing eBay to introduce, test and
        roll out new features much faster than before.
    --  The first seed in the Garden is a new "streamlined search" experience
        intended to make it simpler to browse and view search results.
        Streamlined search presents a cleaner view of eBay inventory, and more
        efficient ways for buyers to browse items. Users can compare auction and
        Buy It Now listings side-by-side, refine their searches with fewer
        clicks, get an at-a-glance view of an item's name, price and format and
        view same-screen pop-up windows for item detail. As Garden participants
        provide feedback on streamlined search, the feature will grow into an
        improved experience - before it goes live to eBay.com.
    --  eBay's previously launched Diamond Ring Designer is also growing in the
        Garden. As an existing experience, eBay is asking users to continue to
        test and provide input on making it better for the next iteration.
    --  The Garden can be accessed either by typing "the Garden by eBay" into
        eBay's search box, or directly at http://pages.ebay.com/garden. Users
        may then try out all of the ideas growing in the Garden.

Supporting quotes:

Christopher Payne, eBay vice president of search: "The new Garden by eBay represents a new collaborative conversation with the eBay community--a chance to listen to their thoughts on upcoming features, and to bring them closer to our own innovation process. And by seeding the Garden with streamlined search, we're asking for the community's input on improving one of the most important areas of eBay.com."

Dane Glasgow, eBay vice president of engineering: "We're asking the eBay community for as much feedback as possible on the test features in the new Garden by eBay so we can design and build better site improvements. Our streamlined search started with a blank canvas and the chance to put forward a simpler, more efficient search experience. With the community's help, we'll make great strides along the path to improve search on eBay."

Supporting resources:

    --  eBay Garden: http://pages.ebay.com/garden
    --  The Garden by eBay developer team tells eBay Ink blog's Richard Brewer
        Hay why the Garden is important for users and how they helped the idea
        "grow": http://www.youtube.com/watch?v=M7Sul8DkJzw

About eBay

Founded in 1995 in San Jose, Calif., eBay Inc. (NASDAQ: EBAY) connects millions of buyers and sellers globally on a daily basis through eBay, the world's largest online marketplace, and PayPal, which enables individuals and businesses to securely, easily and quickly send and receive online payments. We also reach millions through specialized marketplaces such as StubHub, the world's largest ticket marketplace, and eBay Classifieds sites, which together have a presence in more than 1,000 cities around the world. For more information about the company and our global portfolio of online brands, visit www.ebayinc.com.

Photos/Multimedia Gallery Available: http://www.businesswire.com/cgi-bin/mmg.cgi?eid=6172424&lang=en

    Source: eBay

NEW YORK--(BUSINESS WIRE)-- Fitch Ratings assigns an 'AA-' rating to the following State of Wisconsin general obligation (GO) bonds:

--$202.975 million GO refunding bonds of 2010, series 1.

The bonds are expected to sell via negotiation the week of Feb. 8.

In addition, Fitch affirms the following ratings:

--$5.6 billion in outstanding GO and GO veterans mortgage bonds, affirmed at 'AA-';

--$3.5 billion in outstanding appropriation debt, including general fund annual appropriation bonds and master lease COPs, affirmed at 'A+';

--$422 million in GO extendible municipal commercial paper (EMCP), affirmed at 'F1+'.

The EMCP rating does not carry an Outlook; the Rating Outlook on the long-term ratings is Stable.

RATING RATIONALE:

--State tax-supported debt is a moderate though increasing burden and debt restructuring has been employed for budget relief.

--The economy is broad and diverse with considerable economic resources, albeit with an above-average manufacturing presence. Employment and personal income performance has weakened with the national recession.

--Structural budget imbalance has persisted, resulting in a reliance on nonrecurring items and shifting general fund expenses to other funds; the imbalance has been exacerbated by the current downturn. A GAAP deficit remains.

--Despite reserve funding provisions, financial reserves were minimally funded in recent years and have been depleted as part of budget solutions in the current downturn.

--The state has a strong, centralized governmental structure with line-item executive veto power.

KEY RATING DRIVER:

--The state's ability to address economic and revenue weakening and sustain balanced operations.

SECURITY:

General obligations are secured by the state's full faith, credit, and taxing powers, as well as the statutory irrevocable appropriation of a first lien on all state revenues for debt service.

CREDIT SUMMARY:

The state's 'AA-' GO long-term rating recognizes its considerable resources, a diverse economy with an above-average manufacturing presence, and a moderate but above-average and rising debt burden. Although progress in restoring fiscal balance was made with the fiscal 2009-2011 biennium budget, the downturn exacerbated a lingering structural budget imbalance, reflecting historical reliance on nonrecurring items and the shift of general fund expenses to other funds.

The national economic downturn has affected the state's fiscal performance. During fiscal 2009, the outlook for general fund tax collections was lowered repeatedly and substantially. Fiscal 2009 general purpose revenue fell 7.1% from fiscal 2008, with individual income taxes down 7.3% and sales taxes down 4.3%. Including legislative action to accelerate federal stimulus funds, the year ended with a balance of $89 million (about 0.7% of net general fund appropriations).

The enacted budget for the fiscal 2009-2011 biennium resolved an estimated $7.5 billion shortfall primarily with federal stimulus ($2.3 billion), revenue raising measures ($1.5 billion), spending reductions and control ($3.1 billion), and debt restructuring. Revenue measures included a cigarette tax increase, a 1% income tax increase for high earners, and corporate tax changes. The capital gains exemption was lowered to 30% from 60%, a change that increases the state revenue system's exposure to capital gains volatility.

In an updated forecast released last month, the state's legislative fiscal bureau (LFB) lowered the biennial revenue forecast in fiscal 2010 by $214 million, to $12.1 billion, and in fiscal 2011 by $81 million, to $12.8 billion. This was the result of a weaker outlook for sales and use and cigarette tax collections and the expiration of a individual income tax reciprocity agreement with Minnesota. With the forecast changes, tax revenues growth is limited to 0.2% in fiscal 2010 and 5.5% in fiscal 2011. Individual income and sales tax collections are forecast to fall in fiscal 2010 by 1.7% and 1.1%, respectively; both sources are forecast to grow in fiscal 2011, at 5.7% and 5.5%, respectively. Actual collections year-to-date through December have fallen from prior year levels, with adjusted general purpose revenue down 4.4%, led by individual income taxes (down 5.4%), and sales and use taxes (down 7.5%), although December 2009 receipts were up 3% over December 2008. The state expects gains from tax rate increases, notably for the individual income tax, to boost collections in the second half of the fiscal year.

Despite reserve funding provisions, the state's financial reserves were minimally funded in recent years and were depleted as part of budget solutions in the current downturn. The fiscal 2009-2011 budget reinstated a required statutory balance of $65 million. The general fund ending balance originally was estimated at $369 million in fiscal 2010, dropping to $275 million in fiscal 2011, including the required statutory balance. With LFB forecast changes, the ending balance is now forecast at $306 million in fiscal 2010 and $56 million in fiscal 2011. The state carries a GAAP deficit due to the timing and treatment of local aid payments.

The state's economy is diverse although manufacturing remains large and has been a key vulnerability in the current recession. Job losses began in June 2008, with losses accelerating through much of 2009; December 2009 employment was down 4.2% from December 2008, versus a 3% decline nationwide. Losses were most severe in durable goods manufacturing, down 12.1%, and construction, down 12.2%. Losses were also widespread across most service sectors. Unemployment measured 8.7% in the state in December, below the 10% national rate. Since 2002, the state's personal income growth has lagged the nation's; its personal income per capita in 2008 ranks 27th among the states at 94% of the U.S.

Net tax-supported debt of approximately $11.3 billion measures 5.3% of 2008 personal income, a moderate but above-average level. Debt has grown in recent years, including $1.5 billion in general fund annual appropriation bonds issued last year to purchase tobacco settlement revenues previously sold to the Badger Tobacco Asset Securitization Corporation to provide budget relief. A further $1.8 billion consists of general fund annual appropriation bonds issued in 2003 for pension funding; excluding this issuance, Wisconsin's debt burden drops to 4.5% of 2008 personal income. Almost half of tax-supported debt is GO, with the remainder consisting of multiple revenue and appropriation credits. Pensions are well funded as of Dec. 31, 2008, the most recent valuation date.

Applicable criteria available on Fitch's website at www.fitchratings.com:

--'Tax-Supported Rating Criteria' (Dec. 21, 2009);

--'U.S. State Government Tax-Supported Rating Criteria' (Dec. 28, 2009).

Additional information is available at 'www.fitchratings.com'.

ALL FITCH CREDIT RATINGS ARE SUBJECT TO CERTAIN LIMITATIONS AND DISCLAIMERS. PLEASE READ THESE LIMITATIONS AND DISCLAIMERS BY FOLLOWING THIS LINK: HTTP://FITCHRATINGS.COM/UNDERSTANDINGCREDITRATINGS. IN ADDITION, RATING DEFINITIONS AND THE TERMS OF USE OF SUCH RATINGS ARE AVAILABLE ON THE AGENCY'S PUBLIC WEBSITE 'WWW.FITCHRATINGS.COM'. PUBLISHED RATINGS, CRITERIA AND METHODOLOGIES ARE AVAILABLE FROM THIS SITE AT ALL TIMES. FITCH'S CODE OF CONDUCT, CONFIDENTIALITY, CONFLICTS OF INTEREST, AFFILIATE FIREWALL, COMPLIANCE AND OTHER RELEVANT POLICIES AND PROCEDURES ARE ALSO AVAILABLE FROM THE 'CODE OF CONDUCT' SECTION OF THIS SITE.

    Source: Fitch Ratings

LONDON, UNITED KINGDOM -- (MARKET WIRE) -- 02/09/10 -- A new global case study into how social media recruited thousands of people from over 140 countries in the world was presented during London's Social Media Week. A Conversation on Social Recruitment, hosted by BraveNewTalent.com, the social recruiting platform, also explored the concept, capabilities and relevance of social recruitment.Sam Michel, CEO of Chinwag and organiser of Social Media Week London said: "BraveNewTalent's event clearly demonstrates that interest in social media and the opportunities it brings has moved beyond the boundaries of a digital clique." Speakers Lucian Tarnowski, CEO of BraveNewTalent; Alex Hoye, CEO of Latitude Group; and Matt Alder, Founder of Metashift; discussed with attendees social recruitment definitions, examples and important considerations.

BraveNewTalent presented information about how social media was used to recruit delegates for One Young World, the world's largest youth leadership summit currently being held in London (8-10 February). Founded by David Jones and Kate Robertson of Euro RSCG Worldwide to find new solutions to global issues, social media brought hundreds of people under 25, from over 100 countries, together with counsellors including Archbishop Desmond Tutu, Bob Geldof and Muhammad Yunus. The BraveNewTalent campaign, incorporating all major social media channels and tactics, reached over 15 million people and elicited 100,000 votes for potential delegates from 140 countries.

Alex Hoye, CEO of Latitude Group said: "Social media has endured a lot of buzz but now we're starting to see action. Used properly, as with One Young World, it is a highly effective engagement channel." At the event, attendees agreed with the premise that social recruitment meant engagement and conversation rather than advertising, making scalability an important consideration. The sheer weight of interaction will require good tools and communication management to ensure the expectedly rapid rise of social recruitment will be successful.Lucian Tarnowski, CEO of BraveNewTalent said: "One Young World has been the perfect global case study for the power of the social web on recruitment. We worked with every major social media channel, in every way possible, to source talented people and can now bring this insight to the corporate world."About BraveNewTalentBraveNewTalent.com is a social recruiting site that brings social media to employers in a simple and safe way. The site allows employers to create and foster communities of interested and engaged candidates. This reduces the communication gap between candidates and employers as well as creating far more cost-effective and efficient employer engagement.

Contacts:
BraveNewTalent.com
Lucian Tarnowski
International House
1-6 Yarmouth Place, Mayfair
London, W1J 7BU
+44 (0)203 145 1500