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Ed Meek
CEO/Investment Advisor

Edge Portfolio Management

City:Winfield

State: IL



BIOGRAPHY:
At Edge, a low client to advisor ratio allows for personal and customized service for each individual.  Our goal is to work as a team for each client to provide not only portfolio management but wealth coordination and financial planning.  We make every effort to have frequent communication with our clients and to provide timely response to calls and emails.  I also enjoy spending time with my wife and three kids, playing and following basketball, playing golf, and participating as an advisory board member for Breakthrough Urban Ministries.

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News Analysis for the Investor on March 18, 2013

Cyprus bailout impacting world markets

| BY Catherine McBreen

 

Cyprus depositors pay for bailout

Imagine going to your bank account and finding out that the government has withdrawn funds to pay for its own bailout?  That’s what couldhappen in Cyprus.  As part of a deal with the International Monetary Fund, or IMF, Cyprus depositors with more than 100,000 euros will be taxed at 9.9 percent, those with less will be taxed at 6.75 percent, This tax will be withdrawn directly from their bank accounts. According to the Wall Street Journal, this will raise 5.8 billion euros for the country.  The funds will be extracted from the account before banks open on Tuesday.  Monday is a public holiday.  Even if depositors rush to an ATM to extract the funds, they funds are already being withheld by the government and therefore are frozen in the accounts. According to CNBC, Cyprus’ President said on Sunday that he is trying to amend the tax for smaller depositors but at the same time urged lawmakers to vote for the tax to save the country from bankruptcy.  Russian and Asian markets are down on Monday due to the Cyprus issue.  There is a fear that banks in other countries that are in need of a bailout may see a rush on their banks. Cyprus’ banking sector is about eight times the size of the local economy and has been accused of being a hub for money laundering, especially from Russia.  At present, the Cyprus vote has been postponed.

HSBC set to cut thousands more jobs

According to the Financial Times, HSBC, Europe’s biggest bank, will be cutting almost 5,000 jobs as part of a $1 billion savings plan.  Potentially the cuts could move closer to 10,000.  The bank is trying to cut the bank’s cost-income ratio to between 48 and 52 percent.  Last year the ratio was 62.8 percent.  Staff numbers have already been reduced from 302,000 to 260,000 in the past two years.  Many of the cuts, however, have been due to divestiture.

Retailers with the worst customer service

The American Consumer Satisfaction Index indicates that despite a multiyear trend to increase satisfaction, many retailers’ scores remain average at best.  According to USA Today, the average retail score peaked at 76.6 on a 100 point scale in 2012.  The nine retailers with the worst scores include: 9.  Walgreens, 8. TJX (owns TJ Maxx, Marshalls and HomeGoods), 7.The Gap, 6.Supervalu, 5.Sears, 4. CVS Caremark, 3. Safeway, 2.Netflix, 1.Walmart.  Walmart has been the lowest rated store every year since 2007.

American Airlines bankruptcy trustee objects to wage increases

The Justice Department Trustee overseeing the bankruptcy case of American Airlines filed papers on Friday objecting to certain wage increases, including a $19.9 million exit package for American’s chief executive, according to the Wall Street Journal.  American argues that its arrangements have been approved by creditors, including the employee unions.  The Trustee pointed out that the CEO’s severance package is ten times the amount given to non-management employees and may be in violation of bankruptcy laws.

March Madness ad revenue to exceed $1 billion

Total ad revenue for the NCAA men’s basketball tournament, otherwise known as “March Madness”, surpassed $1 billion in 2012 and is projected to be even larger this year. USA Today reports that no other sport hits the $1 billion plateau for its post-season playoffs.  NFL post-season play net $976 million in TV ad spending last year.  The NBA totaled $537 million and Major League Baseball was a distant third at $354 million.  The 2012 college basketball championship game charged $1.4 million per 30 second slot.  In comparison, the Super Bowl brings in $3.8 million per 30 second slot.



About the Author


Catherine McBreen



Catherine S. McBreen is President of Millionaire Corner.  McBreen plans and develops content for Millionaire Corner.  Catherine balances editorial content to meet the informational needs of both new and seasoned investors.  She designs special monthly surveys on topical issues affecting the economic environment.

McBreen has a B.S. in speech communications from Northwestern University and a J.D. from DePail University College of Law.  She is a member of the American Bar Association, the Illinois Bar Association, and the Chicago Bar Association.

Well-known for her expertise in the affluent and retirement arenas, McBreen is a frequent speaker at industry conferences.  She has been quoted widely by the financial media, including The Financial Times, The Wall Street Journal, Research, Private Asset Management, On Wall Street, Reuters, Bloomberg News, The Dow Jones Newswires and Worth.  Cathy has appeared as a guest on CNBC Closing Bell, First Business Morning News, Neal Cavuto at Fox Business News, ABC and CBS radio.

McBreen is co-author with Spectrem President George H. Walper, Jr. of the book "Get Rich, Stay Rich, Pass It On: The Wealth-Accumulation Secrets of America's Richest Families" (Portfolio, January 2008)

Catherine is the mother of four and is involved in many school and community events.