July 31, 2009 Nº 798 - Vol. 7
"The government solution to a problem is usually as bad as the problem."
Milton Friedman
In today’s Law Firm Marketing, 9 weak links that torpedo your marketing program.
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House committee approves bill to regulate executive compensation
The US House Committee on Financial Services on Tuesday approved the Corporate and Financial Institution Compensation Fairness Act, which would restrict the way in which executives for publicly-traded companies can be compensated. Committee members say the bill would discourage executive compensation packages that emphasize short-term gains over long-term stability, which they say helped to cause the country's recent financial collapse. The bill includes a so-called "say-on-pay" provision that would allow shareholders an advisory vote on compensation. It would also require the disclosure of packages that include performance-based incentives and allow regulators to prohibit certain packages that are considered particularly "high risk." It does not provide a monetary cap on compensation. The entire House of Representatives is expected to discuss the bill on Friday.
Wall Street bonuses criticized
Wall Street banks that were bailed out by the government gave executives bonuses regardless of performance. A report by New York Attorney Andrew Cuomo's office said there was "no clear rhyme of reason" for pay and it had been disconnected from performance. Citigroup, which received $45 billion from TARP, gave employees $5.33 billion in bonuses for 2008. Controversially, Congress is seeking to give government a direct say in what bank bosses are compensated. Top US banks paid out huge bonuses despite gaining taxpayer bailouts. The report - prepared over nine months - argues that some banks paid out larger bonuses than their profits, while simultaneously taking exceptional state emergency funds. Wall Street pay didn't cause this crisis. Even if a House bill to change Wall Street compensation is a move toward financial regulatory reform, there will have to be much larger steps taken to reach that goal.
$10 trillion credit crunch cost
Governments around the world have committed $10 trillion to supporting failing banks, says the International Monetary Fund.
UK to clarify 'right-to-die' law
Debbie Purdy wanted to know if her husband would be prosecuted for assisted suicide if he helped her end her life in Switzerland. Five Law Lords ruled the Director of Public Prosecutions must specify when a person might face prosecution. The Director of Public Prosecutions Keir Starmer said he would publish an interim policy on when prosecutions could occur by September before putting the issue out to public consultation. Permanent policy will be published next spring. Ms Purdy said the Law Lords' decision was "a huge step towards a more compassionate law". Click here and read more about it.
Executions down worldwide
Anti-death-penalty group Hands Off Cain said Wednesday that the number of countries with capital punishment, as well as the total number of executions was down in 2008 from the previous year. According to the group, at least 5,727 executions were carried out in the 46 countries that retain the death penalty. It cited the execution of minors, public executions, and executions of those convicted of non-violent crimes as the most egregious cases. It also said that its estimates were likely low, as many executions are kept secret. It said that China continued to account for more executions than any other country. In 2008, the country executed at least 5,000 people, or more than 87 percent of the world's total. China said Wednesday that it plans to reduce the number of executions it conducts. Hands Off Cain praised jurisdictions that had stopped using the penalty, particularly the state of New Mexico, which banned its use earlier this year.
Parmalat and Bank of America reach $100 million settlement
Bank of America announced Tuesday that it has reached a settlement with Parmalat SpA in litigation stemming from the 2003 collapse of the Italian dairy giant. Under the terms of the settlement, BOA will pay Pamalat USD $100 million, which includes both cash and non-cash components. The settlement resolves a $10 million lawsuit filed by Parmalat against BOA in 2004 and a counterclaim filed by BOA, alleging the company engaged in fraud and is maliciously suing the bank to shift blame. The two companies filed a joint motion to stay proceedings, and further details of the settlement will become available once it has been filed in the US District Court for the Southern District of New York.
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1- Lawmaker urges regulations for file-sharing (click here)
2- Defamation lawsuit for US tweeter (click here)
3- House committee approves bill to regulate executive compensation (click here)
4- Federal appeals court revives suit over Iran assassination (click here)
5- Ireland to take 2 Guantanamo detainees (click here)
6- U.K. Ends More Than 600 Years of Tradition as Law Lords Bow Out (click here)
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China concerned about abortions
Authorities in China have highlighted inadequate knowledge of contraception and poor sex education as major factors in the high number of abortions there. There are 13 million abortions each year, compared to 20 million births, according to newly published research. Researchers believe the real figure could be even higher because there are many abortions at unregistered clinics. Other countries have higher rates. They include Russia - which some years has more terminations than births.
China to cut number of executions
China is to reduce the number of people it executes to "an extremely small number", a top court official says. Zhang Jun, vice-president of the Supreme People's Court (SPC), said the court would in future impose more suspended death sentences. Two years ago China gave the SPC power to review death sentences handed down by lower courts. That has already led to fewer executions. Rights campaigners says China executes more people than any other country.
9 weak links that torpedo your marketing program
by Trey Ryder
Weak Link #1: Delivering a sales message. Overcome this weak leak by delivering an educational message. Your message must educate your prospect about his problems and the solutions you can provide. If your message sounds like a sales pitch -- or if you sound or act like a salesperson -- your program is doomed to failure. (Do you know anyone who wants to listen to a sales pitch or talk with a salesperson?)
Weak Link #2: Lack of credibility. Overcome this weak link by firmly establishing that you can be trusted. None of us (voluntarily) does business with a person we don't trust. Go to great lengths to make sure your prospects, clients and referral sources trust you. You can increase trust by (1) offering information about your knowledge, skill and experience, (2) discussing case histories of clients you have helped in the past, (3) speaking in simple terms everyone can understand, and (4) taking time to answer prospects' questions.
Weak Link #3: No apparent differences. Overcome this weak link by clearly pointing out the positive ways you differ from competitors. Prospects won't hire your services unless and until they have clear, identifiable reasons to choose you over all other lawyers. If you convey nothing else to your prospects, make sure prospects know how you differ from every other lawyer on the planet.
Weak Link #4: Lack of interaction. Overcome this weak link by inviting interactions with your prospects and clients. You will never do business with a prospect until the two of you have interacted, whether over the phone, by e-mail or in person. Interaction doesn't happen by chance; it happens by design. Design your marketing program to generate ongoing educational interactions with prospects.
Weak Link #5: Failure to commit. Overcome this weak link by motivating your prospect to make a commitment, which is when he hires your services. Point out to prospects what they stand to lose by allowing their present situation to persist. Point out to prospects how they benefit when they hire you to help them solve a problem or achieve a goal. Describe a case history of someone you know who waited too long to solve his problem -- and the terrible consequences he faced as a result.
Weak Link #6: Unappealing offers Overcome this weak link by packaging your services in ways that appeal to your prospects. For example, if you offer services only by the hour and your prospects want flat fees, you face an uphill battle. When you offer different levels of services and different billing options, you give prospects the opportunity to pick which they like best. This increases their satisfaction level because they took part in making the decision.
Weak Link #7: Missing your target audience. Overcome this weak link by designing and creating your message so it appeals specifically to the audience you want to reach. If your message does not appeal to your audience, you have a big problem. If your message does not reach the audience you want, you've wasted your time, money and effort.
Weak Link #8: Inconvenient delivery methods. Overcome this weak link by matching your marketing methods with the audiences you want to reach. Make sure you choose marketing methods that your prospects find attractive, comfortable and convenient. If a busy executive wants you to send information by mail -- and if you insist on talking with the executive on the phone -- you are not making it easy for the executive. Your unwillingness to deliver your marketing message in a way that is convenient for the executive may be the only reason he needs not to hire your services.
Weak Link #9: Lack of loyalty Overcome this weak link by making sure your message and services build loyalty among your clients and referral sources. Your educational message -- delivered over time to clients, former clients and referral sources -- keeps your loyalty level high, which results in an ongoing flow of new prospects through the referral pipeline.
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© Trey Ryder
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Negocios
Cementos Argos compró tres empresas en el Caribe. La compañía cementera anunció una operación de US$157 millones con la cual ampliará su operación en los países de la zona Caribe, compró la participación que compartía con la suiza Holcim en Panamá, Haití y República Dominicana.
Banca
China Development Bank Corp., el banco estatal para proyectos de obras públicas, abrió su primera sucursal fuera del continente, en Hong Kong, y planea tener oficinas en Brasil, Rusia y Egipto como parte de una campaña de expansión mundial. Las oficinas empezarán a funcionar en Moscú y El Cairo este año y en la zona de Río de Janeiro el siguiente, dijo el subdirector general Li Jiping. La sucursal en Brasil invertirá en puertos, siderúrgicas y energia. El banco tiene interés de invertir en proyectos relacionados con el campeonato de la Copa Mundial de fútbol de 2014 y la oferta de Río de ser la sede de las Olimpiadas del 2016, dijo Cabral en un comunicado.
Honduras – Democracia
El Gobierno interino de Honduras invitó a figuras importantes de varios países, entre ellos Colombia y Canadá, para conformar una misión que ayude a la solución de la crisis generada tras el golpe de Estado que derrocó al presidente Manuel Zelaya. En la misión destaca el ex presidente del Banco Interamericano de Desarrollo (BID) Enrique Iglesias, anunció el Gobierno del presidente interino Roberto Micheletti, una jugada considerada por algunos como un intento de convencer a los hondureños de que se puede hallar una solución al conflicto.
Italy's immigrants despair at new laws
Italy has come under fire from groups as diverse as the Vatican and the European Commission for its strict new anti-immigration laws, which were passed in early July. Under the legislation, illegal immigrants are liable to pay a fine of 10,000 euros ($14,200) and can now be detained by the authorities for up to six months. In addition, people who knowingly house undocumented migrants can now face up to three years in prison. The new law also permits the formation of unarmed citizen patrol groups to help police keep order. The European Commission is investigating the new laws to see if they comply with existing EU legislation on immigration. Proponents of Italy's new anti-immigration laws say they are a much-needed response to a serious problem, but critics say they recall the policies of the fascist dictator, Benito Mussolini.
Petrobras CEO: $65/Bbl oil enough to fund investments
Petrobras will have no problems completing its aggressive five-year investment plan if international oil prices stay above $65 a barrel, the company's chief executive said Thursday. Current oil prices and the company's fundraising this year give Petrobras "the peace of mind that we'll be able to complete all of our investment plans over the next five years." Gabrielli made the comments during a ceremony to celebrate a 25-billion-Brazilian real ($13.3 billion) financing package with the country's National Development Bank (BNDES). Petrobras announced its ambitious $174.4 billion investment plan in January. Since then, the company has raised a record of about $31 billion in financing through various sources - enough to fully fund 2009 and 2010 investment plans.
Brazil's fight against drug 'mules'
Sao Paulo's international airport is quickly becoming the single busiest transit airport for cocaine-smuggling from Latin America to Europe via Africa, Brazilian officials have told. Guarulhos International Airport, the busiest travel hub in South America, connecting Brazil with 53 other countries, has become the preferred exit point for mules, the term used to refer to people who try to sneak drugs across borders. The drug-producing countries, like Bolivia, Peru and Colombia, use Brazil as a transit country and a lot of drugs pass through this airport. The federal police at Guarulhos airport are, on average, arresting four people a day trying to board flights with cocaine hidden in their luggage or undergarments, or ingested in capsules.
Private transplants to be banned
The UK government says it will ban all private transplants of organs from dead donors. The move comes after media reports of overseas patients paying to receive organs donated by British people. An independent report said that, as organs are scarce, no one should be able to pay for organ transplants to ensure NHS patients did not miss out, Transplant surgeons said the ban would reassure the public that organs will go to those in greatest need.
Hacker loses extradition appeal
British hacker Gary McKinnon has lost his latest High Court bid to avoid extradition to the United States. US authorities want to try him for breaking into US military and Nasa computers in 2001 and 2002. McKinnon admits hacking, but denies it was malicious or that he caused damage costing $800,000.
Venezuela mulls tough media law
A tough media law, under which journalists could be jailed for publishing "harmful" material, is proposed in Venezuela.
Charges over US museum shooting
An 89-year-old man has been charged with murder and hate crimes after he allegedly shot a guard at Washington DC's Holocaust museum last month. Four of the seven charges against James von Brunn carry the death penalty, with life imprisonment for other charges. He has been charged with first-degree murder, killing in a federal building and bias-motivated crime.
Record-keeping initiative tracks Dupont legal department's revenue
It pays to keep score. At least it does at DuPont, where the legal department launched an initiative five years ago to closely track its recoveries — matters in which the company successfully brought in cash or other assets as the result of a dispute. The company announced this week that its Legal Recoveries Initiative has generated nearly $1.2 billion in recoveries since it started in 2004. That's well above the stated goal of capturing $100 million a year. "It demonstrates to corporate management that the legal department is not just a cost center," said DuPont Corporate Counsel James Shomper, who oversees the initiative. "It gives us an ability to demonstrate what we bring to the company." Indeed, the relatively new system revealed that the amount of recoveries in several recent years was larger than the cost of the legal department.
Israel launches internal criminal probes into Gaza misconduct
The Israeli Defense Forces (IDF) on Thursday announced they are conducting criminal investigations into alleged intentional misconduct by their soldiers during December and January's fighting in the Gaza strip. In a report seeking "to place the Gaza Operation in its proper factual and legal context," the IDF said that they are currently investigating 13 allegations against IDF personnel, including pillaging Palestinian homes, mistreating detainees, and using civilians as human shields. The report also details on-going field investigations that could form the basis for further criminal inquiries, at the discretion of the Military Advocate General. Reporting the results of an investigation into war crimes allegations brought by IDF soldiers who participated in Operation Cast Lead, the IDF concluded that "that some of the stories were based on hearsay and were not consistent with verifiable facts." The report defended the campaign against criticism from Amnesty International, UN High Commissioner for Human Rights Navi Pillay and others, saying that "Israel had both a right and an obligation to take military action against Hamas in Gaza to stop Hamas' almost incessant rocket and mortar attacks upon thousands of Israeli civilians and its other acts of terrorism."
Law firm lied for foreign workers
Federal prosecutors unsealed an indictment Tuesday alleging a law firm arranged thousands of fraudulent visas for foreign workers at Utah companies. None of the employers was indicted, but two unidentified companies remained under investigation over allegations that executives knew the visas were obtained improperly. Attorney James H. Alcala, two of his partners, five employees and his firm, Alcala Law Firm PC, were indicted on charges of visa fraud, alien smuggling and conspiracy.
Hermitage seeks help in Russian fraud scheme
William F. Browder of UK-based Hermitage Capital Management, once the largest foreign investor in the Russian stock market, filed court documents in New York this week contending that other Western investors in Russia had colluded with the authorities to steal hundreds of millions of dollars through tax refunds and then laundered the money through New York banks. Browder has hired the law firm of John D. Ashcroft, the former United States attorney general, to represent him in New York in a request for a subpoena for bank wire transfer and other records that Mr. Ashcroft contends will prove Mr. Browder's allegations. Lawyers say the wire transfers will show a fraud larger than previously disclosed — remarkable even by the standards of Russia.
Russia finds largest oil producer broke competition laws
Russia's Federal Anti-Monopoly Service on Wednesday said that Rosneft, the country's largest oil producer, broke unfair competition laws by over-inflating wholesale prices of petroleum products. According to the FAS, Rosneft violated Article 10 of the country's Law on the Protection of Competition by artificially decreasing the available supply of gasoline, kerosene, and diesel fuels during the first half of 2009. The FAS said that Rosneft could face fines of between one and 15 percent of the revenues it gained from the illegally marked-up products. A spokesman for Rosneft has said the company plans to appeal the finding. Oil companies Gazprom Neft and TNK-BP have also been found to have broken the law.
Tax evaders flock to IRS to confess sins
Wealthy taxpayers have inundated the IRS with requests to come clean for past tax evasion amid a crackdown on undeclared income from overseas accounts.
Iran to begin trials of election protesters
Iran officials said Wednesday that they plan to begin trials Sunday for 20 of those detained during protests of the controversial reelection of President Mahmoud Ahmadinejad. The protesters have been charged with crimes ranging from vandalism and organizing riots to sending pictures of the protests to "enemy media." Iranian officials announced earlier this week that it planned to either press charges against or release most of those held after the riots. It has already released 140 of those detained and closed one prison holding protesters, after Human Rights Watch and other groups alleged that some protesters were beaten, deprived of sleep, and threatened with torture in an effort to force false confessions.
Recording industry music downloading trial begins
The substantive portion of the civil trial of Boston University graduate student Joel Tenenbaum, accused of illegally downloading seven songs, began in Boston on Tuesday. On Monday, jury selection was completed, and, in a significant setback for the defense team, led by Harvard professor Charles Nesson, Judge Nancy Gertner of the US District Court for the District of Massachusetts, rejected Tenenbaum's proposed fair use defense. The ruling was crucial, as Tenenbaum has admitted to downloading the songs, and the Recording Industry Association of America (RIAA) has possession of his computer hard drive. If found liable, Tenenbaum could face a fine of $80,000 per song, similar to that levied against Jammie Thomas-Rasset in a similar file-sharing case last month.
Concern at Nigeria Islamist death
BBC News, Centrist newscaster, London, England
Susan Rice: United Nations Peacekeeping Force Under Severe Strain
CongoPlanet.com, Independent online news aggregator
AFAG'S Actions Are Ridiculous
GhanaWeb, Online news portal, Amsterdam, Netherlands
Zim newspaper unbanned
iafrica, Online news portal, Cape Town, South Africa
Zille rejects Merc for a cheaper car
Independent Online, News portal, Cape Town, South Africa
Anglo American profits plummet
Mail & Guardian Online, Liberal, Johannesburg, South Africa
Smit: Let's focus on winning
News24.com, Online news portal, Cape Town, South Africa
Former world boxing champion killed himself in Brazil
Brazil Sun, Independent online news aggregator
Civilian deaths up 24 per cent in Afghanistan: UN
The Globe and Mail, Centrist daily, Toronto, Canada
Miller pushes hard for deal
Toronto Star, Liberal daily, Toronto, Canada
Indonesian, Malaysian customs conduct coordinated patrols in Malacca Strait
Antara News, News agency, Jakarta, Indonesia
10th Seoul International Financial Forum Kicks Off
Chosun Ilbo, Conservative daily, Seoul, South Korea
CBI arrests Buta Singh's son on bribery charges
India Express, News portal, Mumbai, India
On offer in Chennai: Get new flats for old
India Times, Conservative daily, New Delhi, India
Metamorphose '09
Japan Times, Independent centrist, Tokyo, Japan
10yr-old with flu symptoms dies, post-mortem on (Update)
Malaysian Star, Online news portal, Selangor Darul Ehsan, Malaysia
Tiger loose on Vegas streets
New Zealand Herald, Conservative daily, Auckland, New Zealand
Third France-Oceania summit held in New Caledonia
People's Daily Online, English-language, Beijing, China
Balcony plunge death 'mother's worst nightmare'
Sydney Morning Herald, Centrist daily, Sydney, Australia
Sonia speaks out in defence of Manmohan on joint statement
The Hindu, Left-leaning daily, Chennai, India
Football legend Robson dies at 76
BBC News, Centrist newscaster, London, England
2010 Budget Protects Social Outlays
The Moscow Times, Independent daily, Moscow, Russia
Gary McKinnon: British hacker to be extradited
The Telegraph, Conservative daily, London, England
Chinese lawyer who helped poisoned milk victims is held by authorities
Times Online, Conservative daily, London, England
Convicted 'AIPAC' Spy Accuses FBI of Anti-Semitism
Arutz Sheva, Online, right-wing, Tel Aviv, Israel
Afghan War Spreads to Residential Areas: U.N. Report
Asharq Al-Awsat, Pan-Arab daily, London, England
Myanmar court adjourns Aung San Suu Kyi verdict
Gulf News, Independent daily, Dubai, United Arab Emirates
MIDEAST: Israel Prepares for War Over Reports
IPS Middle East, International cooperative of journalists, Rome, Italy
UAE shares end on positive mote
Middle East North African Network, Online financial portal, Amman, Jordan
Chairman: British Iraq War Inquiry Will Quiz Blair
Nahamet, Online news portal, Beirut, Lebanon
W. Bank Palestinian children take Israel beach trip
The Daily Star, Independent daily, Beirut, Lebanon
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