Money Saving Consumer Tip – Save Money By Not Buying Gas Saving Products
With the price of fuel creeping back up to the $3 per gallon mark the Federal Trade Commission has issued several warnings about the increasing number gas-saving products on the market. The U.S. Environmental Protection Agency (EPA) has tested more than 100 of the gas saving devices and found that none of the products provide any significant improvement in gas mileage. Some of the products actually damage a car’s engine or cause increased exhaust emissions.
The FTC warns against falling for testimonials or claims that the gas saving device is approved by the Federal government. No government agencies endorse gas saving products for cars. The U.S. EPA may issue reports on the test results or evaluation of the manufacturer’s test data and if a seller claims the EPA has tested the product request a copy of the report or look it up on www.epa.gov. False claims have been made.
Business Bankruptcy
On Tuesday, September 1st, Cynergy Data, Long Island City, NY filed for Chapter 11 bankruptcy in the U.S. Bankruptcy Court in Delaware. Ranked as #46 in Financial Services in Inc. 500|5000 in 2009 the fourteen year old company had over 290% revenue growth spurt between 2005 and 2008 making is a leader in merchant credit card, debt card, and electronic payment processing service companies. Marcelo Paladini, CEO of Cynergy Data states the company will continue to function while the structured sale of the company’s assets to The ComVest Group, a private investment firm known for buying up middle market companies. ComVest currently owns controlling interest in credit card merchant servicing companies Pipeline Data, CardAccept, AirCharge, SecurePay and Northern Merchant Services. The asset sale and restructuring will allow Cynergy Data to emerge as a new company focused on continuing to provide cost-effective transaction solutions to merchants and ISO partners.
Financial Services Legislation
H.R. 1207 and S. 604, the Federal Reserve Transparency Act of 2009 would provide the first audit of the Federal Reserve for congressional leadership. The bill would be a powerful tool for exposing how the Federal Reserve controls the economy through its creation of money. Supporters of the bill maintain it would play a decisive role in restoring sound money practices to the U.S. government. With 282 cosponsors the bill has more than the majority of the members of the House but it still sits in the House Committee on Financial Services. The push is for the Federal Reserve to be fully audited by the end of 2010. Popularity of the bill increased after the bailouts started with the appropriation of $700 billion and nobody knew where the money went. The fact that the Federal Reserve deals in the trillions of dollars which they create and spend as a government unto themselves has become a concern to 75% of Americans today. Support continues to build for the Federal Reserve Transparency Act of 2009 to be passed soon. This will be landmark legislation if and when it is passed.
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