White House outlines fuel plan

WASHINGTON — With global talks on climate change looming, the Obama administration sought to gain momentum Tuesday by unveiling its plan to require better gas mileage for cars and trucks and the first-ever rules on vehicle greenhouse gas emissions.
Transportation Secretary Ray LaHood and EPA Administrator Lisa Jackson released the proposed regulations at the White House, the follow-up to President Barack Obama's announcement in May that the government regulations would link emissions and fuel economy standards.

"This action will give our auto companies some long-overdue clarity, stability and predictability," Obama said Tuesday during a visit to a General Motors plant in Lordstown, Ohio.

"This marks a significant advance in our work to protect health and the environment and move our nation to a sustainable economy in the future," Jackson said.

The new standards call for the auto industry's fleet of new vehicles to average 35.5 miles per gallon by 2016.

The proposal will cover vehicle model years 2012 through 2016, allowing auto companies to comply at once with all federal requirements as well as standards pushed by California and about a dozen other states.

The administration estimated the requirements would cost up to $1,300 per new vehicle by 2016 — but that it would take just three years to pay off that investment and that the standards would save more than $3,000 over the life of the vehicle through better gas mileage.

Jackson said the new standards will have the effect of taking 42 million cars off the road.

The proposal is expected to increase vehicle fuel efficiency by about 5 percent annually and reduce greenhouse gas emissions by nearly 950 million metric tons. The plan would also conserve 1.8 billion barrels of oil, Jackson said.

Administration officials noted that the new standards are four years ahead of a 2007 law that would have required the auto industry to meet a 35 mpg average in 2020.

The proposed rules are expected to provide automakers some flexibility in meeting the requirements in exchange for building advanced vehicles. Some luxury automakers and foreign manufacturers who sell a limited number of vehicles in the U.S. could meet a less-stringent standard in the early years of the regulations.

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Judge tosses SEC-bank deal

WASHINGTON — A federal judge in New York rejected a
$33 million settlement between the Securities and Exchange Commission and Bank of America on Monday, throwing into doubt the future of one of the government's chief cases against a firm charged with wrongdoing in the financial crisis.
Using biting language, Judge Jed Rakoff accused the SEC, Wall Street's top regulator, of trying to nab a quick victory against a big bank while concealing the facts of the wrongdoing that the agency alleges. He attacked Bank of America's top executives for allegedly trying to protect themselves at the expense of the company's shareholders.

Most of all, Rakoff suggested that the SEC and Bank of America are working together to try to make the case go away even if it "victimizes" the shareholders who would be responsible for paying the $33 million settlement.

"This case suggests a rather cynical relationship between the parties: the S.E.C. gets to claim that it is exposing wrongdoing on the part of the Bank of America in a high-profile merger; the Bank's management gets to claim that they have been coerced into an onerous settlement by overzealous regulators," Rakoff wrote. "And all this is done at the expense, not only of the shareholders, but also of the truth."

Rakoff has ordered that the case move to trial early next year. The SEC could also choose to drop it, renegotiate the settlement or possibly appeal.

The case centers on whether Bank of America hid from shareholders important details about its plans for Merrill Lynch, the troubled Wall Street firm it agreed to acquire last fall in a hastily arranged deal aimed at containing further damage to the financial system.

Early last month, the SEC claimed that Bank of America failed to disclose to shareholders who were to vote on the deal that it had allowed payment of billions of dollars in bonuses to Merrill Lynch employees. Bank of America agreed to pay
$33 million to settle the charges.

SEC, bank in awkward marriage

Rakoff, who must sign off on the settlement, expressed immediate skepticism, demanding additional information from the SEC and Bank of America and summoning their lawyers to the court. Though the SEC and Bank of America were on opposing sides of the case, they joined in an awkward marriage of arguments for why the settlement was proper.

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Downtown firm nearly doubles office space

Downtown's Commerce Center office building is now known as the Baker Donelson Center after its anchor tenant signed up for more space through an extension of its lease.
The Baker Donelson Bearman, Caldwell & Berkowitz law firm will expand its space by 42 percent to 94,000 square feet under the new lease. The move reflects how downtown, despite its rising vacancy rates, remains a hub to Nashville's legal and financial communities, real estate observers said.

The CVS/Caremark sign atop the building soon will be replaced by Baker Donelson's.

"It speaks to the building and its characteristics like great parking and excellent location," said Bert Mathews, president of The Mathews Co., which co-owns Baker Donelson Center with Ayers Asset Management. "It speaks to downtown as a great place to do business."

The space that Baker Donelson is adding includes a floor subleased until recently to CVS/Caremark, which consolidated its local pharmacy benefits management operations to its MetroCenter call center location.

Firm will add conference center

The law firm also plans to absorb first-floor space now occupied by Pinnacle Financial Partners, which plans to move to the soon-to-be completed Pinnacle at Symphony Place office tower. The first floor offices would be turned into the Baker Donelson Conference Center, which would be available to clients and civic groups for board meetings, receptions and other gatherings, officials said.

"It should be a great thing for downtown to have another meeting space for folks to use," said Scott Carey, new Nashville office managing shareholder with Baker Donelson.

Pinnacle's departure — which will begin in December — and Baker Donelson's expansion are the latest announced shuffles in the downtown office market. More than 20 percent of office space downtown was vacant as of June 30, according to real estate firm CB Richard Ellis, which tracks the market.

Mylinda Vick of Cherry & Associates represented Baker Donelson along with Larry Papel, a Baker Donelson shareholder. NAI Nashville brokers Chris Grear and Lee Paradise represented the landlord in the talks.

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Nashville Business Calendar

Today
Davidson County Democratic Women's monthly meeting, guest speaker is Dr. Gloria Richard-Davis, professor and chair of obstetrics and gynecology at Meharry Medical Center; topic: the politics of women's health care in Tennessee, 5:30 p.m., Tuesday, Sept. 15; second floor conference room, Nashville Farmers' Market, 900 Rosa Parks Ave. 615-353-9754.

Fourth Annual Hispanic Heritage Month Kick-Off Reception, hosted by the Nashville Area Hispanic Chamber of Commerce, 6:30-9 p.m., Tuesday, Sept. 15, Los Arcos Mexican Restaurant, 3798 Nolensville Road. 615-216-5737.

The Future of Health Care in the U.S., hosted by Insurance Benefits Associates Inc.; keynote speaker is Tommy Thompson, former U.S. Secretary of Health and Human Services and ex-governor of Wisconsin, 9 a.m.-3 p.m., Tuesday, Sept. 15; Embassy Suites, 811 Crescent Centre Drive, Franklin. 615-371-8900. Cost: free.

Basics of government contracting, 9 a.m.-noon, Tuesday, Sept. 15, presenter is Paul Middlebrooks, consultant with UT Procurement Technical Assistance Center, Rutherford County Chamber of Commerce Building, 501 Memorial Blvd., Murfreesboro. www.tsbdc.org. Cost: free.

2009 Governor's Conference on Economic and Community Development, ends Sept. 15, Gaylord Opryland Hotel, www.tnecd.gov.

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AFL-CIO chief Sweeney bids farewell as labor leader

PITTSBURGH — John Sweeney, stepping down after 14 years at the helm of the AFL-CIO, urged union leaders Sunday to keep up the fight to reform health care and overhaul labor laws so workers can form unions more easily.
"We're on the cusp of the greatest advance in labor law reform in 70 years, but we're taking heavy fire from the corporate captains of deceit," Sweeney told about 1,000 union members at the federation's convention.

He said efforts to pass health-care legislation have been met with "a firestorm of meanness, stoked by politicians playing on fear, racism, nativism and greed."

Health care and labor laws lie at the forefront of the AFL-CIO's political agenda as it welcomes new leadership for the first time since 1995. Sweeney's longtime deputy, Richard Trumka,
is expected to be named AFL-CIO president on Wednesday.

In his keynote address, Sweeney reflected on his legacy of building the AFL-CIO into a political powerhouse for workers' rights and social change. He noted the major role union activists played in electing President Barack Obama and a Democratic-controlled Congress.

But he sidestepped any mention of the steady decline in union membership under his tenure.

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What kind of business do you want to start?

Millions of workers are quietly toiling in their cubicles and dream of breaking free from corporate culture. Almost a quarter of full-time or part-time working Americans have considered leaving a job to become self-employed, according to a USA TODAY /Gallup Poll taken in July.
Many others don't want to ditch their day jobs but want to dabble in side projects to earn extra dough. Still others need to restart their careers after being laid off.

No matter what type of entrepreneurial venture someone undertakes, experts agree that an essential initial step is to research the industry, product or service offered, expected duties and the potential customer base. "Many businesses that open often have not prepared well enough, and they don't understand the challenges," says Ken Yancey, CEO of nonprofit entrepreneur mentoring group Score.

To help would-be entrepreneurs get started, USA TODAY has outlined some of the more popular types of businesses that people start, as well as their pros and cons.

Direct sales

Face-to-face is key. Cosmetics, cutlery, vitamins — even racy adult novelties — fall in here. Most sales in these businesses come from face-to-face interactions such as in-home demonstrations or parties showcasing wares.

In the U.S., about 15 million people do direct sales, with the majority working part time, according to the Direct Selling Association. Many think of women when it comes to this job. But 14 percent of direct sellers were men in 2008.

Pros. Initial costs typically aren't high. Hours are so flexible that many people tap into direct sales as second jobs. Successful salespeople can earn six-figure incomes, with commissions usually pegged at 25 percent to 50 percent of a product's retail price.

Cons. Some firms have hidden costs or operate illegal Ponzi schemes. DSA's website, dsa.org, has information on how to avoid scams. While earning potential varies by company and sales ability, DSA says the median annual income for those in direct sales is $2,400.

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Being your own boss has rewards, drawbacks

Personal benefits
Much of the payback people get from their entrepreneurial ventures is personal. Having the independence and flexibility to make time for family, hobbies or other activities is a huge draw to the entrepreneurial life. It also It also provides an opportunity to do something you have a passion for than spend the majority of your waking hours performing tasks you have little real interest in. And, increasingly, location independence is a huge benefit: many people want to live in a particular geographic area — say, close to the mountains or by the ocean — or perhaps in a place where there aren't an abundance of jobs. Avoiding long commutes is a growing priority, as is the ability to work virtually from anyplace to enable a more footloose lifestyle.

Professional benefits

You will also reap extensive professional benefits from your entrepreneurial endeavors. For starters, you can advance more rapidly than you would in a traditional office setting. You won't be limited by what your boss thinks. You won't be held back because you lack experience or seniority. You will succeed or fail on your own merits.

You'll also be able to fully leverage your creativity and ingenuity. Rather than simply carrying out other people's ideas or implementing their visions, you reap the professional benefits of any exciting insights or "ahas" you get. You can be aggressively proactive at pursuing exciting new ideas for products and/or services, and you can pave a path or create a legacy for those who come after you.

Finally, you will thrive due to the sheer adrenaline factor. Entrepreneurs are challenged and surprised every day, and because of this they grow at a much faster rate professionally than their counterparts in traditional employment situations. And because you're the boss, you can invest in further education and training as you want or need it.

Financial benefits

The financial benefits or running your own firm can be substantial. Research performed by Thomas Stanley and William Danko for their best-selling book The Millionaire Next Door found that self-employed businesspersons were four times more likely to be millionaires than those in traditional employer-employee roles. Your earning potential is theoretically unlimited — you can go as far as your business idea will take you. You also benefit directly from your success. The fruits of your labors belong to you. You can take as much or as little out of your business as you choose. And you are untethered from the economic ups and downs — and whims — of a traditional employer. You make, and reap, the financial rewards of your own hard work.

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