Word: oversights
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...dire warnings that a pop may well be on its way, 2005 proved to be another record year for the housing market. Home prices rose 13% last year, according to a report released last week by the Office of Federal Housing Enterprise Oversight (OFHEO). What's more, last year's gains cap a five-year run-up in which home prices have soared...
...Kelly, 49, settled her lawsuit with an agreement that allows her to talk about her experience, although she can't name the cruise line or the size of the settlement. This week she will testify before a congressional committee as it debates whether there needs to be greater federal oversight of the booming cruise industry, which served 11.2 million passengers last year, up 63% since 2000. Although the vast majority of passengers are American, cruise ships steer around most U.S. laws by registering in foreign countries. Because of murky jurisdiction issues, the companies report crimes...
...lawmakers. According to the Center for Responsive Politics, from January 2004 to July 2005, the cruise industry spent $2.9 million on federal lobbying, nearly $1 million more than Wal-Mart did during the same period. That may be why, according to Congressman Shays, "there's never been any real oversight. Ever." Kelly, for one, is prepared to take on the industry--and endure intense scrutiny along the way--because, she says, "you just keep thinking about the next poor sucker who climbs aboard...
...Dubai deal was checked out by a 12-member board headed by the Treasury Secretary, which is mandated under U.S. law governing foreign investments. U.S. critics say the oversight process paid insufficient attention to the security implications of the transaction and failed to keep Congress informed. But the Canadian process was even lower key. Transport Canada officials met with executives of P&O Ports Canada Inc. after being notified of the deal last month, but only to check whether the new owners would honor the company's existing security plan. Under Canadian regulations, a new port-terminal owner...
...Middle East next week. And a new watchdog project called Follow the Money will begin monitoring from the outside. It's sponsored by the Iraq and Afghanistan Veterans of America and led by Dina Rasor, an investigator who helped uncover the Pentagon procurement scandals of the 1980s. "Normal oversight systems have not been in place," Rasor says. "Troops are getting what they don't need but not getting what they do need. One soldier told us that although his unit could not get enough armor, it got a 60-in., $15,000 plasma TV to watch the daily brief...