Week in Review

Posted: 2:32 pm Thu, February 4, 2010
By Richard Simon

Now playing: Son of C-Mart

Two years after discount retailer C-Mart went out of business, a relative of the two men who founded it is opening a similar business, The Big TARP, in C-Mart’s original Forest Hill location. The store is entirely financed by Keith Silberg, whose family still owns the retail space. As well as discount items, Big TARP will host auctions Wednesday nights and high-end auctions about once a month.

State of the State: ‘stormy’

In his annual State of the State address, Gov. Martin O’Malley highlighted his job creation proposals and cautioned that the “storm is not over.” One proposal that found favor with business: a $3,000 tax credit for hiring unemployed workers. In an election year, Republicans said his address sounded more like a re-election ad. “Where’s the substance?” asked Del. Anthony O’Donnell, R-Calvert and St. Mary’s.

Tracking city spending

Baltimore City has launched a Web site that gives citizens access to how much money each city agency has spent each month and names the vendors it has paid. The site, Transparency.BaltimoreCity.gov/Transparency, allows users to track payments approved by the Board of Estimates by vendor, city agency or vendor ZIP code. It doesn’t explain what the payments are for.

IWIF shift runs into criticism

Plans for a one-time shift of $20 million from the Injured Workers’ Insurance Fund to the state’s general fund have raised the ire of a small-business advocacy group that wants the money to go to business owners instead. “If IWIF has money to give away, then they need to … issue a rate reduction for small-business owners,” said Ellen Valentino, Maryland director of the National Federation of Independent Business.

First Mariner shares rebound

Shares of First Mariner Bancorp’s stock have now been trading above $1 for more than 10 consecutive business days, likely eliminating the possibility of its being delisted as NASDAQ had threatened in December.

Payday lending protection

State financial regulators pressed lawmakers to tighten payday lending rules to rein in the cost of short-term loans. State law sets caps the annual interest rate on loans up to $6,000 at 33 percent, but officials say credit services companies are using brokers who charge fees of their own, resulting in what amounts to the equivalent of up to 700 percent annual interest.

Can you hear me now?

A modified settlement agreement proposed by the Public Service Commission would require Verizon Maryland to offer telephone customers better service before raising rates. Verizon submitted a proposal in August to settle six cases stemming from thousands of customer complaints that the company left them without phone service for days at a time. The company has 20 days to accept or reject the changes.

Housing Authority seeks credit rating

The Housing Authority of Baltimore City, which oversees public housing for more than 20,000 people, is seeking an agency-wide credit rating from Standard & Poor’s. The rating would allow the agency, which currently has a budget of $350 million, to borrow funds at more favorable interest rates or issue bonds to fund construction, demolition and upgrade efforts.