ABQJOURNAL BIZ: AROUND N.M.

Friday, March 19, 2010

AROUND N.M.

Journal Wire Reports
          State Denies Appeal On Blue Cross Rates
        State Insurance Superintendent Morris Chavez has denied Blue Cross and Blue Shield of New Mexico's request to lift his order suspending the company's proposed rate increase pending a public hearing .
        The Insurance Division staff approved the increase in December, which would affect about 40,0000 people who get health insurance from the not-for-profit company's individual plans. Several plans would be affected, with the average increase expected to be about 24.6 percent. Chavez had set an April 26 hearing and suspended the increase pending the hearing.
        Blue Cross last week filed a motion requesting Chavez allow the new rates on an interim basis.
        Emissions Cap Group Complains Of Delays
        Opponents' challenge of the revisions proposed to the New Energy Economy petition to cap greenhouse gas emissions is baseless and is an "attempt to derail this rulemaking at any cost," NEE asserted in a response filed with state Environmental Improvement Board.
        Several utility companies, a gas and oil group and others last week filed a motion contending the changes are so drastic, the board should reject them, or order a new public notice and grant more time for parties to prepare their cases.
        NEE says it would not oppose additional notice, but the opponent's motion to strike the revisions should be denied, the NEE response says.
        NM Oil/Gas Leases Generating $20M
        SANTA FE — The New Mexico Land Office says oil and gas lease sales during the third quarter have generated revenues of nearly $20 million, bringing earnings so far this year to $51 million.
        With three months remaining, the agency says it's only $6.4 million short of beating the all-time record for lease sale earnings during any fiscal year.
        Land Commissioner Patrick Lyons says there's interest in developing New Mexico's natural resources and that's good news for the state's economy.
        January's lease sale brought in $6 million for 38 tracts covering more than 11,600 acres. February's sale generated $5.7 million for 36 tracts covering more than 10,300 acres, and $8.2 million was paid in March for 50 tracts covering more than 12,600 acres.
        Investment Banker To Plead Guilty
        NEW YORK — A wealthy Manhattan investment banker who was once a top fundraiser for Hillary Clinton and other big-name Democrats intends to plead guilty in a federal bank fraud case, his lawyer said Thursday.
        Hassan Nemazee was indicted last year on charges that he used fake collateral to obtain more than $290 million in loans from major banks.
        An indictment accused him of forging signatures, concocting bogus account statements and establishing sham "virtual offices" to conceal a scam in which he was using proceeds from new loans to pay off older ones — a maneuver prosecutors called a Ponzi scheme.

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