NV Energy, Inc. (NYSE: NVE) today reported consolidated net income of $18.4 million, or 8 cents per share, for the quarter ended June 30, 2009, compared with consolidated net income of $36.1 million, or 15 cents per share, for the same period in 2008.

The decrease in earnings in the second quarter 2009 compared with the same period in 2008 was the result of higher other operating and maintenance expenses, depreciation, and interest expenses primarily related to power plant investments.

NV Energy’s two utilities contributed gross margin of $325.9 million in the second quarter 2009, $21.6 million higher than the second quarter 2008. The increase in consolidated gross margin was primarily due to a general rate increase in the company’s northern Nevada service territory effective July 1, 2008, as well as increased residential customer usage due to warmer weather and modest customer growth.

The average number of residential, commercial and industrial electric customers in southern Nevada increased by 0.4 percent, 0.8 percent and 2.8 percent, respectively, in the six months ended June 30, 2009, compared with the same period in 2008. In northern Nevada, the average number of residential customers declined 0.1 percent while commercial and industrial electric customers increased by 1.5 percent and 2.6 percent, respectively, for the six months ended June 30, 2009, compared with the same period in 2008. (Click here for the full news release)

Earlier this week we received an email that appeared to be part of at least a modest mass mailing to companies in Las Vegas.

The email announced a new service being offered here via the Internet. As Stern And Company had virtually no interest in this service, nor could we see a use for our clients.

As there was no “Remove” option on the email (as there is, incidentally, on A Stern Glance), we responded in the traditional fashion, placing the word “Remove” in the subject line and sent our “request” off.

The response to a removal request is most often almost instantaneous and courteous, as we all know. However, this one was worth pointing out:

“Yes, I will remove you.  But don’t call me if you need video production for your clients.”

We could be quite prolix here, as we too often tend to be, however, we suppose all of our readers can draw the appropriate conclusion.

Obviously, we’ll not name the company, but if you require video production, there are many established companies already here, of which we’ve used several. Should you require such services, contact Stern And Company and we’ll be happy to give you recommendations.

Conflicts of Interest

Bar Firms From Consulting With Any Company That They Also Rate:  Credit ratings agencies will face similar restrictions to other professional service providers, like accountants, and will be prohibited from providing consulting services to companies that contract for ratings.

Strengthen Disclosure And Management Of Conflicts Of Interest:  The legislation will prohibit or require the management and disclosure of conflicts arising from the way a rating agency is paid, its business relationships, affiliations or other conflicts.

Disclose Fees Paid By An Issuer Along With Each Rating Report: Each rating report will disclose the fees paid by the issuer for a particular rating, as well as the total amount of fees paid by the issuer to the rating agency in the previous two years. Read the rest of this entry »

Chairman Frank, Ranking Member Bachus, and members of the Financial Services Committee, thank you for the opportunity to testify before you today about the Administration’s plan for financial regulatory reform.

On June 17, President Obama unveiled a sweeping set of regulatory reforms to lay the foundation for a safer, more stable financial system; one that properly delivers the benefits of market-driven financial innovation while safeguarding against the dangers of market-driven excess.

The President’s plan focuses on the essential reforms. It addresses the core causes of the current economic crisis. It addresses the areas critical to confronting future vulnerabilities. And, in pursuing what amounts to the most extensive overhaul of our financial regulatory regime in decades, it makes clear to the American people that their government, at an early stage in this new Administration, is intent on fixing the basic regulatory flaws that caused extensive damage to families and businesses. Read the rest of this entry »

Good morning.

Chairman Cohen, Ranking Member Franks, and members of the House Judiciary Commercial and Administrative Law Subcommittee, thank you for the opportunity to testify before you today.

Introduction

On behalf of the Obama Administration and the Auto Task Force, I am here to report on the restructurings of General Motors and Chrysler and the broader state of the American automobile  industry.

As you know, the New GM and the New Chrysler have recently completed the purchase of assets through bankruptcy processes and are now operating as independent companies.  While this  has been exceedingly difficult and painful, it has resulted in two great American companies being given a new lease on life and has kept literally hundreds of thousands of Americans working.  During the bankruptcy proceedings, every affected stakeholder had a full opportunity to have his or her claim heard and every creditor will almost certainly receive more than they would have had the government not stepped in.   Read the rest of this entry »