We are frequently asked why Stern And Company characterizes itself as a Strategic Communications firm, rather than a Public Relations firm.

Many firms talk about “strategy” without recognizing the meaning of the word, defined as “a plan, method, or series of maneuvers or stratagems for obtaining a specific goal or result.”

On October 23 the CEO-CFO Group will host the Nevada Economic Summit, a concept and event developed by Stern And Company, and at which two of the three panelists are Stern And Company clients. They will be responding to questions in a “Meet the Press” fashion about the Nevada economy before a group of approximately 40 senior “C” level executives, as well as representatives from virtually all of the primary local print media, as well as some electronic.

The objective of this event: To further enhance the visibility and reputations of these clients as leaders and experts in their industries before their key constituencies to ultimately develop new business.

This is just one clear example of the strategies and associated tactics Stern And Company creates for its clients. For further information contact Stern And Company at info @ sdsternpr.com.

Three of Nevada’s leading businessmen, Gregory Garman, Managing Partner of Gordon Silver*, Michael V. Shustek, Founder, Vestin Group*, and William Wells, Managing Partner of RSM McGladery, will participate in Nevada Economic Summit on October 23, 2009 at McCormick & Schmick’s (Las Vegas). The meeting will begin at 11:30 AM and will be hosted by the CEO-CFO Group.

These three leaders of Nevada’s legal, lending and accounting communities will be on a panel that will respond to questions on the Nevada economy: Where it is and where it’s going.

Greg Garman’s practice is concentrated in commercial and corporate bankruptcy and restructuring. He regularly represents debtors, trustees, official committees, secured creditors and other parties in matters involving hospitality, lending, high tech, gaming, airlines and real estate among others. 

Mike Shustek is the Founder, Chairman and President of Vestin Group, Vestin Realty Mortgage I (Nasdaq: VRTA) and Vestin Realty Mortgage II (Nasdaq: VRTB), as well as the REITs’ Manager.

Bill Wells is the Executive Managing Director of the Las Vegas and Phoenix offices for the firm of McGladrey & Pullen, LLP and RSM McGladrey overseeing 15 partners and 215 personnel.  He joined McGladrey in 1979, was promoted to partner in 1988 and became executive managing partner in 1990.  He is responsible for the strategy and profitable growth of the portfolio of client services, including tax, accounting, consulting, wealth management and retirement resources.

For further information, contact John Laub (jlaub @ regenmd.com).

(*A Stern And Company client)

The Labor Department reported today that consumer prices rose 0.2 percent last month. Prices excluding energy and food were also up 0.2 percent, slightly higher than the 0.1 percent increase analysts had forecast.

Over the past 12 months, consumer prices are down 1.3 percent, reflecting a severe recession which has kept a lid on price pressures across a wide range of products and services.

The absence of price pressures has been good news for cash-strapped households, but it will mean that the more than 57 million Americans receiving Social Security and other government benefits will not see their benefits rise next year, the first time there has been no cost-of-living increase in more than three decades. Read the rest of this entry »

U.S. mortgage foreclosure filings fell for a second straight month in September, but remained near a record high, amid ongoing and sweeping efforts to keep borrowers in their homes, a report released on Thursday showed.

Nevada remained the nation’s highest state foreclosure rate in the third quarter, with one in 23 housing units receiving a foreclosure filing, nearly six times the national average.

Foreclosure filings were reported on 47,925 Nevada properties during the quarter, an increase of nearly 10 percent from the previous quarter and an increase of nearly 59 percent from the third quarter of 2008. Read the rest of this entry »

Chairman Johnson, Ranking Member Crapo and members of the Subcommittee, I appreciate the opportunity to testify on behalf of the Federal Deposit Insurance Corporation (FDIC) regarding the condition of FDIC-insured institutions and the deposit insurance fund (DIF). While challenges remain, evidence is building that financial markets are stabilizing and the American economy is starting to grow again. As promising as these developments are, the fact is that bank performance typically lags behind economic recovery and this cycle is no exception. Regardless of whatever challenges still lie ahead, the FDIC will continue protecting insured depositors as we have for over 75 years.

The FDIC released its comprehensive summary of second quarter 2009 financial results for all FDIC-insured institutions on August 27. The FDIC’s Quarterly Banking Profile provided evidence that the difficult and necessary process of recognizing loan losses and cleaning up balance sheets continues to be reflected in the industry’s bottom line. As a result, the number of problem institutions increased significantly during the quarter. We expect the numbers of problem institutions to increase and bank failures to remain high for the next several quarters.

My testimony today will review the financial performance of FDIC-insured institutions and highlight some of the most significant risks that the industry faces. In addition, I will discuss the steps that we are taking through supervisory and resolutions processes to address risks and to reduce costs from failures. Finally, I will summarize the condition of the DIF and the recent steps that we have taken to strengthen the FDIC’s cash position. Read the rest of this entry »