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We like to think that when we deposit a dollar at the bank, it goes into a big vault and we can pull out that same dollar at any time. But that¿s not how the U.S. banking system works. Banks take that money and invest it to make money themselves, so cash gets spread around. This, naturally, leads to a big risk: What happens if those investments go sour? Well, you¿d be out of luck. You can¿t get your dollar back.
The Federal Reserve doesn¿t like that scenario, so it prohibits banks from putting all the cash it has on deposit on the line. In fact, the Fed forces banks to keep a portion of their assets at the Federal Reserve itself, to make sure that some of your assets won¿t get squandered if the bank¿s bets go south. These are called ¿reserves,¿ (hence, Federal Reserve. Got it? Good), and usually amount to 10% of the total cash kept in checking accounts.
These reserves are never exactly 10%, and banks like to keep a little extra in reserve ¿ not, as you might think, to make you more comfortable that they¿re in good financial shape, but rather so they can take that excess and lend it to other banks and make money off it. (They¿re banks, they can¿t help themselves.) The rate at which they make these loans is called the Federal Funds rate, which is set by the Federal Reserve¿s Federal Open Market Committee.
When you hear people chattering about how the Fed cut or hiked interest rates, this is what they¿re talking about: the interest rate banks can charge for lending money from their reserves. This begs the question: If these are essentially loans between banks, why is the Fed Funds rate so important for the rest of the economy?
Well, simply put, because loans make the financial world go round. Bank A lends Bank B $10,000 at a Fed Funds rate of 5%. Bank B then lends out $10,000 to a small business at 7%. The small business then takes that money and expands the business and hires new workers. Now someone is employed, Bank B has made interest off the loan, and Bank A is the richer for making it all happen. It¿s perhaps overly simplistic, but you get the idea. When you want the economy to thrive, you make lending cheaper.
Of course, sometimes you don¿t want the economy to thrive. In fact, you might want it to cool down, mostly to avoid money flooding the system and causing inflation. In that case, the Fed raises interest rates, making it difficult to lend or borrow.
Home / Markets / Industries / Health Care
Monday, May 05, 2008
Biomoda Appoints Three Business Leaders to Board of Directors
Comtex
ALBUQUERQUE, N.M., May 5, 2008 /PRNewswire-FirstCall via COMTEX News Network/ ----Biomoda, Inc. (OTC Bulletin Board: BMOD) (http://www.biomoda.com), a development stage medical diagnostics company, today announced the election of three business leaders, Maria Zannes, David Lambros, and Lewis White, to its Board of Directors. The Board Members' terms as Directors began May 1.
"We are pleased to engage these leaders' keen business expertise and apply their high levels of practical and regulatory experience in the interests of Biomoda shareholders," said John Cousins, Biomoda president. "With their involvement, Biomoda is in an ideal position to influence the future of technology for early diagnosis and treatment of lung cancer throughout the world."
-- Maria Zannes brings more than 25 years of experience in the environmental and energy industry -- from federal lobbyist to company president. Formerly the president of the national waste-to-energy trade group in Washington, D.C., Zannes currently consults for private clients in the medical and waste industry. She was a legislative aide and press secretary to Congressman Charles Wilson (D-Texas) after leaving her home state of New Mexico where she began her career as a journalist. Zannes is licensed to practice law in Washington State and will be sworn into practice in New Mexico this summer -- David Lambros was the elected law director of Brook Park, Ohio, and presently serves the law director of the Village of Valley View and the Village of Kelleys Island, Ohio. As law director, he served as the chief legal counsel to cities negotiating with corporations and business, and is an expert in municipal law. Lambros has practiced law for more than 25 years and served on various boards, including Commerce Exchange Bank and Southwest General Hospital. As a board member of Commerce Exchange Bank, he was instrumental in raising share value of the stock from $2.00 to a sale price of $13.00. He presently is a director on the Systems Board at Southwest General Hospital, a multi-million dollar company. -- Lewis White, a major shareholder in Biomoda, is director and CEO of New Energies Nebraska, LLC, a subsidiary of Standard Alcohol Company. He has also served as CEO of Los Hojas Corporation and owned a successful childcare business for 20 years, which he followed with an interest in business investment through real estate and a thriving food services business catering to niche markets. White attended the University of Nebraska at Omaha where majored in Business Administration and worked for the State of Nebraska.
With Biomoda's technology, clinicians can identify cancerous or aberrant cells extracted from samples of lung sputum; cancerous cells glow red under fluorescent light and can be detected under a microscope. Current diagnostic methods for lung cancer, including CT scans and X-rays, often detect the disease at more advanced stages. Biomoda's technology complements these tools by screening for signs of lung cancer at an earlier stage, ensuring that patients receive advanced tests at the appropriate time.
Earlier this year, Biomoda and the New Mexico Institute of Mining and Technology announced their partnership with the New Mexico Department of Veterans Services to conduct a $350,000 clinical study using Biomoda's proprietary testing technology for detection of early lung cancer in the state's veterans. The New Mexico state legislature recently allocated an additional $1.3 million in funding through the Interim Tobacco Settlement Committee to the clinical screening program.
Lung cancer claims more lives than any other cancer. The expected five-year survival rate for all patients diagnosed with lung cancer is 15 percent; the five-year survival rate for cases detected when the disease is still localized is 50 percent. Presently, only 16 percent of lung cancer cases are diagnosed at this early stage.
Biomoda's technology was originally developed at Los Alamos National Laboratory. For more information contact: John Cousins Biomoda, Inc. 505-821-0875 investor@biomoda.com
Forward-Looking Statement
All statements in this press release that are not historical are forward-looking statements. Such statements are subject to risks and uncertainties that could cause actual results to differ materially from those projected, including, but not limited to, uncertainties relating to technologies, product development, manufacturing, market acceptance, cost and pricing of Biomoda's products, dependence on collaborations and partners, regulatory approvals, competition, intellectual property of others, and patent protection and litigation. Biomoda, Inc. expressly disclaims any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in Biomoda's expectations with regard thereto or any change in events, conditions, or circumstances on which any such statements are based.
SOURCE Biomoda, Inc.
http://www.biomoda.com
Copyright (C) 2008 PR Newswire. All rights reserved
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