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Monday, August 5, 2013
PA TV song calls to attack Israel, the "snake's head," with the rifle
Source: http://www.palwatch.org/main.aspx?fi=157&doc_id=9413
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Sunday, August 4, 2013
Iran's Rohani vows not to surrender to sanctions
New Iranian President Hassan Rohani, who took the oath of office today, said US-led sanctions would not deter the country from pursuing its nuclear program.
New Iranian president Hassan Rohani, seen here in June, took his oath of office on Sunday.
Majid Hagdost/Reuters
EnlargePledging moderation at home and ?removing tensions? abroad, Iran?s new President Hassan Rohani took the oath of office before legislators today in Tehran.
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The veteran regime insider who was Iran?s top nuclear negotiator a decade ago vowed to improve the economy and lives of all Iranians.
But it was Rohani?s explicit reference to US-led sanctions and Iran?s controversial nuclear program that drew the loudest applause and will be most closely followed in Washington. As nuclear negotiations over Iran?s program remained deadlocked, both wings of Congress last week took steps to add yet more sanctions, with the House voting overwhelmingly to tighten restrictions.
Iranians will ?safeguard their national interests? and ?cannot be made to surrender through sanctions; such a people cannot be threatened to war and fighting,? said Rohani, according to a simultaneous translation by state-run PressTV. ?The only way for interaction with Iran is a dialogue on an equal footing, confidence-building which should be mutual, and mutual respect as well as reducing antagonism and aggressiveness... I want to clearly express, that if you want the right response [on the nuclear issue], it should not be through the language of sanctions, it should be through the language and discourse of respect,? Rohani said, prompting the loudest applause of his swearing-in speech.
Tasked with restoring the health and credibility of Iran?s Islamic system after eight years of the often-tumultuous presidency of Mahmoud Ahmadinejad, Rohani called on divine guidance to help him solve Iran?s problems. Supreme Leader Ayatollah Khamenei also called for ?maximum cooperation? and support for Rohani?s government from all of Iran?s political factions at a smaller ceremony on Saturday at which Khamenei officially bestowed his endorsement.
But in a reminder this week of who wields ultimate authority in the Islamic Republic, Khamenei also vetoed some of Rohani?s initial cabinet choices. Some of those he rejected served under reformist President Mohammad Khatami, one of the few senior Iranian politicians not to take part in inauguration events, or criticized Khamenei?s violent crackdown on street protests in 2009. Still, through negotiation, Rohani has presented an inclusive cabinet of experienced technocrats who span much of Iran's political spectrum.
?The balance of power has not changed. The Supreme Leader remains the supreme leader, he?s the final arbiter. But he is not as powerful as he was before,? Nazanin Ansari, the diplomatic editor of Kayhan London newspaper, told BBC World Service Radio. ?He is a candidate that is seen inside Iran who has the best chance to take the Islamic Republic out of its current quagmire. And in the West, he is certainly viewed as someone who can open the doors. But he has to prove that he can.?
Rohani's words
Rohani repeatedly referred to his government as one of ?hope and prudence" and said that he would not shy away from tackling ?shortcomings and deficiencies.?
?The respected people of Iran voted for moderation and distancing from extremism,? said Rohani, standing at the flower-bedecked podium inside Iran?s cavernous and futuristic pyramid-style parliament building. ?The threats will be reduced, and the opportunities must be increased. So moderation insists on moral values, and patience, and compromise.?
Those were all attributes in short supply during the presidency of Mr. Ahmadinejad, whose record was harshly criticized even by fellow hardline conservatives during the campaign leading to the June 14 vote. Running as a centrist and promising reform Rohani got the backing of Mr. Khatami and former President Akbar Hashemi Rafsanjani. The new president trounced five conservative candidates and won a surprise first-round victory with just over 50 percent of the vote.
The ascent of Rohani reflects a ?rising rationality and a big tendency toward moderation? in Iran, says a Tehran analyst who asked not to be named. ?Radicalism is no longer accepted in society.?
Yet it remains unclear how that dynamic will affect nuclear talks, or how far Rohani will be able to recalibrate Iran?s approach with the rest of the world. Khamenei has said in recent weeks that he has not blocked nuclear talks or dealing with the US, but that past experience makes him pessimistic because ?Americans are untrustworthy, irrational and dishonest.?
Rohani has a PhD from Scotland, and the candidate he named today for foreign minister ??Mohammad Javad Zarif, Iran?s former United Nations ambassador ? was educated at the University of Denver.?
Presidential limits
While recent Iranian presidents have done much to shape Iran?s political space ??and have been able to convince Khamenei to move one way or another ? they have also always been subject to any limitations Khamenei decided to impose upon them.?
?Over the past two decades, Khamenei has developed several mechanisms to control the presidency and other democratic institutions,? writes Mehdi Khalaji, an Iran specialist at the Washington Institute for Near East Policy, in an analysis this week. ?Tensions between the president and Supreme Leader are inherent in the structure of the regime, regardless of personality or ideology.?
Still, many of the steps that Rohani vows to take are those that Khamenei will share, at least for now after the Ahmadinejad era saw direct challenges to the leader?s own authority.
And today Rohani had his own indirect reminder for Khamenei when he quoted the leader of Iran?s 1979 Islamic revolution, Ayatollah Ruhollah Khomeini, as saying that ?everything must be based on the people?s vote. That?s the benchmark and the yardstick.?
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New Orleans Saints coach Wesley McGriff discusses improving the Saints' secondary: video
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Saturday, August 3, 2013
Google's Android grabs record high global market chunk while Apple iOS slides
Google's Android platform is going strong, with a 65 per cent lead over all other mobile operating systems, according to new stats from Strategy Analytics.
The report tips a growing global smartphone market, up 47 per cent year over year for a total 230 million units shipped in the second quarter.
Android is the greatest benefactor of the uptick, having captured a record 80 per cent share of the global smartphone OS market. Strategy Analytics executive director Neil Mawston chalks the success up to competitive licensing costs, numerous hardware partners, and a large app store.
Meanwhile, Apple's iOS reached a 14 per cent share this quarter ? its lowest level since Q2 2010. Microsoft slipped into third place, with four per cent share ? its highest in three years.
"Microsoft is making steady progress in the smartphone market due to strong support from Nokia," Linda Sui, a Strategy Analytics analyst, said in a statement. "However, we believe Microsoft's WP8 platform still needs to improve in at least two areas before it truly takes off."
The first, she said, is a more competitive license fee charged to manufacturers; Redmond must also dramatically accelerate its support for advanced technologies like octo-core chipsets, which lag behind Android, Siu said.
The "others" category, which includes the BlackBerry OS, dropped from 10 per cent last year to a low three per cent, though the analytics firm offered no explanation for the steep decline.
Smartphone shipments around the world reached a whopping 229.6 million units in the second quarter, compared to 156.5 million at the same time last year.
"Growth was driven by strong demand for Android models across all price-tiers in developed and developing markets, such as the U.S., China, and Brazil," Scott Bicheno, senior analyst with Strategy Analytics, said in a statement.
Earlier this week, we exposed some of the advantages of the oft-criticised fragmented nature of Android, and why Apple is trying to take tips from it.?
Last night, Motorola launched its new flagship Moto X smartphone, running Android 4.2.2.?
Published under license from Ziff Davis, Inc., New York, All rights reserved.
Copyright ? 2012-2013 Ziff Davis, Inc
Source: http://feeds.itproportal.com/~r/itproportal/rss/~3/r6yUWLqd-LA/
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Friday, August 2, 2013
Ad Exec Jennifer Rosoff Died When Balcony ... - Business Insider
Ad executive Jennifer Rosoff, 35, died Wednesday night after her 17th-floor balcony railing collapsed in Midtown Manhattan.
She was on the balcony with a friend on their first date.
?[Her date] advised her not to sit on the rail,? said Paul Browne, the NYPD?s chief spokesman. ?She said that she had done it before and wasn?t worried. She didn?t think it was a problem.?
The Department of Buildings issued a vacate order for all balconies and is investigating the accident.
Rosoff was a director of sales at TripleLift, a digital advertising analytics firm. She began five months ago and previously worked at publications including The New Yorker, Lucky, Cosmopolitan, and In Touch.
TripleLift CEO Erica Berry released a statement:
She was a well-loved and highly respected member of our team. Her tremendous energy and humor brought so much joy to the office. The entire company is distraught by the loss of Ms. Rosoff -- she will be deeply missed.
New Yorker publisher Lisa Hughes said,??Jenn was a force to be reckoned with, smart, dynamic and charismatic.?
The New York Times writes:
A friend in the ad sales industry, who requested anonymity because of the delicacy of the situation, said Ms. Rosoff had been a mentor to young people in the field. ?I hate in situations like this when people want to bury saints, but she was a great person,? the friend said. ?I was meeting someone for coffee today and the second they got off the elevator they said: ?I had the worst e-mail. The subject was Jenn Rosoff died.'?
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Kuwait pardons those convicted of offending him
KUWAIT CITY (AP) ? Kuwait's ruler says he is pardoning all those convicted of offending him.
The move is an apparent effort to cool political tensions after last week's parliamentary elections in the Gulf nation.
The official Kuwait News Agency gave no further details on Wednesday about Sheik Sabah Al Ahmed Al Sabah's announcement. It came during a speech for the Islamic holy month of Ramadan.
The ruler said the pardon extends to "all" ? meaning it would apparently apply to jailed opposition figures and online activists.
Over the past two years, dozens of people have been charged with remarks deemed offensive to the emir, which is a crime in Kuwait.
It's part of similar crackdowns around the Gulf Arab states that have brought harsh criticism from rights groups.
Source: http://news.yahoo.com/kuwait-pardons-those-convicted-offending-him-074605039.html
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Thursday, August 1, 2013
It's wedding season! Check out PEOPLE's exclusive shots from John Rzeznik of...
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Sequestration and fuel reserves: Storing carbon dioxide to release liquid fuels
[unable to retrieve full-text content]A technique for trapping the greenhouse gas carbon dioxide deep underground could at the same be used to release the last fraction of natural gas liquids from ailing reservoirs, thus offsetting some of the environmental impact of burning fossil fuels, experts say.
Source: http://feeds.sciencedaily.com/~r/sciencedaily/top_news/~3/5NNIXseRT7M/130730163140.htm
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Former Bear Stearns Executives Seemingly Unscathed By Financial Crisis They Helped Trigger
Before Lehman crashed, there was ?The Bear.?
Bear Stearns, once the nation?s fifth-largest investment bank, had been a fixture on Wall Street since 1923 and had survived the crash of 1929 without laying off any employees.
But in 2008, its customers and creditors didn?t much care about its storied history. They were worried that the billions of dollars of mortgage-backed securities on its books weren?t worth what the company claimed. En masse, they stopped doing business with Bear.
Within a few days, on Monday, March 17, Bear was gone ? subsumed into JPMorgan Chase & Co. with the help of the Federal Reserve for a price that was approximately the value of its shiny new Madison Avenue office tower alone.
Bear Stearns failed largely because it had spent the previous five years gorging on subprime mortgages in what appeared to be an ever-rising housing market. When home prices started falling and those loans started to go bad, Bear?s creditors got scared and pulled their money out of the investment bank.
The demise of the 85-year-old firm was just a harbinger of what was to come. Six months later, Lehman Brothers collapsed under the weight of its own mortgage securities, sending first the financial system, and then the entire global economy, into a tailspin from which it hasn?t yet fully recovered.
Five years later, the executives that were in charge of Bear?s headlong dive into the cesspool of subprime mortgage lending hold similar jobs at the most powerful banks on Wall Street: JPMorgan, Goldman Sachs, Bank of America and Deutsche Bank.
The fact they were able to emerge unscathed from a financial crisis that wiped out $19.2 trillion of household wealth in the US and as many as 8.8 million jobs has become part of the legacy of the financial meltdown.
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?The downside is very, very minimal for the people who decide to take risks in these institutions,? said Anat Admati, professor of finance and economics at Stanford Graduate School of Business and co-author of The Bankers? New Clothes: What?s Wrong With Banking and What to Do About It.
?It?s clear that the ones at the top got the most in terms of compensation and suffered few consequences from these decisions,? she added.
Four of the executives, Thomas Marano, Jeffrey Verschleiser, Michael Nierenberg and Jeffrey Mayer, have been accused of making false statements in disclosures to federal regulators in a lawsuit brought by the Federal Housing Finance Agency, which oversees government-owned mortgage giants Fannie Mae and Freddie Mac. They are among dozens of people and companies named in the lawsuit.
All four denied all the lawsuit?s allegations in a 179-page response to the lawsuit.
The four "deny that the offering documents referenced contained material misstatements of fact or omissions of material facts," according to the answer jointly filed by the Bear Stearns companies and the individual defendants from Bear.
Two other mortgage division leaders, Mary Haggerty and Baron Silverstein, were not named defendants in the lawsuit.
AMBAC Assurance Corp., a company that guaranteed some of Bear?s mortgage bonds and went bankrupt in 2010, accused Bear of fraud in a separate lawsuit that described actions by the six mortgage division leaders. AMBAC emerged from bankruptcy in May.
Yet all six continue to work at the top levels of their field, earning salaries and bonuses that have allowed them to live in luxury while the mortgages that made up the bonds they sold have defaulted at alarming rates.
?How is it that we could say that we learned something from the last crisis when we still have the same people running our companies for the future?? asked Jordan Thomas, a former attorney for the Securities and Exchange Commission who now runs the whistleblower practice at Labaton Sucharow in New York.
Four years, $29 million
Thomas Marano, who led Bear?s mortgage finance division, is perhaps the most telling example.
In the past four years he earned more than $29 million as head of Residential Capital, LLC, the mortgage subsidiary of the former General Motors Acceptance Corp. (GMAC), which was bailed out by the government during the financial crisis. ResCap filed for bankruptcy last year.
As global head of mortgages, asset-backed securities and commercial mortgage-backed securities at Bear Stearns, he oversaw the underwriting and securitization of subprime loans from Bear?s mortgage subsidiary EMC Mortgage Corp.
His division oversaw the mortgage operation from start to finish. EMC would make or purchase mortgage loans, then pool thousands of them into mortgage backed securities, register them with the SEC and then sell them to investors.
The FHFA, along with the State of New York, mortgage insurers, and other federal agencies and investors, said in lawsuits that Bear falsely assured investors and insurers in customer disclosures and SEC filings that the loans were subjected to rigorous underwriting standards.
The lawsuits said Marano?s unit was so hungry for new loans to securitize that they let the standards slide and knowingly included bad loans in mortgage pools.
Marano personally signed the SEC filings on at least $8.7 billion worth of residential mortgage-backed securities sold to Fannie Mae and Freddie Mac, according to documents included in the FHFA lawsuit.
?Defendants falsely represented that the underlying mortgage loans complied with certain underwriting guidelines and standards, including representations that significantly overstated the ability of the borrowers to repay their mortgage loans,? the lawsuit states.
Marano, the company and all the other defendants "deny there was an abandonment of reasonable due diligence procedures," according to court documents.
"Individual defendants deny that the securitizations ? contained material misstatements of fact or omissions of fact," the defendants? response to the FHFA complaint filed in court reads.
Marano also directed executives to withhold "every fee" from credit rating agencies that had lowered the ratings on the firm?s mortgages bonds, according to the AMBAC complaint.
By July 2011, between 30 percent and 68 percent of the loans behind the securities Marano signed were delinquent, in default or foreclosed, according to figures the FHFA included in its lawsuit.
Marano, who has a 4,700-square-foot home in New Jersey and a vacation home in Park City, Utah, declined to comment for this story. He sold the New Jersey house to Old Pike Associates LLC, a limited liability corporation, for $99 in 2002 and the LLC also owns the Utah house. Old Pike?s address is Marano?s home address and the company lists Marano as CEO.
Marano is managing member of another LLC, Old Pike Associates II, LLC, which was formed in March 2012. The company bought a $4.2 million dollar home in Tenafly, N.J., in December 2012, according to public records.
When Bear went under, ?everybody and their brother descended on the place,? looking to hire the best talent, said Chad Dean, managing partner of Integrated Management Resources and a banking recruiter for 11 years.
?Nobody should be surprised that Bear Stearns people are still all over the Street in high-level positions at other firms,? Dean said. ?It?s very competitive. There?s resum?s flying all over the place.?
Sen. Carl Levin, D-Mich., who as chairman of the Permanent Subcommittee on Investigations led some of the most thorough inquiries into the causes of the financial crisis, echoed that.
?Just because Bear Stearns went out of business doesn?t mean everybody who worked for Bear Stearns was incompetent,? he said. He declined to discuss Marano and his colleagues specifically.
Warren Spector, who was co-president of Bear Stearns until he was fired in August 2007, said Marano was seen in the industry as a "rock star."
"He knew the business inside and out, and he could do every job, up and down the line," Spector said. ?He was one of the best managers Bear Stearns ever had.? Spector said he has no knowledge of the specific accusations against Marano in any lawsuits.
One month after Bear?s sale, Marano was scooped up by Cerberus Capital Management, the private equity firm that was a majority shareholder of GMAC. By July, Marano was CEO and chairman of GMAC?s mortgage servicer, ResCap.
ResCap was one of the largest originators of home loans and the fifth-largest servicer of residential mortgage loans in the U.S. before it went bankrupt in 2012. The company had long been making huge bets on subprime mortgages.
Marano was brought in to clean up the mess. It was a difficult task.
When Lehman Brothers went bankrupt in September 2008 and credit markets froze, GMAC was among the companies that needed taxpayer help to survive. The company received a $17.2 billion taxpayer bailout through the Troubled Asset Relief Program (TARP).
Today, GMAC, which renamed itself Ally Financial in 2010, is still 74 percent owned by U.S. taxpayers. It is not clear when it will be able to repay the $13.75 billion it still owes the Treasury.
Because of the TARP bailout, Ally Financial was able to direct $8.6 billion to ResCap during the years Marano was in charge, according to a report by Christy Romero, the special inspector general for the Troubled Asset Relief Program.
Marano?s compensation is known because he was one of the 25 highest paid people at Ally Financial. Under the law, seven companies that received money from the TARP were required to submit their executives? compensation packages to the U.S. Treasury for approval and to disclose them in SEC filings. Special paymaster Patricia Geoghegan approved Marano?s 2012 $8 million compensation ? $6.2 million in salary and $1.8 million in stock options ? just weeks before ResCap filed for Chapter 11 bankruptcy on May 14, 2012.
?There?s absolutely something wrong with executive compensation that gives extraordinary rewards to executives while at the same time shareholders? value is diminishing or destroyed,? said Amy Hillman, dean of the W.P. Carey School of Business at Arizona State University.
Most of ResCap?s bad loans were made before Marano took over the company. However, in 2010, when he had been at the helm almost two years, the firm was accused of improperly rushing through hundreds of thousands of home foreclosures without the proper paperwork.
One employee testified to signing up to 10,000 foreclosure documents a month without personally reviewing the details, making the documents illegitimate.
"Our company?s process for preparing foreclosure affidavits was flawed," Marano testified at a House hearing in November 2010. "There were affidavits signed outside the immediate physical presence of a notary and without direct personal knowledge of the information in the affidavit. These flaws are entirely unacceptable to me."
ResCap, Bank of America, JPMorgan Chase, Wells Fargo, and Citigroup settled for $25 billion with the Justice Department over what became known as the "robo-signing" scandal.
In May Marano resigned as ResCap?s CEO but remained on its board. He told The Wall Street Journal that he was considering starting a hedge fund, a real-estate investment trust, or another mortgage originator and servicer.
Jeffrey Verschleiser
Marano was not the only Bear Stearns mortgage executive to land in a similar role in mortgage finance.
Jeffrey Verschleiser, who reported directly to Marano as head of asset-backed securities, was hired as managing director at Goldman Sachs in 2008 and then promoted to global head of mortgage trading in March 2012.
Andrew Williams, a Goldman Sachs spokesman, declined requests for comment. Verschleiser?s lawyer declined to comment for this story and denied a request to speak to Verschleiser.
According to documents filed in the AMBAC lawsuit, Verschleiser encouraged Bear to short the stock of mortgage bond guarantors ? essentially betting the price would fall ? because he knew they would likely incur losses because of bad loans included in the mortgage pools.
"In less than three weeks we made approximately $55 million on just these two trades," the lawsuit quotes Verschleiser as saying in his annual performance review.
Verschleiser lives in a $10 million Fifth Avenue apartment in New York City in the same building as Barbara Walters. Former Los Angeles Dodgers owner Frank McCourt recently bought the top floor of the building, with a sprawling Central Park view, for $50 million.
Multiple media reports indicate Verschleiser spent upward of $1 million renting out the popular Hotel Jerome in Aspen, Colo., for the weekend of his daughter?s 2012 Bat Mitzvah.
Michael Nierenberg and Baron Silverstein
Michael Nierenberg and Baron Silverstein live in the tony New York City suburb of Port Washington and work together at Bank of America in the divisions that issue mortgage-backed securities and collateralized debt obligations.
Nierenberg led the adjustable rate mortgage and collateralized debt obligation desks at Bear Stearns, which underwrote $36 billion of CDOs in 2006 alone. He?s now head of mortgages and securitized products at Bank of America.
Silverstein, once a senior managing director at Bear and co-head of mortgage finance, stayed at JPMorgan for a time after the acquisition and later moved to Bank of America as managing director in charge of the mortgage finance department.
Silverstein lives in a $3.7 million waterfront home with a tennis court and pool, according to Nassau County, New York records. The $6 million Nierenberg estate includes a tennis court, pool, boathouse, Jacuzzi, and boat dock. Public records show Nierenberg also owns a condo in Boca Raton, Fla.
Nierenberg?s lawyer declined to comment. He and Silverstein declined requests for interviews through Zia Ahmed, a Bank of America spokesman.
Mary Haggerty
Mary Haggerty was a co-head of mortgage finance at Bear.
The FHFA, in its lawsuit, says Haggerty cut back on the due diligence the bank was performing on its mortgage-backed securities. The move was designed "to make us more competitive on bids with larger sub-prime sellers," according to an email Haggerty sent to John Mongelluzo, vice president of due diligence, that is cited in the lawsuit.
Following the merger, Haggerty was retained by JPMorgan as a managing director in the securitized products group. Haggerty declined a request for an interview through JPMorgan spokesman Mark Kornblau. Kornblau also declined to comment on behalf of the company.
Mary Haggerty bought a $950,000 apartment in New York City in 2005, according to the city?s property records.
Jeffrey Mayer
Jeffrey Mayer was co-head of fixed income at Bear Stearns and Marano?s supervisor. His division was responsible for about 45 percent of the bank?s total revenue, mostly from mortgage securitization, according to the January 2011 report of the Financial Crisis Inquiry Commission, a panel created by Congress to investigate the causes of the crisis.
Mayer didn?t respond to an email sent to his office requesting an interview. Mayer?s attorney didn?t respond to requests for comment. Renee Calabro, a Deutsche Bank spokeswoman, declined to comment on his current salary.
Mayer owns a $3.7 million dollar home is Westport, Conn., according to county property records.
After Bear?s demise he was scooped up by Swiss banking giant UBS in 2008 and awarded a nearly identical position. Two years later he jumped to Deutsche Bank, as head of corporate banking and securities in North America.
Feds stay quiet
To date there have been few meaningful prosecutions or regulatory actions against any individuals who were in positions of power during the financial crisis.
The Justice Department unsuccessfully prosecuted two Bear Stearns hedge fund executives for fraud, saying they lied to investors about the health of the funds. Both were acquitted in 2009, and since then the DOJ has declined to criminally charge any top-level Wall Street executives. The SEC has settled cases with a handful of banks, including Goldman Sachs, for sums that come to only a fraction of the companies? quarterly profits.
And in July, the trial of an SEC lawsuit against Goldman trader Fabrice Tourre began. Tourre was a mid-level Goldman Sachs executive who is accused of securities fraud related to the creation and sale of mortgage bond derivatives.
The Financial Industry Regulatory Authority has noted the lawsuits on the broker records of Marano, Mayer, Verschleiser and Nierenberg but none have had their licenses revoked. All four are likely to be covered by Bear Stearns? directors and officers insurance, so any potential judgment or settlement may be paid for them.
?The people [on Wall Street] most responsible have suffered little or not at all,? said Dean Baker, co-director at the Center for Economic and Policy Research, ?You would like to see that they paid some consequence, but they really haven?t.?
The Center for Public Integrity is a non-profit, independent investigative news outlet. For more of its stories on this topic go to publicintegrity.org.
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