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Saturday, 21 January 2012
Senator Harry Reid Caves: PIPA Postponed
After a day of widespread online protests against a pair of bills in Congress, both bills have now been tabled. Hearings on the Stop Online Privacy Act (SOPA) had already been cancelled, but the Senate's Protect IP Act (PIPA) was still scheduled for a vote. This morning the sponsor of teh bill, Senator Harry Reid tweeted: "In light of recent events, I have decided to postpone Tuesday's vote on the PROTECT IP Act"
Friday, 20 January 2012
A rocky day for Romney as money questions persist (AP)
CHARLESTON, S.C. ? Facing newly barbed questions about his wealth, Mitt Romney on Thursday refused to bow to pressure to immediately release his tax returns in the rocky home stretch of South Carolina's Republican primary. Though still the front-runner for the nomination, Romney also lost his claim to an Iowa victory just as Newt Gingrich emerged as a stronger threat.
"If I'm the nominee, I'll put these out at one time," Romney said of his tax returns in a Republican presidential debate Thursday night.
Gingrich pressed Romney to release his tax returns ahead of the South Carolina primary Saturday. "If there's anything that's in there that's going to help us lose the election, we should know before the election," he said. Gingrich released his own tax returns Thursday night, showing he made over $3.1 million in 2010 and paid $994,708 in taxes.
Romney barely mentioned the tax returns in campaign events here as he has been dogged by questions about his personal wealth, a few generated by sometimes-awkward comments he's made over the past 10 days.
In the debate Thursday, Romney said arguments between two of his rivals were "in my view a perfect example of why we need to send to Washington someone who had not lived in Washington, but someone who has lived in the real streets of America." Romney has three homes, in California, Massachusetts and New Hampshire.
Romney grew up the son of Michigan governor and car company president George Romney, who released 12 years' worth of tax returns during his 1968 campaign for president. When asked during the debate if he planned to follow his father's example or if he would release fewer years, Romney said: "Maybe."
The former Massachusetts governor has reluctantly agreed to release the tax returns but has spurned calls from his rivals and even allies ? including key supporter New Jersey Gov. Chris Christie ? to do so immediately. Romney also has not yet explained why he keeps part of his fortune in the Cayman Islands. His campaign says he does not receive a tax break on the money there.
The silence from Romney's campaign on details of his holdings was just one element of a political day that underscored the unpredictability of Saturday's South Carolina primary.
In a blow to Romney, Texas Gov. Rick Perry dropped out of the race and endorsed Gingrich, a move that could start to consolidate conservative support behind the former House speaker.
That shrunk the field, leaving Romney and Gingrich on stage Thursday night with just Texas Rep. Ron Paul and former Pennsylvania Sen. Rick Santorum. Santorum claimed an Iowa win during the day ? the state party said he did have the biggest share of the votes it could count ? and he continued to fight Gingrich for the mantle of Romney's chief conservative foe.
Romney barely mentioned Perry at all, leaving him out of a speech to supporters and only mentioning him in passing when pressed by reporters afterward.
"Terrific guy, terrific conservative," Romney said. "We're going to miss him on stage tonight."
But Romney also was grappling with the announcement from the Iowa GOP that Santorum actually led him by 34 votes in the final tally of the state's caucuses, though no winner has been declared. At the very least, it was a symbolic setback for a Romney campaign reeling from a series of bumps over the past few days.
In a written statement, Romney called the Iowa results a "virtual tie" and praised Santorum's "strong performance" in the state.
It was a far different type of day when Romney touched down in South Carolina just over a week ago, coming off what appeared to be twin victories in Iowa and New Hampshire.
Since then, Romney has been confronted by attacks from his opponents on everything from his tax returns to his changed positions on social issues like abortion. And he's made unforced errors talking about his own personal wealth and defending the private equity firm he founded, Bain Capital.
On Tuesday, Romney disclosed that he pays an effective tax rate of about 15 percent, lower than what he would pay if he earned a regular paycheck rather than making most of his income in dividends, capital gains and other returns on investments. He also called "not very much" the amount he earned in speechmaking fees: $373,327.62 for 12 months in 2010 and early 2011.
His campaign has repeatedly refused to answer more questions about his fortune, and the candidate himself has tried to change the subject by attacking Gingrich as he inches up in polls.
Regardless of the outcome of the primary Saturday, Romney's past 10 days have played into the hands of Democrats who are looking to paint him as an out-of-touch multimillionaire during the general election.
In the meantime, Democrats planned a series of news conferences to argue that the work Romney did at Bain Capital wasn't the same as bolstering American manufacturing.
President Barack Obama's campaign advisers contend voters are unlikely to back a wealthy Republican with financial-industry ties at a time of lingering economic distress.
The questions about Romney's wealth began last week in New Hampshire when he told an audience he knew what it was like to worry about being "pink-slipped" and losing a job. A day later, he said, "I like being able to fire people who provide services to me" ? a comment about health insurance companies that his rivals used to paint Romney as out of touch with ordinary Americans.
In a moment that was clearly unscripted, Romney disclosed for the first time Tuesday that, despite his wealth of hundreds of millions of dollars, he has been paying taxes in the neighborhood of 15 percent, far below the top maximum income tax rate of 35 percent, because his income "comes overwhelmingly from investments made in the past."
He's also refused to answer questions about why he invests in funds that are domiciled in the Cayman Islands, a popular destination for international investments. An Associated Press examination of Romney's 2012 presidential financial disclosure found at least six holdings in offshore-based funds totaling between $7 million and $32 million. There is no indication Romney used the accounts to dodge his U.S. tax obligations.
Depending how the funds are structured, though, some experts said, they can also be used to provide a legal way for American investors to indefinitely defer the payment of taxes until the money returns to the U.S.
During 2010 and the first nine months of 2011, the Romney family had at least $9.6 million in income, according to a financial disclosure form submitted in August.
The maximum marginal U.S. income tax rate of 35 percent applies ? in theory more than practice ? to households with taxable income of over about $388,500.
___
Stephen Braun in Washington contributed to this report.
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Fujifilm considering supporting Olympus (Reuters)
TOKYO (Reuters) ? Japan's Fujifilm Holdings said on Wednesday it is considering supporting scandal-hit endoscope maker Olympus Corp although neither side looks likely to move quickly on an equity alliance that Olympus needs to shore up its finances.
A $1.7 billion accounting fraud has severely depleted Olympus' net assets, but it is being supported by major Japanese shareholders who prefer bringing in an equity partner to selling the whole company or its assets.
Its flexible diagnostic endoscope business, which boasts a 70 percent market share, is seen as a jewel of profitability in Japan's lackluster electronics industry.
"We can only say at this stage that we are considering (supporting Olympus)," Fujifilm President Shigetaka Komori told Reuters in an interview.
"There would be synergies in the endoscope field...It is a given that any company with a medical business would be interested."
Fujifilm, along with Sony Corp and Panasonic, is among firms that media reports and market talk have put into the frame as potential partners for Olympus, although Olympus' president, Shuichi Takayama, said on Wednesday that his company had not been in specific talks with any of those firms.
An equity investment in Olympus by Fujifilm, which holds about 10 to 15 percent of the global diagnostic endoscope market, could trigger a review by Japan's antimonopoly watchdog, the Fair Trade Commission.
MANAGEMENT OVERHAUL
Takayama also said Olympus would wait until after a management overhaul in late April to bring in a potential strategic partner.
"It is important to improve our equity ratio through measures such as business tie-ups," he told a news conference, noting that the ratio stood at 4.5 percent compared with about 30 percent for its rivals.
"The new team will set the direction for specific tie-ups."
Bidders may also be waiting to see what develops in investigations by Japanese police, prosecutors and regulators, as well as by law-enforcement agencies in the United States and Britain.
Takayama, 62, said the current leadership would remain in office for another three months as the company prepared for an extraordinary shareholders meeting in the latter half of April.
That is despite the fact that more than half of its board of directors, including Takayama himself, are being sued by Olympus for mismanagement over the accounting fraud.
Takayama justified his remaining at the helm by emphasizing the need for continuity and his ties to the company's banks, whose support has been key to weathering the scandal as the company tries to rebuild its fortunes.
"As president, I have had quite a bit of contact with lenders who have supplied a great deal of our capital," he said. "I am in touch with people who are very important and necessary for operating the company from now on."
He reiterated that he and others who were sued will step down at the extraordinary shareholders meeting.
Olympus said on Tuesday that its two outside directors, who were not sued, will choose candidates for the new board and internal auditors.
They will need to decide on the candidates by mid-March, to be ready for a vote for approval to take place at the late-April shareholders' meeting, Takayama said.
Olympus shares have lost half their value since the accounting scandal broke three months ago, when it sacked its British chief executive, Michael Woodford, who blew the whistle over the firm's questionable bookkeeping.
(Additional reporting by Mayumi Negishi and Isabel Reynolds; Editing by Mark Bendeich and Matt Driskill)
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Thursday, 19 January 2012
Rights groups: Time-out on Big Easy teen curfew
Alex Brandon / AP
Revelers party on Bourbon Street in the French Quarter during Mardi Gras celebrations in New Orleans in February 2006.
By James Eng, msnbc.com
Juveniles 16 and under would have to be off?New Orleans' streets?by 8 p.m. every night under legislation under consideration by the City Council.
A vote on a proposal to extend a curfew for juveniles in the French Quarter across to the entire city, initially scheduled for Thursday, has been postponed until Feb. 2.
The proposed ordinance has drawn vociferous opposition from community and black activists and civil rights groups. They contend it is discriminatory, could lead to more racial profiling of black youngsters by police and doesn?t address the root causes of youth violence.
Tracie Washington, a lawyer with the Louisiana Justice Institute, a civil rights legal advocacy organization, said studies have shown that curfews don?t have? the desired effect of reducing teen crime.
?This is stupid. You can pass this curfew, and we?re still going to have this problem,? she told msnbc.com.
Expansion of existing curfew
New Orleans has actually had a citywide curfew since 1994, when murders were happening at the rate of nearly one a day. The 1994 ordinance had set curfew times for those 16 and under to 8 p.m. on weeknights and 11 p.m. on Fridays and Saturdays.
On Jan. 5, the City Council voted 6-0 to amend the ordinance to make it 8 p.m. every night in the tourist-heavy French Quarter and the hip Faubourg Marigny neighborhood.
Now, the council is weighing whether to extend the 8 p.m. curfew time citywide.
?The existing citywide juvenile curfew law was passed in 1994 at the request of then-Mayor Marc Morial and Police Superintendent Richard Pennington. At that time, the curfew law was a component of a comprehensive strategy to reduce crime in neighborhoods and protect our city's young people,? City Council member Kristin Gisleson Palmer, who authored the amended French Quarter ordinance, wrote in an op-ed column Wednesday. ?Today, at a similar time of escalating crime and neighborhood violence, it is our duty as elected leaders to stand up, be bold and consider any and all methods that will keep our families and our communities safe.?
Flozell Daniels Jr., president and CEO of the Foundation for Louisiana, a grantmaking philanthropic organization,?and Dana Kaplan, executive director for the Juvenile Justice Project of Louisiana,?an organization that seeks reforms in the justice system, argued against the proposal in a separate op-ed column.
?We share the council's commitment to reducing the crime that is plaguing our city, and to protecting our youth. However, we must work for substantive solutions, based on what is demonstrated will work,? they wrote.
One of the strictest
An 8 p.m. curfew citywide would give New Orleans one of the strictest curfew laws in the nation. Violators?would be?taken to a holding center until they are picked up by a parent. The ordinance provides for several exceptions, such as for youths?who are with a parent or guardian, going to or from work, or are involved in an emergency.
The ACLU of Louisiana, in an open letter signed by other city civil right leaders and legal advocates, said such a proposal could hurt local businesses and ?drastically reduce the amount of free time teenagers have outside of school, limiting their ability to date, go to the movies, or attend nighttime Mardi Gras parades,? wwltv.com reported.
Black teens could also face unfair treatment, the ACLU said, according to wwltv.com.
?In New Orleans, African Americans are arrested for curfew violations at a rate 19 times greater than are white youth. There is, then, a significant risk that some teens will be disproportionately and unfairly affected by this change in the law.?
Washington, of the Louisiana Justice Institute, says the proposed citywide curfew does nothing to address the scarcity of teen resources and recreational outlets, such as movie theaters and bowling alleys.
?Our children are dying. We had two murders last night. Twelve murders in first 12 days of the year.? Children are getting shot sitting inside their homes, sitting on their front porches. I live in a war zone,? she said.
?If you are really concerned about health safety and welfare of juveniles, then do something. ?
What do you think about an 8 p.m. nightly curfew for people 16 and under?
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More content from msnbc.com and NBC News
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LSU cornerback Tryann Mathieu tweeted Tuesday about the BCS title game loss Met with coach (Les) Miles today and I seen the lo...
12:00 AM: Ed Tomlin, father of Pittsburgh Steelers coach Mike Tomlin & a former local NAACP president, died Monday at the age of 63 from an apparent heart attack.
9:00 PM: Former Miami Dolphins receiver Mark Duper says he feels "great" after having a cancerous kidney removed over the weekend. Duper was discharged from a Miami hospital on Tuesday.
8:45 PM: Baltimore Ravens safety Ed Reed said of QB Joe Flacco's performance in Sunday's playoff win over the Houston Texans: "It just didn't look like he had a hold on the offense."
8:30 PM: In a press conference Tuesday, LSU coach Les Miles denied rumors that there was a locker room confrontation between players & coaches over Jordan Jefferson starting at QB for the BCS title game instead of Jarrett Lee.
8:15 PM: Former Auburn RB Michael Dyer has transferred to Arkansas State, where he'll re-join former Tigers offensive coordinator & new Red Wolves head coach Gus Malzahn.
8:00 PM: A Fort Collins, Colorado movie theater has suspended five employees after a 66-year-old man had supposedly spent five days dead in a theater bathroom.
7:45 PM: Washington Redskins linebackers coach Lou Spanos has been hired as UCLA's new defensive coordinator.
7:30 PM: Former PGA Champions Tour player Steve Thomas was one of 40 people arrested in an undercover Internet child sex sting in Florida during the past week.
7:15 PM: The Denver Broncos are not bringing back strength & conditioning coach Rich Tuten, who's been with the team for the past 17 seasons.
7:00 PM: Boston Red Sox outfielder Carl Crawford underwent left wrist surgery on Tuesday & may miss Opening Day on April 5.
6:45 PM: The Boston Herald's Inside Track reports that porn star Bibi Jones, who posed for pics with New England Patriots TE Rob Gronkowski, will be performing at a Boston-area strip club during Super Bowl weekend.
6:30 PM: According to an NBA.com poll, 74.1% of the league's general managers believe the Miami Heat will win the 2012 NBA title. 14.8% believe the Oklahoma City Thunder will win it, 7.4% are for the L.A. Lakers & 3.7% are for the Chicago Bulls.
6:15 PM: Indianapolis Colts defensive end Robert Mathis tweeted after the firing of head coach Jim Caldwell: "(Team owner Jim) Irsay aint playing no games!"
6:00 PM: The family of Kirby Wilson released a statement Tuesday saying that the Pittsburgh Steelers running backs coach remains in critical condition after suffering burns on over 45 percent of his body from a January 6 house fire.
5:45 PM: The Detroit News reports Tigers designated hitter Victor Martinez is likely out for the 2012 season after tearing his ACL while working out last week.
Source: http://www.sportsbybrooks.com/sbblive?eid=32919
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Wednesday, 18 January 2012
CAMERA Snapshots: Ministry of Finance Highlights Israel's ...
? Uri Misgav, Without Minimal Clarification | Main
January 16, 2012
Ministry of Finance Highlights Israel's Economic Success and Fiscal Discipline
Israel's problems, real and imagined, are the focus of persistent media attention. The New York Times, for example, regularly chastises the Israeli government and finds fault with Israeli society wherever it looks. A recent Times op-ed on the treatment of gays chose to excoriate Israel, the region's most tolerant society. Relentless criticism and condemnation of Israel obscures the extraordinary recent accomplishments of the Jewish state. These accomplishments, laid out in a summary report for 2011 published by Israel's Finance Ministry, reveal a remarkable story of fiscal discipline and economic expansion.
Over the past year, while the world's developed economies continue to falter and their fiscal situations grow ever more serious, Israel's economy grew by nearly 5 percent. Its per capita gross domestic product increased by 3 percent. All of its major economic indicators were positive:
Unemployment declined to 5.6 percent.
Inflation was kept low at 2.6 percent.
The Israeli economy's current picture of stability and growth is the culmination of years of fiscal discipline that pulled Israel back from the brink of fiscal collapse just 27 years ago, when it experienced runaway inflation of 445 percent in one year.
A detailed report published by the Ministry of Finance delves further into Israel's economic transformation. This success was in large part due to reducing the burdensome presence of government in the economy coupled with increased emphasis on developing homegrown technologies. Page 12 of the report contains a graph showing the rapid growth of high technology exports since 1990. The destination of Israeli export trade has broadened as well; Asia now ranks alongside the United States and Europe as a major export market.
Despite Israel's continuing need to invest heavily in its military and the continuing legacy of an overwhelming government presence in economic activities, government expenditure has declined from 56 percent of the GDP in 1988 to less than 43 percent today.
A chart on page 14 reveals that Israel has experienced a recurring cycle of increased government borrowing followed by a return to fiscal stability. Yet in sharp contrast to the experiences of many developed economies, the most recent Israeli borrowing cycle that began in 2008 has been marked by a less severe debt load than previous cycles. As a result of responsible fiscal policy, Israel's government debt has declined from 100 percent of GDP in 1987 to 75 percent in 2010. Most of the developed world is heading in the opposite direction of increased debt load.
Page 16 of the report illuminates the most extraordinary achievement. In 1984, Israel experienced a crisis in runaway inflation of 445 percent. The government implemented severe measures, making significant budget cuts and taking away its own authority to print money. Since then Israel has managed to maintain a low single digit rate of inflation usually between 1-3 percent per year.
This extraordinary achievement of economic growth and fiscal discipline receives little notice in the media. It is all the more remarkable when considering the persistent efforts by anti-Israel activists in Europe and the United States to damage the Jewish state's economy through the Boycott, Divestment and Sanctions movement (BDS) and the longstanding Arab boycott.
One might argue that the BDS movement has unwittingly benefitted Israel by forcing it to emphasize technology exports that are less sensitive to boycotts. While this transition would have happened regardless, the impetus of the boycotters may have sped up the process. Israel's economic success in the face of unrelenting blacklisting and boycotts recalls the famous Arab proverb: Dogs may bark, but the caravan moves on.
Posted by SS at January 16, 2012 05:28 PM
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Source: http://blog.camera.org/archives/2012/01/ministry_of_finance_highlights.html
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Regis Philbin sells Conn. house for $3M (omg!)
GREENWICH, Conn. (AP) ? Television host Regis Philbin and his wife, Joy, have sold one of their Connecticut homes for $3 million.
The Greenwich Time reports (http://bit.ly/ye4QCb ) that town records show the Colonial home in Greenwich was placed on the market for $3.8 million in July and sold for $3 million in September.
The buyer, Raymond LaChance, told the newspaper that the fact that Philbin is the former owner is "kind of neat," but that did not influence his and his wife's decision to purchase the house.
The home has nearly 6,000 square feet of space and sits on six acres near a state park. It also includes a pool, a tennis court and a gazebo.
The Philbins own another home less than two miles away and an apartment in Manhattan.
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