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Obama issues warning about government shutdown

Post n°23 pubblicato il 03 Aprile 2011 da aeqprchti
 

President Barack Obama warned lawmakers on Friday that it would be the "height of irresponsibility" to shut down the government over a spending battle, pressuring Republicans not to pursue deeper cuts.

Obama's comments set the stage for an attempt to blame Republicans should congressional negotiations collapse and the U.S. government runs out of cash when a short-term funding measure expires on April 8.

"We know that a compromise is within reach. And we also know that if these budget negotiations break down, it could shut down the government and jeopardize our economic recovery," Obama said at a UPS shipping facility in Landover, Maryland.

Obama weighed in at a sensitive time in the negotiations.

The talks could still fall apart, but neither party is eager to cause a government shutdown that could lead to thousands of layoffs when voters are nervous about the shaky economic recovery and rising gas prices brought on by political unrest in the Middle East.

Both sides are believed to have tentatively agreed to $33 billion in cuts but are haggling over where the budget knife should fall.

"I'm happy to say that negotiations toward a compromise are moving forward. Not as fast as I would like, but they are moving forward," Senate Democratic Leader Harry Reid said on a conference call.

Democrats want to cut defense spending and some benefit programs that normally lie beyond the reach of the annual budget process, and protect education and scientific research programs. Republicans hope to deny funding to some of Obama's top priorities, such as Obama's healthcare overhaul and greenhouse-gas regulation.

A $33 billion cut would represent a big victory for Republicans, as Obama had initially proposed a budget that would have increased spending by $41 billion but was never enacted.

But newly elected Tea Party conservatives in the House of Representatives want deeper cuts, presenting a challenge to House Speaker John Boehner.

And that is just for the budget for the fiscal year that ends September 30. A bigger battle may be looming for the 2012 budget as Republicans eye further spending cuts, tax cuts and a revamp of big-ticket benefits like the Medicaid program for the poor and disabled.

BOEHNER WARNS AGAINST SHUTDOWN

Boehner said on Friday that a shutdown would undermine Republican goals to cut government spending.

"Let's all be honest, if you shut the government down, it'll end up costing more than you save because you interrupt contracts. There are a lot of problems with the idea of shutting the government. It is not the goal. The goal is to cut spending," Boehner told a news conference.

On Friday, several House Republicans said they would resist meeting Democrats in the middle on the size of the cut as they stood on the steps of the Senate. They want to stick to $61 billion in cuts that have already passed the House.

"Anything less than $61 billion is an insult to the problem," said Republican Representative Paul Broun.

The size of the package could change, as Republicans are inclined to push for deeper cuts in return for dropping measures that would block funding for birth control, environmental regulation and other agency activities.

Dozens of such restrictions are included in the Republican plan, and some of them will probably make it into the final bill.

"Let's not shut down the government on a fight over some bumper sticker issue that may have been around for the last 10 or 20 years," Democratic Senator Dick Durbin said.

Congressional Democrats who saw Republicans punished by voters after a 1995 shutdown when Democrat Bill Clinton was president are eager to place the blame on Republicans once again.

Until Friday, Obama had largely resisted weighing in on the battle.

Obama chose to do so because a Labor Department report showed a slight decline in the U.S. jobless rate to 8.8 percent and he felt it important to comment on the possibility of a shutdown that he believes could hinder the fragile recovery, White House spokesman Jay Carney said.

Democratic and Republican staffers were expected to work through the weekend to lay the legislative groundwork for the deal. Boehner said he would not be in town.

(Additional reporting by Andy Sullivan, David Alexander, Thomas Ferraro, Richard Cowan and Matt Spetalnick; Editing by Paul Simao)

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Rajaratnam trial lawyers push research defense

Post n°22 pubblicato il 03 Aprile 2011 da aeqprchti
 

Raj Rajaratnam did not pick stocks alone. He had a team of researchers at his Galleon Group hedge fund to grind through the rumor mill and anticipate a good bet.

This is the thrust of every cross-examination of government witnesses at Rajaratnam's insider trading trial in New York.

Similarly on Thursday, former Galleon portfolio manager Adam Smith acknowledged under questioning that "there were a number of rumors" about a possible merger of chipmakers Advanced Micro Devices Inc and ATI Technologies months before the announcement of a $5.4 billion deal on July 24, 2006.

But Smith also said: "The speculation was public. The fact that it was happening was not public."

Smith, 39, on his third day on the witness stand in Manhattan federal court, has testified that he was tipped in May 2006 by a Morgan Stanley banker, Kamal Ahmed, who gave confidential details of AMD's interest in buying ATI.

Smith said he then told Rajaratnam, who is charged with 14 counts of conspiracy and securities fraud in making $45 million in illicit profit between 2003 and March 2009, mostly on tech stocks. His lawyers contend that research and market speculation, not material company secrets, guided his trades.

Smith is among 19 people who have pleaded guilty in the sweeping Galleon case, which is described by prosecutors as the biggest probe of hedge funds in history.

The trial began on March 8 and will resume on Monday.

Defense lawyer Terence Lynam showed emails to the jury and Smith to argue that AMD's potential acquisition of ATI was so widely known by early July 2006 that shareholders were writing to top AMD executives about the possible deal.

But in additional questioning after the cross-examination, the government sought to reinforce its allegation that Galleon and Rajaratnam relied on inside information. Smith was asked by prosecutor Andrew Michaelson about a conference call on July 5, 2006, between ATI chief executive David Orton and Galleon technology researchers.

"What did he tell you about the possible acquisition by AMD?" Michaelson asked Smith. "Nothing," he replied.

No charges have been announced against Ahmed, who has been put on leave by the investment bank.

On Thursday, the jurors also heard that alleged tips by Ahmed on a 2005 merger announcement between Integrated Device Technology IDT and Integrated Circuit Systems Inc (ICST) led to $2 million in trading profits for Rajaratnam.

The defense said Rajaratnam's trades were based on internal Galleon research. Smith told the jury he would periodically check in with Ahmed in the months leading up to the deal's announcement and would send Rajaratnam emails about its status.

Prosecutors pointed to internal Galleon trading records indicating that Rajaratnam bought $3 million worth of ICST stock days after an email on March 17, 2005, from Smith to Rajaratnam about the deal that said "game on." Prosecutors said Rajaratnam dumped the stock after the June 15 announcement of IDT buying ICST.

The trial is notable for dozens of recordings of FBI taps on Rajaratnam's mobile phone that have been played for jurors.

On Wednesday, the jury heard on a phone tap that Rajaratnam had advance knowledge from a Goldman Sachs Group Inc director that in October 2008, the Wall Street bank was on its way to its first quarterly loss as a public company.

"I just heard from somebody who's on the board of Goldman Sachs, they are gonna lose $2 per share," Rajaratnam was heard telling David Lau, who ran Galleon's office in Singapore, on October 24, 2008. "So what he was telling me was that, uh, Goldman, the quarter's pretty bad."

The director was Rajat Gupta, who has since left the Goldman board. Indian-born Gupta, 62, is also the former worldwide head of elite McKinsey & Co management consultancy. Prosecutors describe him as an unindicted co-conspirator in the case and he is facing civil charges by U.S. market regulators.

The case is USA v Raj Rajaratnam et al, U.S. District Court for the Southern District of New York, No. 09-01184.

(Additional reporting by Basil Katz; Editing by Ted Kerr, Gary Hill)

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Vowell takes on Hawaii's history but misses mark

Post n°21 pubblicato il 31 Marzo 2011 da aeqprchti
 
Tag: per

the disintegration of the kingdom — is relegated to little more than an addendum.

Throughout the pages, Vowell's cheeky comments are scattered about, but not nearly enough to boost "Unfamiliar Fishes" to its full potential. Will you learn something from this book? Absolutely. The trick is wanting to keep turning the pages.

Vowell has a sizeable following earned through best-sellers including "Assassination Vacation," appearances on "This American Life" and essays in The New York Times. That afforded her the rare opportunity to illuminate readers to respect the depth of complexity there is to Hawaii and its people, too often glossed over in the stereotypes of a hula-swaying, white-sanded honeymoon spot.

If that audience picks up this book because of Vowell's name appeal and is able to soldier through, then some light will be shed on a facet of U.S. history worthy of further examination. But even though much information is there, even with all of the potential drama of the story of this tiny kingdom crumbling beneath the weight of early American imperialism, the author missed the mark.

Hawaii, once again, deserved better.

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New Store Provides Gear for Sports and Outdoor Activities

Post n°20 pubblicato il 31 Marzo 2011 da aeqprchti
 
Tag: rose

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People will appreciate all the outdoor, sporting and camping items at this new store.

Trabuco Canyon, CA (PRWEB) March 25, 2011

Nothing matches the fun of getting together for the big game and doing a little tailgating beforehand, except maybe getting out some great sports gear and enjoying some outdoor activities! Sports fans and outdoors enthusiasts are looking for a store that offers all the gear they need - from the Saturday pickup game to the Sunday afternoon tailgate - in one convenient stop for low prices.

One newly opened store provides just that. The Grand E-Mall, recently established by entrepreneur Robert Curreri, is an Internet store that delivers all the sports gear and outdoor activities products people want. They also have a wide variety of other quality items, like home furnishings and electronics.

The Grand E-Mall is available to shoppers at any time via the Internet at . The website is easy to use thanks to a helpful search function. Even for those shoppers who have limited experience with making purchases on the web, the store is simple and safe.

Shopping at The Grand E-Mall is convenient and enjoyable, but what really puts it over the top is the amazing selection they offer. The fantastic bargains that shoppers find here will inspire them to get outside and some fun with their new sports gear and outdoor items. This is one new store that shoppers will appreciate!

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Robert CurreriThe Grand E-Mall(949) 709-2332Email Information

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After 67 Percent Tax Hike Last Month, Ill. Governor Wants to Borrow $8.75 Billion

Post n°19 pubblicato il 16 Febbraio 2011 da aeqprchti
 
Tag: gas

COMMENTARY | Just a few days agoIll. Governor Pat Quinn was trading potshots with N.J. Governor Chris Christie over which state was in worse financial condition.New Jersey's bonds were downgraded recently, and just last month Quinn pushed through a 67 percent tax increase that affects both individuals and corporations.

Now, however, thehas reported that Quinn has admitted that even with the expected influx of income taxes, which is already being withheld from paychecks across the state, he still needs a loan of $8.75 billion to pay 36,000 vendors.Sounding a bit like a political Madoff peddling a pyramid scheme, Quinn plans to pay back the loan with the money raised by the income tax hike.

More disturbing?Quinn and his staff have declined to say just how far off from their annual budget his administration is.It could be $3 billion, which means that with the $8.7 billion the total deficit between income taxes raised and expenses is a whopping $12 billion.

Rumor also has it that Quinn wants to try to raise cigarette taxes as well.The governor also has his staff working on ways to slash human services funding and state employees.

Illinois's financial situation is so bleak that House Speaker Michael Madigan (D-Chicago) has even suggested cutting pension benefits for current state employees, which may be unconstitutional in addition to radical.

Although Illinois residents are currently tightening their belts thanks to the recent income tax rate increase for individuals from 3% to 5%, the law that put that rate increase in place came with a cap that limits how much the state can spend in each of the next three years.

Chicago's localaffiliate has speculated that while the cap on spending this year has left the state with enough room to spend the $7 billion expected to be raised, future years could be problematic.Expenses may increase to the point where discretionary spending must be cut.

Despite the over the top theatrics from Quinn, a clear plan to keep the state of Illinois from devolving into a similar financial disaster in the future is yet to be announced.Without a change in the way that Illinois allocates its funding to different state agencies, it is impossible to know where all these billions of dollars that Quinn is requesting will go - or where so many billions have already gone.

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