Weekday NEWS to Comfort the Disturbed and Disturb the Comfortable.
Thurs 02.04.2010
Wall Street tumbles on jobs data, euro zone fears NEW YORK (Reuters) - U.S. stocks slid 2 percent on Thursday after new applications for jobless insurance rose unexpectedly, and basic materials shares sank as a rising U.S. dollar hurt commodity prices The greenback rose against a basket of currencies .DXY as the euro slid to a seven-month low against the dollar on worries over sovereign debt in Greece, Portugal and Spain. Dylan Ratigan: FED GAVE Banks Access to 23.7 TRILLION DOLLARS NOT $700 Billion!
Bernanke opens second term with a warning Tells staff too many in U.S. are out of work and Fed's independence at risk -- WASHINGTON AP - Federal Reserve Chairman Ben Bernanke expressed concerns Wednesday about the economic recovery during a ceremonial swearing-in for another four-year term. In brief remarks to staffers, Bernanke said that while the economy is growing, "far too many people remain unemployed, foreclosures continue at record rates and bank credit continues to contract." One of the Fed's challenges is protecting its independence from congressional meddling, he said.
No help in sight, more homeowners walk away By David Streitfeld - NYTimes About 5.1 million will own a home valued below 75 percent of what is owed In 2006, Benjamin Koellmann bought a condominium in Miami Beach. By his calculation, it will be about the year 2025 before he can sell his modest home for what he paid. Or maybe 2040. "People like me are beginning to feel like suckers," Mr. Koellmann said. "Why not let it go in default and rent a better place for less?" After three years of plunging real estate values, after the bailouts of the bankers and the revival of their million-dollar bonuses, after the Obama administration's loan modification plan raised the expectations of many but satisfied only a few, a large group of distressed homeowners is wondering the same thing.
A Founding Father's Response to Our Current Financial Mess Tim Iacono - Seeking Alpha As the congressional hearings on the role of the Federal Reserve and the Treasury Department in the late-2008 bailout of AIG proceed (live blogging here at the WSJ if you want the short version), perhaps now is a good time to recall the words of Thomas Jefferson: I sincerely believe, with you, that banking establishments are more dangerous than standing armies; and that the principle of spending money to be paid by posterity, under the name of funding, is but swindling futurity on a large scale.
Obama Deficit Brings Us Closer to the Brink of National Bankruptcy By Martin Hutchinson, Money Morning -- U.S. President Barack Obama's budget for 2011, presented on Monday, shows a deficit of $1.3 trillion for the fiscal year that ends that September. That shortfall is actually $287 billion more than the Congressional Budget Office (CBO) had projected less than a week earlier, when it had released a budget forecast of its own for that same fiscal year. Granted, we're getting used to seeing budget deficits expand at a pretty quick pace these days. But even by government standards an increase of nearly $290 billion in less than a week is almost too much to bear!
U.S. May Lose 824,000 Jobs as Employment Data Revised Feb. 3 (Bloomberg Multimedia) -- The U.S. may lose 824,000 jobs when the government releases its annual revision to employment data on Feb. 5, showing the labor market was in worse shape during the recession than known at the time. See why http://www.bloomberg.com/insight/birth-death-model.html
Who Will Be the New Global King of the Hill? By William Pfaff - Truth Dig China and India stopped being part of what was called the "third world" when the "second world," the communist world, disappeared in a shattering of global illusions in 1989. Since then there has been a search to find a new King of the Global Hill. The United States rejoiced for a few years in being the sole superpower, considering it an opportunity to remake the world according to its own advantage.
Gold to hit $1,350 in 2010: Newmont PERTH (Commodity Online): Gold price may go up to $1,350 per ounce in 2010. This opinion came from none other than Newmont Mining Corporation President Richard O'Brien. "We will see continued support for the gold price," O'Brien said at the official opening of the company's Boddington gold mine near Perth. "Gold is a safe currency. No country can dilute the value of gold."
Time to Sell Property and Equities and Buy Gold and Silver By: Peter Cooper - Gold Seek It is fairly easy to understand the obvious link between the greater availability of credit and rising asset prices. But less obvious is the rolling up effect or compounding of relatively small annual gains in value over very long periods of time in a credit boom. In June this correspondent will go for a reunion of alumni in Oxford after almost 30 years of absence. Since then the price of a cup of tea on British Rail is up six-fold. The value of our former family home by a factor of 18.
Daily Noise in Gold & the Euro By: Adrian Ash - Gold Seek "GOLD RETREATS as Dollar gains," says a headline from Dow Jones Newswire. Which makes sense. Because when that isn't happening, "Gold adds to gains as Dollar falls versus Euro," says Reuters. Thus the intuitive Dollar-gold pairing swings now one way or other in the financial pages...gaining here, falling there...but always joined together as the journalist's deadline is heard hurrying near. The "whys" and the "wherefores" of a quick market comment demand it as well. Ask a professional analyst for a 10 or 15-word soundbite, and they'll most often tell you, if not vice versa, that "The Dollar is stronger, keeping precious metals under pressure." Beyond the daily noise, however – and with the single currency unwinding its last eight months' action vs. the Dollar at the end of last week – gold has in fact moved up against both.
Confiscation Through Inflation By Mike Hewitt - Dollar Daze "The Central Bank is an institution of the most deadly hostility existing against the principles and form of our Constitution." (Thomas Jefferson) The Mission Statement of the Federal Reserve, as stated on their website, is "...to provide the nation with a safer, more flexible, and more stable monetary and financial system." Below is a graphical representation of the fall in value of the U.S. dollar since the Federal Reserve took control of the monetary system. I would like to ask the U.S. Federal Reserve what their definition of the word "stable" is. In the first seven years of providing the nation with a "more stable monetary system", the U.S. dollar lost one-half of its value. Today, the U.S. dollar is worth less than a nickel was in 1913!
Bernanke Takes Oath at Fed, Quietly By Sewell Chan - NY Times Ben S. Bernanke stepped into the imposing two-story marble atrium at the Federal Reserve’s headquarters and took the oath of office from his deputy. The president lauded Mr. Bernanke as “an economist’s economist” who had “earned the respect of the global financial community.” A cabinet secretary, members of Congress and two former Fed chairmen looked on. That was then. This is now. Mr. Bernanke was sworn in Wednesday to a second four-year term as chairman of the central bank in a quiet ceremony that had none of the pomp and praise of four years ago.
Volcker Rules By Robert Scheer - Truth Dig Finally President Barack Obama has come to his senses on financial regulation. His endorsement of what he calls the "Volcker Rule" for once puts him squarely on the side of ordinary Americans as opposed to the banking bandits who have so thoroughly fleeced the public.
Treasury expects to hit debt limit in February By Christopher S. Rugaber - AP Economics Writer WASHINGTON - The Treasury Department said Wednesday it expects to hit the government's debt ceiling by the end of February, putting pressure on Congress to raise the limit from its current level of $12.4 trillion. Treasury said it is working closely with Congress to raise the ceiling. The Senate has approved legislation to increase it by $1.9 trillion to $14.3 trillion. A ceiling that high would equal about $45,000 for every American. The House is expected to vote on the increase Thursday.
Spending Freeze Not Likely Ron Paul - Texas Straight Talk Last week politicians in Washington made a few things clear about how they really feel about the state of the union. First, they are beginning to hear the growing discontent with the size and scope of government and the broken promises that keep piling up. Certain events in Massachusetts recently made that statement loud, clear and unavoidable. In the face of those events, the powers that be made the determination that some populist rhetoric was in order, and the idea of a spending freeze in Washington was proposed, albeit with several caveats. These caveats to the proposed spending freeze ensure that we are not at any real risk of actually doing anything about spending.
Obama Retreats From Goal of Cap-Trade Bill By Elizabeth Williamson - WSJ NASHUA, N.H.-President Barack Obama said for the first time Tuesday that legislation that would require industries to pay for emissions of greenhouse gases may need to be separated from a more popular "green jobs" bill in the Senate, a maneuver that could kill what once had been one of the administration's top policy priorities. Answering a participant in a town-hall meeting in Nashua who asked about green jobs-those connected to renewable energy-and so-called cap-and-trade legislation, Mr. Obama said, "The only thing I would say about it is this: We may be able to separate these things out. And it's possible that that's where the Senate ends up."
Bankers Enter 'Dungeon of Pain' to Cut Stress in Ultimate Fight Clubs By Kristen Haunss -- Feb. 3 (Bloomberg) -- A black eye or row of stitches may grace John Cholish's face when he meets with wealth-management clients at Merrill Lynch & Co. Those injuries occur after Cholish, 26, leaves his midtown Manhattan office and heads for the gym. He spends a couple of hours most evenings at the Renzo Gracie Academy on West 30th Street, kicking, throwing punches and tackling opponents, as they train to compete in mixed martial arts.
Loan repurchases are a $10 billion problem for big banks By Alistair Barr, MarketWatch Bank of America, J.P. Morgan and Wells Fargo vie with insurers, Fannie, Freddie SAN FRANCISCO (MarketWatch) -- Just when they thought the worst of the mortgage crisis was behind them, billions of dollars in bad loans from the debacle may be rising from the dead and creeping back on the balance sheets of the largest U.S. banks. Big lenders including Bank of America, J.P. Morgan Chase and Wells Fargo may be forced to repurchase troubled home loans from insurers and mortgage-finance giants like Freddie Mac that had agreed to take on risks associated with those assets during the real estate boom.
Struggling banks need government help, trade group says By Binyamin Appelbaum, David Cho - Washington Post The head of a major trade group for community banks said Tuesday that the Obama administration's $30 billion program to spur small-business lending would not work unless the government offered money to struggling banks alongside stronger ones. The warning from Camden Fine, president of the Independent Community Bankers of America, highlighted the basic problem that has stymied past government efforts to send aid through the banking system to the broader economy.
Democrats to Unveil Jobs Package Spending Fight Looms By Naftali Bendavid, Greg Hitt - WSJ Senate Democrats are preparing to release a roughly $80 billion jobs program this week, but its prospects are uncertain in a political landscape where voters are angry about unemployment yet fuming about federal spending. Senate leaders are proposing that part of that money come from funds originally allocated to the financial-sector bailout effort, the Troubled Asset Relief Program, or TARP. But top Democrats have decided to slice the jobs initiative into smaller chunks in the face of Republican attacks on big federal economic-stimulus programs.
Solis Seeks Passage of Jobs, Business Plan By Darrell A. Hughes - WSJ WASHINGTON-Labor Secretary Hilda Solis urged lawmakers Wednesday to pass President Barack Obama's small business lending plan that's designed to help spur job growth. "We know that small businesses are often the driver of economic expansion that communities across the country desperately need, and the President's new small business jobs and wages tax credit will reward job creation and the good jobs that pay more," Ms. Solis said. Ms. Solis testified before the House Education and Labor Committee regarding the Labor Department's 2011 fiscal budget proposal and several goals the agency plans to achieve over the next year.
U.S. Economy: Services Expanded Less Than Forecast in January By Bob Willis Feb. 3 (Bloomberg) -- Service industries in the U.S. expanded less than anticipated in January, a sign the recovery will be slow to spread from manufacturing to the rest of the economy. The Institute for Supply Management's index of non- manufacturing businesses, which make up almost 90 percent of the economy, climbed to 50.5 from 49.8 in December, figures from the Tempe, Arizona-based group showed today. Readings above 50 signal growth. Other reports showed firings eased last month.
Pay czar: AIG bonuses are 'outrageous' but legal White House pay czar Kenneth Feinberg says the contracts that obligate American International Group Inc. to pay such large bonuses will expire in March. -- (AP) - Executives in American International Group Inc.'s financial products division are getting $100 million richer, and the White House pay czar calls the bonuses "outrageous." However, Kenneth Feinberg said the payments are contractual obligations entered into years ago. And he pointed out that AIG executives have pledged to repay $39 million out of $45 million in previous bonuses to the U.S. Treasury.
Geithner: Bank fee would recoup AIG bonuses Treasury secretary calls payments by insurer 'deeply irresponsible' WASHINGTON - Reuters -- Treasury Secretary Timothy Geithner on Wednesday said insurer AIG's contracts to pay hundreds of millions of dollars in bonuses were "outrageous" and appealed to Congress to help recoup the payments. Geithner said Congress could help recover the "deeply irresponsible" bonuses by passing an Obama administration proposal to levy fees on large financial firms. "Those contracts were outrageous. They should never have been permitted," Geithner said in testimony to the U.S. House of Representatives Ways and Means Committee.
Obama's Pyramid Schemes Would Make Keynes Happy Commentary by Caroline Baum Feb. 3 (Bloomberg) -- Jobs, jobs, jobs. Meet the new mantra, same as the old mantra. No longer will President Barack Obama be content to cite specious numbers about "jobs saved or created" as a result of last year's $787 billion fiscal stimulus. Now he's proposing $100 billion of new spending to "jumpstart job creation," according to White House Budget Director Peter Orszag. It's part of a $3.8 trillion budget for fiscal 2011, unveiled Monday, that projects a $1.3 trillion deficit next year, following a $1.6 trillion deficit this year.
Judge Andrew Napolitano 1/2: False Flag Event To Save Obama's Presidency Alex welcomes back to the show former New Jersey Superior Court Judge and political and legal analyst for Fox News Channel, Andrew Napolitano. Judge Napolitano is the author of Constitutional Chaos: What Happens When the Government Breaks its Own Laws, The Constitution in Exile: How the Federal Government Has Seized Power by Rewriting the Supreme Law of the Land, and A Nation of Sheep.
House Dems trash Obama's plan for jobs tax credit By Steven Ohlemacher - AP WASHINGTON - Some rank and file Democrats in the House are trashing President Barack Obama's plan to give businesses that add workers a new $5,000 tax credit for each job they create. Democratic Rep. Mike Thompson of California said businesses won't hire new employees unless they have work for them to do. Democratic Rep. Lloyd Doggett of Texas said companies that have struggled to keep workers would lose out while those that got rid of workers could get the credit by replacing them.
Pace of private sector job losses slows US lost 22,000 private sector jobs last month NEW YORK - Reuters -- The pace of job losses in the private sector slowed in January as employers reported the smallest payroll decline in nearly two years while demand for home loans hit a six-week high last week, data showed on Wednesday. A report by ADP Employer Services showed the United States lost 22,000 private sector jobs last month, smaller than the 61,000 jobs lost in December and economists' forecasts for a 30,000 loss in January. December's decline was first reported at 84,000.
Wal-Mart laying off 300 workers at HQ Retail giant calls this the 'last major' step in its streamlining efforts LITTLE ROCK, Ark. - AP --Wal-Mart Stores Inc. announced Wednesday it will lay off 300 people at its headquarters, calling the cut the "last major" step in a yearlong effort to streamline its operations and eliminate duplication. The world's largest retailer, which has 2 million employees, has changed its global sourcing network and cut thousands of employees in U.S. stores. It also cut 700 to 800 headquarters workers in February 2009.
Business bankruptcies rose 7 pct in January NEW YORK (Reuters) - U.S. business bankruptcy filings rose 7 percent in January from a year ago, according to a bankruptcy data provider on Wednesday, as the sluggish economy hurt sales and hindered businesses' ability to refinance heavy debt obligations. Companies from a range of industries including educational publishing group Haights Cross Communications Inc HAIGH.UL, financial company FirstFed Financial Corp and airline Mesa Air Group MESA.O were among the 6,502 companies that filed for bankruptcy protection in January, compared with 6,055 in the same month last year, according to Automated Access to Court Electronic Records (AACER), a database of U.S. bankruptcy statistics used by attorneys and lenders. "(The numbers) indicate that there's going to be more filings in 2010 than in 2009," said Mike Bickford, president of AACER.
Judge fast tracks CIT bankruptcy plan hearing Jonathan Stempel NEW YORK (Reuters) - A U.S. bankruptcy judge set a December 8 hearing to consider approval of CIT Group Inc's CITGQ.PK reorganization plan, aiding the large commercial lender's effort to emerge from bankruptcy by year's end. "We are on a very fast track," Judge Allan Gropper said at a Tuesday hearing in Manhattan bankruptcy court. A quick reorganization is crucial if New York-based CIT expects to retain most of its customers, and remain what its lawyer Gregg Galardi called "a source of strength" for its banking unit, which did not file for bankruptcy protection.
CIT's bankruptcy exit fraught with uncertainty Elinor Comlay NEW YORK (Reuters) - CIT Group Inc is looking for a quick exit from Chapter 11 protection but its long-term survival outside of bankruptcy depends in large part on what regulators will allow it to do with its various businesses. "CIT in general isn't out of the woods yet," said Jeffrey Knopman, principal of Profit Solutions Group Inc, which helps vendors deal with retailers. The bankruptcy financing gives the company a bit of a reprieve, he said, adding, "I think the jury's still out on the longer term." CIT hopes to move some of its best businesses, including vendor financing and factoring, to its bank, where it can fund them with deposits. But regulators may balk at this move.
Uh oh: Turnout in Illinois primary portends disaster for Democrats By: Mark Hemingway My colleague Michael Barone noted this morning that the turnout numbers from last night's Illinois primary look bad for Democrats heading into November. He's not alone in this observation. The Democratic polling firm Public Policy Polling looks at the numbers from last night and they are very concerned by what they see: Based on the current numbers 885,268 voters were cast in the Democratic primary for Senate compared to 736,137 on the Republican side. Those numbers are awfully close to each other for a state that's overwhelmingly Democratic.
Pimco Says California Yields May Revisit 2009 Peak on Deficits By William Selway Feb. 3 (Bloomberg) -- Kenneth Naehu, who invests $2.5 billion for Bel Air Investment Advisors in Los Angeles, sold California bonds late last year as he saw deficits mounting -- and says he's not ready to buy back in yet. Naehu, 43, is among investors including Newport Beach, California-based Pacific Investment Management Co. and Thornburg Investment Management in Santa Fe, New Mexico, forecasting that the state's yields -- which move inversely to prices -- may increase relative to other municipal bonds because of the financial strains. Pimco, the world's biggest fixed-income manager, predicts the yield on 30-year debt may rise above 6 percent, the highest since last summer's fiscal crisis.
Judge Andrew Napolitano 2/2: False Flag Event To Save Obama's Presidency
You lost your house - but you still have to pay By Les Christie NEW YORK (CNNMoney.com) -- As terrible as it is to lose your house to foreclosure, at least it's a relief to put your biggest financial headache behind you, right? Wrong. Former homeowners may still be on the hook if there's a difference between what they owed on their mortgage and what the bank could sell it for at auction. And these "deficiency judgments" are ticking time bombs that can explode years after borrowers lose their homes. It can even happen to people who got their bank to approve them selling their home for less than it is worth.
Consumers paying credit card over mortgage By Annalyn Censky NEW YORK (CNNMoney.com) -- When faced with a financial crisis, consumers more often are opting to pay their credit-card bills first before turning to their mortgage payments, according to a report released by Trans Union Wednesday. In the past, strapped consumers typically would let their credit cards slide and make sure their mortgages were covered, said Sean Reardon, the study's author and a consultant at the Chicago-based credit bureau. But those priorities flipped in the first quarter of 2008, according to the study, and the trend has been picking up steam.
Rich People Feel More Well Rested By Catherine Rampell - NY Times Rich people are more likely to say they feel well rested than poor people are, according to the Gallup-Healthways Well-Being survey. The results are based on poll data from 2008-9, in which Americans were asked whether they felt well rested “yesterday.” Of all respondents, 70 percent said they did feel well rested, and 29 percent said they did not. . . . . . . . . The lowest-income Americans, adults under age 50, women and people with minor children were most likely to say they did not feel well rested. By contrast, the wealthiest income group (those earning at least $90,000 a year), people without children at home, men and people over age 65 were most likely to say they felt well rested.
Why I'm speaking at Tea Party convention By Sarah Palin Later this week I'll head to Nashville, where I'll have the honor of speaking with members of the Tea Party movement. I look forward to meeting many Americans who share a commitment to limited government, common sense and personal responsibility. This movement is truly a grassroots, organic effort. It's not a top-down organization; it's a ground-up call to action that already has both political parties rethinking the way they do business.
SEIU Fat Cats Are Behind First Lady's Anti-Obesity Campaign By Michelle Malkin - CNS News -- Behind every seemingly good deed in the Obama White House, there's a deep-pocketed, left-wing special interest. Take first lady Michelle Obama's crusade against childhood obesity. Who really benefits from the ostensible push for improved nutrition in the schools? Think purple-as in the purple-shirted army of the Service Employees International Union. Big Labor bigwigs don't care about slimming your kids' waistlines. They care about beefing up their membership rolls and fattening their coffers.
SEIU President Calls Senators 'Terrorists' for Opposing the Card Check Bill By Joe Schoffstall - CNS News -- Andy Stern, president of the Service Employees International Union, took a swipe at Sens. Joe Lieberman (I-Conn.) and Ben Nelson (D-Neb.) Tuesday, calling the senators "terrorists" for their opposition to the card-check bill, which Democrats call the Employee Free Choice Act. "There are a lot of terrorists in the Senate who think we are supposed to negotiate with them when they have their particular needs that they want met," Stern told Bloomberg News. His comments, which appeared in BusinessWeek magazine, apparently were prompted by the senators' reluctance to support the union-sponsored bill.
Apple co-founder Steve Wozniak says his Toyota Prius accelerates on its own by Jessica Guynn - LA Times -- Apple Inc. co-founder Steve "Woz" Wozniak has seen his share of software glitches in the gadgets he has created and in those he collects. But Wozniak said he was surprised several months ago when his 2010 Toyota Prius started accelerating on its own -- to as much as 97 mph -- when he used cruise control to increase the vehicle's speed. He said he had to tap the brakes to stop the car from accelerating.
George Soros is largest shareholder in Petrobras; China gets the oil; US Taxpayers on the hook; Wall Street Journal - August 18, 2009: Obama Underwrites Offshore Drilling Too bad it's not in U.S. waters. You read that headline correctly. Unfortunately, the Obama Administration is financing oil exploration off Brazil. The U.S. is going to lend billions of dollars to Brazil's state-owned oil company, Petrobras, to finance exploration of the huge offshore discovery in Brazil's Tupi oil field in the Santos Basin near Rio de Janeiro. Brazil's planning minister confirmed that White House National Security Adviser James Jones met this month with Brazilian officials to talk about the loan.
Toyota probes take a new turn By Ralph Vartabedian and Ken Bensinger - LA Times Investigations are focusing on electronic throttle systems. The potential for electronic defects in Toyota vehicles to cause sudden acceleration came under intensifying scrutiny Tuesday as both federal safety regulators and congressional leaders said they had begun new probes of the issue. Toyota has blamed more than 2,000 reported cases of sudden acceleration in its vehicles over the last decade on floor mats and sticky gas pedals, triggering massive recalls worldwide. The automaker has insisted that it knows of no electronic defect that could cause drivers to lose control of its vehicles.
Toyota shares drop as recall investigation widens Associated Press NEW YORK -- Shares of Toyota dropped Wednesday after the U.S. Transportation Secretary advised owners of the company's recalled cars to stop driving them. Ray LaHood's spoke before a House subcommittee one day after the automaker reported disappointing January sales and an investigation widened into sticky gas pedals that prompted a massive recall.
G3 or WiFi on iPhone, iPod Touch, iPad Skype says new 3G iPhone app coming 'really soon,' will have CD-quality sound -- LA Times -- After the news last week that Apple and AT&T are now allowing VoIP apps to make phone calls over the 3G network, Skype said it's still waiting to release a new 3G-ready version of its software for the iPhone. Today the company offered a few updates on the progress of the app, which it is apparently putting the finishes touches on and which Skype says will be available "really soon." In a YouTube video, David Ponsford, the leader of Skype's iPhone team, said the app would have "CD-quality sound" for calls between Skype users.
Textbook publishers heading to iPad by Lance Whitney - CNET News Publishers aren't wasting any time getting their books onto the new iPad. Publishers Houghton Mifflin Harcourt, Kaplan Publishing, McGraw-Hill Education, and Pearson have signed deals to be among the first to port their textbooks over to Apple's new tablet. Heading to the iPad as well as the iPhone and iPod Touch will be their textbooks, study guides, and test prep manuals. Announced on Wednesday, the agreements were made with ScrollMotion, a company that develops the iPhone e-reader app Iceberg Reader and works with publishers to digitize their books for the mobile market.
End of the Web as we know it, thanks to iPad and others By Julianne Pepitone NEW YORK (CNNMoney.com) -- For many years, the Internet was relatively simple: Everyone surfed the same Web. Fast forward to 2010 and the idea of a one-size-fits-all Web is a quaint memory, thanks to the rise of the iPhone, Kindle, BlackBerry, Droid and of course, the much-hyped iPad. As mobile Internet gadgets multiply, so does device-specific content. For example, popular mobile Twitter app Tweetie is available only on the iPhone, while an official GMail application is only on the Droid. And if you buy an e-book for the Amazon (AMZN, Fortune 500) Kindle, you can't necessarily view it on other e-readers.
CBS sells out of Super Bowl ads With six days left before the Saints play the Colts in the Super Bowl, CBS Corp. says it has sold out of ad space during the broadcast. (AP) - CBS Corp. said it sold out of ads for the Super Bowl on Monday at average prices that are better than last year, with some 30-second spots topping $3 million apiece. CBS said the final spot sold Monday morning, six days before kickoff. That's a few days ahead of schedule. Last year, NBC still had two 30-second spots remaining two days before the game as the economy was mired in a recession, and announced only on the eve of the game that it sold out a total 69 spots.
Based on a True Story TV Movie Portrays Dark Side of Scientology By Martin U. Müller - Spiegel A new German TV movie tells the story of a man whose family life was destroyed after joining the Church of Scientology. The drama, which is based on a true story, was filmed in secret to prevent the organization taking legal action against the project. Heiner von Rönn could reel off a sobering list of the people and things he has lost to Scientology. They include thousands of euros, 10 years of his life, his former wife, and both his children.
Bill Clinton to coordinate Haiti aid efforts By Patrick Worsnip - Reuters The United Nations on Wednesday assigned former U.S. President Bill Clinton, now U.N. special envoy to Haiti, to coordinate international relief efforts in the earthquake-devastated country. Clinton will seek to organize a mass of aid initiatives and offers that have poured in since the magnitude 7.0 earthquake killed up to 200,000 Haitians and made up to 1 million homeless on January 12, U.N. officials said. Three weeks after the quake, a huge U.S.-led international relief operation has been struggling to help survivors. The United Nations, whose mission chief in Haiti and nearly 100 other staff were killed, has admitted early aid efforts were disorganized but says the situation is improving daily.
Intelligence officials say al-Qaeda will try to attack U.S. in next 6 months By Joby Warrick - Washington Post -- The Obama administration's top intelligence officials on Tuesday described it as "certain" that al-Qaeda or its allies will try to attack the United States in the next six months, and they called for new flexibility in how U.S. officials detain and question terrorist suspects. The officials, testifying before the Senate intelligence committee, also warned of increased risk of cyber-attacks in the coming months, saying that the recent China-based hacking of Google's computers was both a "wake-up call" and a forerunner to future strikes aimed at businesses or intended to cause economic disruption.
Pakistanis have a list of gripes against the U.S. By Alex Rodriguez - LATimes Is she a victim of the U.S. or is she 'Terror Mom'? Aafia Siddiqui is awaiting a verdict after her trial in the U.S. on attempted murder charges. Many in Pakistan consider her a hero and a victim of persecution. Reporting from Islamabad, Pakistan - Depending on which side of the globe you call home, she's either Lady Al Qaeda or the incarnation of America's persecution of Muslims. Aafia Siddiqui, 37, a neuroscientist and mother of three, was once branded by the U.S. as the most wanted woman in the world, an Al Qaeda facilitator who posed a "clear and present danger to the U.S.," then-U.S. Atty. Gen. John Ashcroft told reporters in 2004.
E.U. Warns of Tough Supervision of Greece's Budget By Stephen Castle - NY Times BRUSSELS - Greece won breathing space Wednesday in its battle to stave off financial ruin as the European Commission endorsed plans to bring its public finances under control, though it warned that the country's progress back from the brink faced unprecedented monitoring by Brussels. The statement from the European Commission appeared to calm some of the anxiety in the financial markets, although analysts noted the risk that Athens' austerity package could be derailed by domestic opposition.
EU to monitor Greek debt measures The European Union has approved Greek efforts aimed at reducing its public deficit of 12.7 per cent, which has weighed the common currency of the euro down. Athens has pledged a number of austerity measures, including a public salary freeze, a higher retirement age for men and a hike in petrol prices to get its finances back in order. But the EU has said it will place Greece under economic scrutiny to ensure the country sticks to its measures.
European Union Puts Greece under Financial Surveillance Spiegel -- Debt-ridden Greece has come under increased pressure to implement tough austerity measures after the European Union announced plans to closely monitor the country's efforts to cut its enormous budget deficit. The new wave of belt-tightening could spark more protests by workers. Pressure on Greece to get its public finances into shape increased Wednesday as the European Union announced unusually strict measures against the country. The European Commission, the EU's executive body, is to put Greece under closer monitoring than any euro-zone country has ever been subjected to and also criticized Athens for faulty reporting of statistics.
Italy Seizes Bank of America, Dexia Assets Amid Probe By Elisa Martinuzzi Feb. 3 (Bloomberg) -- Italy's financial police are seizing 73.3 million euros ($102 million) of assets from Bank of America Corp. and a unit of Dexia SA as part of a probe into an alleged derivatives fraud in the region of Apulia. Police are investigating losses on derivatives linked to the sale of 870 million euros of bonds sold by the regional government in 2003 and 2004, according to an e-mail from the prosecutor's office in Bari today. The banks misled the municipality, located in the heel of Italy, on the economic advantages of the transaction and concealed their fees, the prosecutor said.
Spanish leader to visit US amid summit flap By Melissa Eddy - The Associated Press WASHINGTON -- President Barack Obama's decision not to participate in an annual summit with European Union leaders is feeding doubts about whether Washington views Europe as a strong player on the international stage. The president's decision was announced days before Spanish Prime Minister Jose Luis Rodriguez Zapatero, who was to host the summit in Madrid, arrives Wednesday on a two-day visit to Washington. Zapatero, whose nation now holds the EU's rotating presidency, was not scheduled to meet with Obama but may have a chance to speak with him at Thursday's annual National Prayer Breakfast, where the Spanish prime minister was to give a Bible reading.
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