By ANDREW ROSS SORKI
April 19, 2010
The government’s civil fraud case against Goldman Sachs raises so many provocative questions.
Did the firm deliberately mislead its clients who bought a mortgage-related investment without the knowledge that it was devised to fail? Was it fair that a bearish hedge fund manager helped to pick the parts of an investment marketed as bullish, so that he could bask in the winnings?
Who besides the vice president named in the lawsuit knew details of the deal in question? Were there other deals like this one?
But if there is a larger question, it is this: Why was Goldman, or any regulated bank, allowed to create and sell a product like the synthetic collateralized debt obligation at the center of this case? What purpose does a synthetic C.D.O., which contains no actual mortgage bonds, serve for the capital markets, and for society?
The blaring Goldman Sachs headlines of the last few days have given the public a crash course in synthetic C.D.O.’s. Many more people now know that synthetic C.D.O.’s are a simple wager.
In this case they were a bet on the value of a bundle of mortgages that the investors didn’t even own. (That’s why it is called a derivative.)
One side bets the value will rise, and the other side bets it will fall. It is no different than betting on the New York Yankees vs. the Oakland Athletics, except that if a sports bet goes bad, American taxpayers don’t pay the bookie.
“With a synthetic C.D.O., it’s a pure bet,” said Erik F. Gerding, a former securities lawyer at Cleary Gottlieb Steen & Hamilton who is now a law professor at the University of New Mexico. “It is hard to see what the social value is — it’s hard to see why you’d want to encourage these bets.”
Social value is a timely question because regulating derivatives is the issue du jour in Washington as a set of proposed financial reforms moves though the Senate. The Obama administration’s plan includes a rule to require any banks that create a synthetic C.D.O. to keep a stake of at least 5 percent, in an effort to keep them accountable and eating their own cooking. But is that enough?
Because structuring derivatives like synthetic C.D.O.’s is so lucrative — $20 billion a year, by some estimates — it’s no surprise that Goldman Sachs is among the banks that oppose regulating them.
“The pushback on regulating derivatives is quite amazing,” said David Paul, president of the Fiscal Strategies Group, an advisory firm specializing in municipal and project finance. “It’s all just become a casino. They argue there is social utility — but you know intuitively this is wrong.”
Through their powerful lobbying arms, Goldman Sachs, JPMorgan Chase and others have been trying to convince lawmakers that tough regulation on derivatives would stymie the capital markets.
“I believe that synthetic C.D.O.’s have a very useful purpose in facilitating the management of risk,” said Sean Egan, managing director of Egan-Jones Ratings, echoing the view of many in the industry. “Just as options have a valid position in the investment universe, so do synthetics. Such instruments facilitate the flow of capital.”
Unlike Moody’s and Standard & Poor’s, Mr. Egan’s agency takes fees from investors, not issuers, for its research. Many critics of the big agencies say this approach presents fewer conflicts, presumably yielding a more honest assessment of an asset’s risk.
Still, Mr. Egan needs products to rate, so his position on derivatives is not that surprising. The core problem with the disputed C.D.O., and other structured finance transactions, was that “investors relied on flawed assessments of risk,” Mr. Egan said.
(By the way, we aren’t hearing lots of questions about the role the big agencies played in rating this Goldman C.D.O., but they clearly misrated it. If they had known that the hedge fund tycoon John A. Paulson had shaped the portfolio and was betting against it, would they have provided the same rating?)The Securities and Exchange Commission, in its suit, says that Mr. Paulson asked Goldman to help create a synthetic C.D.O. of lousy mortgage loans that he selected so he could bet that they would go down and then profit on their fall.
Of course, as with any bet of this sort, Goldman needed an investor to take the opposite position. Goldman found that in firms like IKB Deutsche Industriebank and ABN Amro. They weren’t told, however, that Mr. Paulson had heavily influenced which assets were included.
The case against Goldman could pivot on whether this omission was “material” to investors. Goldman says it wasn’t. It maintains that the investors got to see every mortgage in the basket, and that the manager of the deal, ACA Management, replaced some of Mr. Paulson’s picks with its own.
What’s more, Goldman has said over and over that it arranged these trades for sophisticated investors, not casual 401(k) savers. Goldman’s investors had the expertise and should have known better.
It’s an argument that, while true, makes some people cringe.
“It’s astonishing that they always say ‘sophisticated investors did this,’ ” said Mr. Paul, the financial adviser. “Look at the failure of Lehman and Bear. They were all sophisticated investors.”
This kind of high finance can numb the brain, and the legal questions are murky. But when you strip all of that away, this deal was nothing more than a roll of the dice.
Try this mental exercise: Imagine if, a few years ago, an influential investor like Warren Buffett, bullish on real estate, had asked Goldman to develop a synthetic C.D.O. made up of undervalued mortgages.
Now, imagine if Goldman had found John Paulson to take the opposite side of the trade and, lo and behold, a year later Mr. Buffett turned out to be right and Mr. Paulson lost his shirt. Would you call that fraud? Would you be very upset?
Maybe not, but Mr. Paulson sure would be. And he might be inclined to sue over it, especially if he found out that his bet had been rigged against him from the start. Which brings us back to the financial legislation being debated in Washington.
“Ultimately,” Mr. Gering, the securities lawyer, said, “litigation is a poor substitute for regulation.”
The latest news on mergers and acquisitions can be found at nytimes.com/dealbook.
A version of this article appeared in print on April 20, 2010, on page B1 of the New York edition.
Tuesday, April 20, 2010
Wednesday, April 14, 2010
Did you mail your 2010 Census Form back ?
By David Samuels
-4-14-2010
-4-14-2010
- If we don't know how many school kids there are.
- How do we know how many classrooms we need ?
- When you answer 10 simple questions
- You can help our community for the next 10 years.
- ---It's in your hands
- We can't move forward until you mail it back .
- United States
- Census 2010
- It's in your hands
- 2010 Census.gov -------davidradiotv2000@yahoo.com
Tuesday, April 06, 2010
FCC loses Comcast's court challenge, a major setback for agency on Internet policies
Tuesday, April 6, 2010; 11:20 AM
By Cecilia Kang Washington Post
Comcast on Tuesday won its federal lawsuit against the Federal Communications Commission, in a ruling that undermines the agency's ability to regulate Internet service providers just as it unrolls a sweeping broadband agenda.
The decision also sparks pressing questions on how the agency will respond, with public interest groups advocating that the FCC attempt to move those services into a regulatory regime clearly under the agency's control.
The U.S. Court of Appeals for the Distrit of Columbia, in a 3-0 decision, ruled that the FCC lacked the authority to require Comcast, the nation's biggest broadband services provider, to treat all Internet traffic equally on its network.
That decision -- based on a 2008 ruling under former FCC Chairman Kevin Martin -- addresses Comcast's argument that the agency didn't follow proper procedures and that it "failed to justify exercising jurisdiction" when it ruled Comcast violated broadband principles by blocking or slowing a peer-sharing Web site, Bit Torrent.
But it also unleashed a broader debate over the agency's ability to regulate broadband service providers such as AT&T, Comcast, and Verizon Communications.
The judges focused on whether the FCC has legal authority over broaband services, which are categorized separately from phone, cable television and wireless services. The agency currently has only "ancillary authority" over broadband services, a decision made by past agency leaders in an attempt to keep the fast moving Internet services market at an arms distance from the agency.
The Commission may exercise this 'ancillary' authority only if it demonstrates that its action . . . is "'reasonally ancillary to the .. effective performance of its stautorily mandated responsibilities." The Commission has failed to make that showing.
The court's decision comes just days before the agency accepts final comments on a separate open Internet regulatory effort this Thursday. And the agency will be faced with a steep legal challenge going forward as it attempts to convert itself from a broadcast- and phone-era agency into one that draws new rules for the Internet era.
Andrew Schwartzman, policy director for Media Access Project said the ruling, "represents a severe restriction on the FCC's powers."
Public interest group have urged the agency to reclassify broadband services so that they are more concretely under the agency's authority. The FCC has been reluctant to say if it would do so and a spokesperson didn't immediately respond to a request for comment.
Analysts said the agency may not be able to proceed on its net neutrality policy -- a rule that Internet service providers have fought against. And there is doubt the agency could reform an $8 billion federal phone subsidy to include money to bring broadband services to rural areas.
Bruce Mehlman, former Assistant Secretary of Commerce.for Technology Policy, however said the decision may help speed the development of faster, and more robust networks.
"It may drive greater investment in broadband networks by removing regulatory uncertainty and perceived disincentives to invest in infrastructure," Mehlman said.
By Cecilia Kang Washington Post
Comcast on Tuesday won its federal lawsuit against the Federal Communications Commission, in a ruling that undermines the agency's ability to regulate Internet service providers just as it unrolls a sweeping broadband agenda.
The decision also sparks pressing questions on how the agency will respond, with public interest groups advocating that the FCC attempt to move those services into a regulatory regime clearly under the agency's control.
The U.S. Court of Appeals for the Distrit of Columbia, in a 3-0 decision, ruled that the FCC lacked the authority to require Comcast, the nation's biggest broadband services provider, to treat all Internet traffic equally on its network.
That decision -- based on a 2008 ruling under former FCC Chairman Kevin Martin -- addresses Comcast's argument that the agency didn't follow proper procedures and that it "failed to justify exercising jurisdiction" when it ruled Comcast violated broadband principles by blocking or slowing a peer-sharing Web site, Bit Torrent.
But it also unleashed a broader debate over the agency's ability to regulate broadband service providers such as AT&T, Comcast, and Verizon Communications.
The judges focused on whether the FCC has legal authority over broaband services, which are categorized separately from phone, cable television and wireless services. The agency currently has only "ancillary authority" over broadband services, a decision made by past agency leaders in an attempt to keep the fast moving Internet services market at an arms distance from the agency.
The Commission may exercise this 'ancillary' authority only if it demonstrates that its action . . . is "'reasonally ancillary to the .. effective performance of its stautorily mandated responsibilities." The Commission has failed to make that showing.
The court's decision comes just days before the agency accepts final comments on a separate open Internet regulatory effort this Thursday. And the agency will be faced with a steep legal challenge going forward as it attempts to convert itself from a broadcast- and phone-era agency into one that draws new rules for the Internet era.
Andrew Schwartzman, policy director for Media Access Project said the ruling, "represents a severe restriction on the FCC's powers."
Public interest group have urged the agency to reclassify broadband services so that they are more concretely under the agency's authority. The FCC has been reluctant to say if it would do so and a spokesperson didn't immediately respond to a request for comment.
Analysts said the agency may not be able to proceed on its net neutrality policy -- a rule that Internet service providers have fought against. And there is doubt the agency could reform an $8 billion federal phone subsidy to include money to bring broadband services to rural areas.
Bruce Mehlman, former Assistant Secretary of Commerce.for Technology Policy, however said the decision may help speed the development of faster, and more robust networks.
"It may drive greater investment in broadband networks by removing regulatory uncertainty and perceived disincentives to invest in infrastructure," Mehlman said.
Friday, March 12, 2010
A frustrated caucus keeps complaints quiet
By Michael Leahy Washington Post Staff Writer Friday, March 12, 2010
A year ago, members of the Congressional Black Caucus openly wept at Barack Obama's inauguration. Slowly, that euphoria has given way to frustration that his administration has not done more for black America. Questions about how to elect him have been replaced by questions about how to prod him.
For many, it is the surprise of a political lifetime that they find themselves wrestling with such quandaries. Alternately puzzled and disgruntled, CBC members say key people in the Obama administration have taken them for granted, in the belief that black members of Congress have no stomach for a fight with the country's first black president.
"We concluded they were just kind of listening to us and that then they would go back [to their offices] and conclude that we would do nothing," Emanuel Cleaver II (D-Mo.), the vice chairman of the CBC, said of one dispute. "Because they had concluded there's a black president in the White House and that, to some degree, the Black Caucus, you know, was constrained in expressing its desires. After a while, we said, 'Hey, we see what's going on and it's nothing.' "
On Thursday, CBC members participated in a rare one-hour policy meeting with Obama at the White House to discuss their concerns, most notably their disappointment over a jobs bill that they regard as largely a package of tax breaks for employers, noticeably bereft of job-training programs, new infrastructure projects and summer employment opportunities for youth. Such issues are vital to the CBC, many of whose members represent districts with high levels of unemployment.
In interviews with aides and members afterward, Obama was described as receptive to their message, even though he did not make any large-scale commitments. "He said he knew what unemployment looks like in 'my own neighborhood in Chicago,' " recounted Cleaver, who stressed that he was speaking only for himself. "He said he wanted to do things as quickly as possible."
"There was no contention at all," said Rep. Gregory W. Meeks (D-N.Y.). "The president is very clearly focused on jobs and job creation."
A White House official issued a statement that ignored any tensions with CBC members and stressed the administration's goals: "President Obama is working to develop inclusive policies, whether in health care, education or the economy, that will have a broad impact on the American people, and Thursday's meeting with the Congressional Black Caucus was a productive effort toward reaching that goal."
Not withstanding Thursday's kind words, the CBC's list of complaints with the White House runs from policy to personal. Despite the caucus s entreaties, the administration has not provided targeted help to black communities and other struggling areas suffering from disproportionately high unemployment, members complain. Many caucus members say they feel largely ignored by key White House advisers. Their communication with Obama himself is minimal to nonexistent.
Lifting boats
Several CBC members and aides talk derisively of an oft-quoted Obama phrase: that a "rising tide" for America will "lift all boats." They see it as rhetoric intended to justify why the administration has not focused on their communities at a time when unemployment among African Americans has climbed to 16.5 percent. "I can't pass laws that say I'm just helping black folks," Obama told the American Urban Radio Networks. "I'm the president of the United States. What I can do is make sure I'm passing laws that help people, particularly those who are most vulnerable."
Many in the 42-member, all-Democratic CBC passionately disagree. African Americans and Latinos "bear the brunt of this economic recession," said Maxine Waters (Calif.). "We must not shy away from targeted public policy that seeks to address the specific and unique issues facing minority communities."
If Obama hears Waters's point, it is from a distance. Friends of hers say she has had no phone calls from the president and no consistent contact with other administration officials despite her position as a subcommittee chairman and a key player on the House Financial Services Committee. Before Thursday's meeting, neither she nor the CBC as a group had met with the president to discuss the jobs bill.
Several prominent caucus members have expressed doubts about the interest of administration officials in African American issues, referring to figures including Treasury Secretary Timothy F. Geithner, White House Chief of Staff Rahm Emanuel, and senior adviser David Axelrod. They "haven't had much involvement with minority communities in their careers, said Rep. Donald M. Payne (N.J.). "They've been in suites and boardrooms."
A year ago, members of the Congressional Black Caucus openly wept at Barack Obama's inauguration. Slowly, that euphoria has given way to frustration that his administration has not done more for black America. Questions about how to elect him have been replaced by questions about how to prod him.
For many, it is the surprise of a political lifetime that they find themselves wrestling with such quandaries. Alternately puzzled and disgruntled, CBC members say key people in the Obama administration have taken them for granted, in the belief that black members of Congress have no stomach for a fight with the country's first black president.
"We concluded they were just kind of listening to us and that then they would go back [to their offices] and conclude that we would do nothing," Emanuel Cleaver II (D-Mo.), the vice chairman of the CBC, said of one dispute. "Because they had concluded there's a black president in the White House and that, to some degree, the Black Caucus, you know, was constrained in expressing its desires. After a while, we said, 'Hey, we see what's going on and it's nothing.' "
On Thursday, CBC members participated in a rare one-hour policy meeting with Obama at the White House to discuss their concerns, most notably their disappointment over a jobs bill that they regard as largely a package of tax breaks for employers, noticeably bereft of job-training programs, new infrastructure projects and summer employment opportunities for youth. Such issues are vital to the CBC, many of whose members represent districts with high levels of unemployment.
In interviews with aides and members afterward, Obama was described as receptive to their message, even though he did not make any large-scale commitments. "He said he knew what unemployment looks like in 'my own neighborhood in Chicago,' " recounted Cleaver, who stressed that he was speaking only for himself. "He said he wanted to do things as quickly as possible."
"There was no contention at all," said Rep. Gregory W. Meeks (D-N.Y.). "The president is very clearly focused on jobs and job creation."
A White House official issued a statement that ignored any tensions with CBC members and stressed the administration's goals: "President Obama is working to develop inclusive policies, whether in health care, education or the economy, that will have a broad impact on the American people, and Thursday's meeting with the Congressional Black Caucus was a productive effort toward reaching that goal."
Not withstanding Thursday's kind words, the CBC's list of complaints with the White House runs from policy to personal. Despite the caucus s entreaties, the administration has not provided targeted help to black communities and other struggling areas suffering from disproportionately high unemployment, members complain. Many caucus members say they feel largely ignored by key White House advisers. Their communication with Obama himself is minimal to nonexistent.
Lifting boats
Several CBC members and aides talk derisively of an oft-quoted Obama phrase: that a "rising tide" for America will "lift all boats." They see it as rhetoric intended to justify why the administration has not focused on their communities at a time when unemployment among African Americans has climbed to 16.5 percent. "I can't pass laws that say I'm just helping black folks," Obama told the American Urban Radio Networks. "I'm the president of the United States. What I can do is make sure I'm passing laws that help people, particularly those who are most vulnerable."
Many in the 42-member, all-Democratic CBC passionately disagree. African Americans and Latinos "bear the brunt of this economic recession," said Maxine Waters (Calif.). "We must not shy away from targeted public policy that seeks to address the specific and unique issues facing minority communities."
If Obama hears Waters's point, it is from a distance. Friends of hers say she has had no phone calls from the president and no consistent contact with other administration officials despite her position as a subcommittee chairman and a key player on the House Financial Services Committee. Before Thursday's meeting, neither she nor the CBC as a group had met with the president to discuss the jobs bill.
Several prominent caucus members have expressed doubts about the interest of administration officials in African American issues, referring to figures including Treasury Secretary Timothy F. Geithner, White House Chief of Staff Rahm Emanuel, and senior adviser David Axelrod. They "haven't had much involvement with minority communities in their careers, said Rep. Donald M. Payne (N.J.). "They've been in suites and boardrooms."
Friday, March 05, 2010
Poll: New Yorkers don't want Paterson to quit
Albany, New York - March 4, 2010
WCAX.COM Local Vermont News
A new poll shows a majority of New Yorkers don't want Gov. David Paterson to quit despite allegations he helped cover up a domestic abuse case and violated ethics rules.
It's alleged that either Paterson or members of his staff persuaded a woman to drop a domestic violence complaint against a top aide. Paterson denies the charges.
Several members of Paterson's administration have quit, including two of New York's top cops. Paterson is also accused of ethics violations for using his power to obtain free World Series tickets, and state reports show he may have lied under oath about the incident.
Despite the allegations, Paterson still has support from both men and women. The Quinnipiac University poll found that 61 percent of voters don't want him to resign, 31 percent do.
And 61 percent of voters prefer an investigation by an independent prosecutor rather than Attorney General Andrew Cuomo. Twenty-five percent want Cuomo to lead the investigation.
The Democrat was set to challenge Paterson in a primary before Paterson dropped his bid for re-election. Paterson himself has not called for Cuomo to remove himself from the case.
"I at all times upheld the oath of my office and never at any point attempted to influence or coerce anything they didn't want to do," said Paterson, D-New York. "I think it is best I stay in office. In terms of distractions, that is part of public service, that there is going to be distractions. These are difficult times, but I'm going to be tough too!"
"At the end of the day, if the allegations of the abuse of power are true, then the governor will be unable to govern and he will have to step down," said Sen. Kirsten Gillibrand, D-New York.
National Democratic Party Chairman Tim Kaine is the latest party member to withdraw support for the embattled governor. But Kaine stopped short of calling for Paterson's resignation.
WCAX.COM Local Vermont News
A new poll shows a majority of New Yorkers don't want Gov. David Paterson to quit despite allegations he helped cover up a domestic abuse case and violated ethics rules.
It's alleged that either Paterson or members of his staff persuaded a woman to drop a domestic violence complaint against a top aide. Paterson denies the charges.
Several members of Paterson's administration have quit, including two of New York's top cops. Paterson is also accused of ethics violations for using his power to obtain free World Series tickets, and state reports show he may have lied under oath about the incident.
Despite the allegations, Paterson still has support from both men and women. The Quinnipiac University poll found that 61 percent of voters don't want him to resign, 31 percent do.
And 61 percent of voters prefer an investigation by an independent prosecutor rather than Attorney General Andrew Cuomo. Twenty-five percent want Cuomo to lead the investigation.
The Democrat was set to challenge Paterson in a primary before Paterson dropped his bid for re-election. Paterson himself has not called for Cuomo to remove himself from the case.
"I at all times upheld the oath of my office and never at any point attempted to influence or coerce anything they didn't want to do," said Paterson, D-New York. "I think it is best I stay in office. In terms of distractions, that is part of public service, that there is going to be distractions. These are difficult times, but I'm going to be tough too!"
"At the end of the day, if the allegations of the abuse of power are true, then the governor will be unable to govern and he will have to step down," said Sen. Kirsten Gillibrand, D-New York.
National Democratic Party Chairman Tim Kaine is the latest party member to withdraw support for the embattled governor. But Kaine stopped short of calling for Paterson's resignation.
Sunday, February 28, 2010
Census Scams: The Red Flags
FEBRUARY 28, 2010
By ANNA PRIOR
As the 2010 U.S. Census ramps up in March, you should be on the alert for potential scams. Con artists could use the event to acquire personal information that can lead to identity theft.
Most Census forms will arrive in the mail March 15 to 17. Census workers will then go door-to-door from the end of April to July to households that didn't return the questionnaire.
One thing to watch for is a form or person asking for a Social Security number and financial information, such as bank-account numbers.
Another red flag: email. The Census Bureau won't contact you by email. And the form can't be completed online, says Census Bureau spokesman Michael Cook.
Census takers will carry an ID badge with an expiration date and a Department of Commerce watermark. You also can request contact information for a supervisor or the local Census office for verification. Census takers are trained to do business outside the door, says Mr. Cook. So be wary of people trying to enter your home as well as anyone soliciting donations.
To report a scam, contact your regional Census center, and local law enforcement if necessary. ITSO.Fraud.Reporting@census.gov
Write to Anna Prior at anna.prior@wsj.com
By ANNA PRIOR
As the 2010 U.S. Census ramps up in March, you should be on the alert for potential scams. Con artists could use the event to acquire personal information that can lead to identity theft.
Most Census forms will arrive in the mail March 15 to 17. Census workers will then go door-to-door from the end of April to July to households that didn't return the questionnaire.
One thing to watch for is a form or person asking for a Social Security number and financial information, such as bank-account numbers.
Another red flag: email. The Census Bureau won't contact you by email. And the form can't be completed online, says Census Bureau spokesman Michael Cook.
Census takers will carry an ID badge with an expiration date and a Department of Commerce watermark. You also can request contact information for a supervisor or the local Census office for verification. Census takers are trained to do business outside the door, says Mr. Cook. So be wary of people trying to enter your home as well as anyone soliciting donations.
To report a scam, contact your regional Census center, and local law enforcement if necessary. ITSO.Fraud.Reporting@census.gov
Write to Anna Prior at anna.prior@wsj.com
Saturday, February 27, 2010
Tsunami Threatens Hawaiian Islands
By REUTERS
Published: February 27, 2010 WASHINGTON (Reuters) - A tsunami was generated on Saturday that could cause damage along the coasts of all the Hawaiian islands, the Pacific Tsunami Warning Center said.
"Urgent action should be taken to protect lives and property," the center said in a bulletin. "All shores are at risk no matter which direction they face."
The center has issued a Pacific-wide tsunami warning that included Hawaii and stretched across the ocean from South America to the Pacific Rim.
Geophysicist Victor Sardina said the Hawaii-based center was urging all countries included the warning to take the threat very seriously.
"Everybody is under a warning because the wave, we know, is on its way. Everybody is at risk now," he said in a telephone interview.
The warning follows a massive earthquake in Chile that killed at least 78 people and triggered tsunamis up and down the coast of the earthquake-prone country.
The center estimates the first tsunami, which is a series of several waves in succession, will hit Hawaii at 11:19 a.m. Hawaii time (4 p.m. EST).
Sardina said the Hawaiian islands could expect waves of six feet (two meters) in some places. Other estimates have been higher but he could not confirm those were likely.
Sardina said the center was looking at Hilo Bay on Hawaii Island as a worst-case scenario right now.
"The shape of the bay favors the waves gaining in height," he said in a telephone interview.
He said California and Alaska could also be affected, but the impact on those coasts should be minimal.
(Writing by Doina Chiacu; Editing by Vicki Allen)
Wednesday, February 24, 2010
Van Jones Returns to Spotlight With Posts at Princeton, Think Tank
Updated February 24, 2010
FOXNews.com
After a nearly six-month hiatus out of the public eye following his resignation from the White House last September, Van Jones has been appointed as a fellow with Princeton University and with the Center for American Progress, a liberal think tank.
Van Jones is back.
After a nearly six-month hiatus out of the public eye following his resignation from the White House last September, Jones has been appointed to posts at Princeton University and with the Center for American Progress, a liberal think tank in Washington, D.C.
The controversial former green jobs adviser is also receiving an award from the NAACP Friday and plans to attend a forum on jobs creation with Sen. Kirsten Gillibrand, D-N.Y., next month in New York City.
The sudden flurry of activity appears to mark the end of Jones' retreat from public life after a short stint as adviser to the White House Council on Environmental Quality. He resigned under pressure in early September due to mounting criticism over controversial remarks and positions, including his calling Republicans "assholes," making racially charged statements and signing a petition in 2004 supporting the "9/11 truther" movement, which believes the Bush administration may have been involved in the Sept. 11, 2001, terror attacks. The petition was the breaking point, and his resignation came shortly afterward.
But Jones, in an interview with The Washington Post, defended himself against the withering attacks he endured last year and distanced himself from the "truthers." Jones said he believes Al Qaeda and Usama bin Laden, and "nobody else," were behind the Sept. 11 attacks. He said his name showed up on the petition because he expressed verbal support for a group that came up to him six years ago and said they represented "911 families" without realizing what they represented.
"Unfortunately, I didn't know what their agenda was," Jones said. "So then they went and added my name, without my knowledge, to this awful, abhorrent language they had on their Web site."911Truth.org has disputed this explanation. 911Truth.org spokesman Mike Berger said last fall that Jones "did agree with that statement and he did sign on to it."
But Jones told The Washington Post that he made a "big mistake" in not doing his "homework" on the organization before offering "support of any kind."
He said he doesn't have "any bitterness or anger" about his past.
Princeton University announced Wednesday that Jones has been appointed as a visiting fellow at the Center for African American Studies and at the Woodrow Wilson School of Public and International Affairs' program in Science, Technology and Environmental Policy. During the one-year appointment, Jones will teach a spring course on "environmental politics."
In a statement put out by Princeton University, Jones said he looks forward to using his term at the Ivy League university to explore "green solutions" to help America's economy.
"We're looking forward to a year of intense engagement with Van," Eddie Glaude, chairman of the Center for African American Studies, said in a statement.
The Center for American Progress announced Wednesday that Jones would be a senior fellow and leader with its Green Opportunity Initiative.
CEO John Podesta called Jones a "pioneer" in the movement to create a clean energy economy.Before Jones ran into the wall of controversy last year, he was considered somewhat of a wunderkind in environmental circles.
In addition to writing "The Green Collar Economy," he has co-founded and worked with several groups dedicated to helping low-income and minority communities -- often through green jobs and better environmental policy. He got his start as a San Francisco-area activist, and in 2009 was named as one of Time magazine's 100 most influential people.
But some of his past comments had given critics pause about his fitness for a White House-level office, pointing to his radical activities a decade ago as well as more recent controversial stances.
Jones was a self-described "communist" during the 1990s and previously worked with a group dedicated to Marxist and Leninist philosophies. His comments, even in recent years, were often racially charged. He's blamed "white polluters and white environmentalists" for "steering poison" to minority communities. In 2005, he drew a distinction between white and black youths involved in shooting incidents by referencing the 1999 Columbine High School massacre.
"You've never seen a Columbine done by a black child. Never," Jones said. "They always say, 'We can't believe it happened here. We can't believe it's these suburban white kids.' It's only them!" he said. "Now, a black kid might shoot another black kid. He's not going to shoot up the whole school."
Such statements did not draw widespread attention until after a February video surfaced showing him calling Republicans "assholes" during an address in Berkeley, Calif. Jones apologized, but faced down his past again when it was discovered that he signed the 2004 "truther" petition.
Now that he's returning to prominent positions, several high-profile organizations are backing him up.
Benjamin Todd Jealous, president and CEO of the NAACP, called Jones an "American treasure" in an online opinion piece. The NAACP plans to honor Jones with an Image Award Friday.
The Sierra Club also issued a statement congratulating Jones on his recent appointments.
FOXNews.com
After a nearly six-month hiatus out of the public eye following his resignation from the White House last September, Van Jones has been appointed as a fellow with Princeton University and with the Center for American Progress, a liberal think tank.
Van Jones is back.
After a nearly six-month hiatus out of the public eye following his resignation from the White House last September, Jones has been appointed to posts at Princeton University and with the Center for American Progress, a liberal think tank in Washington, D.C.
The controversial former green jobs adviser is also receiving an award from the NAACP Friday and plans to attend a forum on jobs creation with Sen. Kirsten Gillibrand, D-N.Y., next month in New York City.
The sudden flurry of activity appears to mark the end of Jones' retreat from public life after a short stint as adviser to the White House Council on Environmental Quality. He resigned under pressure in early September due to mounting criticism over controversial remarks and positions, including his calling Republicans "assholes," making racially charged statements and signing a petition in 2004 supporting the "9/11 truther" movement, which believes the Bush administration may have been involved in the Sept. 11, 2001, terror attacks. The petition was the breaking point, and his resignation came shortly afterward.
But Jones, in an interview with The Washington Post, defended himself against the withering attacks he endured last year and distanced himself from the "truthers." Jones said he believes Al Qaeda and Usama bin Laden, and "nobody else," were behind the Sept. 11 attacks. He said his name showed up on the petition because he expressed verbal support for a group that came up to him six years ago and said they represented "911 families" without realizing what they represented.
"Unfortunately, I didn't know what their agenda was," Jones said. "So then they went and added my name, without my knowledge, to this awful, abhorrent language they had on their Web site."911Truth.org has disputed this explanation. 911Truth.org spokesman Mike Berger said last fall that Jones "did agree with that statement and he did sign on to it."
But Jones told The Washington Post that he made a "big mistake" in not doing his "homework" on the organization before offering "support of any kind."
He said he doesn't have "any bitterness or anger" about his past.
Princeton University announced Wednesday that Jones has been appointed as a visiting fellow at the Center for African American Studies and at the Woodrow Wilson School of Public and International Affairs' program in Science, Technology and Environmental Policy. During the one-year appointment, Jones will teach a spring course on "environmental politics."
In a statement put out by Princeton University, Jones said he looks forward to using his term at the Ivy League university to explore "green solutions" to help America's economy.
"We're looking forward to a year of intense engagement with Van," Eddie Glaude, chairman of the Center for African American Studies, said in a statement.
The Center for American Progress announced Wednesday that Jones would be a senior fellow and leader with its Green Opportunity Initiative.
CEO John Podesta called Jones a "pioneer" in the movement to create a clean energy economy.Before Jones ran into the wall of controversy last year, he was considered somewhat of a wunderkind in environmental circles.
In addition to writing "The Green Collar Economy," he has co-founded and worked with several groups dedicated to helping low-income and minority communities -- often through green jobs and better environmental policy. He got his start as a San Francisco-area activist, and in 2009 was named as one of Time magazine's 100 most influential people.
But some of his past comments had given critics pause about his fitness for a White House-level office, pointing to his radical activities a decade ago as well as more recent controversial stances.
Jones was a self-described "communist" during the 1990s and previously worked with a group dedicated to Marxist and Leninist philosophies. His comments, even in recent years, were often racially charged. He's blamed "white polluters and white environmentalists" for "steering poison" to minority communities. In 2005, he drew a distinction between white and black youths involved in shooting incidents by referencing the 1999 Columbine High School massacre.
"You've never seen a Columbine done by a black child. Never," Jones said. "They always say, 'We can't believe it happened here. We can't believe it's these suburban white kids.' It's only them!" he said. "Now, a black kid might shoot another black kid. He's not going to shoot up the whole school."
Such statements did not draw widespread attention until after a February video surfaced showing him calling Republicans "assholes" during an address in Berkeley, Calif. Jones apologized, but faced down his past again when it was discovered that he signed the 2004 "truther" petition.
Now that he's returning to prominent positions, several high-profile organizations are backing him up.
Benjamin Todd Jealous, president and CEO of the NAACP, called Jones an "American treasure" in an online opinion piece. The NAACP plans to honor Jones with an Image Award Friday.
The Sierra Club also issued a statement congratulating Jones on his recent appointments.
Sunday, February 21, 2010
Glenn Beck to Republican Party: Repent
By Christi Parsons 2-21-2010 LAtimes
Reporting from Washington - Talk show host Glenn Beck poked and prodded the Republican hierarchy Saturday night in a raucous address to fellow conservatives, comparing the party to an alcoholic who hasn't hit bottom and to golfer Tiger Woods before his public repentance.Calling himself a recovering alcoholic in that context, Beck said he believes in the concept of redemption but that he doesn't think the GOP has taken the first step toward achieving it."I have not yet heard people in the Republican Party admit they have a problem," Beck told a packed ballroom in Washington. "I have not seen a come-to-Jesus meeting. . . . 'Hello, my name is the Republican Party and I've got a problem. I'm addicted to spending and big government.' . . . They need that moment."The irreverent speech drew cheers, laughter and several standing ovations from the majority of the crowd gathered for the keynote address of the Conservative Political Action Conference, which organizers say drew 10,000 people over three days before closing Saturday night.During that time some of the best-known figures of the Republican Party -- members of Congress, governors, presidential hopefuls -- trooped through to rail against the Obama administration and to woo conservatives. The political figures were greeted by the audiences mostly as kindred spirits.Still, when hosts announced the results of the conference's presidential straw poll late Saturday, the audience went wild to hear the name of the winner: Rep. Ron Paul of Texas, former GOP candidate for the White House and prominent leader of the grass-roots libertarian movement. Former Massachusetts Gov. Mitt Romney came in second, almost 10 percentage points behind.The poll was by no means scientific and only tested the temperature of about 2,400 of the conference's attendees.As a snapshot of those who traveled from the 50 states to attend the conference, though, organizers think it offers a hint about what's going on at the grass-roots level.More than half of respondents believe Republicans are within striking distance of taking back Congress, pollster Tony Fabrizio said, but participants are not necessarily happy with Republican Party leadership nor thrilled with the bench of presidential candidates.The crowd that came out for the Beck speech was clearly skeptical of the party establishment, exuberantly applauding the radio and Fox television talk show host throughout his address.According to Beck, the main villain is "progressivism," a word he wrote in big letters on a large chalkboard and labeled "a cancer" eating away at American ideals."Progressivism was designed to press past the Constitution," Beck said, charging that Republicans aren't giving Americans much of an alternative."Dick Cheney was here a couple of days ago," he said, "and he says it's going to be a good year for conservative ideas."That may be true, he said, but Republicans should know that it's not good enough to "not suck as much as the other side," Beck said.
Reporting from Washington - Talk show host Glenn Beck poked and prodded the Republican hierarchy Saturday night in a raucous address to fellow conservatives, comparing the party to an alcoholic who hasn't hit bottom and to golfer Tiger Woods before his public repentance.Calling himself a recovering alcoholic in that context, Beck said he believes in the concept of redemption but that he doesn't think the GOP has taken the first step toward achieving it."I have not yet heard people in the Republican Party admit they have a problem," Beck told a packed ballroom in Washington. "I have not seen a come-to-Jesus meeting. . . . 'Hello, my name is the Republican Party and I've got a problem. I'm addicted to spending and big government.' . . . They need that moment."The irreverent speech drew cheers, laughter and several standing ovations from the majority of the crowd gathered for the keynote address of the Conservative Political Action Conference, which organizers say drew 10,000 people over three days before closing Saturday night.During that time some of the best-known figures of the Republican Party -- members of Congress, governors, presidential hopefuls -- trooped through to rail against the Obama administration and to woo conservatives. The political figures were greeted by the audiences mostly as kindred spirits.Still, when hosts announced the results of the conference's presidential straw poll late Saturday, the audience went wild to hear the name of the winner: Rep. Ron Paul of Texas, former GOP candidate for the White House and prominent leader of the grass-roots libertarian movement. Former Massachusetts Gov. Mitt Romney came in second, almost 10 percentage points behind.The poll was by no means scientific and only tested the temperature of about 2,400 of the conference's attendees.As a snapshot of those who traveled from the 50 states to attend the conference, though, organizers think it offers a hint about what's going on at the grass-roots level.More than half of respondents believe Republicans are within striking distance of taking back Congress, pollster Tony Fabrizio said, but participants are not necessarily happy with Republican Party leadership nor thrilled with the bench of presidential candidates.The crowd that came out for the Beck speech was clearly skeptical of the party establishment, exuberantly applauding the radio and Fox television talk show host throughout his address.According to Beck, the main villain is "progressivism," a word he wrote in big letters on a large chalkboard and labeled "a cancer" eating away at American ideals."Progressivism was designed to press past the Constitution," Beck said, charging that Republicans aren't giving Americans much of an alternative."Dick Cheney was here a couple of days ago," he said, "and he says it's going to be a good year for conservative ideas."That may be true, he said, but Republicans should know that it's not good enough to "not suck as much as the other side," Beck said.
Friday, February 19, 2010
Judge upholds expulsion of convicted NY senator
The Associated Press Friday, February 19, 2010; 12:19 PM
NEW YORK -- A federal judge has rejected an attempt to temporarily block the expulsion of a New York state lawmaker.
Colleagues voted to remove Hiram Monserrate (MAHN'-sur-aht) because of a misdemeanor assault conviction.
Judge William Pauley refused Friday to block the Democrat's expulsion.
A civil rights suit filed last week asked Pauley to reverse the lawmaker's removal and stop a March 16 special election to replace him.
He's backed by the New York Civil Liberties Union. Monserrate says the state Senate denied him due process and his constituents their right to representation.
Washington Post
NEW YORK -- A federal judge has rejected an attempt to temporarily block the expulsion of a New York state lawmaker.
Colleagues voted to remove Hiram Monserrate (MAHN'-sur-aht) because of a misdemeanor assault conviction.
Judge William Pauley refused Friday to block the Democrat's expulsion.
A civil rights suit filed last week asked Pauley to reverse the lawmaker's removal and stop a March 16 special election to replace him.
He's backed by the New York Civil Liberties Union. Monserrate says the state Senate denied him due process and his constituents their right to representation.
Washington Post
Monday, February 15, 2010
Top Taliban commander captured in Pakistan: report
WASHINGTON (Reuters) - The top military commander of the Taliban, Mullah Abdul Ghani Baradar, has been captured in Karachi, Pakistan, in a secret raid by Pakistani and U.S. intelligence forces, The New York Times reported on Monday.--2-15-2010
Citing U.S. government officials, the Times said Mullah Baradar, described as the most significant Taliban figure captured since the start of the Afghanistan war, had been in Pakistani custody for several days and was being interrogated by Pakistani and U.S. intelligence.
The White House and CIA declined comment on the report and the Pentagon also had no immediate comment.
The Times cited officials as saying the operation to capture Mullah Baradar was conducted by Pakistan's military spy agency, the Directorate for Inter-Services Intelligence, or ISI, which was accompanied by CIA operatives.
The newspaper said U.S. officials described Mullah Baradar as ranking second in influence in the Taliban only to Mullah Muhammad Omar, and that he was a close associate of al Qaeda leader Osama bin Laden before the September 11 attacks.
The newspaper said it was not clear if he was talking, but it quoted the officials as saying his capture could lead to other senior Taliban officials. The officials voiced hope he would provide the location of Mullah Omar.
U.S. Marines are currently leading ---WORLD
Citing U.S. government officials, the Times said Mullah Baradar, described as the most significant Taliban figure captured since the start of the Afghanistan war, had been in Pakistani custody for several days and was being interrogated by Pakistani and U.S. intelligence.
The White House and CIA declined comment on the report and the Pentagon also had no immediate comment.
The Times cited officials as saying the operation to capture Mullah Baradar was conducted by Pakistan's military spy agency, the Directorate for Inter-Services Intelligence, or ISI, which was accompanied by CIA operatives.
The newspaper said U.S. officials described Mullah Baradar as ranking second in influence in the Taliban only to Mullah Muhammad Omar, and that he was a close associate of al Qaeda leader Osama bin Laden before the September 11 attacks.
The newspaper said it was not clear if he was talking, but it quoted the officials as saying his capture could lead to other senior Taliban officials. The officials voiced hope he would provide the location of Mullah Omar.
U.S. Marines are currently leading ---WORLD
Saturday, February 13, 2010
Airborne Laser zaps in-flight missile
by Jonathan Skillings
February 12, 2010 8:48 AM PST
Score one for the Airborne Laser.
In a milestone for the ambitious directed-energy project, now dramatically downsized, the Pentagon's Airborne Laser prototype weapons system destroyed a ballistic missile that was in flight. The shootdown took place February 11 off the central coast of California.
"The Airborne Laser Testbed team has made history with this experiment," said Greg Hyslop, vice president and general manager of Boeing Missile Defense Systems, in a statement released Friday. Boeing is the prime contractor for the Defense Department project.
The U.S. Missile Defense Agency was equally enthusiastic about the results. "The revolutionary use of directed energy is very attractive for missile defense," the agency said in a statement, "with the potential to attack multiple targets at the speed of light, at a range of hundreds of kilometers, and at a low cost per intercept attempt compared to current technologies.
Unfortunately for proponents, the achievement is rather bittersweet. Where the Pentagon once had plans to build as many as seven of the one-of-a-kind Airborne Laser aircraft, a modified Boeing 747-400F, the high cost and technical uncertainties of the program prompted Defense Secretary Robert Gates last spring to cancel plans to build a second plane. The Pentagon kept the existing one around as an R&D platform.
But as a proof of concept, the Airborne Laser most certainly crossed a threshold when it KO'd the missile earlier this month.
On the evening of February 11, an "at-sea mobile launch platform"--the MDA didn't specify whether it was surface ship or submarine--fired a short-range "threat representative" liquid-fueled ballistic missile while the 747 was in the vicinity.
This sequence of infrared images shows a missile breaking up when zapped in flight by the Airborne Laser on February 11.(Credit: U.S. Missile Defense Agency)
Within seconds, the agency says, the aircraft detected the missile as it lifted off and used a low-energy laser (the Track Illuminator) to track it, followed by a second low-energy laser (the Beacon Illuminator) to assess and adjust for atmospheric disturbance. Then it engaged the powerhouse of the system, the megawatt-class High Energy Laser--Boeing calls it "the most powerful mobile laser device in the world"--which fires through a telescope located in the nose of the aircraft.
Within two minutes of the launch, while the missile's rocket motors were still firing, the chemical-derived High Energy Laser had heated a pressurized segment of the missile to "critical structural failure," the MDA said. The Track Illuminator and Beacon Illuminator are kilowatt-class solid-state lasers.
A short while later, a second, solid-fueled short-range missile took off from solid ground on San Nicolas Island, Calif., and the ABL likewise engaged it with the High Energy Laser, though it stopped firing the laser before destroying that missile. The MDA says that the ABL had met all test criteria, and besides, it had destroyed a similar missile in flight a week earlier.
Catching a missile during the boost phase has always been a central tenet of the ABL program--it's those first seconds and minutes, when the missile is moving most slowly and predictably, that make for the most vulnerable target. But that also was a significant argument against the system: How could the U.S. count on having a laser-laden aircraft in the right place at the right time to catch an enemy missile at take-off? Indeed, in canceling the second aircraft, Gates called the program's proposed operational role "highly questionable."
Last fall, the separate Airborne Tactical Laser aircraft, a modified C-130, hit a moving remote-controlled vehicle on the ground.
Jonathan Skillings is managing editor of CNET News, based in the Boston bureau. He's been with CNET since 2000, after a decade in tech journalism at the IDG News Service, PC Week, and an AS/400 magazine. He's also been a soldier and a schoolteacher. E-mail Jon.
February 12, 2010 8:48 AM PST
Score one for the Airborne Laser.
In a milestone for the ambitious directed-energy project, now dramatically downsized, the Pentagon's Airborne Laser prototype weapons system destroyed a ballistic missile that was in flight. The shootdown took place February 11 off the central coast of California.
"The Airborne Laser Testbed team has made history with this experiment," said Greg Hyslop, vice president and general manager of Boeing Missile Defense Systems, in a statement released Friday. Boeing is the prime contractor for the Defense Department project.
The U.S. Missile Defense Agency was equally enthusiastic about the results. "The revolutionary use of directed energy is very attractive for missile defense," the agency said in a statement, "with the potential to attack multiple targets at the speed of light, at a range of hundreds of kilometers, and at a low cost per intercept attempt compared to current technologies.
Unfortunately for proponents, the achievement is rather bittersweet. Where the Pentagon once had plans to build as many as seven of the one-of-a-kind Airborne Laser aircraft, a modified Boeing 747-400F, the high cost and technical uncertainties of the program prompted Defense Secretary Robert Gates last spring to cancel plans to build a second plane. The Pentagon kept the existing one around as an R&D platform.
But as a proof of concept, the Airborne Laser most certainly crossed a threshold when it KO'd the missile earlier this month.
On the evening of February 11, an "at-sea mobile launch platform"--the MDA didn't specify whether it was surface ship or submarine--fired a short-range "threat representative" liquid-fueled ballistic missile while the 747 was in the vicinity.
This sequence of infrared images shows a missile breaking up when zapped in flight by the Airborne Laser on February 11.(Credit: U.S. Missile Defense Agency)
Within seconds, the agency says, the aircraft detected the missile as it lifted off and used a low-energy laser (the Track Illuminator) to track it, followed by a second low-energy laser (the Beacon Illuminator) to assess and adjust for atmospheric disturbance. Then it engaged the powerhouse of the system, the megawatt-class High Energy Laser--Boeing calls it "the most powerful mobile laser device in the world"--which fires through a telescope located in the nose of the aircraft.
Within two minutes of the launch, while the missile's rocket motors were still firing, the chemical-derived High Energy Laser had heated a pressurized segment of the missile to "critical structural failure," the MDA said. The Track Illuminator and Beacon Illuminator are kilowatt-class solid-state lasers.
A short while later, a second, solid-fueled short-range missile took off from solid ground on San Nicolas Island, Calif., and the ABL likewise engaged it with the High Energy Laser, though it stopped firing the laser before destroying that missile. The MDA says that the ABL had met all test criteria, and besides, it had destroyed a similar missile in flight a week earlier.
Catching a missile during the boost phase has always been a central tenet of the ABL program--it's those first seconds and minutes, when the missile is moving most slowly and predictably, that make for the most vulnerable target. But that also was a significant argument against the system: How could the U.S. count on having a laser-laden aircraft in the right place at the right time to catch an enemy missile at take-off? Indeed, in canceling the second aircraft, Gates called the program's proposed operational role "highly questionable."
Last fall, the separate Airborne Tactical Laser aircraft, a modified C-130, hit a moving remote-controlled vehicle on the ground.
Jonathan Skillings is managing editor of CNET News, based in the Boston bureau. He's been with CNET since 2000, after a decade in tech journalism at the IDG News Service, PC Week, and an AS/400 magazine. He's also been a soldier and a schoolteacher. E-mail Jon.
Tuesday, February 09, 2010
Wall Street's Race to the Bottom
By ELIZABETH WARREN 2-9-10
Banking is based on trust. The banks get our paychecks and hold our savings; they know where we spend our money and they keep it private. If we don't trust them, the whole system breaks down. Yet for years, Wall Street CEOs have thrown away customer trust like so much worthless trash.
Banks and brokers have sold deceptive mortgages for more than a decade. Financial wizards made billions by packaging and repackaging those loans into securities. And federal regulators played the role of lookout at a bank robbery, holding back anyone who tried to stop the massive looting from middle-class families. When they weren't selling deceptive mortgages, Wall Street invented new credit card tricks and clever overdraft fees.
In October 2008, when all the risks accumulated and the economy went into a tailspin, Wall Street CEOs squandered what little trust was left when they accepted taxpayer bailouts. As the economy stabilized and it seemed like we would change the rules that got us into this crisis—including the rules that let big banks trick their customers for so many years—it looked like things might come out all right.
Now, a year later, President Obama's proposals for reform are bottled up in the Senate. The same Wall Street CEOs who brought the economy to its knees have spent more than a year and hundreds of millions of dollars furiously lobbying Washington to kill the president's proposal for a Consumer Financial Protection Agency (CFPA).
Within the thousands of pages of print in the "Restoring American Financial Stability Act" now before the Senate, the consumer agency is the only proposal that would help families directly. Even those most concerned about the role of personal responsibility concede that it is hard for families to make smart decisions and to compare products when the paperwork on mortgages, credit cards and even checking accounts has morphed into reams of incomprehensible legalese.
The consumer agency is a watchdog that would root out gimmicks and traps and slim down paperwork, giving families a fighting chance to hang on to some of their money. So far, Wall Street CEOs seem determined to stop any kind of watchdog. They seem to think that they can run their businesses forever without our trust. This is a bad calculation.
It's a bad calculation because shareholders suffer enormously from the long-term cost of the boom-and- bust cycles that accompany a poorly regulated market. J.P. Morgan CEO Jamie Dimon recently explained this brave new world, saying that crises should be expected "every five to seven years."
He is wrong. New laws that came out of the Great Depression ended 150 years of boom-and-bust cycles and gave us 50 years with virtually no financial meltdowns. The stability ended as we dismantled those laws and failed to replace them with new laws that reflected modern business practices.
The reputations of Wall Street's most storied institutions are evaporating as the lack of meaningful consumer rules has set off a race to the bottom to develop new ways to trick customers. Wall Street executives explain privately that they cannot get rid of fine print, deceptive pricing, and buried tricks unilaterally without losing market share.
Citigroup learned this the hard way in 2007, when it decided to clean up its credit card just a little bit by eliminating universal default—the trick that allowed it to raise rates retroactively, even for consumers that did nothing wrong. Citi's reform resulted in lower revenues and no new customers, triggering an embarrassing public reversal.
Citi explained sheepishly that credit cards were now so complicated that customers couldn't tell when a company offered something a little better. So Citi went back to something a little worse. Without a watchdog in place, the big banks just keep slinging out uglier and uglier products.
With their reputations in tatters, the CEOs have decided to go on the offensive in Washington. They might have had some thoughtful suggestions for how to better shape a consumer agency. Instead, they have unleashed lobbyists who are determined to do anything to kill the consumer agency.
The latest lie is that the CFPA is "big government." The CEOs all know that the current regulatory structure, which they support, is big government at its worst: bureaucratic, unaccountable and ineffective. The CFPA will consolidate seven separate bureaucracies, cut down on paperwork, and promote understandable consumer products. In the process, it will stabilize the industry, rebuild confidence in the securitization market, and leave more money in the pockets of families. Complaining about short, readable contracts and efforts to slim down bureaucracy only further diminishes the banks' credibility.
This generation of Wall Street CEOs could be the ones to forfeit America's trust. When the history of the Great Recession is written, they can be singled out as the bonus babies who were so short-sighted that they put the economy at risk and contributed to the destruction of their own companies. Or they can acknowledge how Americans' trust has been lost and take the first steps to earn it back.
Ms. Warren is a law professor at Harvard and is currently the chair of the TARP Congressional Oversight Panel.
Banking is based on trust. The banks get our paychecks and hold our savings; they know where we spend our money and they keep it private. If we don't trust them, the whole system breaks down. Yet for years, Wall Street CEOs have thrown away customer trust like so much worthless trash.
Banks and brokers have sold deceptive mortgages for more than a decade. Financial wizards made billions by packaging and repackaging those loans into securities. And federal regulators played the role of lookout at a bank robbery, holding back anyone who tried to stop the massive looting from middle-class families. When they weren't selling deceptive mortgages, Wall Street invented new credit card tricks and clever overdraft fees.
In October 2008, when all the risks accumulated and the economy went into a tailspin, Wall Street CEOs squandered what little trust was left when they accepted taxpayer bailouts. As the economy stabilized and it seemed like we would change the rules that got us into this crisis—including the rules that let big banks trick their customers for so many years—it looked like things might come out all right.
Now, a year later, President Obama's proposals for reform are bottled up in the Senate. The same Wall Street CEOs who brought the economy to its knees have spent more than a year and hundreds of millions of dollars furiously lobbying Washington to kill the president's proposal for a Consumer Financial Protection Agency (CFPA).
Within the thousands of pages of print in the "Restoring American Financial Stability Act" now before the Senate, the consumer agency is the only proposal that would help families directly. Even those most concerned about the role of personal responsibility concede that it is hard for families to make smart decisions and to compare products when the paperwork on mortgages, credit cards and even checking accounts has morphed into reams of incomprehensible legalese.
The consumer agency is a watchdog that would root out gimmicks and traps and slim down paperwork, giving families a fighting chance to hang on to some of their money. So far, Wall Street CEOs seem determined to stop any kind of watchdog. They seem to think that they can run their businesses forever without our trust. This is a bad calculation.
It's a bad calculation because shareholders suffer enormously from the long-term cost of the boom-and- bust cycles that accompany a poorly regulated market. J.P. Morgan CEO Jamie Dimon recently explained this brave new world, saying that crises should be expected "every five to seven years."
He is wrong. New laws that came out of the Great Depression ended 150 years of boom-and-bust cycles and gave us 50 years with virtually no financial meltdowns. The stability ended as we dismantled those laws and failed to replace them with new laws that reflected modern business practices.
The reputations of Wall Street's most storied institutions are evaporating as the lack of meaningful consumer rules has set off a race to the bottom to develop new ways to trick customers. Wall Street executives explain privately that they cannot get rid of fine print, deceptive pricing, and buried tricks unilaterally without losing market share.
Citigroup learned this the hard way in 2007, when it decided to clean up its credit card just a little bit by eliminating universal default—the trick that allowed it to raise rates retroactively, even for consumers that did nothing wrong. Citi's reform resulted in lower revenues and no new customers, triggering an embarrassing public reversal.
Citi explained sheepishly that credit cards were now so complicated that customers couldn't tell when a company offered something a little better. So Citi went back to something a little worse. Without a watchdog in place, the big banks just keep slinging out uglier and uglier products.
With their reputations in tatters, the CEOs have decided to go on the offensive in Washington. They might have had some thoughtful suggestions for how to better shape a consumer agency. Instead, they have unleashed lobbyists who are determined to do anything to kill the consumer agency.
The latest lie is that the CFPA is "big government." The CEOs all know that the current regulatory structure, which they support, is big government at its worst: bureaucratic, unaccountable and ineffective. The CFPA will consolidate seven separate bureaucracies, cut down on paperwork, and promote understandable consumer products. In the process, it will stabilize the industry, rebuild confidence in the securitization market, and leave more money in the pockets of families. Complaining about short, readable contracts and efforts to slim down bureaucracy only further diminishes the banks' credibility.
This generation of Wall Street CEOs could be the ones to forfeit America's trust. When the history of the Great Recession is written, they can be singled out as the bonus babies who were so short-sighted that they put the economy at risk and contributed to the destruction of their own companies. Or they can acknowledge how Americans' trust has been lost and take the first steps to earn it back.
Ms. Warren is a law professor at Harvard and is currently the chair of the TARP Congressional Oversight Panel.
Friday, January 29, 2010
Samsung Jumps Back to Profit in 4th Quarter
Published: January 29, 2010
SEOUL, South Korea (AP) -- Samsung Electronics Co. returned to profit in the fourth-quarter on strong sales of flat screen televisions and mobile phones as well as higher prices for computer memory chips following a rare loss the year before.
The company, a major global producer of consumer electronics products and components that make them work, earned 3.05 trillion won ($2.64 billion) in the three months ended Dec. 31 on a parent basis, it said in a statement.
Samsung had a net loss of 22 billion won in the same period the year before. That red ink -- Samsung's first since it began reporting results on a quarterly basis in the third quarter of 2000 -- sent shockwaves through the company and came as the global economic slump hit demand.
Samsung said its "strong performance" during the fourth-quarter last year was bolstered by improving prices for memory chips and a seasonal increase in sales of consumer electronics.
Samsung said it sold nearly 11 million flat screen TVs in the quarter and became the first manufacturer to exceed the 10 million mark.
The company sold 69 million mobile phone handsets in the quarter, up 16 percent from the same period the year before. Total 2009 sales reached 227 million.
Looking ahead, the company said it expects "positive growth across its businesses in 2010," citing stronger demand for flat screen TVs, mobile phones and laptop computers resulting from the ongoing economic recovery.
The Suwon, South Korea-based company is the world's largest manufacturer of computer memory chips, flat screen televisions and liquid crystal displays. It ranks No. 2 in cell phones behind Finland's Nokia Corp. (NYSE:NOK)
Samsung said sales in the fourth quarter reached 25.32 trillion won, which was 37 percent higher that the 18.45 trillion won reported a year earlier.
In a separate regulatory filing, the company said that it earned 9.65 trillion won in all of 2009. It reported a net profit of 5.53 trillion won in 2008. Samsung also said sales last year rose 23 percent to 89.77 trillion won from 72.95 trillion won the year before.
Shares in Samsung, which released its earnings results about 30 minutes after the stock market opened, fell 2 percent to 792,000 won in late morning trading. The company's stock price rose 77 percent in 2009.
SEOUL, South Korea (AP) -- Samsung Electronics Co. returned to profit in the fourth-quarter on strong sales of flat screen televisions and mobile phones as well as higher prices for computer memory chips following a rare loss the year before.
The company, a major global producer of consumer electronics products and components that make them work, earned 3.05 trillion won ($2.64 billion) in the three months ended Dec. 31 on a parent basis, it said in a statement.
Samsung had a net loss of 22 billion won in the same period the year before. That red ink -- Samsung's first since it began reporting results on a quarterly basis in the third quarter of 2000 -- sent shockwaves through the company and came as the global economic slump hit demand.
Samsung said its "strong performance" during the fourth-quarter last year was bolstered by improving prices for memory chips and a seasonal increase in sales of consumer electronics.
Samsung said it sold nearly 11 million flat screen TVs in the quarter and became the first manufacturer to exceed the 10 million mark.
The company sold 69 million mobile phone handsets in the quarter, up 16 percent from the same period the year before. Total 2009 sales reached 227 million.
Looking ahead, the company said it expects "positive growth across its businesses in 2010," citing stronger demand for flat screen TVs, mobile phones and laptop computers resulting from the ongoing economic recovery.
The Suwon, South Korea-based company is the world's largest manufacturer of computer memory chips, flat screen televisions and liquid crystal displays. It ranks No. 2 in cell phones behind Finland's Nokia Corp. (NYSE:NOK)
Samsung said sales in the fourth quarter reached 25.32 trillion won, which was 37 percent higher that the 18.45 trillion won reported a year earlier.
In a separate regulatory filing, the company said that it earned 9.65 trillion won in all of 2009. It reported a net profit of 5.53 trillion won in 2008. Samsung also said sales last year rose 23 percent to 89.77 trillion won from 72.95 trillion won the year before.
Shares in Samsung, which released its earnings results about 30 minutes after the stock market opened, fell 2 percent to 792,000 won in late morning trading. The company's stock price rose 77 percent in 2009.
Tuesday, January 19, 2010
Haiti Task Force Commander Notes Progress
By Judith SnydermanAmerican Forces Press Service
WASHINGTON, Jan. 19, 2010 – Humanitarian assistance efforts in Haiti are improving every day despite enormous challenges, the commander of Joint Task Force Haiti said.
"Today, we had 180 flights go through the airport with zero delays,” Army Lt. Gen. P.K. “Ken” Keen said yesterday during a “DoDLive” bloggers roundtable. “That's the first day since we started that we did not have a delay." For perspective, Keen noted that the single runway at the Port-au-Prince airport handled just 13 flights per day before the earthquake. U.S. airmen opened the airport less than 24 hours after the earthquake in response to a request for help from Haitian authorities. It then took several days to streamline the system for handling the crush of planes carrying supplies. Landing time slots now are now assigned based on priorities set by Haitian officials, he explained. As of yesterday, U.S. troops had distributed 400,000 bottles of water, 300,000 rations and 12,000 pounds of medical supplies, Keen said, adding that those figures count only U.S. contributions. Numerous nations and international aid groups also are delivering assistance, he said. But while the amount of aid is substantial, Keen said, it's just a drop in the bucket compared to the needs of some 3.5 million people who are suffering, so the size of U.S. military force in Haiti -- in an operation now dubbed “Unified Response” -- will continue to grow. "We have about 1,400 military on the ground right now,” he said. “We have another approximately 5,000 that are afloat on various ships supporting us. We will grow that force over the coming weeks to where we will have about 4,000 to 5,000 on Haiti and another 5,000 offshore supporting us." Among the assets moving toward Haiti are the hospital ship USNS Comfort, which can supply up to 1,000 hospital beds. The USS Bataan also has arrivedA arrived, and a Marine landing battalion from the 22nd Marine Expeditionary Unit is expected to go ashore today to one of the hardest-hit regions outside Port-au-Prince that has been beyond the reach of help until now. Keen clarified the boundaries of the role that U.S. troops will play. He stressed that their priority is to distribute aid in partnership with other agencies, including the U.S. Agency for International Development. "My mission is to provide humanitarian assistance, disaster relief and security in order to execute delivery of that [assistance and relief supplies]," he said. He added that the United Nations Stabilization Mission in Haiti remains primarily in charge of security and that U.N. troops who had been successful in significantly reducing gang activity prior to the earthquake now are at work to contain pockets of violence that have cropped up in the disaster’s chaotic aftermath. Keen said he has not witnessed what some media reports characterize as a rising tide of violence. "All the places that U.S. forces have gone thus far have been very calm,” he said. “In fact, they've been overtly welcoming. People have been very orderly, and they’ve been very appreciative of all the aid that they've been given." Looking ahead, Keen said, he counts water purification units in the next group of priorities. Sixteen units had arrived yesterday, with five more due today. Opening the ports also is a critical need, he said. "We've got to have other means to get cargo in here and take pressure off the airport, " he explained. Assessment teams have determined that both the main port and a fuel pier are inoperable. Keen said he expects to have one of the ports operating with limited capacity by the end of the week, possibly using landing craft. Keen also told bloggers about another sign of progress in organizing the massive international relief effort: a new humanitarian coordination center that has been established using U.N. facilities. The idea, he said, is to have one place to funnel the immense outpouring of donation sto determine whether any given donation is needed and where should it be stacked if it is. Keen, who was in Haiti when the earthquake struck, said the response so far has been tremendous. "I am proud of what our nation and the international community has done," he said. (Judith Snyderman works in the Defense Media Activity’s emerging media directorate.)
WASHINGTON, Jan. 19, 2010 – Humanitarian assistance efforts in Haiti are improving every day despite enormous challenges, the commander of Joint Task Force Haiti said.
"Today, we had 180 flights go through the airport with zero delays,” Army Lt. Gen. P.K. “Ken” Keen said yesterday during a “DoDLive” bloggers roundtable. “That's the first day since we started that we did not have a delay." For perspective, Keen noted that the single runway at the Port-au-Prince airport handled just 13 flights per day before the earthquake. U.S. airmen opened the airport less than 24 hours after the earthquake in response to a request for help from Haitian authorities. It then took several days to streamline the system for handling the crush of planes carrying supplies. Landing time slots now are now assigned based on priorities set by Haitian officials, he explained. As of yesterday, U.S. troops had distributed 400,000 bottles of water, 300,000 rations and 12,000 pounds of medical supplies, Keen said, adding that those figures count only U.S. contributions. Numerous nations and international aid groups also are delivering assistance, he said. But while the amount of aid is substantial, Keen said, it's just a drop in the bucket compared to the needs of some 3.5 million people who are suffering, so the size of U.S. military force in Haiti -- in an operation now dubbed “Unified Response” -- will continue to grow. "We have about 1,400 military on the ground right now,” he said. “We have another approximately 5,000 that are afloat on various ships supporting us. We will grow that force over the coming weeks to where we will have about 4,000 to 5,000 on Haiti and another 5,000 offshore supporting us." Among the assets moving toward Haiti are the hospital ship USNS Comfort, which can supply up to 1,000 hospital beds. The USS Bataan also has arrivedA arrived, and a Marine landing battalion from the 22nd Marine Expeditionary Unit is expected to go ashore today to one of the hardest-hit regions outside Port-au-Prince that has been beyond the reach of help until now. Keen clarified the boundaries of the role that U.S. troops will play. He stressed that their priority is to distribute aid in partnership with other agencies, including the U.S. Agency for International Development. "My mission is to provide humanitarian assistance, disaster relief and security in order to execute delivery of that [assistance and relief supplies]," he said. He added that the United Nations Stabilization Mission in Haiti remains primarily in charge of security and that U.N. troops who had been successful in significantly reducing gang activity prior to the earthquake now are at work to contain pockets of violence that have cropped up in the disaster’s chaotic aftermath. Keen said he has not witnessed what some media reports characterize as a rising tide of violence. "All the places that U.S. forces have gone thus far have been very calm,” he said. “In fact, they've been overtly welcoming. People have been very orderly, and they’ve been very appreciative of all the aid that they've been given." Looking ahead, Keen said, he counts water purification units in the next group of priorities. Sixteen units had arrived yesterday, with five more due today. Opening the ports also is a critical need, he said. "We've got to have other means to get cargo in here and take pressure off the airport, " he explained. Assessment teams have determined that both the main port and a fuel pier are inoperable. Keen said he expects to have one of the ports operating with limited capacity by the end of the week, possibly using landing craft. Keen also told bloggers about another sign of progress in organizing the massive international relief effort: a new humanitarian coordination center that has been established using U.N. facilities. The idea, he said, is to have one place to funnel the immense outpouring of donation sto determine whether any given donation is needed and where should it be stacked if it is. Keen, who was in Haiti when the earthquake struck, said the response so far has been tremendous. "I am proud of what our nation and the international community has done," he said. (Judith Snyderman works in the Defense Media Activity’s emerging media directorate.)
Wednesday, January 13, 2010
Panic, Looting and Triage After Major Haiti Quake
By THE ASSOCIATED PRESS
Published: January 13, 2010
PORT-AU-PRINCE, Haiti (AP) -- The tiny bodies of children lay in piles next to the ruins of their collapsed school. People with faces covered by white dust and the blood of open wounds roamed the streets. Frantic doctors wrapped heads and stitched up sliced limbs in a hotel parking lot.
The poorest country in the Western Hemisphere, still struggling to recover from the relentless strikes of four catastrophic storms in 2008, was a picture of heartbreaking devastation Wednesday after a magnitude-7 earthquake.
Tuesday's quake left a landscape of collapsed buildings -- hospitals, schools, churches, ramshackle homes, even the gleaming national palace -- the rubble sending up a white cloud that shrouded the entire capital.
On Wednesday, ambulances weaved in and out of crowds, swerving to miss the bodies lying in street and the men on foot who lugged stretchers bearing some of the injured.
Shocked survivors wandered about in a daze, some wailing the names of loved ones, praying or calling for help. Others with injuries fast growing into infections sat by the roadside, waiting for doctors who were not sure to come.
Search-and-rescue helicopters buzzed over the bodies of partially clothed victims who lay face-down in mounds of rubble and twisted steel.
Everywhere, there was panic, urgency, pleas for help.
''Thousands of people poured out into the streets, crying, carrying bloody bodies, looking for anyone who could help them,'' Bob Poff, divisional director of disaster services in Haiti for the Salvation Army, said in a posting on the agency's Web site.
Poff wrote that he was driving down the mountain from Petionville, a hillside city bordering the capital, when the earthquake struck.
''Our truck was being tossed to and fro like a toy, and when it stopped, I looked out the windows to see buildings 'pancaking' down,'' he wrote.
Poff said he and others piled bodies into the back of his truck and took them down the hill, hoping to get them medical attention.
There was no reliable count, but officials feared thousands, maybe tens of thousands, had died in the quake. Some Haitian leaders suggested the figure could be higher than 100,000. In the chaos, doctors rushed to tend to the countless injured.
The parking lot of Port-au-Prince's Hotel Villa Creole became a triage center. Under tents fashioned from bloody sheets, dozens lay moaning from the pain of cuts in their heads, broken bones and crushed ribs.
''I can't take it any more. My back hurts too much,'' said Alex Georges, 28, who had lain on the parking lot's sloping blacktop for more than a day waiting for help. Just a few feet away lay the dead body of another man who appeared to be about his age.
When the quake struck just before 5 p.m. Tuesday, Georges he was in a meeting with about 30 other students at a school in the neighborhood of Morne Hercule. The roof fell in, he said, killing 11 of his classmates instantly and critically injuring him and others.
Several thousand Haitian police and international peacekeepers poured into the streets Wednesday to clear debris, direct traffic and maintain security. But there was only so much they could do: Looters prowled through shops, then blended into crowds of desperate refugees lugging salvaged possessions. The main prison in the capital fell, and there were reports of escaped inmates, U.. humanitarian spokeswoman Elisabeth Byrs said in Geneva.
Haitians who could still walk were streaming out of the capital by the hundreds, many of them balancing suitcases and other belongings on their heads as they headed down one of the capital's main streets. Police shouted orders to keep traffic moving at congested intersections as ambulances and United Nations trucks raced toward downtown Port-au-Prince.
In Petionville, people used sledgehammers and their bare hands to excavate a collapsed commercial center, scampering across the rubble as they tossed aside mattresses and office supplies. More than a dozen cars and a U.N. truck were buried underneath.
Up the hill, about 200 victims, including many small children, huddled together in a theater parking lot and rigged tarps out of bed sheets to protect themselves from the scorching sun.
''The immediate need is to rescue people trapped in the rubble, then to get people food and water,'' Sophie Perez, Haiti director of the U.S.-based humanitarian organization CARE, told her colleagues in an e-mail.
''Everything is urgent.''
Published: January 13, 2010
PORT-AU-PRINCE, Haiti (AP) -- The tiny bodies of children lay in piles next to the ruins of their collapsed school. People with faces covered by white dust and the blood of open wounds roamed the streets. Frantic doctors wrapped heads and stitched up sliced limbs in a hotel parking lot.
The poorest country in the Western Hemisphere, still struggling to recover from the relentless strikes of four catastrophic storms in 2008, was a picture of heartbreaking devastation Wednesday after a magnitude-7 earthquake.
Tuesday's quake left a landscape of collapsed buildings -- hospitals, schools, churches, ramshackle homes, even the gleaming national palace -- the rubble sending up a white cloud that shrouded the entire capital.
On Wednesday, ambulances weaved in and out of crowds, swerving to miss the bodies lying in street and the men on foot who lugged stretchers bearing some of the injured.
Shocked survivors wandered about in a daze, some wailing the names of loved ones, praying or calling for help. Others with injuries fast growing into infections sat by the roadside, waiting for doctors who were not sure to come.
Search-and-rescue helicopters buzzed over the bodies of partially clothed victims who lay face-down in mounds of rubble and twisted steel.
Everywhere, there was panic, urgency, pleas for help.
''Thousands of people poured out into the streets, crying, carrying bloody bodies, looking for anyone who could help them,'' Bob Poff, divisional director of disaster services in Haiti for the Salvation Army, said in a posting on the agency's Web site.
Poff wrote that he was driving down the mountain from Petionville, a hillside city bordering the capital, when the earthquake struck.
''Our truck was being tossed to and fro like a toy, and when it stopped, I looked out the windows to see buildings 'pancaking' down,'' he wrote.
Poff said he and others piled bodies into the back of his truck and took them down the hill, hoping to get them medical attention.
There was no reliable count, but officials feared thousands, maybe tens of thousands, had died in the quake. Some Haitian leaders suggested the figure could be higher than 100,000. In the chaos, doctors rushed to tend to the countless injured.
The parking lot of Port-au-Prince's Hotel Villa Creole became a triage center. Under tents fashioned from bloody sheets, dozens lay moaning from the pain of cuts in their heads, broken bones and crushed ribs.
''I can't take it any more. My back hurts too much,'' said Alex Georges, 28, who had lain on the parking lot's sloping blacktop for more than a day waiting for help. Just a few feet away lay the dead body of another man who appeared to be about his age.
When the quake struck just before 5 p.m. Tuesday, Georges he was in a meeting with about 30 other students at a school in the neighborhood of Morne Hercule. The roof fell in, he said, killing 11 of his classmates instantly and critically injuring him and others.
Several thousand Haitian police and international peacekeepers poured into the streets Wednesday to clear debris, direct traffic and maintain security. But there was only so much they could do: Looters prowled through shops, then blended into crowds of desperate refugees lugging salvaged possessions. The main prison in the capital fell, and there were reports of escaped inmates, U.. humanitarian spokeswoman Elisabeth Byrs said in Geneva.
Haitians who could still walk were streaming out of the capital by the hundreds, many of them balancing suitcases and other belongings on their heads as they headed down one of the capital's main streets. Police shouted orders to keep traffic moving at congested intersections as ambulances and United Nations trucks raced toward downtown Port-au-Prince.
In Petionville, people used sledgehammers and their bare hands to excavate a collapsed commercial center, scampering across the rubble as they tossed aside mattresses and office supplies. More than a dozen cars and a U.N. truck were buried underneath.
Up the hill, about 200 victims, including many small children, huddled together in a theater parking lot and rigged tarps out of bed sheets to protect themselves from the scorching sun.
''The immediate need is to rescue people trapped in the rubble, then to get people food and water,'' Sophie Perez, Haiti director of the U.S.-based humanitarian organization CARE, told her colleagues in an e-mail.
''Everything is urgent.''
Monday, January 04, 2010
Google’s Nexus One is the future: a lot more stuff on fewer devices
January 4, 2010
Times Online
Nigel Kendall: analysis
Google’s Nexus One mobile phone may or may not prove to be that elusive “next iPhone”, but the timing of tomorrow’s expected announcement is certainly significant.
Just 24 hours later Steve Ballmer, CEO of Microsoft, will address the annual International Consumer Electronics Show in Las Vegas. The best three years lie ahead, Mr Ballmer told The Times in a recent interview. The idea is that as fields such as television, computing, music, video, telephony, video gaming and photography mature their digital formats, fewer devices will be needed to store and play content.
Portable devices — the MP3 players, digital cameras and mobile phones of the mid-Noughties — have already merged to become today’s smartphones. At this year’s electronics show we can expect digital convergence to invade our living-rooms. Manufacturers are working on internet-capable television sets that can be switched from broadcast to internet catch-up services such as the BBC iPlayer as easily as changing channels. By the end of the decade, many experts predict, internet TV viewing will overtake broadcast viewing as the primary means of television consumption.
The jury is out on domestic 3D TV, which requires special glasses as well as special sets. It may be revolutionary — but having just replaced their old TV with a flat-screen, consumers may not be keen to fork out for a 3D set.
Times Online
Nigel Kendall: analysis
Google’s Nexus One mobile phone may or may not prove to be that elusive “next iPhone”, but the timing of tomorrow’s expected announcement is certainly significant.
Just 24 hours later Steve Ballmer, CEO of Microsoft, will address the annual International Consumer Electronics Show in Las Vegas. The best three years lie ahead, Mr Ballmer told The Times in a recent interview. The idea is that as fields such as television, computing, music, video, telephony, video gaming and photography mature their digital formats, fewer devices will be needed to store and play content.
Portable devices — the MP3 players, digital cameras and mobile phones of the mid-Noughties — have already merged to become today’s smartphones. At this year’s electronics show we can expect digital convergence to invade our living-rooms. Manufacturers are working on internet-capable television sets that can be switched from broadcast to internet catch-up services such as the BBC iPlayer as easily as changing channels. By the end of the decade, many experts predict, internet TV viewing will overtake broadcast viewing as the primary means of television consumption.
The jury is out on domestic 3D TV, which requires special glasses as well as special sets. It may be revolutionary — but having just replaced their old TV with a flat-screen, consumers may not be keen to fork out for a 3D set.
Wednesday, December 30, 2009
Debate Over Full-Body Scans vs. Invasion of Privacy Flares Anew After Incident
By JOHN SCHWARTZ nytimes.com 12/30/us/30privacy
Published: December 29, 2009
The technology exists to reveal objects hidden under clothes at airport checkpoints, and many experts say it would have detected the explosive packet carried aboard the Detroit-bound flight last week. But it has been fought by privacy advocates who say it is too intrusive, leading to a newly intensified debate over the limits of security.
Screening technologies with names like millimeter-wave and backscatter X-ray can show the contours of the body and reveal foreign objects. Such machines, properly used, are a leap ahead of the metal detectors used in most airports, and supporters say they are necessary to keep up with the plans of potential terrorists.
“If they’d been deployed, this would pick up this kind of device,” Michael Chertoff, the former homeland security secretary, said in an interview, referring to the packet of chemicals hidden in the underwear of the Nigerian man who federal officials say tried to blow up the Northwest Airlines flight.
But others say that the technology is no security panacea, and that its use should be carefully controlled because of the risks to privacy, including the potential for its ghostly naked images to show up on the Internet.
“The big question to our country is how to balance the need for personal privacy with the safety and security needs of our country,” said Representative Jason Chaffetz, a Utah Republican who sponsored a successful measure in the House this year to require that the devices be used only as a secondary screening method and to set punishments for government employees who copy or share images. (The bill has not passed in the Senate.)
Published: December 29, 2009
The technology exists to reveal objects hidden under clothes at airport checkpoints, and many experts say it would have detected the explosive packet carried aboard the Detroit-bound flight last week. But it has been fought by privacy advocates who say it is too intrusive, leading to a newly intensified debate over the limits of security.
Screening technologies with names like millimeter-wave and backscatter X-ray can show the contours of the body and reveal foreign objects. Such machines, properly used, are a leap ahead of the metal detectors used in most airports, and supporters say they are necessary to keep up with the plans of potential terrorists.
“If they’d been deployed, this would pick up this kind of device,” Michael Chertoff, the former homeland security secretary, said in an interview, referring to the packet of chemicals hidden in the underwear of the Nigerian man who federal officials say tried to blow up the Northwest Airlines flight.
But others say that the technology is no security panacea, and that its use should be carefully controlled because of the risks to privacy, including the potential for its ghostly naked images to show up on the Internet.
“The big question to our country is how to balance the need for personal privacy with the safety and security needs of our country,” said Representative Jason Chaffetz, a Utah Republican who sponsored a successful measure in the House this year to require that the devices be used only as a secondary screening method and to set punishments for government employees who copy or share images. (The bill has not passed in the Senate.)
Thursday, December 24, 2009
Critics of H-P Software Soften Their Stance
By Justin Scheck
Two people named Desi and Wanda recently set off an uproar with a YouTube video claiming that Hewlett-Packard computers are racist, based on the performance of the company’s facial-recognition software. After a discussion with the company, they seem to be backing down a bit.
Desi is black and Wanda is white. Their video shows H-P’s software making a Web cam follow Wanda’s face, zooming in and out as she moved near or away from the computer. But when “black Desi gets in there, no face recognition anymore,” Desi says onscreen. Indeed, the camera does appear to stop moving when his face shows up.
In response, H-P issued a statement that “proper foreground lighting is required for the product to effectively track any person and their movements.” A spokeswoman for the company declined to comment on why lighting that was okay for Wanda was apparently insufficient for Desi.
After the uproar, a publication called The Grio tested the device for itself and concluded the software isn’t racist: “When our staff sat in front of the face-tracking camera, it responded effectively to people of all shades and colors.”
Through it all, we didn’t know who Desi or Wanda were. Now, it looks like they’ve come out.
A statement issued by Wanda to the Web site Mashable says that their names are Wanda Zamen and Desi Cryer, and they work in the sales department at Toppers Camping Center in Waller, Tex.
The statement says it was their intention “to provide a good natured chuckle to our fellow man,” and they did not imagine that so many people would watch and react to the video.
“We do not really think that a machine can be racist, or that HP is purposely creating software that excludes people of color,” the statement continues. “We think it is just a glitch.”
Somewhat more mysteriously, the statement adds: “H-P has been in contact with us about this matter, at this time that is all we are at liberty to say.”
How does the company characterize what happened? “We had a friendly conversation,” the H-P spokeswoman said. “We encouraged them to use better lighting.” ------From WSJ Blogs
---http://davidsradiotv2000.blogspot.com
Two people named Desi and Wanda recently set off an uproar with a YouTube video claiming that Hewlett-Packard computers are racist, based on the performance of the company’s facial-recognition software. After a discussion with the company, they seem to be backing down a bit.
Desi is black and Wanda is white. Their video shows H-P’s software making a Web cam follow Wanda’s face, zooming in and out as she moved near or away from the computer. But when “black Desi gets in there, no face recognition anymore,” Desi says onscreen. Indeed, the camera does appear to stop moving when his face shows up.
In response, H-P issued a statement that “proper foreground lighting is required for the product to effectively track any person and their movements.” A spokeswoman for the company declined to comment on why lighting that was okay for Wanda was apparently insufficient for Desi.
After the uproar, a publication called The Grio tested the device for itself and concluded the software isn’t racist: “When our staff sat in front of the face-tracking camera, it responded effectively to people of all shades and colors.”
Through it all, we didn’t know who Desi or Wanda were. Now, it looks like they’ve come out.
A statement issued by Wanda to the Web site Mashable says that their names are Wanda Zamen and Desi Cryer, and they work in the sales department at Toppers Camping Center in Waller, Tex.
The statement says it was their intention “to provide a good natured chuckle to our fellow man,” and they did not imagine that so many people would watch and react to the video.
“We do not really think that a machine can be racist, or that HP is purposely creating software that excludes people of color,” the statement continues. “We think it is just a glitch.”
Somewhat more mysteriously, the statement adds: “H-P has been in contact with us about this matter, at this time that is all we are at liberty to say.”
How does the company characterize what happened? “We had a friendly conversation,” the H-P spokeswoman said. “We encouraged them to use better lighting.” ------From WSJ Blogs
---http://davidsradiotv2000.blogspot.com
HP Investigates Claims of ‘Racist’ Computers
By Brian X. Chen
December 22, 2009
The YouTube page -- The YouTube page-------- The YouTube page
WATCH THE VIDEO
The YouTube page The YouTube page
WATCH THE VIDEO
--A COMMENT A software problem with light and a missed opportunity for financial gain.
From wired.com GADGET LAB
December 22, 2009
The YouTube page -- The YouTube page-------- The YouTube page
WATCH THE VIDEO
The YouTube page The YouTube page
WATCH THE VIDEO
--A COMMENT A software problem with light and a missed opportunity for financial gain.
From wired.com GADGET LAB
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