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BREAKING: Moody’s Adjusts Ratings of 9 European Sovereigns to Capture Downside Risks

Global Credit Research – 13 Feb 2012

London, 13 February 2012 — As anticipated in November 2011, Moody’s Investors Service has today adjusted the sovereign debt ratings of selected EU countries in order to reflect their susceptibility to the growing financial and macroeconomic risks emanating from the euro area crisis and how these risks exacerbate the affected countries’ own specific challenges.

Moody’s actions can be summarised as follows:

– Austria: outlook on Aaa rating changed to negative

– France: outlook on Aaa rating changed to negative

– Italy: downgraded to A3 from A2, negative outlook

– Malta: downgraded to A3 from A2, negative outlook

– Portugal: downgraded to Ba3 from Ba2, negative outlook

– Slovakia: downgraded to A2 from A1, negative outlook

– Slovenia: downgraded to A2 from A1, negative outlook

– Spain: downgraded to A3 from A1, negative outlook

– United Kingdom: outlook on Aaa rating changed to negative

Read the rest here.

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BUNNY BEATER: HUGH HEFNER’S SON Arrested for Attacking Playmate of the Year

via TMZ

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Hugh Hefner
‘s oldest son Marston Hefner was arrested last night after he allegedly attacked his Playmate of the Year girlfriend Claire Sinclair … TMZ has learned.

Law enforcement sources tell TMZ … cops were called to the pad Marston shares with Sinclair in Pasadena, CA after one of Sinclair’s family members called 911, claiming Marston had attacked her.

Cops arrived to the scene … and we’re told officers observed visible injuries on Sinclair’s body … including bruises and red marks.

Law enforcement sources tell TMZ … Marston admitted the two had gotten into an argument … but did not cop to striking Sinclair.

Sources tell us … Sinclair told cops Marston had punched her, kicked her in the stomach and then refused to let her leave the residence.  We’re told Sinclair called family members after the alleged attack … and her family called the cops.

After a brief investigation, Marston was arrested for misdemeanor domestic violence at around 11:15 PM … and hauled to a nearby police station where he was booked.

Marston was released on $20,000 bail a few hours later.

20-year-old Sinclair was named PMOY in 2011. She has been dating Marston on-and-off since August 2010.

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Whitney Houston Found Dead in the Bathtub

Beverly Hilton hotel employees tell TMZ … Whitney Houston was found dead in the bathtub of her room.

As we previously reported, a member of Whitney’s entourage discovered her responsive and called hotel security, who then called 911.

We’re told police arrived to the scene within minutes and fire was already there on an unrelated call. Paramedics performed CPR, but it did not work and she was pronounced dead at 3:55 PM.

Our sources say there were no obvious signs of foul play, but BH PD detectives have begun a full investigation.

As of this post, cops are still waiting on a warrant to search the room.

Source

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Whitney Houston Dead at 48

Houston won two Emmy Awards, six Grammy Awards, 30 Billboard Music Awards, 22 American Music Awards during her record-breaking career. Her album “Whitney” was the first female album to ever debut at #1 on the Billboard Charts. She has sold 200 albums world wide.

Houston holds an Honorary Doctorate in Humanities from Grambling State University in Louisiana.

Houston had one child, Bobbi Kristina, with husband Bobby Brown. Houston and Brown were married from 1992-2007.

Story developing

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FLASH: West Virginia University Leaves the Sinking Ship Known as the Big East to Go to Big 12

via

MORGANTOWN, W.Va. — West Virginia University and the Big East Conference have reached a conditional agreement to settle their legal battles against one another, a source told the Charleston Daily Mail Thursday evening.

A formal announcement could be made as early as Friday. That is also when the Big 12 is set to release its 2012 conference football schedule, media outlets reported Thursday.

The Big East will make about $20 million from the resolution, with WVU paying $11 million.

The source said the Big 12 would handle the remaining amount and the Mountaineers will enjoy full membership in that conference beginning July 1.

The source said WVU’s early exit from the Big East is no longer conditional upon Boise State joining the Big East as a replacement in 2012.

That had been an obstacle standing in the way of a conclusion, but the Big East will now take the money WVU was offering to find a replacement and use it however it chooses.

Boise State’s president said last week it was too late for his school to join.

The Broncos may still join in time for 2012, or it may indeed be too late. Either way, the source said that decision is no longer attached to the Mountaineers.

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PERSONAL FINANCE LESSON: GARY BUSEY Files for Bankruptcy — “I’m Really REALLY Broke”

via TMZ

0208_gary_busey_tmz_EX
Gary Busey — who’s starred in more than 70 movies — has less than $50,000 to his name … and more than $500,000 in various debts … this according to official documents obtained by TMZ.

67-year-old Busey filed for Chapter 7 bankruptcy in California yesterday. Busey checked the box showing he has less than $50,000 in assets … and somewhere between $500,000 and $1,000,000 in various debts.

In the docs, Busey indicates he might owe money to everyone from the IRS … to various lawyers … UCLA Medical Center … Wells Fargo … L.A. County Waterworks Districts … and a storage company.

He also notes that he might owe money to a woman named Carla Loeffler, who sued Busey for allegedly attacking her at a Tulsa airport back in May.

We called Gary for comment — so far, no response.

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Federal Appeals Court Rules Prop. 8 Ban On Gay Marriage Unconstitutional

via SAN FRANCISCO (CBS SF) — A three-judge panel of the 9th U.S. Circuit Court of Appeals ruled Tuesday that Proposition 8, California’s voter-approved ban on same-sex marriage, is unconstitutional because it violates the 14th Amendment guarantee of equal protection under the law.

But backers of the controversial, voter-approved law quickly signaled that they planned to appeal to the U.S. Supreme Court.

The court ruled 2-1 to uphold the decision of a lower court judge, U.S. District Judge Vaughn Walker of San Francisco, who determined in Aug. 2010 that Prop. 8 was a violation of the civil rights of gays and lesbians. The panel also rejected claims that Walker, now retired, was biased in his ruling because he is gay and in a long-term relationship with another man.

 
“Although the Constitution permits communities to enact most laws they believe to be desirable, it requires that there be at least a legitimate reason for the passage of a law that treats different classes of people differently. There was no such reason that Proposition 8 could have been enacted,” the ruling stated.

 

Judge Stephen Reinhardt, the author of the majority opinion, went on to write: “Proposition 8 serves no purpose, and has no effect, other than to lessen the status and human dignity of gays and lesbians in California, and to officially reclassify their relationships and families as inferior to those of opposite-sex couples. The Constitution simply does not allow for laws of this sort.”

RELATED CONTENT:
Download The Complete Court Ruling (.pdf)
pDownload A Summary Of The Decision (.pdf)

Reihardt, who was appointed to the appeals court by President Jimmy Carter, was joined in the majority opinion by Judge Michael Hawkins, an appointee of President Bill Clinton.

Judge Randy Smith, who was appointed by President George W. Bush, dissented, saying he disagreed that Prop. 8 served no purpose other than to treat gays and lesbians as second-class citizens.

KCBS’ Doug Sovern Reports:

Prop. 8 Ruled Unconstitutional

 

Tuesday’s ruling did not mean, however, that gay marriages would resume in California anytime soon as the decision of the three judges appeared to pave the way for a likely Supreme Court showdown over the issue.

“No court should presume to redefine marriage. No court should undercut the democratic process by taking the power to preserve marriage out of the hands of the people,” Brian Raum, one of the lawyers hired to defend Prop. 8, said in an e-mail sent to CBS San Francisco.

“We are not surprised that this Hollywood-orchestrated attack on marriage — tried in San Francisco — turned out this way. But we are confident that the expressed will of the American people in favor of marriage will be upheld at the Supreme Court,” Raum added.

 
Margaret Russell, a professor of constitutional law at Santa Clara University School of Law, told CBS San Francisco that the Supreme Court did not need a conflicting circuit-court decision in order to take up the case, but rather just four justices who deem it worthy of review.

 

Prop. 8 passed with 52 percent of the vote in 2008 and outlawed same-sex marriages just five months after they became legal in California. Two same-sex couples then brought a lawsuit in 2009 seeking to overturn the measure.

PHOTO GALLERY: The Proposition 8 Court Battle

American Foundation for Equal Rights President Chad Griffin, who formed the legal team that waged the court battle on behalf of the two couples, called the three-judge panel’s ruling “a historic victory.”

More than 150 people who gathered outside the federal courthouse at Mission and Seventh streets in downtown San Francisco also greeted ruling with cheers. They held signs and waved rainbow flags.

California Attorney General Kamala Harris hailed the decision too. In a statement sent to CBS San Francisco, she called it “a victory for fairness, a victory for equality and a victory for justice.”

The Attorney General’s Office had declined to defend Prop. 8 in court, leaving it in the hands of proponents of the measure to mount a defense, after concluding that the law could not be defended on constitutional grounds.

Gov. Jerry Brown, who also refused to defend the measure, issued a statement in which he said, “The court has rendered a powerful affirmation of the right of same-sex couples to marry. I applaud the wisdom and courage of this decision.”

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BREAKING: JUSTICE DEPARTMENT OFFICIALS ACCEPT CASH BRIBES FROM CORRUPT FINANCE EXECS

By Matthew Boyle

A U.S. Justice Department source has told The Daily Caller that at least two DOJ prosecutors accepted cash bribes from allegedly corrupt finance executives who were indicted under court seal within the past 13 months, but never arrested or prosecuted.

The sitting governor of the U.S. Virgin Islands, his attorney general and an unspecified number of Virgin Islands legislators also accepted bribes, the source said, adding that U.S. Attorney General Eric Holder is aware prosecutors and elected officials were bribed and otherwise compromised, but has not held anyone accountable.

The bribed officials, an attorney with knowledge of the investigation told TheDC, remain on the taxpayers’ payroll at the Justice Department without any accountability. The DOJ source said Holder does not want to admit public officials accepted bribes while under his leadership.

Read the rest here.

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Asia Shares Jump After Global Data

SYDNEY (MarketWatch) — Asian share markets jumped Thursday, after surveys signaled that global manufacturing improved in January and Facebook filed for what’s likely to be the biggest-ever market debut for an Internet stock. Full Story…

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San Onofre Nuclear Plant Closed After Radiation Leak

A small quantity of radioactive gas leaked inside one of the buildings at San Onofre nuclear power plant north of San Diego, according to a spokesman for the Nuclear Regulatory Commission.

The spokesman said the radiation levels were “barely measurable,” but the plant was shut down as a precaution.

“At no point were the public or our workers in any danger,” Southern California Edison spokesman Gil Alexander told ABC News.

Officials say the radiation leak likely occurred in the steam generator tubes of San Onofre’s reactor #3. The steam system, which is supposed to be shielded from exposure to radiation, was replaced in December 2010. Alexander said plant officials will be conducting an investigation into why the new steam tubes leaked.

San Onofre is one of dozens of U.S. reactors facing new scrutiny after Japan’s nuclear crisis. It is located right on the coast, and in the heart of America’s earthquake country.

Read the rest here.

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