Story Developing…
-Bloomberg
Comments »Debt ceiling raised…unofficially 6 months ago
It cleared the Senate, but who are we kidding? It was already going to happen when the GOP caved in August. This is just a big stage that the conservatives can stand on now to remind the world how much they hate our debt…despite fully embracing it.
Really, the Tea Party was so totally ineffective on cutting spending, it’s almost sad. Freshmen…
Comments »$NUVA Halted
Pending news.
Comments »LINEBACKER RAY LEWIS WITH SOME AWESOME PERSONAL FINANCE ADVICE
I Don’t Trust My Baby Mamawith My Money!
NFL superstar Ray Lewis admits he fathered an 11-year-old boy in Florida … and he’s totally willing to provide support — with one caveat … he doesn’t want the baby mama to get her hands on the money.
According to court documents filed in Florida, Lewis has an ongoing paternity case over his son with a woman named Sharnika Kelly. In court papers, Lewis acknowledges being the father, but the issue of support is slightly more contentious …
According to the docs, Lewis is hesitant to fork over money to Kelly because he says she has an outstanding judgment against her in a civil case … totaling over $1,000,000.
In the docs, Lewis says he has “grave concerns about the Mother’s character” and feels she’ll siphon off money meant for his son … either to pay off her debt or support her other child … not Ray’s.
Lewis is asking the court to establish a guardianship for his son to manage any support Lewis eventually pays.
The couple had a hearing scheduled for last month, but Lewis had to reschedule because he had a game in San Diego. The judge has yet to rule on his request.
Fed Sees Slower Growth But Offers No Hint Of More Easing
The Federal Reserve, ending a two-day policy meeting on Wednesday, repeated its view that the economy faces “significant downside risks” but it offered little to suggest it was close to launching another round of bond-buying to prop up growth.
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Its forecasts pointed to somewhat weaker economic growth this year and next, compared with Fed estimates published in November.
It did say, however, that it would maintain a “highly accommodative” monetary policy stance.
Earlier Wednesday, the Fed pushed back the likely timing of an eventual interest rate hike until late 2014, much later than it had previously said, because of the still-sluggish economic recovery.
In a historic step that it has touted as an effort toward greater transparency, the Fed also announced an official inflation target of 2 percent, and for the first time published individual policymakers’ forecasts for the federal funds rate.
These showed quite a wide range of views, including three of 17 policymakers who expect rates will need to rise this year and two others who do not see any increase until 2016.
Still, the biggest concentration of estimates was around 2014.
The assurance that rates would remain near zero for at least some 18 months longer than previously believed was enough to drive a steep rally in U.S. government bonds and push stocks into positive territory.
Economic conditions “are likely to warrant exceptionally low levels for the federal funds rate at least through late 2014,” the central bank said in a statement.
Many investors had expected the Fed to push its expectations for the first rate hike into 2014, but few had thought it would be late in the year. After every previous policy meeting dating back to August, the Fed had said rates were not likely to rise until mid-2013.
The central bank also appeared more sanguine on the inflation outlook, suggesting prices were now rising at a pace consistent with policymakers’ goals. The statement also dropped a reference saying the Fed was monitoring inflation and inflation expectations.
Aside from the 2014 rate pledge, the Fed’s statement hewed closely to its last policy pronouncement in mid-December. It described the unemployment rate as still elevated and said it expects inflation to remain at levels consistent with stable prices.
In a slight shift, it acknowledged signs that business investment has slowed.
“I think what they are seeing is that the rate of growth is not sufficient to bring down the unemployment rate,” said Brian Dolan, chief strategist at FOREX.com in Bedminster, New Jersey.
Richmond Federal Reserve Bank President Jeffrey Lacker, an inflation hawk who rotated into a voting seat this year, dissented against the decision.
He preferred to omit the description of the time period for ultra-low rates.
In response to the deepest recession in generations, the Fed slashed the overnight federal funds rate to near zero in December 2008.
It has also more than tripled the size of its balance sheet to around $2.9 trillion through two separate bond purchase programs.
The policy is credited with having prevented an even more devastating downturn, but it has been insufficient to bring unemployment down to levels considered normal during good economic times.
In December, the U.S. jobless rate stood at 8.5 percent, and some 13 million Americans were still actively looking for work but could not find it.
While forecasters expect the U.S. economy grew at a 3 percent annual rate in the last three months of 2011, they look for growth of just around 2 percent this year.
Fed officials appear likely to bide their time in determining whether more monetary stimulus is needed.
Many economists expect they will eventually decide on another spurt of Fed bond buying – probably one focused on mortgage debt.
Comments »$AMZN Getting More Serious About Taking on $NFLX
(EXCLUSIVE via NY POST)
Jeff Bezos and his team at Amazon are weighing a move to beef up the Web retailer’s video-streaming service — possibly carving it out as a standalone, subscription-based operation, industry sources told The Post.
Such a move, if undertaken, would set the retail behemoth in the same competitive orbit as Netflix.
Currently, Amazon’s Instant Video comes free with Amazon Prime, the $79 unlimited shipping service.
“They’re looking into it being a standalone subscription service,” one content executive said.
A second exec noted they believe Amazon is chewing over a possible charge.
The Internet retailer does have a paid video-on-demand movie and TV service — but the streaming service would be different.
“The big issue is their bundled media service,” said one digital media executive. “The subscription service, with the goodies being free video, is contractually an issue for the licensers.”
Tinseltown talent doesn’t like being a loss-leader for Amazon shipments of everything from diapers to digital devices.
Word that Bezos may be looking to add muscle to its video service comes nearly one year after Amazon launched Instant Video last February. In July, Amazon paid CBS around $100 million for 2,000 hours of TV shows. It then followed up with deals for Fox content such as “Arrested Development,” and with Disney and NBCUniversal.
The company has had little to say in recent months, however, though one source said that Amazon was “refreshing its checkbook.”
Amazon has been paying fees that are based on the number of subscribers.
Amazon Prime has 7 million to 8 million subscribers, analysts estimate.
Netflix, which reports fourth-quarter results today, has 20 million streaming subs globally.
Paul Verna, senior analyst at eMarketer, said: “Amazon is aggressively pursuing the same content strategy as Netflix and is spending a lot upfront to try to secure exclusivity. They won’t always get it, but they need to differentiate themselves.”
Amazon didn’t return calls for comment.
Read more: http://trade.cc/acqg
Comments »BREAKING: WATCH OBAMA TEACH YOU TO GIVE YOUR FAIR SHARE HERE
The State of the Union video feed can be accessed, while available, by clicking on the magical picture below.
State of the Union Address Leaked
WARREN BUFFETT’S POOR, OLD TAX-PAYING SECRETARY WILL SIT IN FIRST LADY BOX AT POTUS STATE OF THE UNION SPEECH
Billionaire Warren Buffett’s longtime secretary will be joining first lady Michelle Obama in her box at tonight’s State of the Union, White House communications director Dan Pfeiffer announced on Twitter.
Debbie Bosanek, who has worked for Buffett for nearly two decades, has become a symbol in the White House’s fight over the tax code and economic fairness. Obama is expected to renew his push for the so-called “Buffett rule” that would bring investment taxation levels into line with income taxation levels — and ensure that upper income earners pay rates as high as middle-class Americans.
“Warren Buffett’s secretary shouldn’t pay a higher tax rate than Warren Buffett,” President Obama said in September, when he unveiled his American Jobs Act proposal. It’s a trope that Buffett himself has repeated, as he has campaigned for higher taxes on investment income.
It’s common practice for presidents to invite guests to sit next to the first spouse that fit with the theme of their address — and Bosanek’s presence is a big hint that the address will tilt heavily towards economic issues of fairness.
Annie Lowrey, writing in Slate, reports that Bosanek has traditionally been very wary of the limelight — acting as a gatekeeper to the billionaire investor, not as a newsmaker. While she does acts as the press liaison for Buffett and his company, she’s tight-lipped. She reportedlyonce wore a t-shirt with the caption: “Hi, I’m Debbie B. Warren is not available, and I have no comment.”
Comments »READ THE FULL ‘SENSITIVE AND CONFIDENTIAL’ MEMO FROM SUMMERS TO OBAMA
NOT JUSTIFIED: MAYOR OF KENTUCKY TOWN SHOT DEAD AS SUSPECT SURRENDERS
The police chief of a western Kentucky city says the mayor has been fatally shot and a man has turned himself in to police.
Hickman Police Chief Tony Grogan said the incident occurred around 1 a.m. CST Monday and took the life of Hickman Mayor Charles Murphy at Murphy’s home, according to WYVY Radio in Union City, Tenn.
Police have charged 30-year-old Tommy Lattus with murder and he is held at the Fulton County Detention Facility. Grogan said Lattus came to the police station after the shooting and told officers he shot Murphy. Grogan did not give a motive.
The victim was in his second term as mayor and had served earlier terms on the city board.
Jail records don’t indicate whether Lattus has an attorney.
RAND PAUL IN STANDOFF WITH TSA AGENTS OVER REFUSAL OF PAT-DOWN
Sen. Rand Paul told his communications director this morning he was being detained by TSA at the Nashville airport.
The Twitter account associated with Paul staffer Moira Bagley, @moirabagley, tweeted around 10 a.m., ET, “Just got a call from @senrandpaul. He’s currently being detained by TSA in Nashville.”
A TSA spokesman said the agency was looking into the matter but could not immediately comment.
Paul apparently set off an airport security full-body scanner “on a glitch,” a spokesman in Paul’s office told ABC News.
The Paul staffer said TSA agents would not let Paul walk back through the body scanner and were demanding a full body pat-down.
The Paul spokesman said his office called TSA administrator John Pistole about the incident this morning.
The Senate is back in session today at 2 p.m., with votes scheduled at 4:30 p.m.
The issue of pat-downs has been an important one to Paul, the son of libertarian-leaning Republican presidential candidate Ron Paul. Sen. Paul brought this issue up at a hearing earlier this year.
Comments »FLASH: $JCP TO SLASH THOUSANDS OF JOBS UNDER FORMER $AAPL EXEC
(via NY POST)
JCPenney’s new CEO has come out swinging in 2012 — the ax, that is.
Former Apple exec Ron Johnson — who on Wednesday is slated to unveil a top-secret strategy for a dramatic overhaul of the aging department store — has begun the new year by slashing thousands of jobs nationwide, The Post has learned.
As 52-year-old Johnson replaces Penney’s decades-old use of traditional sales and clearance events with a new “everyday pricing” strategy, sources said he’s firing workers who had long been responsible for re-tagging merchandise and plastering stores with temporary signs and displays.
GETTY IMAGES
Ron Johnson, JCPenney’s new CEO, formerly worked as an executive for Apple.
The fresh bloodbath, announced internally this month and effective today, will affect employees at nearly all of Penney’s 1,200 stores nationwide — in many instances, hitting dozens of workers at a single location, according to insiders.
“As planned, we held over some seasonal holiday hires to help us with the re-ticketing of merchandise,” a JCPenney spokeswoman said.
“As this project comes to a close over the next several weeks, the temporary employment of these seasonal hires will come to an end.”
The firm declined to comment further, but sources said cutbacks are affecting entire teams of permanent staff.
“Many employees were given an option . . . to either leave the company or be moved to a different shift,” according to a source briefed on Penney’s plans. However, some were forced to quit because they couldn’t work the oddball shifts they were offered, the source added.
Insiders said fears of further firings are rippling through the ranks — from store associates to execs at the retailer’s headquarters in Plano, Texas — as Johnson beats the drum about transforming Penney’s sleepy corporate culture.
“They’ve got a lot of industry veterans there, and they’re all worried they’re going to lose their job because they’re over 40,” according to an executive at one Penney supplier.
As previously reported by The Post, Johnson last month announced a 10-year deal with Martha Stewart without bothering to tell Chris Madden, Penney’s own celebrity home-furnishings designer for the past eight years.
Sources said Johnson is being prodded to trim the fat by Penney’s two biggest shareholders — hedge-fund tycoon Bill Ackman and property magnate Steve Roth, who heads real-estate giant Vornado.
Since the duo disclosed big Penney positions more than a year ago, the retailer has shuttered laggard warehouses, outlets and call centers, as well as its catalog business.
Ackman and Roth “are licking their chops to cut costs, and this is an example of what they see as ‘low-hanging fruit,’” a source said of the layoffs slated for today.
Indeed, some investors speculate that Penney will announce across-the-board cuts this week, paring advertising spending and slimming company divisions that design private-label clothing. Last week, the retail chain eliminated weekly circulars for the first time in a year, according to Deutsche Bank analyst Charles Grom, who notes that two years ago Penney spent more than twice the competition on marketing. Penney has cut orders for new inventory by as much as 10 percent, according to several manufacturers.
Read more: http://trade.cc/abpy
Joe Paterno Has Died at Age 85; Read Family’s Statement Here
Full text of statement by the Paterno family on the death of Joe Paterno:
Comments »It is with great sadness that we announce that Joe Paterno passed away earlier today. His loss leaves a void in our lives that will never be filled.
He died as he lived. He fought hard until the end, stayed positive, thought only of others and constantly reminded everyone of how blessed his life had been. His ambitions were far reaching, but he never believed he had to leave this Happy Valley to achieve them. He was a man devoted to his family, his university, his players and his community.
He has been many things in his life — a soldier, scholar, mentor, coach, friend and father. To my mother he was and is her soul mate, and the last several weeks have shown the strength of their love. To his children and grandchildren he is a shining example of how to live a good, decent and honest life, a standard to which we aspire.
When he decided to forego a career in law and make coaching his vocation, his father Angelo had but one command: Make an impact.
As the last 61 years have shown, Joe made an incredible impact. That impact has been felt and appreciated by our family in the form of thousands of letters and well wishes along with countless acts of kindness from people whose lives he touched. It is evident also in the thousands of successful student athletes who have gone on to multiply that impact as they spread out across the country.
And so he leaves us with a peaceful mind, comforted by his “living legacy” of five kids, 17 grandchildren, and hundreds of young men whose lives he changed in more ways than can begin to be counted.
In lieu of flowers or gifts, the family requests that donations be made to the Special Olympics of Pennsylvania or the Penn State-THON, The Penn State IFC/Panhellenic Dance Marathon.
UPDATE: CONFLICTING REPORTS ABOUT JOE PATERNO
FLASH: DISGRACED EX-PENN STATE FOOTBALL COACH JOE PATERNO HAS DIED
Joe Paterno, the man who for decades was synonymous with Penn State football and was known by the college football world as just “JoePa”, has died. Paterno, 85, had been receiving chemotherapy as part of his treatment for lung cancer, and complications from that treatment claimed the longtime Penn State coach’s life on Saturday.
Paterno was the head coach of Penn State for 46 seasons before being fired in November as his role in the Jerry Sandusky child sex abuse scandal came under greater scrutiny. Combined with the time he spent as an assistant, Paterno spent a total of 61 years on the Penn State sidelines. He left behind a legacy that, on the field of play, was unparalleled in Division I football. Paterno holds the all-time Division I record for football coaching wins with a 409-136-3 record, and he won two national championships while going undefeated in five different seasons.
[STATS: JoePa’s lifetime coaching record]
Under Paterno, Penn State was a perennial powerhouse, known for decades as “Linebacker U” for its propensity to develop All-American linebackers. Paterno coached such great linebackers as Dennis Onkotz, Jack Ham, Shane Conlan, LaVar Arrington, Paul Posluszny, Dan Connor, and Sean Lee, along with many others.
Additionally, running back John Cappalletti won the Heisman Trophy in 1973 under Paterno, and Cappalletti was one of seven Penn State players to win the Maxwell Award for most outstanding college football player. All in all, 68 players were named first-team All-American by at least one of the major news services under Paterno; 13 of those players were two-year winners.
Paterno’s longtime defensive coordinator and the architect of the defensive schemes that came to typify Penn State football was Jerry Sandusky, who’s now more well-known for the allegations of underaged sexual abuse against him made by men who were involved in Sandusky’s charity, The Second Mile, as boys. Sandusky is still awaiting trial for those allegations, and he pled not guilty to the charges in December 2011.
In an interview with the Washington Post released just a week before Paterno’s death, he expressed remorse for not having done more to stop Sandusky’s alleged crimes, and he also said he was “just sick about” the situation. Investigators did not bring charges against Paterno, and instead mentioned that he had fulfilled his legal obligations by notifying his superiors about an alleged assault when he was first notified in 2002.
After Paterno was fired in 2011, Penn State named Tom Bradley — who, coincidentally, was Sandusky’s replacement at defensive coordinator — interim head coach. Bradley went 1-3, including a loss to Houston in the TicketCity Bowl, and was not retained as a coach when Penn State hired Bill O’Brien in January.
Paterno was well known for encouraging his players to excel in the classroom and earn their undergraduate degrees at Penn State, and his name will live on at Penn State after his firing and death. Paterno and his wife Suewere major financial supporters of Penn State University, as they donated millions of dollars for the Paterno Library on campus, and Paterno helped establish the Paterno Liberal Arts Undergraduate Fellows Program.
Comments »OUT WITH A SHAME: Joe Paterno Reportedly on Death Bed
Joe Paterno, the legendary former coach at Penn State University, is on his death bed … this according to several reports.
A spokesman for the family says doctors have “characterized his status as serious.”
Onward State, a student-run newspaper on campus, reported Saturday he had been taken off his respirator. The Citizens Voice, a newspaper in nearby Wilkes-Barre, PA, reported Paterno’s wife Sue summoned close friends and longtime staff members toState College hospital.
TMZ reached out to Paterno’s lawyer, who would only say rumors of JoePa’s death were “not accurate.”
Paterno was the coach at Penn State for 46 years, until he was famously fired by the school last November following the sexual abuse allegations against his former assistant coach, Jerry Sandusky.
SHOCK: ITALIAN CRUISE SHIP CAPTAIN ORDERED DINNER AFTER SHIPWRECK
One final meal after he knew he screwed himself and everyone else…
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The captain of the Costa Concordia ordered dinner for himself and a woman after the ship struck rocks off Italy’s coast, a cook from the ship told a Filipino television station.
In an interview with GMA Network, cook Rogelio Barista said Capt. Francesco Schettino ordered dinner less than an hour after the accident.
“We wondered what was going on. … At that time, we really felt something was wrong. … The stuff in the kitchen was falling off shelves and we realized how grave the situation was,” Barista told GMA.
Schettino ordered dinner around 10:30 p.m. Friday, Barista said. Authorities say the ship struck the rocks at 9:41 p.m.
“I have had 12 years of experience as a cook on a cruise ship. … I have even witnessed fires, so I wasn’t that scared,” Barista said. “But I did wonder, though, what the captain was doing … why was he still there.”
The ship hit rocks off the coast of the Italian island of Giglio on Friday night.
At least 11 people are known to have died in the disaster, and 21 are still missing, according to the Italian Crisis Unit.
Criticism from both Costa Cruises and the authorities has focused so far on Schettino, who is under house arrest and facing possible charges of manslaughter, shipwreck and abandoning ship.
Coast guard records published Thursday by an Italian newspaper pile further pressure on the captain of the Concordia and his officers, suggesting that the authorities first became aware of the crash from a friend of the mother of a passenger about 15 minutes after the ship hit rocks.
Schettino’s brother-in-law defended him in an Italian newspaper Thursday.
Schettino “managed to avoid a tragedy — it could have been worse,” Maurilio Russo said in Corriere della Sera.
And he denied that the captain had abandoned ship.
“He was not running away, he came down (from the ship) to survey the damage,” Russo said.
Comments »Breaking: nothing is happening today
BREAKING:
There is nothing new occuring in the world this afternoon, as everyone seems to have taken the day off.
That is all.
Comments »
