via TMZ.com
The bomb squad is currently sweeping through Rush Limbaugh‘s Palm Beach home after a suspicious package was discovered on scene.
According to local reports, Limbaugh’s security team discovered the package and notified authorities.
Story developing …
Comments »As per the ever trustworthy Iranian news agency.
Comments »A prominent U.S. college football coach has been accused of malfeasance at his second job as a hedge fund owner.
Tommy Tuberville, the head football coach at Texas Tech University, his partner and his hedge fund were sued by several investors—whom Tuberville said were also employees—who allege that they were misled and that Tuberville and his partner, John David Stroud, used TS Capital Partners as something of a personal piggy bank.
According to the lawsuit, Tuberville and Stroud gave clients false information, while lying by omission at other times. It also accuses the two men of commingling their own assets with those of the hedge fund, and of failing to register the fund with regulators.
Tuberville denied the allegations.
Tuberville “has never even met or spoken with most of the plaintiffs and he is acquainted minimally with the few other plaintiffs only because they were employees at TS Capital Partners, LLC,” his lawyer said in a statement. “Coach Tuberville absolutely never solicited any investment from any of these or other individuals. It is important to note that Coach Tuberville himself invested significant funds and has never received any return from his own investment. Accordingly, he is hopeful the plaintiffs, who were employees, can help to provide answers as to what transpired. Coach Tuberville has cooperated with every regulatory inquiry and not a single one has asserted that he was involved in any wrongdoing. He intends to vigorously defend the allegations made against him and is confident he will be exonerated.”
Stroud backed his partner up.
“Given Coach Tuberville’s lack of involvement with the day-to-day operations of the company, as well as the fact that he did not solicit the plaintiffs, Mr. Stroud can only surmise that he was named in this lawsuit to garner unwarranted media attention, which has apparently succeeded,” Stroud’s lawyer said in a statement.
The lawsuit, filed in Alabama federal court—TS is based in Auburn, where Tuberville coached for Auburn University for 10 years—indicates that the plaintiffs are afraid they’ll lose all of the $1.76 million they invested from 2008 until last year, noting they have no “credible information regarding the current location and amounts of their invested funds.”
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“REDWOOD CITY, Calif. — The first time Michele arrived at the Maple Street homeless shelter three years ago, she was still driving her BMW 325xi, the final remnant of her Silicon Valley affluence.
Her paper wealth of more than $2 million had evaporated a decade earlier, she says, via a stock options fiasco. She had used the options to buy stock in her high-flying software startup, netting a seven-figure profit by the government’s reckoning, but then held the shares until they were nearly worthless. That left her with no cash and a $200,000 tax bill. She had sold nearly everything to cover it: her house, her remaining stocks, her art collection.
Periods of joblessness, punctuated by depression and bouts with alcoholism filled out the ensuing years, with cause and effect blurring into a cohesive whole — one life, unraveling.
She had used the shelter as a way station, finding a new job at another software company within two months and then moving into a rented apartment. But by last November, just before Thanksgiving, she was out of work again, broke again, and back at the shelter, again. This time, she arrived on foot, carrying a backpack that contained all she had left in the world: some clothes, about ten dollars in cash, her laptop computer and her mother’s Omega watch.
She had spent the past four nights inside a Happy Donut, using free Wi-fi to watch “Top Chef” reruns on her laptop. Exhausted, dirty and devoid of a plan, she took refuge at the shelter for single adults, a low-slung building on a dead-end road in an industrial area, across the street from a tire recycling center and next to a prison.
Back when she was traveling regularly for business, she had favored suites at Four Seasons hotels. Now, she checked in to the Maple Street women’s dorm, a brown-carpeted room jammed with five bunk beds. She slipped into a top bunk and absorbed the reality that it had come to this.
Her resume, with a degree in electrical engineering from Duke University and stints in senior positions at software companies, including a post in Paris, had once made her an exemplar of Silicon Valley success. A combination of personal troubles, long-term unemployment and bleak economic times had since turned her into an example of something else: the new suburban poor proliferating in nearly every American metropolitan area — even here, within miles of the shimmering campuses of Google, Apple and other wellsprings of unfathomable wealth….”
Comments »“DENVER (CBS4) – The Centers for Disease Control and Prevention and National Jewish Health in Colorado both have issued a warning about nasal washes after two people have died from using tap water to do their sinus rinse.
Health experts say it’s safe to use nasal washes. It’s not about the rinse, it’s about the water. They warn that a mixture from a faucet could be fatal.
Reading, writing — and sinus rinses. They’re part of the curriculum for some students at Kunsberg School at National Jewish Health. Saltwater nasal washes can help asthma and allergy sufferers.
The saline rinses are highly recommended at National Jewish for children and adults.
“I do them at home if I have a bad cold,” said Marie Fornof, Certified Infection Preventionist.
But Fornof says not to use tap water. It’s because of a brain-eating amoeba called Naegleria fowleri. It’s common in warm rivers and lakes, but if it travels up the nose to the brain it’s usually deadly….”
Comments »“Forget the modest 3.1 percent rise in the Consumer Price Index, the government’s widely used measure of inflation. Everyday prices are up some 8 percent over the past year, according to the American Institute for Economic Research.
The not-for-profit research group measures inflation without looking at the big, one-time purchases that can skew the numbers. That means they don’t look at the price of houses, furniture, appliances, cars, or computers. Instead, AIER focuses on Americans’ typical daily purchases, such as food, gasoline, child care, prescription drugs, phone and television service, and other household products.
The institute contends that to get a good read on inflation’s “sticker shock” effect, you must look at the cost of goods that the average household buys at least once a month and factor in only the kinds of expenses that are subject to change. That, too, eliminates the cost of housing because when you finance your home with a fixed-rate mortgage, that expense remains constant until you refinance or move.
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The group maintains that this index better measures the real-world impact of price changes, particularly for people on a budget. And, largely as the result of the recent run-up in gas prices, this “everyday price index” (EPI) suggests that Americans are being pinched far more tightly than the official inflation measure would have you believe.
Over the past year, the EPI is up just over 8 percent, according to the economics group. The biggest factor: Motor fuel and transportation costs are up 21.06 percent from year-ago levels. The cost of food, prescription drugs, and tobacco also have increased faster than the government’s inflation measure, rising 3.56 percent, 4.21 percent, and 3.4 percent, respectively.
On the bright side, prices of household fuel (natural gas and electricity) and supplies have increased only 2.74 percent; recreation and personal care products are up less than 1 percent; and telephone or Internet services are down 0.66 percent.
Admittedly, the purchases that the EPI tracks make up slightly less than 40 percent of the average household budget. But Steven Cunningham, research and education director at AIER, says these items are what contribute to the “sticker shock at the gasoline pump and the supermarket check-out line.”
Comments »“Stocks have risen, will continue to climb and likely break records this year, says Jeremy Siegel, a market historian at the University of Pennsylvania’s Wharton business school, author of the book “Stocks for the Long Run.”
“I think there’s a good chance that by the end of this year the Dow will break its all-time high,” says Siegel, according to the Los Angeles Times.
A look at the stock market’s history shows stocks are due to post extended gains and not just a bump up.
Long periods of lackluster movement are often followed by multiyear upturns, which is the case today, Siegel says.
The broad Standard & Poor’s 500 index of blue-chip stocks finished flat in 2011, despite a big jump in corporate earnings.
So far in 2012, the S&P 500 is up over 9 percent.
Other high-profile market watchers are expecting momentum to build and more investors to return to the stock market.
“We’re getting close to changing the national conversation,” says Jim Paulsen, chief investment strategist of Wells Capital Management in Minneapolis, the Times adds.
“For three years, the talk among investors has been ‘Are you cautious enough?’ and ‘Are you prepared for the next correction?'” Paulsen says.
“As we get closer to new all-time highs, that’ll change to ‘Are you missing out?'”
Equities got a big endorsement from legendary stock picker Warren Buffett.
“Equities are still cheap relative to any other asset class,” Buffett tells CNBC.
While the optimal time to get into the market has passed, there’s still time, Buffett adds.
“If you wait to see the first robin, spring will be over. Well spring is over but we are not in the dead of winter either,” Buffett says.”
Comments »“Euro-area finance ministers authorized the European Financial Stability Facility to issue bonds for the Greek debt swap.
“Ministers authorize the issuance by EFSF of bonds to finance the euro area’s contribution to the PSI exercise and the repayment of accrued interest on Greek government bonds,” Luxembourg’s Jean-Claude Juncker, who leads the group of euro- area finance ministers, said today in a statement.”
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