Scare tactics at its best…

NSFW

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[youtube://http://www.youtube.com/watch?v=BWd9prCFP-s 450 300]

Loopholes…

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The Obama administration’s energy policy chief on Tuesday gave himself an A for controlling gas prices that have reached a record high at pumps across the country, drawing criticism and even chortles from Washington Republicans.

Energy Secretary Steven Chu made the comment during a House Oversight and Government Reform Committee hearing in which he was asked whether he was still doing A-minus work.

“Well, the tools we have at our disposal are limited, but I would say I would give myself a little higher,” he told committee Chairman Darrell Issa. “Since I became secretary of energy, I’ve been doing everything I can to get long-term solutions.”

Issa, a California Republican, said later that the administration’s “DOE is DOA.”

The average price of regular gas is now $3.87 a gallon, a record high for March and more than double the $1.85 a gallon price when Obama took office in January 2009, according to the federal Energy Information Administration.

The price for a gallon of regular gas has reached $4.35 a gallon in California.

Diana B. Henriques

Bernie Madoff hated e-mail. He rarely used it at his high-tech Wall Street trading firm. When others did, he fretted about the trail it left behind. He wasn’t crazy about letters, either. A staffer had standing orders to destroy his correspondence with one important client. Even after December 2008, when the world learned that ­Madoff had run the largest Ponzi scheme in history, few personal letters surfaced. He always preferred to deal with people face-to-face.

But early in his 150-year prison sentence that all changed. His wife, Ruth, stopped visiting. His estranged older son, Mark, committed suicide; his surviving son, Andrew, never visited and swore he never would. His encounters with the world beyond the prison’s razor-wire perimeter shrank down to occasional meetings with lawyers.

In September 2010, in the first months of this intensifying isolation, Bernie Madoff became my pen pal–forced by captivity to rely almost entirely on e-mail and letters to carry out his last, desperate mission.

That mission: rewriting history–his own history. Where better to start than with his biographer?

I first interviewed Madoff in person at the medium-security prison in Butner, N.C. in August 2010 for my book The Wizard of Lies (Times Books, 2011). It traces the roots of his dishonesty to 1962 and details his many cliff-hanger escapes from detection, his precipitous downfall in 2008 and the epic legal struggle over the wreckage he left behind.

After that first visit–I saw him again early last year– we began to exchange letters. Soon Madoff enrolled me in the closed prison e-mail system. We have corresponded ever since, at least monthly, more often weekly, sometimes several times a day.

Read the rest here.

via dailymail

A vacation in the Magic Kingdom should be enough to make a child giddy with excitement, but one young boy was left trembling with fear after he was subjected to an invasive TSA pat-down.

The three-year-old, confined to a wheelchair due to a recently broken leg, was with his family at O’Hare Airport in Chicago, on their way to board a flight to Disney World in Orlando, Florida.

Despite constant assurances from his father that ‘everything is OK’, he physically trembles with fear and asks his parents to hold his hand.

Scroll down for video

Outrage: The wheel-chair bound three-year-old boy was stopped at O’Hare Airport in Chicago and subjected to invasive checks

Despair: Despite constant assurances from his father that ‘everything is ok’, he physically trembles with fear and asks his parents to hold his hand

The terrified boy was swabbed on his hands and under his shirt for explosive residue.

His outraged father filmed the whole process and it has been posted on YouTube.

Despite such strict security for this toddler, the TSA is offering background-checked travellers the chance to use special lines and keep their shoes, belt and jacket on, leave laptops and liquids in carry-on bags and avoid a full-body scan – for a price.

The TSA’s new fast track ‘Precheck’ screening, now at two airlines and nine airports, is similar to security checks before 9/11, reports the Wall Street Journal.

Scared: The terrified boy, who was in a cast for a broken leg, underwent an invasive pat down and was swabbed for explosive residue

Airport disgust: The toddler was stopped at O’Hare Airport in Chicago on his way to Disney World for a family vacation

To qualify, frequent fliers must be invited by airlines and meet an undisclosed TSA criteria.

A $100 fee for a background check is required as well as a brief interview with a Customs officer.

However, approved travelers who are in the U.S. Customs and Border Protection’s ‘Global Entry’ program can transfer into Precheck, according to the Journal.

‘It’s a completely different experience than what you’re used to,’ Matt Stegmeir, a platinum-level Delta Air Lines frequent flier who was invited into Precheck, told the Journal. 

‘It’s really a jarring contrast. It reminds you just how much of a hassle the security procedures in place really are.’

The program can improve screening of unknown passengers if it can move low-risk people out of the main queues.

‘We can reduce the size of the haystack when we are looking for that one-in-a-billion terrorist,’ TSA Administrator John Pistole told the Journal.

Mr Pistole added that by studying frequent-flier histories as well as conducting background checks, he’s confident the U.S. now has the technology and the intelligence information to make less-rigorous, faster screening work.

Easy pass: Passengers in the Precheck program will not have to go through full body scanners, and can instead pass through a standard metal detector

TSA is working with only two airlines, American and Delta, on program which is still in the pilot phase.

Precheck lanes are already in place only at nine airports including Dallas-Fort Worth, New York Kennedy, Los Angeles, Miami, Atlanta, Detroit , Salt Lake City, Las Vegas and Minneapolis-St. Paul.

By the end of the year  Precheck will be in place at 35 airports and six airlines, covering most major U.S. airports and airlines, reports the Journal.

Read more: http://www.dailymail.co.uk/news/article-2116881/TSA-subject-child-wheelchair-invasive-airport-security-tests-Chicago.html#ixzz1pZgYKpZA

via dailymail.co.uk

On the six-month anniversary of the Occupy Wall Street movement, protesters swarmed its birthplace –Zuccotti Park – again sparking the cat-and-mouse clashes between New York City police officers and demonstrators.

The sweep of the park by police just before midnight capped a day of demonstrations and marching in lower Manhattan. There was no official word on the number of arrests but dozens of people were handcuffed and led out of the park.

Earlier in the day, 15 people were arrested and three officers suffered injuries, police said.

An unused public transit bus was brought in to cart away about a dozen demonstrators in plastic handcuffs. 

Anniversary: NYPD officers clash with members of the Occupy Wall St movement at Zuccotti park in New York last night

Several arrests: A bus was brought in to remove the arrested protesters

One female under arrest apparently suffered a seizure and had difficulty breathing. She was taken away in an ambulance to be treated.

For hours, the demonstrators had been chanting and holding impromptu meetings in the park to celebrate the anniversary of the movement that has brought attention to economic inequality, as police mainly kept their distance.

But New York Police Det. Brian Sessa said the tipping point came when the protesters started breaking the park rules.

‘They set up tents. They had sleeping bags,’ he told the Associated Press. Electrical boxes also were tampered with and there was evidence of graffiti.

Det. Sessa said Brookfield Properties, the park owner, sent in security to advise the protesters to stop pitching tents and to leave the park.

The protesters, in turn, became agitated with them. The company then asked the police to help them clear out the park, the detective said.

Many protesters shouted and officers took out their batons after a demonstrator threw a glass bottle at the bus that police were using to detain protesters.

Taken down: One protester missing his right shoe is pinned to the ground by an NYPD officer

The clash: An NYPD officer runs after a woman in green as those around her are being arrested

Sandra Nurse, a member of Occupy’s direct action working group, said police treated demonstrators roughly and made arbitrary arrests. She disputed the police assertion that demonstrators had broken park rules by putting up tents or getting out sleeping bags.

‘I didn’t see any sleeping bags,’ she said. ‘There was a banner hung between two trees and a tarp thrown over it … It wasn’t a tent. It was an erect thing, if that’s what you want to call it.’

She said they had reports of about 25 demonstrators arrested in the police sweep.

Protesters reconvened at the park following afternoon marches through New York’s financial district. By 11pm, roughly 300 had gathered there.

‘This is our spring offensive,’ Michael Premo, 30, of New York told Reuters. He identified himself as a spokesman for the movement.

‘People think the Occupy movement has gone away. It’s important for people to see we’re back.’

Inspired by the pro-democracy Arab Spring, the Wall Street protesters targeted U.S. financial policies they blamed for the yawning income gap between rich and poor in the country, between what they called the one per cent and the 99 per cent.

The demonstrators set up camp in Zuccotti Park on September 17 and sparked a wave of protests across the United States.

Famous face: Activist and outspoken filmmaker Michael Moore joined protesters and spoke briefly at the rally, calling it ‘the beginning’

American Spring: More than a dozen arrested protesters sit on the ground outside of Zuccotti Park; protesters are likening the Occupy movement to the Arab Spring

Events got under way near midday on Saturday, with street theatre troupes performing and guitar players leading sing-alongs. Some boisterous protesters marched through the streets of the financial district, chanting ‘bankers are gangsters’ and cursing at police.

As they have in past marches, protesters led police on a series of cat-and-mouse chases. Marchers at the front of the crowd would suddenly turn down narrow side streets, startling tourists and forcing police to send officers on motor scooters to contain the crowd.

The movement has made headlines for its clashes with police after campsites were set up for months in cities from New York to California. The camps were eventually shut down by authorities citing zoning regulations and public health concerns.

In New York, the Occupy movement lost significant momentum in November when a pre-dawn sweep broke up the encampment at Zuccotti, although Occupy protests in Oakland, California, in January led to police firing tear gas into crowds of protesters and more than 200 were arrested.

Protester Paul Sylvester, 24, of Massachusetts said he was ‘thrilled’ to be back at the park but said he hoped the movement would begin to crystallize around specific goals.

‘We need to be more concrete and specific,’ he said.

Critics say the Occupy movement lacks direction and clear demands.

It continues to draw celebrities, however. On Saturday night, independent filmmaker Michael Moore strode through the park before the police incursion.

Civil disobedience: Protesters that have been arrested sit on the ground in plastic hand cuffs

Hovering: Police stand over a detained protester; one NYPD officer holds another set of plastic hand cuffs

‘I think it’s great that this movement continues to grow,’ Mr Moore said. ‘I think the goals are clear. People are concerned that they have no control over their own democracy. They have no control over their own lives.

‘This is the beginning. This park is sacred ground for millions across the country.’

As always, the protesters focused on a variety of concerns, but for Tom Hagan, his sights were on the giants of finance.

‘Wall Street did some terrible things, especially Goldman Sachs, but all of them. Everyone from the banks to the rating agencies, they all knew they were doing wrong. … But they did it anyway. Because the money was too big,’ he said.

Dressed in an outfit that might have been more appropriate for the St. Patrick’s Day parade, the 61-year-old salesman wore a green shamrock cap and carried a sign asking for saintly intervention: ‘St. Patrick: Drive the snakes out of Wall Street.’

Chalkupy Wall Street: Earlier in the day, protesters chalked OW-inspired phrases in Zuccotti Park

Stacy Hessler held up a cardboard sign that read, ‘Spring is coming,’ a reference, she said, both to the Arab Spring and to the warm weather that is returning to New York City.

She said she believes the nicer weather will bring the crowds back to Occupy protests, where numbers have dwindled in recent months since the group’s encampment was ousted from Zuccotti Park by authorities in November.

But now, ‘more and more people are coming out,’ said the 39-year-old, who left her home in Florida in October to join the Manhattan protesters and stayed through much of the winter.

‘The next couple of months, things are going to start to grow, like the flowers.’

Some have questioned whether the group can regain its momentum. This month, the finance accounting group in New York City reported that just about $119,000 remained in Occupy’s bank account – the equivalent of about two weeks’ worth of expenses.

But Ms Hessler said the group has remained strong, and she pronounced herself satisfied with what the Occupy protesters have accomplished over the last half year.

‘It’s changed the language,’ she said. ‘It’s brought out a lot of issues that people are talking about.

And that’s the start of change.’
Read more: http://www.dailymail.co.uk/news/article-2116661/Occupy-Wall-Street-protesters-clash-police-Zuccotti-Park-movement-began-6-months-ago.html#ixzz1pUKYVnbU

A co-founder for Invisible Children was detained in Pacific Beach Thursday night for being drunk in public and masturbating, according to San Diego Police Department.

Jason Russell, 33, was taken into custody after he was found masturbating in public, vandalizing cars and possibly under the influence of something, according to Lt. Andra Brown. He was detained at the intersection of Ingraham Street and Riviera Road.
…

Russell is also described as a Christian and father to two children who wants to have nine more children with his wife he calls his “best friend for over 23 years.”

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Guess he thought Clinton might have left a stash…..

Clooney ignored three verbal warnings according to police….

Tech junkies crowd the streets as the new iPads go on sale…

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“(MoneyWatch) Facebook has yet to go public, but it is already a breeding ground for securities fraud. The SEC late Wednesday filed charges against two money managers for misleading investors eager to buy stock in the social networking company ahead of Facebook’s highly anticipated IPO later this year.

The SEC alleges that the fund managers raised a total more than $70 million from investors to acquire shares of Facebook, Twitter, and other technology companies before they go public. In a related move to clean up the growing market for shares in popular social media firms, securities regulators also accused an online service called SharesPost that matches buyers and sellers of pre-IPO stock of operating without registering as a broker-dealer, as required by law.

2 managers of private-share funds charged by SEC 
SEC complaint against Frank Mazzola
Facebook IPO, interesting fact since the SEC filing

SEC official say the secondary market for shares in pre-IPO companies is growing and poses a risk even to sophisticated investors. “While we applaud innovation in the capital markets, new platforms and products must obey the rules and ensure the basic fairness and disclosure that are the hallmarks of sound financial regulation,” said Robert Khuzami, director of the SEC’s enforcement division, in a statement.

The SEC alleged that money manager Frank Mazzola and his firms, Felix Investments and Facie Libre Management, created two funds to invest in Facebook and other high-profile tech companies. But the firms engaged in “improper self-dealing” by collecting higher commissions than what they had disclosed in marketing materials aimed at investors seeking to purchase Facebook stock, according to the agency. SEC officials said that improperly raised the price of shares in the social network.

Mazzola and his investment firms also are accused of deceiving investors in funds that had been created to buy stock in pre-IPO companies. One investor was falsely told that a fund set up Mazzola’s firms had acquired stock in Zynga (ZNGA), a well-known social gaming company that went public in December. The firms also allegedly made false claims about the financial performance of Twitter to attract investors to a fund set up to buy stock in the micro-blogging startup before it goes public…”

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Who is in the black book ?

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“The New York Times bestselling author of the explosive new book, Hollywood Hypocrites: The Devastating Truth About Obama’s Biggest Backers, Jason Mattera, had his crew’s camera snatched and hurled by comedian Chris Rock when he asked the star why he has called the Tea Party racist (video below).

“I was stunned,” said Mr. Mattera in an exclusive interview with Big Hollywood. “Tea Party members get called the worst things imaginable and still remain peaceful. But ask a big Hollywood celebrity to explain himself and the guy goes ballistic, wrestles the camera away from my camerawoman, chucks it 50 feet, and then challenges me to a fight. It’s unreal. And it perfectly illustrates why I decided to investigate and writeHollywood Hypocrites.”

The confrontation, which took place around 2:00 a.m. on January 23, 2012, at Spike Lee’s Sundance Film Festival after party at Tao night club, ended with Chris Rock challenging the conservative author to a fight, says Mr. Mattera:

“Chris Rock shouted, ‘You want to throw down?  Let’s throw down right now!’ Of course, he was standing safely behind two bodyguards when he said it.”

The clash was ignited when Jason Mattera inquired about disparaging comments Chris Rock made about the Tea Party in an Esquire article in 2011:

When I see the Tea Party and all this stuff, it actually feels like racism’s almost over. Because this is the last — this is the act up before the sleep. They’re going crazy. They’re insane. You want to get rid of them — and the next thing you know, they’re fucking knocked out. And that’s what’s going on in the country right now.

Jason Mattera says his confrontation with Chris Rock is just the opening salvo in a series of forthcoming ambush celebrity interviews with some of the big name stars he chronicles in Hollywood Hypocrites.

“Hollywood celebrities preach to us to vote for Barack Obama and his leftist policies, yet not even they live by the values Obama and the progressive left stand for,” said Mattera. “If conservatives and Republicans are going to win in 2012, we must muzzle Obama’s backers. And that starts with a full-scale investigation of the positions they take and the lives they actually lead.”

Among the celebrity targets Jason Mattera’s investigates in his new book are:

• Alec Baldwin
• Matt Damon
• Leonardo DiCaprio
• Madonna
• Bruce Springsteen
• Whoopi Goldberg
• Bono
• Arianna Huffington
• Jon Bon Jovi
• Spike Lee

Andrew Breitbart endorsed Jason Mattera’s book, saying that it “unleashes a barrage of body blows to Hollywood’s holier-than-thou limousine liberals that may make them think twice next time they open their pretty mouths.”

As for when he plans to release his next celebrity interview for Hollywood Hypocrites, Mr. Mattera says: “As President Ronald Reagan used to say, ‘You ain’t seen nothin’ yet!’  The next video is likely to drop sometime next week.”

via WSJ.com

By SUMATHI REDDY

The morning after two groups of diners didn’t show up at the restaurant Noma in Copenhagen last month, chef and co-owner René Redzepi took to Twitter. “And now a message from the Noma staff: to the people of two different no-show tables last night,” he wrote, and sent a picture of staff members showing their middle fingers.

The tweet, deleted shortly after it was posted, was a joke, says Peter Kreiner, managing director of Noma. But at a restaurant that has just 12 tables and takes in as much as $500 per person for a meal, no-shows aren’t taken lightly. “It’s quite a large percentage of the sales that we missed out on,” he says.

As more people don’t show up for their reservations, some high-end restaurants are taking action, from charging no-shows to shaming them on social media. Sumanthi Reddy has details on Lunch Break.

Fickle diners are every restaurant’s worst nightmare. A select group of high-end chefs and restaurants are fighting back—from charging people who don’t cancel in time to using Twitter and other social media to call out no-shows.

The impact of an empty table can be a significant in an industry where average profit margins run as low as 3% to 5%. In cities like New York, it’s not unusual to find 20% of diners unaccounted for on any given night.

Restaurant owners expend tremendous resources trying to confirm reservations. Some restaurants, like Wylie Dufresne’s wd~50, will turn down a reservation from someone with a history of not showing up. Other chefs, like Ron Eyester of Rosebud in Atlanta, will jot down a note if a diner seems wavering on the phone, so that the staff knows not to hold the empty table too long.

A number of high-end restaurants now require credit-card numbers from anyone reserving a table. Some, like Hearth in New York and Cochon in New Orleans, seek credit cards only for larger parties and for special occasions. Others, like Eleven Madison Park in New York and Coi in San Francisco, extend the policy to parties of any size.

In January, Eleven Madison began charging anyone who didn’t show up or cancel a reservation 48 hours beforehand $75 a head. Owner Will Guidara says the restaurant was losing eight to 10 people per night. He adds, “With the length of our wait list and how many people we’re turning away, it just became really difficult to say, ‘No, no, no,’ to so many people and then have people who were supposed to be joining us just not showing up.”

Since the policy has been in place, Mr. Guidara says he has had to charge only a couple of cards a week.

According to online-reservation system OpenTable, 10% of restaurants nationally seek credit-card numbers for certain reservations, while about 15% of restaurants in New York do so. Those numbers have been trending down, the company says.

Eleven Madison Park / Francesco TonelliManhattan’s Eleven Madison Park requires credit cards for reservations and charge people who don’t show.

But Sherri Kimes, a professor at the Cornell School of Hotel Administration, thinks the practice will only increase. Ms. Kimes says her research has found that consumers are open to being charged for last-minute cancellations—as long as restaurants keep up their end of the bargain. “When the customer shows up… their table better be ready,” she says.

In Australia, a campaign to publicly name no-show diners through Twitter has been gaining steam. Erez Gordon, owner of Sydney’s Bistro Bruno, said in an email that he has outed customers just a few times, when they failed to respond to his calls. He likened it to diners’ jumping online to anonymously rate restaurants. “With Twitter, we are given the opportunity to respond in exactly the same manner as our guests respond if they feel we have let them down,” he said.

In the U.S., too, frustrations run high. “Every single day I will look at how the previous night went and every single day there’s upwards of 40—four, zero—no-shows at Nobu,” says Drew Nieporent, owner of the Myriad Restaurant Group.

Mr. Nieporent has called people the next day to find out why they didn’t show up. “Quite frankly, it’s worse now, because with online reservations we’re not even speaking to the customer,” he says. “So it could be someone in theory who is a concierge at a hotel or a broker who can book prime-time tables 30 days in advance, hold on to tables for 29 days and maybe, if they feel like it, call to cancel.”

Often, the price charged for a no-show doesn’t compensate a restaurant for its loss. At New York City’s Del Posto and Jean-Georges, the no-show fee for OpenTable.com reservations is $50 a head. In October, Mr. Nieporent’s Corton began requiring credit cards to reserve tables on Friday and Saturday nights and charging no-shows a $50 fee if they don’t cancel 48 hours ahead.

Daniel Patterson, the owner of Coi, says that when he started a $25 and then a $50 penalty for no-shows about three years ago, he saw few results. It wasn’t until he upped the amount to $100 that the rate dropped from 20% to 10%. “Our menu is $165, so we’re still losing money,” he says. “It’s really not about charging people. It’s really more about making sure they’re serious about the reservation.”

Other restaurants charge more. When Torrisi Italian Specialties in Manhattan began accepting reservations in November, it chose to charge diners for the full $125 tasting menu if they don’t cancel 24 hours ahead. Diners who reserve its shorter $60 menu have until 4 p.m. that day.

At the Chef’s Table at Brooklyn Fare, where reservations are snapped up six weeks ahead of time, consumers pay the full $225 prix-fixe price about a week in advance.

Perhaps most radical is the system started last year at Grant Achatz’s Chicago restaurant Next. To dine there, customers must buy nonrefundable tickets for a meal in advance. A dynamic pricing system makes tickets at prime times pricier. Mr. Achatz’s business partner, Nick Kokonas, says the system has been so successful they plan to use it at their Alinea restaurant.

Mr. Kokonas is working on a system for other restaurants. Another Chicago restaurant will pilot-test it soon. He sees one reaction from restaurateurs: “Show me how to do it.”

Write to Sumathi Reddy at [email protected]

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“In what can only be seen as raising the rhetoric bar on the timing, scale, and seriousness of the Iran ‘situation’, Kommersant is reporting that“Tehran has one last chance” as US Secretary of State Clinton asks her Russian counterpart Sergei Lavrov to relay the message to Iranian leaders. If this ‘last chance’ is wasted an attack will happen in months as diplomats noted that the probability of an Israel/US attack on Iran is now a specific ‘when’ instead of an indefinite ‘if’. The sentiment is best summarized by a quote from inside the meeting “The invasion will happen before year’s end. The Israelis are de facto blackmailing Obama. They’ve put him in this interesting position – either he supports the war or loses the support of the Jewish lobby”. Russian diplomats, as Russia Today points out, criticized the ‘last chance’ rhetoric as unprofessional suggesting “those tempted to use military force should restrain themselves – a war will not solve any problems, but create a million new ones.”

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“Well this seems sure to be the buzzy Wall Street story of the day.

It’s also sure to be another PR nightmare for Goldman Sachs.

Greg Smith, a Goldman Sachs executive director and head of the firm’s United States equity derivatives business in Europe, the Middle East and Africa, has announced he’s quitting the firm in a most public manner: He did so by writing a long NYT op-ed denouncing what the firm has become.

After nearly 12 years, he says, the place is as “toxic and destructive” as he’s ever seen it.

He slams the culture under Lloyd Blankfein, saying that the firm puts making money over clients, and that he can no longer in good conscience stay there and recruit people.

To put the problem in the simplest terms, the interests of the client continue to be sidelined in the way the firm operates and thinks about making money. Goldman Sachs is one of the world’s largest and most important investment banks and it is too integral to global finance to continue to act this way. The firm has veered so far from the place I joined right out of college that I can no longer in good conscience say that I identify with what it stands for.

He says he was once proud of working for Goldman, but not now…

I knew it was time to leave when I realized I could no longer look students in the eye and tell them what a great place this was to work.

What really galls him is the extent to which the sole focus is making money off clients, rather than servicing them:

These days, the most common question I get from junior analysts about derivatives is, “How much money did we make off the client?” It bothers me every time I hear it, because it is a clear reflection of what they are observing from their leaders about the way they should behave. Now project 10 years into the future: You don’t have to be a rocket scientist to figure out that the junior analyst sitting quietly in the corner of the room hearing about “muppets,” “ripping eyeballs out” and “getting paid” doesn’t exactly turn into a model citizen.

He concludes:

I hope this can be a wake-up call to the board of directors. Make the client the focal point of your business again. Without clients you will not make money. In fact, you will not exist. Weed out the morally bankrupt people, no matter how much money they make for the firm. And get the culture right again, so people want to work here for the right reasons. People who care only about making money will not sustain this firm — or the trust of its clients — for very much longer.

Meanwhile, as evidence that this is going to be yet another major public relations headache for the firm, the term “Goldman Sachs” is already trending on Twitter.”

“NEW YORK (CNNMoney) — As more details emerge about the massive $26 billion foreclosure settlement between the five biggest mortgage lenders and the states’ attorneys general, a growing number of borrowers are realizing that the deal will do little, if anything, to help them out.

Proponents of the settlement deal tout that roughly 1 million homeowners who owe more on their homes than their homes are worth are expected to have their mortgage balances lowered through principal reductions and another 750,000 would be able to refinance into loans with lower interest rates.

However, that’s only a fraction of the11 million homeowners who are currently underwater on their homes, according CoreLogic. And it’s also a mere sliver of the 3.5 million people who lost their homes to foreclosure over the past four years.

“The impact [of this settlement] will be small,” said Mark Zandi, chief economist for Moody’s Analytics. “It’s not a home run; it’s a single.”

Principal reductions will also only apply to certain borrowers who have mortgages still held by the five major lenders: Bank of America (BAC,Fortune 500), CitiBank (C,Fortune 500), Wells Fargo (WFC, Fortune 500), J.P. Morgan Chase (JPM, Fortune 500) and Ally Financial.

Borrowers who have a mortgage held by Fannie Mae (FNMA,Fortune 500) or Freddie Mac (FRE) — roughly half the market — are out of luck. Loans insured by the Federal Housing Administration are also ineligible.

“If it’s offered to one group, it should be offered for all,” said Stacy Ovendale from Seattle, who says her home has lost nearly 50% of its value. “When my mortgage was written up, I had to take whatever program was available to me at the time, which happened to be FHA. … It’s so frustrating because my loan is with Bank of America but since it’s FHA, my mortgage is current and I have chosen to be responsible, there is nothing they can offer me in the way of principal reduction.”

Fannie, Freddie legal fees: $110 million and counting

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Minor ones in the hundreds of thousands….