Potash announces its Board has approved an increase of the co’s quarterly cash dividend from $0.07 per share to $0.14 per share, and declared a quarterly cash dividend of $0.14 per common share payable May 3, 2012 to shareholders of record on April 12, 2012. (POT) 45.23 +0.80
Comments »McDonald’s Humiliates Itself on Twitter
JC Penny Out With A New Plan to Revamp Business
A List of Companies That May Be Facing Chapter 11
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.
Live Fed Conference
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 »Commentary: Jon Stewart is a Sniveling Little Douchebag
(via Ace of Spades HQ)
Straight-Shooter Jon Stewart: I Can’t Believe Mitt Romney Makes $57,000 Per Day
That’s So Much More Unbelievable Than My Own $41,000 Per Day
Gotta love a TV clown complaining someone else is overpaid and too rich.
“That’ses almost–that’s almost $57,000 a day!” Stewart exclaimed. “Here is the most amazing part: the guy doesn’t even have a job! That is f*cking interest! That is the kind of money that might lead a man to make stupidly extravagant out-of-touch impulse bets!”
Jon Stewart’s annual salary is $15 million per year (and I assume he’s also got interest income on top of that from previous banked salary), which is more than $41,000 per day.
Plus — interest and investment income, which is not reflected in that figure.
But he’s earned it. He was once on Remote Control or something.
$41,095 Per Day
At that level or below, you’re Middle Class.
Above that, you’re just taking too much damn money from The People.
Thanks to George.
Comments »The Top 7 Reasons to Never Go on a Cruise {Slideshow}
{HILARIOUS VIDEO} AUSTRALIAN LAWMAKER HAS HERMAN CAIN SYNDROME!
(via NY POST)
CANBERRA, Australia — A senior Australian lawmaker was at the center of an embarrassing plagiarism gaffe Wednesday after he delivered a speech with lines taken straight out of the Michael Douglas movie “The American President.”
Federal Transport Minister Anthony Albanese’s stirring address to journalists at the National Press Club in Canberra was uncannily similar to a speech Douglas made in his role as US President in the romantic comedy.
“In Australia, we have serious challenges to solve, and we need serious people to solve them,” Labor Party lawmaker Albanese said Wednesday.
In the movie, Douglas’ character, Andrew Shepherd, tells a news conference at the White House, “We have serious problems to solve, and we need serious men to solve them.”
Albanese’s speech went on to attack the leader of the opposition, Tony Abbott.
“Unfortunately, Tony Abbott is not the least bit interested in fixing any of them. He’s only interested in two things — making Australians afraid of it and telling them who’s to blame for it.”
The rest of Douglas’ address in 1995 movie was, “And whatever your particular problem is, friend, I promise you, Bob Rumson is not the least bit interested in solving it. He is interested in two things and two things only: making you afraid of it and telling you who’s to blame for it.”
The similarity between the two speeches was spotted by Liberal Party federal director Brian Loughnane, who put a video of Albanese’s speech along with the scene from the movie on YouTube.
“I was going through the torture of watching [Albanese] at the Press Club, when suddenly I thought to myself — I’ve heard all this before,” Loughnane told Australian political website The Punch.
Read more: http://trade.cc/acsi
Comments »HSBC Faces Investigation for Money Laundering
$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 »A Marriage of Hedge Fund Titans
Roche is Said to be Launching a $5.7 Billion Hostile Bid for Illumina
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.
U.N. Asked to Probe U.S. Efforts to Squelch Spain Torture Probe
STICK TO BOEING! Engineers Find More Airbus A380 Cracks $BA
Engineers inspecting Airbus A380 aircraft for further wings cracks have found similar flaws on at least one aircraft, industry sources said on Tuesday.
European safety authorities ordered urgent inspections on just under a third of the superjumbo fleet last week after two types of cracks were discovered on the same type of bracket inside the wings of the world’s largest jetliner.
Airlines have until Friday to complete a first phase of checks, after which Airbus or safety regulators are expected to give an update on any new findings.
Airbus, which insists the superjumbo is safe to fly, declined to comment on any interim results while airlines carry out checks under the timetable established by regulators.
But a spokesman said recent events showed the industry’s process of continuous evaluation, designed to catch and repair any faults before they become a hazard, was working smoothly.
Read more: http://trade.cc/acfrixzz1kOqDcOIt
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 »Beware of the Suze Orman Card!
(via Gerri Willis at FoxBusiness.com)
If I had to rank pre-paid debit cards in terms of their value to consumers, they would be pretty darn low. Right up there with the PedEgg and the Flowbee. Ultimately, these cards are glorified gift cards laden with fees that find an audience because they are backed by a celebrity. Consumers love brand identity and buying a celebrity card is just another way to get closer to your favorite reality talk show star or radio talk show host. But for anybody who cares about their money, these cards are just a money waster.
And, so it is with Suze Orman’s pre-paid debit card, the Approved Card. The card is laden with fees – 20 of them – starting with a $3 a month charge for using the card. Some of the fees can be avoided, but it begs the question of why I would buy such a card if I had to spend all my time reading the fine print to make sure I avoid the trip wires? The Approved Card has more fees than the Rushcard, backed by Russell Simmons, which has 17, and the Lil Wayne prepaid Discover card which has seven. In fact, the Approved Card makes American Express look like a not-for profit institution. Amex’s pre-paid card has just one fee.
The Approved Card, though, purports to do more than just give you a place to stash your money. Orman maintains consumers’ use of the ‘Suze Card’ will be shared with one credit bureau with the hope it will eventually help you build credit. The card does this by offering free credit reports, scores and free credit monitoring. (By the way, the scores are not from the industry score standard, FICO, but from a lesser known player in the field.) Savvy consumers, though, know that these services are already available for free on the web from websites like CreditKarma.com. The government requires that your three credit reports be available for free from AnnualCreditReport.com.
And, this claim that the Approved Card is intended to be a credit-builder makes little sense on its face. Consumers aren’t evaluated for credit on the basis of how they spend their money. For example, you don’t get points for going to the pet store rather than the grocery store or the other way around. It makes no sense to use your spending history as a way to estimate your creditworthiness, unless, I guess, you’re the Kardashians. (More on the Kardashians in a moment.) The big credit reporting agencies evaluate how you handle debt. Do you pay it off quickly? Do you miss payments?
Look, by Suze’s own standards, pre-paid debit cards are a waste of money because of the fees they charge. But, to me, the problems are even bigger than that. I’ve been highly critical of the nation’s largest banks. But that doesn’t mean I want consumers to leave the banking system. Having a relationship with a banker and being inside “the system” helps establish you as a viable candidate for loans. What’s more, you can still find banks offering free checking accounts. Suggesting that people remove themselves from the banking system and operate on its periphery doesn’t do anyone any favors. The old Suze knows that. I’m not sure who this new Suze is. And, I am tempted to ask just how much money she is making on this debit card scheme. As my friend Chuck Jaffe wrote recently, “The problem with Suze is that you don’t know when the advice ends and the advertising begins.” Suffice it to say that maybe what we know now is that the advertising never stopped.
By the way, we’ve asked Suze and the Approved Card team to come on the show and talk about the card and why they believe it’s a positive for consumers. That was back on Jan. 12. Since then, we’ve talked to several personal finance experts who agree the card is of little benefit to consumers. Here’s what Suze’s people had to say to our request for an appearance, “[You’ve done three segments] without any input from Suze or The Approved Card team. At this point we will just leave it there and respectfully decline your offer to appear.”
Oh, and about the Kardashians: Suze slammed the reality stars’ pre-paid debit card saying it ‘swindled’ teens with ‘outrageous fees’ and that its marketing was misleading. The Kardashians, ultimately, pulled the card. Suze should do the same.
Read more: http://trade.cc/acex#ixzz1kOoYjmTc
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NEWT WANTS THE 12th MAN: Gingrich Threatens to Skip Debates if Audiences Can’t Participate
Newt Gingrich insists his fans will not be silenced.
Mr. Gingrich, a former House speaker, on Tuesday morning threatened not participate in any future debates with audiences that have been instructed to be silent. That was the case on Monday, when Brian Williams of NBC News asked the audience of about 500 people who assembled for a debate in Tampa to hold their applause until the commercial breaks.
In an interview with the morning show “Fox and Friends,” Mr. Gingrich said NBC’s rules amounted to stifling free speech. In what has become a standard line of attack for his anti-establishment campaign, Mr. Gingrich blamed the media for trying to silence a dissenting point of view.
“I wish in retrospect I’d protested when Brian Williams took them out of it because I think it’s wrong,” Mr. Gingrich said. “And I think he took them out of it because the media is terrified that the audience is going to side with the candidates against the media, which is what they’ve done in every debate.”
Mr. Gingrich soared to victory in the South Carolina last week after back-to-back debates in which he took on the moderators with as much zeal as he took on his rivals for the Republican presidential nomination. The audiences, which were far larger and encouraged to participate, cheered him on as he pushed back. First he lashed out at Juan Williams of Fox News for suggesting that Mr. Gingrich’s comments about blacks and welfare were offensive. Then he snapped at John King of CNN for opening the debate with a question about accusations that he had asked an ex-wife for an “open marriage.”
Mr. Gingrich’s performance in the debate in Tampa on Monday night was far more muted. Critics noted that he seemed to be off his game. The National Journal, which co-hosted the NBC debate, compared Gingrich to “a stand-up comedian whose routine suffers without echoes of laughter egging him on.”
Mr. Gingrich clearly noticed something was off, too. “We’re going to serve notice on future debates,” he told Fox. “We’re just not going to allow that to happen. That’s wrong. The media doesn’t control free speech. People ought to be allowed to applaud if they want to.”
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