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Source: http://video.msnbc.msn.com/nightly-news/49241865/
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Tuesday, October 2, 2012
NY sues JPMorgan over Bear Stearns mortgage securities
NEW YORK (Reuters) - New York Attorney General Eric Schneiderman filed a civil fraud lawsuit against JPMorgan Chase & Co
It was the first action to come out of a working group created by President Barack Obama earlier this year to go after wrongdoing that led to the financial crisis.
JPMorgan, which bought Bear Stearns for $2 a share in March 2008, said in a statement it would contest the allegations.
The suit accuses Bear Stearns of failing to ensure the quality of loans underlying residential mortgage-backed securities it packaged and sold in 2006 and 2007. Investors lost more than $22.5 billion on more than 100 of those securities, or one quarter of their original value, the lawsuit said.
The lawsuit alleged there were "serious long-standing concerns" about the quality of reviews done by Bear Stearns and that its due diligence process was compromised "in order to increase their volume of securities."
It also alleged a "systematic abandonment of underwriting guidelines."
In its statement, JPMorgan noted the allegations concern actions by Bear Stearns before the investment bank was acquired by JPMorgan.
"The NYAG civil action relates to Bear Stearns, which we acquired over the course of a weekend at the behest of the U.S. Government. This complaint is entirely about historic conduct by that entity," the statement said.
Schneiderman, a co-chair of the task force, told Reuters on September 20 that his office would take action shortly and that he expected his federal counterparts on the task force to do so as well.
People familiar with the matter said a federal-state announcement was planned for Tuesday and Schneiderman's lawsuit on Monday appears to have irked his federal colleagues. Two federal officials familiar with the investigation said that while the lawsuit was filed under New York state law, much of the investigation was handled at the federal level.
Schneiderman's lawsuit, filed in New York State Supreme Court in Manhattan, was based on the Martin Act, New York's state's powerful securities fraud statute, which does not require proof of intent to deceive.
This is not the first time Bear Stearns has emerged as central figure in the financial crisis. In June 2008, two former Bear Stearns hedge fund managers were charged by federal prosecutors with lying to investors about the financial health of their funds, which had invested heavily in mortgage securities backed by subprime loans.
The managers were acquitted in a case that still stands as one of the few criminal prosecutions against Wall Street bankers to emerge from the financial crisis.
Monday's lawsuit comes in a tumultuous year for JPMorgan and Chief Executive Jaime Dimon. Federal authorities are currently investigating a nearly a $6 billion trading loss in JPMorgan's chief investment loss. Last month, U.S. power regulators asked the bank to demonstrate that it did not violate federal regulations by submitting misleading information and omitting facts in dealings with the regulator and California's electricity grid operator.
The Residential Mortgage-Backed Securities Working Group was formed to probe the pooling and sale of risky mortgages in the run-up to the 2008 financial crisis.
Obama, who is scheduled to debate his Republican rival Mitt Romney on Wednesday night, said in January he was creating the group to "hold accountable those who broke the law" and "help turn the page on an era of recklessness."
The task force includes the Justice Department, the Securities and Exchange Commission, the Department of Housing and Urban Development and the Internal Revenue Service.
The case is People v. J.P. Morgan Securities LLC, 451556/2012 New York state Supreme Court (New York County).
(Reporting by Karen Freifeld.; Additional reporting by Aruna Viswanatha. Editing by Andre Grenon)
Source: http://news.yahoo.com/ny-sues-jpmorgan-over-bear-stearns-mortgage-securities-224124402--sector.html
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Monday, October 1, 2012
South Africa vs Australia Live Streaming T20 World Cup 2012 in HD
by cric-365 | September 30, 2012 at 02:21 am
South Africa vs Australia Live Streaming T20
Watch live streaming Here. Australian skipper George Bailey won the toss and elected to field against South Africa in a crucial Super Eight clash of the ICC Twenty20 World Cup at the R Premadasa Stadium on Sunday. Australia have made one change as Dan Christian made the way for Xavier Doherty. Wayne Parnell replaced Albie Morkel in South Africa's playing eleven.?
On a high with an all-win record in the tournament so far, a rampaging Australia would look to beat a demoralised South Africa and seal a semifinal berth in their second Super Eights match. Australia nine-wicket win over India must have done a world of good to their morale after topping Group B and they would start as favourites on Sunday.?
Check live score on cricwalk and watch live on ilivecricket.
South Africa, on the other hand, would have to regroup after they shockingly let slip the Super Eights game against Pakistan from a winning position.?
Teams:?
Australia: George Bailey (capt), David Warner, Shane Watson, Matthew Wade, Michael Hussey, Cameron White, Glenn Maxwell, Brad Hogg, Xavier Doherty, Mitchell Starc, Pat Cummins.?
South Africa: AB de Villiers (capt), Hashim Amla, Farhaan Behardien, Johan Botha, JP Duminy, Jacques Kallis, Richard Levi, Morne Morkel, Wayne Parnell, Robin Peterson, Dale Steyn.
South Africa vs Australia Live Streaming T20?
Source: http://www.nowpublic.com/sports/south-africa-vs-australia-live-streaming-t20-world-cup-2012-hd
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Eminent Marxist historian Hobsbawm dies aged 95
LONDON (Reuters) - Renowned British left-wing historian Eric Hobsbawm, whose writing influenced students and politicians across Europe, died in a London hospital on Monday aged 95, the BBC reported.
He died in the early hours of the morning in London's Royal Free Hospital, where he was being treated for pneumonia.
"He will be greatly missed, not only by his wife of 50 years, Marlene, and his three children, seven grandchildren and great grandchild, but also by his many thousands of readers and students around the world," a family statement said.
Hobsbawm won critical acclaim with a four-volume history of Europe in the 19th and 20th centuries, which was translated into 40 languages. His bestselling memoirs charted the pivotal moments in modern European history through which he lived.
Hobsbawm was born into a Jewish family at Alexandria, Egypt in the year of the Russian Revolution, 1917, and grew up in Vienna and Berlin before moving to London as a teenager in 1933 as Adolf Hitler was rising to power in Germany.
He joined the Communist party aged 14, and went on to be closely associated with Britain's left-wing Labour party, over which he was seen to have a strong influence in the 1980s and 1990s. He was once described by former Labour leader Neil Kinnock as "my favourite Marxist".
Hobsbawm maintained his commitment to Marxism even after the Soviet invasion of Hungary in 1956.
Years later he said he had "never tried to diminish the appalling things that happened in Russia", but had believed in the early days of the communist project that a new world was being born.
(Reporting By Isla Binnie)
Source: http://news.yahoo.com/eminent-marxist-historian-hobsbawm-dies-aged-95-120420466.html
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Personal Bankruptcy And Why It Might Be The - HWM Personal ...
It?s never great when someone needs to file bankruptcy. Bankruptcy could be embarrassing and it could mean bad things to other people. This article can help you deal with bankruptcy in the best way possible.
Organize your debts into an easy-to-read list. You need to gather every debt you know you have, because this list is the starting point for a bankruptcy filing. Search your financial records to be certain that every amount on your list is exactly correct. Don?t be careless about this step, as discharge depends on submitting the correct numbers to the court.
Make sure you know what you should be doing when you file for bankruptcy. There are many traps in the bankruptcy laws that could trip up your case. If you commit severe mistakes, your bankruptcy could be dismissed. It is important to learn the bankruptcy code before filing bankruptcy. Doing so will pave the way to an easier process.
TIP! After filing for personal bankruptcy, be very careful about the debt you take on. There are lenders who offer credit cards and loans under the premise that they are designed to help people rebuild credit following bankruptcy.
Do not take a large cash advance from credit cards prior to filing, knowing that bankruptcy erases all debts. If a creditor notices that activity they can constitute it as fraud and sue to have you pay it all back even after your bankruptcy is complete.
Some attorneys have a free phone service where creditors can be referred when they try to contact you in regards to a delinquent account. All you have to do is provide the number. Your creditor can then call and confirm that this debt is included in your bankruptcy filing. That will help you avoid them in the future.
Think about getting a second job. Instead of filing for bankruptcy, talk to all of your debtors and tell them that you are making efforts to pay their money back but that you need time to do so. They may be willing to set up a time frame to pay the money back and in the meantime there won?t be a need to claim bankruptcy.
Avoid making payment that might interfere with your filing. Bankruptcy laws generally don?t cover situations which occurred within a short time frame prior to filing, such as the previous 90 days worth of credit card debt. Know what the laws are prior to making any payments.
TIP! Make a detailed list of the debt that you have. You need this list to file for bankruptcy, so be certain you do not forget anything.
Try to stay in contact with your creditors even if you are unable to pay the full amount of your bill. For any agreements you make with them, always get written confirmation. Flexibility on your creditor?s part may greatly impact your bankruptcy, but you need to keep records.
If you think you have to file a petition for bankruptcy, get a lawyer who specializes in bankruptcy. A specialized lawyer will advise you on what to do and help you out if you run into any issues when filing for bankruptcy. They can also help to unravel the complexities of the paperwork and give you any further information you need.
Be certain you are making the right choice before you file for bankruptcy. Alternatives do exist, including consumer credit counseling. Be certain that bankruptcy is the only option you have before pursuing this course because bankruptcy is always evident on your financial and credit history.
If you?re feeling immense stress due to creditors constantly calling, filing personal bankruptcy could immediately stop this. Financial problems, including massive debt, are one of the leading causes of stress today. Utilizing bankruptcy protection can often be the way to keep your mind at ease as you go through the process.
TIP! Find out what you exemptions are prior to filing bankruptcy. The Bankruptcy Code provides a listing of the various asset types that are not included in the bankruptcy process.
No matter how messed up things are as you file for bankruptcy, it is important that you stay honest. Lying about assets or debt is a bad idea in this situation. This is not legal. Lying about your debts or assets can land you in prison.
Remember to do your homework. If you need to file for bankruptcy, but don?t have the funds to hire a lawyer, you are probably thinking about handling it yourself. If you are going to do it yourself, you must be sure you understand everything there is to know about bankruptcy law and procedure. When people do their own personal bankruptcy, it is very easy to overlook important details and make errors that could prevent your debts from being fully discharged. Make sure to do every step correctly so this does not happen to you.
Do not feel free to start running up credit card bills immediately before you file. You may be tempted to start buying a lot of things, but the courts may not really like this. Be financially responsible during this time. It?s a good time to start developing good financial habits for the future.
Don?t be afraid to remind your attorney of certain details in your case. Don?t assume that they will recall every detail that you go over with them without a friendly reminder. It is in your best interest to speak out. You are in control of the outcome of your bankruptcy.
TIP! After you have declared bankruptcy, you may have a hard time being approved for unsecured credit. A great way to rebuild your credit is to apply for a prepaid credit card.
If possible obtain a personal recommendation for a bankruptcy lawyer instead of randomly choosing one. You want your bankruptcy to go smoothly, and the Internet is rife with fly-by-night companies whose only goal is to prey upon the financially desperate.
Check around to find a bankruptcy attorney with a good reputation. Locating an attorney here is only half the battle though. You also need to make sure that they?ll meet with you free of charge. If possible, collect financial papers and schedule an appointment. They will be able to fill you in on the entire process.
Think about all your options before pulling the trigger. For example, you can always talk with a lawyer to see about different options through creditors or other means that will not require wiping the entire slate clean. If a foreclosure is your reason for filing look into your options with your bank first, such as a loan modification. The lender may be willing to reduce interest rates, eliminate late charges or extend the life of the loan. Creditors would rather be repaid, however slowly, than have you declare bankruptcy.
To repair your credit worthiness after bankruptcy, opening a new line of credit may be a good idea. This could be challenging because of your damaged credit, but you can start with secured credit cards first. Using a secured card helps you from being counterproductive by not allowing you to overspend, while building your credit score back up. Having a line of credit that you pay on regularly will show other creditors that you deserve their credit.
TIP! Make sure that everything in your bankruptcy petition is completely accurate. If you try to hide something, you can be in danger of having your entire case being thrown out.
You are going to get found out and get in trouble if you don?t disclose all your assets, so be totally honest from the beginning. Whomever you use to file with must know everything there is to know about your finances, both good and bad. Lay everything out on the table so that you and your lawyer can devise a plan to get you out of this mess.
Try not to be embarrassed about filing bankruptcy. Getting depressed is something you should avoid when going through this process. If you have researched all your options and logically came to the conclusion that this works best for you, view it as making a positive step in reclaiming your finances rather than seeing it as a failure.
In most cases, bankruptcy isn?t really your only option. The tips written in this guide can lead you to the right path in avoiding bankruptcy. Use what you?ve learned here to see how much you?re able to change things now so you aren?t harming your credit history
Always be honest with the information you give about your finances. Resisting the temptation to hide income or valuable assets from the bankruptcy trustee is a smart way to avoid potential complications, penalties, and the possibility of being barred from re-filing in the future.
tips
Source: http://hwm.cc/?p=334
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Samsung wins reconsideration of Galaxy Tab sales ban
SAN FRANCISCO?-?The injunction was put in place ahead of a month-long trial that pitted iPhone maker Apple Inc against Samsung Electronics Co Ltd in a closely watched legal battle that ended with a resounding victory for Apple last month on many of its patent violation claims.
However, the jury found that Samsung had not violated the patent that was the basis for the tablet injunction and Samsung argued the sales ban should be lifted. U.S. District Judge Lucy Koh said she could not act because Samsung had already appealed. In its ruling on Friday, the Federal US Circuit Court of Appeals in Washington said Koh could now consider the issue. The decision comes just a month before the South Korean corporation is expected to unveil the second generation of one of its most successful devices, the stylus-equipped Note.
The Galaxy 10.1 is an older model, but the ban still hurts Samsung in the run-up to the pivotal holiday shopping season. The world?s top two smartphone makers are locked in patent disputes in 10 countries as they vie to dominate the lucrative market, which is growing rapidly.
A U.S. jury found during the just-concluded trial that Samsung had copied critical features of the iPhone and iPad and awarded Apple $1.05 billion in damages.
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Chavez to Obama: I'd vote for you, and you for me
CARACAS (Reuters) - With both presidents facing tight re-election fights, Venezuela's Hugo Chavez gave a surprise endorsement to Barack Obama on Sunday - and said the U.S. leader no doubt felt the same.
"I hope this doesn't harm Obama, but if I was from the United States, I'd vote for Obama," the socialist Chavez said of a man he first reached out to in 2009 but to whom he has since generally been insulting.
Chavez is running for a new six-year term against opposition challenger Henrique Capriles, while Obama seeks re-election in November against Republican candidate Mitt Romney. Venezuela's election is next weekend.
"Obama is a good guy ... I think that if Obama was from Barlovento or some Caracas neighborhood, he'd vote for Chavez," the president told state TV, referring to a poor coastal town known for the African roots of its population.
Chavez is one of the world's most strident critics of Washington and his 14 years in office have been characterized by diplomatic spats and insults at the White House.
He called former U.S. President George W. Bush a "drunk" and the "devil." After an initial overture to Obama came to nothing, he said the new president had disappointed progressives the world over and was the "shame" of Africans.
But Chavez was back in a conciliatory mood in a TV interview with friend and former vice president Jose Vicente Rangel.
"After our triumph and the supposed, probable triumph of President Obama, with the extreme right defeated here and there, I hope we could start a new period of normal relations with the United States," he said.
"Obama recently said something very rational and fair ... that Venezuela is no threat to the interests of the United States," he added.
Since coming to office, Chavez has projected himself as the head of a global "anti-imperialist" movement inspired by his friend and ideological mentor Fidel Castro of Cuba.
Relations with Washington improved briefly after Obama took office in January 2009 and promised more engagement with Latin America. Chavez toned down his tirades against the "Yankee empire" and shook hands with the new U.S. leader at a summit.
But months later, he accused Obama of sticking to Bush's foreign policies and capitalist agenda, and the tirade against the United Sates began again.
Despite the ideological gulf between Washington and Caracas, both sides take a pragmatic approach when it comes to business, with OPEC member Venezuela remaining the United States' fourth biggest crude supplier.
(Additional reporting by Eyanir Chinea; Editing by Andrew Cawthorne and Jackie Frank)
Source: http://news.yahoo.com/chavez-obama-id-vote-174358217.html
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