Huffington Post…

When I saw Chrysler’s Super Bowl ad at halftime on Feb. 5, I emailed the executive who conceived it, Chrysler marketing chief Olivier Francois, and told him I didn’t like it so much. It was my first viewing of the ad, and thus my initial reaction from the gut. I thought it was too dark. Unlike last year’s Eminem Super Bowl ad, I thought it didn’t do enough to lift Detroit or Chrysler — and wasn’t that the point? But after watching the video perhaps 10 times since that initial viewing, I have warmed to the ad, and recognized that my initial reaction seems to be in the minority. I’ve also come to think my response was tainted by all the election year claptrap and hogwash I watch and listen to on cable TV and satellite radio on a daily basis. Driven by the sharp reactions to the ad communicated via Twitter and in post-game interviews from political pundits and power-brokers like GOP fundraiser and former Bush Administration official Karl Rove , the media seized on the fact that the ad seemed to feature working-class folks from a Midwestern industrial town and the ad copy seemed to be right out of an Obama campaign speechwriter’s notebook, extolling the virtues of the auto industry bailout. The charge that Chrysler was somehow sending an early Valentine to the Obama campaign as thanks for the 44th president green-lighting the federal bailout of Chrysler in 2009 started to take shape on the airwaves. I initially thought the ad was a clever piece of marketing Jiu Jitsu, designed to create maximum buzz and chatter for the Chrysler after the game. Casting well-known Republican libertarian-cum-bailout criticizer Clint Eastwood was supposed to inoculate Chrysler from the pro-Obama charge. How could it be, I asked myself, that all these smart people at Chrysler and the ad agency Wieden & Kennedy had no clue their commercial would be seen through a political lens, especially just a couple weeks before the Michigan GOP primary? Even the line, “It’s Halftime in America,” made me think immediately of Ronald Reagan’s “Its Morning Again in America” spot — and that it’s coming up to “halftime in the Obama two-term presidency.” Francois says a possible political interpretation of the ad never come up in conversations during the two months of its development. He also says “creating buzz and chatter was never even part of the consideration.” Should we believe this very clever, intelligent, French-born executive heading both Fiat and Chrysler’s global marketing? No buzz intended? Olivier says the ad’s aim was to offer a logical sequel to last year’s Eminem ad, which ushered in the “Imported From Detroit” tagline as a slogan for the Chrysler brand. That line, repeated in this year’s ad, is now being used as an umbrella theme for all the company’s brands, including Dodge, Jeep, Ram and Mopar. “We are trying to shine a light on the values we hold in Detroit, values that we are trying to embrace for Chrysler and the values we think our customers identify with,” Francois said. “I know I am French and come from an Italian company, but I feel very much like I am gaining cultural citizenship in America, if not legal citizenship. And our team, which is led by Sergio Marchionne, is very serious about communicating what we think is great about this place and these people to the rest of the country.” Francois said Marchionne, the Fiat and Chrysler CEO, was intimately involved in the creation of this year’s ad, right down to writing and editing copy. Chrysler brand marketing chief Saad Shehab also had a hand in its writing and editing. And Clint Eastwood also had a lot to do with shaping the ad, choosing locations and writing copy. Eastwood was surprised Republican critics and Obama supporters felt that the ad was “pro-Obama.” But Eastwood’s spoken lines tee up, like it or not, an inevitable political discussion that will take place this month in advance of the Michigan GOP primary and into the fall, especially if Michigan native Mitt Romney goes on to face off against President Obama in the general election. Was the bailout the right thing to do? Was it money well spent? Was it fair to industries and companies that did not get bailed out? Was it too generous to the unions? The key lines: “[The people of Detroit] almost lost everything. But we all pulled together. Now, the Motor City is fighting again … but after those trials, we all rallied around what was right, and acted as one, because that’s what we do. We find a way through tough times. And if we can’t find a way, then we make one … how do we come from behind … how do we come together, and how do we win … it’s halftime, America, and our second half is about to begin.” The vast majority of Republicans, including all the current presidential candidates, were against the government-assisted bailout of General Motors and Chrysler. They believed the companies should have been allowed to go into bankruptcy court without aid from Uncle Sam, so that creditors could just pick over the companies, buy or be granted what they thought was valuable — Chevy, Jeep, Ram truck, Cadillac, real estate, etc. — and liquidate the rest. But amid the meltdown of the financial sector, there was no financing for an organized bankruptcy that would have allowed the companies to come out as whole at the end of the process, meaning it would have been a liquidation free-for-all. And as private equity companies usually do, there would have been a fire-sale of assets, followed by an inevitable move to get as much headcount and production out of Michigan and into Southern states and Mexico — as far away from the stronghold of the United Auto Workers as possible. The reason Southeast Michigan is clawing its way back is because hiring is happening. GM is the biggest automaker in the world again, and making billions. Chrysler is in the black and posting solid progress. Ford is making billions. Suppliers are bouncing back financially. The companies did not close or move away. GM and Chrysler have made substantial investments in the city and surrounding suburbs. Communities are still fighting to get back to par, but they haven’t been destroyed. The sentiments and words in Chrysler’s ad reflect the way the automaker’s executives and Eastwood feel about the values they find in the working people who design, engineer, market and sell the vehicles produced by the company. Their words also seem to support the idea that high-value manufacturing, such as automobiles, is an important industry to protect and nurture in the U.S. Those values and thoughts also happen to be shared by Obama’s administration, and they are a cornerstone of his campaign rhetoric and prose as president. It all seems to be a right-cross to the jaws of the GOP presidential candidates and the establishment conservatives who both opposed the auto bailout and regularly express disdain for the UAW. All on the biggest TV day of the year with over 100 million people watching. So it’s not difficult for many people to think the content and timing of Chrysler’s commercial could have been planned and calculated to maximize buzz, the currency on which most successful ads trade these days (no matter what Francois says he was looking for). The Chrysler executives and Eastwood say these political themes some of us think we saw were not in their minds or conversations. They sought to make an ad, they say, that simply touched and engaged everyone, not one party or another. Late Thursday, four days after the game, there were 5.8 million YouTube views of the ad. A cursory patrol of comments left by real people — not pundits or members of the media — shows those of us in the media are, indeed, in the minority of those who found it possibly pro-Democrat or pro-Obama. We won’t see the ad on TV again, says Olivier. Unlike last year’s Eminem ad, it won’t be shown in shorter versions for normal ad break. It was meant as a one-time-only event. My guess is that it will be remembered and talked about for at least a few days more. Then the YouTube hits will slow down, and we will move on to other topics. But the ad — intentionally or not — meshes well with the Obama message for the Midwest and especially Michigan. So it wouldn’t surprise me if we see the ad pointed to by the president and Democrats for months to come as a reminder of the grit, determination and values of Detroiters and Southeast Michiganders — and of just who kept the Michigan economy from falling of a cliff.

Read more:
David Kiley: The Great Debate Over Chrysler’s Super Bowl Ad

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Sources: GOP Congressman Faces Insider-Trading Investigation

by West Des Moines IA Patch on February 10, 2012

Huffington Post…

The Office of Congressional Ethics is investigating the chairman of the House Financial Services Committee over possible violations of insider-trading laws, according to sources familiar with the case.

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Sources: GOP Congressman Faces Insider-Trading Investigation

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LinkedIn Q4 income surges to USD6.9m

February 10, 2012

(MENAFN) LinkedIn Corp. said that during the fourth quarter, income grew to reach USD6.9 million, compared with USD1.6 million in 2010, reported AP. The Mountain View, Calif.-based company added …

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China Jan exports, imports down on weak global demand

February 10, 2012

(MENAFN) China’s customs said that last month, the country’s trade dropped due to a decline in global demand and the Lunar New Year holiday, reported AP. The customs added that in the period, …

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Massachusetts AG: Mortgage Settlement Is Only The Beginning

February 10, 2012

The $25 billion settlement with five of the nation’s largest banks over charges of widespread mortgage fraud, announced Thursday, isn’t the end for Massachusetts. Massachusetts Attorney General Martha Coakley said at a press conference Thursday that she plans to pursue further relief for homeowners. “We believe there is still much work to do,” said Coakley, who was one of the more outspoken attorneys general during the settlement negotiations. “This is only five banks … We have Fannie and Freddie. We have 19 other lenders.” Coakley said that the settlement will not prevent her from pursuing further criminal probes against lenders, in order to help homeowners who have been “caught in the unlawful and unnecessary foreclosure machine.” Coakley already has sued Goldman Sachs , Morgan Stanley , and Countrywide , wresting hundreds of millions of dollars from banks for Massachusetts and homeowners in the process. “What we are looking to do is prevent unnecessary foreclosures,” Coakley said. “That is our mission for now: to do investigations where there is criminal activity.” The U.S. government reached the $25 billion settlement with Bank of America, Citigroup, JPMorgan Chase, Ally and Wells Fargo over improper foreclosures on homeowners without proper documentation. The settlement will not prevent more government lawsuits against banks in the future. In total, the settlement is the largest multi-state agreement since the nationwide tobacco settlements in 1998 . Forty-nine states are to receive a piece of a $5 billion cash payout as part of the deal. Only Oklahoma did not agree to the settlement. Massachusetts was one of the four states that most actively resisted a settlement with the banks. California, New York, Delaware and Massachusetts all announced their cut of the nationwide deal on Thursday, saying they would receive relatively large cash awards. Coakley said that Massachusetts will receive $318 million from the mortgage settlement, as well as an extra $46 million to ensure that the banks in the settlement actually pursue loan modifications for underwater and delinquent borrowers. Massachusetts families who lost their homes to foreclosure between 2008 and 2010 also will receive cash payments of up to $2,000 because of the sheer disorderliness of the foreclosure process, she said. “It will provide for people who have been victimized, really, by the lack of willingness or ability of the banks to work with families even when it would be commercially reasonable for them to do so,” she said. Coakley said the settlement was an important step in providing relief for borrowers and justice after “the corruption of the land court system” through the Mortgage Electronic Registration Systems, which many banks used as a substitute for organized paperwork for borrowers. “Rather than wait for two more years … we wanted to get started on this, and we’re hopeful that this will provide real relief,” she said. “There is so much blame to go around. We needed to get some remedies in place.”

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Guess Which Local University Shattered Fundraising Records?

February 10, 2012

SAN FRANCISCO — Stanford University’s latest five-year fundraising drive netted $6.2 billion, the largest amount ever raised in a higher education campaign, school officials said Wednesday. Money from the Stanford Challenge is being used to fund an interdisciplinary approach to teaching and research on areas such as education, environment, human health and international affairs, officials said. “We’ve undertaken a new model in higher education, with experts from different fields joining together,” school president John Hennessy said in a statement. “This kind of collaboration has enabled Stanford to assume a larger role in addressing global problems.” The money is providing funding for more than 160 endowed faculty positions, 360 graduate student fellowships, the construction or renovation of 38 campus buildings, $27 million in seed grants for innovative research and more than $250 million for need-based undergraduate scholarships. The $6.2 billion raised by the Stanford Challenge is the most collected by a university in a single fundraising campaign, said spokeswoman Lisa Lapin, citing the Council for Advancement and Support of Education. That total surpasses the $4.3 billion goal set when the campaign was launched in October 2006. During the campaign that ended Dec. 31, the university received donations from more than 166,000 alumni, parents and community members. The university received contributions of more than $50 million from Stanford alumni such as Yahoo Inc. co-founder Jerry Yang, Nike Inc. co-founder Phil Knight and Silicon Valley venture capitalist Robert King. Stanford is the latest university to announce a successful multibillion fundraising campaign. Last year, Yale University said it had raised $3.9 billion, and the University of Pennsylvania said it collected $3.5 billion. “It’s an impressive drive for funds that most public universities can only dream to eventually match,” said John Aubrey Douglass, a researcher at the Center for Studies in Higher Education at the University of California, Berkeley. “Donors are attracted to the big-name universities, but I worry some that the rich keep getting richer.”

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Google’s $12.5 Billion Deal Expected To Be Approved

February 9, 2012

By Diane Bartz WASHINGTON (Reuters) – The Justice Department will approve Google’s $12.5 billion bid to acquire Motorola Mobility Holdings Inc, according to sources close to the antitrust review. The department is also expected to approve an Apple-led consortium’s bid to acquire a group of patents from bankrupt Canadian company Nortel Networks. Both deals are expected to be cleared early next week. Google, whose Android software is the top operating system for Internet-enabled smart phones, announced in August it planned to acquire phone-maker Motorola Mobility. The deal will give Google one of the mobile phone industry’s largest patent libraries, as well as hardware manufacturing operations that will allow Google to develop its own line of smart phones. The Apple-led consortium, which includes RIM, Microsoft, EMC, Ericsson and Sony, had agreed in July pay $4.5 billion for 6,000 patents and patent applications that telecom-equipment maker Nortel had put up for sale, including coveted 4G wireless technologies. The companies joined forces to outbid Google for the patents. Google, the world’s No. 1 search engine, has been under increasing regulatory scrutiny. The U.S. Federal Trade Commission and the European Union are both investigating Google’s business practices. The company faces accusations it uses its clout in the search market to beat rivals as it moves into related businesses. The Justice Department will likely continue monitoring patent litigation in the telecom space, according to the sources. The department of Justice, Google, and Apple did not immediately respond to requests for comment. (Reporting By Diane Bartz; Editing by Tim Dobbyn)

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Huge Scandal Rattles San Francisco-Based Snack Company

February 9, 2012

SAN FRANCISCO — Diamond Foods Inc. is replacing its CEO and chief financial officer after an internal investigation found that the company improperly accounted for payments to walnut growers and it needs to restate two years of financial results. The news, announced late Wednesday, sent shares of the San Francisco-based company plummeting more than 43 percent in after-hours trading. Diamond Foods, which makes Emerald Nuts and Pop Secret popcorn, has been embroiled in a dispute over the payments for several months. The company said that its audit committee found that the payments were booked in the wrong period. The payments – an estimated $20 million in 2010 and $60 million in 2011 – skewed the company’s financial results. Diamond Foods placed its CEO Michael Mendes and Chief Financial Officer Steven Neil on administrative leave. The company is looking for permanent replacements. In the meantime, it appointed Rick Wolford, a Diamond Foods director and former CEO of Del Monte Foods, as its acting CEO. Michael Murphy, of Alix Parners, will serve as acting chief financial officer. The deal could put Diamond Foods’ plans to acquire the Pringles brand from Procter & Gamble Co. in jeopardy. The deal, worth $1.5 billion when it was announced in April, would be the biggest acquisition ever for Diamond Foods and make it the second-largest snack maker in the nation behind PepsiCo Inc. The collapse of Diamond Foods’ shares also hurts its ability to finance the deal. Cincinnati-based P&G called the news from Diamond Foods “very disappointing.” It said in a statement that it is evaluating its next steps and keeping all its options open. “Pringles remains a valuable asset and it has attracted considerable interest from other outside parties,” P&G said. Shares of Diamond Foods were halted in trading earlier in the day but fell $15.88 to $20.78 in after-hours trading. Its shares have been on a downward slide since hitting $96.13 in late September. Diamond Foods said it takes the integrity of its financial statements seriously and is working to complete the restatements as soon as possible.

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Critics Say New Hampshire’s Right-To-Work Legislation Would Not Net Jobs

February 9, 2012

The nationwide anti-union push is moving to New Hampshire, where the state legislature is considering right-to-work legislation once again. The proposed legislation would significantly curtail unions’ power in the Live Free or Die state. And proponents of the measure in the state, like their counterparts in Indiana and elsewhere, tout the bill as a way to promote economic growth and deal with the state’s jobs problem. Yet, many experts, business owners and promoters of economic development say that the proposed legislation would be unlikely to create jobs or persuade new businesses to open in New Hampshire. In fact, some say, it could hurt the state. Hampshire is tied for having the the nation’s fourth lowest unemployment rate, at 5.1 percent. On Thursday a new right-to-work bill sponsored by Republican Rep. William Smith and others was debated in a hearing. ” This is not an anti-union bill — it’s a pro-union member bill,” he said. “I’m sorry to see it come back,” said Peter Church, who has owned and operated a printing shop in Manchester, N.H., for 21 years. “It’s not something that New Hampshire needs. It’s certainly not something that anyone operating a business in New Hampshire wants.” Last December, New Hampshire conservatives failed to overturn Democratic Gov. John Lynch’s veto of similar legislation . State Republicans call the veto a failure for job growth. “The many companies who have expressed their interest in considering moving new jobs to New Hampshire if we are a right-to-work will not bring relief to the nearly 40,000 unemployed workers across the state,” William O’Brien, the Republican speaker of the state House, said at the time, in a statement. “We have missed an opportunity to grow our economy and help our citizens.” The proposed legislation would prevent union contracts at private sector workplaces from requiring employees to pay dues. A slew of related bills are in the works that also seek to curb union power in the state. Supporters frame the issue as one of “freedom of choice” — that workers should be allowed to choose whether they want to pay dues to a union. But in New Hampshire, some employers don’t want the government dictating how they interact with their employees. “I really resent the state government spending all this time trying to come up with rules and regulations that tell me how I can or cannot negotiate collective bargaining with my employees,” Church said. Church, who employs 13 unionized workers, said there is nothing in the legislation that might encourage him to hire more. The main thing that would promote hiring is an increase in demand for products, he said. Some economic experts have raised concerns that a right-to-work law might slow economic growth rather than speeding it up, in part by cutting into workers’ earnings. A recent study by the Economic Policy Institute, a labor-backed research center, found that for both union and nonunion employees in right-to-work states, wages were $1,500 less per worker each year, after considering cost-of-living and other factors. A working paper by economists from the University of Nevada and Claremont McKenna College concluded that average wages for nonunion workers dropped 4.3 percent as a result of right-to-work legislation. The study looked at a right-to-work law’s impact in Oklahoma , which enacted such legislation in 2001. Right-to-work activists say that lower wages — and weakened unions — are part of the appeal of the law. “The unions typically demand higher wages, so this would provide companies more cost-effective opportunities to bring employees on,” said Dan Duncanson, president of Technical Employment Services, a New Hampshire-based staffing firm. Studies in Oklahoma have shown that lower wages have not spurred employers to hire more. In Oklahoma, employment in manufacturing has declined , even as manufacturing productivity has improved, according to Oklahoma Council of Public Affairs, a conservative think tank. A separate council study concluded that Oklahoma has been losing more jobs to out-of-state migration than it has gained since the 1980s. Those involved with the daily business of economic development in New Hampshire say that right-to-work laws fall very low on the list of reasons an employer might consider when decided to relocate. George Bald, commissioner of New Hampshire’s Department of Resources and Economic Development, says in his scores of conversations with business owners over the years — many who have been considering moving to the state — right-to-work measures have simply not come up. “I just never have had a company ask me about it or tell me that the issue of right to work is a major factor in relocating,” Bald said. Factors that Bald cited as considerations by employers include a state’s education system, the availability of qualified employees, the digital infrastructure, the tax structure and the quality of life. “We’ve never seen evidence that passing right-to-work legislation has been a job creator, and this is why we really see this as an attempt to undermine unions in general,” said Zandra Rice-Hawkins, director of Granite State Progress, a progressive advocacy organization based in New Hampshire. “They’re doing this for ideological reasons alone, and it would roll back workplace protections that we have fought for for decades.” Alan Tonelson, a research fellow at the U.S. Business & Industrial Council Educational Foundation, a nonprofit research organization with nearly 2,000 members including small- and medium-size manufacturers, said that the right-to-work issue has yet to come up as a subject of concern. Rather, high taxation is a frequent source of complaints. “There are many factors that affect the attractiveness of a particular state as a location for manufacturing, and the existence of right-to-work laws can be one, but it’s not the only one.” Rep. Smith could not immediately be reached for comment.

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North Dakota Walmart Evicts Workers Living In Parking Lot

February 9, 2012

Apparently one Walmart isn’t cool with people squatting in its parking lot. Dozens of workers who have flocked to Williston, North Dakota to benefit from the region’s oil boom have been living in tents and trailers for months outside of a local Walmart, but last Monday, the retail chain’s management told the squatters to go or be towed, The Bismarck Tribune reports . Lines of RVs accommodated workers shoulder-to-shoulder but after receiving a variety of complaints, including from female customers who said they feared walking through the camp to shop, Walmart officials say they’ve had enough. “It’s just not appropriate for people to be living in our parking lot,” Walmart spokeswoman Kayla Whaling told The Bismarck Tribune . And it seems that the town’s residents agree. “Walmart is hell. You just don’t want to go there,” said one member of the Nehring family, a group of sisters who have been featured in a reality TV show Boomtown Girls that’s being shopped to networks like TLC and MTV. “You can’t find anything because it’s all cleared out,” another Nehring sister explains. The camp is just one result of a huge population influx into Williston, thanks to a promise of plentiful — and well-paid — work in the oil industry. North Dakota currently boasts the lowest unemployment rate in the nation at 3.3 percent. No doubt because of that, housing has become scarce in the town and the apartments that are available have seen huge jumps in rent , with prices sometimes increasing threefold. More than 1,000 longtime Williston residents have abandoned the town in the past two years due to crowding and the boost in living expenses. The oil rush has had other negative impacts as well. Drunken bar fights have become more common as workers try to blow off steam after long hours. Charges of Driving Under the Influence have also grown more typical, while instances of theft more than doubled in 2011 compared to the year before. Exotic dancing has also become a thriving industry in the town, with some strippers making up to $3,000 per night in tips alone . The popularity of the clubs may be due in part to the low ratio of women to men in the town, which may explain why some are “feeling like a piece of meat” in Walmart’s parking lot, as one Nehring sister put it.

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GOP Crafts Plan To Kill Obama Birth Control Rule

February 9, 2012

WASHINGTON — The Obama administration’s rule requiring most employers’ insurance plans to pay for birth control with no co-pay for employees has infuriated conservatives at the annual Conservative Political Action Conference, renewing the calls for repealing health care reform. Rep. Steve King (R-Iowa) told The Huffington Post that Congress needs to try to reverse Obama’s decision, which has caused a firestorm among many conservatives because religiously affiliated groups are not exempt from the rule. King suggested killing it by attaching a measure to a piece of must-pass legislation, such as the upcoming Surface Transportation Bill. “If the president vetoes it, then we’re back to square one,” he said. “So if it goes on a piece of must-pass legislation like maybe a Surface Transportation Bill, there’s a chance that the president will sign a bill like that. I’m going to let others push on that strategy — Surface Transportation Bill or some other must-pass piece of legislation.” The new rule stems from the Affordable Care Act. Most women employed in the U.S. will have the cost of their birth control covered with no co-pay , effective Aug. 1. The rule exempted employers, including churches and other places of worship whose primary purpose is imparting religious beliefs. But many religious groups argued it was too narrow and should apply to religious-affiliated organizations as well. The Obama administration disagreed, but gave these employers an extra year to comply with the new law. Ultimately, King added, Congress needs to push for the repeal of health care reform, where the new rule originated. “This is the president’s decision, made by Kathleen Sebelius,” said King, referring to the secretary of Health and Human Services. “This decision was not made at HHS. It was made in the White House. Barack Obama made this decision or approved this decision and the way to rectify it is to repeal Obamacare.” WATCH: Sen. Marco Rubio (R-Fla.) has already put forward a bill that would allow religiously affiliated hospitals, universities and other organizations that morally oppose contraception to refuse to cover it for their employees. He said no decision has been made on the timing of bringing legislation to the floor. Asked if he sees any middle ground with the White House, he proposed letting individual churches choose whether to pay for contraception for their employees. In the House, Speaker John Boehner (R-Ohio) said the House Energy and Commerce Committee is taking the lead “through appropriate legislative channels.” The Senate’s $109 billion Surface Transportation Bill moved to the floor on Thursday. It reauthorizes federal public transportation programs at current levels for two more fiscal years. The broader House bill would cover five years of transportation spending. The House GOP leadership has planned on a Feb. 17 vote . UPDATE — 7:54 p.m.: The Huffington Post’s Mike McAuliff reports that Senate Republicans did end up going with the strategy King mentioned, offering an amendment to the transportation bill aimed at countering birth control regulations under the health care law. They attempted to block the rule before it even took effect by amending the Surface Transportation Bill that the Senate had voted 85 to 11 to start debating. Senate Majority Leader Harry Reid (D-Nev.) took umbrage at the move, saying, “Here is a bipartisan bill to create and save jobs. Every state in the union is desperate for these dollars. But to show how the Republicans never lose an opportunity to mess up a good piece of legislation, listen to this: They’re talking about First Amendment rights, the Constitution.”

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SEC May Target Big Banks In Lawsuit Over Mortgage-Backed Securities

February 9, 2012

Regulators may be preparing a lawsuit against some of the country’s largest banks in order to probe their role in the acceleration of the financial crisis. The Securities and Exchange Commission is planning to formally warn a number of firms that sold mortgage-backed securities in the years leading up to the meltdown of an impending enforcement action, the Wall Street Journal reports. At issue is whether banks knew at the time that the mortgages backing their securities were of poor quality — and whether the banks nevertheless presented a picture of the loans that was misleadingly reassuring. Mortgage-backed securities are generally believed to have played a central role in the near-meltdown of the national banking system a few years ago. The country’s largest financial firms repeatedly bundled subprime mortgages and used them to guarantee securities that were sold to investors. When those mortgages proved unsound, it triggered a series of financial failures that dealt a severe blow to the national economy. If such a lawsuit does come to pass, it would be part of a broader effort on the part of the federal government to assign responsibility for the financial crisis — and to better regulate hazardous trading practices and high-risk financial instruments in the hopes of preventing another one. At the same time, the SEC has been criticized for not doing more to stamp out misconduct. In 2009, one prominent whistleblower called the agency ” captive to the industry it regulates .” Multiple lawsuits and inquiries have already raised the issue of whether banks misrepresented the health of mortgage-backed securities during the housing boom. JPMorgan Chase faced one such suit last year, as did Washington Mutual and Bank of America’s Merrill Lynch division . Goldman Sachs is currently facing a potential class-action suit from investors over whether it purchased a number of mortgage-backed securities in 2005 without first examining their health. Goldman was also accused last year, by an investigatory Senate panel, of misleading Congress and investors as to the safety of the mortgage-backed securities it was selling. News of the possible suit comes at a moment when banks are already being called to account for their handling of another result of the collapsing housing market: the foreclosure crisis. On Thursday, the government announced that it had reached a $25 billion settlement with some of the country’s largest financial firms — among them Citigroup, Ally and BofA, all said to be targets of the SEC investigation — over charges that the banks engaged in systematic and widespread mortgage fraud. No major bank executives have yet to face prison over their role in the worse financial crisis since the Great Depression.

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U.S. Bans Health Insurance Company Fine Print, Allows Baffling Terms

February 9, 2012

The Obama administration aims to demystify shopping for health insurance and has created a standard form that explains in plain language without the fine print what plans actually cover. What they couldn’t do was make health insurance itself less complicated, so consumers will still be confronted by baffling terms including “allowed amount,” “balance billing,” and “usual, customary, and reasonable charges.” The health reform law requires insurance companies to use a new document that presents a uniform summary of deductibles, co-payments and other features so consumers can compare one health plan to another. The new rules also eliminate the fine print: insurers can’t use a typeface smaller than 12 points. Administration officials including Health and Human Services Secretary Kathleen Sebelius unveiled the forms Thursday and companies will have to comply beginning Sept. 23. Consumer groups including Families USA and Health Care for America Now praised the policy as an important step that enhances transparency in the health insurance market. These new summaries of benefits and costs will help people choose the right health plans and are a big improvement over the confusing information and marketing material insurance companies currently use, said Lynn Quincy, a senior policy analyst at Consumers Union who helped develop the new form. The “plain language” isn’t always so plain and the jargon-heavy nature of the form underscores that health insurance is complicated. While the administration will require that insurers provide a four-page glossary of industry terms , shoppers will have to contend with terminology that isn’t always easily understandable. “We don’t want to over-promise here about what a form can do laid over top a very complex product,” Quincy said. “We have to wait and see if the new form actually helps people.” The insurance summary can’t be longer than eight pages and includes facts about a plan such as what its deductibles are, whether benefits are capped at a certain dollar amount every year, and if patients need referrals to visit specialists. Though the administration proposed last year that premiums be listed, that requirement isn’t part of the final rule. The monthly price for a health plan, which may not be available until after an insurance company has reviewed a customer’s application, will be provided separately. The form includes examples of medical expenses, such as the birth of a child, so consumers can estimate how much would be covered by insurance and how much would come out of their own pockets. The administration characterizes this feature as a “Nutrition Facts” label for health benefits. The health insurance industry’s top lobbyist said the rule places too heavy a burden on companies and takes effect too quickly. “The final rule requires an almost complete overhaul and redesign of how information must be provided to consumers,” Karen Ignagni, president and CEO of America’s Health Insurance Plans, said in a statement .

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Marc Joseph: Is It Time To Be an Entrepreneur?

February 9, 2012

Open Forum reports that there is an 11% increase in the number of small businesses closing and a 17% decline in the number of small businesses opening. Get Busy Median reports 69% of small businesses survive at least two years, 44% of new firms survive four years and 31% survive at least seven years. The Orange County Register states that new employer businesses has fallen 27% since 2006, which means that startups, which 10 years ago would have created 4.6 million jobs, are only creating 2.5 million jobs now. Also, 10 years ago the average new business opened with 7.5 jobs and today it is 4.9 jobs. Smart Money states that in 2009, there were 552,600 new businesses created while 721,737 small firms closed or went bankrupt. They go on to report that in 2007, 75% of angel funded deals came at the start up stage, while in the first half of 2011 only 39% of companies backed by angels were in the startup phase. This trend is just one more sign of how hard the recession has been on entrepreneurs. This recession has not only hurt sales, sending many small businesses under, it has also obstructed the ability to raise money for the next great idea. So why would anyone in their right mind risk their money and reputation for only one in three chance of being in business after seven years? Bloomberg Businessweek reported this week that the Wal-Mart greeter job, which has been around for 30 years, has been removed from the overnight shift of its stores. Obviously they will be using those hours more productively for tasks like stocking shelves or just eliminating the hours all together. Every generation loses entire job categories — think milkmen. So are today’s entrepreneurs desperate and opening a business because they just can’t find a job? Let’s hope not, because that is almost a guarantee your business will fall into the two thirds that fail. Clearly you need a good idea, product or service before even thinking about opening up your own business. Assuming you have this great idea, then the next hurdle is: do you have the traits to run your own business? Some needed traits include being a self-starter, not getting intimidated easily, being adaptable to change, enjoying competition, being able to address risk, making decisions quickly, and not seeing mistakes as failures. Then you need to overcome the basics of starting a business like cash flow (make sure you have at least six months of savings to live from), time management, a sound business plan and the ability to wear all the hats yourself. Reading all these numbers and knowing you don’t have the equity now in your house to fund a business may be one of the most depressing things you do today. But the optimistic glass half full American entrepreneur doesn’t read these numbers like a normal human being. They say “I am going to be in the one third that succeeds and I am going to make a lot of money doing it”! We are just one small company doing our part to help grow the American dream. The rest of America needs to wake up and bring the small business numbers back to where they were at the beginning of the 21st century. Banks need to actually begin loaning money again to small businesses. The government bailed out the big businesses, and now must focus on building up Main Street again through backing small business loans, giving tax break incentives and giving government contracts to small businesses. The average American needs to support their local small business rather than running to the big box store. The numbers don’t lie. Supporting small businesses is an American team effort and we need to get those numbers back to where they were … together.

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The Greenest Car Of 2012 Is…

February 9, 2012

From Mother Nature Networks’ Melissa Hincha-Ownby: The American Council for an Energy-Efficient Economy (ACEEE) has published its 14th annual Greenest Cars List and for the first time an electric vehicle takes the number one spot. The new Mitsubishi i-MIEV bested the Honda Civic Natural Gas , which held the number one spot for eight straight years. A variety of environmental criteria are assessed when evaluating a vehicle’s green score, including the emissions created by the power plant used to provide electricity to the i-MIEV and other electric vehicles . The changing face of the eco-friendly automotive scene actually led to a few changes in the ACEEE’s methodology this year. “This year, a number of updates were made to the Green Book® methodology to more accurately estimate vehicles’ environmental impacts. These include improved emissions estimates for the vehicle manufacturing process, changes reflecting current natural gas extraction practices, and consideration of upcoming shifts in the generation mix for the electricity used to power electric cars.” Source: ACEEE One very prominent electrified vehicle is missing from this list, the Chevy Volt . According to CNNMoney.com , “That’s because the ACEEE uses vehicle weight as a criterion for scoring, under the assumption that a heavier vehicle causes more waste in production.” Unfortunately for General Motors, the Chevy Volt was their best chance for inclusion on the list. Instead, the Greenest Cars of 2012 list is dominated by Japanese imports. General Motors and other Detroit-based automakers are receiving unfavorable recognition on the Greenest List’s companion, the Meanest Vehicles for the Environment in 2012 . Both the Chevrolet G3500 Express Cargo van and its GMC cousin, the G3500 Savana tied with the Ford E-350 Wagon for the Meanest Vehicle of 2012 with a Green Score of 17. For those that cry foul, there are electric cargo vans on the market that are a viable alternative to these gas-hogging beasts. The 2012 Greenest List and each vehicle’s corresponding Green Score follows:

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Janet Murguía: Why the AG Settlement is Good for Communities of Color

February 9, 2012

This is a joint blog post with Marc Morial, President and CEO, National Urban League Today, state Attorneys General (AG) announced that they arrived at a $25 billion agreement with mortgage servicers in response to the “robosigning” scandal that broke 18 months ago. When New York AG Eric Schneiderman, California AG Kamala Harris, or Nevada AG Catherine Masto signed onto the agreement for their hardest hit states, it was a clear indication that this is a strong settlement for our families. We at the National Urban League (NUL) and National Council of La Raza (NCLR) celebrate this significant move as one in a series of enforcement steps that are essential to restoring the public’s faith in our housing system. The closure of these proceedings is incredibly important to healing our families and neighborhoods. The entire nation has felt the burden of the enduring foreclosure crisis. Black and Hispanic homeowners have been especially hard hit. One in four Black and Hispanic borrowers in the U.S. lost homes or are at serious risk of losing their homes, more than half the number of White borrowers. Asian, Black, and Hispanic families were 1.7, 3, and 2.2 (respectively) times as likely as White borrowers to receive subprime loans even after accounting for similar credit profiles. Through foreclosures, our families have battled substantial wealth loss, emotional distress, and an uncertain financial future. The AG settlement will bring relief to our families, with approximately $17 billion dedicated to principal reductions. Writing down principal has proven to be a win for both borrower and lender alike, especially when compared with the costs of foreclosure, property maintenance, and a sheriff’s sale for pennies on the dollar. Up until this point, however, servicers have not made it a priority. This settlement and a recent announcement to increase incentives for principal reductions should compel servicers to help families and clear the logjam on write-downs. Also, we are confident that rapid uptake of these new resources will soon generate the empirical information needed to convince naysayers that write-downs are vital to stabilizing the market. We are encouraged by the AG settlement and plan to do everything we can to ensure that affected families have access to these new resources. Finding homeowners is no small endeavor, especially finding those who have slipped through the cracks. Outreach will be an enormous undertaking in its own right and NUL and NCLR hope to deploy their housing programs to seek out eligible clients. Despite the challenges, we believe this AG settlement will set families up for success and will bring true accountability and systemic improvement to our housing market.

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Morty Lefkoe: Do You Have a Fear of Public Speaking?

February 9, 2012

If you fear public speaking more than going to the dentist, or even death, you are not alone. This fear is so common that surveys indicate that over 50 percent of the adult population of the United States experiences fear when speaking in public. As Jerry Seinfield put it quite accurately on one of his shows: Most people would rather be in the casket than delivering the eulogy. We have had a number of clients whose fear of speaking in pubic was so great that they turned down promotions rather than take a job that required them to speak in public on a regular basis. The saddest call we ever had was from a man who called to say his daughter had just announced to him that she was about to get married… and this news made him petrified. Why? Because he realized he was going to have to make a toast at the wedding. Interestingly enough, there is nothing inherently scary about talking to a few people who are there to hear what you have to say. And why does merely having to introduce oneself at a meeting lead many people to go to the bathroom just before it is their turn. What makes speaking in public so common and so frightful? If you’ve been reading my regular blog posts, you won’t be surprised to learn that my answer is: beliefs. In fact, after helping over 3,000 people eliminate this problem, we’ve discovered the specific beliefs that cause this fear. Let me tell you what they are and why they result in this widespread fear. Here are the beliefs that cause a fear of public speaking in most people: • Mistakes and failure are bad. • If I make a mistake or fail I’ll be rejected. • I’m not good enough. • I’m not capable. • I’m not competent. • What I have to say is not important. • People aren’t interested in what I have to say. • I’m not important. • What makes me good enough and important is having people think well of me. • Change is difficult. • Public speaking is inherently scary. To make it real that these beliefs could cause such terror in so many people, ask yourself this question: Imagine someone, whom you don’t know, who really had all the beliefs I listed above. Do you think she would be afraid to speak in public? In fact, wouldn’t you be willing to wager that she would have public speaking anxiety? Why these beliefs cause a fear of speaking in public I think most people would agree that anyone with these beliefs would fear public speaking. And here’s why: A belief is nothing more than a statement about reality that we feel is true. And if we think it is true that it is bad to make mistakes and if we do we’ll be rejected, and if our sense of importance is dependent on others thinking well of us — then we would have to be terrified when we stand up to speak in front of others because we could make a mistake, leading to rejection, and because we would feel less important if people thought less of us. But you might be thinking: I am afraid to speak in public but I don’t agree with most of these beliefs. Here’s a strange thing about beliefs: It is possible to intellectually disagree with a belief we hold. In other words, early in life we might have concluded as a result of interactions with our parents that it’s bad to make a mistake (because mom and dad got upset when we didn’t live up to their expectations). Now, today, we might realize that innovation is possible only if we are willing to try new things that might not work out. Mistakes are part of the process of doing something new and different. So we “know” that it’s okay to make mistakes and learn from them. But merely knowing that does not get rid of beliefs. If fear is not inherent in public speaking and if the fear is caused by specific beliefs, then eliminating the beliefs will eliminate the fear. Not reduce it or make it easier to deal with. Eliminate it. Research proves eliminating beliefs eliminates public speaking fear A study conducted by the University of Arizona several years ago determined that if the beliefs listed above (and a few conditionings) were eliminated, the mean level of fear of the subjects studied fell from 7 to 1.5 on a scale of 1-10, one being no fear whatsoever and 10 being terror. To prove this to yourself, get rid of three of the 11 beliefs that cause a fear of public speaking (and a bunch of other unpleasant feelings) by using a free belief-elimination process at http://recreateyourlife.com/free . Your fear of speaking in public is not due to “human nature.” You can rid yourself of that terrifying prospect once and for all.

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New Users Flocking To LinkedIn

February 9, 2012

SAN FRANCISCO — LinkedIn provided further evidence of online networking’s popularity and moneymaking potential with a fourth-quarter performance that got a glowing review on Wall Street. The results announced Thursday indicate LinkedIn Corp. is playing an increasingly influential role in the employment market as millions more people post their resumes there. The professional-networking service has been turning into a digital rolodex for headhunters and job seekers alike. LinkedIn added another 14 million profiles during the final three months of last year to bring its total membership to 145 million. Meanwhile, more companies have been paying to get additional access to LinkedIn’s membership as the U.S. economy has been steadily adding jobs in recent months. LinkedIn gets more than two-thirds of its revenue from fees it charges companies, recruiting services and other people who want broader access to the profiles and other data on the company’s website. The rest comes from advertising. The trends helped LinkedIn fare far better than the company’s own management and analysts had predicted. The pleasant surprise came a day after online coupon distributor Groupon Inc. raised investor doubts about young, rapidly growing Internet companies by announcing an unexpected fourth-quarter loss. LinkedIn’s numbers seemed to lift spirits; the company’s stock surged more than 8 percent late Thursday. The ebullient reaction may bode well for an upcoming IPO from Facebook Inc., which has built an online network of 845 million users by focusing on family and friendships instead of career advancement. Facebook filed papers last week for an initial public offering of stock. It’s expected to be completed in May or June. The IPO is expected to value Facebook at $75 billion to $100 billion. LinkedIn, which is based in Mountain View, Calif., has emerged as one of the stars from last year’s crop of Internet IPOs. During the first nine months of trading, its stock has remained well above its IPO price of $45 and is moving upward again. The stock rose $6.44, or 8.4 percent, to $82.83 in extended trading Thursday after the release of results. LinkedIn earned $6.9 million, or 6 cents per share, during the final three months of last year. In 2010, the company had income of $1.6 million, or 3 cents per share. It’s not directly comparable because LinkedIn’s outstanding shares have ballooned since its IPO in May. Before figuring the net income credited to shareholders, LinkedIn’s net income for the latest quarter increased 30 percent from $5.3 million If not for certain accounting items unrelated to its ongoing business, LinkedIn said it would have earned 12 cents in the fourth quarter. That figure topped the average estimate of 7 cents per share among analysts polled by FactSet. Revenue more than doubled from the previous year to nearly $168 million – about $8 million above analyst estimates. Management’s projections for the first quarter and full year also called for revenue above analyst forecasts.

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Steve Blank: Two Giant Steps Forward for Entrepreneurs

February 9, 2012

While entrepreneurship is in the news fairly regularly, I seldom make news myself. Today, however there are two important updates for entrepreneurs everywhere. Let me be brief… The “Startup Owner’s Manual” goes On Press Tuesday 2/14 Two years in the making and literally ten years in development, I’m proud to announce that my new book, The Startup Owners Manual , goes onto the printing press next Tuesday. This 608-page work is, as its subtitle says, “the step-by-step guide for building a great company.” It’s the result of a decade of me learning from 1,000 of entrepreneurs, corporate partners, students and scientists the best practices of what wins in startups. I’ve spent the last two years cramming knowledge into this new book. In brief, The Startup Owners Manual is far more detailed and more readable than Four Steps to the Epiphany, (most of the sentences are even finished!). In fact, you could say that all that remains from my last book are the four steps of Customer Development. Briefly, the new book Integrates Alexander Osterwalders “Business Model Canvas” as the front-end and “scorecard” for the customer discovery process. Provides separate paths and advice for web/mobile products versus physical products Offers a ton of detail and great tips on how to get, keep, and grow customers, recognizing that this happens very differently between web and physical channels. and finally it teaches a “new math” for startups: “metrics that matter. While MBA’s have had a stack of texts to help them “execute” a business model, this book joins the growing library of books for practitioners in “search” of a business model. The Lean LaunchPad Online Class My online Lean LaunchPad class has created a lot of buzz this week. As you may have heard, I was deep into the production of the lectures when I realized I was producing the wrong class. The online class was originally based on my book The Four Steps to the Epiphany . Only when I held the draft of my latest book, The Startup Owner’s Manual , in my hands, did it dawn on me that my online students deserved all the latest best practices of entrepreneurship and Customer Development. Not the stuff I taught a decade ago, but all that I’ve learned teaching the Lean LaunchPad in front of students at Stanford, Berkeley, Columbia and the National Science Foundation in the last year. And I particularly wanted to incorporate I’ve spent two years integrating into The Startup Owner’s Manual . So apologies to all of you who were expecting the class this month. I hope to get the updated version online in the next 60 days. I’ll keep you updated on this blog as we record our lectures. In the meantime, if you want to prepare for the class…or get a jump on your startup competition, you can start reading the “recommended text” for the online class right now by ordering my new book. It is recommended–not required–reading for the free online course, and I believe it will be immensely helpful to the startup community at large. Lessons Learned Startups search for business models, exisitng companies execute them There are tons of texts about execution, but a paucity of practical ones for founders on how to search The Startup Owner’s Manual is the definitive reference book for founders, investors and everyone interested in startups The Lean Launchpad on-line class will be based on the new book Steve Blank’s blog: www.steveblank.com

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Who Does And Does Not Qualify For A Piece Of The $25 Billion Mortgage Settlement

February 9, 2012

The government’s $25 billion settlement with five of the nation’s largest banks could help up to one million homeowners . About $21.5 billion is earmarked for consumer relief, with the remainder going to state and federal governments. Distressed homeowners should not expect a check or aid tomorrow, however. According to the government’s National Mortgage Settlement website, it will take up to two months to select an administrator to oversee the process, identifying who is eligible to receive help, and six to nine months to start with the actual housing help. Help could come via partial loan forgiveness or “principal reduction,” refinancing or, cash payments of up to $2,000 for those who have already lost their home. The program only applies to homeowners who have or had mortgages serviced by Bank of America, Citigroup, JPMorgan Chase, Wells Fargo and Ally Financial. Those with loans owned by housing giants Fannie Mae or Freddie Mac are not affected by settlement. Homeowners from Oklahoma, the only state to not sign the settlement agreement, are not eligible. Here’s more detail on who’s eligible for relief: Principal reductions Servicers are required to provide at least $17 billion worth of direct relief to current homeowners, most of which will go to provide help for principal reduction for first and second mortgages. Other money will be used to facilitate short sales–where the home is sold for less than the mortgage value. The funds also cover anti-blight measures, and enhanced homeowner transition programs. Principal reductions could be anywhere from $20,000 to $50,000 on average but the amount will depend on each homeowner’s market. Homeowners who think they qualify should contact their lender directly. Who is eligible? Homeowners who are still in their home, but are not current on their payments and are struggling to make them. Refinancing Servicers will have to provide up to $3 billion in refinancing relief nationwide to help homeowners get better interest rates on home loans to reduce monthly payments. Current rates for 30-year and 15-year fixed rate mortgages are under 4 percent. Who is eligible? Homeowners who owe more on their home than it is worth and are current on their mortgage payments. Cash Servicers will divvy up $1.5 billion among 750,000 homeowners who have already lost their homes to foreclosure. That comes out to $2,000 and checks will be mailed over the next six to nine months. Who is eligible? Homeowners who lost their homes to foreclosure between Jan. 1, 2008 and Dec. 31, 2011. For homeowners who lost their house but are concerned it could be difficult for the administrator to track you down, please contact an Attorney General’s Office . For more information: Ally/GMAC : 800-766-4622 Bank of America : 877-488-7814 Citi : 866-272-4749 JPMorgan Chase : 866-372-6901 Wells Fargo : 800-288-3212

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Lam Research Names New CEO, Martin Anstice, to Board

February 9, 2012

FREMONT, CA–(Marketwire – Feb 9, 2012) – Lam Research Corp. ( NASDAQ : LRCX ), a leading global supplier of semiconductor wafer fabrication equipment and services, today announced the expansion of its board of directors with the addition of Martin Anstice, the company’s president and chief executive officer.

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Curtis Arnold: Best Credit Cards for Valentine’s Day

February 9, 2012

Even though it falls on the same date every year, Valentine’s Day still takes many of us by surprise. If you’re in a new relationship, you’re trying to figure out how far you can go with gifts, flowers and dinner on the town. And if you’ve been with the same partner for years, you’re probably trying to figure out how to raise the stakes. Fortunately, some of the best rewards credit cards can help treat your loved one to a February 14 they won’t forget. Top Valentine’s Day credit card offers A handful of today’s top-rated credit cards can help you pass the Valentine’s Day test, but not in the way you think. Instead of putting yourself in debt to bankroll a special evening, consider using your credit card’s special features to streamline your planning. Check out a few of our editorial team’s favorite love offerings from major credit card issuers: Discover Open Road . This version of the Discover Card offers one of the most unusual signup bonuses on the market: a $150 Restaurant.com gift certificate. If you’re not familiar with the website, Restaurant.com offers deeply discounted deals to eateries in most major cities. It’s not hard to stretch that $150 credit into $300 or more in dining rewards. One caveat: You won’t be able to use that credit on Valentine’s Day, but you can certainly shift around your “dining out” budget for the rest of the month with help from this special offer. Bloomingdale’s Ultimate Premier Insider from American Express. As a rule, we generally avoid retail store credit cards. They rarely offer great value, and their interest rates tend to balloon beyond the point of practicality. However, a partnership between Bloomingdale’s and American Express means that your frequent shopping trips can help you keep your next gift a secret. Spend $2,500 a year at Bloomie’s, and you’ll get free gift wrapping and local delivery, plus help from a personal shopper who can help you pick out a great V-Day surprise. Marriott Rewards Premier Visa Signature Card from Chase. Sometimes, the route to your Valentine’s heart leads straight out of town. This travel rewards credit card bestows you with instant Silver Elite status in the Marriott Rewards program. That means you’ll have direct access to an experienced guest services professional who can help you plan everything you need for a romantic getaway at any of Marriott’s 3,700 hotels and resorts throughout the world. While you dine and play during your trip, you’ll earn a 20 percent premium on your Marriott Rewards points, plus enough bonus points to cover next year’s surprise trip. Citi Gold / AAdvantage Visa Signature. When your romantic getaway means getting really far away, Citi’s partnership with American Airlines can help you score some inexpensive plane tickets. Between a generous signup bonus and AA’s reduced mileage awards, you can quickly earn enough miles to escape to somewhere really romantic. Plus, the Citi Private Pass program gives you access to exclusive events and hard-to-get tickets for theater, sports and concerts in many cities across the country. Each of these four cards offers something even better for your relationship than a low interest rate and a money-saving signup offer. All four cards provide access to personal concierge services that can help you plan exciting gifts, meals and experiences for your special someone. Concierges don’t always work directly for your credit card issuer: Visa Signature and Discover Card outsource their concierge requests to outside companies. However, their partnerships with ticket agencies, florists, tour operators and restaurants can elevate your date to epic levels. Credit card concierge can save Valentine’s Day In lieu of a personal assistant, your credit card company’s concierge service works as a team to track down gifts and experiences your loved one will adore. If you’ve ever struggled to come up with ideal gifts or dining suggestions, just provide your concierge with your budget and some baseline ideas. A concierge might suggest some special deals from partner vendors, or reference some recent requests from fellow cardholders. American Express, Citi and Chase all hold event tickets and restaurant reservations for their cardholders, adding value by making a venue’s “sold out” sign irrelevant. Yet, even concierges from the best credit card rewards programs run into challenges filling last minute requests for flowers, chocolates and dinner reservations on Valentine’s Day. Instead of relying on a credit card’s concierge to save the day, it’s best to connect with them early on if you want help planning a truly romantic experience. The original article can be found at CardRatings.com : “Best Credit Cards for Valentine’s Day”

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Governor Rick Scott Appoints William Bracken to Board of Professional Engineers

February 9, 2012

TAMPA, FL–(Marketwire – Feb 9, 2012) – Today the Florida State Senate approved Governor Rick Scott’s appointment of William C. Bracken to the Board of Professional Engineers. Mr. Bracken of Tampa is the president and principal engineer of Bracken Engineering Inc. He fills the vacancy created by the death of H. D. Wallis and is appointed for a term beginning January 30, 2012, and ending October 31, 2015.

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CommerceTel Appoints Tim Schatz as Its CFO

February 9, 2012

SAN DIEGO, CA–(Marketwire – Feb 9, 2012) – CommerceTel Corporation ( OTCBB : MFON ) (“CommerceTel” or “Company”), an award-winning provider of proprietary mobile marketing technologies and solutions, announced that the board of directors has appointed Tim Schatz as the Company’s Chief Financial Officer, effective February 1, 2012.

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NCS International Certifies Worlds First Company Against Global Sustainable Biofuels Benchmark

February 9, 2012

http://www.abnnewswire.net/rss2/menafn/abn_menafn_en.asp NCS International (“NCSI”) has certified the world’s first organization against the Principles and Criteria of the Roundtable on Sustainable …

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Asian Activities Report for February 9, 2012: Pacific Basin Shipping Limited (HKG:2343) Forms Alliance with Crowley Maritime Corporation

February 9, 2012

http://www.abnnewswire.net/rss2/menafn/abn_menafn_en.asp Pacific Basin Shipping Limited (HKG:2343), one of the world’s leading operators of modern handysize and handymax dry bulk vessels and a …

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Blackham Resources Limited (ASX:BLK) Drilling Programme Commences at Matilda Gold Mine

February 9, 2012

http://www.abnnewswire.net/rss2/menafn/abn_menafn_en.asp Blackham Resources Limited (ASX:BLK) is pleased to announce that following the recent publication of its initial resource statement, it has …

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Yen Falls as Japanese Economic Data Falters More than Expected

February 9, 2012

THE TAKEAWAY:Japanese Machine Orders fell 7.1 percent since last month and rose 6.5 percent since last year > Economic data is weaker than what analysts expected > USDJPY rallies to …

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Major Currencies Unfazed as Chinese Inflation Unexpectedly Jumps

February 9, 2012

THE TAKEAWAY: Chinese inflation unexpectedly accelerated in December > AUD, NZD dip slightly on lowered Chinese rate cut bets > Impact fades quickly as Eurozone issues stay in focus Chinese …

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STWA Appoints New CFO Gregg Bigger as Company Enters Commercialization Phase

February 9, 2012

SANTA BARBARA, CA–(Marketwire – Feb 9, 2012) – STWA, Inc. ( OTCBB : ZERO ) (“STWA” or the “Company”), a developer of energy efficiency technologies in the multi-billion dollar oil pipeline and diesel engine markets, today announced the appointment of Mr. Gregg Bigger as its Chief Financial Officer. Mr. Bigger is a seasoned finance executive with extensive experience in the banking sector as well as strategic consulting for operating technology companies.

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HazelTree Fires Up to Manage New Growth

February 9, 2012

Sandeep Rawal Named CTO as Firm’s Client Base Triples in Its First Year

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UK’s CB to inject another USD79b into economy

February 9, 2012

(MENAFN) The Bank of England said that it would pump an additional USD79 billion into the country’s economy, reported AP. The central bank added that the step came as part of a program that …

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Daimler posts 57% surge in Q4 profit

February 9, 2012

(MENAFN) Daimler AG said that profit in the fourth quarter surged 57 percent to USD2.36 billion, reported AP. The German carmaker added that sales of Mercedes luxury cars surged 44 percent in the …

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Pepsico plans to slash 3% of its workforce

February 9, 2012

(MEANFN) PepsiCo unveiled a new restructure plan shedding 8,700 jobs aimed at offsetting high commodity costs and expand investments in advertising and marketing in North America, AP …

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ECB keeps benchmark unchanged

February 9, 2012

(MENAFN) The European Central Bank decided to keep its key interest rate unchanged at a record low 1 percent, AP reported. The ECB left interest rates unchanged as it waits to see if the eurozone …

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Chinese consumer prices rise to 4.5% in January

February 9, 2012

(MENAFN) China’s consumer prices rose to 4.5 percent in January from a year ago, which may dash hopes that the country’s central bank will easy monetary policy to boost growth, CNN …

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Signature Group Holdings, Inc. Announces Departure of Kenneth Grossman as President

February 9, 2012

SHERMAN OAKS, CA–(Marketwire – Feb 9, 2012) – Signature Group Holdings, Inc. (the “Company” or “Signature”) ( PINKSHEETS : SGGH ) today announced the resignation of its President, Kenneth S. Grossman. He is expected to depart the Company in April following the filing of the Company’s 2011 Form 10-K with the SEC. Signature has entered into a consulting agreement with Mr. Grossman pursuant to which Mr. Grossman will continue to provide advice and counsel to Craig Noell, the Company’s Chief Executive Officer. Mr. Grossman will also continue to work with Mr. Noell and Signature’s corporate development staff to identify acquisition and other opportunities to the Company. “We are sorry to see Ken depart,” said John Nickoll, Chairman of the Board, “he is a savvy investment professional with expertise and strong relationships in the distressed arena, and I understand his desire to return to that environment.”

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Finnair reports USD43.3m loss in Q4

February 9, 2012

(MENAFN) Finnair PLC reported USD43.27 million in loss in the fourth quarter, USD7.98 million down from a year earlier, AP reported. The company said also that revenue in the period grew 12 …

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Occupy Y’All Street: Occupy Charlotte Activist Gambles Everything On The Movement

February 9, 2012

This is the fourth in a series of stories and short films on under-publicized Occupy sites. The first is here , the second is here , and the third is here . Stay tuned in the coming days for more from our road trip through the South. CHARLOTTE, N.C. — Vic Suter is looking for Ghost. She sloshes through the slick grass and soggy leaves matting the grounds of the Old City Hall. She and the rest of Occupy Charlotte have called the property home since early October. She knows every sign, every tent in this place. But it’s Ghost’s tent that she wants. A cold rain begins to fall steadily on a camp that’s all but deserted. Vic, 22, doesn’t care. Vic motors past tents sagging under layers of tarp and other jerry-rigged, middle-of-the-night weatherproofing. Dragging a cardboard sign with a bitten corner, she ignores all those tents before finally stopping at a giant beige orb, outfitted with a mesh enclosure that gives off a screened-in porch effect. There’s room for three chairs and what look like wind chimes. Ghost has his shit together. “Hey Ghost?” she shouts, a few feet from his tent. Vic leans into the orb’s entrance. Her face, curtained by her brown hoodie, is pale and expectant. Even at 11 a.m. in early November, she looks game. “Hey Ghost! You in there?” The orb shows no signs of life. “You got to Godzilla people’s tents — shake them, nag them to get up and go on a march,” she explains later. Vic lets out one long “Ghooouuuust!” in a nagging sing-song. She thinks this is funny. She stoner-laughs to herself. The rain sounds like it’s hitting the trees a little harder. Vic fiddles with the orb’s flaps. “Let’s see.” The tent is locked. “No, he’s not here.” Vic finally has to give up. She trudges past the orb in her untied black army boots — shitkickers her stepfather wore when he turned 18 in Vietnam. She says she’s worn them every day since high school. Instead of lockers and jocks, she has to stomp past an empty bucket, empty plastic chairs and more empty tents. Ghost is a memory. She’s looking for James and Bobby, and somebody named Peanut. Vic hits on the last of the tents located at the outer edge of the camp. They’re quiet, too. “Where is everybody?” she asks. A month earlier, the Occupy activists in Charlotte had drawn more than 500 to their first march uptown, a noisy success that included a stop at Bank of America’s North Tryon Street headquarters, where the throngs chanted up its 60 stories. The building — the tallest in the state and a dominant spear in the city’s skyline — had been a force for civic pride. But since the Great Recession, the bank has become one of the country’s great villains. The Wall Street of the South now had its own potent occupation. The early general assemblies could number in the hundreds. The meeting participants were drawn by growing income disparities, rising college tuition costs, the region’s environmental decay. They were among the metro area’s double-digit unemployment rate. They realized they were everybody. Vic had joined on the first night and had been charged with welcoming newcomers and teaching them the movement’s hand signals. Soon she began organizing three marches each day to one spot. This was her work week. Charlotte’s downtown had grown rich with examples of injustice wrapped in glass and outfitted with bad public art. Vic filled up to-do lists with ideas for future marches. For years, she had searched for her place. She tattooed “Restless” in black cursive script on her shoulder. But at Occupy, she thought she might have found her calling, and her very own tribe in the buckle of the bible belt. She fell hard. “When you’re throwing yourself into something,” she explained to us, “you don’t have a lunch break. You don’t have time off. You don’t get a vacation from a long-term protest.” The movement proved it could inspire people like Vic to produce Pastebin manifestos, YouTube gotchas, and a working kitchen. But a month or so in, Occupy began facing an important dilemma that they have yet to resolve. How does a non-hierarchical movement avoid arguing itself into oblivion? How does it sustain the true believers? As the days got colder, and inertia seeped in, the general assemblies got smaller and so did the press stories. Even before the big city camps were razed, a lot of activists had already burned out. But Vic never did. The problem for Vic was that the chants never got old. Vic wants Ghost and Peanut for a march that will begin in a half hour and lead her — and as many willing activists as she can cajole — from their camp, through downtown Charlotte to Duke Energy’s headquarters. Vic chose the energy mega-company for its planned rate hike ; its environmental record and its hold on power in the region and beyond — planners for the Democratic National Convention, to be held in Charlotte, rely on a $10 million line of credit from the company. She is still exuberant about this march — even if it means chanting in the rain to stone-faced security guards in Charlotte’s bank-building canyon. Not everyone in Occupy Charlotte is as charged up. Last night, Vic says she begged three fellow activists to get her up on time for the morning march. Her cell was dying and she couldn’t depend on its alarm. “None of them wake up,” she explains of her neighboring activists. “Thanks guys.” She ended up oversleeping. Vic trudges back toward the camp’s center, first stopping at the information desk’s uncovered table and filing cabinet. A fellow activist shows her his sign — it’s the state outline with a fight-the-power fist punching up through its midsection. Vic approves. “That’s awesome. Right on. Hell yeah.” A small group of guys are standing by a cluster of tents near the kitchen and storage spot where the activists keep their signs. Earlier that morning, the kitchen’s tent started collecting water and nearly caved in. It had to be held up by a broom. The guys watch her. As one of the only female campers, she stands out — a girlie gutter punk with piercings (tribal) and tattoos (personal), a sea-green streak manic-panicked through a mess of matted, light-brown curls piled high above her round face. You don’t want to mess with that. You want to follow that. The guys are waiting for her orders. One is wearing a dress. “You guys want to mic check?” she hollers down toward them. They want to mic check. “IF YOU’RE GOING TO MARCH, WE’RE LEAVING NOW!” Suddenly, stragglers appear and grab signs. They display them for Vic to sign off on. Vic asks for a cigarette. A guy rolls one for her. Vic asks for a light. She leans into the flame and exhales a fat cloud. She eats a banana that someone drops on the ground. She laces up her stepfather’s boots. She tells everyone that marching in untied boots is lazy. Fifteen Occupy Charlotte activists — all men — are ready to join her. And then Vic asks the question she’s been wanting to ask all morning: “Why are we still here?” * * * * * Occupy Wall Street’s most effective recruitment tools were not testimonials from the unemployed or income-inequality charts. The movement grew exponentially with each video that captured police actions against demonstrators. The mass arrest on the Brooklyn Bridge, the maiming of Iraq War Vet Scott Olsen in Oakland, the UC Davis cop pepper-spraying seated students — each jolted the movement’s sense of outrage, and gave the mainstream media fresh footage to endlessly loop. The resulting demonstrations were some of the bigger, more effective marches. None had more impact on Occupy than the videos capturing NYPD Deputy Inspector Anthony Bologna’s close-range pepper-spraying of a group of women penned behind orange police netting. One YouTube video of the incident racked up more than 800,000 views. Another attracted more than 1.5 million. Vic had seen the clips: the white-shirt official firing the stinging spray, the women cooped in, shrieking in horror before crumbling to the pavement. “It was just a catalyst,” Vic says. “It got me going. For the following week after that, I was just sitting there like obsessive at the computer just trying to find out more and more and more.” How long is this going to last? Are they serious? Vic wanted to know. Vic began calling around to the few activists she knew in Charlotte, hoping for any signs that a local occupation might be starting. The odds were against her. The city had no reputation as a rowdy place of political dissent. The big banks held sway over the local economy, the southern conservative mindset over the political discourse. Just days before the occupation started, Mayor Anthony Foxx, a Democrat, defended Bank of America against criticism for wanting to charge customers a $5 monthly fee for using its services: “People who live in this community know how generous our financial institutions have been.” Vic’s last activism had been a silent protest, helping with a letter writing campaign against Monsanto, an agri-business giant. She couldn’t remember the last time she marched or attended a rally. As soon as she heard that Occupy Charlotte would start, she put in her two-weeks notice at the earthy grocery store where she did food prep for $9 an hour. The first day that Occupy Charlotte began its encampment — Oct. 8 — was Vic’s last at the grocery. After her final shift, Vic said goodbye to the group house she’d rented for about $252 per month. Her roommate gave her a ride downtown. She forgot to pack a sleeping bag or pillow. But she did remember to stuff in her backpack a couple journals and books (Emma Goldman, George Orwell, Noam Chomsky, Nietzsche), a re-useable water bottle, extra clothes and a couple blankets. She also packed nonperishable food like granola bars and sunflower seeds, along with a few pieces of fruit. She did not plan on leaving. That first night, Vic joined maybe a dozen strangers. They formed a circle and introduced themselves: the high school dropout, the injured iron worker, the local musician, the college student. They talked about what the movement would mean to them. Vic said she was glad to see people in Charlotte finally not “turning a blind eye to things.” She says she didn’t go to sleep for two days. “It was awesome,” she says. “It came at a good point in her life,” says Vic’s stepfather, Danny Hill, 59. “She needed something to latch onto that would get her focused again … It was just get up and go to work. She didn’t really have much time for herself. This has been her passion all along but she just didn’t know how to go about doing it.” A month before she joined Occupy Charlotte, Vic wasn’t sure where she belonged. She wrote in her journal: “The world is changing quickly or maybe I’m not adapting fast enough. Maybe it’s not changing fast enough for me — or perhaps I’m not changing fast enough for me.” In Charlotte, Vic had a difficult time finding her way. Her beloved older brother Nick moved out before she hit middle school. Her parents put her in a small, private, Christian high school. She graduated an expert on what it felt to be shunned by your own peers. “Being the only out gay person in your school, being someone who graduated from a Christian school who never believed any of it, I was alone,” she says. She’d had to sit through Bible study every day for two years. Vic moved a little more than 90 minutes away, across the South Carolina border, and enrolled in Columbia College. But she quickly found that the all-women’s school wasn’t for her either. “All my peers were busy reading Vogue,” she says. “They were in school to meet their husband and their bridesmaids. I was starving to learn more.” Vic dropped out after her freshman year. For three months, Vic bounced around the Southeast: Athens, Atlanta, Savannah. “I’d hang around somewhere for a week, get bored and then leave,” she says. She’d walk or hitch or jump trains. In Tallahassee she joined up with a friend’s band. In Tampa, she squatted in a warehouse covered in black mold. Her itinerary ended with a return trip to her parents’ house. After a short stint at a community college, Vic enrolled at Winthrop University. But all that came to a chaotic end in October 2009 when she contracted swine flu. That December, she lost her grandfather. She felt overwhelmed and depressed. She decided to withdraw. Vic tried to re-enroll but says Winthrop wouldn’t accept all of her old credits. It became too much of a financial burden. “I was heartbroken that I couldn’t go back,” she says. Instead, she took the grocery job. “It was hard to live one block from my school and walk through campus on my way to work. It was a daily reminder.” Her mother Karen Hill says they couldn’t pay for Vic’s college; they had persistent health problems, and barely enough money to eat on their fixed incomes. Danny Hill has shoulder and lung issues, as well as post-traumatic stress disorder from his tours in Vietnam and the first Gulf War. It is hard for him to walk without having to catch his breath. Karen Hill handled baggage for US Airways, loading and unloading up to 20,000 pounds of luggage per shift, she estimates. After 23 years on the job, she had to have carpel tunnel surgery. She says her doctors soon rushed her back to work; she ended up with nerve damage in both hands. She never was able to get worker’s comp, she says. Her hands swelled up so bad, Vic had to dial for her and cradle the receiver. Vic had racked up her own share of medical debts. She had grown up with lungs weakened by a stubborn asthma that left her immune system vulnerable to attack. Hospital stays were common annoyances. In her journals, she taped a hospital bracelet from this past June. In the corner of the page, she wrote in black: “DIE YOUNG AND SAVE YOURSELF.” As the start of the occupation grew closer, she wrote in her journal: “Clean slate in front of me, bumpy road both behind and before — I’m bursting … I must become as strong as stone.” During the first week Vic lived at Occupy Charlotte, she says someone stole her clothes, her jacket and her ID. She eventually got a tent and a lock. She says she was afraid to leave the camp. She’d only leave for an hour or two a day. “I was always scared — What’s going to happen while I’m gone? What am I going to come back to?” she recalls thinking. “I was just scared that somebody was going to do something stupid and get us shut down and I was going to come back and tents were going to be destroyed.” Despite the setbacks, Vic confessed to her mom just how meaningful it all was. “She told me that this is the most important thing she’s ever done in her life,” Karen Hill says of her finally grown up daughter. “I had to let her go.” It was hard to fathom that this was the same daughter who had come out to her by handing her a note. Hill made sure to drop off an entire wardrobe of clothes. Hill couldn’t march, but she could open her home to her daughter’s new friends. As the seasons changed, she supplied the activists with vitamin c and cold meds. When they needed a break, she invited them over to the house for a hot meal and the use of their washer, dryer and shower. They hardly disturbed the household. “Usually, they would sit on the floor with their computers — and it was Occupy, Occupy, Occupy,” Hill says. But their victories went beyond blog posts and tweets. A group of Latino tenants were facing eviction when the camp decided to take up their cause. The landlord soon backed down. “That’s a concrete thing that they can point to and say ‘Look, this is what we did,’” says Mark Kemp, editor in chief of Creative Loafing, the Charlotte weekly. Luis Rodriguez , a former organizer with Occupy Charlotte, describes Vic as pivotal to whatever success the camp had. “She’s a big motivator,” Rodriguez explains. “She’s very charismatic and she has a way of rallying support to her … You look at her and you see the hair and the piercings and then you get to talking to her and she’s really, really passionate. She does not suffer idleness and she wants everyone else to be constantly moving.” The marches were addictive. Vic says she yelled so much that no one heard her real voice for long stretches. For the first three weeks, her voice was constantly hoarse. But it wasn’t powerful enough to silence the camp’s in-fighting that sometimes got physical. On a few occasions, people got caught bringing drugs into the camp. One leader left in a well-publicized dispute over the direction of the camp. Restraining orders were exchanged, the scope of which banned one of the main organizers from the camp and from participating “directly or indirectly” in general assemblies. There was a fight over who controls the camp’s website. The ousted activist turned one site into an anti-Occupy Charlotte missive. The remaining occupiers had to start a new site. General assemblies became a grind even for Vic. After a particularly intense session, Vic walked away in tears. She thought about quitting. She’d been occupying for about a month. She was tired of seeing too many activists sitting around. She’d sometimes had to barter with them to march: I’ll give you a cigarette if you get out of your tent . She and others even had to march on their own camp to motivate the laziest camp squatters. They’d tromp through the haphazard rows of tents shouting, “Out of the tents and into the streets!” More than once, Vic complained about the camp going slack. Not everyone appreciated her bluntness. Some tent dwellers had taken to calling Vic a “stuck-up bitch.” If an activist quit the camp, others blamed her. She didn’t miss the quitters. There was always the next march to organize. She didn’t care if she could only get a half dozen to march with her. They were an escape from the camp’s drama and bad vibes. The morning of the march on Duke Energy, one man sits in the rain in front of a chess board, expressionless. Later, an activist shouts down a young girl. She doesn’t look old enough to drive. She’d been at the camp before. She had runaway from home and ended up there. She left in a police car that time. The activist isn’t happy that she came back. He bellows at her loud enough for the whole camp to hear. He calls her a “fucking bitch.” The girl asks to borrow one of our cellphones. She needs to get a ride home. That night, the camp is partly illuminated by the city’s police headquarters across Trade. The Occupiers are only a short walk from the heart of downtown Charlotte’s decade-and-a-half building boom, but the tents feel a world away from the gleaming hotels and loud bars. One activist describes it as “a bubble.” It’s kind of quiet inside the bubble. There are no drummers, or old heads moderating debates over the ” Pedagogy Of The Oppressed .” Instead of a friendship circle, there are small cliques hanging by the information desk and around the kitchen smoking cigarettes. They all look young and tired, shivering in jean jackets and hoodies. At the previous night’s general assembly, several activists debated whether another should be allowed to wear a ball cap emblazoned with the words “Fuck the Police.” Zuccotti Park inspired more than a hundred camps just like this one. The tents and general assembly hand gestures may be the same. But camps like Occupy Charlotte’s have had to make their way very much in the dark, without the correctives that constant media attention can bring, without the steady flow of donations and celebrity cameos. Russell Simmons and Michael Moore have not stopped by. Here, it’s up to Vic and her ability to get Peanut to wake up and march. The night before Vic had sat at the information desk until 4:30 a.m. in the hopes of pitching the movement to any stranger that happened to stumble down to this darkened block of Trade. Tonight, she just wants sleep. Vic slinks away from her group and walks carefully past the tree line running along Trade and into the pathless dark, looking for her one-person tent. She unwraps her tent tarp and fiddles with the combination on her padlock. “The weather is ruining this lock,” she complains. Her voice is a rasp. It’s about 10 p.m. when she finally takes her boots off. After little sleep, she wakes up at 7:30 a.m. feeling sick. The first march to a military recruiting center to highlight the plight of veterans will have to be put on hold. Vic wants more sleep. At 10:30 a.m., Vic’s speech is groggy, her eyes bloodshot. “You’re catching me like just waking up,” she says, laughing. “Sorry.” She decided to join a friend’s tent for the conversation and the platonic body warmth. “When it gets cold, you make friends with your neighbors,” she says. “Body heat is a necessity.” Vic spies the camp from the tent’s entrance. Not a soul in sight. “I wish more people were up and moving about,” she says. She insists she will be ready for the next march: “Put my boots on and go.” Vic had one advantage over all the other Occupy activists: her older brother Nick. From an early age, he introduced her to Orwell and Zinn and radical punk bands like Crass and the Dead Kennedys. He’d stand in the doorway to her bedroom and roll his eyes at her record collection. “What is this except for a waste of record space?” he’d sneer. He was eight years older. He left home when she was 10. Even when he moved out to the Midwest, he made sure to heckle her long distance — pushing her toward more alternative culture. “I’ve always looked up to him,” Vic explains. “He never led me astray … He was always there to give me that hint.” Nick had been a part of the anti-globalization protests a decade earlier. He marched against the World Bank and the International Monetary Fund in Washington, D.C. While the movement’s message, tactics and global analysis animated the Occupiers, Nick’s generation faced an ambivalent public and brutal police. Pepper spray was the least of their worries. The press corps only seemed to accept the kettling tactics as a justified use of force. After one infamous mass arrest, The Washington Post headlined its editorial ” Hail to the Chief–and His Cops .” The preemptive roundup would ultimately cost taxpayers millions in civil-suit settlements . No activist got famous on Twitter or ended up as a talking head on MSNBC. Nick remembers the tear gassing and pepper spraying, the times when the police beat him with their nightsticks and stomped on him with their heavy boots. None of it ended up on YouTube. But he could share his war stories with Vic. “I guess I wanted to try to pass on values, a willingness to stand up for what you believe in,” he says. “I didn’t really want to pass on a lot of the stuff I was doing. Nightsticks hurt. And tear gas isn’t fun. I wouldn’t want her to experience that part of things.” Vic had sought counsel from her brother before her planned arrest. Nick recalls telling her to not piss off the cops. Make them work for her arrest but not too much. “Make them pick you up,” he told her. “Ride that fine line between being cooperative and resisting.” Five days after we met her, Vic and three others formed a human blockade in front of the entrance to Bank of America’s headquarters. They stretched out a banner that said “Bank of Coal.” The Charlotte cops didn’t really know what to do at first. The blockade lasted maybe five minutes. “But it felt like an hour,” Vic says. Vic and seven other activists were arrested for blocking the entrance and climbing the flag pole for another banner drop. Vic made sure, her mother says, to take off her piercings, so she’d look more respectable. But Nick had to call to critique her mugshot. “I was kind of let down she wasn’t smiling,” he says. “I thought she would have smiled for it. When I talked to her, I gave her a hard time about it.” He said he was surprised how easy her arrest went down, that the cops didn’t get rough. He had to admit, though, that he was impressed with her commitment — especially her decision to quit her job for Occupy. “I was actually pretty proud of that,” he says. “I wish I had been at a place where I could do the same and join her. It’s an admirable thing. You find something that means that much to you and you’re willing to give up what you have to be a part of it … It’s kind of her taking it to where I wanted to be.” The Bush Administration and its two wars would consume the energy of the U.S.-based anti-globalization movement. As Nick got older, he says the activists organizing the most aggressive actions appeared to migrate overseas. “It kind of hit a point where nothing was happening,” he recalls. “All the meetings started taking place in Europe. You got punk kid from Charlotte — you can’t go over to Italy or those places.” Especially not a punk kid with growing financial debts. Nick, 30, says he needed to find steady employment, which eventually led him to railroad work as a track laborer in Wisconsin. He currently is a train conductor based in Duluth, Minn. — far from his old activist friends. He’s getting married in June. The closest he gets to protesting is participating in union meetings, and calling and texting his sister. When Vic first started, Nick called with some advice. He still remembers the conversation, that he cautioned her not to let Occupy become all consuming. “I didn’t really know what all to say at the time,” he explains. “Just tried to tell her to be careful and don’t make it like work, like a job. I’d seen a lot of people … taking it to a point where it becomes too much work, too stressful.” When the activists deserted the camp during the Thanksgiving holiday, Vic insisted on remaining behind, her mother recalls. “Somebody had to be there,” Vic explains. “I didn’t trust leaving. I was scared. If I left and everyone else did, anything could happen.” What would the media say if they found a ghost town? she wondered. On Nov. 26 she wrote in her journal: “As of today I have been protesting for 50 days straight. Not one day I haven’t marched.” She had watched the camp grow from six tents to more than 40. In mid-December, Vic learned that a friend — not affiliated with Occupy — had died from a heroin overdose. She says she couldn’t handle the funeral. When word spread about a ride to Occupy DC, she took it. She left behind both her tent and an ambitious schedule of marches. She brought with her a backpack full of clothes and $3. Vic says she needed to step away from Charlotte’s small, intense group. She wanted to witness up close how a big city’s Occupy force handles things. She made sure to take a few Occupy Charlotte friends with her. Vic says she spent her first night with Freedom Plaza’s Occupy faction. There was no friendly circle, no introductions, and no all-night bonding session. “It was cold shoulders everywhere I went,” she says. “It was an ‘I’m too busy’ type thing. That was disappointing.” The next day, Vic and a friend moved their shared tent to Occupy DC at McPherson Square, just off K Street. She found a spot under a giant tarp that made up the neighborhood named after Malcolm X. She’d jump into people’s faces: “Hey, I’m Vic.” Vic’s voice eventually grew hoarse in D.C., too. She participated in marches against the National Defense Authorization Act — the recently signed law that allows for indefinite detention of American citizens. She screamed in front of the White House. She’d loved watching others do the same. “You could see it and it was beautiful,” she gushes, when we catch up with her in D.C. But there are fights at the camp nearly every night, she says. There are fights over missing money. There are fights over a missing laptop. There are drunken fights. Even worse than the fights — some days, there aren’t any marches at all, just rumors of marches. Sometimes, when they march, Vic says the organizers seem to get lost. We go to a used bookstore a short drive from the camp. She says she could spend hours there. She could fall asleep in a corner of the literature section. We walk around a bit, looking for a place to eat. Vic seems oblivious to the stores and restaurants. None of it matters. She isn’t protesting them. Vic admits that it had maybe been 24 hours since her last real meal. She is still an outsider at the camp, just an Occupy tourist. She only mentions one Occupy DC activist — a painter she had met on her first day. Her deeper connection is still with Occupy Charlotte. “I was really down about Charlotte and the state of things,” she says. “Coming here helped me get a little respect back for my hometown’s occupation.” Ten days into her stay, Vic develops a cough. “You lay down at night to go to sleep,” she explains, “and it’s just like a chorus of coughing.” We are sitting in a sandwich shop, the closest warm place to the camp that afternoon. Outside, it looks like it might rain. She admits: “I’ve been terrified … If I hear people coughing, I might put my bandanna up.” Vic gives her cough a funny name. She calls it her “Occu-Cough.” She thinks there’s another anti-NDAA march. Maybe it’s at 6 p.m. Maybe it’s at 8. She doesn’t know but she does want to join it. By 6:30, she texts: “No ones marching yet!,” then, “Im trying to see if anyones wanting to march at 8 against the ndaa.” Whatever plans there are wash away with the night’s heavy rains. We find her in her tent in the back of Fort Malcolm. A battery-powered lantern illuminates the small space filled with old clothes, half-empty sugar cereal boxes, and tangles of adapter wires. Vic would rather be marching. “Everybody’s pussing out, man,” she complains, curling up in a fuzzy blanket next to a new friend named Kiki. Even without the march, Vic has a lot on her mind — including her other Occupy Charlotte transplants. “My to-do list keeps growing,” she says. “I have to write three press releases. I have to call my lawyer tomorrow. I have to get Tate to call the lawyer tomorrow because he’s not doing it on his own, same with Jesse. Fucking babysit. I have to find out what’s going on tomorrow as far as marches. I’ve got two meetings tomorrow. It just doesn’t stop.” * * * * * Shortly before Christmas, Vic returns to Occupy Charlotte to address her court case and add a New Year’s Eve march to her to-do list. The planning hits a snag when police catch a couple activists burning American flags late one night and charge them with careless use of fire . One of the culprits claims that the flag burning was done as an attempt to motivate the camp. Instead, they receive a lot of bad publicity, and two well-attended but drama-filled general assemblies that fail to resolve the matter. A small faction of activists who don’t reside at the park walk into Occupy Charlotte and read a declaration that they are no longer working with the campers. Vic finds that the activists have done very little in her absence. They respond with laughter when she asks whether they had kept up the marches. “Is there a purpose in me doing this?” she worries. “I don’t know.” Vic was not on the scene at the time of the flag burning, but at her parents’ house. “We are the pissed off white kids. We need to be so much more,” she complains after hearing the news. “It’s now tarnished everything.” She then utters the previously-unthinkable: “I’m going later today to get my tent.” But Vic decides to keep her holiday march on schedule. She and about two dozen other activists read off her New Year’s resolutions in front of Wells Fargo, Bank of America and Duke Energy. They all begin the same way: “We the people of 600 E. Trade St. as a part of Occupy Charlotte, stand in protest of the injustices brought upon the city of Charlotte.” It is her last march through her hometown. Even before her return, she had planned her exit strategy, what she calls out her “Occu-Hop” — a nine-month tour of still-standing Occupy camps, with visits to friends and family along the way. The first stop would be a return trip to Occupy DC, then she’d travel to Chicago and maybe stop in on her biological father, and then to Duluth to see Nick. Eventually, she’d make her way to Oakland before returning east to Charlotte, in time for the Democratic National Convention in September. Before she leaves for D.C., her stepfather Danny Hill presents her with his Marine duffel bag, which he’d had since 1970. It fits with the boots and the Vietnam-era gas mask he’d given her. When she isn’t looking, he stuffs a $100 into her belongings. “It is different with her in D.C.,” Hill says. “You get a little more worried. You watch things going on there. You can tell it’s on a whole different level … We’d rather her stay here. But at the same time, we understand that’s what she was wanting to do.” On Jan. 4, Vic and her ride leave Charlotte. As they head out through the city, Vic stops at the Occupy site one last time. She still needs to get her old tent. She makes her rounds, too, saying her goodbyes. Some are sad, some are angry that she is leaving. They all tell her to “be safe.” Vic knows the camp may be gone by the time she returns. By the end of the month, it will be — police clear the site after the city passes an ordinance banning camping on public property. It is 1:40 p.m. when Vic finally gets going. “I’ll certainly be worried about the occupation as well as my family within and outside of it,” she texts, “but I’m ready for the road …”

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Foreclosure Settlement Reached: Largest Bank Payout By Far Since Financial Crisis

February 9, 2012

As early as Thursday the government is expected to announce a roughly $25 billion deal with some of the nation’s largest banks to settle charges of systemic and widespread mortgage fraud, according to multiple sources close to the negotiations. The deal would be the largest payout to date from banks in the wake of the financial crisis. The settlement, 16 months in the making, could bring significant relief to those in danger of losing their homes and also much needed stability to the long-suffering housing market. Those who already lost their home, however, would receive just the smallest fraction of the money: a one-time cash payment of about $1,800 as compensation. “Their entire lives have been turned upside down and changed,” said Philip Robinson, the acting executive director of Civil Justice, a Baltimore-based nonprofit that has worked with thousands of Maryland families fighting for their homes. “Does $1,800 sound fair? Does that seem like compensation for a financial and emotional tragedy?” The Department of Housing and Urban Development, one of the Obama administration’s lead negotiators on the deal, could not be reached for comment. Late Wednesday night, as the terms were being finalized, more than 40 states had signed on, including New York, which had been vocal in its opposition to any deal that was soft on the banks. A source close to the negotiations said that California also was on board, but a representative from Attorney General Kamala Harris’s office would not confirm its participation. The deal between federal officials, the state attorneys general and Bank of America, Citigroup, JPMorgan Chase, Wells Fargo and Ally Financial is an attempt to close the book on a scandal that erupted in 2010, freezing the housing market as the legality of thousands of bank-initiated foreclosures were called into question. The announcement is expected to crank up the pace of bank foreclosures, which has slowed as government officials investigate whether some institutions have forfeited their right to repossess homes after forging key real estate documents. As part of the deal, participating states would agree not to pursue a variety of independent lawsuits against the banks. Some consumer advocates argue that the deal is inherently too lenient on banks because the administration chose to negotiate a settlement without first conducting a full investigation into the nature and magnitude of the banks’ alleged fraud. “Any partial settlement is fraught partly because we don’t know the scope of the damages,” said Robert Borosage, founder and president of the Institute for America’s Future, a left-leaning nonprofit organization. “If the banks get broad immunity, homeowners get screwed because the next investigation won’t be able to get around that.” Under the terms of the settlement, the banks would pay $25 billion to participating states. California is reportedly receiving a total of $6 billion to $15 billion in the settlement. Potentially more significant, the banks would agree to forgive some mortgage debt owed by struggling borrowers through what’s called “principal reduction.” The remedy is nearly universally hailed by economists on the right and left as a way to revive the ailing housing market and rescue the nation’s struggling underwater borrowers: More than 20 percent of mortgage holders in the United States owe more on their loan than their home is worth. Citigroup, Wells Fargo and Ally Bank declined to comment while requests for comment from JPMorgan Chase went unanswered. Bank of America declined to discuss the terms of the deal, instead saying, “We’re interested in finding a path forward with a comprehensive settlement that benefits homeowners and communities.” The settlement has the potential to prevent future wrongdoing through new bank guidelines that have been crafted as part of the deal. The effectiveness of these new rules will rely heavily on whether the states can enforce them. The Obama administration pushed forcefully for the deal to present it to voters in 2012 as evidence that the president is helping homeowners and getting tough on banks. Splitting a $25 billion deal between five banks, however, will amount to little more than the cost of doing business and is too small a penalty to deter future fraud, many housing advocates say. “Compared to what these [banks] literally stole, it’s just eyewash,” said Margery Golant, a Florida-based attorney who represents homeowners and formerly served as assistant general counsel at subprime mortgage giant Ocwen Financial. “These are such serious crimes and for everybody to get a pass like this, it just encourages them to think that they always will.” Also unclear is how far the agreement can go in helping borrowers who are trying to hold onto their home. In addition to granting principal reduction, the deal would offer struggling homeowners relief by changing the terms, or refinancing, loans. Those dollars amount to a pittance when you consider the millions of homeowners in need of help, Golant said. “If you do the math, that’s a few hundred million per state. That’s not enough to change anything.” Consumer advocates supportive of the deal argue that while the settlement dollars are small, the principal reduction piece is critical. A handful of lenders have already begun offering such assistance, but mortgage giants Fannie Mae and Freddie Mac have fiercely resisted such a move. “This settlement could be a starting point for principal reduction,” said Ira Rheingold, president of the National Association of Consumer Advocates. “Hopefully it will demonstrate how principal reduction can and should benefit homeowners. If it is done well, maybe it will shame Fannie and Freddie into doing what it should have been doing all along.” Economists are also excited about the potential for principal reductions to boost the housing market. “If $15 to $20 billion is devoted to principal reduction modifications over the next year, that would significantly reduce the number of properties that ultimately end up hitting the market in a distressed sale, thus supporting housing prices,” said Mark Zandi, chief economist at Moody’s Analytics. Included in the settlement are new rules designed to reform the policies and practices among the mortgage companies, mainly banks, that manage the loans on a daily basis and assist struggling borrowers. These new rules could finally shut down any excuses previously put forward by the banks for wrongful foreclosure — if the rules are adequately enforced, said Jared Bernstein, a senior fellow at the Center for Budget and Policy Priorities. “The fact that the settlement has the state attorneys general behind it means that we really should see an end to some of these nefarious mortgage servicing practices,” he said. The states’ ability to enforce the deal remains one of the great unknowns. Nearly four years ago, 11 states signed an $8.4 billion settlement with Bank of America over predatory lending practices by Countrywide Financial. (Bank of America acquired Countrywide in 2008.) Most housing experts agree that the deal has significantly underperformed in large part because the states didn’t have a good mechanism for holding the bank accountable. This settlement will be different because it has a “very robust enforcement mechanism,” said Patrick Madigan, Iowa assistant attorney general and one of the lead negotiators for the Countrywide settlement and the current deal. Banks will pay substantial cash penalties if they do not deliver the full amount of homeowner assistance agreed to under the deal, according to Madigan. North Carolina’s Banking Commissioner Joseph Smith will serve as the “independent monitor” to enforce the deal’s terms. “There’s no comparison between the enforcement and monitoring of this case and Countrywide,” Madigan said. It remains to be seen, however, if these enforcement mechanisms have any teeth. Settlement supporters have high hopes for the deal, though success has to be measured against very narrow expectations, cautioned Rheingold. “In the absence of sufficient federal action, sufficient regulatory action, sufficient congressional action, what we have left is a bunch of state attorneys general saying, ‘Our homeowners are getting hurt. We have to do something.’ “But the state resources are fairly limited, so you have to look at this in terms of what the attorneys general can accomplish within their own set of powers,” Rheingold added. “Does it provide the justice necessary? Clearly not. But will it provide an opportunity for homeowners to be treated fairly? I think it will.”

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Employment Rate For Young Adults Lowest In 60 Years

February 9, 2012

Are you young and looking for work? You’re in good company. Just 54 percent of Americans ages 18 to 24 currently have jobs, according to a study released Thursday by the Pew Research Center. That’s the lowest employment rate for this age group since the government began keeping track in 1948. And it’s a sharp drop from the 62 percent who had jobs in 2007 — suggesting the recession is crippling career prospects for a broad swath of young people who were still in high school or college when the downturn began. “They had the misfortune to be born at a time that would dump them into this labor market as young people,” said Heidi Shierholz, a labor market economist at the Economic Policy Institute. “If we stay on the track that we’re on, this cohort is not going to outpace their parents.” The Pew study arrives just days after the Labor Department’s monthly jobs report, which showed the national unemployment rate trending down for a fifth straight month — a change that many took as a sign that the economy is finally beginning to right itself. Yet joblessness is still high, and financial security remains out of reach for millions more people than just a few years ago. Young adults were largely spared the collapse in wealth that many older Americans went through when the housing market imploded. Still, in some ways they have it the worst of any demographic. Besides the historically low employment rate for people in their late-teens and early-20s — which is, incidentally, about 15 percentage points below the general employment rate for working-age adults, according to Pew — the recession has eroded young workers’ paychecks to a far greater degree than any other age group. Among adults ages 18 to 34, more than a third say they have gone back to school in the face of a tough labor market, the Pew study notes. Nearly a quarter have taken an unpaid job or moved back in with parents. One in five have put off having a child or getting married due to economic concerns. Still, the young people surveyed by Pew seem remarkably optimistic. A full 88 percent say they’re either making enough to suit their needs now, or expect to in the future. And 60 percent of people ages 18 to 34 say their children will have a better standard of living than them. That prediction is notably more confident than that of people ages 35 and older, of whom only 43 percent have a similarly hopeful view. Young people are probably correct to say that their earning power will grow as they age, said Shierholz. But a wealth of research suggests that young people who enter the job market during a recession face years of wages that are lower than people who got there slightly sooner and had a chance to establish themselves. People who graduated and kicked off their job search in 2009 or 2010 are likely to experience pay 10 to 15 percent lower than their peers’ , for as much as a decade after leaving school. If all of this seems like grim news for young people, they can at least take comfort knowing that older generations seem to recognize their struggles. The Pew study found that among the general population, 41 percent of people think young adults have it tougher than anyone in the current job market, and a growing number of parents say they believe children should aim for economic independence by age 25, rather than a younger age. Part of that cross-generational commiseration may come from the fact that huge segments of the national population are struggling financially right now. Shierholz told The Huffington Post that the obstacles faced by young job-seekers reflect the muted health of the overall economy. “Things were not so great even before the recession hit,” she said, citing the growth of the wage gap and the decline of labor unions — trends that predate the current slump by several decades — as factors keeping the lower and middle classes from achieving greater economic buoyancy. “If you want to move the dial on what’s going on with young workers’ unemployment, you need to help the labor market more broadly.”

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Denmark’s trade records surplus of USD14.3b in 2011

February 9, 2012

(MENAFN) Danmarks Statistik, the Danish national statistical agency, said that driven by strong exports to regional markets, the country’s trade account recorded a surplus of USD14.3 billion in …

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BMW to recall 2,231 vehicles in S Korea

February 9, 2012

(MENAFN) South Korea’s transportation ministry said that due to malfunctioning cooling pumps, BMW would recall 2,231 passenger vehicles in the country, reported Xinhua News. The ministry added …

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France Q1 growth at zero GDP: CB

February 9, 2012

(MENAFN) The French Central Bank said that the country’s economy in 2012′s first quarter would be expected to record a zero growth, reported Xinhua News. Banque de France added that at the end of …

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China’s Jan inflation rises to 4.5%

February 9, 2012

(MENAFN) China said that in January, the country’s inflation rebounded to 4.5 percent over a year earlier from 4.1 percent recorded in December, reported Khaleej Times. Moreover, in the period, …

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US Jan budget deficit down to USD27b

February 9, 2012

(MENAFN) The Congressional Budget Office (CBO) said that last month, the budget deficit contracted by around half to USD27 billion, from USD50 million in 2011′s same period, reported Khaleej …

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Greece to cut 15k public jobs in 2012

February 9, 2012

(MENAFN) The Greek government said that in 2012, it would slash 15,000 jobs from the public sector, which employs around 750,000 people, reported Tehran Times. The Greek administrative reform …

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Argentina to Raise Falklands UK ‘Militarization’ at UN

February 9, 2012

(MENAFN – Qatar News Agency) Argentina is to make a formal complaint to the United Nations about British “militarization” around the disputed Falkland Islands. Argentina’s President Cristina …

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Eight Killed in US Drone Strike in Pakistan

February 9, 2012

(MENAFN – Qatar News Agency) A missile attack by an unmanned US drone aircraft in north-west Pakistan has killed eight people, Pakistani security officials said. The missiles struck a camp about …

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Swiss Unemployment Rate Rises to 10-Month High

February 9, 2012

(MENAFN – Qatar News Agency) Switzerland’s unemployment rate rose to its highest level in 10 months in January as companies trimmed staff to cope with slowing demand for their products, data …

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