band

By Jason Gale Feb. 10 (Bloomberg) — Weight-loss surgery was more effective at slimming severely obese teens and improving their health than two years of diet and exercise, a study found. Adolescents fitted with Allergan Inc. ’s Lap-Band device lost about 11 times more weight compared with a group following so-called lifestyle approaches, researchers in Melbourne said. The results reported today in the Journal of the American Medical Association suggest bariatric surgery is an effective treatment for younger obese patients, the authors said. Weight-loss surgery has soared in popularity among U.S. adults in response to rising rates of obesity. The procedure has been controversial because the quality of evidence to support it is poor, said Edward H. Livingston , professor of surgery at the University of Texas Southwestern Medical Center in Dallas and a contributing editor to the journal. The study’s findings “go a long way toward providing the evidence necessary to evaluate the benefits and risks of bariatric surgery,” Livingston wrote in an accompanying editorial. “Many insurance companies in the United States will not pay for bariatric surgeries, and their decision to not cover this treatment is based on the lack of compelling, universally accepted evidence in its favor.” Obesity Rate Doubled At least one U.S. adolescent in six — more than 5 million people — was obese in 2004, according to the study. The number of obese Americans has more than doubled over 30 years to 72 million, according to the U.S. Centers for Disease Control and Prevention. People who are overweight or obese have a greater risk of diabetes, heart attacks and strokes, the Atlanta-based agency said last month. Allergan had 2009 revenue of $238 million for products designed to treat obesity and most of it was from sales of the Lap-Band, said company spokeswoman Cathy Taylor in an e-mail today. The Irvine, California, company is testing the device in severely obese adolescents ages 14 to 17 and submitted an application to the U.S. Food and Drug Administration last year for approval in that age group, she said. For the study, researchers at Melbourne’s Monash University followed 50 adolescents ages 14 to 18 over two years. All participants were deemed severely obese, having a body mass index , or BMI, greater than 35. Half were randomly selected for gastric banding and the remainder was asked to follow an individualized diet and exercise plan. Reversible Procedure Gastric banding is done when a surgeon places a band around the upper portion of the stomach to create a pouch to hold food, which limits the amount a person can eat. The reversible procedure is one of the two most common for weight loss, with the other being gastric bypass . In today’s study, two years after the start the gastric banding group had lost an average of 34 kilograms (76 pounds), representing an overall average loss of 28 percent of total body weight and 79 percent of excess weight, the researchers said. In comparison, the lifestyle group lost an average of 3 kilograms (6.6 pounds), or an average of 3.1 percent total weight loss and 13 percent excess weight loss. “Despite a comprehensive, behaviorally focused intervention, those in the lifestyle group were not able to achieve substantial weight loss,” wrote the study’s authors led by Paul E. O’Brien , director of Monash’s Centre for Obesity Research and Education. “Indeed, keeping adolescents and their parents involved in the trial for its two-year duration proved challenging.” Allergan supplied the Lap-Band Adjustable Gastric Banding system used in the research, the study said. Lower Risk Although the study wasn’t designed to measure improvements in specific health problems, it did demonstrate a reduction in a group of conditions associated with increased risk for cardiovascular disease and diabetes, the authors said. At enrollment, 9 study participants in the gastric banding arm and 10 in the lifestyle group suffered from so-called metabolic syndrome , as the group is known. After 24 months, none of the gastric banding group had the problem, compared with 4 of the 18 teens in the lifestyle group who completed the study. “Gastric banding proved to be an effective intervention leading to a substantial and durable reduction in obesity and to better health,” the authors said. The gastric banding group experienced no adverse events in the period shortly after surgery, the authors said. Eight operations to adjust the band or repair tubing connected to the band were required in seven patients in the surgery group. “The gastric banding approach to weight loss is not a quick fix,” the researchers wrote. Lifestyle treatments may achieve weight loss and improved health for some individuals and should remain the first option for obese adolescents, they said. The study was funded by the National Health and Medical Research Council. One of the study’s authors, John Dixon of Monash University, reported consulting agreements with Allergan and other companies. To contact the reporter on this story: Jason Gale at j.gale@bloomberg.net

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Brad Friedman: Fox ‘News’ Fans Flood Anti-U.S. Chamber Campaign With Death Threats, Racial Attacks

December 14, 2009

Those “conservative” Fox “News” fans sure do use a lot of F-words in their death threats. We’re used to various death threats by now, of course, even from Drudge’s poodle, Andy “Big Government” Breitbart , but those socially “conservative”, American “values”-lovin’, Fox “News” viewers have really outdone themselves this time. On Monday night, FoxNews.com featured a story on the latest announcement from VR’s StopTheChamber.com campaign, concerning the offer of a $200,000 reward for insider information leading to the arrest and conviction of Tom Donohue, the CEO of the right-wing corporatist lobbying group, the U.S. Chamber of Commerce. [ Disclosure: The BRAD BLOG is a co-founder of VelvetRevolution.us ] Apart from his work at the Chamber, Donohue has run a number of major corporations into the ground , as his tenure as CEO at each was generally plagued by improprieties, plunging stock values (coupled with soaring executive pay), scandal, various forms of illegal behavior and SEC investigations. He was found by the FEC to have made millions of dollars in illegal corporate campaign contributions in 2004 and is now facing a criminal investigation by the DoJ about that, even while he runs the U.S. Chamber of Commerce, in many ways, as nothing short of a criminal racket . Unlike many similar campaigns VR has run in the past, offering such rewards for whistleblower information about wrong-doers over the years, this one caught the attention of the folks at Fox for some reason, and they decided to splash it on the front page of their website this week with a bold graphic shouting: ” HUNTED BY THE LEFT: Bounty Put on Head of Chamber Boss” . For good measure, in the story itself , they used the word “Liberal” a total of four times before they even finished the second graf. (An email to the story’s author, Judson Berger, explaining that VR is a non-partisan group and works with folks of many different political bents, including Republicans, led them to change their headline from the wholly misleading “Liberal Group Puts Bounty on Head of Chamber of Commerce CEO” to the slightly-less misleading ” Activist Group Puts Bounty on Head…” etc.) Anyway, while there is no bounty on anybody’s “head”, and no one is being “HUNTED”, the StopTheChamber.com campaign does feature a reward for information leading to Donohue’s arrest and conviction. Roll Call also covered [$-only] VR’s announcement on Monday, though much more responsibly (in a far less inflammatory way) than Fox did. But this story is not about that, it’s about the unbelievable amount of email that was sent from, presumably, those “socially conservative” Fox “News” fans in which a good 98% of those notes contained one or more of the following: Threats of death or violence; The F-Word (or similar); Accusations of Nazism and/or Communism (never mind that it’s difficult to be both) or Marxism or Socialism; Racist slurs against Obama; Accusations that VR is working with or for the White House or the Democrats (which is somewhat amusing if you know anything about VR). And, of course, many of them offer the cruelest cut of them all, they wish VR a “Merry Christmas”. Ouch, that one hurts! So here are just a few samples from some of those friendly emails from those good “conservatives” of Fox “News” willing to send out death threats, we’ll guess, in support of the millionaire corporate lobbyists and billionaire corporations of the U.S. Chamber who’ve spent more money buying Congressmembers than anybody else in the country. These, apparently, are the Fox “News” “conservatives” — Glenn Beck and Bill O’Reilly’s “patriots” and Sean Hannity’s “great Americans” — as almost all of them came in at the same time that Fox’s story on VR’s reward offer was posted on the front page of FoxNews.com. Out of an abundance of generosity, we’re not posting the emailers names here (each bullet-point quote below comes from a different note) but the ones which include threats of violence have been given to the FBI [PDF] in D.C., along with a request for an investigation to find out if the Chamber itself might be behind the hit campaign. Many of these are not safe for work , so watch your back at the office… * * * “Leave the US Chamber of Commerce alone. This is the only warning you will receive.” “You WILL be confronted and stopped … I am quite probably a member of the fasting [ sic ] growing group that is your direct enemy…” “Your [ sic ] all on borrowed time. The real revolution will come to those soon” “You peices [sic] of shit should all be fucking burned at the stake” “I dont make threats. Only promises. You better back the hell off” “interesting site but this will be no velvet revolution people. Quite the contraire [ sic ] as you give the moniker a bad name. … Now, if you want a revolution which it sounds as though you do, it most certainly wont be velvet.” “Be careful what you ask for…” “Keep this $200,000 ‘tip’ business going for the CEO of the Chamber and you will find yourself as the target…. You will only receive a limited number of warning — this may be the only one — before your punishment is delivered.” “Bounty on your head. Beware” “All I can say is ‘Go Fuck your Mother’….What a pathetic left wing org this is……run by…wait for it…….Mother Fuckers…….” “FUCK YOU COMMUNIST MOTHERFUCKERS!!!!! GET READY. CIVIL WAR II IS COMING, AND IT WILL BE THE RIGHT VS. THE LEFT THIS TIME. THE RIGHT WILL WIN. FUCK YOU ASSHOLES!!!!!!!!!” “your low life president Barry Boy along with Reid and Pelosi should all be arrested and tried for treason.” “Please let the world know who is behind this bounty offer so that they can be ‘recognized’ for their decision.” “I will inform friends and family of your thoughts and movements” “Your group is a fascist front group. Why don’t you and your band of traitors come to Texas and hold a big protest. We will ‘welcome’ you here.” “Try yourselves for treason againsst [ sic ] the U.S. and then we can hang you for your crimes against this country.” “Here is a tip — eat shit you fucking liberal pussy faggots. if you nigger loving hippies ever succeed in anything to ruin this country, you will find me banging down your door to take it back. i cannot believe how far this country has fallen when fucks like you are allowed to roam free – go back to your ghettos and hide behind the food stamp, hand out line with all your other crack whore mothers” “If you haven’t already figured this out, you work for a very corrupt organization that is sponsored by the anti-Christ–even Satan himself.” (Subject: “Ingorance?” [ sic ]): “What is wrong with you slimy idiots? Just because someone or some group has more brains that [ sic ] your half white, half black, half assed, 100% bull shit leader you have to try and slander them? Must be part of the ACORN (A Conglomeration Of Racial Nuts (or whatever starts with N).” “your boys numbers are plummeting … your boy goes even more lame than he will be after he doesn’t get healthcare, and gets destroyed in 2012.” “I am joining the Chamber just because of asshats like y’all and that Big-Eared Boy from Chicago. … A Proud Texan” “bend over and spread em and I’ll give you more than the tip” “I think he gave your mama a big tip up her ass, and the piece of shit that fell out was you! “FUCKING LOSERS!” “Douche Canoes! YOU SUCK! You liberal fucken [ sic ] asswipes.” FUCK YOU DOUCHE BAGS “2 cents for the arrest and indictment of NAZI traitors who belong to this Leftard Fascist ANTI-AMERICAN bunch of pissant girlieboys. How’s Hitler…you should know. You and your Islamic Nazi allies.” “Where is your next get together in Miami, Fl…I’d like to go down to the rally and kick all your ass’ for being a bunch of piece of crap communist !!! Let me know… You bunch of pigs” “Fuck off and die you leftist pricks. America is not a socialist country and never will be if I have to kick every one of your body odor smelling asses out of my country. So again FUCK OFF!!!!” “Any truth to the rumors that Obama likes men? Or, that he’s a closet Muslim?” “Send Velvet Revolution NAZIs to Gitmo they should endure a dose of the so-called ‘torture’ they’re crying like the queer girlieboys that they really are. … The more torture of Islamohitlerite babykilling Fascist pigs, the better. You should be with them.” May the islamic terrorists if they strike the U.S. again, aim at the White House West Wing and residence, the Congressional Office Buildings and Democratic lobbyists on K st. Maybe then we can get a government of the people. And no, that’s not all of them. Just a sampling from the good “conservatives” in America who watch Fox “News” and read their website “religiously”. If you’d like to “push back” against the thuggery, you can sign on in support of VR’s “Stop The Chamber” campaign here . Cross-posted at The BRAD BLOG…

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Bernard Madoff Grins, Bill Gates Beams in Ex-Pop Star Cano’s London Show

November 9, 2009

Interview by Farah Nayeri Nov. 10 (Bloomberg) — Bernard Madoff , the financier who is serving a 150-year prison sentence for running a $65 billion Ponzi scheme, flashes a big smile. Madoff sits on the back wall of what was once a milk-truck depot. His wax portrait, recreated from a Wall Street Journal image, is given pride of place inside London’s Riflemaker Dairy gallery. The wax Madoff is the latest in a series by the Spanish pop-star-turned-artist Jose-Maria Cano , “The Wall Street 100.” Cano makes wall-sized wax-and-paraffin paintings based on the Wall Street Journal’s dotty black-and-white head shots. They’re his sarcastic take on how finance overtook all else. Madoff epitomizes the phenomenon. “He’s very special: the incarnation of this financial world,” says Cano, dressed in army pants and a padded bomber jacket inside the chilly ex-depot. “Madoff is the prophet.” Cano, 50, started the Madoff work on the day that stories first appeared on the scandal, and now considers it “the best one by far.” Though his gallery has had undisclosed offers from interested buyers, “I would prefer not to sell Bernard Madoff,” he says. “I love that painting.” Before taking up art full time a decade ago, Cano was a pop star, co-founder with his brother Nacho of the band Mecano , which sold 25 million records in the 1980s and 1990s. Then Cano became entangled in a bitter divorce, and found that his son had Asperger Syndrome, a condition he knew nothing about. Going on a global tour with the band suddenly seemed futile, and he left it in 1998. Divorce Paintings He decided to make art out of the streams of letters he received from his wife’s divorce lawyer, and turned more than 100 of them into wax paintings that he hung in his home. The works were spotted, and shown at the same time as Art Basel Miami in 2004. His artistic career took off. Today, the walls of Riflemaker Dairy are covered with large wax likenesses: Italy’s prime minister Silvio Berlusconi , a bit chubby around the jowls; Microsoft Corp. founder Bill Gates , looking cheery; Russian billionaire Roman Abramovich , flashing a toothy smile; and News Corp. Chairman Rupert Murdoch , his bow- tie slightly askew. Cano has a home in Holland Park, bought when he moved to London in 1993 from Paul Berrow, manager of the rock band Duran Duran. Last month, his wax portrait of Queen Elizabeth II sold at Sotheby’s for 61,250 pounds ($102,503). So why is he so critical of high finance? Shifting Billions The artist has a problem with those who get rich speculating. In his view, they “do nothing” besides shifting money at their computer, and are “creating billions — from where? From what?” “When things get out of proportion,” Cano cautions, “they create tension, and then a cracking point.” Cano’s true passion is drawing, he says. He took drawing lessons every day after school from the age of 9 to 17. He hoped to become an architect. Much as he enjoys living in London, he remembers feeling alienated by the surfeit of bankers in the city — until the financial meltdown brought on by the September 2008 collapse of Lehman Brothers Holdings Inc. “The normal people were hidden: It was, like, red Ferraris all around the place,” he says. “London is much more interesting since the crisis.” To contact the writer on this story: Farah Nayeri in London at Farahn@bloomberg.net .

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George Goehl: A New Crossover Hit: "Break Up the Big Banks"

October 24, 2009

We’ve reached an incredible moment when Alan Greenspan, Michael Moore, FDIC head Sheila Bair and Elizabeth Warren are all singing the same tune. These four, and others, have formed a distinct choir that is calling for breaking up the big banks. In the United States, three banks hold almost 34% of the nation’s deposits, four banks issue 50% of the country’s mortgages, and the five largest credit card lenders control 74% of the market. These companies have a stranglehold on our wallets. And as we’ve seen, when they make bad decisions, they can take the whole economy down with them. Our wallets aren’t all that’s being strangled — so is our nation’s democracy, as Wall Street lobbyists and campaign contributions tighten their chokehold on Washington. You would think that after sending the economy south, needing billions in taxpayer bailouts, and handing out lavish bonuses, that these institutions would be too toxic for elected officials to hang with. Think again. The big banks and their lobbyists are as welcome on the Hill and in the White House as ever. And until average Americans begin to mobilize our primary currency — our family, friends, and neighbors — to move into the streets, we will watch the big banks become bigger, more powerful, and less accountable. Now is the time to move toward a vision in which financial institutions are more accountable to and more controlled by the communities they serve. So, dust off your songbook, warm up your vocal chords, and join the band that is calling for breaking up so called “too big to fail” institutions. Your first chance comes October 25-27 in Chicago as people from 20 states come together for a showdown with the nation’s largest banks and their trade group, the American Bankers Association. Make your way to Chicago and let’s ensure the message of “break up the big banks” is heard loud and clear.

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Insider Trading Bust Shows SEC May Have a Pulse: Susan Antilla

October 20, 2009

Commentary by Susan Antilla Oct. 20 (Bloomberg) — The Securities and Exchange Commission’s Big Bust on Friday is an example of everything that’s right, and everything wrong, with the agency that’s been bungling its job of keeping the financial markets safe. Working with federal prosecutors in New York, the SEC charged hedge fund operator Raj Rajaratnam , whose net worth of $1.5 billion placed him at No. 236 on Forbes magazine’s 400 Richest Americans list, with insider trading. Rajaratnam’s lawyer, James Walden, says his client is innocent and that “we intend to vigorously defend him in court.” With its simultaneous charges against a network of other alleged cheaters on Wall Street and in the C-suite, the SEC’s case was enough to bring tears to the eyes of Wall Street nostalgia buffs. The SEC always did have a knack for insider-trading cases, notwithstanding its recent back-and-forth with charges that haven’t stuck against billionaire Mark Cuban . The agency sent Wall Street into a collective cold sweat in the 1980s, when the Nov. 14, 1986, news that Ivan Boesky had agreed to pay $100 million for insider trading sent a signal that the jig was up for lawbreakers who swapped illegal inside-information. The agency was a regulatory mensch back then, working with prosecutors to do the spadework that helped send Boesky, Kidder, Peabody & Co.’s Martin Siegel , and Drexel Burnham Lambert’s Dennis Levine and Michael Milken to the slammer. If you can imagine it, Wall Street was actually afraid of the SEC after the Boesky bust. Image Building Today, the only people getting captured are SEC lawyers who are hot for big paychecks at the brokerage firms they’re supposed to be regulating. After getting skewered in the September report “Investigation of Failure of the SEC to Uncover Bernard Madoff’s Ponzi Scheme” by SEC Inspector General David Kotz , the agency has been trying to polish its image. It’s no surprise that the agency’s big splash with Rajaratnam and friends came in an area where it tends to excel. But what gives that it went from superstar work in the 1980s to two declining decades since then? Thomas Gorman , chairman of the securities litigation group in the Washington office of the law firm Porter Wright Morris & Arthur , says that when he worked at the SEC in the 1970s and 1980s, “they were really the market leaders,” taking on issues like insider trading and illegal payments to foreign governments and making sure the regulated paid attention. Vision Loss Today, the SEC is a reactive institution, going after “the flavor of the month” as determined by cases initiated by U.S. attorneys or investigative reports in prominent business publications, Gorman says. In the 1980s, though, “they had a vision” of what was important to pursue, and, particularly with insider trading, pushed to make their legal cases stick. Indeed, only 4 percent of new cases initiated at the agency involved insider trading in 1984, but then-chairman John Shad made it his pet project, warning lawbreakers that he would come down on them “with hobnail boots” should they violate insider- trading laws. Try to find fighting words like that from any recent SEC leaders. Shad testified before lawmakers in support of the Insider Trading Sanctions Act of 1984, which made insider trading more expensive for cheaters: get caught, and you’d be subject to fines of as much as three times your profits, plus pricey sanctions for any criminal penalties. After the act was passed, insider-trading cases took an ever-larger portion of new cases opened each year, peaking at 13 percent of the SEC’s new caseload in 1989. Since 1998, it has made up between 7 percent and 11 percent of new cases the agency takes on in a given year. Chasing Big Shots It’s worth mentioning that the same SEC that today chases scandals it reads about in the papers once had the courage to pursue big shot financiers who were venerated by slobbering financial journalists. BusinessWeek magazine once compared Michael Milken to J.P. Morgan Sr. Institutional Investor magazine called him “Milken the Magnificent.” In those days, top guys complained that they were picked on because they were powerful. These days, the power of someone like Bernie Madoff helps him escape scrutiny. Imagine if Boesky or Milken had been asked to sit on an SEC advisory committee like Bernie was. Given the agency’s expertise in insider trading, Rajaratnam and his band of alleged illegal traders are no doubt wishing they’d been dabbling in one of the multitudinous areas where the SEC is wanting. I mean hey, where are the longstanding experts on dark pools? Or credit default swaps? Or any of those products and practices that less than 1 percent of the population really understands? Or even Ponzi schemes, which we all understand, but we don’t seem to be able to stop. Good for the SEC that it’s drawing on its experience in insider trader to bring new cases. But there are a lot of new games in town, too. I’m waiting for the hobnail boots to come crashing down on a dark pool and a credit default swapper or two. ( Susan Antilla is a Bloomberg News columnist. The opinions expressed are her own.) Click on “Send Comment” in the sidebar display to send a letter to the editor. To contact the writer of this column: Susan Antilla in New York at santilla@bloomberg.net

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