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Huffington Post…

Step into a New York City subway and it can seem like you’re witnessing biological warfare. Riders cough and sneeze all over the place, nauseating smells waft through the closed confines of the rail cars and unidentifiable puddles frequently ooze across the floor. That’s the image of rampant disease created by officials at one company that’s marketing a plastic, disposable glove called the MetroMitt as the ultimate defense against the clouds of sickening, invisible germs in the transit system. The company started giving out the mitts for free earlier this week at busy subway stations during rush hour. “Any time you touch a subway pole or handrail in New York City you are contaminated until you wash your hands thoroughly,” said MetroMitt president and co-founder Jason Lipton. “There are thousands upon millions of people touching them every day.” “Now people can come and go on the subway without worrying about transferring that bacteria,” he said. Yet winning the war against germs might mean leaving behind a battlefield of used, germ-laden gloves — even if Lipson and his colleagues encourage customers to recycle the mitts. That concern was on the minds of the Metropolitan Transportation Authority, which runs New York City’s buses and trains. “These ‘mitts’ can possibly end up on the track bed clogging drains or increasing the likelihood of a track fire,” said spokesman Kevin Ortiz. Other obstacles lie ahead for Lipton and his partners if they’re going to use public hypochondria to sell advertising space on the backs of the mitts. Image-conscious New Yorkers might find it more revolting to wear a clear baggie than to put their bare hand on a germ-covered subway pole. “It looks like you’re about to serve french fries,” said New York public interest research group Straphangers Campaign lawyer Gene Russianoff, an advocate for mass transit riders. “New Yorkers are a hearty breed. I predict the same questionable market for them like surgical masks. You see people wear them, but it’s not an everyday occurrence.” There might not be much advantage to wearing the mitts only on the subway, either: Germs lurk in all public places, but they’re not necessarily harmful, said University of Colorado biologist Laura Baumgartner. “I don’t have data on the trains, but that I think this is probably another germaphobe product that might be appropriate for people with serious immune problems but is probably overkill for the rest of us,” she told AOL Weird News. Lipton fought off the criticism like a white-blood cell going after an infection, saying that his company promotes good health for people and even the planet. “As long as people recycle,” he said, “it’s eco-friendly.”

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Keep Your Filthy Hands Off The Subway: Will Tomorrow’s Commuters Wear Plastic Mitts?

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NEW YORK, NY–(Marketwire – Jun 1, 2011) – Simulmedia, a targeted television advertising platform and network, today announced that Wenda Harris Millard, President & COO of Media Link LLC, has joined Simulmedia’s Board of Directors.

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Wenda Harris Millard Joins Board of Directors of Simulmedia

Maxim Group LLC Attracts More Bulge Bracket Talent for Its Institutional Sales and Trading Platform

May 25, 2011

NEW YORK, NY–(Marketwire – May 25, 2011) – Maxim Group LLC, a leading full service investment banking, securities and wealth management firm, today announced the appointment of James Manfredonia as a Senior Vice President of the Institutional Equity Trading division.

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IMG Reorganizes Global Golf Business

May 24, 2011

NEW YORK, NY–(Marketwire – May 24, 2011) – IMG Worldwide, the global sports, fashion and media company, announced today the reorganization of its global golf business.

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Royalty Pharma Announces That George Lloyd Joins Management Team

May 18, 2011

NEW YORK, NY–(Marketwire – May 18, 2011) – Royalty Pharma is pleased to announce that George Lloyd has joined the company as Executive Vice President, Investments.

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Sean Foley Appointed CFO of Butterfield Fulcrum Group of Companies

May 18, 2011

NEW YORK, NY and LONDON and WATERLOO, ON–(Marketwire – May 18, 2011) – Sean Foley, CA, has been appointed the Chief Financial Officer and Chief Administration Officer of Butterfield Fulcrum, a leading independent fund administrator, and FORS Limited, an independent provider of family office and wealth management reporting and administrative services.

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WCG Hires Nancy Fitzsimmons as a Managing Director in Its Healthcare Practice

May 18, 2011

SAN FRANCISCO, CA and NEW YORK, NY–(Marketwire – May 18, 2011) – WCG , an independent firm partnering with clients in the healthcare, consumer products and technology industries to deliver integrated creative and interactive communications strategies and programs, today announced the appointment of Nancy Fitzsimmons as Managing Director, Healthcare, working out of its New York office.

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Kantar Health Names Simon Li General Manager, China

May 17, 2011

NEW YORK, NY–(Marketwire – May 16, 2011) – Kantar Health , a leading healthcare-focused global consultancy and marketing insights company, has named Simon Li as General Manager, China. Based in Shanghai, Mr. Li will direct Kantar Health’s growth strategy in the Chinese market, partnering with pharmaceutical and biotech companies to optimize their performance in this critical high-growth region.

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GC China Turbine Appoints Seasoned Financial Veteran as New CFO

May 12, 2011

NEW YORK, NY–(Marketwire – May 12, 2011) – GC China Turbine Corporation (“GC China” or the “Company”) ( OTCBB : GCHT ) today announced the appointment of Mr. Chen Guijun, as CFO and Principal Accounting Officer, effective on May 8, 2011.

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Kantar Health France Names Catherine Verneuil Deputy Head of Oncology Department

May 12, 2011

NEW YORK, NY–(Marketwire – May 12, 2011) – Kantar Health , a leading healthcare-focused global consultancy and marketing insights company, has appointed Catherine Verneuil as Deputy Head of the Oncology Department. In this role, Ms. Verneuil will implement the new Oncology Department organizational structure and focus on team management and project profitability.

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Highpower International Appoints New Independent Director

May 3, 2011

NEW YORK, NY and SHENZHEN, CHINA–(Marketwire – May 3, 2011) – Highpower International, Inc. ( NASDAQ : HPJ ), a developer, manufacturer and marketer of nickel-metal hydride (Ni-MH) and lithium-ion (Li-ion) batteries and related products, today announced that Mr. T. Joseph Fisher, III has joined Highpower’s Board of Directors, effective April 30, 2011, and Mr. Chao Li has retired as director of the Board.

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Hearst Corporation Names Jonathan Donnellan & Mark Redman Deputy General Counsels

May 3, 2011

NEW YORK, NY–(Marketwire – May 3, 2011) – Hearst Corporation announced today the promotions of Jonathan Donnellan to deputy general counsel-litigation and Mark Redman to deputy general counsel-corporate. Both lawyers were previously senior counsels for Hearst Corporation. The announcement was made by Eve Burton, vice president and general counsel, Hearst Corporation.

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BCHC Introduces New CEO

April 25, 2011

NEW YORK, NY–(Marketwire – Apr 25, 2011) – BoNa Coffee Holdings Corp. ( PINKSHEETS : BCHC ) is excited to announce the appointment of Rich Cabael as President and Chief Executive Officer of BoNa Coffee Holdings Corp.

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Tiedemann Wealth Management Announces Key Leadership Appointments

April 12, 2011

NEW YORK, NY–(Marketwire – April 12, 2011) – Tiedemann Wealth Management is pleased to announce two strategic appointments to enhance its management. Wolfgang Traber has joined as a member of the firm’s Investment Committee and James Bertles was appointed to the Board of Directors of the Tiedemann Trust Company.

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WCG Hires Laura Fusco to Lead Creative Practice

April 7, 2011

SAN FRANCISCO, CA and NEW YORK, NY–(Marketwire – April 7, 2011) – WCG , an independent company partnering with clients in the healthcare, consumer products and technology industries to deliver integrated creative and interactive communications strategies and programs, today announced the appointment of Laura Fusco as Leader of its Creative Practice working out of its New York office.

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GATE Hires Veteran Markets Executive to Expand Market Technology Footprint

April 4, 2011

NEW YORK, NY–(Marketwire – April 4, 2011) –  GATE Technologies, a global financial technology company creating market infrastructure for buying and selling illiquid and alternative assets, announced that Sam Aizenberg has joined the company in the newly created position of Director of Application Development.

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Mark Noble and Jim Tymeck Join KGS-Alpha to Expand Trading Platform

March 28, 2011

NEW YORK, NY–(Marketwire – March 28, 2011) – KGS-Alpha Capital Markets , L.P. is pleased to announce that Mark Noble has joined the firm as Head of Structured Corporate and Agency Debt and Jim Tymeck as the new Head of the Finance Desk. 

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Global Investor Services, Inc. Appoints New Board Member

March 3, 2011

NEW YORK, NY–(Marketwire – March 3, 2011) – Global Investor Services, Inc. ( OTCBB : GISV ) (the “Company”), a leading provider of on-line financial education and analysis tools, is pleased to announce that Jeffrey R. Freedman has been appointed to the Company’s Board of Directors.

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VizStar, Inc. Appoints Richard Brutti to CEO Position

February 28, 2011

NEW YORK, NY–(Marketwire – February 28, 2011) – VizStar, Inc. ( PINKSHEETS : VIZS ) today announces the appointment of Richard Brutti as Chief Executive Officer. Richard will be taking the place of Sharon Singer.

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VizStar, Inc. Appoints Richard Brutti to CEO Position

February 28, 2011

NEW YORK, NY–(Marketwire – February 28, 2011) – VizStar, Inc. ( PINKSHEETS : VIZS ) today announces the appointment of Richard Brutti as Chief Executive Officer. Richard will be taking the place of Sharon Singer.

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Rabbi Given 4 Years In Prison After Hedge Fund Extortion Attempt

February 21, 2011

NEW YORK–A Brooklyn, N.Y., rabbi was sentenced to four years in prison Friday after being convicted last year of trying to shake down hedge-fund firm SAC Capital Advisors and its founder, Stephen A. Cohen, for $4 million.

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Looking For A Credit Card? It Pays To Be Rich

February 21, 2011

NEW YORK — It pays to be rich if you need a credit card. A year after sweeping credit card regulations upended the industry, banks are showering perks and rewards on big spenders with sterling credit scores. And they’re socking customers with spottier histories with higher interest rates, lower credit limits and new annual fees. In some cases the riskiest customers are being dropped altogether. “When you look at the regulations, it’s a net positive for consumers,” says Peter Garuccio, a spokesman for the American Bankers Association. “But there have been some trade-offs.” The widening differences between how customers are treated is largely the result of new constraints on card issuers. The Credit Card Accountability, Responsibility and Disclosure Act, or the CARD Act, was signed into law with great fanfare at a time when borrowers across the country were struggling to make payments. It swept away several practices that for years had grated on cardholders. A key change is that issuers can no longer hike rates on existing balances or in the first year an account is open. The penalty charge for late payments is also capped at $25 per violation. And monthly statements must also clearly spell out the projected interest costs of making only minimum payments. The regulations are already transforming the cards on the market. To make up for the drop in revenue, banks are imposing new annual fees and hiking interest rates – but mostly for those with the lowest credit scores. The best customers are more prized than ever. Here’s how credit card offers are changing for consumers in three credit brackets: The A-list (excellent credit): A clean payment history and a healthy appetite for spending put these customers at the top of the credit pyramid. And the courtship of this group is intensifying. Prior to the recession, 44 percent of all credit card offers were mailed to this group. Now they receive 64 percent of all mailings, according to market researcher Synovate. The terms are getting sweeter too: _Customers can earn rewards at five times the standard rate with a premium card being tested by Bank of America. The acceleration applies to select purchases, and the $75 annual fee is waived for those who have at least $50,000 with the bank. _Generous balance transfer options abound. Think 0 percent interest for up to a year on new purchases, and as long as 18 months on transfers. _Foreign transaction fees are a source of annoyance for the well-to-do, who travel abroad more often. American Express, Chase and Citi have all announced they’re doing away with the fees on select cards marketed to their wealthiest customers. In other cases, banks are going all out with enhanced perks. With Citi’s new ThankYou Prestige card, customers who book airline tickets get one complimentary ticket for a companion each year. The card’s annual fee is $500. That underscores another attractive trait among these customers – the willingness to pay handsomely for premium services. This group’s propensity to spend is also attractive because issuers collect fees of 1 to 2 percent from merchants whenever their cardholders make purchases. The B-list (good to fair credit): The next swath of consumers have solid credit histories, but may have more modest spending habits or make an occasional late payment. Many of these customers are seeing an uptick in offers for rewards cards, but the terms aren’t dramatically different. A few rungs down the credit ladder, however, are those with spottier records. These customers make late payments often enough to raise red flags or regularly carry balances close to their credit limits. They may not be financial disasters, but they’re not entirely reliable either. Most of these B-listers still won’t have any trouble getting approved for a new credit card, but they’ll have to agree to higher interest rates and annual fees, even for plain-vanilla cards. Consider the following: _A new $59 annual fee is being imposed on select Bank of America customers. Notice of the fee was mailed out this month to cardholders who fit certain risk profiles, such as carrying a balance close to their credit limit or regularly making late payments. Customers were also targeted if they didn’t have any other relationship with the bank, such as a checking account or mortgage. _The move by Bank of America isn’t unusual. Most credit cards marketed to this group now have annual fees of about $39 to $59. A year ago, the same customers could easily find similar cards with no fees. _The average interest rate offered to those with merely fair credit scores is 22.57 percent, up from 19.07 percent about a year ago, according to CardHub.com. The higher prices make sense in light of the new limits on penalty fees and rate hikes, which make these B-list customers far less profitable. Consumer advocates say knowing the costs upfront is nevertheless an improvement to the bait-and-switch tactics employed before the regulations took effect. In the past, introductory interest rates could quickly escalate and catch cardholders off guard. The prices are simply more transparent now, says Ruth Susswein of Consumer Action. The D-List (poor credit): For the riskiest consumers with an established streak of defaults and late payments, the recession isn’t the only reason the options have dried up. The CARD Act means banks can no longer freely raise rates or impose fees to manage their default risk, says Dennis Moroney, a credit card analyst with TowerGroup. So when they issue cards, “they have to have their ducks in a row from a risk point of view.” There’s no doubt the riskiest customers have become toxic in this environment. In 2009 alone, banks wrote off a record $83.27 billion in credit card debt. It’s no wonder that card issuers have slashed available credit overall since 2007 by nearly a third, or $1.5 trillion, according to TowerGroup. With bigger issuers such as Capital One the choices for customers with tarnished credit are pretty much limited to secured credit cards. These cards are intended to help borrowers rebuild credit, but require deposits and offer small credit limits. There are often activation fees as well. Another telltale sign of the industry’s growing reluctance to wade into this market? First Premier, a long-time player in the subprime credit arena, is no longer offering new unsecured lines of credit. After the CARD Act took effect, the bank tested a card that charged $75 in first-year fees for a $300 credit line. It had a 79.9 percent interest rate. Those terms apparently haven’t been a success. It’s unclear whether First Premier will resume offering unsecured credit cards. If not, consumer advocates say the disappearance of such easy-to-get, high-cost cards wouldn’t be such a terrible development for those struggling to dig out of debt.

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Will NYSE’s Merger Help Prevent Another ‘Flash Crash’?

February 18, 2011

NEW YORK (By Jonathan Spicer) – The merger frenzy among the world’s top exchanges could cast the U.S.-centric “flash crash” debate in a global light, as experts on Friday pitch some possibly radical changes meant to avoid another market breakdown. A special committee is set to meet in Washington to make its long-awaited recommendations to regulators — now more than nine months since the unprecedented market crash sent the Dow Jones industrial average down some 700 points before rebounding, all in a matter of minutes. The May 6 crash rattled investors, exposed flaws in the structure of today’s electronic markets, and set regulators on a mission to fix the high-speed system. The exchanges at the center of the breakdown, however, added a new wrinkle to the debate when in the last week they set off a new wave of planned global mergers, including the takeover of Big Board parent NYSE Euronext by Germany’s Deutsche Boerse. While the deals could strengthen the oversight of cross-border trading and boost the flow of global liquidity, they also tie the world’s interconnected markets tighter together, possibly setting the stage for larger-scale crashes, some observers said. Seth Merrin, chief executive of market operator Liquidnet, said the U.S. Commodity Futures Trading Commission and the U.S. Securities and Exchange Commission need to coordinate with regulators elsewhere to understand how sharp movements in one country’s market can hit derivatives traded in others. “Nobody as far as I can see has said to all of the other regulators that if you’re going to create securities that link to anything in my market, we have to talk,” said Merrin, whose venue lets institutional investors trade anonymously. “I don’t know that investors can sustain another flash crash,” he said in an interview. After the crash, one of the first steps taken by the CFTC and the SEC was to strike the committee to come up with some answers. The group includes Financial Industry Regulatory Authority head Richard Ketchum and former CFTC Chairman Brooksley Born, among others. Robert Engle, an Nobel Prize-winning economist also on the committee, told Reuters that members discussed several possible changes, including giving special rebates that would help stabilize markets during stressful times, and cracking down on the growing amount of trading outside of the public exchanges. Engle, interviewed earlier this month, said at the time that no final recommendations had been set. The SEC and CFTC, which hosts the Friday meeting, could formally propose rule changes based on the recommendations. They have already made a handful of adjustments to the marketplace in the wake of the flash crash, including adding trading pauses known as circuit breakers. In another nod to boosting market security, SEC Chairman Mary Schapiro told a U.S. Senate panel on Thursday the agency asked all exchanges for audits of their security policies, after Nasdaq Stock Market parent Nasdaq OMX Group said on February 5 that hackers had breached its computer systems. Rounding out the merger activity that caught fire last week, London Stock Exchange bid to buy Canada’s TMX Group, and, according to a source, BATS Global Markets is nearing a deal to buy fellow private exchange operator Chi-X Europe. BATS accounts for about 10 percent of all U.S. stock trading. (Reporting by Jonathan Spicer; Editing by Gary Hill) Copyright 2010 Thomson Reuters. Click for Restrictions .

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JPMorgan CEO Gets $17 Million Pay Day

February 18, 2011

NEW YORK — JPMorgan Chase & Co. has granted Chairman and CEO Jamie Dimon stock and options worth $17 million, just a month after one of Wall Street’s largest banks posted a big jump in quarterly earnings. Dimon’s bonus follows huge compensation boosts earlier this month for the heads of Goldman Sachs Group Inc. and Citigroup Inc., as many big banks _and their stocks – have rebounded from the financial crisis. The New York bank said in a regulatory filing Thursday that it granted Dimon 251,415 restricted stock units, of which half vest in January 2013 and the rest the following year. Based on the stock’s closing price Wednesday, the day the units were granted, the award is worth $12.1 million. Dimon, 54, also received 367,377 stock appreciation rights, which have a 10-year term and become exercisable in five installments staring next January. Using the Black-Scholes calculation method, the rights are valued at about $5 million. Dimon’s salary and other compensation weren’t disclosed in Thursday’s filing. JPMorgan Chase pleased investors in January with news that it will raise its dividend soon, pending approval from the Federal Reserve. The bank also reported that its income jumped 47 percent in the final three months of 2010 as fewer customers defaulted on their loans. Last month, Goldman Sachs more than tripled the salary of CEO Lloyd Blankfein to $2 million, not including stock awards, and also granted raises to four other top executives. Citigroup Inc. gave its top executive, Vikram Pandit, a salary raise to $1.75 million, from just $1 the previous year. Bank of America Corp., however, has said it won’t give its top executive a raise for 2011 and won’t hand out cash bonuses to top management. CEO Brian Moynihan’s salary will remain $950,000 for 2011, though he could get up to $9.05 million in stock awards if the nation’s largest bank by assets hits certain performance targets.

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Insight Management Corporation — Announces New Director David Kimmel Brings Excitement to the "Green Team"

February 17, 2011

NEW YORK, NY–(Marketwire – February 17, 2011) – Insight Management Corp. ( OTCQB : ISIM ) ( PINKSHEETS : ISIM ) Insight Management Corporation welcomes David Kimmel as one of the new Directors. Kevin Jasper, CEO, stated that the addition of Mr. Kimmel will spark fresh and new ideas to help ISIM move forward in building a green technology ISIM. Mr. Kimmel has spent his last 32 years working in the LOHAS (Lifestyles of Health and Sustainability) channels, a market segment focused on health and wellness, the environment, organic food and beverages, personal development, sustainable living and social justice. Mr. Kimmel specializes in new green technology product development and new business launch. He has significant background in concept development, strategic planning and operational implementation. His services have been rendered to national retailers,

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Insight Management Corporation — Announces New Director David Kimmel Brings Excitement to the "Green Team"

February 17, 2011

NEW YORK, NY–(Marketwire – February 17, 2011) – Insight Management Corp. ( OTCQB : ISIM ) ( PINKSHEETS : ISIM ) Insight Management Corporation welcomes David Kimmel as one of the new Directors. Kevin Jasper, CEO, stated that the addition of Mr. Kimmel will spark fresh and new ideas to help ISIM move forward in building a green technology ISIM. Mr. Kimmel has spent his last 32 years working in the LOHAS (Lifestyles of Health and Sustainability) channels, a market segment focused on health and wellness, the environment, organic food and beverages, personal development, sustainable living and social justice. Mr. Kimmel specializes in new green technology product development and new business launch. He has significant background in concept development, strategic planning and operational implementation. His services have been rendered to national retailers,

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Hank Morris Is Going To Prison

February 17, 2011

NEW YORK — A former top political consultant to New York’s disgraced ex-comptroller was led off to prison Thursday after being sentenced to at least a year and four months behind bars for his pivotal role in an influence-peddling scandal involving the state pension fund. Henry “Hank” Morris, who rose to political prominence in the state as a campaign manager for Democrats, apologized to the people of the state for compromising their faith in government before a Manhattan judge handed down the punishment. “Words cannot express the depth of my remorse,” he said, his voice and hands shaking as he read a prepared statement. Supreme Court Justice Lewis Bart Stone was unmoved. He sentenced Morris to the maximum allowed under the law, then denied him time to put his affairs in order before going to prison. “No. It’s time to go,” the judge said. Morris, 57, pleaded guilty in November to securities fraud. He admitted using his connections to former state Comptroller Alan Hevesi and other officials who oversaw New York’s massive pension fund to extract kickbacks from investment firms hoping to manage some of the funds’ assets. New York’s $125 billion retirement pool is one of the world’s largest government pension funds and richest sources of potential investment dollars. Over just a few years, Morris made $19 million in fees from companies awarded state business by Hevesi’s office. Prosecutors with the state attorney general’s office and the Securities and Exchange Commission said firms that refused to play ball had a harder time getting their foot in the door. The scandal enveloped a number of state officials and money managers, including Steven Rattner, the Wall Street financier who helped lead the Obama administration bailout and restructuring of Chrysler and General Motors. Morris has agreed to forfeit his millions of dollars in fees and has already repaid the retirement fund about $18 million, officials said. But “it is not sufficient that a thief restore stolen property so as to avoid jail time,” the judge wrote in explaining his sentencing decision. Morris will be eligible for parole after 16 months and would serve no more than four years behind bars. “Throughout my life, I have believed in the potential for government to be a force for good in the lives of people. In fact, I devoted the bulk of my professional life to achieving that goal,” Morris told the court before he was sentenced. “To recognize that my actions undermined those efforts has been very painful.” “Simply put, my actions undermined the integrity of New York State’s government, and, most importantly, have led ordinary people to question their faith in the political system.” As he was led away in handcuffs, he told relatives and friends in the courtroom: “I love you. I love everybody. Thank you.” The pension fund investigation was initiated and led for several years by former State Attorney General Andrew Cuomo, a Democrat who is now the governor. He called Morris’ sentence “a strong signal that it’s time to clean up Albany and the culture of corruption must and will end.” The pension fund probe became a political issue during Cuomo’s run for governor last year. His Republican opponent, Buffalo businessman Carl Paladino, argued that Democrats were going easy on Democrats in the case. Paladino continued his criticism Thursday, saying Morris emerged with too light a conviction and adding, “These people should pay for their indiscretions.” Eight people pleaded guilty to criminal charges in the case, including Hevesi, who admitted taking campaign contributions and luxury vacations from one money manager seeking pension fund business, and David Loglisci, the pension fund’s chief investment officer. Several financial firms also paid more than $170 million in civil penalties for their actions, including well-known, politically connected firms like the Carlyle Group. Rattner, who was accused of arranging for his investment company to pay Morris $1 million to better the firm’s chances of landing an investment deal with the pension fund, ultimately paid $16.2 million to settle civil lawsuits filed against him by Cuomo’s office and the SEC. Attorney General Eric Schneiderman, a Democrat who inherited the case from Cuomo, said Morris’ sentence showed “that those who abuse positions of power to line their own pockets will be held accountable by this office.” ___ Associated Press writer Michael Gormley in Albany contributed to this report.

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Ford’s $880 Million Bond Priced Late Tuesday -Source

February 16, 2011

NEW YORK -( Dow Jones )- Ford Motor Co.’s (F) $880 million asset-backed bond priced late Tuesday, according to a person familiar with the deal. The bond was originally $586 million in size. The $375 million triple-A rated fixed rate tranche priced at 55 basis points over interpolated swaps to yield 2.131%. The $375 million 2.98-year floating rate portion priced at 60 basis points over one-month London interbank offered rate. Joint leads on the deal are BNP Paribas, Deutsche Bank and Royal Bank of Scotland . The asset-backed bond market has had steady issuance so far this year. This market–where consumer loans are bundled into bonds and sold to investors–is essential for the flow of credit in the economy and for lowering the cost of borrowing for consumers. On Tuesday, Redwood Trust Inc. (RWT) issued the year’s first private residential mortgage-backed bond and Honda Motor Co. (HMC, 7267.TO) has a prime retail auto loan-backed $1 billion bond. Honda’s bond is joint led by Bank of America Merrill Lynch and Credit Suisse . It has four tranches, of which the largest triple-A rated portion is for $281 million. While the auto sector has seen the bulk of new deals this year, following a similar trend from last year, industry participants expect to see more unusual or off-the-run deals this year. Investors are eager to get more yield, which is likely in non-traditional or esoteric sectors like receivables from billboard advertising and cell towers. Fast-food chain operator Church’s Chicken is selling a $245 million bond backed by franchise fees and store revenue, the first deal of its sort since the credit crisis. Pricing on the bond is expected later this week. Other auto sector issuers this month include Mercedes-Benz Auto Lease Trust with a $750 million asset-backed bond. Macquarie Equipment Finance also has a $284.5 million three-tranche bond. Barclays Capital is the lead manager on the bond, which is also expected to price later this week. Copyright

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JPMorgan CEO: Bank Won’t Be ‘Goaded Into Doing Something Dumb’

February 15, 2011

NEW YORK (By Clare Baldwin) – JPMorgan Chase & Co Chief Executive Jamie Dimon said his bank will not be “goaded into doing something dumb” with its capital, even as it prepares an aggressive expansion in consumer and private banking over the next five years. Speaking at the bank’s annual investor day, Dimon said the bank is prepared to withstand any phasing out of mortgage financiers Fannie Mae and Freddie Mac, despite being one of the nation’s largest home loan providers. This is in part because it expects 2011 to be a year of growth for the bank, primarily through existing businesses but especially in Latin America and Asia, he said. Dimon, a Democrat, also downplayed persistent speculation he might leave the second-largest U.S. bank by assets to go into the political arena. “I’m not going into politics and I’m not opening a restaurant. I love what I do. I want to be here. I want to stay,” he said. Dimon added: “There are people here who can take my spot.” BRANCH BANKING GROWTH JPMorgan plans to will add at least 1,000 branches in the next three years and could add up to 2,000 within five years, said retail financial services Chief Executive Charlie Scharf. The bank said it expects “aggressive growth” in California and Florida in particular. It ended September with 5,172 U.S. branches, trailing Wells Fargo & Co’s roughly 6,500 and the nearly 6,000 that Bank of America Corp. operates. Scharf said branch expansion will largely be in areas where Chase operates now. He also said there were few attractive opportunities for Chase to grow by buying another bank. “When you look at our existing footprint, we know exactly who we’d be interested in and not interested in, and we know the same for out-of-footprint and it’s not a long list of names,” he said. “A lot of the smaller transactions that you see for us don’t seem to make a whole lot of sense.” JPMorgan significantly boosted its branch network in 2008 when it bought the banking business of Washington Mutual Inc, the largest U.S. bank or thrift to fail. CONCERNS Despite beating analyst estimates for fourth-quarter earnings, JPMorgan faces questions about declining trading volumes, its long-time ties to imprisoned Ponzi schemer Bernard Madoff, its foreclosure practices and pending financial regulation, which could crimp profits. Scharf addressed part of the regulation issue, saying JPMorgan stood to lose $1.3 billion of revenue from new regulations on debit card processing fees. Shares of JPMorgan closed up 28 cents, or 0.6 percent, at $46.82, compared with a 0.3 percent decline in the KBW Bank Index . Two months after investor days, shares of a bank have historically risen an average of 15 percent, according to a Barclays Capital research note published last week. (Writing by Ben Berkowitz and Jonathan Stempel; Editing by Gunna Dickson and Steve Orlofsky) Copyright 2010 Thomson Reuters. Click for Restrictions .

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Obama’s Wackiest Budget Cuts

February 15, 2011

NEW YORK (CNN Money) — The funding grants nobody wants. The “mobile” policing unit that doesn’t get around much. How about the big fancy telescope that has been mismanaged? President Obama’s 2012 proposal lists more than 200 programs that he wants to cancel or cut, for billions in savings.

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Obama’s Small Business Plan To Come Up Short, White House Concedes

February 15, 2011

NEW YORK — After spending much of last year relentlessly touting the benefits of a proposed $30 billion fund that would jumpstart bank lending to small businesses, the Obama administration forecasts the initiative will fall far short, spending just a little over half of the intended allotment, according to the White House’s spending plan for 2012. The proposal, known as the Small Business Lending Fund, originally would have taken $30 billion from the Troubled Asset Relief Program and diverted it to smaller banks. The move was supposed to stimulate lending by lowering the cost of funds as loan totals rise. The more a bank lends, the cheaper the funds become. The program has faced an uphill climb. Banks are wary of taking government funds for fear of after-the-fact program changes; demand for loans remains tepid; and there’s no guarantee banks would lend the money once they receive it. The White House spending plan for next year reflects those challenges. The administration projects it will allocate just $17.4 billion of the funds, or just 58 percent of its original goal. All of the money will be disbursed by Sept. 30, according to Treasury Department projections released Monday. The proposal was a centerpiece of the administration’s pre-election plans to boost small businesses, which have been among the hardest-hit sectors since the onset of the financial crisis. Unlike large corporations, small businesses don’t have access to the capital markets. They don’t issue debt to investors nor do they raise capital on stock exchanges. Instead, they rely on banks for their funding. Small community lenders and regional banks are their primary source of credit. But bank lending froze as consumer spending fell, business investment slowed and banks faced growing losses on bad loans. Inside the Treasury Department, a small team worked to counter the slowdown. By January of last year, Obama was able to pitch the plan that would help smaller firms get credit and help stabilize small lenders. The plan was to inject taxpayer funds into community banks in hopes they’d lend it to small businesses. It worked like TARP: Banks borrow cash from Treasury, and pay a small fee for the privilege. The program, though, was limited to banks with less than $10 billion in assets. Republican critics derided it as “TARP 2.0,” or a reincarnation of the deeply unpopular bank bailout. In fact, banks in TARP can refinance out of the program and into this new one, escaping the restrictions that accompanied TARP like limits on executive compensation. Administration officials and Democrats in Congress, though, pitched it as much-needed help for small businesses. The administration spent nine months pounding Republicans for their objections to the proposal. Last September, a little over a month to the election, Obama signed it into law. During a speech last March to economists in Washington, Christina D. Romer, the then-chairman of the White House Council of Economic Advisers, said the $30 billion fund “will translate into several times that amount of additional lending and could help create hundreds of thousands of new jobs.” Based on administration projections released Monday, it’s unclear whether the fund will achieve its original objectives. The White House declined to comment. Officials insist they have $30 billion to lend. The Treasury Department is in the midst of trying to sign up banks for the fund, but bankers have said they’re reluctant to accept any more taxpayer money. Meanwhile, the government watchdog overseeing the bailout, the Special Inspector General for the Troubled Asset Relief Program, said earlier this month it would immediately audit the program. ************************* Shahien Nasiripour is a business reporter for The Huffington Post. You can send him an e-mail ; bookmark his page ; subscribe to his RSS feed ; follow him on Twitter ; friend him on Facebook ; become a fan ; and/or get e-mail alerts when he reports the latest news. He can be reached at 646-274-2455.

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Tony Acquadro Appointed Vice President of Institutional Markets for BTS Asset Management

February 14, 2011

NEW YORK, NY–(Marketwire – February 14, 2011) – BTS Asset Management, of Lexington, MA, today announced that Tony C. Acquadro has been appointed Vice President of Institutional Markets. Founded in 1979, BTS is a Registered Investment Advisor and is one of the nation’s oldest third party money managers, providing risk management solutions for investors.

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Tax Cut Proposals On State Level No Guarantee For Jobs

February 13, 2011

NEW YORK — It’s recently become an article of faith for many governors as they try to attract jobs: raising taxes during a recession is a nonstarter, choking off growth and damaging a state’s fragile economic recovery. With the notable exception of Illinois, where Democratic Gov. Pat Quinn last month signed a 66 percent temporary personal income tax increase and a separate corporate rate hike to help close a $15 billion budget gap, governors this year are mostly vowing to cut regulations and hold the line on taxes to attract employers and rebuild after a brutal recession. “We … hope that every bill you consider passing will be viewed through the lens of its impact on our economic growth,” Colorado Democratic Gov. John Hickenlooper told lawmakers in his State of the State address, sounding a theme many governors share. “This doesn’t mean we compromise our standards or put our land, air or water at risk, but it does mean that we’ll keep a fierce and even relentless focus on jobs.” Whether they can hold to that promise will become clearer in the coming months as governors release their new budget proposals. But there’s a catch to the anti-tax, pro-business rhetoric: Businesses consider a range of factors when deciding where to locate, including the quality of schools, roads and programs that rely on a certain level of public spending and regulation. And evidence suggests there is little correlation between a state’s tax rate and its overall economic health. “Concerns about taxes are overstated,” said Matt Murray, a professor of economics at the University of Tennessee who studies state finance. “Labor costs, K-12 education and infrastructure availability are all part of a good business climate. And you can’t have those without some degree of taxation.” States’ tax rates also do not predict their resilience during an economic downturn. While high-tax states such as New York, New Jersey and California have been clobbered by the current recession, so too have states that pride themselves on low tax rates, including Nevada, Texas and Arizona. The collapse of the housing market and the financial industry meltdown largely drove the current conditions, sparing almost no state regardless of its level of taxes. Governors agree this is a particularly challenging budget year, with federal stimulus dollars drying up after years of deep state budget cuts. Some 34 states raised taxes or fees as recently as 2009 to help close budget shortfalls. Now, chief executives from both parties mostly have little appetite for new tax measures after Republicans successfully ran on tax issues last fall – they now control 29 governorships – and President Obama and Senate Republican leaders teamed up to extend Bush-era tax cuts, even for the wealthiest Americans. Illinois’ big tax hike is considered an anomaly – an emergency measure that includes strict spending limits to close a budget hole that is the largest of any state as a percentage of its overall budget. Neighboring states such as Wisconsin quickly pounced, urging businesses to relocate from Illinois even though its tax rate remains lower than those of many states in the region. Meanwhile some other governors have opened the door to potential tax increases, insisting the measures are necessary to offset fiscal calamity. In California, Democratic Gov. Jerry Brown has been promoting a package of temporary tax increases as a ballot measure for voters to consider, while also proposing deep cuts to higher education and social services. Two newly installed New England governors – Connecticut’s Dan Malloy and Rhode Island’s Lincoln Chafee – have told state residents to expect some taxes to go up. Most are pairing their tax increase proposals with targeted spending cuts and promises of fiscal discipline over the long term. To be sure, several governors, including Republican Chris Christie of New Jersey and Democrat Andrew Cuomo of New York, say they have sworn off tax increases. Some other governors – such as newly sworn-in Republicans John Kasich of Ohio and Rick Scott of Florida – say they plan to cut taxes even as they try to bring their budgets into balance. Scott wants to reduce the Sunshine State’s corporate income tax despite the fact that Florida faces a projected budget gap next fiscal year of at least $3.5 billion; the corporate income tax now generates about $2 billion a year. Other governors, despite tight budgets, want to boost spending on economic development projects to bring jobs to their states. In Nebraska, Republican Gov. Dave Heineman has proposed a $16.5 million initiative aimed at attracting jobs while saying he will not raise taxes. The money would be spent on several measures, including an internship program pairing graduates of Nebraska universities with state-based companies, and a fund offering start-up cash and technical assistance to small businesses. In an interview, Heineman said his state must spend money on education and job programs to attract economic development. “We’re competing for jobs with other states and other countries, and I’m trying to do it in a healthy and positive way,” Heineman said. “The only way I can compete is to have a better tax and regulatory climate, but education and a quality work force are also key to that.” Kansas Republican Gov. Sam Brownback is requesting $105 million for universities in his state to do targeted research in the areas of animal health, cancer and aviation. Virginia Republican Gov. Bob McDonnell has proposed a $54 million jobs initiative for the state to compete more aggressively against neighbors North Carolina and Maryland. The quality of a state’s labor market is another significant factor for businesses as they choose where to locate, in some cases mitigating the level of taxes they will have to pay. “As much as Nevada talks about getting California business because of their low taxes, their population would need a substantial amount of retooling,” said Kim Reuben, a senior fellow at the Tax Policy Center in Washington. “Nevada has survived largely on growth, a place where people without much education could get relatively good jobs in construction and casinos. California is a place that has great intellectual institutions and will always attract talent and overcome its taxes.” But Kail Padgitt, an economist with the conservative Tax Foundation, said a state’s tax burden might not have affected its performance during the recession but certainly will affect the pace of its recovery. “When the economy starts to pick up, that’s where you’re going to see more the impact of taxes,” Padgitt said. “Where businesses are going to expand operations, where new investments are going to be made – a lot of these companies want to know what their taxes are going to be.” How much the lure of lower taxes acts as an incentive for businesses seeking to relocate or expand remains an open question. In late 2008 and early 2009, California lawmakers and then-Republican Gov. Arnold Schwarzenegger approved a series of corporate tax breaks that was estimated to save businesses about $1.3 billion a year. At the time, Schwarzenegger and GOP lawmakers promoted the tax cuts and credits as a way to create jobs, but there is little evidence they have done so. California’s unemployment rate rose in December to 12.5 percent and has remained above 12 percent for a year and a half. The questionable connection between corporate tax policy and job creation prompted a Democratic state lawmaker to call for legislation that would force companies to prove they were using tax breaks to boost employment. “The bill is not to deny them those tax credits. I want to give them those tax credits because they make a rather credible argument why they need them,” state Sen. Leland Yee said. “All I’m asking is for them to prove it.” Associated Press writer Don Thompson in Sacramento contributed to this report.

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Who Will Fill 1 WTC?

February 10, 2011

NEW YORK — The quest for tenants to fill the floors at a World Trade Center skyscraper has gone global – all the way to China. A private real estate developer connected to the project at ground zero is heading to a conference of business leaders in China this weekend. Douglas Durst of the Durst Organization says 1 World Trade Center has generated “tremendous interest” among Chinese companies that are considering opening international offices. The building was formerly known as the Freedom Tower. When it’s completed, it will be the tallest building in the country, with an antenna bringing it to 1,776 feet. The first completed deal for a tenant in the tower has been with a Chinese real estate company. Vantone Industrial signed a lease in 2009 for about 200,000 square feet.

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Mortgage Rates Jump In Another Blow To Housing Market

February 10, 2011

NEW YORK — The days of the absurdly low mortgage rate are over. The average rate for a 30-year home loan rose above 5 percent this week for the first time since last April – just as Americans are feeling more secure in their jobs and confident about the economy, and just before the big spring home-buying rush. Freddie Mac said Thursday that the average rate was 5.05 percent, almost a full percentage point higher than in November, when it hit a 40-year low. Economic signals suggest the recovery is gaining momentum. New claims for jobless benefits came in this week at the lowest in three years, and the unemployment rate has fallen nearly a full percentage point in two months. Americans are spending more and saving less. The exception is the beleaguered housing market. Record foreclosures have forced home prices down, and last year was the worst for sales in more than a decade. About the only good news was that qualified buyers could get the deal of a lifetime from their lenders, if they had the means – and the stomach – for the market. Now rates are rising, and analysts expect that will continue through the end of the year, to about 5.5 percent. The next few months are the busiest for the housing market – about one in three home sales happens in the spring. “It doesn’t help,” says Greg McBride, a senior financial analyst with Bankrate.com. “Any increase in mortgage rates takes away buying power and dilutes the incentive to refinance.” Rates have been rising since the fall, mostly because of fears that higher inflation is coming. Investors have been demanding higher yields on Treasury bonds ever since the Federal Reserve announced its program to pump up the economy by spending $600 billion to buy government debt. Mortgage rates tend to track the yield on the 10-year Treasury note. Mortgage rates are still extremely low by historical standards. Anyone who bought a house 30 years ago might remember paying 18 percent on their loan. And many analysts say low lending rates are less likely to persuade people to buy than, say, reasonable home prices or a steady job market. “You’ll see some effect on demand, but it’s really how secure people are in their jobs and how much money they feel they have relative to their homes,” says Cristian deRitis, an economist specializing in housing for Moody’s Analytics. “Many of those people just won’t buy a house,” says Wells Fargo senior economist Mark Vitner. “They’ll hold off.” Home prices are expected to fall at least 5 percent more this year. Because of the feeling that the home isn’t the failsafe investment it used to be, renting is more attractive. Especially when some analysts say it could be years before prices return to their pre-recession peak. That may be contributing to the fact that, despite record inventory levels of affordable homes in nearly half of U.S. cities, mortgage applications continue their downward slide as buyers remain on the sidelines. “Believe it or not, what I’m seeing, and I’m working with first-time homebuyers, they are not as affected by the interest rate as they are by getting a down payment,” says Julie Longtin, a real estate agent with RE/MAX Cityside in Providence, R.I. “That’s what is holding them back.” On a $200,000 loan, the payment difference between today’s rate and November’s is less than $100 a month – hardly enough by itself to spook a buyer. If rates continue to rise, as many predict they will, the housing market will be in for yet more trouble. “Six percent would do serious damage if it happened in a very short period of time,” said Patrick Newport, U.S. economist at IHS Global Insight. Even 6 percent would be a bargain for homebuyers historically. Rates were in double digits through most of the 1980s. It wasn’t until 1991 that rates consistently stayed below 10 percent. At the peak of the credit bubble in July 2006, the 30-year fixed mortgage was 6.76 percent. All this leaves buyers wondering: What is the new normal for interest rates? “We’re turning to a more normal mortgage rate environment, says Guy Cecala, publisher of the trade magazine Inside Mortgage Finance. “That pretty much means the 30-year in the 6 percent range. I don’t think rates will be going down.” ___ AP Business Writer Derek Kravitz in Washington contributed to this report.

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The Day The Music Died

February 10, 2011

NEW YORK — These days, guns are more popular than guitars, at least when it comes to video games. The company behind “Guitar Hero” said Wednesday that it is pulling the plug on one of the most influential video game titles of the new century. Activision Blizzard Inc., which also produces the “Call of Duty” series, is ending the “Guitar Hero” franchise after a run of more than five years. The move follows Viacom Inc.’s decision in November to sell its money-losing unit behind the “Rock Band” video games. Harmonix was sold to an investment firm for an undisclosed sum. Harmonix, incidentally, was behind the first “Guitar Hero” game. Game industry analysts have long lamented the “weakness in the music genre,” as they call it – that is, the inability of game makers to drum up demand for the products after an initial surge in popularity in the mid-2000s. Music games are often more expensive than your typical shoot-’em-up game because they require guitars, microphones and other musical equipment. While extra songs can be purchased for download, this hasn’t been enough to keep the games profitable. Activision’s shares tumbled after the announcement, but investors appear more concerned with the company’s disappointing revenue forecast than the demise of the rocker game. As far as investors go, discontinuing an unprofitable product isn’t the end of the world, even if “Guitar Hero” fans disagree. “In retrospect it was a $3 billion or more business that everybody needed to buy, so they did, but they only needed to buy it once,” said Wedbush Morgan analyst Michael Pachter. “It’s much like ‘Wii Fit.’ Once you have it, you don’t need to buy another one.” “Guitar Hero” was iconic and often praised for getting a generation weaned on video games into music. But its end after a mere half a decade is a big contrast to other influential video game franchises, such as the 25-year-old Mario series from Nintendo. “Call of Duty” first launched in 2003, two years before “Guitar Hero.” In a conference call, Activision said its restructuring will mean the loss of about 500 jobs in its Activision Publishing business, which has about 7,000 employees. But the company’s overall work force numbers are not going to change much because it is hiring people elsewhere. Activision did better than expected in the fourth quarter, which ended in December, but that already was anticipated. After all, it launched “Call of Duty: Black Ops” in November. That game, which is mostly set during the Vietnam War, made $1 billion after just six weeks in stores. Its latest “World of Warcraft” game has also been doing well. Bobby Kotick, Activision’s CEO, said the company’s big franchises “have larger audience bases than ever before and we continue to see significantly enhanced user activity and engagement for our expanding online communities.” Revenue from so-called “digital channels” – that is, downloads, subscriptions and extra game content sold online – now accounts for 30 percent of the company’s total revenue. Activision said Wednesday it lost $233 million, or 20 cents per share, in the latest quarter, compared with a loss of $286 million, or 23 cents per share, in the same period a year earlier. Net revenue fell to $1.43 billion from $1.56 billion. Its adjusted earnings of 53 cents per share were better than last year’s 49 cents and beat analysts’ expectations of 51 cents, according to FactSet. Revenue that’s been adjusted to account for games with online components was $2.55 billion, up slightly from $2.50 billion a year earlier and above analysts’ $2.25 billion forecast. For the current quarter, which ends in March, Activision forecast adjusted earnings of 7 cents per share, and adjusted revenue of $640 million. Analysts are looking for earnings of 10 cents per share on higher revenue of $771 million. Activision Blizzard also said its board authorized a new $1.5 billion stock buyback plan. And it declared an annual dividend of 16.5 cents, an increase of 10 percent from the dividend it issued in February 2010, its first ever. Shares of the Santa Monica, Calif.-based company, which is majority-owned by France’s Vivendi SA, tumbled 87 cents, or 7.4 percent, to $10.82 in after-hours trading. The stock had closed the regular session down 19 cents at $11.69.

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Airfares On The Rise As Airlines Charge Passengers For Fuel

February 8, 2011

NEW YORK — The rising cost of flying comes with a familiar refrain: The airlines need help paying their fuel bills. For the first time since late 2008, U.S. airlines are adding fuel surcharges to ticket prices. They’ve already raised fares five times since December.to offset a 25 percent increase in the price of jet fuel. For those with spring and summer travel plans, it’s a one-two punch. Right now, the surcharges on U.S. routes are only between $3 and $5 each way. Back in 2008, surcharges started slightly higher, then jumped as high as $60 when oil hit $147 in the summer. Many estimates have oil moving slightly above $100 this year. Even a one-way $15 surcharge adds more than 4 percent to the average domestic ticket price of about $340. And on international flights, fuel surcharges at their peak can more than double the price of a ticket. _ Adding fuel to the fare American Airlines last week added a fuel surcharge of about $5 each way on most U.S. routes. United and Continental applied a charge of $3 each way. Others are expected to follow. JetBlue tacked on $35 to $45 for trips to the Caribbean and Puerto Rico. Besides raising fares system-wide, individual airlines are hiking fares further on popular routes. That helps boost revenue, but airlines aren’t sure it’s enough. Airlines generally expect to pay at least 15 to 25 percent more for fuel this year. Estimates vary because carriers use different financial strategies for rising fuel prices. Oil topped $92 per barrel last week, the highest level since October 2008. _ Where (and why) you’ll find them Fuel surcharges are traditionally an easier way to raise fares. An increase to a base fare isn’t always tolerated by customers. They can switch to a rival or force an airline to lower fares again to keep them. Fees are complicated and can drive passengers away, too. Airlines also believe passengers are more forgiving of price increases for specific reasons. “I think our customer understands fuel surcharges because they see their energy costs rising as well,” JetBlue Dave Barger said in an interview with The Associated Press. _ Now you see them. Surcharges are wrapped into the base fare on U.S. flights – you won’t incur a separate fee at booking. And they must appear in all promotions and advertisements. But on international flights fuel surcharges are often hidden during an initial fare search on online travel sites and the airlines’ own websites. They can exceed the ticket price. Surcharges for international flights reached $350 on a trip to Europe in 2008. They dropped, but never went away like domestic charges did in the recession. Fuel surcharges are labeled with an “F” code on your final booking statement of airfare and taxes. Peak travel day surcharges, which airlines introduced soon after domestic fuel fees disappeared, have a “Q” code. It’s unclear whether travelers will incur both fees this summer. _ More to come? Few airline executives expect costs to drop this year, so travelers should prepare for higher fuel surcharges. Southwest CEO Gary Kelly said fuel will be the airline’s biggest hurdle to staying profitable this year. Fuel is often an airline’s biggest expense next to labor. It accounts for about one-third of an airline’s total costs, on average, according to the International Air Transport Association. Rick Seaney of FareCompare.com predicts airlines will apply fuel surcharges much more slowly this year to avoid the resistance they encountered two and a half years ago. But that’s not to say airlines wouldn’t raise fuel surcharges higher than in 2008. With the economy growing and more people flying, analysts suggest that fares and fees should climb steadily this year. “They’ll keep rising until the point where the consumer says `I’m not buying a ticket anymore,’” Seaney said.

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Send Word Now Hires Two New Sales Executives in the UK, Adding Wealth of Experience to European Region

February 8, 2011

NEW YORK, NY–(Marketwire – February 8, 2011) – Send Word Now, the leading provider of on-demand alerting , response, and incident management services , announced today the hire of Ian Harkins and Paul Maguire as Regional Sales Managers for the United Kingdom. Harkins and Maguire joined the Send Word Now team in the fourth quarter of 2010 in order to assist with the company’s continued growth in the United Kingdom and across Europe.

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The Big Problem For Young Workers: Getting A Full-Time Job

February 7, 2011

NEW YORK (By Kristina Cooke) – Shanee Greenidge of Boston has been searching for full-time work since she dropped out of high school in 2009 and took a string of part-time jobs to help her mother pay bills. “I’m looking for any type of full-time job. I don’t care what it is, I really need something,” said Greenidge, 20. Her situation is typical of millions of young Americans caught up in the aftermath of the country’s deepest economic crisis since the Great Depression. Greenidge has held a number of part-time jobs in the past two years, including work as a landscaper, but nothing to put her on a permanent career path. Even for part-time retail jobs, she said, she is competing with people with college degrees or years of experience. “There’s a lot of competition. It sometimes feels like I don’t stand a chance,” she said. The number of Americans working part-time because they cannot find a full-time job or because their hours were cut more than doubled from around 4 million in 2007 to more than 9 million in 2009. The number is edging lower, but as of January 2011, 8.4 million were still working part-time because of the weak economy, according to U.S. payrolls data issued on Friday. The U.S. unemployment rate has fallen to 9 percent, but if involuntary part-time workers and people who are not actively looking for work are counted, it stands at 16.1 percent, according to government data. Andrew Sum, an economics professor at Northeastern University in Boston, said past recessions suggest it will take several years to make a significant dent in the number of underemployed Americans. “It takes really strong three or four years of growth until you get a big push down in this number,” he said. “There are a large number of employers who are not sure about future demand. So they want to keep the cost down.” But the cost of being underemployed is “huge,” both for those desperate for more work hours — who tend to be young adults, less-educated and blue-collar workers — and the broader economy, Sum said. Most part-time employees work half the hours of full-time employees and often do not have benefits such as health insurance and pensions, Sum said. That puts a strain on already stretched public services. Underemployed workers tend to get less training at work and earn less in the future than full-time colleagues, he said. These lower earnings hold back their spending on goods and services, which drives the U.S. economy. Part-time workers on low incomes are also more likely to need social services such as food stamps, even as their lower wages and expenditures reduce their tax contributions, adding to U.S. fiscal strains. Neil Sullivan, executive director at the Boston Private Industry Council, said the difficulty young people have getting a firm foothold in the job market is especially worrying. “Disconnected youth are the ones that do the most harm to themselves and the community,” Sullivan said. “You can find them on the street corners all around urban America and there are few prospects for them apart from part-time retail.” NO EXPERIENCE, NO JOB Melissa Rodrigues, 25, who recently graduated with a bachelor degree in sports sciences, works part-time looking after children at an after-school club while she looks for a permanent job. Many peers who graduated with her, she said, are waitressing or going back to school. “I’ve applied to a lot of places, but they want experience. They want two years, for everything,” she said. Even those with more experience can find it tough to regain their footing in the labor market. Beth Tarbell, 46, was laid off from her job writing procedures and safety manuals for the restaurant industry in Austin, Texas, last spring and since then has been working part-time, off and on. “I’m getting a bit nervous now,” she said. “I know people who are sleeping on other people’s couches and I am hoping I don’t become one of them,” she said. “I’ve had a former boss tell me, ‘I wish we could afford to bring you on full-time but we can’t.’” Copyright 2010 Thomson Reuters. Click for Restrictions .

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Bank of America Creates New Unit For Foreclosures

February 5, 2011

NEW YORK — Bank of America Corp. on Thursday said it is splitting its mortgage business into two units, with a new division created specifically to handle foreclosures and discontinued loan products. The bank said the new Legacy Asset Servicing unit will be responsible for resolving issues involving faulty paperwork that led Bank of America to suspend foreclosures in all 50 states in October. After reviewing procedures, it resumed the actions nationwide in December. The legacy unit will also handle mortgage modifications and buyback claims on bad home loans sold to investors. It will be led by Terry Laughlin, who joined Bank of America in July 2010 as an executive in its mortgage unit handling credit loss mitigation strategies. The move is the latest in a series of management shifts since Brian Moynihan took over as CEO in January 2010. Bank of America Home Loans lost $8.92 billion in 2010, according to the bank’s year-end financial report, largely due to the toxic loans it acquired when it bought Countrywide Financial Corp. in 2008. Countrywide was writing one in six of the nation’s mortgages in 2006. The Calabasas, Calif.-based company spiraled into disaster as it became clear many of its borrowers wouldn’t be able to repay mortgages that had required no proof of income or down payment, and contained adjustable rates that quickly made monthly payments unaffordable. In addition to the continuing cascade of consumer defaults, Bank of America has also been beset with buyback claims and lawsuits over the investment securities backed by those loans. It reached a settlement last month with Fannie Mae and Freddie Mac regarding some of Countrywide’s toxic investments, and made payments of about $2.6 billion to the two government-owned mortgage finance companies. At that time, the bank said it still faces claims of about $2.7 billion from the two. Analysts have estimated the bank faces up to $10 billion in claims from private buyers. Bank of America, which is based in Charlotte, N.C., has also been beset with lawsuits related to securities backed by toxic mortgages. In regulatory filings the bank has said it, Countrywide and its Merrill Lynch unit have been named as defendants in suits related to the sales of more than $375 billion in mortgage-backed securities. Bank of America Home Loans will continue to handle new loans and the servicing of loans – or collection of monthly payments – that are up-to-date. It will be continue to be led by Barbara Desoer, who has run the unit since 2008. The bank wrote $306 billion in new mortgages in 2010. At the end of the year, it had a mortgage servicing portfolio of $2.06 billion, according to regulatory filings. Separately, the company said it will exit the reverse mortgage origination business and shift the staff from that business to other mortgage operations. Customers with pending reverse mortgage loans will be allowed to continue through the process, and the existing loans will remain in force. The bank has about 100,000 existing reverse mortgages outstanding. Reverse mortgages are typically sold to borrowers over age 62 who want to access the equity in their homes for personal expenses. Bank of America stock closed Friday trading down 14 cents at $14.29. It gained 44, or 3 percent, to $14.73 cents in afterhours trading following the announcement of the creation of the new mortgage unit.

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Michael Kyser Named Atlantic President, Black Music

February 3, 2011

NEW YORK, NY–(Marketwire – February 3, 2011) – Michael Kyser has been named the first-ever President of Black Music for the Atlantic Records Group. The announcement was made today by Atlantic Chairman/COO Julie Greenwald and Chairman/CEO Craig Kallman. Kyser, who began his music career two decades ago at Def Jam Recordings, joined Atlantic Records in 2004 as Executive Vice President of Urban Music.

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Kantar Health Names Susan Suponcic Head of Global Market Access

February 3, 2011

NEW YORK, NY–(Marketwire – February 3, 2011) –   Kantar Health , a leading healthcare-focused global consultancy and marketing insights company, has appointed Susan J. Suponcic, Ph.D., as Senior Vice President of Global Market Access. In this role, she will lead a global practice team who will assist pharmaceutical industry clients in incorporating, substantiating and implementing market access initiatives to capture the value of their innovations and ensure patient access globally.

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Kamakura Names Insurance Expert Richard E. Owens Managing Director and Chief Actuary

February 3, 2011

NEW YORK, NY–(Marketwire – February 3, 2011) – Kamakura Corporation announced today that Richard E. Owens, a 25 year MetLife veteran, has been named Managing Director and Chief Actuary at Honolulu-based risk vendor Kamakura Corporation. Mr. Owens, who will be based in New York for Kamakura, will work closely with Kamakura’s rapidly growing client base in the insurance, money management and pension fund industries both in the United States and in international markets. Mr. Owens will be heavily involved in helping insurance companies meet a “best practice” standard in risk management, in addition to overseeing Solvency II compliance for Kamakura clients in the insurance industry.

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At Brooklyn Law, A Tech-Focused Clinic Helps Startups Off The Ground

February 2, 2011

NEW YORK — Jonathan Askin is sporting a long faux-leather trench coat and a shaved head as he enters his first tech meet-up of the night. On the second floor of SoHo’s Scholastic building, the congregation is already underway. A table at the back of the room is strewn with delivery pizza, surrounded by networking techies shaking hands and chatting idly about venture funds, Silicon Alley, and location-based services. Passing through this dense crowd, Askin is simultaneously greeting and being greeted by friends, allies, acquaintances, and occasionally, former clients. His role is both ambassadorial and communal; as the founder and director of the Brooklyn Law Incubator & Policy Clinic , his is a well-known and welcome face. The clinic, or as it’s known, BLIP, is the culmination of Askin’s nearly two decade-long legal career. BLIP functions as a full service tech-oriented law firm leading its students through the full sweep of transactional law, policy and politics, technology and entrepreneurship necessary in a web-enabled world to provide pro-bono legal help to tech startups that really need it. The goal: training the lawyer 2.0 for the digital era. BLIP is a legal outpost on the boundary of old and new. As the world catches up to the web, companies, governments and ordinary web users are grappling with unfamiliar issues regarding privacy, transparency, communication and more. The current crop of attorneys have to deal with the overwhelming amount of information freely available on the web as well as the complicated — and unforeseen — legal quandaries that develop as a result. The startups BLIP assists will be the pioneers of future corporate structures, even as the innovations they introduce to the digital infrastructure continue to morph the human experience. “Lawyers are still the only people who use fax machines — a demonstration of our Luddite tendencies,” said Askin. “Change comes a lot slower to legal professions than the tech/entrepreneurship world. We’ve got to learn how to keep up. We’ve got to use the tools that other entrepreneurs have used.” Askin’s own career reflects the pattern for BLIP’s multifaceted approach. Born to two civil rights attorneys, Askin started his career in the same field, before he wearied of waging “trench warfare” to hold the line on issues, which, as he put it, “had been fought 30 years ago.” Then, the Internet came along. “This is a moment that a young lawyer hasn’t seem since the Civil Rights Act,” he remembers thinking. “We’re going to create new law that is going to change the course of history for the next few decades if not longer. We are writing the laws that will shape our digital future.” After leaving civil rights law, Askin began to move towards tech-related law, putting in time at the Federal Communications Commission, out in California working directly for startups, and playing a role in President Obama’s tech task force during the election. “I was in D.C. and I was a policy advocate and I thought I was a tech attorney. We weren’t tech attorneys. We were lobbyists who knew a little bit of the jargon,” he said. “I started working with tech startups — everything they know is operations and transactions — they don’t know the first thing about policy or politics. It’s very difficult for any attorney to represent the needs of a tech startup.” BLIP is Askin’s attempt to fill the void of lawyers fully equipped with the range of experience necessary to work in the tech startup world. In many ways, BLIP offers Askin the opportunity to share what he’s learned with law students about to start careers in a web-saturated world. “Every single disparate thread in my life had a very circuitous legal path that has inevitably led me to exactly where I am right now,” he said. “I was a dilettante — a smattering of policy, a smattering of transactional, a smattering of civil rights work, but without having had that circuitous path, I’d be a little too myopic myself. Now I feel like I’m the blended mashed-up attorney that I’d like to see a lot of my students become.” Or, as current clinician Jameson Dempsey described it: “BLIP is Askin, Askin is BLIP.” Dempsey is one of the two students who have followed him out this night, though seminar ended just an hour before, and law school offers no extra credit. But this kind of immersion in startup culture is important for any tech-minded lawyer. “He’s actually the first professor I’ve ever had to assign a blog roll,” said Dempsey. “Which I thought was really cool.” At the second meet-up, the techies amble around with beers in hand, or sit quietly with their iPads. The moderator asks everyone to introduce themselves by name, interest, and Twitter handle. Askin and his students comply on all three counts; attorneys you can tweet at. “It’s his vision that leaves fingerprints all over it. What he’s opened the students up to is incredible,” said Tom Chernaik, who worked with BLIP on a startup called CMP.LY , “He’s such a fixture in the New York scene. A true lifeline into the New York tech scene is something these students are going to get out of him.” Through these meet-ups, BLIP has fostered relationships with a number of startups and tech professionals, finding a number of prospective clients in the process. One of the clients BLIP reached through the scene is MainStreetSocial . Helping local governments monetize their websites with online advertisements, as well as to leverage social media to improve contact with constituents, MainStreetSocial has had to deal with both the ordinary business of starting a company as well as with broader issues involving the legality of selling ads on government sites. Ryan O’Donnell, one of the founders of MainStreetSocial, first heard Askin speak at a tech event. “Jonathan was at the entrepreneurs roundtable and I heard him say, ‘At BLIP we do X, Y and Z for startup companies — if you’re interested find a way to get in touch with us’” he said. O’Donnell immediately found a way to connect with Askin, who took the initial meeting. “Thirty seconds into the conversation, I went through my quick elevator pitch of what we did, what our challenges were, and he got very excited,” O’Donnell recounted. “He goes, ‘I have what I think would be the perfect team for you.’ I’m going to tell them about you and I want you to come back in and meet with them.” The students helped O’Donnell with research, and drafted a legal memorandum. “We were then able to take it out to current clients, as well as prospective clients and say, ‘Here’s a memorandum that says, yes you can put advertisements on your websites if you follow these criteria,’” he said. “It’s the first time I’ve encountered anything like that.” For the students in the BLIP clinic, working with real clients is a major part of the appeal. With Askin as a pedagogical guide, students are deployed into real legal work for clients facing tricky issues ranging from drafting privacy policy, to incorporation, to wider policy related questions. And as the startups they work with grow into full-fledged companies, other benefits present themselves as well. “Once we do get to scale and are a larger company, that’s the first place I’m going to look when making internal hires for legal counsel within the company,” said O’Donnell. BLIP’s students are just as dedicated as their professor. BLIP has no room for the half-hearted. As the most popular clinic at Brooklyn Law, no first-year students are admitted, and almost no one is admitted on their first application. Even so, the size of the clinic is twice that of the next largest clinic in the country. There’s no doubt that part of the clinic’s draw is the chance to work under Askin. “He has a million ideas and he has a million projects he wants to work on and one person can only work on so many projects,” said Dempsey. “And so having twenty students who are really gung-ho about making a difference in the community, about learning more about tech law, about experiencing the breadth of the projects that we have in the clinic allows him to realize a lot of his visions … and the man has vision.” But apart from his position as professor, Askin also seems to infect his students with his overarching notion that the work BLIP does is truly the work of the future. “I see his role as very much inspirational, the guru, the person you go to, the person who just drives you on a day-to-day basis, who says, ‘Remember what we’re doing here, we’re trying to develop these skills,’” said Julie Adler, another clinician. “It’s more about the greater mission, and he’s always trying to keep our sights on that mission.”

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Planned Layoffs Rise 20 Percent

February 2, 2011

NEW YORK (Reuters) – The number of planned layoffs at U.S. firms in January rose 20 percent from the previous month to 38,519, but the tally was still the lowest for a January since at least 1993, according to a report released on Wednesday. Noting that January was typically a month of large job cuts, global outplacement company Challenger, Gray & Christmas said in its report that the slowdown in job cuts that began in the latter half of 2010 appeared to be continuing. Challenger said the January total was the lowest for that month since the company began tracking monthly layoff announcements in 1993. Job cuts in January were led by the government and non-profit sector, it said. Copyright 2010 Thomson Reuters. Click for Restrictions .

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iTheft: Apple Hit By Crime Spree Using Thousands Of Stolen Credit Cards

February 2, 2011

NEW YORK — Dozens of people have been charged with forming a prolific identity theft ring that used thousands of stolen credit card numbers to shop at Apple stores around the country, according to a court document and a law enforcement official. The group obtained stolen account numbers, forged credit cards and used them to buy laptops, iPhones and other merchandise at Apple stores in locales ranging from New York to Los Angeles to Wauwatosa, Wis. – with a ringleader steering the scheme even while behind bars, according to an indictment charging 18 people with grand larceny. A law enforcement official said the allegations ultimately involve 27 people and roughly $1 million in merchandise. The official spoke on condition of anonymity to discuss the case ahead of an official announcement. The Manhattan district attorney’s office declined to comment Tuesday. DA Cyrus R. Vance Jr. and the U.S. Secret Service were expected to unveil a major cybercrime case Wednesday; the Secret Service didn’t immediately return a telephone call about the matter Tuesday evening. It wasn’t immediately clear how the group is accused of getting the credit card numbers. But leaders created phony cards, provided them to associates and contrived to send the associates “to locations in (Manhattan) and elsewhere to purchase goods, such as laptop computers, iPods, iPhones, other electronic devices, gift cards and clothing products” starting in May 2009, the indictment said. It lists purchases in Apple stores in a roster of major cities, including Las Vegas, Atlanta, Indianapolis and St. Louis, and smaller communities such as Altamonte Springs, Fla., and Stamford, Conn. Members of the group sometimes charged more than $3,000 worth of products in one stop, but other transactions were as small as a $53.45 tab for a laptop case, the indictment says. Cupertino, Calif.-based Apple Inc. didn’t immediately return a call seeking comment Tuesday. Shaheed Bilal, accused of being a leader of the scheme, had thousands of stolen credit card numbers stored in e-mails and boasted via Twitter about using credit cards at restaurants, prosecutors said at his arraignment Tuesday. He continued “to oversee the operations of this conspiracy by communicating instructions via telephone” while incarcerated from last May to December, the indictment said. It’s unclear why he was behind bars at the time. Bilal, 28, was being held on $1 million bail after pleading not guilty at his arraignment Tuesday. His lawyer’s name wasn’t immediately available. The group channeled at least some of the ill-gotten merchandise for below-market prices to a man who then resold it at a profit, the indictment said. The man accused of being the reseller, Gil Einhorn, also pleaded not guilty Tuesday. Defense lawyer Steven Kartagener said Einhorn was “confident in his ultimate vindication.”

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Aoxing Pharmaceutical Company Appoints Bob Ai as Chief Financial Officer

February 1, 2011

NEW YORK, NY–(Marketwire – February 1, 2011) – Aoxing Pharmaceutical Co., Inc. ( NYSE Amex : AXN ) (“Aoxing Pharma”), a specialty pharmaceutical company focusing on research, development, manufacturing and distribution of narcotic and pain-management products, today announced that Bob Ai, Ph.D., has joined the Company as Chief Financial Officer, effective February 1, 2011. Mr. Ai joins Aoxing Pharma with an extensive scientific background and over a decade of experience as an investor and analyst for the healthcare space in the financial industry. He was most recently a partner at Merlin Nexus Group, in New York, NY, a crossover private equity firm investing in life science companies. 

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TBA Global Names Joseph Lugo as New Chief Financial Officer

January 31, 2011

NEW YORK, NY–(Marketwire – January 31, 2011) – TBA Global , a leading engagement marketing and communications agency, today announced that Joseph Lugo has joined the company as Chief Financial Officer. He joins TBA Global from Interbrand, where he worked as a CFO since 2009. Prior to that, he served as VP of Finance in Europe, for Saatchi & Saatchi Worldwide.

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Massey Energy To Be Sold To Alpha Natural Resources

January 30, 2011

NEW YORK — Massey Energy Co., struggling with losses after an explosion that killed 29 workers at a West Virginia coal mine last spring, agreed Saturday to be taken over by Alpha Natural Resources Inc. Alpha is paying $7.1 billion in cash and stock for Massey, the nation’s fourth-largest coal producer by revenue. Massey operates 19 mining complexes in Virginia, West Virginia and Kentucky including the Upper Big Branch mine where the April 5 disaster occurred. Alpha is offering 1.025 share of its stock for each share of Massey, plus $10 per share in cash. Together, that represents a bid of $69.33 per share, a 21 percent premium over Massey’s closing share price Friday. In an interview, Alpha CEO Kevin Crutchfield said the acquisition will offer greater access to international markets. Shortages of coal for making steel have driven up prices around the world, a trend Alpha hopes to capitalize on. “We sell into 20-some countries now and that will increase significantly,” Crutchfield said. Asked about safety concerns at Massey’s operations, Crutchfield said, “We try to let our performance speak for itself. Nobody is perfect, but we have a very good record regarding safety and a good working relationship with regulators.” He added, “Massey has a lot of great people who want to do the right thing.” A sale of Richmond, Va.-based Massey was expected even before the sudden retirement last month of Don Blankenship, the company’s CEO. He was the strongest advocate for remaining an independent company on Massey’s board. The company’s losses since the disaster were another factor leading to its sale. Massey lost a total of $130 million in the second and third quarters of last year. It has not yet released fourth-quarter results. Alpha expects the deal will help the combined company cut costs by at least $150 million a year. Recent reports have suggested Massey was also being sought by global steel conglomerate ArcelorMittal SA. Alpha, based in Abingdon, Va., is the leading U.S. producer of metallurgical coal – the kind used to make steel as opposed to electricity – while ArcelorMittal already owns several metallurgical coal mines in Appalachia. Demand from steelmakers allows coal producers to charge premium prices of $200 or more a ton, more than double the price of Appalachian coal sold to power plants. About 1.3 billion tons of Massey’s 2.9 billion tons of coal reserves is metallurgical coal. Under Blankenship, the company increased coal exports and opened important inroads to India, which is seen as the next big industrial market by some in the coal industry. Massey has faced questions about its safety practices since a fire killed two miners at it Aracoma Alma No. 1 mine in West Virginia in January 2006. The fire helped persuade Congress to pass sweeping safety changes that year. Alpha, on the other hand, has faced few questions about its safety practices and Crutchfield has been an invited speaker at industry safety conference. It has avoided major disasters, though several miners have died at its operations. Most notable was a roof collapse that killed two miners in Cucumber, W.Va., in January 2007. The April explosion, the worst U.S. mining disaster in 40 years, is the subject of civil and criminal investigations. On Friday, Massey rejected nearly every part of the federal government’s theory on what caused the deadly explosion. The company doesn’t believe that broken equipment or an excessive buildup of coal dust contributed to the blast. Instead, Massey argues there was a sudden inundation of natural gases from a crack in the floor that overwhelmed what it insists were good air flow and other controls that should have contained the blast. It acknowledged the shearing machine that cuts the coal may somehow have ignited the gas but said the company’s own investigators haven’t determined how. Massey won’t issue its own report on the explosion until after state and federal investigators release theirs. The proposed sale won’t affect the investigation into the explosion, said J. Davitt McAteer, who was asked by former West Virginia Gov. Joe Manchin to conduct a separate investigation. “It doesn’t impact the investigation since the investigation looks at a moment in time and what lead up to that,” said McAteer, who headed the federal Mine Safety and Health Administration during the Clinton administration. “Hopefully the purchase by Alpha would be helpful in adopting a new culture that would establish safer operating procedures at these mines operated by Massey,” he said. The explosion is also being investigated by MSHA and the West Virginia Office of Miners’ Health Safety and Training. Miner Clay Mullins, who lost his brother Rex in the Upper Big Branch explosion, said it’s a surprise anyone would want Massey. “I really don’t care what happens to them as long as there’s men and there’s families that need to make a living, I understand that, but Massey needs to be held accountable for the 29 men they murdered,” Mullins said. The companies said the deal is expected to close by mid-year. It must be approved by regulators and Alpha and Massey shareholders. If approved it will create a company with combined annual revenue of roughly $7 billion and more than 12,000 employees. Massey’s stock closed Friday at $57.23. The stock had tumbled from its close of $54.69 the day of the explosion to a low of $26.31 on July 2. Investors sensing the possibility of a takeover have bid the stock higher since then. Investors profited under Blankenship, but the former CEO alienated neighbors of his company’s mines over environmental issues. His staunch defense of the company after the explosion raised more anger. A statement from Alpha executives and Massey’s current CEO, Baxter F. Phillips Jr. did not mention the disaster. Coal broker A.T. Massey created the company bearing his name in 1920. Massey was sold in 1974 to St. Joe Minerals, which later formed a partnership with Royal Dutch/Shell Group in 1980. A year later, Massey Coal Partnership was purchased by Fluor Corp. Massey Energy was created in 2000 when Fluor spun off its coal holdings. Alpha was founded in 2002 and went public three years later. It has grown to one of the industry’s largest with a series of smaller acquisitions and the $1.4 billion takeover of rival Foundation Coal Holdings in July 2009 ___ Huber reported from Charleston, W.Va. AP Writer Brian Farkas in Charleston also contributed to this report.

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Goldman Sachs CEO’s Pay More Than Triples

January 28, 2011

NEW YORK — Goldman Sachs Group Inc. has more than tripled the salary of CEO Lloyd Blankfein to $2 million, and also granted raises to four other top executives. The investment bank said in a Securities and Exchange Commission filing on Friday that its board’s compensation committee set the new base salary for Blankfein, effective Jan. 1. His previous salary had been $600,000. The committee set salaries at $1.85 million for four other executives. They are Chief Operating Officer Gary Cohn; Chief Financial Officer David Viniar and Vice Chairmen Michael Evans and John Weinberg. The filing didn’t elaborate on the reasons for the raises. The salaries don’t include other forms of compensation the executives can receive, such as stock options.

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