Author: Serkadis

  • 5 days to go: Burkina Faso Maternal Mortality Campaign Countdown

    Idrissa Dicko who lost his young wife and baby in childbirth, Burkina Faso, june 2009The story of Safiatou* is one of the 50 cases that Amnesty International’s researchers investigated in-depth. Safiatou died while trying to reach a health centre after delivering at home.

    Safiatou, 26, married her cousin Hamidou when she was 14 years old. They lived in a village about 100km south of Ouagadougou, where they farmed livestock. She already had four children when she became pregnant again in 2007.

    Safiatou’s husband told Amnesty International: “The day of her delivery, she was in good health and worked all afternoon as usual without any problem. She prepared tô [a local dish made from maize flour] for her children and went to get the hay for the animals. In the evening, when her labour began, she left for her mother’s home. Her mother came to warn me that she was not well, that we had to take her to the clinic. I do not have a motorcycle, so I had to go and get one. That made us lose time.” The husband added that he “did not know that she should have delivered at the clinic. When I came to fetch her at her mother’s house, she had lost consciousness.”

    The husband borrowed a small motorcycle from his neighbour, but it did not have any fuel and the closest gas station was 10km away. They had to first push the motorcycle for 10 km… Safiatou ended up delivering at home, but there was placenta retention and serious haemorrhaging.

    Her husband asked a friend to help him take Safiatou to the health center but she died on the motorcycle 4km away from the health centre.

    Safiatou left five boys, aged 11, nine, seven and four, and the newborn baby.

    * not real name

    If you want to hear more on how Amnesty International will campaign so that women like Safiatou stop dying giving birth, watch this space tomorrow.

     
    Picture:  A man holding a picture of his wife who died in childbirth, Burkina Faso. Copyright Anna Kari
  • Hi Kgm0612

    Dear Kg….

    I use Humalog thrice a day and lantus at bedtime for the last
    6 years.. I do check my sugar and it has been fairly under control with my Hb1 ac at 7 . I have been getting low sugars on and off but this time there has been no respite , I trying to find out the reason for this sudden change in my suagar levels.. especially high sugar throughout the day after a midnight low.

    Hope to come out of this soon..
    bye.
    Asha.

  • Toyota to build one million hybrids per year by 2011?

    Filed under: ,

    Toyota FT-CH live unveiling – Click above for high-res image gallery

    Toyota is in the enviable position of being the market leader in hybrid production, with over 500,000 battery assisted cars and crossovers sold in 2009. The rest of the industry isn’t even close to catching up, and if a report from the Japanese business daily Nikkei is true, it’s going to become a lot tougher catch the World’s Largest Automaker in the next couple years. Nikkei reports that Toyota will reportedly aim for one million global hybrid sales per year by 2011, twice as many as 2009 and many times more than any other automaker is likely dreaming of selling.

    To get to a million hybrids sold, Toyota will likely need to increase the amount of hybrid-powered vehicles it sells while also increasing the amount facilities that produce hybrid vehicles and components. Toyota is expanding hybrid production to countries ranging from China and Thailand to the United States. The Nikkei says Toyota will build as many as 10 new hybrid vehicles for markets around the world.

    One vehicle that could help Toyota meet its supposed goal of one million hybrids by 2011 is a production vehicle based on the FT-CH concept from the 2010 Detroit Auto Show. The hybrid hatch is a bit smaller than the Prius, and such a vehicle could produce outstanding fuel economy while also providing big-time boost to hybrid volume.

    [Source: Gasgoo]

    Toyota to build one million hybrids per year by 2011? originally appeared on Autoblog on Fri, 22 Jan 2010 08:59:00 EST. Please see our terms for use of feeds.

    Read | Permalink | Email this | Comments

  • McLaren Will Unveil MP4-25 at Vodafone’s HQ in Newbury

    McLaren Mercedes will unveil their 2010 challenger on January 29, in the early hours of the morning. But then again, we already knew that, since the official site of the British team recently revealed that information to the media. However, it then failed to say the exact location of the event, as it was confirmed it won’t be at their headquarters at Woking.

    According to some reports in the UK, cited by the GMM news agency, it seems the place where it will all go down will be the headquarters… (read more)

  • Eastern Illinois loses to Murray State

    Murray State got points from 10 players in a 60-51 victory over Eastern Illinois.

    Tony Easley and Ivan Aska scored 10 points apiece to lead the Racers (17-3, 9-0 Ohio Valley), who won their eighth straight and remained unbeaten in conference. The Racers’ start is their best since the 1998-99 squad opened 17-2.

    Jeremy Granger led all scorers with 23 for the Panthers (10-9, 4-5), who dropped their fourth in a row.

    Ousmane Cisse had just two points but 10 rebounds.

    Murray State led 27-23 at intermission, but Granger scored five points in a row to put Eastern Illinois on top 32-31 early in the second half.

    It was the Panthers’ last lead.

    Shortly thereafter, Murray State ran off eight points in a row, ending with Jeffery McClain’s tip-in with 10:46 left to make it 48-37.

    Eastern Illinois cut it to six but never got closer.

    Read the original article from Tribune News Services.


  • Wait, Is Ben Bernanke Fired Too?

    tim geithner, ben bernanke, eating, ap photo

    Yesterday Tim Geithner got his walking papers.

    Is Ben Bernanke about to get his?

    FireDogLake points to a gated article at Capitol Hill publication Roll Call about the growing Democratic revolt against Bernanke.

    The bottom line: There’s a growing chorus of Democrats who aren’t so keen on re-appointing Bernanke just yet. The latest is Pennsylvania Senator Bob Casey.

    If Ben Bernanke is tossed the market will go into a tizzy that will make yesterday seem like child’s play. Even Warren Buffett recently told CNBC that if Ben Bernanke isn’t going to get re-confirmed he wants to know a day in advance (so he can sell stocks).

    It still seems likely that Bernanke will get re-appointed, but the winds are definitely blowing against him. He’s much more in league with Geithner and Summers (ideologically) than he is with current White House hero Paul Volcker.

    So why should Senators vote for him?

    Join the conversation about this story »

    See Also:

  • Romania must end forced evictions of Roma families

    The Romanian authorities must stop the forced eviction of Roma families and immediately relocate those living for years in hazardous conditions next to waste dumps, sewage treatment plants or industrial areas on the outskirts of cities, Amnesty International said on Tuesday.

    "Across the country Roma families are being evicted from their homes against their will. When this happens, they don’t just lose their homes. They lose their possessions, their social contacts, their access to work and state services," said Halya Gowan, Europe and Central Asia Programme Director for Amnesty International.

    "This pattern of forced evictions, without adequate consultation, adequate notice or adequate alternative housing, perpetuates racial segregation and violates Romania’s international obligations."

    In its briefing, Treated like waste: Roma homes destroyed, and health at risk, in Romania, Amnesty International tells the story of one particular mass eviction to highlight the terrible conditions endured by the Roma.

    In 2004, more than 100 Roma, including families with young children, were forcibly evicted by municipal authorities from a building in the centre of Miercurea Ciuc – the capital city of Harghita County in central Romania.

    Most were resettled by the authorities in metal cabins on the outskirts of the town, behind a sewage treatment plant. Some decided to move to a nearby waste dump, rather than live next to the sewage plant.

    Erszebet, who lives next to the sewage treatment plant with her husband and nine children, told Amnesty International what life is like in a metal cabin: "It is tight, when the whole family goes to sleep we don’t fit in. We cannot take a bath; we cannot clean ourselves. It is too small. We don’t want the older girls to take a bath in front of their father."

    The temporary metal cabins and shacks are close to the sewage treatment plant, falling within the 300-metre protection zone established by Romanian law to separate homes from potential toxic hazards. The failure to protect the right to health is another violation of Romania’s national and international obligations.

    Ilana told Amnesty International: "The houses fill up with that smell. At night… the children cover their faces with the pillows. We don’t want to eat when we feel the smell… I used to have another child who died when he was four months old… I don’t want to lose the rest of my children."

    "The ordeal of the Roma families has continued for six years," said Halya Gowan. "Now is the
    time for the local authorities to provide them with adequate housing close to services and facilities in a safe and healthy location.

    "Something needs to happen now. An example must be set – forced evictions must be stopped and the right to housing must be guaranteed. And this can and should be done by the authorities of Miercurea Ciuc."

    Amnesty International has called on the government of Romania to reform its housing legislation to incorporate international human rights standards with particular attention to housing.

    There are almost 2.2 million Roma in Romania – making up about 10 per cent of the total population. As a result of widespread discrimination, both by public officials and society at large, 75 per cent of Roma live in poverty, as opposed to 24 per cent of Romanians and 20 per cent of ethnic Hungarians, the largest minority in Romania. The levels of physical health and living conditions of the Roma are among the worst in the country.

    Although some Roma people live in permanent structures with legal tenancy, many other long-standing Romani dwellings are considered by the government as "temporary" and unofficial, and their inhabitants do not have any proof of tenancy, which increases their vulnerability to eviction.

    Forced evictions violate Romania’s international and regional legal standards such as the International Covenant on Economic, Social and Cultural Rights and the European Convention on Human Rights that require all people to have a minimum degree of security of tenure, guaranteeing them legal protection against forced eviction, harassment and other threats.

    Call on the Mayor of Miercurea Ciuc to protect the city’s forcibly evicted Roma families

  • my persistent hypo problem..

    Hi all…
    This is my first post in this forum..
    I have been a type1 diabetic for the past 10 yrs..
    My problem is that I have been suffering from bouts of hypo druing midnights and very high sugar during the day for the last ten days..
    I have had this problem before but this time around its there for a longer period….
    I have had this kind of problem every time I go out on a holiday for more than a week.
    My query is whether storage of my insulin is a problem ?
    Can you suggest better ways of carrying my insulin or any other better answer to my problem.

    Thanks.
    Asha

  • Preckwinkle leads Cook County Board campaign

    Chicago Ald. Toni Preckwinkle has surged to a significant lead in the Democratic primary for Cook County Board president as she has become better known and liked among suburban voters, a Tribune/WGN-TV poll shows.

    Board President Todd Stroger fell to last place among the four candidates, his support dropping to 11 percent from 14 percent six weeks ago.

    During that time, Preckwinkle supplanted Circuit Court Clerk Dorothy Brown as the front-runner with the support of 36 percent of likely Democratic voters, up from 20 percent, the poll found.

    Brown, who held a lead last month built upon her name recognition, fell from 29 percent to 24 percent.

    Metropolitan Water Reclamation District President Terrence O’Brien rose to 16 percent from 11 percent in the December poll.

    The survey of 503 likely Democratic primary voters, conducted Jan. 16-20, found only 12 percent undecided in the contest, putting the onus on Preckwinkle’s opponents to use the final days of the campaign to try to take support away from her. The survey’s error margin was 4.4 percentage points.

    Preckwinkle is airing TV ads promising to repeal the remainder of the unpopular and controversial Cook County sales tax increase backed by Stroger. She has seen her name recognition increase from about half of the county’s likely suburban voters last month to three-quarters in the new poll.

    Democratic voters with a favorable impression of Preckwinkle have doubled from 23 percent last month to 45 percent now. Her favorable impression among white voters also doubled to 54 percent. Those factors help explain why she has the support of 46 percent of white voters in the contest.

    O’Brien, the lone white candidate, has the backing of 25 percent of white voters.

    Among black voters, Brown scored 36 percent support, Preckwinkle had 24 percent, Stroger had 23 percent and O’Brien 4 percent.

    Preckwinkle, the former high school history teacher and current five-term alderman whose ward includes the home of President Barack Obama, has avoided injecting race into the campaign. Preckwinkle has argued that the Feb. 2 primary is a political test among all Democrats, not just African-Americans.

    The poll showed Brown losing support among suburban county voters as her opponents in recent weeks publicly questioned her practice of accepting gifts, including cash, from employees.

    Many of those gifts were presented to her at birthday parties that doubled as fundraisers, organized by top-level employees, with significant contributions from many of her 2,100 workers.

    That issue arose before the campaign, but this week reports focused on her practice of requiring employees to pay $2 or $3 a day to wear jeans on some Fridays. She said the money goes to pay for employee appreciation events and to make charitable donations, but she has yet to produce records to document it.

    About two-thirds of likely Democratic voters continued to disapprove of Stroger’s job performance. His administration has been dogged by the unpopular sales tax hike and hiring scandals.

    On the campaign trail, Stroger blames the news media for his bad image. He says he has done a good job of keeping the county financially sound and the public health system intact during a deep recession.

    That contention has been lost in the controversies over the penny-on-the-dollar sales tax increase and his hiring of a troubled steakhouse busboy for an executive post.

    The tax increase spurred talk of secession among outlying suburbs and prompted his old colleagues in the General Assembly to seek political cover by making it easier to override the board president’s veto.

    In his three years as president, Stroger never escaped the perception that clout rather than merit installed him in the office. A wide array of establishment Democrats backed him to replace his then-ailing father, John, in the November 2006 election.

    Along the way, however, Stroger has lost much of that support. And Stroger’s opponents have all taken aim at his leadership.

    O’Brien has focused his campaign on repealing the sales tax increase, but has been criticized for raising the water district’s annual property taxes by more than 30 percent during his decade-plus tenure as president.

    Despite the campaign’s focus on the tax issue, the poll found that only 54 percent of voters favor a repeal of the remaining half-percent increase in the sales tax. Nearly a third oppose repeal.

    O’Brien has pledged to immediately roll back the remaining half cent of the sales tax increase, while Brown and Preckwinkle have promised to do so over time.

    Only Preckwinkle has unconditionally backed making permanent the independent board overseeing the county’s vast public health system.

    Preckwinkle’s opponents are criticizing her for decade-old campaign donations from convicted political fixer Antoin “Tony” Rezko. Preckwinkle has said that she knew Rezko during the 1990s when he was developing affordable housing in her 4th Ward. Preckwinkle said their relationship soured around 2000 after she confronted him about problems at his developments.

    Read the original article from Tribune News Services.


  • POLITICS-UGANDA: Sharing the National Cake

    By Evelyn Matsamura Kiapi KAMPALA, Jan 22 (IPS) Their caricatures show great wealth and status, being driven in flashy four-wheel drives surrounded by bodyguards, and receiving benefits including mansions, cars, medical care and travel and sitting allowances. They are treated as Very Important Persons.

    They are not powerful business man, celebrities or even heads of national corporations. They are cabinet ministers, elected to government to serve the people.

    In Uganda the role of a cabinet minister is to determine, formulate and implement government policies and perform other state functions conferred by the legislature – but in this part of the world cabinet ministers are often associated more with large fortunes than policy.

    Cabinet ministers are possibly playing their roles, but this is not much in evidence. In most instances they are described only as chief guests – at the inauguration of a village spring well, launching of a workshop, or officiating at the opening of a new school or health centre – creating the impression that their function is merely to give speeches and cut ribbons for new projects.

    And at the end of the day they go home with a fat ministerial pay check of up to 20,000 dollars a month in salaries and allowances – a remarkable salary in a country where medical doctors earn only 200 dollars a month.

    The Constitution stipulates that the total number of ministers and their deputies appointed shall not exceed 42 without the approval of parliament. But Uganda has 25 full ministers and 44 ministers of state (deputy ministers), including three deputy prime ministers, three deputy ministers each for education, health and tourism, and four deputies for gender, labour and social development.

    All these have their own departmental structure, and there are concerns that ministers in the same ministry duplicate responsibilities and are even in conflict, while others are redundant. A few years back one minister made it public that he was actually redundant, creating debate on whether we needed such a huge cabinet after all.

    In spite of the numbers, development indicators remain poor. For instance, 435 of every 100,000 women still die in childbirth each year, and 76 of every 1,000 children are malnourished.

    The Office of the President has now proposed that two more cabinet posts be created, sparking public debate on whether 71 cabinet members can make a bigger difference than 69 in an economy where 31 percent live on less than one dollar a day.

    "I don’t think we need more ministers. This country needs only 10 ministers and 10 assistant ministers. That is 20," says Professor Aaron Mukwaya, of the School of Politics, Makerere University in Kampala.

    "The smaller the cabinet the better, because it is all about debating and taking decisions on critical issues. Making such decisions requires a small number of people, so as to reduce leakages and increases compliance and general respectability," Mukwaya said in an interview with IPS.

    Mukwaya also questions the role of the cabinet, and whether it performs as stipulated by the Constitution, or simply to appease the appointing authority.

    "The cabinet is not only large but virtually useless. The intention of the cabinet is to appease the head of state. It is based on the idea that when you have a huge cabinet, it is incapable of making serious decisions. Therefore the president remains the only person who can make decisions. The cabinet is no longer an issue for development," he says.

    Some citizens agree with Mukwaya. "We have an unnecessarily big cabinet. I do not see the relevance of some ministries. Taxation is already a strain on us. Efficiency does not depend on numbers. Look at the state of our roads," says 33-year-old Hadijah Kalibala, a management consultant in Kampala.

    Thirty-nine-year-old taxi driver Boniface Kateregga concurs. "I do not see why Uganda should have a larger cabinet than developed countries like Britain and the United States," he says.

    Yet permanent secretary to the presidency Opio Lukone defends the numbers, saying they are not in contravention of the provisions of the Constitution: "Every situation is specific to a country," he tells IPS in an interview.

    "One must not forget that we are a nation in the process of construction, and there are many forces (challenges) that we are facing. The public says this number is too large, and the basis for this revolves around affordability.

    "But I think before we draw a conclusion, there are many factors that go into putting a cabinet together, including effectiveness and the cabinet as the primary institution responsible for determining government policy and providing strategic direction."

    But Gerald Werike Wanzala, a team leader with the African Leadership Institute (AFLI), a policy think-tank and non-governmental organisation in Kampala, thinks Uganda is just getting its priorities wrong.

    "Already the cost of public administration is so high. Women are dying in childbirth while thousands of children are stunted. There are no teachers in schools. So why can’t we first close those gaps before we can think of having so many ministers?" Wanzala asks.

    Mukwaya calls the situation patronage politics to satisfy citizens, and based on ethnicity, tribe and region, not national issues. He says huge cabinets are part of the corruption process, a way of rewarding loyal ethnic groups and soliciting votes as the 2011 presidential election draws near.

    But Lukone describes it differently: "In our situation there are a number of considerations, including political ones and ethnic group expectations."

    He describes it as ‘sharing the national cake’ (national resources) among the more than 50 ethnic groupings, who may be disgruntled if not represented in policy-making at national level.

    "These are some of the difficulties that the president has to juggle with. You want a small and affordable cabinet, but there are all these aspirations and expectations, as groups will feel left out.

    "It is a very difficult political balancing act. You want to pay attention to affordability and effectiveness, but you are also working for the population and this is what they expect," is Lukone’s key argument.

  • Confirmed: Wester to Lead Alfa Romeo, Abarth, Maserati

    What came as a rumor earlier today was confirmed by Italian manufacturer Fiat moments ago, as the carmaker announced the appointment of a single man, Harald J. Wester, as head of three of Fiat’s brands: Abarth, Maserati and Alfa Romeo (he already led the first two and was now put in charge of Alfa Romeo as well).

    "The purpose of bringing the Alfa Romeo, Maserati and Abarth brands under the same leadership is to emphasize and leverage the value of the shared qualities of the three brands … (read more)

  • Carl Haas takes over distribution of Panoz race cars and parts

    Filed under: ,

    Before Carl Haas became better known as Paul Newman’s partner in Newman-Haas racing, racers themselves knew Haas as the importer for Lola racecars and parts in North America. In recent years, Haas has continued as a distributor for Hewland gearboxes and has now assumed distribution and service responsibilities for Elan Motorsport Technologies (EMT).

    EMT is the race car branch of the Panoz Motor Sport Group and builds machines under the Van Diemen and Panoz brands, including the Panoz Esperante GTLM. EMT products race in Formula Ford, American Le Mans Series and Superleague Formula among others.

    Haas’ operation will stock and sell EMT’s cars and parts around the world and provide trackside service at races to help keep competitors running.

    [Source: Panoz]

    Continue reading Carl Haas takes over distribution of Panoz race cars and parts

    Carl Haas takes over distribution of Panoz race cars and parts originally appeared on Autoblog on Fri, 22 Jan 2010 08:29:00 EST. Please see our terms for use of feeds.

    Permalink | Email this | Comments

  • Peter Boockvar: We Have Learned Nothing

    peter boockvar

    Peter Boockvar of Miller Tabak is appalled by the Volcker Rule since it doesn’t begin to address the core problem: the huge cheap money boom that inflated (and continues to inflate) the bubble.

    He said in a note this morning

    Whether the Volcker Rule becomes law one day or banks get broken up or bankers are forced to accept 5 figure paydays or long/short hedge funds are deemed legally riskier, by some systemic risk regulating czar, than long only mutual funds who get mauled in bear markets, we can all be confident that we’ve learned nothing about what was the genesis of the credit bubble and what can be a foundation for responsible behavior in the future.

    The genesis being artificially cheap money whose sole intention is to encourage borrowing,
    artificial demand in housing spurred on by the financing of FNM and FRE and the inability to allow failure as a result of bad decisions that can be controlled by bankruptcy law.

    But I digress. Global stocks continue their correction, earnings season relative to expectations is mediocre and Greece remains a problem as their 10 yr bond yield is rising to the highest since 2000.

    Join the conversation about this story »

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  • Michael Pettis: Why The Latest Chinese Economic Numbers Were Clearly Bad News

    china yuan

    On Wednesday night, China came out with a slew of fresh economic data, and at least the headlines looked good.

    Who could complain about GDP growth of 10.7%?

    The only concern, perhaps, was that too-rapid growth would compel the central bank to act more aggressively on tightening, which is emerging as a serious worry.

    Michael Pettis, a professor at Peking University’s Guanghua School of Management, and an all-around Chinese financial expert, points to another angle: Much of the surge was due to fixed-asset investment and industrial production.

    In other words, China’s growth is still a government-stimulus story. “No one has a clue as to what will happen when the government pulls back,” Pettis writes.

    And though this helps smoothe things over in the short term, this actually creates a long-term problem for the country, because all this investment means more overcapacity and more exposure to the rest of the world for demand. If that doesn’t materialize, the hard landing will be

    Join the conversation about this story »

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  • Garmin Asus Nuvifone M10 Windows Mobile 6.5.3 handset now up for pre-order

    22jan10garmuibwer4

    Slashgear has noticed that Garmin-Asus’s recently rumoured M10 Windows Mobile handset has just popped up for pre-order on Asus’s site.

    The handset, which is reasonably well specced, however lacks 2010 niceties such as a capacitive screen, but does have a 3.5 inch WVGA display, 512 MB RAM and what appears to be a 3.5mm headphone jack.

    Some specs include:

    • 3.5 inch WVGA (800 x 480 pixels) touch screen display
    • Garmin GPS software
    • Wi-Fi
    • GPS (of course)
    • 5MP camera
    • 600MHz processor
    • 512MB RAM, 512MB ROM
    • 1,500mAh battery
    • 4GB of internal memory
    • MicroSD card support (up to 32GB)

    The device, plus a car holder for navigation is available from the 6th February for 13,900 TWD ($435).

    Via Engadget.com

    Share/Bookmark

  • Southern Cooking – Appetizers

    Hi All,

    I’m attending a dinner party tomorrow evening and generally we all bring something along to make things easier for the host. Normal it’s an appetizer, side or dessert, the host looks after the mains.

    So I’m thinking after my recent trip to TN that I should bring an appetizer that is popular or a family favourite for those living in the South. While I was in TN I bought a recipe book "Mama Dips Family Cookbook – Mildred Council", but before I pick something from that, I was wondering if anyone can suggest their favourite "Southern Cooking Appetizer".

    Just to add a bit of a challenge, ideally I’d like something I can make ahead of time (at home) and then either serve cold or reheated at the host’s house. It would probably be possible to do a warm/hot dish if reheating is not good as the host lives a 3 minute walk from my house.

    It doesn’t have to be BG friendly as I’m happy to cook for others and only have a small taste. So any ideas?

  • Atkins??

    Just wondering if anyone has tried the atkins diet and if it works well with keeping blood sugar normal? We are considering doing the induction phase for the next two weeks and I’d just kind of like some feedback before we jump into it. Also I am still a little confused about what amounts of the induction foods you can have?
  • The Garrett, Watts Report (The Ohio Issue, January 21, 2010))

     

    garrett-watts1

    To Our Clients, Colleagues and Friends,

    • The Dow Jones industrial Index had a good year last year, but how did the individual stocks do?  Here’s how the top five and bottom five did.

    +118.4%   American Express

    – 1.9%   Proctor & Gamble

    + 56.8%   Microsoft

    -2.3%   Verizon

    + 55.5%   IBM

    – 4.7%    Wal-Mar

    + 46.9%   Cisco Systems

    – 6.6%    General Electric

    + 43.7%   3M

    -14.6%   ExxonMobil


    There are only two banks in the Dow, JPMorgan Chase, which was up 32.2% and BofA which was up 7.0%.· When banks fail, you know how a healthy bank will take over their deposits at ridiculously low prices?  We’re on a list to get press releases from the FDIC, most of which we just skim, but we’re starting to see more and more bank failures where no one wants to take over the deposits. We just saw this with Barnes Bank in Utah . Other than because the deposits are unattractive for all the obvious reasons, we wonder what other dynamics might be in play such that the FDIC can’t find a single bank to take them over.

    • A musician named Dave Carroll recently had difficulty with United Airlines.  United damaged his treasured  Taylor  guitar ($3,500) during a flight, and he spent over nine months trying to get United to pay for damages caused by baggage handlers.  During his final exchange with the United Customer Relations Manager, he stated that he was left with no choice other than to make a music video for YouTube exposing their lack of cooperation.  The Manager responded: “Good luck with that one, pal”.
      He posted a retaliatory video on YouTube, and the video has received over 6.5 million hits.  United Airlines contacted the musician and attempted settlement in exchange for pulling the video. Naturally his response was: “Good luck with that one, pal.” Here’s the video.  It’s funny, and the music is really good.
    • Next time you have a disgruntled customer, he might not record a YouTube song about you, but he could create a website that comes up every time someone searches for your company.  Say your company is First Global Bank. You might want to register FirstGlobalBankSucks.com and every other such name that might come up when someone’s doing an innocent search for your bank’s website.
    • Taylor, Bean’s wholly-owned thrift Platinum Community Bank was seized when Taylor , Bean transferred $220 million in impound accounts to Platinum and then onto their WH lender (Colonial Bank) to clean up stale loans. This ballooned the thrifts balance sheet in round numbers from $100 million to $300 million, a huge no-no. The money was transferred on July 2nd last year.   Does that date sound suspicious? Did you notice that it was two days after the June 30 Call Report?  It looks like “someone” at Taylor , Bean chose that date on purpose to avoid disclosing to the OTS. The word is that they hoped to have the stale loans cleared up by time they had to file their September 30 Call Report, return the impound money, and go about their business.  Can you believe their chutzpah? And their stupidity?
    • We were surprised to read that 56 institutions failed to make their TARP dividend payments that were due on November 15.  AIG was probably the most prominent one.
    • Once a year the Heritage Foundation issues an Index of Economic Freedom, ranking countries based on economic openness, trade, property rights, the rule of law and the amount of regulation. Hong Kong was #$1, followed by Singapore , Australia and New Zealand .  The U.S. ranked #6. Out of 183 countries looked at, China ranked #140, and this should send a message to those doomsayers who think China will rule the world.  The three worst countries were Cuba , Zimbabwe and North Korea .  No surprise here on the last three: Free minds are inextricable linked to free markets, and you can’t have one without the other.
    • After he read here about bank coffee mugs, Paul Chandler wrote us that he has a collection of old bank piggy banks.  “Citizens Federal is a cast iron cable car, Morris Plan is a covered wagon, and the Bank of California is a gold miner.  I have probably 60 to 80 of these I picked up over the years.  Do you know anyone else that collects them or am I the only one crazy enough.”  We think this just totally interesting and suggested he photograph them and put them on a website of some sort. By the way, do any of you also collect them?
    • Earlier this week, Glen Bell died at 86.  Mr. Bell was the founder of Taco Bell, and  doesn’t that make you kind of chuckle? We never spent more than nano-second thinking about it, but we just assumed that it had something to do with tacos and with a bell that maybe you rang when the tacos were ready. Did one out of million people think it was named after a guy named Bell ? It’s like the huge arena in San Francisco named The Cow Palace because they hold the Grand National Rodeo there every year (rodeos = horses and cows). Kids grow up there having older brothers or sisters telling them it was named after some guy named Alexander Cow.
    • Remember how we wrote recently that accepting 99% perfection is not good enough, that if you do 300 loans a month and you accept a 1% error rate, you’ll make three bad loans a month or 36 a year?  We got lots of e-mail on this, almost entirely from people who seem fed up with people who don’t care enough to do things the right way.  One woman wrote “Our culture seems to make sloppiness acceptable. Don’t people take pride in their work anymore?”
    • We know a bank CEO who was describing what he does to a group at dinner, most of whom weren’t in the banking business. He said that he spent a lot of time working with his Board, and this one guy, a doctor, later commented that it sounded like this guy didn’t really do much.  A key part of a CEO’s duties is to work with the Board to help define the bank’s strategic plan, to help them think about risk, and to give them the tools to make major decisions.  This doctor was totally wrong, and we’d probably have avoided a lot of the financial crisis of the post few years had more CEO’s worked with and spent more time with their Board members.   
    • We wrote a letter to Phil Angelides, the lawyer running the hearings in Washington on the financial crisis.  Our suggestion: Don’t just question executives, but question the Board members as well. They’re the ones who had the final say in what their institutions did and what kind of risk they were willing to take. They, too, could have been victims of a bull market optimism, but taxpayers still deserve to know what oversight and due diligence steps these Directors took.
    • Google is sitting on $22 billion of cash, and Apple holds $23 billion of cash. Could there be a stronger statement about the power of the New Economy companies? Why did we bail out Old Economy losers like GM and Chrysler when it’s the New Economy which is creating such big winners?
    • President Obama just celebrated the one year anniversary of his inauguration, and when we hear people criticize him, it makes us think of one his greatest accomplishments:  It is that people can like him or dislike him, not because of his race but because of his policies.  We like that he’s no longer our first African-American President but simply our President.
    • Some of the smaller banks getting into warehouse lending aren’t doing monthly curtailments for loans in warehouse after 45 days. They’re just making the lender buy the loan out, all 100% of it, after the 45th day.  We like it.  It’s pretty tough, but it does get people focused on the problem.
    • We’re also seeing newer warehouse lenders raise the spread over the index as well as the floor after the 15th or 20th day.
    • Not all is bad in Bank Land . Westamerica Bank just reported a 5.48% net interest margin, a 44% efficiency ratio, and reserves equal to 198% of NPA’s. They repaid their TARP money, and for the past two quarters they reported an ROA of 1.93% and 1.97%, with an ROE of 19.1% and 19.8%. This $4 billion bank has about 90 branches and is headquartered in Marin County , a few minutes north of San Francisco and just across the Golden Gate Bridge .
                                                             *   *

    We’re writing this is a hotel room in Ohio .  We were in Cleveland the last few days, and we’re here in Columbus for a day.  One of the many things we like about Cleveland is the Burning River Beer they brew here.  One of the things that started the environmental movement (and Nixon’s creating the EPA) was that the Cuyahoga River in Cleveland was so polluted that it caught fire and burned for weeks!  The only bigger disaster was when the people of Cleveland elected Dennis Kucinich as Mayor.  
    We’re getting this out earlier than we had planned.  When we get back to sunny California , we’ll get out another issue early next week.  See you next Tuesday.

    Garrett, Watts & Co.

    “Helping mortgage lenders increase revenues, control costs, and better manage risk.”Corky Watts     (408-395-5504)Joe Garrett      (510-469-8633)Mike McAuley   (281-250-2536)

  • Darwin’s difficult ‘Creation’









    Newmarket Films

    Click for video: Naturalist Charles Darwin (Paul Bettany) studies an orangutan
    named Jenny in a scene from “Creation.” Click on the image to watch a trailer.




    Charles Darwin’s inner demons – and his inner angels – come to light in a film that traces the roots of his 150-year-old masterwork, “The Origin of Species.” The movie version of the story, titled “Creation,” dwells on the personal conflicts and travails that helped shape Darwin’s thinking on the theory of evolution.

    …(read more)