Author: Serkadis

Big Banks’ Newest Foe: Huffington Post –  By Heather Landy – She has yet to cause a run on any of the money-center banks, but political-pundit-turned-digital-entrepreneur Arianna Huffington has lit up the blogosphere with a campaign targeting customers of the largest financial institutions.  Her Move Your Money Project began last week urging consumers to move their deposits from big banks that have feasted on government aid and been the subject of scorn to presumably more responsible community banks – hattip John Yedinak – American Banker

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The 15 Costliest Financial And Political Risks Looming In The Next Decade – Gregory White – If you thought all you had to worry about was Chinese growth collapsing and a double dip recession, think again. The World Economic Forum has put together their best of collection of potential economy crushing crises and there are far more than you might imagine. – has list – Business Insider
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EDITORIAL – How Retirees Saved the Banks – … Less well known is that measly savings yields are central to the government effort to buy time for the banks to earn their way back to health … The situation is especially tough on retirees who depend on interest income to supplement their Social Security. Some will have to spend their capital to make ends meet. Some will probably take on more risk by investing in stocks or bonds, or will have to live on less.  … – NY Times

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The Coming Class War; an Essay – by Paul Tuttle – .. On Wednesday January 13, a shot was fired by President Obama in the coming class war. The looming battle between the members of society who benefit from unfunded entitlements and those who will be expected to pay for them is escalating. … – Unfunded Liabilities and the Coming Class War  (many of you know Paul) 

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Rationality versus Time Horizons – David Merkel – .. but a major reason that the Chicago School (as well as the Keynesians) is wrong in their view of economics is that there are multiple time horizons that people consider.  Why one time horizon?  It makes the math simple.  It is similar to the foolish Modern Portfolio Theory which has one version of risk which bears no resemblance to risk in the real world.   … – The Aleph Blog

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A Tale of Two Banks: Florence Savings and JPMorgan Chase – Christopher Whalen – The Institutional Risk Analyst

While there have been more and more calls for transparency on ACTA negotiations, it seems that even government officials are being stymied. Some UK Parliament Members have asked for the details and are being told they cannot see the document because mysterious, nameless “others” require it to be kept secret. Of course, if you’re an industry lobbyist, it’s not hard to see the document. But, if your job is to represent the people? Get in line. You’ll see it once it’s been signed, sealed and delivered.

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Even though few people have seen the $350,000 Lexus LFA in real-life, let alone experienced the way it drives, more than 500 people have expressed interest in purchasing the rare supercar from Toyota.

Since only 500 units will be made, Lexus said it will have to hand pick who it sells each individual model to. After the registration process is completed this spring, Lexus will decide on how to allocate the 500 units to the 56 countries where the LFA will be sold. 150 have been allocated to the United States.

“The level of interest we have witnessed reinforces just what an exceptional car the LFA is,” he said. “Even though few people have even seen the car in the metal, let alone experienced its breathtaking performance, it has quickly achieved the status of a truly rare and highly sought-after machine.”

Click here for more news on the Lexus LFA.

Refresher: Power for the Lexus LFA comes from a 4.8L V10 engine that makes 552-hp with a maximum torque of 354 lb-ft. Mated to a 6-speed Automated Sequential Gearbox, the LFA goes from 0-60 mph time of just 3.5 with a top speed of 202 mph.

Follow the jump for the videos.

2011 Lexus LFA:

– By: Kap Shah

Source: AutoCar

The Cubs are talking to free-agent outfielder Jonny Gomes, according to major-league sources.

The 29-year-old corner outfielder is a right-handed hitter who would serve as the team’s fourth outfielder, platooning with Kosuke Fukudome in right field.

He hit 20 home runs and drove in 51 runs in only 281 at-bats last year, and had a .307 average against left-handed pitchers.

Gomes was non-tendered by Cincinnati last December and spent most of his career with Tampa Bay.

The Cubs also are talking to Jermaine Dye and Xavier Nady, as previously reported.

By Paul Sullivan

Read the original article from Tribune News Services.

University of Illinois interim president Stanley Ikenberry cautioned today that the next tuition hike would be at least 9 percent but “could go double that” in light of the state’s bleak financial picture.

“It is too early to tell, but I think we need to be prepared to think in those terms,” Ikenberry told the Tribune at the university’s board meeting.

Tuition is guaranteed for four years, so a 9 percent hike would equate to an increase of about 3 to 3.5 percent a year. An 18 percent hike would be about 7 to 7.5 percent a year, Ikenberry said.

Tuition is $9,484 this year for freshman at the Urbana-Champaign campus.

While trustees won’t approve tuition rates until later this year, they approved an increase in fees and housing rates today. At the Urbana-Champaign campus, students will pay $2,842 next year, up 2.8 percent.

Fees in Chicago will be $2,928, up 1.3 percent, and Springfield students will pay $1,713, up 6.4 percent.

“We are holding those down understanding there will be more pressure on the tuition side,” Ikenberry said.

Board chair Christopher Kennedy said he was concerned about tuition, saying he doesn’t want the state’s public flagship university “to be available only to the wealthy.”

Facing a backlog in state payments, U. of I. officials announced earlier this month that employees would be required to take up to 10 unpaid days off.

Homeowners Say Banks Not Following Rules for Loan Modifications – by Paul Kiel – ProPublica

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FHA lifts 90-day waiting period – Anti-property-flipping measure waived for one year – Starting Feb. 1, housing regulators will suspend for one year a 90-day waiting period on property resales that it says has put FHA borrowers at a disadvantage in bidding on foreclosed properties. – INMAN NEWS

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details why – Why The Administration’s HAMP Anti-Foreclosure Program Will Be A Failure – by Tyler Durden – … Yet a recent analysis by Moody’s senior director Celia Chen demonstrates that out of the 3 to 4 million loans that the administration had hoped would benefit from HAMP, at most 1 million will experience a foreclosure benefit, and more realistically, this number would be a mere 400,000, less than 1% of all U.S. first mortgages … – Zero Hedge

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Souring Mortgages, Weak Market Force FHA to Walk a Tightrope – By NICK TIMIRAOS – good article about Dave Stevens, the challenges at FHA, and how it is being handled. – Wall Street Journal

Kobe Bryant is taking a pass on the slam dunk contest, no matter what Shaquille O’Neal has in mind.

Bryant nearly burst out laughing today when asked about O’Neal’s idea that the Lakers superstar should appear in next month’s All-Star weekend dunk event with LeBron James and Vince Carter.

O’Neal suggested the star-studded field as a way of luring James, who is skipping the dunkathon after initially saying he was in.

Bryant won the dunking crown when he was a rookie. He says players should not feel a responsibility toward entering the contest as a way of giving back to the league. James has been criticized for backing out. Bryant would like to see the MVP take part.

“Responsibility? No,” Bryant said following the Lakers’ shootaround.

“People want to see it, so it’s good to do it at least one time in your career. It’s fun.”

The contest is Feb. 13 in Dallas, and Bryant has been giving tips to Los Angeles teammate Shannon Brown. Does Bryant think James would win?

“I think he would come in a close second behind Shannon Brown,” he said.

Read the original article from Tribune News Services.

Bruce V. Bigelow wrote:

OccuLogix, a biotech startup founded near Toronto, Canada, in 1996 to develop ophthalmic treatments for age-related macular degeneration and glaucoma, apparently has relocated in San Diego, according to an SEC filing. In its Form D filed today, OccuLogix discloses that it has raised more than $1.7 million from investors in a round that intends to raise $5 million.

The company is listed as a Toronto-area company on LinkedIn and Hoover’s. But OccuLogix, which is now doing business as TearLab, lists a San Diego address in its SEC filing and on its website. The company describes itself as an “in-vitro diagnostics company developing and commercializing novel, lab-on-a-chip technologies that enable eye care practitioners to test for highly sensitive and specific biomarkers in tears at the point-of-care.”

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First Lady Michelle Obama continued her tour of federal agencies today when she paid an afternoon visit to the Depart of Commerce today. This marks her 15th visit to a government agency.

According to Charles Hurt of the New York Post …

“FLOTUS was introduced to Dept of Commerce employees this afternoon by Commerce Secy Gary Locke, who commended the First Lady for “blazing a path in high style.” It was her 15th such visit to a department and it was an overflow crowd that gathered to enthusiastically receive her in the grand and opulent theater in the belly of the sprawling DOC complex. It’s adorned with dark wood paneling, sandstone block, balconies and a hand-painted ceiling. Before she came out, Locke noted some of the staffers seated on stage who are the department’s longest serving employees, including Joseph Matthew Antonucci and Ollie Person, who have been at Commerce 50 years each.

When FLOTUS emerged, there was enthusiastic cheering, applause and hooting. She wished Locke a happy birthday and noted that they are both Capricorns. She talked about the importance of what is done at Commerce in supporting businesses across the country and spurring innovation. CEOs don’t just flip a coin to decide to plant their company in the US, she said. There has to be the right environment and marketplace and she applauded their efforts for making that better in the US.”

Here are the First Lady’s remarks courtesy of the White House Press Office…

THE WHITE HOUSE

Office of the First Lady

For Immediate Release January 21, 2010

REMARKS BY THE FIRST LADY

DURING DEPARTMENT OF COMMERCE VISIT

U.S. Department of Commerce

Washington, D.C.

2:44 P.M. EST

MRS. OBAMA: Hey! (Applause.) All right, so who would have thought that the Department of Commerce was so happening? (Laughter.) You guys are alive. There’s energy here. Thank you. I am thrilled to be here. It is exciting for me to come and see you. I’ve been planning to come for a little bit, but now I’m here.

I want to thank your dear Secretary, Secretary Locke, for that kind introduction and for his outstanding work for this Department. And I want to take this moment to wish him a happy birthday, yes — (applause) — as a fellow Capricorn, right — (laughter) — that’s what you are, that’s what it is, yes. And he doesn’t look a day over 30, 35, right? (Laughter and applause.) Whatever the number, my husband and I wish you a happy birthday, and we are so proud of the work that you’re doing here at the Department of Commerce.

You didn’t exactly start this job at a quiet time for the agency, right? From the economic challenges that we face, to the challenge of conducting our census, which I know many of you are involved in — let’s hear it for the census people — (applause) — I think that it’s fair to say that your Secretary has had a pretty busy year. But he’s risen to the occasion, leading by example, calling on more than 50,000 employees of this Department to give their jobs everything they’ve got. And it feels like, in here, that you all are doing just that. Am I right? (Applause.)

And all of you, and your colleagues all across this city, the nation, across the world, quite frankly — and I know some of them are watching — you all have answered the call, and we’re proud of you.

Some of you have been here for decades now — (laughter) — as we just heard, like these folks on stage, who are some of the longest serving employees here. I’m always excited to meet people who have worked at a place longer than I’ve been alive. (Laughter.) So that’s a good thing. And they look wonderful. (Applause.)

And then there are others of you who may have started just this year in this administration, so we want to give the newbies a shout-out. (Applause.) Take a look onstage with responsibility, dedication, focus. This could be you. (Laughter.) Don’t laugh. It’s a job, right? (Laughter.) But we welcome you all.

But I know that all of you are working, and working hard every day for the American people, and I’m here to do what I love doing most, and that is to say thank you to all of you for the work that you’re doing. This is something that I’ve been doing for an entire year now as First Lady, one of the many things, is coming to the agencies and thanking you for your work and your service, because a lot of times we forget that behind all the news headlines and the reports, there are people who are making sacrifices and working long hours and sometimes not feeling appreciated at all. And it’s been a wonderful part of my job to be a representative from the White House to tell you how much we value your work and your sacrifice over the years.

But it’s been substantively useful for me, as well, coming here, listening, learning, getting a better understanding of what happens at each agency, using the spotlight to share with the rest of the country all that you do.

So I’m pleased to have the chance to be here today at this Department to make one more stop, because what you all do to spur innovation, support America’s businesses, and keep our economy competitive is so very important. It’s important at any time, but it is particularly critical during the tough economic times that this nation is facing right now.

And we know that there are a lot of families out there who are struggling. Some of you are struggling right here. You know people in your communities and your families and your churches who are struggling. We know that a lot of young people are worried about whether they’ll have the opportunities that they need to build their own careers, and make a life of their own, and to provide for their families, and to build their future dreams.

But we also know this — that in difficult times like these, we have always as a nation come together, always. And as my husband says, these are not the most difficult times by far in this nation. In these times, we come together and we overcome and we’re able to face these challenges. And we have what it takes to do that again today. I’m sure of it.

Right now, there are scientists and innovators who are working around the clock. You know them. You’re supporting them. They’re chasing the breakthroughs and the discoveries that are going to change the way we live and work from this point forward.

There are entrepreneurs in garages and basements and college dorm rooms who are brainstorming late into the night about how they’re going to turn that good idea into a viable business.

Workers across this country are pouring themselves into their jobs every single day, determined to offer the best products and services on the planet. That is the nation that we live in.

And that’s where all of you come in, all of you here in this Department, because CEOs don’t just flip a coin to decide whether to set up shop here in America or overseas. You know that. Products don’t just sell themselves. And businesses don’t succeed by accident.

These things happen in part when companies have the right conditions for growth and the right markets for their goods and the kind of support they need to get off the ground in the first place and keep growing and expanding.

And that’s the kind of assistance that all of you do to support and provide these businesses with the opportunities they need — helping people protect their ideas and to make their businesses more productive; opening new markets for their products, and connecting them with resources and customers around the world. And that’s what it’s going to take for us to create new jobs and promote new prosperity.

And it’s important for America to know how important this Department is in making all of that happen. And that is the real human story behind the work that you do.

Again, it’s important for America to understand that connection — how every innovation that you spur here, every business you help, every dream that you nurture means a livelihood for another family out there somewhere; a source of income for another community; it means another building block for our economy.

And you all aren’t just helping create jobs today. This isn’t just about right now. Your work doesn’t just strengthen our economy this year or this decade. You are laying the foundation for our economic prosperity for generations to come. You’re going to be helping my girls by connecting under served communities to the Internet, for example; driving innovation in everything from nanotechnology to cyber security. I hear that you’re even fast-tracking patents for inventions that promote clean energy, something that my husband has talked about since the day he took the oath of office.

And all of this speaks to the broader mission of this Department — again, something that people don’t know that you’re here doing. It’s the mission at the heart of the NOAA’s work — can I hear it from NOAA? — (applause) — to protect our oceans and our environments.

It’s the mission of the Census Bureau’s work — yes, again for the Census Bureau — (applause) — to ensure that everyone is counted so that our government can truly serve all our people.

And I learned that you have even hit the road with your Portrait of America Road Tour, which is really fascinating, covering more than 150,000 miles to encourage people across the country to participate in the census. What a wonderful idea to encourage people to engage, to paint that picture of why the census is so critical.

In the end, everything that you do here at the Department of Commerce is in service of a common purpose, and that is to protect and promote what’s best about this nation — the industry and the ingenuity of all the people who live in this country; the vitality of our national resources; the success of our democracy.

And for all of that, we should honor you and thank you. We’re very proud of you. And this year is going to be even more important. The focus of this administration has always been but it really will be in this year on job creation, because, again, people are hurting. So what you all will be doing over the next year, everything you do, will mean something to someone in this country.

So we want to make sure that you feel good as we enter this new year, that you feel ready, that you feel inspired, and you feel passionate and engaged. (Applause.) And we look forward to working with you in the years to months to come. I’m going to be back. (Applause.)

So thank you all again, and I’ll come out and shake some hands. Good luck with the year. (Applause.)

END 2:54 P.M. EST

While we await the coming arrival of the fabled Apple tablet, which we all expect to finally arrive at the January 27th Apple event, it appears that the Wall Street Journal has gotten a bit of inside information that offers a glimpse of what the iPad / iSlate will end up doing for us. Of course, we still suggest taking all of this with a grain of salt, but this isn’t far off from the whispers we’ve been hearing either:

• The Apple tablet will have some sort of virtual keyboard. This only makes sense, because if there’s no physical keyboard, you’d need a virtual one to type on (similar to the iPhone and iPod touch)
• Publishing firms like Conde Nast, The New York Times, and HarperCollins have been in discussions with Apple on how they can get their content onto the tablet, and new ways of displaying the news on a modern (or even futuristic) device
• Apple is definitely pondering a switch as it pertains to the default search engine on their iPhone OS, focusing on replacing Google with Bing for search, as well as Maps.
• They’ve also been in talks with TV networks about the possibility of a multi-show iTunes TV subscription package, where users would get to choose a package of the best 4-6 shows per channel and subscribe for a monthly fee.
• That whole Lala acquisition by Apple will likely lead to a web-based version of iTunes, which would allow for purchasing music outside of the actual iTunes application. It would also allow for publishers to place buttons that would allow readers to purchase iTunes content right on their website. There may even be a service that would allow users to stream all their iTunes music through the service to other computers, iPhones, and the like. This is basically a merge of iTunes and Lala in its current form.
• The tablet may have some sort of smart recognition built-in, giving it the ability to recognize the user by using its camera, and then applying settings for that specific user on the fly

There’s a lot there, we know. Luckily, we are just six days away from hearing the word from the horse’s mouth. What do you think? Anything up there sound a little too far-fetched for your tastes? Also, please be sure to vote in our poll letting us know if you’d pre-order the Apple tablet sight unseen.

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Volvo has announced the U.S. pricing details for the 2011 Volvo C70 convertible. The model is on sale now with prices starting at $39,950 and is available with a Convenience Package for $1,000, a Multimedia Package for $2,600, a Dynamic Trim Package for $1,000 and a Climate Package for $900.

The 2011 Volvo C70 will be offered in the U.S. with a 2.5L turbocharged 5-cylinder unit making 227-hp, mated to a 5-speed automatic transmission with driver selectable Geartronic shifting. Power is transferred to the front wheels with Volvo’s standard Dynamic Stability and Traction Control (DSTC) system.

Hit the jump for the press release for more details and the high-res image gallery.

2011 Volvo C70:

Press Release:

New year brings $4,000 savings for Volvo’s stunning coupe/convertible

Rockleigh, NJ (January 11, 2010) – Offering the best of both worlds: open air freedom or beautifully sculpted coupe, the 2011 Volvo C70 is offered at a starting price of just $39,950*. The price is inclusive of several standard features that were previously optional and represent an approximate $4,000 savings from a similarly equipped 2010 C70. For 2011, the Volvo C70 comes standard with an automatic 5-speed transmission, SIRIUS satellite radio and luxurious Sovereign Hide leather upholstery.

First seen in the U.S. at the South Florida International Auto Show, the 2011 Volvo C70 receives a bold new look and a number of interior enhancements. With its new front appearance, the 2011 Volvo C70 reveals traces of the S60 Concept Car that was unveiled in early 2009. The C70 now relates more closely to the design language of the larger cars in the Volvo model range

Bodywork details such as the front fender have also been redesigned, contributing to the decidedly altered appearance. The nose is more wedge-shaped and has been given added three-dimensional depth by moving some elements of the front both longitudinally and vertically. The new headlights and the décor around the foglights, for instance, have been angled offset up and to the rear, at the same time as the detailing of the lower grille has been enhanced. From head-on, the front forms an open, inviting “V.” The enlarged iron mark and the new, larger air intake reinforce the self-assured stance.

The exclusive high-tech LED lights, similar to what’s found on the Volvo XC60, are the most noticeable update at the rear. The entire taillight unit is clearly integrated with the oval that frames the new C70’s rear panel, making the rear appear wider and lower. Like the front end, new lines and details in the bumper and elsewhere have been integrated to emphasise the depth and dynamism of the design language.

The interior has been updated in several respects to create a unique ambience in the Volvo C70. The instrument panel has been redesigned, giving it a wider, sleeker look and the surface of the panel has a new texture that enhances the feeling of quality. The exclusive new instruments, with gauges and graphics specific to the C70, are yet another example of how the car’s premium feel has been enhanced.

Complimenting the enhanced interior are the gorgeous Sovereign hide soft leather seats. This ultra-soft leather covers the entire seat, not simply the seat cushions, owing to a very premium look and feel throughout the interior.

Also new inside, the Cranberry leather seating surfaces (these are not Sovereign hides) is a no-cost option. Taking a cue from these seats is the new-for-2011 Flamenco Red Pearl exterior paint. Combined, they create a truly unique and eye-catching appearance.

One important part of the side-impact and rollover protection is the Inflatable Curtain, IC, which is installed in the door since there is no roof rail to utilize. The curtain has an extra-stiff design featuring twin rows of offset panels. As a result, the curtain can remain upright longer and help protect the head even if the window is open. Additionally, the curtain deflates slowly, helping to provide added protection in the event of a roll over situation.

In addition to the inflatable curtains on either side, the front seat occupants also have side-impact airbags. The size of these bags shield the chest and hips. What is more, the inflatable curtain interacts with the belt pre-tensioners to contribute to the best possible protection for front seat occupants in a side impact or rollover situation. All four seats come with safety belt pre-tensioners.

The Volvo C70 transforms smoothly from a stylish coupe into an open convertible in about 30 seconds. Just press a button and the three-piece steel roof folds quickly and silently away, disappearing neatly into the trunk.

But the Volvo C70 is about more than safety and an innovative roof. In the U.S., the 2011 C70 is offered with a powerful 227 horsepower turbocharged five-cylinder engine that’s mated to a standard five-speed automatic transmission with driver selectable Geartronic shifting. Power is seamlessly distributed to the front wheels with Volvo’s standard Dynamic Stability and Traction Control (DSTC) system.

Pricing and Options

* 2011 Volvo C70 T5 – $39,950*

Convenience Package – $1,000

* Keyless drive
* Homelink® remote garage door opener
* Rear park assist
* Integrated compass for auto-dimming rear view mirror

Multimedia Package – $2,600

* Dynaudio 14-speaker (includes two 8-inch subwoofers) premium sound system with Dolby® Pro Logic® II surround sound
* Navigation system with real time traffic updates
* Map Care – Two complimentary map updates

Dynamic Trim Package – $1,000

* 18-inch “Midir” diamond cut alloy wheels
* Dual Xenon headlights with Active Bending Light (ABL)
* Sport steering wheel with aluminium inlay

Climate Package – $900

* Heated front seats
* Interior Air Quality Sensor (IAQS)
* Headlight washers
* Rainsensor windshield wipers
* Humidity sensor

Stand alone options

* Metallic paint – $550
* Premium Electric Silver metallic paint – $675
* Blind Spot Information System (BLIS) – $700
* Nordic Light Oak real wood inlay – $150
* Tempa spare – No charge option
* Cranberry leather seating surfaces – No charge option
* Portable navigation system – $750
* Wind Blocker – $495

The 2010 Volvo Cars model lineup includes the award-winning S40 and its wagon counterpart the V50; the award-winning XC90; the flagship S80 luxury sedan.

– By: Omar Rana

Filed under: Technology, Ford

Ford appears to be using any advantage it can, from any industry, to make better cars and make them more quickly. Last month we got word of the motion-capping tech The Blue Oval borrowed from video games and movies. This month the news is that it’s putting all of that mo-cap work into its immersive Virtual Evaluation lab (iVE) with the help of United Space Alliance. Alliance is a joint venture between Boeing and Lockheed Martin that aids in virtual modeling for space missions.

The benefit for you is that Ford can design safer, more comfortable and more ergonomic car interiors. The benefit for Ford – in addition to happier customers – is that these technologies reduce development time by up to 14 months, which equates to all kinds of savings. Stay tuned next month when Ford announces that all of its engineers have been replaced by Wall E.

You’ll find all of the juicy bits in the press release after the jump.

[Source: Ford]

Continue reading Ford turns to virtual reality to design better cars… and space missions?

Ford turns to virtual reality to design better cars… and space missions? originally appeared on Autoblog on Thu, 21 Jan 2010 18:30:00 EST. Please see our terms for use of feeds.

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If you’re looking for an inexpensive way to beef up your desktop, Newegg has got OCZ Platinum RAM, in a 4GB kit, up for sale right now for $70.99. The OCZ Platinum RAM has CL 5-5-5-18 timings and is rated to run at 1066MHz – these are definitely speedy chips. The platinum mirrored honeycomb design helps with maximum heat distribution. This is great RAM if you’ve got a maching running the Nehalem platform, and they’re selling it at a $45 discount. You can grab your OCZ Platinum 4GB Kit from Newegg, no promo code needed.

As always, you can find all sorts of Newegg promo codes and deals on our forums.

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In a patent filed just today, Apple officially planted their GPS-based “Parking and Location Management Processes and Alerts” flag. Everyone, quick, check for iValet trademarks!

Of course, it’s just a patent, which means we’re some time away from reaping its proposed rewards. But Apple ever does get this up and running, it’ll provide information like where the nearest taxi is, parking lot availability and cost, and when it’s okay to park on restricted sections of the street.

It looks like the system will also take into account user preferences, giving different options based on how far you’re willing to walk and your weather tolerance. I can’t wait to see it once it’s fully integrated on the iDashboard of my iSedan. [US Patent Office via GoRumors]