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  • How Greece Has Become A 13-Year Old Child, Terrified Of What The Market Thinks

    greece strike no. 2

    A report came out suggesting that Greece wanted to change the recent Europe-IMF aid plan, in order to avoid the fiscal austerity measures, and Greek bond spreads exploded as investors routed from Greek bonds overnight.

    Yields on 2-year Greek debt rose an astonishing 95 basis points to hit 6.60%.

    Now, Greek officials are rushing out control the damage and deny the contents of the aforementioned report, post the market reaction.

    According to Reuters, an official has attempted to counter claims of wanting to skirt the IMF, saying, “There is no request from Greece to renegotiate the agreement. There is a deal on the support mechanism and we are sticking to it.” 

    So let’s face it… Greece has turned into Europe’s 13-year old economy.

    It is immensely terrified of how markets perceive it, given the country’s precarious debt situation. Even current levels of interest cost demanded from the marketplace are clearly unsustainable based on even simple math, thus the rush to clarify official positions at even the smallest sign of market jitters.

    Yet also like an adolescent, the nation doesn’t see the incongruity of repeatedly biting the hand that feeds it. Greece has been defiantly attacking Germany and Europe over how it should be bailed out, even accusing Germany of playing a race card. Protesters oppose efforts to bring rampant over-spending under control, at the same time outraged that markets should punish their actions while simultaneously being financed by markets to meet their current standard of living.

    In a third parallel to adolescence, the nation isn’t supporting itself either. Greek debt would be trading at far higher yields (lower prices) if the nation didn’t have an implicit promise of support from Europe. If Greece were forced to pay substantially higher yields, it would most likely face an acute financial crisis. This is because even current yields aren’t sustainable.

    Thus Greece is Europe’s 13-year old, but its lack of financial independence means that this isn’t by choice. It is simply the harsh reality.

    Join the conversation about this story »

  • Toyota Gas Pedal Problems Result in $16.4M Fine, Cover Up Accusation

    The U.S. government says Toyota Motor Corp. “knowingly hid a dangerous defect” by trying to cover up the Toyota gas pedal problems that have caused some vehicles to unexpectedly accelerate out-of-control. 

    The condemnation by the U.S. Department of Transportation comes with a record civil penalty of $16.4 million against the Japanese automaker, which has issued a series of recalls over accelerator problems since September 2009. Transportation Secretary Ra LaHood said that Toyota hid the problem from U.S. regulators for four months.

    “We now have proof that Toyota failed to live up to its legal obligations,” said Secretary LaHood in a press release. “Worse yet, they knowingly hid a dangerous defect for months from U.S. officials and did not take action to protect millions of drivers and their families. For those reasons, we are seeking the maximum penalty possible under current laws.”

    The National Highway Traffic Safety Administration (NHTSA) indicates that it has obtained documents from Toyota suggesting that the company knew that there was a problem with Toyota gas pedals in some vehicles by September 29, 2009. The company allegedly sent instructions on repair procedures for the defective accelerator pedals to distributors in Canada and 31 European countries. According to the NHTSA, the document showed that Toyota was aware of the problem in U.S. vehicles as well.

    However, the company did not issue a recall for defective gas pedals in the U.S., and did not notify the NHTSA as required by law. Instead the company issued a Toyota and Lexus recall for more than 4 million vehicles for having thick floor mats that could potentially jam under the pedals. They did not issue a recall for the actual problem with the pedals themselves until January 2010.

    Over all, about 9 million Toyotas and Lexus vehicles were recalled between September 2009 and February 2010.

    Federal investigators say that the $16.4 million penalty is the largest it can legally assess against Toyota for the gas pedal problem. However, the Transportation Department has not ruled out additional fines.

    The Toyota gas pedal problems have been associated with dozens of accidents and a number of serious and fatal personal injury claims. The incidents have touched off a wave of Toyota product liability lawsuits, including several wrongful death claims, and a number of Toyota class-action suits.

    Last month, the U.S. Judicial Panel on Multidistrict Litigation heard arguments on whether to consolidate all federal lawsuits against Toyota into a multidistrict litigation (MDL), where the cases will be centralized in one federal court for pretrial litigation.

    In February, Toyota became the target of probes by both federal prosecutors and the Securities and Exchange Commission (SEC). Both federal investigators and the SEC are looking into how the company reacted to complaints about Toyota accelerator problems.

    Photo Courtesy of: http://www.flickr.com/photos/danielctw/ / CC BY 2.0

  • New York Auto Show crowds leading to violence in the streets?

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    2010 New York International Auto Show – Click above for high-res image gallery

    We get pretty excited about auto shows, and our recent trip to the Javits Center for the New York extravaganza was one of the better U.S. shows in recent memory. But while we managed to temper our enthusiasm, it appears some folks got carried away Sunday after Javits closed for the night. The New York Times reports that four people were shot (one with a BB gun) in the city on Sunday and 54 other people were arrested in and around Midtown Manhattan due to post-show violence. Luckily all four who suffered gun shot wounds appear to be recovering from their injuries.

    Police reportedly told the NY Times that violence on Easter night has been a recurring problem in past years, with pockets of mini-riots and stabbings marring the evening. At question is whether the violence stems directly from auto show attendees or unruly crowds assembled after the show’s completion. Deputy Commissioner Paul J. Browne said the troublemakers go to the auto show every year and “sometimes they get in fights afterward.”

    New York Auto Show spokesman Chris Sams told the NY Times that there was no trouble during the show, and that the crowd in attendance Sunday was very family oriented with “lots of baby strollers.” In fairness to the New York Auto Show and its organizers, the first shooting reportedly occurred at 12:08 am on Monday morning, five hours after the show closed for the day.

    [Source: The New York Times]

    New York Auto Show crowds leading to violence in the streets? originally appeared on Autoblog on Tue, 06 Apr 2010 08:31:00 EST. Please see our terms for use of feeds.

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  • Not All Goldwing Riders Are Slow

    As this video proves, some ‘Wingers actually know what knee pucks are. Better yet, they know how to use them. The rider’s form looks good, but I’m thinking that the Goldwing doesn’t have nearly enough lean to require hanging off. Not that I’m an expert, since I’ve never dragged my knee on a Goldwing.

    Source: Bikerpunks, via Two Wheels Blog


  • Recipe: Baked Chicken with Artichokes, Cinnamon, and Preserved Lemons

    2010_04_05-Chicken.Artichokes.jpgAfter I made a batch of preserved lemons, I started looking for things to do with them. I came across a tagine recipe, but since I don’t have a tagine, I decided to modify the recipe by using most of the same ingredients, but making it a baked dish rather than a tagine.

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  • L.A. school board to discuss permit policy

    The Los Angeles Board of Education on Tuesday will consider amending a new policy that limits the ability of students who live in the district to attend school elsewhere, a contentious issue expected to draw scores of parents to the afternoon meeting.

    In February, Los Angeles schools Supt. Ramon C. Cortines moved to limit the types of permits issued to families seeking attendance in other districts, allowing exemptions only for students whose parents work within the boundaries of the other school district and for students who would complete fifth, eighth or 12th grades next year.

    Last year, L.A. Unified granted permission to more than 12,200 students to enroll in 99 other districts, including Torrance, Culver City and Santa Monica-Malibu. Cortines estimates that the district is losing $51 million in state per-pupil funding, money that could help to close a $640-million budget shortfall.

    Families are able to appeal permit denials to the Los Angeles County Office of Education. But many parents are mounting an aggressive campaign to persuade L.A.’s school board to scuttle or modify Cortines’ policy revision. They argue that they should be allowed to seek better schools no matter where and complain that the announcement came too late for them to apply to magnet and charter schools.

    Board members Steve Zimmer and Tamar Galatzan support the superintendent’s plan to allow students in the fifth and eighth grades to continue at their schools, but the board members are proposing that all high school students remain in their schools of choice until graduation.

    Hundreds of parents are expected to attend a rally before the scheduled 1 p.m. meeting at the school board’s downtown office.

    Some districts that have enrolled L.A. Unified  students have argued that permit students should not be forced out and have complained that they, too, are being shortchanged.

    — Carla Rivera

  • Verizon Pre Plus and iPad WiFi: So Good

     

    Over at sister site TiPb (The iPhone + iPod + iPad Blog), they’ve published a full review of the Apple iPad and the gist for Pre owners is this: it’s a perfectly reasonable decision to wait and see where it’s going with iPhone 4.0. Don’t think of it as competition to the Pre, it’s not a phone. Still, comparing multitasking on the iPad to multitasking on webOS is surreal: the one that feels more like a computer is a staccato singletasking experience and the one which is a phone feels like it has an operating system from the future. 

    So far we’ve only seen the WiFi-only version of the iPad but since I’m a Verizon owner and Mobile Hotspot is completely free, the lack of cellular data hasn’t bothered me at all. It’s fast and easy to just toggle Mobile Hotspot on the Pre and get to 3G browsing on Verizon’s fast and reliable network with the iPad.

    I’ve tried to make the case that free Mobile Hotspot means that business users should give webOS a second look. The ability to tether the iPad at no extra cost means that for dedicated Verizon users, the Palm Pre might be the best phone to go with this ‘mobile companion‘ known as the iPad (yes, I went there).

    Anybody else in webOS-land pick up an iPad? I know more than a few of us are dreaming of the possibilities of webOS on a screen this large.

    (Full disclosure: I contributed to the hardware section of TiPb’s iPad Review. And yes, I’m standing by that line about the teddy bear.)

  • Saban statue to debut in August

    Plans are moving forward for the University of Alabama to unveil a statue honoring coach Nick Saban, but the unveiling won’t come until August.

    The bronze statue of the Crimson Tide’s head football coach will be unveiled in the Walk of Champions plaza at Bryant-Denny Stadium at a public event in the weeks before Alabama’s Sept. 4 season opener against San Jose State. No date for the unveiling has been chosen.

    Emails sent by Fanblogs to confirm that resizing the statue’s head led to delays were not answered by the university.

    © fanblogs.com

    View the original post or comment on Saban statue to debut in August…


  • Former Yukos oil executive urges case dismissal

    [JURIST] Former Russian oil executive Mikhail Khodorkovsky on Tuesday took the stand at his trial and called for the case against him to be dismissed for lack of evidence. Khodorkovsky and his business partner Platon Lebedev are charged with embezzling USD $25 billion worth of oil produced by their Yukos oil company. Defense lawyers for Khodorkovsky contend that prosecutors have no evidence to support the charges and that they have failed to show how the men could have embezzled the profits but continued covering company expenses and expanding oil production. Khodorkovsky and Lebedev are currently serving eight-year prison sentences after being convicted in 2005 on fraud and tax evasion charges stemming from an attempt to embezzle and strip Yukos of valuable assets. Khodorkovsky and Lebedev have pleaded not guilty to the current charges, and they face up to 20 additional years in prison if convicted.
    Some critics of the Russian government have argued that the charges against Khodorkovsky and Lebedev are politically motivated due to Khodorkovsky’s opposition to former Russian president and current Prime Minister Vladimir Putin. Last month Khodorkovsky criticized Russia’s justice system as an “assembly line” that inevitably finds the government’s political enemies to be guilty. The statement echoed concerns Khodorkovsky had previously expressed about the fairness of Russian trials and the need for widespread reform of the Russian court system.

  • Leaked: Is this the Samsung Moment2 for Sprint?

    Oh, Sprint Moment; we hardly knew ye. You were just announced in October of last year, right as Android 2.0 made its grand debut. And yet, there you sit, still holding on to Android 1.5. Before you’ve even had the opportunity to dance in the up-to-date spotlight, it looks like Samsung is already working on your replacement.

    The guys over at WeRandroid managed to dig up the little diddie you see up top, which, according to them, is none other than the Sprint Moment2. Given the striking similarities with the original Moment, I’d say that sounds about right.

    Rumor has it that this thing will come pre-loaded with Android 2.1, with Samsung’s TouchWiz 3.0 customization layer running on top, just like the Samsung Galaxy S. Unlike the Galaxy S, however, this thing purportedly won’t be rockin’ the Super AMOLED screen. That’s too bad, really.

    Super AMOLED or not, I’m looking forward to checking this one out. Lets just hope Samsung and Sprint don’t leave the original Moment hanging with 1.5 much longer.

    [Thanks for the heads up, Ben]


  • “Bosom Buddies” Tom Hanks & Peter Scolari To Be Honored At 2010 TV Land Awards

    Tom Hanks is reuniting with his Bosom Buddies co-star Peter Scolari to accept a special prize for the hit cross-dressing sitcom at the 2010 TV Land Awards.

    The ABC sitcom centered around two bachelors, Kip and Henry, who move into a hotel for women after their apartment is condemned. The pair of advertising designers must live as Buffy and Hildegarde in wigs and heels in order to keep a roof over their heads. The actors kickstarted their careers on the ’80s series, now they’re set to join former co-stars Donna Dixon, Telma Hopkins, and Holland Taylor 30 years later to accept TV Land’s coveted Anniversary Award.

    “Academy Award-winner Tom Hanks and Emmy Award-nominee Peter Scolari are among the newest honorees at the 8th Annual TV Land Awards. The network will salute the ground-breaking sitcom Bosom Buddies with the Anniversary Award at this year’s show, which will be hosted by Tim Allen,” the network announced in a press release on Monday. “Previous honorees for this award have included Knot’s Landing, Batman, and Roots.”

    The ceremony will mark the first time the cast has been seen together publicly since the show ended. Dynasty and Charlie’s Angels star John Forsythe, who died of complications from pneumonia on Thursday, will also be honored during the show’s April 17 taping.

    The 8th TV Lands Awards will air April 25.


  • Foreclosure Woes Addressed by Flipping Aurora Pre Foreclosure Homes

    Local community development authorities are finding ways to make pre foreclosure homes in Aurora and other distressed properties in the area pay some dividends for the whole neighborhood.

    Foreclosure Woes Addressed by Flipping Aurora Pre Foreclosure Homes

     
    Armed with the federal grant provided by the U.S. government, the community has established a method to battle the impact of foreclosures in Aurora. The $4.5 million aid money from the federal government is being used to purchase foreclosed properties under the Neighborhood Stabilization Program.
     
    According to local community development officials, the Program is focusing on purchasing the least-valued foreclosures in Aurora and converting them into some of the highest valued properties in the city.
     
    These residential structures are renovated and fixed and then sold for a higher price than what they would have fetched before the renovation. So far, the city has bought 26 foreclosure single family homes.
     
    The money earned from the sale is then reinvested into the Program and used to buy more distressed properties. It’s been estimated that foreclosures in Aurora reach the range of three thousand to six thousand properties annually.
     
    The strategy of house flipping Aurora pre foreclosure homes and distressed properties is meant to increase the economic profile and value of the neighborhood, according to city development authorities. This, in turn, will help prevent crime and poverty in the area.
     
    Aside from creating a stabilized neighborhood and improving the local economy, the house flipping project also creates jobs among the locals. On average, around 33 jobs are made available for every purchase of a foreclosure single family house under the program.
     
    The community is focusing on working families as buyers for the renovated homes to make sure that the neighborhood remains a respectable and peaceful one. The houses are sold for rates that ordinary working families can afford.
     
    The Neighborhood Stabilization Program is not unique to Aurora, other cities and communities in the United States are also implementing the strategy; but the Colorado city is probably one of the places where the program has proven most effective.
     
    Majority of local homeowners and residents have expressed support towards the house flipping program involving Aurora pre foreclosure homes and other foreclosed properties in the city. According to them, it is instilling confidence in homeowners and raising the value of properties in the neighborhood.

  • April 6 markets, loonie, energy, U.S. homes, Disney — Vialoux

    U.S. equity index futures are lower this morning. S&P 500 futures are down 5 points in pre-opening trade. Futures are responding to strength in the U.S. Dollar.  Commodities priced in U.S. Dollars including gold, silver, copper and crude oil are trading lower.

    The Canadian Dollar briefly touched “par” with the U.S. Dollar early this morning, but was unable to sustain that level when the U.S. Dollar strengthened.

    Massey Energy fell 6% following news that an explosion at one of its coal mines killed 25 workers.

    JP Morgan and Raymond James launched coverage on the oil services sector. Both gave a favourable rating on Schlumberger and Halliburton. In addition, Raymond James initiated Weatherford with a Strong Buy rating.

    Pulte Homes and KB Homes fell 3% after Credit Suisse downgraded several stocks in the U.S. home building industry.

    Cree Inc. was initiated with an Outperform rating by JMP Securities.

    Disney was upgraded from Hold to Buy by Soleil. Target was raised from $30 to $42. ‘Tis the season for Disney to move higher!

    Don Vialoux, chartered market technician, is the author of a free
    daily report on equity markets, sectors, commodities, equities and
    Exchange-Traded Funds. For more visit Don Vialoux's Web site

  • Plastic Logic Que Still Delayed, But Could I Interest You in Plastic Logic? [Plastic Logic]

    The promising-but-pricey Plastic Logic Que was enticing when first announced, but extensive delays have made it less appealing. Still, major Plastic Logic investor Herrman Hauser selflessly thinks now would be the perfect time for someone to buy up the company. More »







  • Mexico-born archbishop to lead Los Angeles Catholics [Updated]

    Jose Gomez, who has been tapped to take over the archdiocese of Los Angeles, has risen rapidly through the Catholic church and earned a national reputation.

    In replacing Cardinal Roger Mahony, Gomez, 58, would instantly become the most prominent Latino bishop in the United States, leading an archdiocese that is by far the nation’s largest and is dominated by parishioners with roots in his native Mexico.

    If his personal history is any guide, he also could be expected to guide the Los Angeles church along a more traditional — some would say conservative — path than Mahony, known as one of the most progressive archbishops in the country and an impassioned fighter for immigrants’ rights.

    In 2005, Time magazine named him one of the 25 most influential Latinos in the United States.

    In a profile, the magazine wrote: "Born in Monterrey, Mexico, Gomez enjoys an excellent relationship with the powerful bishop of Mexico City and is a natural conversation partner for legislators toiling over immigration riddles. A long affiliation with the conservative teaching group Opus Dei guarantees him the Vatican’s doctrinal confidence and a support and information network leading high up in Rome. Yet despite his orthodoxy, Gomez is a natural conciliator admired for uniting rich and poor and Anglo and Hispanic Catholics behind Denver’s Centro Juan Diego, a hybrid Latino religious-instruction and social-services center hailed as a national model."

    Mahony reaches the mandatory retirement age of 75 for bishops next February. 

     “I welcome Archbishop Gomez to the Archdiocese of Los Angeles with enthusiasm and personal excitement,” Mahony said in a statement. “The Auxiliary Bishops and I are looking forward to working closely with him over the coming months until he becomes the Archbishop early in 2011.”

    The Catholic News Agency released the a brief biography of Gomez:

    Archbishop Gomez was born in 1951 in Monterrey, Mexico to Dr. José H. Gomez and Esperanza Velasco, both who are now deceased.

    The prelate earned bachelor’s degrees in accounting, philosophy and theology and was ordained an Opus Dei priest in 1978. In 1980, he obtained a doctorate in theology from the University of Navarre’s Pamplona, Spain campus.

    From 1987 to 1999, then-Father Gomez was in residence at Our Lady of Grace Catholic Church in San Antonio where he assisted with the parish’s pastoral work. It was during this time that he became a regional representative to the National Association of Hispanic Priests (ANSH). In 1995 he was named president, then took on the role of executive director in 1999.

    Archbishop Gomez played a central role in establishing the Hispanic Seminary of Our Lady of Guadalupe in Mexico City which opened in 2000.

    Then in 2001, he was ordained an auxiliary bishop for the Archdiocese of Denver, where he served in several areas, including outreach to the Hispanic community. He also organized the establishment of Denver’s Centro San Juan Diego for Family and Pastoral Care, a place for formation of lay leaders and a base to provide welcoming services to immigrants.

    Gomez was named archbishop of San Antonio in 2005.

    [Updated at 8:15 a.m.: Michael Barber, a professor of scripture and theology at John Paul the Great Catholic University in San Diego, wrote in The Sacred Page blog that Gomez “fits the template” of a typical appointment by Pope Benedict XVI: He is well-educated, with a doctoral degree in theology; he has worked in Rome, for the Pontifical Commission for Latin America; and he “has experience in priestly formation,” the training of young priests.

    Gomez is a former member of Opus Dei, a conservative and controversial Catholic organization (known to most Americans because of its unflattering role in “The DaVinci Code,” which Opus Dei leaders denounced as misleading and offensive).

    He built a reputation in San Antonio as a staunch traditionalist who reversed some of the more liberal-leaning initiatives of his predecessor. According to local press reports, he disbanded a Justice and Peace Commission whose members disagreed with his support for a state constitutional amendment barring gay marriage, and he once denounced a local Catholic college for hosting then-presidential candidate Hillary Clinton, an advocate of abortion rights.

    Since taking over the San Antonio archdiocese in 2005, he has pleased some members of the community with his strong anti-abortion stance and his insistence on traditional church doctrine, while alienating others who favor a more progressive approach, according to the San Antonio Express-News.]

    — Mitchell Landsberg and Shelby Grad

    Photo: Eric Gay / Associated Press

  • Homicide Report: 25 killings last week in Los Angeles County

    The Times' Homicide Report interactive map and database.

    There were 25 killings last week in Los Angeles County — the highest number in any week since December 2008, according to The Times’ Homicide Report database.

    Despite the surge, killings countywide continue to decline compared with recent years. The year-to-date number of killings as of Sunday was 170, compared with 196 for the same period in 2009 and 245 in 2008.

    Homicide_chart Among those killed last week was Jose Castillo, 20. Castillo was shot several times and stabbed in the face in the 2600 block of Sichel Street in Lincoln Heights, according to Los Angeles County coroner’s records. He was pronounced dead at 9:03 p.m. on March 29.

    Emanual Dorsey, 30, was shot twice in the head, three times in the torso and twice in the left arm, according to coroner’s records. Dorsey was shot in the 1400 block of West 83rd Street in Manchester Square and died at 5:05 p.m. March 29.

    Jose Hernandez, 24, was shot in the chest in the 200 block of Rampart Boulevard in Westlake, according to coroner’s records. Hernandez died at 9:15 p.m. on March 30.

    The Times’ Homicide Report provides an interactive map and database of all homicides in Los Angeles County reported by the coroner since Jan. 1, 2007.

    — Anthony Pesce

  • T-Mobile stocking Nexus One accessories

    Own a Nexus One, but have neglected to protect your investment with a case?  Worry not, as T-Mobile has come to your rescue.  The nation’s fourth largest wireless carrier is now stocking accessories for the Android-powered Nexus One, leading many to believe that the device will hit T-Mobile retail stores.  Though anything is possible, I wouldn’t go that far, as I don’t find it uncommon for a carrier to stock accessories for a phone that utilizes its network (regardless of whether they sell it in the retail channel or not).  At the end of the day, it’s added accessory revenue for the company – and from spending several years in wireless retail, I assure you that the markup on accessories is astronomical.

    Head on down to your local T-Mobile store to pick one up, and be sure to drop us a line if you buy one!  AT&T, are you listening?

    Via Engadget Mobile


  • Personalized Talk Radio Service Stitcher Closes $6 Million Second Round


    Stitcher

    Stitcher, a service that lets talk radio listeners move programs to their mobile devices, has completed a $6 million second round funding. The round was led by Benchmark Capital. Previous backer New Atlantic Ventures also participated, as did individual investors Ed Scott and Ron Conway. San Francisco-based Stitcher plans to use the proceeds for general product and platform development.

    Stitcher’s service is free and resembles what LastFM and Pandora do for music. Users pick their radio programs and add it to a customized “station” on their mobile device. The two-year-old Stitcher previously raised $3 million in funding.


  • Is this the Samsung Moment 2?

    Samsung Moment 2

    That blurry little feller you see? Reportedly it’s the Samsung Moment 2 — SPH-M910, for those of you into such things. Not too much to go on, other than it has Android 2.1 and TouchWiz 3.0 — before you groan, that’s the same version as is on the Galaxy S. Also, there’s no Super AMOLED screen. For that matter, it’s not said whether it’s regular ol’ AMOLED, normal OLED, LED, unleaded or whatever.

    Other bulleted specs you can glean simply by looking at it: It’s a Sprint device, it has a four-row QWERTY keyboard, and the three capacitive buttons on the original Moment have gained a search button (and it’s about time). No word on pricing, availability, or whether this is all just some blurry figment of our imagination. One more pic after the break. [WeRAndroid via BGR]

    read more

  • Just Dance fevers up in the UK

    Since its December release, Ubisoft’s Just Dance has been going up and down the UK charts and keeping up with every major release since the holidays. Even the big guns released last month just can’t outperform this