Tuesday, December 6, 2011

Who is This Monster They Call Wall Street? We Are. We Might Even Be Your Neighbor (ContributorNetwork)

COMMENTARY | Wall Street. The monster the protestors love to hate. I still can't understand its logic. Maybe, Marybeth Hicks of the Washington Times asks in her "Occupy Reality" piece, "Who parented these people?" is right. It's about entitlement. I get the feeling that the infamous Gordon Gekko of the Hollywood blockbuster "Wall Street" is being mistaken for documentary material. I wonder if these protestors really know anything real about their target. Who is this "Wall Street" they speak of, so reviled, disparaged and occupied these days?

Well, I'd like to introduce my family. I'm not ashamed to say we are Wall Street. We are not monsters and (gasp), we may not be that different from the protesters, just older and more experienced.

Let me clarify. We graduated from college in 1991, in the middle of a recession caused by the Persian Gulf War and inflation. Few in our class had promising job offers. Applications to law school and medical school soared as people hoped graduate school would help them wait out the economic drought of the time.

Job interviews invariably worked in a typing test. Speed, not your degree equaled a paycheck. Temp jobs and long hours at copy machines were personal purgatories to many. We envied people who had graduated only a few years before with prestigious, higher paying jobs, but we had bills to pay and worked hard at our crappy jobs, (mine at a law firm and his in accounting). It was frustrating and a serious struggle for financial security.

Fast-forward 20 years. The months each year my kids never saw their father during tax season, my graduate school tuition, the credit card bills and life stress took its toll. Finally, we bought our own home and along with it came the stress of a mortgage, taxes and car payments. Now, he's an employer, with four other partners within the finance industry. They employ ten people who work hard to support their families. Forty people, including children, rely on the success of this business. So we're being criticized for achieving the American Dream?

We all know the few newsworthy greed driven crooks and companies who have become household names. The Wall Street I know consists of mostly hardworking people. Some are richer, some poorer and media hype aside most do not own private yachts. If they do, then I say bravo. Are some of them wildly successful like our favorite athletes and entertainers? Yes, and because of that success they can often be found on the boards of major philanthropic organizations trying to better the world for their children and all of us.

I'd like to wager a bet that in another 20 years, when the rallying cry has died down and everyone grows up, some of these protestors will be the 1 percent. It could happen. I wonder how they'll feel then, when their name is on the tax bill and someone tells them they don't deserve their success.

Source: http://us.rd.yahoo.com/dailynews/rss/oped/*http%3A//news.yahoo.com/s/ac/20111205/cm_ac/10552909_who_is_this_monster_they_call_wall_street___we_are_we_might_even_be_your_neighbor

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Monday, December 5, 2011

Art-theft suspect pleads not guilty in NYC (AP)

NEW YORK ? A wine steward suspected in a bicoastal art-theft spree lifted pricey art from New York hotels simply by walking out with the works in a canvas tote bag and then used them to line his own walls, prosecutors said Friday.

Mark Lugo, who just spent more than four months in jail for grabbing a $275,000 Picasso off a San Francisco art gallery wall, was being held without bail after pleading not guilty Friday to grand larceny and other charges in a Manhattan court.

"In an effort to display stolen art in his apartment, this repeat art thief boldly walked out of two Manhattan hotels in broad daylight" with valuable works, District Attorney Cyrus R. Vance Jr. said in a statement.

Lugo's New York lawyer, James Montgomery, said the 31-year-old was a "pleasant, engaging" man "who's been struggling with particular difficulties," which he wouldn't detail.

"When the dust settles, and the DA's office calms down a little bit, we'll find that Mr. Lugo is a man who had no commercial motive at all" in the alleged thefts, Montgomery said.

The charges relate to two thefts of a total of six artworks, including what prosecutors called a $350,000 sketch by the French Cubist painter Fernand Leger. But prosecutors said a search of Lugo's former apartment in Hoboken, N.J., turned up four other pieces ? including a Picasso work ? that may have been stolen from Manhattan venues, and they said the investigation was continuing.

Lugo was publicly identified as a suspect in several New York heists since shortly after his July arrest in San Francisco, where police identified him as the man who walked into the Weinstein Gallery, lifted the 1965 Picasso drawing "Tete de Femme" ("Head of a Woman") off the wall, strolled down the street with the sketch under his arm and hopped into a taxi. Police tracked Lugo to a friend's Napa County apartment, where the Picasso was found unframed and prepared for shipping.

At his Hoboken apartment, investigators then found a $430,000 trove of stolen art, carefully and prominently displayed, as well as high-priced wine, authorities said.

Among some 19 artworks at the apartment was Leger's 1917 "Composition with Mechanical Elements," Assistant District Attorney Meghan Hast told a judge. The drawing disappeared June 28 from an employee entrance area at a gallery in the Carlyle Hotel; prosecutors pegged its value at $350,000, though Montgomery said that figure warranted investigating.

Lugo also is charged with stealing a group of five works by the South Korea-born artist Mie Yim, known for her disconcerting images of toy bears and other toy-like creatures, from the Chambers Hotel on June 14. The hotel had bought the Yim works, together called "Pastel on Board," for $1,800 apiece, prosecutors said.

Representatives for the hotels didn't immediately return calls Friday.

The San Francisco district attorney's office has said Lugo also was suspected of several other New York art heists, including the theft of a $30,000 Picasso etching from the William Bennett Gallery on June 27.

The sometime sommelier and kitchen server at upscale Manhattan restaurants also is charged in New Jersey with taking $6,000 worth of wine - in the form of three bottles of Chateau Petrus Pomerol - in April from Gary's Wine and Marketplace in Wayne. He hasn't appeared in a New Jersey court yet to answer those charges.

Lugo pleaded guilty in October to grand theft for the San Francisco heist. He finished his 138-day sentence Nov. 21 but was being held until he could be transferred to New York.

Lugo's San Francisco attorney, Douglas Horngrad, has called him "more like someone who was in the midst of a psychiatric episode" than a calculating art thief.

Source: http://us.rd.yahoo.com/dailynews/rss/crime/*http%3A//news.yahoo.com/s/ap/20111202/ap_on_en_ot/us_purloined_picasso

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Former Denver sheriff charged in meth for sex case (AP)

DENVER ? A former Colorado lawman who was once named the nation's sheriff of the year was charged Friday with drug and prostitution offenses after authorities said he offered methamphetamine to a man in exchange for sex.

Patrick Sullivan Jr., 68, was being held on $500,000 bond in an isolation cell at a jail named in his honor in suburban Denver. Arapahoe County Sheriff Grayson Robinson said current or former law enforcement officials are usually kept from the general inmate population for their safety at the Patrick J. Sullivan Jr. Detention Facility.

Prosecutors charged Sullivan with felony distribution, possession of meth as well as a misdemeanor charge of soliciting prostitution. Authorities say he offered methamphetamine in exchange for sex from a male acquaintance in a sting set up by officers with a drug task force.

Sullivan also is charged with attempting to influence a public servant following a Sept. 20 report of an "old man" inside a home that the caller said he wanted to leave.

An incident report notes a man at the house reported Sullivan was getting three recovering addicts back into drugs. Sullivan told investigators he was helping them out as part of his work with a law enforcement and state drug rehab program. Officials have no record of Sullivan working for either.

Sheriff's officials say Sullivan has declined to grant interviews while incarcerated.

Sullivan was sheriff of the suburban Denver county from 1984 until 2002, when he retired. He was hailed as a hero following a daring 1989 rescue in which he crashed a vehicle through a fence to provide cover for two of his deputies who were pinned by gunfire. He was also named Sheriff of the Year by the National Sheriff's Association and praised by former Rep. Tom Tancredo in 2002.

Meanwhile, Robinson said police talked to him in January about Sullivan as part of an investigation into the unsolved drowning death of a man. Robinson said a detective contacted him in January for insight into the personality of Sullivan.

"He told me they were interested in interviewing Sullivan," Robinson said.

Denver police refuse to say whether they questioned Sullivan or what information they sought in the Jan. 26 drowning death of 27-year-old Sean Moss.

An autopsy found intoxication from meth and gamma-hydroxybutryic acid that's a rave drug known by various street names such as "Liquid Ecstasy," that's also a date rape drug, contributed to Moss' death.

Police spokesman Sonny Jackson said the case remains open because the coroner was unable to determine if Moss' death was accidental, a suicide or homicide.

The Denver Post reported that Sullivan had posted bail for Moss after his arrest Jan. 14 in a domestic violence case in Centennial, a suburb of Denver. That case involved a fight that broke out in a car on Interstate 25 between Moss and a man described by investigators as Moss' boyfriend, according to an incident report from the Arapahoe County sheriff's office.

The incident report said Moss and the other man were living together at the time. Both men were arrested.

Moss was carrying a backpack packed with a denture brush, eight pairs of socks, some clothes, and other personal items when his body was found in the South Platte River southeast of downtown Denver.

Robinson said he knew little about the Moss investigation because that was Denver's case.

A Denver man remained in custody in a Denver jail Friday over allegations he supplied methamphetamine to Sullivan. Robinson said Timothy Faase, 49, was arrested Tuesday after investigators tailed Sullivan to Faase's Denver apartment.

Faase was being held in a Denver jail on suspicion of drug trafficking and possession of more than 2 grams of methamphetamine. His bond was set at $25,000.

Source: http://us.rd.yahoo.com/dailynews/rss/topstories/*http%3A//news.yahoo.com/s/ap/20111202/ap_on_re_us/us_sheriff_meth_charge

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Sunday, December 4, 2011

turnageb: RT @BorowitzReport: BREAKING: GOP Rivals Beg Cain To Endorse Someone Else #Cain

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BREAKING: GOP Rivals Beg Cain To Endorse Someone Else #Cain BorowitzReport

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Source: http://twitter.com/turnageb/statuses/143039974411997184

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Saturday, December 3, 2011

Security Researchers Find Privacy Leaks in Fundamental Pre-Installed Android Apps [Security]

Though phone manufacturers have been distancing themselves from the Carrier IQ furore, there are plenty of other pieces of software that could be tracking you, too. More »


Source: http://feeds.gawker.com/~r/gizmodo/full/~3/F0S3sQYQmks/security-researchers-find-privacy-leaks-in-fundamental-pre+installed-android-apps

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Asia pilot gap grows as airlines order new jets (AP)

HONG KONG ? Fast-growing Asian and Middle Eastern airlines have signed orders recently for hundreds of new airplanes ? now they face the problem of finding enough pilots to fly them. For safety-conscious travelers, that means sticking with the big, well known airlines who can afford to lure the best staff as the scramble to fill the cockpit intensifies.

While there have been warnings for several years of a pilot shortage in Asia, the latest orders add to the urgency. The region is forecast to account for the lion's share of global aircraft deliveries over the next two decades as demand for air travel surges amid strong economic growth. It's also forecast to need the largest number of new pilots and the widening shortage of experienced staff is raising safety concerns and playing havoc with flight schedules.

"Quite a number of carriers are increasing their orders. So where are the pilots coming from? The shortage is going to manifest itself certainly as we go into next year because there'll be a lot of planes coming in then, so these guys are going to have a hard time finding the pilots to fly them," said Shukor Yusof, an aviation analyst with Standard & Poor's.

Last month, Indonesia's Lion Air ordered 230 Boeing Co. 737s with options for 150 more. Qatar Airways ordered at least 55 jets from Airbus SAS while Emirates ordered 50 Boeing 777s. From 2011 to 2030, Boeing and Airbus both predict Asia will account for about a third of global aircraft deliveries worth a total of more than $1 trillion.

To keep up with growth and replace retiring pilots, the International Civil Aviation Organization forecasts Asia will need 229,676 new pilots over the next two decades ? up from 50,344 in 2010. In the most likely scenario, Asia will be short about 9,000 pilots a year because it will need about 14,000 but have capacity to train only about 5,000.

"Never in human history have we seen a time when 2 billion people will enter the middle class and demand air travel. That time is now," said William Voss, president of the Washington, D.C.-based Flight Safety Foundation.

Some airlines are already acting.

Emirates has announced plans to set up a dedicated $109 million flight training center in Dubai that will be able to train up to 400 students at a time. Earlier this year, Canadian flight-training company CAE Inc. said it was expanding its training center in Zhuhai, China that it runs jointly with China Southern Airlines.

But Roei Ganzarski, Boeing's chief customer officer for flight services, warns that recruiting pilots will be a long-term problem for the aviation industry. "We've already heard of a few airlines that have either reduced their operations or even grounded their airplanes because they don't have enough people to fly them."

Training a commercial airline pilot takes time ? up to three or four years. Trainees must obtain a Private Pilot's License and then a Commercial Pilot's License. Then they need an Air Transport Pilot's License ? the advanced credential required to fly a commercial airliner ? which involves logging about 1,500 flying hours. It's an expensive and time-consuming entire process that rookies starting from scratch will need two to three years to complete.

Once they're hired by an airline as a first officer, candidates will need more time for additional conversion training for the type of aircraft they'll be flying, which could take another year.

Aviation industry executives say small airlines will be hit hardest because they can't compete with big, rich carriers such as Dubai-based Emirates, the Middle East's biggest airline.

Capt. Alan Stealey, senior vice president for flight operations, said Emirates isn't facing problems recruiting its target of 600 pilots this year, up from about 400 or 450 in past years.

Emirates lures staff with generous salaries and benefits. First officers earn tax-free annual salaries averaging $95,000 while captains get about $135,000 as well as free housing, medical benefits and tuition fees.

Emirates also operates some of the world's newest, most advanced jets ? another draw for recruits.

"We're an airline of choice from a pilot's point of view," said Stealey. "The shortage will not be in carriers like Emirates," but rather will hit smaller, regional carriers hardest, he predicted.

The crash of an Air India Express jet in May 2010 highlighted the problems smaller airlines are facing. An investigation blamed the Serbian pilot for the disaster in which a Boeing 737 operated by the national carrier's low-cost arm crashed while landing at Mangalore's airport, killing 158 people.

The probe found that the pilot slept through more than half the flight and woke up disoriented when it was time to land the aircraft.

India's pilot shortage has been driven by fierce demand as a slew of carriers have started up in the past decade and expanded rapidly. Pilots complain that they don't have enough rest time between flights, a violation of international aviation safety practices.

Indian airlines have been forced to look abroad for staff, which comes with its own problems as some Eastern European pilots had difficulties with English ? the international language of aviation.

By hiring pilots from countries where English isn't spoken widely, "you have to accept that there's potential for confusion, or less comprehension," said Gideon Ewers, a spokesman for the U.K.-based International Federation of Airline Pilots' Associations.

Airlines across Asia have been recruiting foreigners. China has at least 1,300 foreign flight captains, according to the state-run China Daily newspaper. Garuda Indonesia and Korean Airlines have also been forced to hire foreign pilots. In China, state media quoted an American pilot for Spring Airways complaining he had to rely on his Chinese first officer to communicate with air traffic controllers who wouldn't or couldn't speak English.

Experts say while some smaller airlines are forced to hire pilots on short-term contracts, they don't have as much control over the quality of the pilot's training and experience as big airlines with cadet programs do. The result is that while airlines may have crews that meet the minimum training requirements, some airlines will have crews that are excellent but others are "dangerously marginal," said Voss.

At airlines where safety and training standards are closely followed, the pilots in the cockpit "correct the missteps and correct problems on the spot. All of those little corrections eventually define the safety culture of that airline," said Voss.

"If the crews are all on six-month contracts, that doesn't happen. Risky behavior goes unchallenged, professionalism decays, and disaster inevitably follows."

A potentially even graver shortage looms of maintenance personnel, aviation groups say. Boeing forecasts that Asia will need a quarter-million new technicians over the next two decades, up from about 46,500 now.

"It is a more difficult problem to solve," said Voss,"since the job is very unattractive and harder to train."

___________

AP Business Writer Adam Schreck in Dubai, Aviation Writer Slobodan Lekic in Brussels and AP Writer Nirmala George in New Delhi contributed to this report.

Source: http://us.rd.yahoo.com/dailynews/rss/topstories/*http%3A//news.yahoo.com/s/ap/20111201/ap_on_re_as/as_asia_pilot_shortage

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Friday, December 2, 2011

Wall Street up for second day on brighter consumer outlook (Reuters)

NEW YORK (Reuters) ? The Dow and S&P 500 advanced for a second day on Tuesday as stronger-than-expected consumer confidence data and hopes for further progress on a solution to Europe's fiscal mess bolstered sentiment.

However, in a sign investors are still nervous about the European debt crisis, defensive sectors such as utilities and consumer staples were among the best performers. The Nasdaq composite index also closed lower.

Helping to lift the mood on Wall Street, the Conference Board, an industry group, said its index of consumer confidence jumped to its highest level since July, handily topping economists' forecasts.

Financial shares limited the advance, with the S&P financial index (.GSPF) down 0.6 percent. Shares of Bank of America (BAC.N) dropped 3.2 percent to $5.08, its lowest closing level since March 2009.

Bank shares have been battered by worries that the impact of the euro zone crisis could spread through the global financial system and their losses highlight the fragility of any stocks rally until European Union policymakers resolve it once and for all.

"There seems to be some movement on the European front, but things certainly haven't been resolved. Financials are taking a step back, and are kind of keeping a cap on the market as a whole," said Thomas Villalta, portfolio manager for Jones Villalta Asset Management in Austin, Texas.

The Dow Jones industrial average (.DJI) was up 32.62 points, or 0.28 percent, at 11,555.63. The Standard & Poor's 500 Index (.SPX) was up 2.64 points, or 0.22 percent, at 1,195.19. The Nasdaq composite index (.IXIC) was down 11.83 points, or 0.47 percent, at 2,515.51.

In a positive sign for the euro zone, Italian bond yields fell from session highs. In the auction, Italy's government sold 7.5 billion euros of three- and 10-year bonds, close to the upper end of its target range.

Investors also eyed a meeting of European officials in hopes they will make progress in resolving the region's debt crisis.

The day's most actively traded stock on the New York Stock Exchange was AMR Corp (AMR.N), even though it was halted 28 times throughout the day. It plunged 84 percent to 26 cents a share after the company, parent of American Airlines, filed for bankruptcy protection and named a new chairman and chief executive.

After the market's close, Standard & Poor's reduced its credit ratings on several big banks in the United States and Europe, including JPMorgan Chase & Co (JPM.N) and Bank of America.

S&P said the actions were the result of a sweeping overhaul of its ratings criteria. The affected banks could see higher funding costs, a fixed income strategist said.

On Monday, U.S. stocks rebounded sharply from seven days of losses, with the S&P closing up nearly 3 percent.

Weakness in some large-cap Internet stocks weighed on the Nasdaq after strong gains in those stocks on Monday. Amazon.com (AMZN.O) dropped 3 percent to $183.39.

The confidence data followed record Black Friday sales, giving investors hope that the holiday shopping season will be a solid one for retailers.

Some 6.73 billion shares changed hands during the day on U.S. exchanges, below the daily average of 7.96 billion shares.

Decliners beat advancers on the NYSE by 15 to 14 and on the Nasdaq by about 5 to 3.

(Reporting by Caroline Valetkevitch; Editing by Kenneth Barry)

Source: http://us.rd.yahoo.com/dailynews/rss/stocks/*http%3A//news.yahoo.com/s/nm/20111129/bs_nm/us_markets_stocks

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