In an appearance on MSNBC’s Morning Joe, famed veteran journalist Bob Woodward noted the importance of bringing out the truth in regards to Benghazi while noting that it is indeed comparable, if not worse, than Watergate. … Read More
ECB to become chief euro bank supervisor
The European Banking Authority was set up in 2011 to integrate rules across the EU and has secured a new supervisory function. “We want to know what kinds of banks we supervise,” Joerg Asmussen, an ECB executive board member said. Draft legislation says the ECB must conduct a “comprehensive assessment, including a balance-sheet assessment,” of any banks it will directly supervise. By gaining a new supervisory role, it consolidates more influence in lending decisions, which could make loans more subjective than objective. Chief economist of the IMF, Oliver Blanchard, has long warned against the danger of central banks becoming too powerful. Blanchard, and others, warn the more power the central banks wield, the more difficult it will be to separated from politics. “Being supervisor allows the ECB to discriminate between zombie banks and those that are sound and make sure that its lending targets those banks that lend to the economy – not to the zombies,” said Daniel Gros, from the Center for European Policy Studies, Reuters reported. Since the recession, the roles of major central banks, including the ECB, the US Federal Reserve, and the Bank of England, have greatly increased in providing banking supervision and oversight and been an anchor of recovery. The ECB foots the bill for a large portion of the European financial system, last year it provided 1 trillion euros of cheap three-year loans to struggling banks.Stress test delays The new supervisory role will delay planned banking regulation stress tests, which evaluate and diagnosed the capabilities of lenders. The last stress test was performed in 2011, and were highly criticized for not properly identifying non-robust lenders. Eight banks failed the examination in 2011 with a combined deficit of 2.5 billion euros ($3.2 billion) according to Bloomberg. … Read More
American billionaire calls for breakup of Sony
Notorious for in his power play breakups and dismissals at both Yahoo and Google, Daniel Loeb, the chief executive of Third Point, now has his sights set on Sony. Loed allegedly holds a 115 billion yen ($1.13 billion) worth of shares in Sony, which has a total market value close to $18.5 billion.Loeb’s hedge fund quietly accumulated its 6.5 percent stake, and has indicated he would accept a seat on Sony’s board.According to the NYT’s Dealbook, Loeb hand-delivered a letter to Sony CEO Kazuo Hirai in Tokyo.The Californian jetted to Tokyo this past weekend to deliver the letter, and to meet with senior Sony executives, government officials, and regulators.Mr. Loeb proposed divvying up 15 to 20 percent of Sony shares to existing Third Point investors and also promised $2 billion upfront in cash to ensure the success of the transition.”Our plan shifts that paradigm and we believe, if managed properly, it could result in as much as 60 percent upside to Sony’s share price,” Third Point said in a statement.George Boyd, a spokesman for Sony, said he had no immediate comment.Loeb wants Sony to break up its current structure and spin off part of its entertainment division, which includes its very successful Hollywood production unit, NYT Dealbook reported. Loeb also wants Sony to take a leaf from Apple’s business plan and cut costs by only focusing on a few core products.A profitable venture?Shares of Sony have sunk nearly 85 percent over the last 13 years, losing out to Apple, Samsung, and LG in the electronics market. Despite the slump, Sony remains a very reputable company in Japan, and still has a market value of about $18 billion.Though its sales were dormant over the last 5 years, last week, Sony posted its earnings at $458 million, down $5.7 billion year-on-year. Sony’s operating costs yielded a $2.45 billion profit after a turbulent 2011 when it lost $5.7 billion.Sony has consolidated its American operations- in January it announced the sale of its 37-story Manhattan skyscraper headquarters, which it reportedly sold for a sticker price of $1.1 billion. The sale sent its stock soaring, up 12 percent, its biggest gain since October 2008.Revenue rose 4.7 percent, but investors doubt how flush the numbers are, since the weaker yen has boosted its competitiveness and value overseas. Last week the company forecast a 16 percent increase in profit, as it prepares to launch a new smart phone and television line, in attempt to out-compete its Korean electronics neighbor, Samsung.Smart phone sales are expected to rise to 42 million units, up from 33 million units, according to Sony.Pro AbenomicsDan Loeb, famous for his cut-throat dismissals and distinct management style, which has been chronicled as both ground-breaking and rude at the same time, may clash with the traditional, non-nonsense, Japanese company.Loeb has hailed Abenomics as a ‘huge game changer’ and sees potential in Japan’s market where many don’t.Japan’s Nikkei index has been steadily climbing, and has risen about 40 percent in the last year.“Under Prime Minister Abe’s leadership, Japan can regain its position as one of the world’s pre-eminent economic powerhouses and manufacturing engines,” the hedge fund manager wrote in his letter. … Read More
FBI Most Wanted Terrorists-30 Muslims, 2 Liberals, 0 Right Wing Patriots
Categories: Controlling the Herd, Editor’s Choice, War and ConflictWith all the constant rhetoric about the dangers of the American Patriot and right-wing-Christian terrorists, the facts still remain. The current list of “FBI Most Wanted Terrorists” contains 32 people. 30 of those people are Muslims and two are left-wing liberals. In addition to Chesimard, Daniel Andreas San Diego is the other non-Muslim on the list.(Read more…) … Read More
US Syria Policy Promotes Endless Civil War
Omar Dahi: Daniel Pipes, neo-con and ultra Zionist, spells out US policy towards Syria – let both sides destroy each other … Read More
Former Reagan assistant faces child pornography charges
James Daniel Howard, who currently resides in the state of Virginia, was arrested on January 15, to the dismay of community residents living in his town of Clifton. Howard, now 69, served a distinguished political career in Washington at the highest levels including as Under Secretary of the Navy. He is now charged with two felonies, which police records indicate occurred on August 25th and 27th in 2012. Serving as Acting Secretary of the Navy in 1992 following the resignation of Henry L. Garrett III, Howard notably ordered a mandatory one-day training for the Navy on sexual harassment rules. Howard’s career ended on a mixed note as he narrowly avoided being removed by a Pentagon probe into what came to be known as the Tailhook scandal, during which more than 100 Navy and Marine Corps aviation officers were accused of sexually assaulting at least 83 women and 7 men, or otherwise engaged in “improper and indecent” conduct, at the Las Vegas Hilton in Las Vegas, Nevada. Among items reported by police documents following Howard’s arrest, which include various items related to either the possession or transmission of child pornography, was also a suicide note. Howard was released following his January arrest, and his trial is scheduled to begin on June 4th. … Read More
