http://www.chicagotribune.com/news/e...,6122626.story
Officials cut budgets, but pay keeps rising
The state's school superintendents are cutting costs in a gruesome budget cycle, but they can take some consolation: Their own paychecks are growing comfortably.
The average salary and benefits of Illinois' top school executives grew 4.1 percent last year, about 10 times faster than raises enjoyed by other wage earners in the Chicago metro area, according to state data. A record number of superintendents — 150 — earned $200,000 or more.
The earnings report comes as school districts from Amboy to Zion have threatened to trim teaching positions, close swimming pools or cancel lacrosse and band programs — all in an effort to balance budgets.
The new salary information, provided by the Illinois State Board of Education, shows that the average compensation of full-time superintendents grew from $145,000 during the 2007-08 school year to $151,000 in 2008-09.
Protest organized to draw attention to staff, activity cuts in District 201
http://www.chicagotribune.com/news/local/ct-met-0303-morton-walkout-20100302,0,2325919.story
Wednesday, March 3, 2010
Carolyn Maloney calls for hearings on Greece's debt transactions
http://usa.greekreporter.com/2010/03/02/carolyn-maloney-calls-for-hearings-on-greece%e2%80%99s-debt-transactions/
And you really wonder why Americans have lost faith in the credibility of their government.
It would seem at this point Ms. Maloney should be discussing this with the FBI, and not just begging Barney Frank to look into it.
Carolyn Maloney (D-NY) sent on Friday a letter asking for hearings to be held on U.S. financial firms’ involvement in the elements of the debt crisis currently facing Greece.
“News has surfaced that investment banks based in the United States have funded firms that created the financial indexes and other information needed to trade against the possibility of a sovereign default overseas—after selling debt to those countries in a way that kept that debt secret from the public,” Rep. Maloney said. “These reports, if true, are a shocking echo of the financial crisis that faced the U.S. in 2008—whose reverberations are still being felt today, in the worst recession in decades.”
The text of the letter follows:
Dear Chairman Frank,
And you really wonder why Americans have lost faith in the credibility of their government.
It would seem at this point Ms. Maloney should be discussing this with the FBI, and not just begging Barney Frank to look into it.
Carolyn Maloney (D-NY) sent on Friday a letter asking for hearings to be held on U.S. financial firms’ involvement in the elements of the debt crisis currently facing Greece.
“News has surfaced that investment banks based in the United States have funded firms that created the financial indexes and other information needed to trade against the possibility of a sovereign default overseas—after selling debt to those countries in a way that kept that debt secret from the public,” Rep. Maloney said. “These reports, if true, are a shocking echo of the financial crisis that faced the U.S. in 2008—whose reverberations are still being felt today, in the worst recession in decades.”
The text of the letter follows:
Dear Chairman Frank,
Tuesday, March 2, 2010
German court overturns law on phone, e-mail data
http://www.usatoday.com/tech/news/2010-03-02-german-overturn-law-data_N.htm
BERLIN — Germany's highest court on Tuesday overturned a law that let anti-terror authorities retain data on telephone calls and e-mails, saying it marked a "grave intrusion" into personal privacy rights and must be revised.
The court ruling was the latest to sharply criticize a major initiative by Chancellor Angela Merkel's government and one of the strongest steps yet defending citizen rights from post-Sept. 11 terror-fighting measures.
The ruling comes amid a Europe-wide attempt to set limits on the digital sphere in the name of protecting privacy. That includes disputes with Google over photographing citizens for its Street View maps and a vote against letting U.S. authorities see European bank transfers to track down terror cells.
The Federal Constitutional Court ruled that the law violated Germans' constitutional right to private correspondence and failed to balance privacy rights against the need to provide security. It did not, however, rule out data retention in principle.
The law had ordered that all data — except content — from phone calls and e-mail exchanges be retained for six months for possible use by criminal authorities, who could probe who contacted whom, from where and for how long.
BERLIN — Germany's highest court on Tuesday overturned a law that let anti-terror authorities retain data on telephone calls and e-mails, saying it marked a "grave intrusion" into personal privacy rights and must be revised.
The court ruling was the latest to sharply criticize a major initiative by Chancellor Angela Merkel's government and one of the strongest steps yet defending citizen rights from post-Sept. 11 terror-fighting measures.
The ruling comes amid a Europe-wide attempt to set limits on the digital sphere in the name of protecting privacy. That includes disputes with Google over photographing citizens for its Street View maps and a vote against letting U.S. authorities see European bank transfers to track down terror cells.
The Federal Constitutional Court ruled that the law violated Germans' constitutional right to private correspondence and failed to balance privacy rights against the need to provide security. It did not, however, rule out data retention in principle.
The law had ordered that all data — except content — from phone calls and e-mail exchanges be retained for six months for possible use by criminal authorities, who could probe who contacted whom, from where and for how long.
Goldman's offshore deals deepened global financial crisis
http://www.mcclatchydc.com/2009/12/30/81465/goldmans-offshore-deals-deepened.html?storylink=omni_popular
A little Goldman refresher that was all considered perfectly legal to.
The question is WHY
When financial titan Goldman Sachs joined some of its Wall Street rivals in late 2005 in secretly packaging a new breed of offshore securities, it gave prospective investors little hint that many of the deals were so risky that they could end up losing hundreds of millions of dollars on them.
McClatchy has obtained previously undisclosed documents that provide a closer look at the shadowy $1.3 trillion market since 2002 for complex offshore deals, which Chicago financial consultant and frequent Goldman critic Janet Tavakoli said at times met "every definition of a Ponzi scheme."
The documents include the offering circulars for 40 of Goldman's estimated 148 deals in the Cayman Islands over a seven-year period, including a dozen of its more exotic transactions tied to mortgages and consumer loans that it marketed in 2006 and 2007, at the crest of the booming market for subprime mortgages to marginally qualified borrowers.
In some of these transactions, investors not only bought shaky securities backed by residential mortgages, but also took on the role of insurers by agreeing to pay Goldman and others massive sums if risky home loans nose-dived in value — as Goldman was effectively betting they would.
A little Goldman refresher that was all considered perfectly legal to.
The question is WHY
When financial titan Goldman Sachs joined some of its Wall Street rivals in late 2005 in secretly packaging a new breed of offshore securities, it gave prospective investors little hint that many of the deals were so risky that they could end up losing hundreds of millions of dollars on them.
McClatchy has obtained previously undisclosed documents that provide a closer look at the shadowy $1.3 trillion market since 2002 for complex offshore deals, which Chicago financial consultant and frequent Goldman critic Janet Tavakoli said at times met "every definition of a Ponzi scheme."
The documents include the offering circulars for 40 of Goldman's estimated 148 deals in the Cayman Islands over a seven-year period, including a dozen of its more exotic transactions tied to mortgages and consumer loans that it marketed in 2006 and 2007, at the crest of the booming market for subprime mortgages to marginally qualified borrowers.
In some of these transactions, investors not only bought shaky securities backed by residential mortgages, but also took on the role of insurers by agreeing to pay Goldman and others massive sums if risky home loans nose-dived in value — as Goldman was effectively betting they would.
Bunning gave in
http://voices.washingtonpost.com/44/2010/03/senate-near-deal-to-end-bunnin.html?hpid=topnews
We're good for another month kids, the show will go on.
Senate approves extension of jobless benefits after Bunning ends blockade
Senators approved a bill extending unemployment benefits, highway funding and other federal programs Tuesday night after Sen. Jim Bunning (R-Ky.) dropped his days-long blockade of the bill.
The Senate approved the measure 78 to 19.
Bunning had held up the Senate's consideration of the package of 30-day extensions since Thursday, arguing that the measures were not paid for. Senate Majority Leader Harry M. Reid (D-Nev.) said they were, but Bunning stood firm until reaching accord on a deal Tuesday.
That agreement allowed a vote on the package and also gave Bunning a vote on his amendment forcing the $10 billion bill to be offset with the closing of a tax loophole that has benefited the paper industry. The amendment failed, with 43 senators voting for it.
Bunning will also get the chance
We're good for another month kids, the show will go on.
Senate approves extension of jobless benefits after Bunning ends blockade
Senators approved a bill extending unemployment benefits, highway funding and other federal programs Tuesday night after Sen. Jim Bunning (R-Ky.) dropped his days-long blockade of the bill.
The Senate approved the measure 78 to 19.
Bunning had held up the Senate's consideration of the package of 30-day extensions since Thursday, arguing that the measures were not paid for. Senate Majority Leader Harry M. Reid (D-Nev.) said they were, but Bunning stood firm until reaching accord on a deal Tuesday.
That agreement allowed a vote on the package and also gave Bunning a vote on his amendment forcing the $10 billion bill to be offset with the closing of a tax loophole that has benefited the paper industry. The amendment failed, with 43 senators voting for it.
Bunning will also get the chance
Goldman-Greek Deal "Completely Scandalous" ... and Legal
http://finance.yahoo.com/tech-ticker/goldman-greek-deal-%22completely-scandalous%22-...-and-legal-432750.html?tickers=GS,JPM,XLF,FAZ,SKF,FAS,C&sec=topStories&pos=9&asset=&ccode=
At Goldman Sachs these days, it must seem like you can't sneeze without causing a scandal. The latest controversy centers around currency swaps Goldman brokered for Greece back in 2002.
U.S. and EU regulators are probing the transactions, which critics say helped Greece hide the size of its deficits. Bloomberg reports Goldman made $1 billion underwriting Greek debt after the 2002 swap, which often wasn't disclosed to potential investors.
Regulators are further investigating whether Goldman also sought to take advantage of its knowledge of Greece's true financial status by betting on credit default swaps, which have risen in value amid concerns about Greece's ability to pay its debts. Congress will hold hearings on the matter, House Financial Services Chairman Barney Frank has declared.
The reality is "Goldman didn't break the law," says Martin Wolf, chief economics correspondent at The Financial Times. "People knew what they were doing and it wasn't a big deal...it was allowed." (EU regulators have claimed they only just learned of the swaps although it was profiled by Risk Magazine in 2003.)
What is "completely scandalous" is that the Goldman-Greece currency swap was legit under the rules of the day, Wolf says. "It's another indication of ways in which governments connived with the financial sector all over the world to do things they really shouldn't have allowed to happen
A debate could be made that governments just do what they are conditioned to do by "the banks". .
At Goldman Sachs these days, it must seem like you can't sneeze without causing a scandal. The latest controversy centers around currency swaps Goldman brokered for Greece back in 2002.
U.S. and EU regulators are probing the transactions, which critics say helped Greece hide the size of its deficits. Bloomberg reports Goldman made $1 billion underwriting Greek debt after the 2002 swap, which often wasn't disclosed to potential investors.
Regulators are further investigating whether Goldman also sought to take advantage of its knowledge of Greece's true financial status by betting on credit default swaps, which have risen in value amid concerns about Greece's ability to pay its debts. Congress will hold hearings on the matter, House Financial Services Chairman Barney Frank has declared.
The reality is "Goldman didn't break the law," says Martin Wolf, chief economics correspondent at The Financial Times. "People knew what they were doing and it wasn't a big deal...it was allowed." (EU regulators have claimed they only just learned of the swaps although it was profiled by Risk Magazine in 2003.)
What is "completely scandalous" is that the Goldman-Greece currency swap was legit under the rules of the day, Wolf says. "It's another indication of ways in which governments connived with the financial sector all over the world to do things they really shouldn't have allowed to happen
A debate could be made that governments just do what they are conditioned to do by "the banks". .
Nation's Unemployment Programs Running Out of Money
http://abcnews.go.com/Business/nations-unemployment-programs-running-empty/story?id=9981941
The reality of the real. The 10 billion is only good for 1 month of extention.
[B]This weekend Congress was unable to provide even a basic stopgap measure that would have extended federal benefits, temporarily, for one more month at a cost of $10 billion.[/B]
The reality of the real. The 10 billion is only good for 1 month of extention.
[B]This weekend Congress was unable to provide even a basic stopgap measure that would have extended federal benefits, temporarily, for one more month at a cost of $10 billion.[/B]
Unemployment fund borrowing to pay claims
http://www.boston.com/business/ticker/2010/02/unemployment_fu.html
[B]And where is the Federal government getting this money from for the states to borrow it? [/B]
The deep recession and extended period of high unemployment have exhausted the fund that pays jobless benefits in Massachusetts, requiring the state to borrow from the federal government, the state Executive Office of Labor and Workforce Development reported today.
The fund, which is financed by premiums paid by businesses, ran out of money on February 9, and began borrowing from federal government to pay claims. Massachusetts is one of 30 states that have exhausted state trust funds and are borrowing to pay benefits, according to the US Labor Department. The Labor Department expects the 40 states to be borrowing by the end of the year. Under federal stimulus legislation, states can borrow interest-free through 2010.
The Massachusetts unemployment
[B]And where is the Federal government getting this money from for the states to borrow it? [/B]
The deep recession and extended period of high unemployment have exhausted the fund that pays jobless benefits in Massachusetts, requiring the state to borrow from the federal government, the state Executive Office of Labor and Workforce Development reported today.
The fund, which is financed by premiums paid by businesses, ran out of money on February 9, and began borrowing from federal government to pay claims. Massachusetts is one of 30 states that have exhausted state trust funds and are borrowing to pay benefits, according to the US Labor Department. The Labor Department expects the 40 states to be borrowing by the end of the year. Under federal stimulus legislation, states can borrow interest-free through 2010.
The Massachusetts unemployment
Monday, March 1, 2010
Facial recognition phone application described as a 'stalker's dream'
http://www.dailymail.co.uk/news/arti...ers-dream.html
In the name of capitalism I now deem you fair game
A prototype camera phone application that enables the user to find names and numbers of complete strangers has been labelled a 'stalker's dream'.
The application, called Recognizr, has been developed to find personal information through facial recognition software.
The user simply has to take a picture of a person and hit the 'Recognize' button.
Read more: http://www.dailymail.co.uk/news/arti...#ixzz0gxa4jmXs
In the name of capitalism I now deem you fair game
A prototype camera phone application that enables the user to find names and numbers of complete strangers has been labelled a 'stalker's dream'.
The application, called Recognizr, has been developed to find personal information through facial recognition software.
The user simply has to take a picture of a person and hit the 'Recognize' button.
Read more: http://www.dailymail.co.uk/news/arti...#ixzz0gxa4jmXs
Pentagon panel has contractor contacts
http://www.usatoday.com/news/military/2010-03-01-pentagon_N.htm
Oh yeah there's no conflict of interest seen here now is there?
More than half of the panel members appointed to review the Pentagon's latest four-year strategy blueprint have financial ties to defense contractors with a stake in the planning process, a USA TODAY analysis shows.
Congress created the 20-member panel in 2006 to analyze the Defense Department's four-year plan, known as the Quadrennial Defense Review. Lawmakers called for the committee to provide an independent "alternate view" of the Pentagon's plan, which shapes future military policy and spending on weapons and other needs.
A dozen of the unpaid panelists were appointed by Defense Secretary Robert Gates and eight by the top Republican and Democrat members of the House and Senate Armed Services committees. Eleven work for defense contractors as employees, consultants or board directors, records show.
"The Pentagon often talks about its cooperation with industry, but this makes you wonder who's wearing the pants in this relationship," said Mandy Smithberger, national security investigator for the Project on Government Oversight.
Oh yeah there's no conflict of interest seen here now is there?
More than half of the panel members appointed to review the Pentagon's latest four-year strategy blueprint have financial ties to defense contractors with a stake in the planning process, a USA TODAY analysis shows.
Congress created the 20-member panel in 2006 to analyze the Defense Department's four-year plan, known as the Quadrennial Defense Review. Lawmakers called for the committee to provide an independent "alternate view" of the Pentagon's plan, which shapes future military policy and spending on weapons and other needs.
A dozen of the unpaid panelists were appointed by Defense Secretary Robert Gates and eight by the top Republican and Democrat members of the House and Senate Armed Services committees. Eleven work for defense contractors as employees, consultants or board directors, records show.
"The Pentagon often talks about its cooperation with industry, but this makes you wonder who's wearing the pants in this relationship," said Mandy Smithberger, national security investigator for the Project on Government Oversight.
Subscribe to:
Posts (Atom)