‘Wall Street Partying in Davos as Bankers Overcome Crisis’ [SIC]

January 25th, 2011

In other news: ‘The unemployment rate rose in 20 states last month as employers in most states shed jobs.’

Via: Bloomberg:

As Wall Street chief executive officers flock to the World Economic Forum, they’ll be breathing a sigh of relief along with the Swiss mountain air: There are no panels on compensation or redesigning financial regulation.

After spending much of last year’s meeting defending the industry and debating proposed rules, bankers plan to focus on wooing clients and winning business, according to executives at three Wall Street companies, who spoke anonymously because they weren’t authorized to comment publicly.


GM Sold More Vehicles in China Than the U.S. in 2010

January 25th, 2011

Via: USA Today:

General Motors last year sold more cars and trucks in China –now the world’s largest and fastest-growing auto market — than it did in the U.S.

GM sold 2,351,610 vehicles in China in 2010, up 28.8% over 2009. By contrast it sold 2.215,227 in the U.S., up 6.3%.


Jesse Ventura Sues TSA Over Pat-Downs

January 25th, 2011

Via: KSTP:

Former governor Jesse Ventura never shied away from a battle during his one term as Minnesota’s chief executive.

Now, as a “television performer,” as he describes himself in a new lawsuit, the former pro-wrestler is trying to launch a legal smackdown against the agencies that are supposed to protect the flying public.

In a complaint filed Monday morning in the U.S. District Court for Minnesota, Ventura is suing the U.S. Department of Homeland Security (DHS) and its secretary, Janet Napolitano, as well as the Transportation Security Administration (TSA), and its administrator, John Pistole.

Ventura accuses the agencies of violating his “basic rights to privacy and dignity, and his right to be free from unreasonable searches and seizures,” after he received a pat-down by a TSA agent at the Minneapolis-St. Paul International Airport in November 2010.

Ventura, who said he has a titanium implant after hip replacement surgery in 2008, alleges the pat-down included “warrantless, non-suspicion-based offensive touching, gripping and rubbing of the genital and other sensitive areas of his body,” which, the lawsuit contends, met “the definition for an unlawful sexual assault.”

Ventura’s Minneapolis-based attorney, David Olsen, told 5 EYEWITNESS NEWS this afternoon, “The security procedures are going too far. There’s a line somewhere and he believes that line has been crossed.”


Moscow Airport Bomb Kills 31, Injures More Than 130

January 24th, 2011

In other news: Israel Concerned Russia Will Recognize Palestinian State, and then, Dmitry Medvedev Restates Russian Support for Palestinian State.

*boom*

Via: Los Angeles Times:

An apparent terrorist bombing Monday at a crowded arrivals terminal at an airport near Moscow left 31 people dead and more than 130 injured, Russian officials said.

The bomb at Domodedovo International Airport was packed “full of metal pieces” and was the equivalent of between 15 and 22 pounds of TNT, a source in the Russian Investigation Committee told the state RIA Novosti news agency.

Investigation Committee spokesman Vladimir Markin told Russia 24 television that the blast was a terrorist act and that an investigation had been launched. Interfax news agency reported that law enforcement agencies were looking for three suspects.

Research Credit: almaverdad2


Large Leak of Documents ‘Reveal Slow Death of Middle East Peace Process’

January 24th, 2011

I have no idea what to make of this. It’s massive and I haven’t looked and any of the documents yet. Here it is, but, as always, with a grain of salt… or CAST LEAD as the case may be.

Via: Guardian:

The biggest leak of confidential documents in the history of the Middle East conflict has revealed that Palestinian negotiators secretly agreed to accept Israel’s annexation of all but one of the settlements built illegally in occupied East Jerusalem. This unprecedented proposal was one of a string of concessions that will cause shockwaves among Palestinians and in the wider Arab world.

A cache of thousands of pages of confidential Palestinian records covering more than a decade of negotiations with Israel and the US has been obtained by al-Jazeera TV and shared exclusively with the Guardian. The papers provide an extraordinary and vivid insight into the disintegration of the 20-year peace process, which is now regarded as all but dead.

More: The Story Behind the Palestine Papers

The revelations from the heart of the Israel-Palestine peace process are the product of the biggest documentary leak in the history of the Middle East conflict, and the most comprehensive exposure of the inside story of a decade of failed negotiations.

The 1,600 confidential records of hundreds of meetings between Palestinian, Israeli and US leaders, as well as emails and secret proposals, were leaked to the Qatar-based satellite TV channel al-Jazeera and shared exclusively with the Guardian. They cover the period from the runup to the ill-fated Camp David negotiations under US president Bill Clinton in 2000, to private discussions last year involving senior officials and politicians in the Obama administration.

The earliest document in the cache is a memo from September 1999 about Palestinian negotiating strategy. It suggests heeding the advice of the Rolling Stones: “You can’t always get what you want, but if you try sometimes you might find you can get what you need.” The final one, from last September, is a Palestinian Authority (PA) message to the Egyptian government about access to the Gaza Strip.

The Palestine papers have emerged at a time when a whole era of Israeli-Palestinian negotiations, starting with the Madrid conference in 1991, appear to have run into the sand, opening up the prospect of a new phase of the conflict and potentially another war.

In particular, they cover the most recent negotiations, before and after George Bush’s Annapolis conference in late 2007 – when substantive offers were made by both sides until the process broke down over Israel’s refusal to freeze West Bank settlement activity.

The bulk of the documents are records, contemporaneous notes and sections of verbatim transcripts of meetings drawn up by officials of the Palestinian negotiation support unit (NSU), which has been the main technical and legal backup for the Palestinian side in the negotiations.

The unit has been heavily funded by the British government. Other documents originate from inside the PA’s extensive US- and British-sponsored security apparatus.

The Israelis, Americans and others kept their own records, which may differ in their accounts of the same meetings. But the Palestinian documents were made and held confidentially, rather than for overt or public use, and significantly reveal large gaps between the private and stated positions of Palestinian and, in fewer cases, Israeli leaders.

The documents – almost all of which are in English, which was the language used by both sides in negotiations – were leaked over a period of months from several sources to al-Jazeera. The bulk of them have been independently authenticated for the Guardian by former participants in the talks and by diplomatic and intelligence sources.


Peter Dale Scott: The Doomsday Project, Deep Events, and the Shrinking of American Democracy

January 24th, 2011

Via: Asia Pacific Journal:

In recent years I have become more and more concerned with the interactions between three important and alarming trends in recent American history. The first is America’s increasing militarization, and above all its inclination, even obsession, to involve itself in needless and pernicious wars. The second, closely related, is the progressive shrinking of public politics and the rule of law as they are subordinated, even domestically, to the requirements of covert U.S. operations abroad.

The third, also closely related, is the important and increasingly deleterious impact on American history and the global extension of American power, of what I have called deep events. These events, like the JFK assassination, the Watergate break-in, or 9/11, which repeatedly involve law-breaking or violence, are mysterious to begin with, are embedded in ongoing covert processes, have consequences that enlarge covert government, and are subsequently covered up by systematic falsifications in media and internal government records.

One factor linking Dallas, Watergate, and 9/11, has been the involvement in all three deep events of personnel involved in America’s highest-level emergency planning, known since the 1980s as Continuity of Government (COG) planning, or more colloquially as “the Doomsday Project.” The implementation of COG plans on 9/11, or what I call Doomsday Power, was the culmination of three decades of such planning, and has resulted in the permanent militarization of the domestic United States, and the imposition at home of institutions and processes designed for domination abroad.

Writing about these deep events as they occurred over the decades, I have been interested in the interrelations among them. It is now possible to show how each was related both to those preceding it, and those which followed.

I would like in this essay to go further and propose a framework to analyze the on-going forces underlying all of the most important deep events, and how they have contributed to the political ascendance of what used to be called the military-industrial complex. I hope to describe certain impersonal governing laws that determine the socio-dynamics of all large-scale societies (often called empires) that deploy their surplus of power to expand beyond their own borders and force their will on other peoples. This process of expansion generates predictable trends of behavior in the institutions of all such societies, and also in the individuals competing for advancement in those institutions. In America it has converted the military-industrial complex from a threat at the margins of the established civil order, to a pervasive force dominating that order.


First UAV Flight in Support of Domestic Law Enforcement Operation Occurred in 2009 in Austin

January 24th, 2011

Via: Washington Post:

AUSTIN – The suspect’s house, just west of this city, sat on a hilltop at the end of a steep, exposed driveway. Agents with the Texas Department of Public Safety believed the man inside had a large stash of drugs and a cache of weapons, including high-caliber rifles.

As dawn broke, a SWAT team waiting to execute a search warrant wanted a last-minute aerial sweep of the property, in part to check for unseen dangers. But there was a problem: The department’s aircraft section feared that if it put up a helicopter, the suspect might try to shoot it down.

So the Texas agents did what no state or local law enforcement agency had done before in a high-risk operation: They launched a drone. A bird-size device called a Wasp floated hundreds of feet into the sky and instantly beamed live video to agents on the ground. The SWAT team stormed the house and arrested the suspect.

“The nice thing is it’s covert,” said Bill C. Nabors Jr., chief pilot with the Texas DPS, who in a recent interview described the 2009 operation for the first time publicly. “You don’t hear it, and unless you know what you’re looking for, you can’t see it.”

But by 2013, the FAA expects to have formulated new rules that would allow police across the country to routinely fly lightweight, unarmed drones up to 400 feet above the ground – high enough for them to be largely invisible eyes in the sky.

Such technology could allow police to record the activities of the public below with high-resolution, infrared and thermal-imaging cameras.


China Bank Moves to Buy U.S. Branches

January 24th, 2011

Via: Wall Street Journal:

China’s biggest bank signed an agreement that would make it the first Beijing-controlled financial institution to acquire retail bank branches in the U.S., though regulators could still block the deal.

Under the deal, Industrial & Commercial Bank of China Ltd., by some measures the world’s largest bank, agreed to acquire a majority stake in Bank of East Asia Ltd.’s U.S. subsidiary. ICBC will pay $140 million for an 80% stake. Bank of East Asia, which is a publicly traded company based in Hong Kong, has a total of 13 branches in New York and California. ICBC and Bank of East Asia have talked to U.S. regulators about the deal, these people said.

China’s largest bank, Industrial & Commercial Bank of China Ltd., is the first Chinese bank to acquire a U.S. deposit-taking bank. Ken Brown explains why it could be the start of big expansions by Chinese financial institutions in the U.S.

The move represents what could be the start of big expansions by Chinese financial institutions in the U.S.

Related: Do I Suggest Opening an Account with the Bank of China?


Is It Strange That FEMA Wants to Buy 140 Million Packaged Meals with a Shelf Life Only 36 Months for a Specific Disaster Scenario?

January 23rd, 2011

I’m sure that there are plenty of reasons why this isn’t weird, but I’ll just make a note of it in case Coincidence strikes.

Via: Federal Business Opportunities:

The Federal Emergency Management Agency (FEMA) procures and stores pre-packaged commercial meals to support readiness capability for immediate distribution to disaster survivors routinely. The purpose of this Request for Information is to identify sources of supply for meals in support of disaster relief efforts based on a catastrophic disaster event within the New Madrid Fault System for a survivor population of 7M to be utilized for the sustainment of life during a 10-day period of operations. FEMA is considering the following specifications (14M meals per day):

– Serving Size – 12 ounce (entree not to exceed 480 calorie count);
– Maximum calories – 1200 and/or 1165 per meal;
– Protein parameters – 29g-37g kit;
– Trans Fat – 0;
– Saturated Fat – 13 grams (9 calories per gram);
– Total Fat – 47 grams (less than 10% calories);
– Maximum sodium – 800-930 mg;

Requested Menus to include snacks (i.e. fruit mix, candy, chocolate/peanut butter squeezers, drink mix, condiments, and utensils). All meals/kits must have 36 months of remaining shelf life upon delivery. Packaging should be environmentally friendly.


Federal Reserve Creative Accounting to Avoid Insolvency?

January 23rd, 2011

Mmm hmm.

Via: Reuters:

Concerns that the Federal Reserve could suffer losses on its massive bond holdings may have driven the central bank to adopt a little-noticed accounting change with huge implications: it makes insolvency much less likely.

The significant shift was tucked quietly into the Fed’s weekly report on its balance sheet and phrased in such technical terms that it was not even reported by financial media when originally announced on January 6.

But the new rules have slowly begun to catch the attention of market analysts. Many are at once surprised that the Fed can set its own guidelines, and also relieved that the remote but dangerous possibility that the world’s most powerful central bank might need to ask the U.S. Treasury or its member banks for money is now more likely to be averted.

“Could the Fed go broke? The answer to this question was ‘Yes,’ but is now ‘No,'” said Raymond Stone, managing director at Stone & McCarthy in Princeton, New Jersey. “An accounting methodology change at the central bank will allow the Fed to incur losses, even substantial losses, without eroding its capital.”

The change essentially allows the Fed to denote losses by the various regional reserve banks that make up the Fed system as a liability to the Treasury rather than a hit to its capital. It would then simply direct future profits from Fed operations toward that liability.

Research Credit: GP


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