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At the centre of this possible web of intrigue is Saif, the shaven-headed, London School of Economics-educated son of the Libyan dictator. Turns out he is a good friend of Oleg Deripaska, the Russian aluminium baron, and Nat Rothschild, of the eponymous banking dynasty.

Saif invited both to his 37th birthday party in June in Becici in Montenegro, into which Deripaska and Rothschild have poured around $1 billion to create a sort of St Tropez in the Balkans. Saif is also pumping Libyan money into Montenegro from his country’s vast investment fund, reason enough for Rothschild last year to host a party in his honour in New York.

What’s all this got to do with the Lockerbie bomber? Well consider this. Peter Mandelson’s love of holidaying with the rich and famous in exotic places took him to Corfu this month for the second year in a row. Last August he visited Rothschild in his $60m Corfu estate and stayed on Deripaska’s luxury yacht. This August he stayed at the Rothschild villa – and met Saif Gaddafi.

Mandelson claims the meeting was only “fleeting” but officials admit they did discuss the Lockerbie case. A week later it became public that the bomber might be released on “compassionate” grounds though, of course, there may be no connection. It was then revealed that Mandelson had previously met Saif at a reception in London in May.

The Fed’s board of governors asked Manhattan Chief U.S. District Judge Loretta Preska to delay enforcement of her Aug. 24 decision that the identities of borrowers in 11 lending programs must be made public by Aug. 31. The central bank wants Preska to stay her order until the U.S. Court of Appeals in New York can hear the case.

“The immediate release of these documents will destroy the board’s claims of exemption and right of appellate review,” the motion said. “The institutions whose names and information would be disclosed will also suffer irreparable harm.”

The Fed’s “ability to effectively manage the current, and any future, financial crisis” would be impaired, according to the motion. It said “significant harms” could befall the U.S. economy as well.

The central bank didn’t say when it would file its appeal.

Fed lawyer Kit Wheatley told Preska in a conference call today that she did not know how long it would take for the Fed board to search the New York Fed for records.

“We really don’t know what’s in New York,” Wheatley said. “We don’t control the system of record-keeping in New York.”

The Standard

The Fed’s lawyer went on to say that she did not know what records would fall under a “delegated function,” which would be a task assigned to the New York Fed.

Preska interrupted Wheatley, saying that “Ms. Wheatley, I held that’s not the standard. You didn’t search under the regulation. You’re supposed to search under the regulation.”

Preska scheduled another conference call for 2:30 p.m. today to discuss the schedule for a search of the New York Fed.

“Nobody is going to deny you your right to an appeal,” Preska said on the call, “We’re going to do it expeditiously, not in a piecemeal fashion and hand it all off to the Second Circuit.”

And it’s happening everywhere. As more sectors connect to the digital world, from medicine to the military, they too are seeing the rise of Good Enough tools like the Flip. Suddenly what seemed perfect is anything but, and products that appear mediocre at first glance are often the perfect fit.

The good news is that this trend is ideally suited to the times. As the worst recession in 75 years rolls on, it’s the light and nimble products that are having all the impact—exactly the type of thing that lean startups and small-scale enterprises are best at. And from impact can come big sales. “When the economy went south before Christmas last year, we worried that sales would be affected,” says Pure Digital’s Fleming-Wood. “But we sold a ton of cameras. In fact, we exceeded the goals we had set before the economy soured.” And this year? Sales, he says, are up 200 percent. (Another payoff: In May, networking giant Cisco acquired Pure Digital for $590 million.)

The St Gallen-based bank, Switzerland’s oldest, said the decision had been taken in response to stricter measures introduced in the US against tax dodgers and planned changes to estate tax, which would make some non-US citizens liable to tax if they inherited US securities.

In a letter to investors it said Swiss banks were likely to find themselves in an untenable position, as they would be expected to know which clients were liable to pay US tax – “an impossible undertaking”, given the lack of clear definitions in the matter.

The danger of inadvertently making false declarations to the US tax authorities will be too great, it explained.

It added that it believes the US overestimates its attraction as a financial centre, and is advising its clients to get out of all US securities.

But if you have a money-printing press, who cares what you pay for Bear Stearns?

If MorganChase has access to unlimited dollars, then the firm can roll its Comex futures indefinitely and never have to deliver and never have to cover. But this does not imply that the firm does not care about the silver price rising. The firm’s whole raison d’etre as the big short in Comex silver is to cap the price. I think MorganChase does care if the price of silver rises because the Fed doesn’t want that.

The silver price manipulation will end when there is a silver shortage, but it won’t be MorganChase that defaults, because the firm will continue to roll contracts and cover its dollar losses.

Government-funded tests on initial versions of the new Extended Range Electronic Projectile (XREP) have revealed possible health risks to people on the receiving end, New Scientist has learned. The manufacturer, Taser International of Scottsdale, Arizona, says the issue has been addressed in redesigned devices, but these have yet to be independently tested.

Unlike the current Taser X26, which fires darts attached to short wires, the XREP is wire-free. Its projectile, the size of a shotgun cartridge, is designed to pierce the target’s skin and contains battery-powered circuits that deliver a debilitating shock. It has a range of 20 metres or more, compared with 5 metres for previous Tasers.

A team led by Cynthia Bir, a trauma injury specialist at Wayne State University in Detroit, Michigan, found that some of the 275 XREP cartridges that Taser supplied for testing last year were capable of delivering an electric shock for more than 5 minutes, rather than the 20 seconds of shocking current they are supposed to generate. Previous Taser stun guns shock for only 5 seconds per discharge, though that can be repeated.

Bir’s team reported their findings at a conference on non-lethal weapons in Ettlingen, Germany, in May. Steve Wright of Leeds Metropolitan University in the UK, who has studied electric shock weapons, says Bir’s report that the device can carry on shocking for 5 minutes is worrying. The effects of prolonged shocking are not known, he says, but the finding raises concerns about the potential damage to a victim’s mental health.

Bir also found problems with the weapon’s accuracy. In test firings, it proved difficult to aim, as the aerodynamics of the projectile caused it to fall below the aiming point at a range of 20 metres. “Any lack of accuracy means a greater risk of hitting an unintended part of the body and therefore greater risk of injury,” says security researcher Neil Davison, author of a recent book on non-lethal weapons.

U.S. public affairs officials in Afghanistan acknowledged to Stars and Stripes that any reporter seeking to embed with U.S. forces is subject to a background profile by The Rendon Group, which gained notoriety in the run-up to the 2003 U.S. invasion of Iraq for its work helping to create the Iraqi National Congress. That opposition group, reportedly funded by the CIA, furnished much of the false information about Iraq’s supposed weapons of mass destruction used by the Bush administration to justify the invasion.

Rendon examines individual reporters’ recent work and determines whether the coverage was “positive,” “negative” or “neutral” compared to mission objectives, according to Rendon officials. It conducts similar analysis of general reporting trends about the war for the military and has been contracted for such work since 2005, according to the company.

“We have not denied access to anyone because of what may or may not come out of their biography,” said Air Force Capt. Elizabeth Mathias, a public affairs officer with U.S. Forces Afghanistan in Kabul. “It’s so we know with whom we’re working.”

U.S. Army officials in Iraq engaged in a similar vetting practice two months ago, when they barred a Stars and Stripes reporter from embedding with a unit of the 1st Cavalry Division because the reporter “refused to highlight” good news that military commanders wanted to emphasize.

Professional groups representing journalists are decrying the Pentagon’s screening of reporters.

“That’s the government doing things to put out the message they want to hear and that’s not the way journalism is meant to work in this country,” said Amy Mitchell, deputy director for Pew Research Center’s Project for Excellence in Journalism.

“The whole concept of doing profiles on reporters who are going to embed with the military is alarming,” said Ron Martz, president of the Military Reporters and Editors association.

Toyota, which cut domestic production 49 percent through June, will reduce output by about 220,000 vehicles by shutting down a line at its Takaoka plant from the fiscal first quarter of next year through the second half of calendar year 2011, spokeswoman Ririko Takeuchi said by phone today.

The internal police report found the million-plus cameras in London rarely help catch criminals.

In one month CCTV helped capture just eight out of 269 suspected robbers.

David Davis MP, the former shadow home secretary, said: “It should provoke a long overdue rethink on where the crime prevention budget is being spent.”

He added: “CCTV leads to massive expense and minimum effectiveness.

“It creates a huge intrusion on privacy, yet provides little or no improvement in security.

“The Metropolitan Police has been extraordinarily slow to act to deal with the ineffectiveness of CCTV.”