Hedge funds: Did they trigger financial crisis?

Hedge funds didn't cause the financial crisis. But new research suggests that when a few hedge funds figure out how to tell good securities from bad ones, they can trigger a systemic collapse.

Hedge funds have mostly been exonerated in the typical narrative of the financial crisis, which concentrates blame on some combination of mortgage lenders, investment banks and government agencies.

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A?new paper?by Yale professors Gary Gorton and Guillermo Ordonez, however, may indicate that hedge funds and other well-informed, aggressive traders played a much more important role in triggering the crises than is widely understood.

?The paper, titled ?Collateral Crises,? examines the important role short-term collateralized debt plays in the financial system. In other papers Gorton has argued that short-term collateralized lending between banks and money market funds is a form of private money within the banking system. It is the medium of exchange within this 'private' system.

?In order for collateralized debt to perform this function, the debt needs to be ?information insensitive.? Which is to say, the institutions lending the money need to be able to implicitly trust quality of the collateral without investigating to make sure it is sound?largely because a money market fund doesn't have the resources to investigate the quality of every triple-A rated mortgage-backed security that backs up its short-term loan to a bank.

?But how can a money market fund avoid being given the worst quality collateral? Here the complexity of the collateral comes in to play. In order to prevent borrowers from engaging in adverse selection?i.e. giving the money market fund junk collateral?the collateral must be complex enough that it isn't profitable for anyone to produce enough information about the debt to carry out any kind of predatory behavior.

In short, predatory trading must be too expensive to work.

??In other words, optimal collateral would resemble a complicated, structured, claim on housing or land, e.g., a mortgage-backed security,? the authors argue.

?Mortgage-backed securities were complex and opaque enough that they made ideal collateral. A party on one side of a collateralized loan could count on the fact that the other side was just as ignorant about the collateral as he was.

?Although Gorton and Ordonez do not go into the collateralized debt obligation market, it is easy to extend the argument to CDOs. The higher the level of complexity, the more expensive it would be to engage in predatory collateralization. A CDO would be even more ?information insensitive? than a MBS. And a CDO-squared would be even more so.

The trouble is that the lack of information means that borrowing occurs against good and bad collateral. This leads to a credit boom, with ?blissful ignorance? leading to increased consumption and more lending. Over time, ignorance about the quality of collateral and the financial health of the lenders and borrowers becomes more and more pronounced.

It would stand to reason that a type of Gresham?s law would develop in this kind of situation. Bad collateral would drive out good collateral. Once someone starts to figure out how to affordably detect collateral quality, he would begin to hoard high quality collateral and trade with only low quality collateral. Or, even more aggressively, he might begin to explore ways to short the low quality collateral.

Gorton and Ordonez talk about ?aggregate shocks? inducing the production of information about credit quality. But I?m not sure we need any shock at all. All we need is a few guys to see an opportunity to decide to trade on the decay of information about the collateral.

In other words, you just need a few guys at hedge funds or on trading desks at investment banks to find a way to acquire or produce information about credit quality. They might not even need accurate information?just a hunch will do.

In the initial stages of this process, a few well-informed traders enter the market with predatory trades based on credit quality. Recall how much research guys like John Paulson and Michael Bury did about the securities they shorted. These guys had decided that it wasn?t too expensive to produce information. They were arbitraging ignorance.

Once other market participants realize that some people on the other sides of their trades are well-informed predatory traders, the MBS collateral flips from ?information insensitive? to ?information sensitive.? Lenders can no longer assume that they aren?t receiving low-quality collateral.

But not everyone can develop into a well-informed trader. For many it makes more economic sense to withdraw altogether?to stop lending against the collateral pool corrupted by predatory behavior. The result is that liquidity dries up and credit contracts. Margin calls can make the problem even worse, as lenders demand higher margins or additional collateral to make up for declining market value.

Doesn?t this sound like a pretty good description of our financial crisis?

Source: http://rss.csmonitor.com/~r/feeds/csm/~3/UHULq8WyG2Q/Hedge-funds-Did-they-trigger-financial-crisis

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Greek debt deal may not equal Wall Street relief (AP)

NEW YORK ? Greece and the investors who bought its bonds have the beginnings of a deal that could avert a disastrous, long-feared Greek default on its debt. But don't expect a celebration on Wall Street this week.

If the deal holds and works, it will help prevent a potential shock to the world banking system. It will also remove one of the biggest threats to the impressive rally in U.S. stocks this year.

The problem for investors is that good news ? like real improvement in Greece's long-term finances ? is likely to develop in slow motion. Bad news, like a breakdown in the debt talks or a spasm of market fear, would be faster. Punch-in-the-nose fast.

"I think they'll probably be happy, but I don't really see this accomplishing very much in the long term," says Michael E. Lewitt, editor of The Credit Strategist, an investor newsletter.

"They're not solving any of these problems," he says, so if things go wrong, "it's likely to be a much worse sell-off."

Under the tentative agreement, announced Saturday, investors holding euro206 billion in Greek bonds, or about $272 billion, would exchange them for bonds with half the face value. The replacement bonds would have a longer maturity and pay a lower interest rate.

The deal would reduce Greece's annual interest expense from about euro10 billion to about euro4 billion. When the bonds mature, Greece would have to pay its bondholders only euro103 billion.

It is unclear how investors who buy and sell the bonds of other debt-burdened countries, such as Italy, Spain and Portugal, will react. If they drive up borrowing costs for those countries, the debt crisis could get worse.

Private investors hold two-thirds of Greece's debt, which is equal to an unsustainable 160 percent of its annual economic output. By restructuring the debt, Greece hopes to make it a more manageable 120 percent by decade's end.

Greece's public creditors ? the International Monetary Fund, the European Union and the European Central Bank ? want the government to cut public salaries further to bring the national budget in line.

That proposal has been met with resistance by Greek politicians afraid of losing elections this spring. But they also worry Greece will be denied euro130 billion in bailout money if it can't cut its deficit.

The restructuring of Greece's private debt could still fall apart. If it does, that could mean trouble in the U.S. markets, which have enjoyed a placid January of steady gains.

The Dow Jones industrial average is up 3.6 percent in the young year. The Standard & Poor's 500 index has gained 4.7 percent, roughly half its average gainfor a full year.

If the Greek talks break down, "the stock market could probably lose half its gains for the year," Jeffrey Kleintop, chief market strategist at LPL Financial, said last week, before Greece and the private investors reached their tentative deal.

On paper, it's hard to see how Greece could take down financial markets in the U.S., the world's biggest economy, with $15.2 trillion in goods and services churned out every year.

Greece's annual economic output is euro220 billion. That translates to $285 billion, on par with the economy of Maryland. The U.S. sells $1.6 billion in weapons, medicine and other products to Greece each year, a minuscule 0.07 percent of exports.

U.S. banks say Greece on its own poses no danger to them. Unlike European banks, they're not major lenders to Greek businesses and aren't saddled with Greek government debt.

In its most recent report, JPMorgan Chase, the largest bank in the U.S., said it had just $4.5 billion at risk in Greece, Ireland and Portugal combined. That's about what the bank makes in revenue in two and a half weeks.

Some investors worry that U.S. banks would struggle to cover the $68 billion in insurance contracts they sold on Greece's government debt.

That's hardly enough to pull down the banking system. And the banks have offset all but $3.2 billion of those contracts with other contracts. In other words, pocket change.

"The direct impact of a Greek default is almost zero," Jamie Dimon, CEO of JPMorgan Chase, told CNBC on Thursday.

So what's everybody ? well, everybody but Jamie Dimon ? worried about?

A breakdown in talks could trigger steep losses in stock markets in Europe and the U.S. It could cause borrowing rates for Portugal and Italy to jump, pushing those much larger countries closer to defaults of their own.

A Greek default could unleash a host of larger problems. While some are already anticipated, others are likely to blindside even the closest observers, says Nick Colas, chief market strategist at ConvergEx Group.

"In any complex system, you're going to have unintended consequences," he says.

He compares it to the collapse of Lehman Brothers investment house in September 2008: Some analysts saw it coming, but the fallout still caught them by surprise. For a time, even super-safe money market funds were suspect.

At a conference on sovereign debt this week in New York, Steve Hanke, professor of economics at Johns Hopkins University, predicted that even commodity prices would plunge in response to a messy Greek default.

Traders seeking safety would immediately sell euros and buy dollars, Hanke said. The dollar would soar and prices for commodities like oil and wheat would collapse. A single dollar would buy much more oil or wheat.

"If the bomb is set off by Greece, commodity prices will collapse," Hanke said.

Hanke, who has advised governments around the world on managing their currencies, argued that Greece appears bound to collapse under its debts as its economy shrinks. "Greece is doomed," he said.

Hans Humes, president of Greylock Capital Management, warns that if banks and investment funds that hold Greek bonds take steep losses, then Portugal, Italy and other countries shouldering heavy debt burdens can be expected to follow Greece's lead.

It's comparable to a messy default. Traders will respond by immediately selling government bonds from those countries, Humes said. Borrowing costs will rise, and Europe's debt crisis will turn much worse.

Humes has been involved in the negotiations on the side of creditors holding Greek bonds, so he has a stake in the game. But it's a scenario other money managers often cite.

"There's a fear that other countries won't negotiate at all. They'll just say, `We'll pay you back at 50 percent or maybe less," Kleintop says.

To Colas, the deepest concern isn't how the S&P 500 reacts or whether the dollar rises if Greece drops the European currency. It's the possibility for panic, especially a run on European banks, some of the largest buyers of government debt.

"Human emotions can drive things off the rails," Colas says.

___

Freed reported from Minneapolis.

Source: http://us.rd.yahoo.com/dailynews/rss/stocks/*http%3A//news.yahoo.com/s/ap/20120129/ap_on_bi_st_ma_re/us_wall_street_week_ahead

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Researchers find cancer in ancient Egyptian mummy - Home ...

CAIRO (AP) ? A professor from American University in Cairo says discovery of prostate cancer in a 2,200-year-old mummy indicates the disease was caused by genetics, not environment.

The genetics-environment question is key to understanding cancer.

AUC professor Salima Ikram, a member of the team that studied the mummy in Portugal for two years, said yesterday the mummy was of a man who died in his forties.

She said this was the second oldest known case of prostate cancer.

"Living conditions in ancient times were very different; there were no pollutants or modified foods, which leads us to believe that the disease is not necessarily only linked to industrial factors," she said.

A statement from AUC says the oldest known case came from a 2,700 year-old skeleton of a king in Russia.

Source: http://www.philstar.com/Article.aspx?articleId=772721&publicationSubCategoryId=200

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Syrian authorities agree to Moscow talks: Russia (Reuters)

MOSCOW (Reuters) ? Syria has agreed to take part in Moscow-mediated talks on solving the country's crisis, the Russian Foreign Ministry said on Monday, calling on the Syrian opposition to join the planned negotiations.

However, a senior member of the Syrian opposition council said that no invitation had been received from Moscow and that it would be refused anyway.

Moscow, a permanent United Nations Security Council member with veto powers, has offered to host the talks in an effort to end the bloodshed since protests began 10 months ago against President Bashar al-Assad.

"We have received a positive response from the Syrian authorities to our call (to hold talks in Moscow)," the Foreign Ministry said in a statement on its website www.mid.ru.

"We hope ... that the Syrian opposition will agree to that in the next few days, putting the interests of the Syrian people above all other concerns."

Moscow's offer of talks may be an attempt to strengthen its arguments against a Western draft resolution at the Security Council supporting an Arab League call for Assad to cede power.

Russia has said that Assad's resignation must not be a precondition for the Syrian peace process. It has remained one of Assad's few allies and has supplied him with arms and ammunition during the protests.

Moscow has repeatedly said Assad's opponents share the blame for the bloodshed. It fears a Western resolution could be interpreted broadly enough to lead to a Libyan-style military intervention, which Russia says it will not allow.

Russia submitted its own draft resolution in December, but Western diplomats said they could not accept Russian wording assigning blame to government and opposition for the violence, which the United Nations says has killed more than 5,000 people.

(Reporting By Alexei Anishchuk, Editing by Timothy Heritage and David Stamp)

Source: http://us.rd.yahoo.com/dailynews/rss/russia/*http%3A//news.yahoo.com/s/nm/20120130/ts_nm/us_russia_syria_talks

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Fears of European debt crisis send dollar higher (AP)

NEW YORK ? The dollar rose Monday because of renewed worries over the Greek debt crisis, despite a tentative deal between Greece and the investors who bought its national bonds.

The euro had gained ground over the past two weeks as investors looked ahead to a deal between Greece and its bondholders that would cut Greece's debt and secure much-needed bailout money.

But the deal isn't done. A Greek default would sting the European economy and perhaps trigger defaults in other European countries. Portugal's borrowing costs were already jumping.

Investors are worried that Europe faces a deep recession even if Greece gets the money it needs to avoid default. European leaders meeting in Brussels on Monday promised to try to boost economic growth for the countries in the European Union.

European countries have slashed spending and put in place other unpopular economic reforms to ease concerns of investors who buy their bonds and allow them to cover budget deficits. But unemployment has risen across Europe, increasing fears of a prolonged downturn.

The euro fell to $1.3124 in late trading Monday from $1.3208 late Friday. It was worth almost $1.50 in May.

In other trading, the British pound fell to $1.5697 from $1.5724, while the dollar dropped to 76.29 Japanese yen from 76.72 yen.

The dollar also rose to 0.9185 Swiss franc from 0.9129 franc, but was nearly unchanged at 1.0025 Canadian dollar from 1.0012 Canadian dollar.

Source: http://us.rd.yahoo.com/dailynews/rss/europe/*http%3A//news.yahoo.com/s/ap/20120130/ap_on_bi_ge/us_dollar

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SAG Awards Fashion Face-Off: Brangelina vs. Klooney

It takes a lot to topple Brangelina.

But, let's face it, if one man were up for the job, it would be George Clooney.

That's the mission facing this wildly popular actor below, as he and girlfriend Stacy Keibler have teamed up to take on Brad Pitt and Angelina Jolie in a SAG Awards-based Fashion Face-Off. Which couple looks hottest? Vote now:

Among other match-ups from last night's star-packed event:

• Emma Stone is up against Michelle Williams.
• Meryl Streep has challenged Viola Davis.
• Lea Michele is posing down fellow Glee star Dianna Agron.

Source: http://www.thehollywoodgossip.com/2012/01/sag-awards-fashion-face-off-brangelina-vs-klooney/

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Chinese workers held by Sudan rebels

By Associated Press

Militants apparently captured 29 Chinese workers after attacking a remote worksite in a volatile region of Sudan, and Sudanese forces were increasing security for Chinese projects and personnel there, China said Sunday.

China has close political and economic relations with Sudan, especially in the energy sector.

The Foreign Ministry in Beijing said the militants attacked Saturday and Sudanese forces launched a rescue mission Sunday in coordination with the Chinese embassy in Khartoum.

The Ministry's head of consular affairs met with the Sudanese ambassador in Beijing and "urged him to actively conduct rescue missions under the prerequisite of ensuring the safety of the Chinese personnel," the statement said.

In Khartoum, a Chinese embassy spokesman said the northern branch of the Sudan People's Liberation Movement announced that 29 Chinese workers had been captured in the attack. The spokesman, who asked not be identified, gave no other details and it wasn't clear if the militants had demanded conditions for their return.

Other details weren't given. The official Xinhua News Agency cited the state governor as saying the Sudan People's Liberation Movement attacked a road-building site in South Kordofan and seized the workers.

The Sudan People's Liberation Movement are a guerrilla force that has fought against Sudan's regime. Its members hail from a minority ethnic group now in control of much of South Sudan, which became the world's newest country only six months ago in a breakaway from Sudan.

Sudan has accused South Sudan of arming pro-South Sudan groups in South Kordofan. The government of South Sudan has called such accusations a smoke screen intended to justify a future invasion of the South.

China has sent large numbers of workers to potentially unstable regions such as Sudan and last year was forced to send ships and planes to help with the emergency evacuation of 30,000 of its citizens from the fighting in Libya.

China has consistently used its clout in diplomatic forums such as the United Nations to defend Sudan and its longtime leader Omar al-Bashir. In recent years, it has also sought to build good relations with leaders from the south, where most of Sudan's oil is located.

Chinese companies have also invested heavily in Sudanese oil production, along with companies India and elsewhere.

? 2011 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

Source: http://worldnews.msnbc.msn.com/_news/2012/01/29/10262850-chinese-workers-held-by-sudan-rebels

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Egypt says it has ended US lobbyists' contract

An Egyptian woman reacts casting her ballot at a polling station in Cairo, Egypt, Sunday, Jan. 29, 2012. Egyptians cast their ballots on Sunday for the upper house of parliament, a largely consultative body with limited powers. (AP Photo/Muhammed Muheisen)

An Egyptian woman reacts casting her ballot at a polling station in Cairo, Egypt, Sunday, Jan. 29, 2012. Egyptians cast their ballots on Sunday for the upper house of parliament, a largely consultative body with limited powers. (AP Photo/Muhammed Muheisen)

CAIRO (AP) ? Egypt's Foreign Ministry said Sunday it has ended a contract with three Washington lobbying firms to cut expenses, denying reports that the Americans were the ones to sever the contract.

The rupture occurred as Cairo faces criticism from Washington for banning at least 10 Americans and Europeans from leaving the country as part of an investigation into foreign-funded civil society organizations. Among those barred was Sam LaHood of the U.S.-based International Republican Institute, who is the son of U.S. Transportation Secretary Ray LaHood.

The ban sparked anger in the United States, and Washington warned on Tuesday that the campaign raised concerns about Egypt's transition to democracy and could jeopardize American aid that Egypt's battered economy needs badly after a year of political and social unrest.

The travel ban was part of an Egyptian criminal investigation into foreign-funded democracy organizations after soldiers raided the offices of 10 such groups last month, including the IRI and its sister organization, the National Democratic Institute, as well as several Egyptian organizations.

Both the IRI and the NDI, linked to the Republican and Democratic parties, monitored Egypt's recent parliamentary elections.

The Egyptian investigation is closely linked with the political turmoil that has engulfed the country since the fall of Hosni Mubarak nearly a year ago. The generals who took power after Mubarak's fall have accused "foreign hands" of being behind protests against their rule, and they frequently depict the protesters themselves as receiving foreign funds in a plot to destabilize the country.

The December raids have drew sharp U.S. criticism, and President Barack Obama has spoken by telephone with Field Marshal Hussein Tantawi, the head of the ruling military council, to emphasize "the role that these organizations can play in civil society," State Department spokeswoman Victoria Nuland said Thursday.

The Egyptian Foreign Ministry's statement was issued two days after Politico reported that former Republican Rep. Bob Livingston, former Democratic Rep. Toby Moffett and longtime lobbyist Tony Podesta ended their contract with the Egyptian government.

The lobbyists confirmed in a statement Saturday that they were immediately terminating their four-year relationship with the Egyptian government.

"We hope that Egyptians continue to enjoy the deepening of democracy in their country, and that Egypt remains a strong, stable and vital ally of the United States," the three lobbyists said in a joint statement.

Politico reported earlier that the firms came under criticism after circulating talking points justifying Egyptian security forces' raids on a number of NGOs including American groups.

Meanwhile, a delegation from Egypt's Defense Ministry has arrived in New York, Egypt's state news agency reported.

MENA quoted military attache Gen. Mohammed el-Kishki as saying that the visit was aimed at discussing "cooperation between the two countries in military affairs."

Egypt's army, which took power after the February 2011 ouster of Hosni Mubarak, receives 1.3 billion dollars a year in U.S. foreign assistance.

The country's aid package has come under pressure by members of Congress who want assurances that Egypt will abide by a 1979 peace treaty with Israel, and that the military rulers will respect democratic freedoms.

Associated Press

Source: http://hosted2.ap.org/APDEFAULT/cae69a7523db45408eeb2b3a98c0c9c5/Article_2012-01-29-Egypt-US/id-60588042fcbb4f53afb65e31b8331ce0

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Winter Doldrums Got You Down? Here's How to Bounce Back (HealthDay)

SATURDAY, Jan. 28 (HealthDay News) -- For some people a change in the seasons can trigger a loss of energy or even clinical depression, according to an expert who describes how to cope with seasonal affective disorder.

The condition is caused by changes in ambient light, said Dr. Dan Iosifescu, director of the Mount Sinai Mood and Anxiety Disorders Program in New York City.

"A gland in our brain provides a time signal, based on the amount of ambient light, to various parts of the body. Like a metronome, the gland responds to signals from light and uses those cues to orchestrate the day/night cycle," he said in a Mt. Sinai news release. "Ambient light helps our brain determine when our bodies need to be active mentally and physically and when our bodies need to rest. That cycle is thrown off when the days get shorter and darker."

Iosifescu offered the following tips to help people overcome the winter blues:

• Use extra lights. Turn on all the lights to help you wake up in the morning. In more severe cases of depression, a light therapy box, which simulates natural light, can be used for 30 minutes each day. Taking a walk outside on a particularly sunny day can also help.
• Exercise. Working out can help ease depression and improve people's moods. Get a minimum of 30 minutes of vigorous exercise, at least three times each week.
• Stick to a routine. Don't oversleep or avoid the outdoors because it's cold outside. It's important to maintain your normal sleep schedule and continue to make plans and try new activities.
• Consider supplements. Research shows that omega-3 fatty acids can help battle depression, Iosifescu said. Other over-the-counter remedies such as St. John's wort may also have antidepressant effects.
• Talk to your doctor. Seasonal affective disorder could be confused with a more serious case of depression. Visit your doctor if you have symptoms that are severe and persist for more than a few weeks.

More information

The U.S. National Library of Medicine provides more information on seasonal affective disorder.

Source: http://us.rd.yahoo.com/dailynews/rss/diseases/*http%3A//news.yahoo.com/s/hsn/20120129/hl_hsn/winterdoldrumsgotyoudownhereshowtobounceback

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Despair, crackdowns breed more violence in Tibet (AP)

BEIJING ? A young man posts his photo with a leaflet demanding freedom for Tibet and telling Chinese police, come and get me. Protesters rise up to defend him, and demonstrations break out in two other Tibetan areas of western China to support the same cause.

Each time, police respond with bullets.

The three clashes, all in the past week, killed several Tibetans and injured dozens. They mark an escalation of a protest movement that for months expressed itself mainly through scattered individual self-immolations.

It's the result of growing desperation among Tibetans and a harsh crackdown by security forces that scholars and pro-Tibet activists contend only breeds more rage and despair.

That leaves authorities with the stark choice of either cracking down even harder or meeting Tibetan demands for greater freedom and a return of their Buddhist spiritual leader, the Dalai Lama ? something Beijing has shown zero willingness to do.

"By not responding constructively when it was faced with peaceful one-person protests, the (Communist) party has created the conditions for violent, large-scale protests," said Robbie Barnett, head of modern Tibetan studies at New York's Columbia University.

This is the region's most violent period since 2008, when deadly rioting in Tibet's capital Lhasa spread to Tibetan areas in adjoining provinces. China responded by flooding the area with troops and closing Tibetan regions entirely to foreigners for about a year. Special permission is still required for non-Chinese visitors to Tibet, and the Himalayan region remains closed off entirely for the weeks surrounding the March 14 anniversary of the riots that left 22 people dead.

Video smuggled out by activists shows paramilitary troops equipped with assault rifles and armored cars making pre-dawn arrests. Huge convoys of heavily armored troops are seen driving along mountain roads and monks accused of sedition being frog-marched to waiting trucks.

For the past year, self-immolations have been a common form of protest in the region. At least 16 monks, nuns and former clergy set themselves on fire after chanting for Tibetan freedom and the return of the Dalai Lama, who fled to India amid an abortive uprising against Chinese rule in 1959.

China, fiercely critical of the Dalai Lama, says Tibet has been under its rule for centuries, but many Tibetans say the region was functionally independent for most of that time.

In a change from the individual protests, several thousand Tibetans marched to government offices Monday in Ganzi prefecture in Sichuan province. Police opened fire into the crowd, killing up to three people, witnesses and activist groups said.

On Tuesday, security forces opened fire on a crowd of protesters in another area of Ganzi, killing two Tibetans and wounding several more, according to the group Free Tibet.

On Thursday in southwestern Sichuan province's Aba prefecture, a youth named Tarpa posted a leaflet saying that self-immolations wouldn't stop until Tibet is free, the London-based International Campaign for Tibet said. He wrote his name on the leaflet and included a photo of himself, saying that Chinese authorities could come and arrest him if they wished, group spokeswoman Kate Saunders said in an email.

Security forces did so about two hours later. Area residents blocked their way, shouting slogans and warning of bigger protests if Tarpa wasn't released, Saunders said. Police then fired into the crowd, killing a a 20-year-old friend of Tarpa's, a student named Urgen, and wounding several others.

The incident, as with most reported clashes in Tibetan areas, could not be independently verified and exact numbers of casualties were unclear because of the heavy security presence and lack of access. The topic is so sensitive that even government-backed scholars claim ignorance of it and refuse to comment.

The government, however, acknowledged Tuesday's unrest, saying that a "mob" charged a police station and injured 14 officers, forcing police to open fire on them. The official Xinhua News Agency said police killed one rioter and injured another.

"The Chinese government will, as always, fight all crimes and be resolute in maintaining social order," Foreign Ministry spokesman Hong Lei said in comments on the incident.

The harsh response points to a deep anxiety about the self-immolations, said Youdon Aukatsang, a New Delhi-based member of the Tibetan parliament-in-exile.

"They're worried that there is an underground movement in Tibet that is coming to the surface," she said.

Tibetan desperation has been fed both by the harsh crackdown ? security agents reportedly outnumber monks in some monasteries ? along with a deep fear that the Dalai Lama, probably the most potent symbol of Tibet's separate identity, will never return.

The 76-year-old Nobel Peace Prize laureate handed his political powers to an elected assembly last year. That was intended to ensure the Tibetan cause would live on after him, but was met with considerable anxiety among many Tibetans who saw it as a sign he was giving up his role as leader of their struggle.

Dibyesh Anand, a Tibet expert at London's University of Westminster, said resistance to Chinese rule is likely to grow more fierce.

"Protests will get more radicalized since the Tibetans in the region see no concession, no offer of compromise, no flexibility coming from the government," he said.

Source: http://us.rd.yahoo.com/dailynews/rss/asia/*http%3A//news.yahoo.com/s/ap/20120128/ap_on_re_as/as_china_tibet_spiral_of_violence

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Ex-Palm chief leaves HP after WebOS move (Reuters)

(Reuters) ? Jon Rubinstein, who was instrumental in crafting Apple Inc's iPod music player, has left Hewlett Packard Co after two years on the job there.

Rubinstein was CEO of smartphone maker Palm when that company was acquired by HP in 2010. He last held a product-innovation role within HP's Personal Systems Group headed by Todd Bradley.

"Jon has fulfilled his commitment to HP," a HP spokesman said.

Rubinstein is still a board member at e-commerce company Amazon.com.

Last year HP, the largest U.S. technology company by revenue, announced it was halting its TouchPad line of tablets and any other devices based on WebOS, the mobile software it acquired when it bought Palm.

In December, HP said it would open its WebOS mobile operating system to developers and companies, potentially taking on Google Inc's free Android platform.

(Reporting By Poornima Gupta; editing by John Wallace)

Source: http://us.rd.yahoo.com/dailynews/rss/personaltech/*http%3A//news.yahoo.com/s/nm/20120127/tc_nm/us_hewlettpackard

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Obama to spell out plan to target universities that don't control rising tuition costs (Star Tribune)

Share With Friends: | | Politics - Top Stories News, RSS and RSS Feed via Feedzilla.

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Brain bank examines hard hits

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Brain bank examines hard hits
The world's largest collection of athletes' brains is being used to understand exactly what hits on the field are doing to the brain.

Source: CNN
Posted on: Friday, Jan 27, 2012, 8:55am
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Source: http://www.labspaces.net/117144/Brain_bank_examines_hard_hits

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Suicide bomber kills 32 at Baghdad funeral march

BAGHDAD (AP) ? A suicide bomber detonated an explosives-packed car near a funeral procession in southeastern Baghdad on Friday, killing at least 32 people ? half of them policemen who were guarding the march ? in the latest brazen attack since the U.S. troop withdrawal from Iraq.

Police officials said the blast occurred at 11:00 a.m. in the predominantly Shiite neighborhood of Zafaraniyah, where mourners had gathered for the funeral of a person killed the day before. They said 65 people were wounded in the attack, including 16 policemen.

Hospital officials confirmed the death toll.

Salam Hussein, a 42-year-old grocery store owner in Zafaraniyah said he was watching the funeral procession, which was heavily guarded by police, when the blast blew out his store windows and injured one of his workers.

"It was a huge explosion," Hussein said. As he took his worker to the hospital, Hussein said he saw cars engulfed in flames, "human flesh scattered around and several mutilated bodies in a pool of blood" around where the attacker's car had exploded.

Zafaraniyah resident Talib Bashir, 50, said he was part of the procession of about 500 men but left the group to take his child home when he heard the blast.

"I saw smoke coming from a parked car that had exploded," Bashir said, adding that police and civilians cars, an ambulance van and several stores were engulfed in flames hours after the blast. "The fire lasted for a long time," Bashir said.

Minutes after the blast, gunmen opened fire at a checkpoint in Zafaraniyah, killing two policemen, according to police officials. All officials spoke on condition of anonymity because they were not authorized to speak to the media.

Across Iraq, at least 200 people have been killed in a wave of attacks by suspected insurgents since the beginning of the year, raising concerns that the surge in violence and an escalating political crisis might deteriorate into a civil war, just weeks after the U.S. military withdrawal.

Most of the dead have been Shiite pilgrims and members of the Iraqi security forces.

There was no immediate claim of responsibility for Friday's attack.

Since the United States completed its pullout last month, militant groups ? mainly al-Qaida in Iraq ? have stepped up attacks targeting the country's majority Shiites to undermine confidence in the Shiite-led government and its efforts to protect people without American backup.

On Thursday, 17 people died in bombings around the country, including seven people in attacks on Baghdad's s two predominantly Sunni districts, suggesting that Shiite militants could be retaliating amid fears of a reignited sectarian conflict in the war-ravaged country.

Friday's blast is the second deadliest single attack in Iraq this month.

At least 53 people were killed Jan. 14, when a bomb tore through a procession of Shiite pilgrims heading toward a largely Sunni town in southern Iraq. The attack suggested a renewed power struggle between rival Muslim sects amid an escalating sectarian crisis in the Shiite-led government.

The last U.S. soldiers left the country Dec. 18.

___

Associated Press writer Barbara Surk in Baghdad contributed to this report.

Associated Press

Source: http://hosted2.ap.org/APDEFAULT/cae69a7523db45408eeb2b3a98c0c9c5/Article_2012-01-27-ML-Iraq/id-b55b2d35280f46f2a0ae1226b524fa7b

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[OOC] Kuroshitsuji A New Era

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This forum is for OOC discussion about existing roleplays.

Please post all "Players Wanted" threads in the Roleplayers Wanted forum!

This topic is an Out Of Character part of the roleplay, ?Kuroshitsuji A New Era?. Anything posted here will also show up there.

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Forum for completely Out of Character (OOC) discussion, based around whatever is happening In Character (IC). Discuss plans, storylines, and events; Recruit for your roleplaying game, or find a GM for your playergroup.

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'So You Think You Can Dance' Choreographer Gets 10 Years In Prison

Alex Da Silva was convicted of rape and assault against former dance students.
By Katie Byrne

Alex Da Silva (file)
Photo: Kevin Winter/ Getty Images

"So You Think You Can Dance" fans haven't seen Alex Da Silva on the show since season four back in 2008, and there's a reason the choreographer has been off the radar: He has been in jail since being charged with raping a former dance student and assaulting another one. On Friday (January 27), Da Silva was sentenced to 10 years in prison for those crimes, TMZ reports.

While the 43-year-old was accused of raping and sexually assaulting four women, he was convicted in September of only one count of rape and one count of assault with intent to commit rape; the jury was deadlocked on the other charges. He was arrested back in 2009 and charged with multiple felonies. Unable to pay the bail set at $2 million, Da Silva has remained in jail for the past two years. On top of his 10 years in prison, he is now required to register as a sex offender for life.

Da Silva appeared on seasons one through four of "So You Think You Can Dance" as a guest choreographer specializing in Salsa dancing. In season two, eventual winner Benji Schwimmer named his Da Silva-choreographed mambo as his favorite routine of the show.

After his arrest, Da Silva did an interview with SalsaFreak.com to clear his name, insisting that he had done nothing wrong with his students. "I know the truth, and I don't even know who the others are," he said, claiming to not even be acquainted with some of his accusers. "It's all a bunch of lies, and people just want to bring me down. If something like that really happened, then they should have gone to the police that night, or the same day, but it was never that way. I have too much to lose. I don't need that type of thing in my life."

Source: http://www.mtv.com/news/articles/1678060/alex-da-silva-so-you-think-you-can-dance-10-years-prison-rape.jhtml

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Independent medical device review site Which Medical Device launches new Anaesthetics section

Public release date: 26-Jan-2012
[ | E-mail | Share ]

Contact: Jayne Fairley
jayne.fairley@sagepub.co.uk
44-020-732-48719
SAGE Publications

Los Angeles, CA Which Medical Device, the only online review site to provide independent, expert opinion and reviews of medical devices, have launched a new section devoted to Anaesthetic devices. This joins the three pre-existing sections of Cardiology, Interventional Radiology and Orthopaedics.

Launched in 2010, Which Medical Device (http://www.whichmedicaldevice.com) was created by clinicians for clinicians and enables medical professionals to search, locate, review and compare medical devices relevant to their specialties. The dynamic site, which partnered with SAGE in 2011, enables members to exchange opinions and insights that will help them to select devices to optimize patient outcomes.

The newly launched section includes reviews of devices such as the Fabius GS premium ventilator (manufactured by Drger Medical), patient monitoring devices including the EMMA Emergency Capnometer (manufactured by PHASEIN), and airway equipment including the Airtraq Guided Video Intubation (manufactured by Prodol Meditec).

"Increasingly, there are numerous new items of medical equipment available, yet only a limited ability to decide how useful they are in clinical practice." said Dr Ian Nesbitt, Senior Editor for Anaesthetics and a Consultant in Anaesthesia & Critical Care. "Which Medical Device offers an excellent opportunity for clinicians to read balanced, individualized views of equipment and to contribute their own opinions. This website is an exciting development, and should both simplify and speed up the process of selecting and evaluating equipment for individual and departmental use."

Dr Phil Haslam, Editor-in-Chief and Consultant Interventional Radiologist added, "Anaesthetics and critical care is an important section for Which Medical Device, as this specialty uses many different devices ranging from anaesthetic machines and monitoring devices to nerve ablation devices and drainage catheters. There are numerous manufacturers and making the correct device choice is difficult but vital for optimal patient care."

"News stories remind us daily how critical it is for specialists to select and use the most appropriate devices. SAGE is delighted to help develop and expand this innovative site" said Tessa Picknett, Associate Director, SAGE. "We are confident that the new section will be an important avenue for communication between clinicians in Anaesthesia."

###

Which Medical Device are also looking for associate and specialist editors in the fields of cardiology and anaesthetics. Professionals who are passionate about the work they do and would like to share their experience, knowledge and understanding with fellow clinicians across the world are invited to contact Dr Phil Haslam or Mr Craig Gerrand (phil@whichmedicaldevice.com or craig@whichmedicaldevice.com)

SAGE is a leading international publisher of journals, books, and electronic media for academic, educational, and professional markets. Since 1965, SAGE has helped inform and educate a global community of scholars, practitioners, researchers, and students spanning a wide range of subject areas including business, humanities, social sciences, and science, technology, and medicine. An independent company, SAGE has principal offices in Los Angeles, London, New Delhi, Singapore and Washington DC. http://www.sagepublications.com

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AAAS and EurekAlert! are not responsible for the accuracy of news releases posted to EurekAlert! by contributing institutions or for the use of any information through the EurekAlert! system.

Public release date: 26-Jan-2012
[ | E-mail | Share ]

Contact: Jayne Fairley
jayne.fairley@sagepub.co.uk
44-020-732-48719
SAGE Publications

Los Angeles, CA Which Medical Device, the only online review site to provide independent, expert opinion and reviews of medical devices, have launched a new section devoted to Anaesthetic devices. This joins the three pre-existing sections of Cardiology, Interventional Radiology and Orthopaedics.

Launched in 2010, Which Medical Device (http://www.whichmedicaldevice.com) was created by clinicians for clinicians and enables medical professionals to search, locate, review and compare medical devices relevant to their specialties. The dynamic site, which partnered with SAGE in 2011, enables members to exchange opinions and insights that will help them to select devices to optimize patient outcomes.

The newly launched section includes reviews of devices such as the Fabius GS premium ventilator (manufactured by Drger Medical), patient monitoring devices including the EMMA Emergency Capnometer (manufactured by PHASEIN), and airway equipment including the Airtraq Guided Video Intubation (manufactured by Prodol Meditec).

"Increasingly, there are numerous new items of medical equipment available, yet only a limited ability to decide how useful they are in clinical practice." said Dr Ian Nesbitt, Senior Editor for Anaesthetics and a Consultant in Anaesthesia & Critical Care. "Which Medical Device offers an excellent opportunity for clinicians to read balanced, individualized views of equipment and to contribute their own opinions. This website is an exciting development, and should both simplify and speed up the process of selecting and evaluating equipment for individual and departmental use."

Dr Phil Haslam, Editor-in-Chief and Consultant Interventional Radiologist added, "Anaesthetics and critical care is an important section for Which Medical Device, as this specialty uses many different devices ranging from anaesthetic machines and monitoring devices to nerve ablation devices and drainage catheters. There are numerous manufacturers and making the correct device choice is difficult but vital for optimal patient care."

"News stories remind us daily how critical it is for specialists to select and use the most appropriate devices. SAGE is delighted to help develop and expand this innovative site" said Tessa Picknett, Associate Director, SAGE. "We are confident that the new section will be an important avenue for communication between clinicians in Anaesthesia."

###

Which Medical Device are also looking for associate and specialist editors in the fields of cardiology and anaesthetics. Professionals who are passionate about the work they do and would like to share their experience, knowledge and understanding with fellow clinicians across the world are invited to contact Dr Phil Haslam or Mr Craig Gerrand (phil@whichmedicaldevice.com or craig@whichmedicaldevice.com)

SAGE is a leading international publisher of journals, books, and electronic media for academic, educational, and professional markets. Since 1965, SAGE has helped inform and educate a global community of scholars, practitioners, researchers, and students spanning a wide range of subject areas including business, humanities, social sciences, and science, technology, and medicine. An independent company, SAGE has principal offices in Los Angeles, London, New Delhi, Singapore and Washington DC. http://www.sagepublications.com

---

[ | E-mail | Share ]

?

AAAS and EurekAlert! are not responsible for the accuracy of news releases posted to EurekAlert! by contributing institutions or for the use of any information through the EurekAlert! system.

Source: http://www.eurekalert.org/pub_releases/2012-01/sp-imd012612.php

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9 killed in violence-plagued northern Mexican city (AP)

MONTERREY, Mexico ? Nine people were shot to death early Thursday in the center of Monterrey, the third-largest city in Mexico and the scene of rampant drug violence in recent years.

The bodies of eight men between ages 25 and 30 were found on a street corner after neighbors reported hearing gunfire, said Adrian de la Garza, the Nuevo Leon state attorney general. The body of a woman was found nearby.

De la Garza said the crimes appeared to be linked by the type of weapon used, but provided no more details.

He didn't say if the killings were drug related.

This northern industrial city has been plagued by fighting between the Gulf and Zetas cartels, former allies that split in early 2010.

Elsewhere on Thursday, the Mexican army announced the arrest of a suspect in a 2008 bombing attempt aimed at a municipal police official in Mexico City.

The army statement said Oscar Santoyo Rodriguez, alias "El Mosco," was captured in the southern state of Oaxaca last week.

Santoyo, an alleged member of the Beltran Leyva drug cartel, is accused of participating in a Feb. 15, 2008, bombing plot in the capital. The attack failed when the homemade bomb detonated prematurely, killing the man carrying it and injuring a woman who authorities said was also involved.

Source: http://us.rd.yahoo.com/dailynews/rss/latam/*http%3A//news.yahoo.com/s/ap/20120126/ap_on_re_la_am_ca/lt_drug_war_mexico

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McCartney's wife resigns from NY transit board (omg!)

NEW YORK (AP) ? Paul McCartney's new bride is stepping down from the board of the authority that runs New York City's public transit system.

Nancy Shevell married the Beatles great in October. She announced her resignation from the board of the Metropolitan Transportation Authority at its meeting Wednesday.

Shevell had been on the MTA's board since 2001 and was one of its longest-serving members. Her term expired last year, but she had stayed on pending a new appointment by New York's governor.

Source: http://us.rd.yahoo.com/dailynews/rss/entertainment/*http%3A//us.rd.yahoo.com/dailynews/external/omg_rss/rss_omg_en/news_mccartneys_wife_resigns_ny_transit_board173514673/44302346/*http%3A//omg.yahoo.com/news/mccartneys-wife-resigns-ny-transit-board-173514673.html

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iBooks Author sees 600,000 initial downloads, 3 million for iTunes U app

Apple announced on its quarterly earnings call this afternoon that iBooks Author had seen 600,000 downloads since its unveiling last week. The folks in Cupertino also mentioned that iTunes U has seen 3 million app downloads, feeling a bump from the announcement a few days ago. One other interesting tidbit: currently, 1.5 million iPads have been deployed in schools. We'd surmise that those numbers will continue to increase as iBooks 2 and iBook Author start to pound the pavement in the months ahead.

iBooks Author sees 600,000 initial downloads, 3 million for iTunes U app originally appeared on Engadget on Tue, 24 Jan 2012 17:26:00 EDT. Please see our terms for use of feeds.

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Source: http://www.engadget.com/2012/01/24/ibooks-author-sees-600-000-initial-downloads-3-million-total-no/

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Sprint's move to roaming agreements sends AT&T to angry town

Despite all Sprint's efforts to promote its Network Vision plans, the carrier has been much more coy about its intentions for subscribers in the rural midwest. It was recently revealed that the company plans to divest some of its infrastructure in Oklahoma and Kansas, where the carrier will instead rely on roaming agreements for voice and data. The move is primarily a cost-cutting measure, but one network -- AT&T -- is none too happy about the revelation. Ma Bell argues that Sprint is being too opportunistic following the FCC's shuttering of the Home Market Rule, which (once upon a time) required carriers to build up infrastructure rather than rely on roaming agreements in areas where they held spectrum licenses.

With the Home Market Rule a thing of the past, AT&T suggests this move will merely be the tip of the iceberg for Sprint, as the carrier may now essentially piggyback on the investments of other providers. The D.C. Circuit Court of Appeals is currently set to hear arguments on the matter this spring, and AT&T hopes the Court will "reject the FCC's market intervention." In the meantime, according to Ma Bell, Sprint's actions are, "Nice work, if you can get it." These are fighting words, indeed.

Naturally, Sprint isn't taking these accusations lying down. In response, it states, "It's disappointing, but not surprising, that AT&T wants to challenge a consumer's right to access email, the Internet and other mobile broadband services wherever they may travel in the U.S." Those interested can read the text in its entirety after the break.

Continue reading Sprint's move to roaming agreements sends AT&T to angry town

Sprint's move to roaming agreements sends AT&T to angry town originally appeared on Engadget on Tue, 24 Jan 2012 22:01:00 EDT. Please see our terms for use of feeds.

Permalink The Verge  |  AT&T, NewsOK  | Email this | Comments

Source: http://feeds.engadget.com/~r/weblogsinc/engadget/~3/DF-FM2LtNE8/

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Paramount Movies lets you stream UltraViolet films from the cloud, for a price

Paramount became the first studio to offer UltraViolet-based movies this week, with the launch of Paramount Movies. With this new service, users can purchase a film in either digital or physical form, and automatically store a copy of it within Paramount's cloud-based digital locker. You won't be able to download a UV film for offline viewing directly from the cloud, though you will be able to stream it to any iOS device (support for Android and Windows Phone remains unavailable, as does compatibility with most set-top boxes). It's all part of DECE's "buy once, play anywhere" ethos, though it should be noted that the studio's UV offerings are somewhat limited. At the moment, Paramount Movies boasts about 60 titles, all of which are available at comparatively steep prices: $20 for HD quality movies, and $13 for SD versions. Check it out for yourself at the source link below.

Paramount Movies lets you stream UltraViolet films from the cloud, for a price originally appeared on Engadget on Wed, 25 Jan 2012 07:02:00 EDT. Please see our terms for use of feeds.

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Source: http://feeds.engadget.com/~r/weblogsinc/engadget/~3/Xf6OTMH7j-Y/

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