Tuesday, January 17, 2012

Big banks must show their break-up plans

The largest banks must show how they would break up their assets if they were in danger of failing, under a rule approved Tuesday.

The Federal Deposit Insurance Corp. voted to require banks with $50 billion or more in assets to submit so-called living wills. Seven banks with more than $250 billion in assets will have to show their plans by July. The other 30 affected by the rule have until 2013.

The FDIC also proposed a separate rule that would require banks with more than $10 billion in assets to conduct annual stress tests.

The tests show how each bank is positioned to handle worsening economic conditions, such as increasing unemployment and falling home prices. The regulator put the rule out for public comment and is expected to finalize it by July. It will affect roughly 190 banks.

Both rules were mandated under the 2010 financial overhaul.

By requiring banks to have living wills, the government is trying to reduce the need for another Wall Street bailout like the one that took place during the 2008 financial crisis. The 37 banks affected by the rule hold roughly $4.1 trillion in insured deposits, or about 61 percent of U.S. insured deposits as of Sept. 30, 2011.

The largest include JPMorgan Chase Bank, Bank of America, Citibank, Wells Fargo Bank, U.S. Bank, PNC Bank and Bank of New York Mellon.

Annual stress tests help the government monitor the financial strength of banks. The 19 largest U.S. banks already undergo annual stress tests, which are conducted by the Federal Reserve. The proposed stress tests would be in addition to those.

Under the proposal, the banks would be required to submit reports on the results of their stress tests to regulators and to publish a summary of the results.

The results show whether banks have enough cash and cash-like securities on their balance sheets to offset potential losses from risky loans. And they also show whether a bank is in position to withstand an economic downturn.

Richard Cordray, the director of the Consumer Financial Protection Bureau, attended the meeting as a member of the FDIC board for the first time.

President Barack Obama appointed Cordray earlier this month, despite Republican opposition. Obama put him in charge without Senate approval through a recess appointment.

Copyright 2012 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

Source: http://www.msnbc.msn.com/id/46026895/ns/business-stocks_and_economy/

weather houston weather houston small business saturday small business saturday hank baskett beyonce dance for you beyonce dance for you

Monday, January 16, 2012

2 more bodies found on Italian cruise ship (AP)

GIGLIO, Italy ? The Italian Coast Guard says its divers have found two more bodies aboard the stricken Costa Concordia cruise ship.

The discovery of the bodies brings to five the number of known dead after the luxury ship ran aground with some 4,200 people aboard on Friday night.

The Coast Guard said Sunday the bodies of the two elderly people were found in the submerged restaurant.

A helicopter earlier airlifted a third survivor from the capsized hulk of the ship.

Authorities are holding the captain for suspected manslaughter among other possible charges.

Source: http://us.rd.yahoo.com/dailynews/rss/europe/*http%3A//news.yahoo.com/s/ap/20120115/ap_on_re_eu/eu_italy_cruise_aground

cmas cmas world series of poker joe walsh zsa zsa gabor heavy d dead

Taiwan goes to the polls as China, U.S. look on (Reuters)

TAIPEI (Reuters) ? Taiwanese voted on Saturday for their next president and parliament, an election being closely monitored by China and the United States as they look for stability in the region at a time of political transition for both superpowers.

Opinion polls suggest the presidential race will be tight. But a slight advantage is seen for incumbent Nationalist Ma Ying-jeou, 61, who has fostered warmer ties with China, over Tsai Ing-wen of the opposition Democratic Progressive Party (DPP).

Voters queued up in orderly lines in Taipei and other cities islandwide after polls opened at 8 a.m. (0000 GMT). The sky was overcast in the capital but it was relatively balmy, underlining hopes for a high turnout.

"I feel calm and hopeful," said Hwang Shiu-mei, a mother of three who was in line to vote at a booth in a Taipei market.

"I hope we can see a win-win situation with China in the coming four years. We don't want to see a stalemate and hope for a better economy, along with peace and stabilility."

Both main contestants were confident as they cast their vote early.

"I see a little sunshine now," Ma told reporters at his polling station in a Taipei church after a slight drizzle eased.

"I'm very happy, I urge everyone to come out early and vote. This weather should help the voting rate."

Asked if he had a restful night, Ma replied: "I sleep well every night."

Opposition leader Tsai, casting her ballot at a school in a Taipei suburb, said she was mentally prepared to become the first female president of Taiwan.

"I hope we will be able to give you a full explanation after the vote is counted," she said, when pressed for details.

SMOOTH VOTE

The run-up to the election has been smooth. Unlike in 1996, when China fired missiles into waters off Taiwan before the island's first direct presidential election, Beijing has learnt to temper any response to avoid antagonizing voters into backing the DPP.

The DPP's independence-leaning stance has long angered Beijing, which deems Taiwan a renegade province and considers U.S. arms sales to the self-ruled island as the top obstacle to improved ties between the United States and China, now the world's two biggest economies.

Tsai has distanced the DPP from the independence stance. But a DPP victory could complicate matters for Chinese President Hu Jintao and other leaders who will hand power to a younger generation later this year and who don't want to jeopardize their legacy of fostering more stable cross-strait ties.

The United States, which holds presidential elections later this year, will also be keen to take a potential irritant in bilateral ties with China off the table.

In Taiwan, besides the presidential election, the 18 million eligible voters will also choose the island's 113-member parliament, currently dominated by the Nationalists, that will be crucial in expediting or stalling future policies.

Most analysts expect a high turnout given the closeness of the race. Nearly 200,000 Taiwanese have returned from overseas for the poll according to local media reports, cramming flights in a last minute rush to cast ballots.

Ma and Tsai, both former law academics with doctorates from Harvard and the London School of Economics respectively, held a flurry of rallies and motorcades islandwide on Friday, the final day of campaigning, with Ma focusing on the DPP's largely rural stronghold of the south and Tsai aiming north.

A third candidate, former Nationalist party member James Soong who now leads a splinter party, trails far behind in the polls but could cloud the result for the Nationalists by siphoning off some of Ma's support.

Some see the election as a referendum on the economic rapprochement with China shepherded by Ma over the last four years, that may have eased decades of animosity and the threat of outright war but raised fears of an over-reliance on its powerful neighbor.

However on the streets, livelihood issues dominate, especially at a time of global economic uncertainty for export-reliant Taiwan.

"We hope the new president can improve the economy," said Hsu Kuo-hsiung, a 49-year-old car mechanic as he polished a black sedan in his garage in a Taipei suburb.

"This is most important. If there's no stability, the economy will suffer."

(Editing by Raju Gopalakrishnan)

Source: http://us.rd.yahoo.com/dailynews/rss/asia/*http%3A//news.yahoo.com/s/nm/20120114/wl_nm/us_taiwan_election

john lennon death c.j. wilson three stooges pujols mythbusters miami marlins hanley ramirez

Sunday, January 15, 2012

Crowd too big, Beijing Apple store cancels sale

A Chinese man in a red hood reacts since he is pushed away by police officers after he refused to leave the Apple Store as stains of eggs are left in its glass wall in the background in Beijing Friday, Jan. 13, 2012. An angry crowd shouted and threw eggs at Apple's Beijing flagship store after it failed to open on schedule Friday to sell the popular smartphones. (AP Photo/Andy Wong)

A Chinese man in a red hood reacts since he is pushed away by police officers after he refused to leave the Apple Store as stains of eggs are left in its glass wall in the background in Beijing Friday, Jan. 13, 2012. An angry crowd shouted and threw eggs at Apple's Beijing flagship store after it failed to open on schedule Friday to sell the popular smartphones. (AP Photo/Andy Wong)

A policeman tries to drag away people who refused to leave the Apple Store in Beijing Friday, Jan. 13, 2012. An angry crowd shouted and threw eggs at Apple's Beijing flagship store after it failed to open on schedule Friday to sell the popular new iPhone 4S model. (AP Photo/Andy Wong)

Stains of an egg are seen on the iPhone 4S logo on the Apple store's glass wall in Beijing Friday, Jan. 13, 2012. An angry crowd shouted and threw eggs at Apple's Beijing flagship store after it failed to open on schedule Friday to sell the popular smartphones. (AP Photo/Andy Wong)

Chinese people wait outside an Apple Store to buy the iPhone 4S model in Beijing Friday, Jan. 13, 2012. An angry crowd shouted and threw eggs at Apple's Beijing flagship store after it failed to open on schedule Friday to sell the popular smartphones. (AP Photo/Andy Wong)

A policeman, center left, tries to disperse the crowd outside an Apple store in Beijing Friday, Jan. 13, 2012. An angry crowd shouted and threw eggs at Apple's Beijing flagship store after it failed to open on schedule Friday to sell the popular new iPhone 4S model. (AP Photo/Andy Wong)

(AP) ? Raw eggs splattered and streaked the gleaming windows of Beijing's Apple store Friday, hurled by angry and frustrated shoppers when the launch of the iPhone 4S was canceled due to fears over the size of the crowd.

The incident highlighted the role of Chinese middlemen who buy up wildly popular iPhones or smuggle them from abroad for resale at a big markup.

Hundreds of customers ? including migrant workers hired by scalpers in teams of 20 to 30 ? waited overnight in freezing temperatures outside the Apple store in a shopping mall in Beijing's east side Sanlitun district.

When the store failed to open as scheduled at 7 a.m., the crowd erupted in anger. Some pelted the store with eggs and shouted at employees through the windows.

A person with a megaphone announced the sale was canceled. Police ordered the crowd to leave and sealed off the area with yellow tape.

There were shouts of "What are you doing?" and "Go in! Go in!" as some of the people were pushed away from the entrance.

Employees posted a sign saying the iPhone 4S was out of stock.

"We were unable to open our store at Sanlitun due to the large crowd, and to ensure the safety of our customers and employees, iPhone will not be available in our retail stores in Beijing and Shanghai for the time being," said Apple spokeswoman Carolyn Wu.

The iPhone 4S quickly sold out at other Apple stores in China, Wu said. She said the phone still will be sold in China through Apple's online store, its local carrier China Unicom Ltd. and authorized resellers.

Wu declined to comment on what Apple might know about scalpers buying iPhones for resale.

China is Apple's fastest-growing market and "an area of enormous opportunity," CEO Tim Cook said in October. He said quarterly sales were up nearly four times from a year earlier and accounted for one-sixth of Apple's global sales.

Apple's China stores are routinely mobbed for the release of new products.

The company has its own stores only in Beijing and Shanghai, with a handful of authorized retailers in other cities, so middlemen who buy iPhones and resell them in other areas can make big profits, said Wang Ying, who follows the cellphone market for Analysys International, a research firm in Beijing.

"Apple is making a lot of money, so it is not too concerned about the scalpers," Wang said.

Wang and other industry analysts said the size of the underground trade and price markups are unclear.

In Shanghai, stores limited iPhone 4S sales to two per customer. Several hundred people were waiting when the stores opened, bundled up against the cold. Some passed the time playing mahjong.

Buyers included 500 older people from neighboring Jiangsu province who were hired by the boss of a cellphone market, the newspaper Oriental Morning Post said. They arrived aboard an 11-bus convoy and were paid 150 yuan ($23) each.

Online bulletin boards were filled with comments about Friday's buying frenzy, many complaining about or ridiculing the scalpers.

An Apple contractor manufactures iPhones in China, but new models are released in other countries first. That has fueled a thriving "gray market" in China for phones smuggled in from Hong Kong and other markets.

Last May, the Sanlitun store was closed for several hours after a scuffle between an employee and a customer during the release of the iPhone 4, the previous model in the series.

Customers began gathering Thursday afternoon outside the Sanlitun store. People in the crowd said the number grew to as many as 2,000 overnight but many left when word spread the store would not open. About 350 people remained when the protest erupted after 7 a.m.

"On the one hand there is poor organization and on the other there were just too many people," said a man outside the Sanlitun store who gave only his surname, Miao. "I don't think they prepared well enough."

Another man who refused to give his name said he was a migrant laborer who was paid 100 yuan ($15) to wait in line overnight.

Others said scalpers had organized groups of 20-30 migrant workers to buy phones or hold places in line. Organizers held colored balloons aloft to identify themselves to their workers.

Beijing resident Zhu Xiaodong said he was waiting to buy the phone for himself.

"I just like the 4S," he said, adding that he was upgrading from the previous iPhone 4 model.

The iPhone 4S had its debut Oct. 14 in the United States and six other countries.

The delay between the release of Apple products in the U.S. and in China has yet to affect the company's reputation with Chinese customers, said Ted Dean, managing director of BDA China Ltd., a research firm in Beijing.

For other products, such a delay "sort of gives the impression here that you're not giving the Chinese consumer a fair shake," Dean said. "But demand and that 'cool factor' is so huge for Apple products that you don't hear that about them."

___

Associated Press writer David Wivell, researchers Zhao Liang and Yu Bing, all in Beijing, and AP Business Writer Elaine Kurtenbach in Shanghai contributed to this report.

___

Online:

Apple Inc.: http:://www.apple.com

Associated Press

Source: http://hosted2.ap.org/apdefault/495d344a0d10421e9baa8ee77029cfbd/Article_2012-01-13-AS-China-Apple/id-9eb125dcdbce4cc9a02e21c404d1550d

lady gaga marry the night video pac 12 championship game pac 12 championship game bobby valentine bobby valentine al franken al franken

Heather Locklear taken to Calif. hospital (omg!)

FILE - In this June 12, 2009 file photo, Heather Locklear arrives at the Women in Film Crystal Lucy Awards in Los Angeles. Paramedics responded to Locklear?s home 35 miles northwest of Los Angeles for a medical emergency and transported a woman matching the actress? description as a precautionary measure, authorities said Thursday, Jan. 12, 2012. (AP Photo/Matt Sayles, File)

THOUSAND OAKS, Calif. (AP) ? Authorities say Heather Locklear was taken to a Southern California hospital for precautionary reasons after an emergency call was made from her home.

Paramedics and sheriff's deputies responded Thursday afternoon to Locklear's home in Westlake Village, which is 35 miles northwest of Los Angeles.

Ventura County sheriff's Capt. Mike Aranda says he did not know Locklear's condition but deputies are not investigating.

Locklear has been hospitalized several times over the years. In 2009, she pleaded no contest to reckless driving after being arrested on suspicion of driving under the influence of prescription medication.

The 50-year-old actress's publicists did not return messages seeking comment.

Locklear and "Melrose Place" co-star Jack Wagner recently ended their engagement. She was previously married to Bon Jovi guitarist Richie Sambora, and they have a daughter together.

Source: http://us.rd.yahoo.com/dailynews/rss/entertainment/*http%3A//us.rd.yahoo.com/dailynews/external/omg_rss/rss_omg_en/news_heather_locklear_taken_calif_hospital024931137/44163504/*http%3A//omg.yahoo.com/news/heather-locklear-taken-calif-hospital-024931137.html

michael buble teddy roosevelt rita hayworth rita hayworth lakers rumors kellie pickler alfa romeo giulietta

Saturday, January 14, 2012

U.S. judge backs multiple rifle sales reporting (Reuters)

WASHINGTON (Reuters) ? A U.S. judge on Friday refused to block new federal rules requiring gun dealers in four states bordering Mexico to report the sales of multiple semi-automatic rifles, a victory for the Obama administration.

The administration issued the reporting requirements last year despite opposition from the gun industry as part of a stepped-up effort to clamp down on the weapons flowing across the border to violent drug cartels in Mexico.

The U.S. Bureau of Alcohol, Tobacco, Firearms and Explosives (ATF) ordered more than 8,000 gun dealers in Texas, Arizona, New Mexico and California to report the sale within five business days of two or more semiautomatic rifles to the same person.

That also includes rifles with a caliber greater than .22 and with the ability to accept a detachable magazine.

Mexican officials have complained bitterly about guns illegally coming from the United States. Tens of thousands of Mexicans have died in the drug wars since 2006 when the government there decided to take on the cartels.

Judge Rosemary Collyer, appointed to the bench by Republican President George W. Bush, found that the ATF's requirement was sufficiently narrowly tailored and that it was rational by focusing on the states that border Mexico.

"Congress has effected a delicate balance between ATF's regulation of firearms and the right to privacy held by lawful firearms owners," Collyer wrote in a 21-page ruling. The ATF's reporting requirement "did not disturb that balance."

Gun dealers backed by the National Rifle Association, a powerful lobbying organization, and the National Shooting Sports Foundation challenged the requirements arguing that it would effectively require national registration of firearms sales, which they said the ATF was not authorized to do.

The gun industry has also said that the rules will have no impact on the cartels but rather burden law-abiding retailers and that the reporting requirement was overly burdensome.

"If President (Barack) Obama gets a second term, I think law-abiding gun owners are going to see a lot more of it," Wayne LaPierre, executive vice president of the NRA, told Reuters.

"These drug cartels ... rape, they rob, they murder they throw people into lions' pits, they're not going to be deterred by a form. That must be some form," he said. The groups plan to appeal the ruling.

Some 36,000 reports of multiple handgun sales were made from the four border states in fiscal 2010, according to the ATF.

The decision came as the ATF has been under scrutiny in recent months after a sting operation to track guns being smuggled to Mexican cartels went awry.

(Reporting By Jeremy Pelofsky; Editing by Will Dunham)

Source: http://us.rd.yahoo.com/dailynews/rss/obama/*http%3A//news.yahoo.com/s/nm/20120113/ts_nm/us_usa_guns_court

los angeles angels los angeles angels lindsay lohan̢۪s playboy cover leaked online lindsay lohan̢۪s playboy cover leaked online kevin martin va tech shooting 2011 cj wilson

After encampment ends, NYC Occupiers become nomads (AP)

NEW YORK ? It was only a few nights after the Occupy protesters began sleeping in his church sanctuary when Pastor Bob Brashears realized that his laptop was missing.

The refugees from Manhattan's Zuccotti Park had found their way to his cavernous Presbyterian church on a cold winter evening, hoping to stay for a few nights, maybe longer. It was the latest stopover for the nomadic group, which has been living in a rotating series of churches since Mayor Michael Bloomberg shut down their camp in November.

"There was a sense of shock and sadness that it had happened," said Brashears, whose laptop will soon be replaced by Occupy organizers. "And there's a common understanding that if there's one more theft in the church, that's it."

This is what the Occupy encampment has become: A band of homeless protesters with no place to go. Amid accusations of drug use and sporadic theft, they've been sleeping on church pews for weeks, consuming at least $20,000 of the funds that Occupy Wall Street still has in its coffers. Their existence is being hotly debated at Occupy meetings: Are these people truly "Occupiers" who deserve free food and a roof over their heads?

"We don't do this out of charity," said 34-year-old Ravi Ahmad, who works for Columbia University and volunteers with Occupy in her spare time. "We do this so that whoever wants to work in the movement can work in the movement. This is a meritocracy."

But money is draining rapidly from Occupy's various bank accounts, which currently amount to about $344,000. Including church maintenance costs and meals, living expenses are more than $2,000 per week.

"We are all aware that the NYPD destroyed the tent homes of many Occupiers in just one night," one Occupier recently wrote on http://www.nycga.net, Occupy's General Assembly website for New York City. "However, where were they living before Zuccotti Park? Are we paying for housing for homeless people who may be relocated to City shelters?"

The movement that denounces corporate greed and economic inequality has been fighting to stay afloat in the city where it first began. Media attention and donations have dropped off. And although protesters regularly meet to plan demonstrations, recent marches have had none of the spectacle that captivated New Yorkers and watchers worldwide.

On Monday, the metal barricades surrounding Zuccotti Park were removed for the first time since the November raid. But protesters still can't set up tents to camp overnight ? and they don't have a long-term solution to the housing problem.

Their current home is Brashears' West-Park Presbyterian Church, a stately 100-year-old house of worship on the Upper West Side that badly needs renovation. Occupy organizers see the cracks in the ceiling as an opportunity to repay the favor by helping to fix the place up.

There are about 70 Occupiers staying there and another 30 or so at Park Slope United Methodist Church in Brooklyn.

"Everybody tries to get along, make things work," said Donna Marinelli, 52, of New Britain, Conn., who was sitting on the floor in a sleeping bag alongside her cousin, David Monarca. "We were in the park in tents until they raided us. We wanted to stay for the movement. We didn't want to leave when we just got here."

During the daylight hours, Marinelli attends Occupy events and volunteers at an Occupy kitchen in Brooklyn. Nobody is allowed to stay in the church during the day. At night, the place is patrolled by an Occupy security team led by Marine Corps Sgt. Halo Showzah, a 27-year-old Iraq war veteran from the Bronx.

"We walk around the church with flashlights, making noise to wake these people up and making sure they're good," he said. "No sex in the church, no drinking, no smoking, no shooting, no sniffing."

The church was quiet and cozy on Wednesday night as about two dozen people staked out their respective corners of the room ? some prefer the balcony, others like to curl up by the door. Someone fiddled around on the piano and sang a few songs as a cat watched from one of the pews. Showzah wandered around and chatted with everyone, making jokes and doling out advice to the piano singer.

The security threat is very real here. At least 30 percent of the crowd is a mix of chronically homeless, drug-addicted people, some of whom suffer from "psychological issues," as several protesters put it delicately. Among other rules, the pastor has demanded that the Occupiers station at least one mental health expert "within easy reach" of the church every night.

Even some of the church dwellers themselves are fed up with their fellow pew mates. Chris Allen, 36, is working on a backup plan in case they get kicked out.

"I feel people are messing up the church and we're not gonna have it much longer, so I'm worried about putting money in my pocket," said Allen, an unemployed construction worker from Long Island who lives here with his wife. "Because when it snows and I have nowhere to go, I'm not gonna be stuck on the streets like everyone else for being idiots."

Who is allowed to stay at the church is a source of contention and perpetual infighting. If you're not on the official list kept by Occupy organizers, you're not allowed inside. But it's unclear what distinguishes the general populace from an Occupier.

One night in December, police officers were called to the Church of St. Paul and St. Andrew when people who weren't on the list came to the door and refused to leave.

"I was turned away one night in the cold and rain," said David Everitt-Carlson, a 55-year-old unemployed former advertising executive who lived in a tee-pee at Zuccotti Park. "And I slept at Grand Central Station. I found a place behind a Christmas decoration."

About a month ago, a telephone hotline was set up so that people could call and request a spot at one of the churches. But space is limited. And each church sojourn has an expiration date.

Some churches willingly opened their doors to provide temporary shelter after the police raid. None of them are equipped to house protesters forever.

"It's a lot of wear and tear on the space," said Michael Ellick, a minister at Judson Memorial Church, which housed protesters for several nights in November. "We're broke, so we don't have a custodial staff. We can't be a full-time housing unit."

During daylight hours, some people migrate down to Occupy's atrium at 60 Wall St., while others head off to hunt for jobs or disappear into the city. At night, there are often counselors on hand for emotional support.

Typical arguments are reminiscent of life at Zuccotti, which had its own share of criminal activity. A frequent complaint, for example, involves a man who apparently never takes showers.

"No fistfights, no weapons involved," said Jeff Brewer, 34, an Occupy organizer. "I believe there was a shampoo bottle that was thrown one time."

Meals are donations from food pantries and leftovers dropped off by nearby restaurants.

The debate over providing food and shelter for the church Occupiers plays into a larger one that has divided New York's protesters ever since the police raid. While some are determined to occupy another space somewhere in the city, others say an encampment is unnecessary and, at its worst, a burden.

The church dwellers believe they are carrying the torch for the lost encampment ? and that, someday, they will form the foundation of a new one.

"We really have been calling it the `occupiers army' that we are building," explained protester Jason Harris, a teacher from Massachusetts.

First, though, they'll have to find a way to survive the winter. Brashears hasn't yet decided whether he will allow the protesters to stay at West-Park beyond next week. If they are truly dedicated to forming a community ? and not simply seeking shelter within the church's walls ? he'll be more willing to extend their unspoken lease.

"It's a sort of sink or swim situation," he said. "I think, long-term, they have to make a decision about what, exactly, their movement is about."

Source: http://us.rd.yahoo.com/dailynews/rss/topstories/*http%3A//news.yahoo.com/s/ap/20120112/ap_on_re_us/us_occupy_wall_street

gwar gwar san diego weather tropic thunder justin bieber baby justin bieber baby credit unions