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Bank Of America CEO Brian Moynihan Subpoenaed By New York Attorney General

NEW YORK — New York Attorney General Eric Schneiderman is not backing off a civil fraud probe into whether Bank of America deliberately misled shareholders about the massive losses on Merrill Lynch’s books before its 2008 purchase of the investment bank. The NY AG, who took over from Andrew Cuomo this year, has subpoenaed Bank of America Corp. CEO Brian Moynihan and other executives of the Charlotte, N.C.-based bank seeking new depositions, The Wall Street Journal reported online late Friday, citing unidentified people familiar with the matter. A spokeswoman for the New York AG’s office declined to comment. A Bank of America spokesman was not immediately able to be reached for comment. The bank has said that the charges are unfounded.

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Arianna On Whether Obama Has Saved Or Betrayed Progressive Politics In America (VIDEO)

Has Obama saved or betrayed progressive politics in America? A conversation with Arianna Huffington and Michael Sandel in the video below. Read a recap of the panel from the Aspen Times here. — HuffPost is live at the Aspen Ideas Festival 2011. We will be live-blogging sessions as the weekend progresses. Check back often for updates, features, and blogs. Scroll down to see previous sessions HuffPost will liveblog the session, “Israel, the ‘Arab Spring,’ and Us,” with Thomas Friedman and Leon Wieseltier beginning at 4pm MST. The discussion is expected to center on social media’s role in these events. This session, “The Obama Presidency and the Future of the American Dream,” features Arianna Huffington and Michael Sandel. The panel is moderated by Jeffrey Rosen. The focus here will be the “perennial gap between ideals and institutions.”

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From Springsteen to Cyrus: Your All-American Independence Day Playlist

Listen up: Whether you are chowing down on ribs and guzzling American beer on the patio, or camping out for the local fireworks display, you’ll need the right soundtrack. NewsFeed has compiled a list of classic rock and pop tunes and some out-of-this-world renditions of patriotic songs that will get you revved for Independence Day.

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The Wisconsin recall elections are coming up soon. One district has an interesting choice to make. It seems that State Rep. John Nygren didn’t gather enough signatures to climb onto the recall ballot for Senator Dave Hansen’s seat, leaving David Vanderleest as the sole Republican challenger. Problem is, David Vanderleest has a few legal issues that might stand between him and victory. JSOnline : Specifically, he was convicted of disorderly conduct, a Class B misdemeanor, in 2007. He said the conviction was part of a plea deal in a domestic dispute. That same year, a bank foreclosed his Green Bay house, which was sold at a sheriff’s sale. Another bank, Associated Bank, won a court judgment for nearly $30,000 against VanderLeest and his company, VanderLeest Enterprises. That sum has never been paid, VanderLeest acknowledged. In addition, VanderLeest and his then-wife filed for Chapter 7 bankruptcy in 2006, meaning he did not have to repay most of his creditors. The bankruptcy filings show that they reported $118,341 in assets and $291,674 in liabilities, including unpaid credit card debts, health care bills and loans. “I had a marriage fall apart and I was in real estate,” VanderLeest said. “I’m not ashamed of that.” Asked why the voters should select him to oversee a multibillion-dollar budget given his personal financial problems, VanderLeest said the answer is simple. “I represent the average person who’s struggling,” he said. VanderLeest said he expects to be targeted by top officials in Green Bay. The city has taken him to court over building code violations at properties he owns, leading to more than $1,300 in fines for VanderLeest. His buildings were deemed nuisance properties. On a personal level, I could probably overlook the foreclosure and other financial problems detailed in his rather lengthy court file. But that domestic dispute plea deal really bothers me. Domestic dispute? Was that a domestic dispute that was a really loud fight outside or was it the kind of domestic dispute where he put hands (or fists) on his spouse and left bruises? Which kind gets charges brought and a plea deal made? TPM has the text of his one-paragraph statement in response to criticism about his litigious past. I offer it here as it was written. I am an advocate for truth in Brown County. I have sued public officials for curruption and abuse of power, as an attempt to protect the hard working taxpayers, of NE WI. (see federal court case number 07-c-318) I am inocent of every criminal case ever brought against me. Every accusation ever brought fourth, happened because my then wife had a drinking problem, and made false accusations that she later recanted. These cases were intensified at the hand of currupt officials, who viewed me as a political threat, and wanted to silence, suppress, and minimize me, like Democratic Party of Wisconsin Chairman Mike Tate tryed to do today. Crooked public officals like this do not deserve the public trust. They fear my ability to polarize the public and expose true corruption that takes place at the hand of public officials who have different political views then me. People like this have no morals, and only care about winning, at any and all cost. These officials do not care who they hurt in the process, they are simply interested in protecting their place at the public trough. Hurting David VanderLeest and his seven year old son James, are just ways of getting currupt official the means they desire. Everyone else is corrupt, everyone else has a problem, and everyone else is conspiring against this guy to hurt him. And you know what? Even the spelling police have abandoned him. Just what Wisconsin needs. A guy who wears the mantle of perpetual victimhood, can’t spell, can’t manage his finances, and expects voters to simply trust him. Blue America is raising money to help send Republicans in Wisconsin back to the rocks they crawled out from under. If you can, a donation would be most welcome.

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Apple, Microsoft And Others Outbid Google To Win Coveted Nortel Patents

By Nadia Damouni NEW YORK (Reuters) – At the auction for Nortel Networks’ wireless patents this week, Google’s bids were mystifying, such as $1,902,160,540 and $2,614,972,128. Math whizzes might recognize these numbers as Brun’s constant and Meissel-Mertens constant, but it puzzled many of the people involved in the auction, according to three people with direct knowledge of the situation on Friday. “Google was bidding with numbers that were not even numbers,” one of the sources said. “It became clear that they were bidding with the distance between the earth and the sun. One was the sum of a famous mathematical constant, and then when it got to $3 billion, they bid pi,” the source said, adding the bid was $3.14159 billion. “Either they were supremely confident or they were bored.” It was not clear what strategy Google was employing, whether it wanted to confuse rival bidders, intimidate them, or simply express the irreverence that is part and parcel of its corporate persona. Whatever its reasons, Google’s shenanigans did not work. A group of six companies — Apple, Microsoft, RIM, EMC, Ericsson and Sony — won the auction of 6,000 Nortel patents and patent applications with a $4.5 billion bid. The final figure was three times the amount expected by some analysts — a sign of the lengths to which Google’s rivals were willing to go to get their hands on the treasure trove of wireless technology, and thwart the Internet powerhouse’s mobile ambitions. Google had been expected to emerge victorious after it set a $900 million stalking horse bid in April. But the auction that started on Monday and saw 20 rounds of bids over four long days ultimately hit a price that became too much even for Google, the sources said. The Internet company might have had $36.7 billion in cash as of March 31, but it was only willing to go up to $4 billion for these patents, one person said. FIVE BIDDERS Five parties, including two consortiums, initially started bidding for the bankrupt Canadian telecoms company’s patents — Apple, Intel, Google, a consortium of Ericsson, RIM, Microsoft, Sony and EMC, and a group led by patent risk solutions provider RPX, the sources said. Intel started the bidding around 9 am on Monday with a $1.5 billion bid, one source said. The RPX-led consortium, which included Chinese firm Huawei, dropped out after the first round of the auction held at the offices of law firm Cleary Gottlieb Steen & Hamilton LLP. The consortium remained on the sidelines looking to partner with someone else but never did, the source said. “It did become clear to us very quickly that this was something that a bunch of big companies with humongous balance sheets had decided was strategic for them,” RPX Chief Executive John Amster said. “Clearly at a price at this level it had to be strategic, and they could afford that.” The auction tested the limits of even the giants, and it took behind-the-scenes maneuvering and a series of alignments for a winner to emerge. FAST AND FURIOUS On Tuesday night, the Ericsson consortium stopped bidding, and started looking for a partner, which it found in Apple, the source said. “When people drop out, you try to partner people,” another source said. “It is pretty common in auctions because you are trying to get together people who have reached their individual limits and they still have interest in the assets.” By Wednesday, Intel dropped out as well — a move that was followed by heated negotiations over the next 24 hours as the two remaining parties both tried to court the chip giant to join their side. Intel chose Google, one source said. The field narrowed to two — the Apple consortium called “Rockstar,” and the Google bidding vehicle named “Ranger”, the sources said. “Then it was fast and furious $100 million allotments until they got to $3 billion, at which point Google asked for permission to bid more,” a source said. “They bid through $4 billion and tapped out.” Google declined to comment for this article, but called the auction results “disappointing.” Lazard Ltd advised Nortel in the deal, while Jefferies advised its creditors. Akin Gump Strauss Hauer & Feld LLP was legal adviser to Nortel’s creditors, while Cleary Gottlieb advised the company. (Additional reporting by Tiffany Wu in New York and Alastair Sharp in Toronto; Writing by Paritosh Bansal, editing by Bernard Orr) Copyright 2011 Thomson Reuters. Click for Restrictions

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Berkshire’s Charles Munger: Housing Bubble Caused By ‘Megalomania, Insanity, And Evil’

Charles Munger, the always-quotable vice chairman of Berkshire Hathaway, wasn’t mincing words on Friday. “The bubble in America was caused by some combination of megalomania, insanity and evil in, I would say, investment banking, mortgage banking,” Munger said at a conference in Pasadena. In assigning responsibility for the housing bubble that precipitated the financial-sector collapse of 2008, and ushered in a period of prolonged economic contraction, Munger also took issue with the accounting industry, calling it “contemptible” for its role in the debacle. And he had particular scorn for Richard Fuld, the former chairman and CEO of Lehman Brothers. “I would guess that Dick Fuld has not a single ounce of contrition wherever he sits today,” Munger said. Munger was speaking at a “Morning with Charlie” event, held in lieu of the annual shareholder meeting of Wesco Financial, a Berkshire company that Munger had chaired. Berkshire Hathaway recently acquired Wesco’s remaining stock, removing the company from public trading. Munger chose to make a public appearance anyway, though he said in April that the event would only be “for hard-core addicts.” Munger is known for his blunt, often combative pronouncements. In April, he opined to a group of shareholders that Greece was in trouble because its citizens “don’t want to pay taxes or do much work.” In 2009, he called cap and trade “monstrously stupid.” Around the same time, he said of Wall Street pay, “A man does not deserve huge amounts of pay for creating tiny spreads on huge amounts of money. Any idiot can do it. And, as a matter of fact, many idiots do do it.” At Friday’s meeting, Munger endorsed Coca-Cola stock, calling it “one of my favorites” and an “easy choice” for investors. He praised Elizabeth Warren, President Obama’s appointee to oversee the Consumer Financial protection Bureau, according to Bloomberg. He had a qualified compliment for former Federal Reserve chairman Alan Greenspan, whom he called “a smart man” but one who “totally overdosed on Ayn Rand at a young age.” And he gave a wry nod to his own fanbase. Noting that Friday’s meeting would be the last of its kind, Munger told the crowd, “You all need a new cult hero.”

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VIDEO: “Just ask them to give their fair share. That’s all these middle class people are saying.”

Rep. Charlie Dent (R-PA) got an earful at a town hall meeting. Seems the real “real America” is pretty pissed off at corporate and wealthy America about all those tax bonuses they get at the expense of those who can’t … Continue reading → Broadcasting platform : YouTube Source : The Political Carnival Discovery Date : 04/07/2011 00:42 Number of articles : 2

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Today in History for July 4th

Highlights of this day in history: America’s Declaration of Independence; Former Presidents John Adams and Thomas Jefferson die on same day; Israel’s raid at Entebbe; West Point opens; Lou Gehrig’s farewell to baseball; Neil Simon born.

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As one of America’s most liberal cities considers banning the sale of all pets , the Atlantic Wire decided to take a look at stops along San Francisco’s “unending quest to be a place of populist values”—a journey in which “the city sometimes legislates itself into ridiculousness.” After all, San…

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Turkey’s foreign minister recognized Libya’s rebel leaders as the country’s legitimate representatives today, joining countries like France, Qatar, and Italy in doing so. Ahmet Davutoglu also promised the rebels an additional $200 million in aid during the visit. The meeting is the most powerful signal to-date that Turkey, which has…

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