Washington Mutual Inc’s (WAMUQ.PK) officers, directors, underwriters and auditor have agreed to a $208.5 million settlement to end class-action securities fraud lawsuits, according to court documents. The settlement is among the largest stemming from the financial crisis, trailing a $624 million settlement by Countrywide Financial Corp and $475 million by Merrill Lynch & Co Inc. The lawsuits in the U.S. District Court for the Western District of Washington accused the defendants of concealing from investors poor loan underwriting and inflated appraisals that juiced earnings. That inflated the company’s stock price, which was once a stock-market darling. As the U.S. housing market began to crash, Washington Mutual’s loans soured at an alarming rate. In September 2008 regulators seized the company’s savings and loan business in the largest bank failure in U.S. history. The day after the seizure, the bank holding company, Washington Mutual Inc, filed for bankruptcy. Under the terms of the class-action settlement, announced in court papers dated Thursday, claims against the directors and officers will be settled for around $105 million. About a dozen underwriters of the company’s securities contributed $85 million to the settlement; the company’s auditor, Deloitte & Touche LLP, contributed $18.5 million. The settlement is subject to court approval. The cases were consolidated as Washington Mutual Inc Securities, Derivative & ERISA litigation, U.S. District Court, Western District of Washington, No. 08-md-1919. Countrywide and Merrill Lynch were both acquired by Bank of America (BAC.N) in 2008. (Reporting by Tom Hals; editing by John Wallace) Copyright 2011 Thomson Reuters. Click for Restrictions.
Continue reading …As NewsBusters previously noted , ABC's “This Week” began its Independence Day weekend program disparaging the Founding Fathers as guys who didn't let women vote and allowed slavery. What followed was a Roundtable discussion about the Constitution which got quite interesting when the host brought up ObamaCare and George Will marvelously asked the group, “Does Congress have the constitutional power to require obese people to sign up for Weight Watchers? If not, why not?” (video follows with transcript and commentary): CHRISTIANE AMANPOUR, HOST: We touched briefly on health care. The whole debate about President Obama's health care act is being called unconstitutional in some quarters. So is that going to be challenged at the Supreme Court? GEORGE WILL: 26 states, more or less, (inaudible) 26 are in various courts around the country in a case absolutely certain to be decided by the Supreme Court. The question is, has the congressional power to regulate interstate commerce been so loosely construed that now Congress can do anything at all, that there is nothing it cannot do. Let me ask the three of you. Obviously, obesity and its costs affect interstate commerce. Does Congress have the constitutional power to require obese people to sign up for Weight Watchers? If not, why not? Fabulous question. After all, if the entire premise of the individual mandate is that everyone has to have health insurance for their own good – and that it's not right that some people opt not to and therefore use emergency rooms that end up costing everyone else money – shouldn't it be constitutional to require people to lose weight? Will clearly stumped the liberal panelists: RICHARD STENGEL, TIME MAGAZINE: Justice Vincent's opinion about Obamacare, saying that the government can't regulate inactivity and that we're stretching the Commerce Clause too far. I mean, I think it's kind of silly. Everything having to do with healthcare does cross state boundaries. Even that notion of the Commerce Clause as regulating among the states is a kind of antiquarian idea. The government can ask you to do things. It asks us to — WILL: It's not asking us, it's mandating. STENGEL: It asks us to pay our taxes. It asks us to register for the draft. It asks us to buy car insurance if we want to drive our car around. (CROSSTALK) WILL: If you choose to buy a car. Exactly. This is a point it seems everyone on the Left – especially in the media – doesn't seem to understand. The states that require citizens to purchase auto insurance only require it of those that own cars. They don't require people to purchase cars, though, which means there is no mandate to have auto insurance. In addition, this is a state requirement not governed by the Commerce Clause because it is not interstate. But Stengel wasn't done making a fool of himself: STENGEL: If something is unconstitutional, people out there tend to think like some alarm will go off if something is unconstitutional. It's unconstitutional if the Supreme Court decides it's unconstitutional. And by the way, this can go to the Supreme Court, and we can see whether that happens. Well, that's not necessarily true. It could be constitutional or unconstitutional for the time being as the Court has been known to overturn its previous rulings. As such, what one group of nine jurists thinks does not necessarily mean they've definitively decided the constitutionality of an issue. But Will wasn't done pressing this one: WILL: Well, does Congress have the power to mandate that obese people sign up for — do they have the power to do this? STENGEL: I don't know the answer to that. WILL: You don't know. No, he doesn't know. Yet, like most in the press, he believes Congress has the power to require people to buy health insurance. Interesting hypocrisy that Will's next victim obviously shares: MICHAEL ERIC DYSON, GEORGETOWN UNIVERSITY: Well, the beauty of that is, the not knowing — and we can predict that Rick would say that because he's saying that's the color of the curtain. The basic foundation is set. WILL: Is that a yes, Congress does have the power to mandate? DYSON: It's open. If they decide that they will, they will have the power to do so. “If they decide that they will, they will have the power to do so.” Heaven help us.
Continue reading …As marijuana use grows more accepted in the United States, accidents caused by stoned drivers are climbing rapidly, reports the LA Times . And with no medical standards like blood-alcohol levels, law enforcement officials are struggling to determine impairment under pot. More than 16% of nighttime drivers have drugs in their…
Continue reading …Samsung sold three million of its original Galaxy S phone in 85 days. A few months later, a full ten million had been moved. Now, it looks as if the superphone’s proper successor may put that latter statistic to shame. The outfit just announced that it took but 55 days to move three million Galaxy S II handsets , which works out to one phone every 1.5 seconds . It’s Sammy’s briskest-selling smartphone ever, and we’re guessing that it’ll keep up the pace once that AT&T variant lands on US soil. Which is coming soon , right Samsung ? Continue reading Samsung’s Galaxy S II becomes company’s quickest selling phone: three million in 55 days Samsung’s Galaxy S II becomes company’s quickest selling phone: three million in 55 days originally appeared on Engadget on Sun, 03 Jul 2011 13:04:00 EDT. Please see our terms for use of feeds . Permalink
Continue reading …Meal was a protest against reintroduction of bears to Dolomites, says Northern League Police have broken up a banquet of bear meat hosted by Silvio Berlusconi’s powerful coalition partner in northern Italy after government ministers and animal rights groups described the event as scandalous. The order to down cutlery came as about 200 people lined up to devour grilled and stewed bear at a rally in Imer in the Italian Dolomites organised by the Northern League. Organisers said they had bought the meat legally in Slovenia to get round a ban on bear hunting in Italy, but food safety officers from Italy’s paramilitary carabinieri police objected to the lack of import documentation for the 50kg of meat. Speaking at the event, Enzo Erminio Boso, a former League senator, said he suspected the raid had been arranged by members of Berlusconi’s People of Liberty party who earlier demanded that League leader Umberto Bossi halt proceedings. Foreign minister Franco Frattini and tourism minister Michela Vittoria Brambilla had condemned the bear feast as “a scandalous initiative”, while environment minister Stefania Prestigiacomo described the get-together as “barbarous”. In his blog, Frattini said the banquet was particularly offensive since Italian bears were “almost extinct and we are trying with great effort to bring them back to the mountains that have hosted them for centuries”. The brown bear population has risen to about 35 in and around the Dolomites after 10 were reintroduced there a decade ago. But instead of celebrating their return, some locals have complained that the bears are attacking chickens and sheep. Claims made for lost livestock rose to ¤100,000 (£90,000) last year, and farmers were fed up, said Maurizio Fugatti, an MP for the devolutionist and anti-immigrant Northern League. Hence the banquet, which, said Fugatti, had been planned to “send a clear signal to citizens who have the right to reconquer their territory and freely circulate”. To protect locals from marauding bears, he added, “we prefer to eat them like this.” Fugatti said half of the bear meat had been cooked for the cancelled banquet but the remainder was frozen and ready for a new dinner date should the paperwork be put in order. “The idea was to attract attention to a bear repopulation plan which has got out of hand, resulting in locals being followed by bears through woods normally frequented by families. Even if the banquet doesn’t happen, we have made our point,” he went on. The Northern League has long specialised in controversial statements and stunts. In 2007 Senator Roberto Calderoli proposed dissuading Muslims from building a mosque in Bologna by parading a pig across the chosen site, defiling it. Massimiliano Rocco, an officer with the WWF in Italy, praised the police raid on the banquet: “If they wanted to provoke debate about the right way to manage the bears in the area, there was no need to illegally import the meat of a protected species.” Italy Europe Conservation Tom Kington guardian.co.uk
Continue reading …As relations with Pakistan deteriorate, the US military is developing alternate supply routes to Afghanistan through central Asia, reports the Washington Post . Landlocked Afghanistan, bordered by Iran on the west and authoritarian central Asian countries to the north, is a logistical challenge at the best of times. The US wants…
Continue reading …A Bai Ling film “Erotic” with Music 一部白靈電影”情色” BAI LING training MARTIAL ARTS with ANDRE LIMA THE MERCENARY – On DVD and Blu-Ray 4 July CDAVIDCIN says: BAI LING GOES STARBUCKS REHAB CENTER REALLY
Continue reading …Residents of region near new north-south border have suffered heavy bombardments by government planes Fourteen-year-old Jacomo Tia Jibril was washing clothes at the village borehole when he heard the plane overhead. “I started running,” he says. “My sister shouted at me to lie down, but I couldn’t hear her.” He tried to take shelter in a brick factory, but the bomb exploded before he could get inside. From his hospital bed in the Nuba mountains, Jibril is surprisingly calm as he recounts the day his village, Tes, was bombed by the Sudanese government. During the explosion he was struck by shrapnel on his left forearm and, when he finally reached the hospital 18 hours later, he was told his left hand had to be amputated. Just a few beds away, seven-year-old Viviana Issa lies lifeless, her upper back covered by a white bandage. Hit in the spine by a bomb fragment, she is paralysed from the chest down. “I don’t know what to do with this girl,” says Tom Catena, the only doctor in the hospital, whose exact location is being withheld for security reasons. “Since I came here three years and a half ago, this is the worst situation I’ve ever been in.” Around him, beds are full with some of the130 people injured by the recent bombardments by government planes in the Nuba mountains, which lie towards the southern edge of Sudan’s Arabised north. Clashes between government forces and opposition fighters in the region have displaced more than 70,000 people in less than a month. The injured come from towns such as Kurchi, Dalami, Umsardiba and Kauda, strongholds of the Nuba resistance to the northern Sudan government led by President Hassan Omar al-Bashir. From these secluded hills, Nubians spent 20 years fighting alongside the rebel Sudan People’s Liberation Army (SPLA) of southern Sudan against an Arab-led government whose policies were seen as discriminatory towards native Africans. The conflict caused at least 2 million deaths and the displacement of another 4 million people. But while south Sudan has seceded from Khartoum and is preparing to celebrate independence on Saturday 9 July, the Nuba mountains are experiencing yet another bloody chapter in this never-ending crisis. Tensions have risen in the past months and flared up on 5 June after a controversial election for state governor. Amid claims of vote rigging, Ahmed Haroun, the candidate of Bashir’s ruling National Congress party, who is wanted, like his president, by the international criminal court for alleged war crimes, narrowly defeated Abdul Aziz Adam al-Hilu, of the Southern SPLM party, the rebel army’s political wing. Khartoum then ordered the Nuba rebels to give up their weapons and integrate into the Sudanese army. Clashes soon erupted. Government forces eventually took control of the state capital, Kadugli, prompting opposition fighters to retreat. Thousands of civilians fled, fearing reprisals by northern soldiers. “It took me three days to get to Kauda. I had to walk through the mountains to avoid the checkpoints manned by the Sudanese forces,” says a 46-year-old carpenter, who asked not to be named for fear of retaliation. He says Khartoum’s forces have rounded up civilians, gathering them in three places inside the city. “They plan to use them as human shields in case of an SPLA attack,” he says. If Kadugli has been the city worst hit by the conflict so far, Kauda, the headquarters of the Nuba SPLA, is still an impregnable stronghold. But the town is bearing the brunt of this renewed conflict. Schools are closed and the market is almost deserted. “People fled up the surrounding hills and come down early in the morning just to buy something,” says 25-year-old Abil Abraham, who keeps a small stand of vegetables. His family is hiding in a nearby village, but he has no intention of leaving. “How could I do it? This is my place,” he says. “If the war comes, I will manage to find a weapon and fight.” But unlike the last war, where the units of the rebels were able to engage the northern army and its allied militia, they can now do little against an enemy that comes from above. The conflict on the ground has stalled, with government soldiers controlling just a few main population centres such as Kadugli, Delling and Talodi, apparently surrounded by SPLA forces. But civilian areas are being bombed by Sudanese planes every day, making the lives of these rural communities nearly impossible. Fields have been left unattended by tens of thousands of internally displaced persons who fled the warzone at the start of the rainy season. If they do not manage to get back to work soon, today’s war might turn into next year’s famine. Fawzya Osman, 18, from the village of Kapuo, is among the few people defying the bombs to work on her small plot of land. “I have no option. Bombs or not, we have to eat,” she says with a smile. Just a few days ago, she witnessed the air strikes that hit Kauda and her village. A friend was hit by a bomb and killed instantly, a short distance from her. “It was so shocking, I couldn’t think or speak properly for two days,” she says. “Even now, the simple noise of a motorbike or an engine scares me.” Just outside the village, on an apparently deserted rocky hill, several pairs of frightened eyes peer out of a half-metre wide crack between two big rocks. Suddenly, four children aged below five emerge, curious to see the foreign visitors, while dozens of others come out of similar hideouts. The eldest of the group, 13-year-old Al Shaikh Ismail Kalo, has been given the task of looking after the 31 children. Their parents venture out during the day to try working on their fields and come up the mountain twice a day to hand them food. “I don’t like to stay here; this is a place for animals,” says Kalo, already trained to distinguish the noises of Antonov and Mig planes. “We can’t even play or study, because we left everything in the village. Everyone here just thinks about his life.” Locals say the Nuba mountains are “just as God created them”. Six years after the end of the civil war, development is nowhere to be seen in this region dotted by small rural dwellings and a few, isolated cities the size of small European villages. With no job opportunities, few schools and fewer health clinics, life is a daily struggle. Apart from a few paved roads in the capital Kadugli, roads are little more than mountain tracks: to reach a small hospital three miles away from Kauda, cars have to pass through a dry river bed, on a journey that can take up to 45 minutes. As a consequence, the life of this proud people made up of nearly 100 tribes is still being marked by the endless cycle of nature. During the rainy season, adults spend their day cultivating sorghum and maize, leaving grandparents at home to look after the children. When the rains stop, they harvest their crops and repair damaged huts. Once a year, their sons leave the villages all together to graze cattle in the nearby plains, living outdoors for two months, dancing and practising wrestling (the traditional sport of Nuba people) in a collective experience called “Fariq”. For centuries, African and Arab communities coexisted in relative peace, as 60-year-old Hussein Ngalokuri, traditional leader of the Otoro tribe, explains: “Arabs used to beg us to pass through our lands and graze their cattle further south. We fed and helped them but, if we refused, there was nothing they could do. Now, they come here and act as our masters.” He says the situation deteriorated after independence, when the Khartoum government started a programme of forced Islamisation and Arabisation of Nubians. Land traditionally held by African tribes was confiscated and given to Arabs; bearing an African name was discouraged; local languages were forbidden in schools, where offenders were caned in front of other students and forced to carry the image of a donkey on their back. The only way to get rid of it was to find someone else making the same “mistake” and pass it to them. “Imagine if someone comes to your land and starts telling you he is better than you, in every respect,” says Chief Ngalokuri. “I am a Muslim, but what the Arabs are doing to us is not Islam.” For many Nubians, the scars of the past and the mistrust towards Arabs are too deep to accept any political settlement with Khartoum. The peace talks in Addis Ababa, meant to create a ceasefire, have been met with various degrees of indifference. “Reaching an agreement with the Khartoum regime is impossible,” says a 35-year-old former SPLA fighter, Solomon Osman Lonna. “Even if they talk about peace, they will send more troops. They have always done it and will keep on doing it.” Sudan Africa guardian.co.uk
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