Saturday, February 28, 2009

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Craig Newmark: ReadTheBill.org: look at legislation before passed Top
More good government on the way, ReadTheBill.org is about: ReadTheBill.org is a commonsense solution - we want Congress to post all bills online for 72 hours before they are debated. That gives members of Congress - and you - three days to read legislation and consider how it could potentially affect each of us in our daily lives. A 72 hour rule would also give you a chance to let your senators and representative in Congress know what you like, or don't like, about a bill before they vote. sign the petition!
 
Berkshire Hathaway Reports 96 Percent Drop In 4Q Profit Top
OMAHA, Neb. — Warren Buffett's Berkshire Hathaway Inc. reported a 96 percent drop in its fourth quarter profit because of largely unrealized losses of $3.25 billion on investments and derivative contracts. The Omaha-based company released its results Saturday morning along with Buffett's annual letter to shareholders. Berkshire reported net income of $117 million, or $76 per Class A share, in the quarter ending Dec. 31. That's down from net income of $2.95 billion, or $1,904 per share, in the same period a year ago. The two analysts surveyed by Thomson Reuters expected Berkshire to report fourth quarter net income of $1,486.50 per share on average. The estimates typically exclude one-time items. Berkshire owns a diverse mix of more than 60 companies, including insurance, furniture, carpet, jewelry, restaurants and utility businesses. And it has major investments in such companies as Wells Fargo & Co. and Coca-Cola Co. Buffett said the retail businesses, such as the furniture and jewelry stores, and those tied to residential construction, such as Shaw carpet and Acme Brick, were hit hard last year, and they will likely continue to perform below their potential in 2009. But he said Berkshire's utility and insurance businesses, which includes the insurer Geico, both delivered outstanding results in 2008 that helped balance out the other businesses. Most of the investment losses that affected Berkshire's results were unrealized losses on long-term derivative contracts, some of which are tied to the value of stock market indexes. Buffett has predicted the company's derivative contracts will ultimately be profitable partly because Berkshire has received $8.1 billion in premiums up front for them. That allows Berkshire to invest the premium money until the contracts start maturing a decade from now. Buffett said he initiated all of Berkshire's 251 different derivative contracts because he believes they were mispriced in Berkshire's favor. "If we lose money on our derivatives, it will be my fault," Buffett said. Berkshire has to estimate the value of its derivatives every quarter. Buffett says he supports that mark-to-market accounting, but the formula used to estimate that value can produce absurd results for long-term contracts. For the full year, Berkshire's net income fell to $4.99 billion, or $3,224 per share, down from last year's $13.21 billion, or $8,548 per share, in 2007. Andy Kilpatrick, the stockbroker and author who wrote "Of Permanent Value: The Story of Warren Buffett," said Berkshire's results were still impressive given how they compare to the rest of the world. "I would argue that he's more competitive than ever in the world," Kilpatrick said. Buffett estimates Berkshire's book value _ assets minus liabilities _ declined 9.6 percent to $70,530 per share in 2008. Berkshire's book value declined only one other time under Buffett, and that was a 6.2 percent decline in 2001. But Berkshire's 9.6 percent decline still beat the S&P 500's 37 percent decline in 2008, the report said. ___ On the Net: Berkshire Hathaway Inc.: http://www.berkshirehathaway.com Warren Buffett's 2008 letter: http://www.berkshirehathaway.com/letters/2008ltr.pdf More on Warren Buffett
 
Ariane de Bonvoisin: Life Runway Top
I was fortunate to be invited by Heidi Klum and her team to attend the finale of Project Runway last week in NYC. I was given seat G13, so I thought I was in row G--and proceeded to go up the stairs to the top row. So imagine my surprise when I found myself sitting opposite Heidi and Michael Kors. G meant Ground in this instance! Lucky me. So here I am opposite Heidi and Michael Kors and sitting next to Christian, last season's winner! Then I found myself being surrounded by photographers wanting his photo. And there among all the top press, I did manage to get a photo with him, which you may view here: http://www.first30days.com/ariane/show/life-runway.html. It's funny how and where we land sometimes in life. Don't you ever wonder, how on earth you got in a certain position? Whether it's the place you find yourself, the person you married, where you live, or the job you've held for 10 years or more. Sometimes life has a funny way of putting us in places we don't even remember choosing. Something else seems to be in charge. Here's what I know--and some of these are wonderful glimpses of life taking care of me. Maybe I landed perfectly in some cases. Maybe in others I've been asleep while something else has been controlling my life and I've had a wake up call. My point is this. Is there anything you're asking yourself these days? How on earth did I . . . . . . ? [Here you can fill in the blank.] Maybe it's time to look at whether you want to stay on that path or not, or get off that runway, take another plane, head to a different destination. You do get to choose.
 
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Joanne Bamberger: There's More to Influence on Twitter Than Being Famous Top
Who are the ten most influential people on Twitter -- the social media/micro-blogging service -- in Washington, D.C.? Top ten lists are always fun, but they're not always accurate. D.C.'s wonky newspaper Politico announced its list of top ten "twitterers" (I'd suggest the term "tweeters") and I'm afraid I have to take issue with a lot of the choices. In recent months, Twitter has seen a surge in famous and notable people opening Twitter accounts and sharing tidbits from their lives or snippets of political or newsy insights in 140 characters or less. But having a famous name or reputation does not a good Twitter community member make. Those deeply involved in social media today know that. The Politico list includes some people who could be fab at the Twitter machine -- Missouri Senator Claire McCaskill , Meet the Press host David Gregory , former VP and almost-President Al Gore . The top ten are all interesting people, but many are missing the point of the Twitter community. Claire McCaskill only "follows" one person, yet over 8,000 want to read her thoughts. More than 69,000 people want to read what David Gregory says, but he's only interested in about 80 of them, mostly his colleagues and other news people. And Al Gore, it's not really kosher Twitter etiquette to have 160,000+ people on your list and then only be interested in what two of them are tweeting. Apparently someone hasn't clued in these high profile tweeters into what social media is about. It isn't like traditional news or political outreach. Until a few years ago, MSM and those running for office followed a pattern -- put a message out there and hope that enough people will listen and be interested. No need to really interact or respond. Conversation was really at a minimum. And that's how these notables are approaching Twitter -- posting messages or amusing info, but not engaging in a real way with the community and their "followers." So, that's why I have a little problem with the Politico's Top Ten list. The ten who were chosen might be high profile, each in their own way, but to really be a top ten Twitter user, more is needed than making one way noise. "Social" media. Social is the key word and a lot of politicians and journalists who are trying to see what's up in the Twitter-sphere aren't getting that. The funny thing to me is this -- it ain't rocket science. None of these top ten D.C. tweeters would talk at their friends or colleagues in person. Yet, that's exactly what they're doing on Twitter. So who is a top ten Tweeter in Washington, D.C. if not the list offered by Politico? I'll get back to you on a full list from the nation's capital, but a few models would be CNN commentator Leslie Sanchez , poet Maya Angelou , and political strategist Joe Trippi -- they all follow a fair percentage of those who follow them, they offer interesting thoughts in addition to posts that promote their personal agendas and, yes, they put themselves out there in a more personal way and actually interact with those who want to read their "tweets." It's really not that difficult. But if so many high profile people can't "get" 140 characters worth of social interaction, it's no wonder much about the mainstream media and politics are doomed. Norah O'Donnell, 28 out of 1255? You can do better than that. Take a page from your colleague David Shuster . Or better yet, check out uber-social media maven Guy Kawasaki . So, for those notables who really want to do well on Twitter, trust my advice. If you do, it will be eye-opening, informative and well worth your while. Plus, you might actually get something out of the experience in return. Joanne Bamberger is a professional writer and political/media analyst & consultant in Washington, D.C. She is the founder and editor-in-chief of the political blog, PunditMom . You can also find her at BlogHer, where she is a Contributing Editor, and MOMocrats. More on Twitter
 
Sharper Economic Downturn Complicates Obama Spending Plans Top
The economy is spiraling down at an accelerating pace, threatening to undermine the Obama administration's spending plans, which anticipate vigorous rates of growth in years to come. A sense of disconnect between the projections by the White House and the grim realities of everyday American life was enhanced on Friday, as the Commerce Department gave a harsher assessment for the last three months of 2008. In place of an initial estimate that the economy contracted at an annualized rate of 3.8 percent -- already abysmal -- the government said that the pace of decline was actually 6.2 percent, making it the worst quarter since 1982. More on Obama Budget
 
Liz Neumark: California Dreaming Top
Just back from a whirlwind trip out West. In Las Vegas, Dean and I presented at the Catersource Convention on the topic of Building Venue Relationships - a seminar attended by caterers from across the country. This annual convention features great educational seminars and a remarkable trade show for the catering and event industry. Then we set off to San Francisco to visit some clients and enjoy the markets and culinary treasures of the west coast. We had dinner at Chez Panisse; a truly remarkable experience, where food and service and passion all blend together. We were welcomed to walk through the kitchen - even at the height of dinner - with warm smiles and gracious conversation. One of the line cooks even told us that earlier that day she had been online looking at farms in Columbia County and had learned about Katchkie Farm and the Sylvia Center. She is planning to return to New York - what an incredible coincidence. Tuesday was Market Day at Ferry Plaza and in Berkeley. And we shopped! Good thing airlines do not prohibit carrying fresh produce on board - we returned east that night with carry-on bags filled with sweet mandarin oranges, dried fruits, the most amazing Wild Mountain Spinach (called Orach), Bok Choy Rabe, a green called EsoiSim, Peppercress and the most beautiful petit radishes. We cannot wait to share them with Farmer Bob. Here are pictures so we can share the flavors with you as well. The warmth in the food markets, and the bounty was enough to make us forget any economic worries or frigid temperatures back home. All I could think about was how many days till growing season starts on our coast. There were piles of fresh local asparagus - and I have been obsessed with not buying asparagus this winter as my one immutable gesture to seasonality. (I do buy pineapples, watermelon and bananas!) We are sharing our citrus treasures with our co-workers (albeit miserly) and basking in the after-glow of California Sunshine. If you are traveling out there in the next few weeks, can I ask that you bring me back some oranges?
 
Dow Industrials Have Worst Month Since 1933 Top
A late burst of selling sealed a dismal finish for the stock market, which hit a fresh 12-year low on Friday as Citigroup sold a bigger chunk of itself to the government and General Electric slashed its dividend, spooking investors who were already jittery. The Dow Jones Industrial Average dropped 119.15 points, or 1.7%, to end at 7062.93. The blue-chip benchmark ended down 937.93 points, or 11.72% on the month -- the worst percentage drop for February since 1933, when it fell 15.62%. The Dow industrials have fallen six months in a row and are now more than 50% off their record highs hit in October of 2007.
 
ZP Heller: Afghanistan Plus More Troops = Catastrophe Top
This is such an explosive headline, I couldn't resist using it, even though this post is about much more than military escalation. This is the title of part one of Brave New Foundation's new full-length documentary (think Uncovered: The War on Iraq and Iraq for Sale: The War Profiteers ), which they began releasing online for free today. Their documentary campaign, Rethink Afghanistan , tackles issues like the costs of war and troop buildup--the subject of part one--featuring experts like Andrew Bacevich, Stephen Kinzer, Anand Gopal, and Dr. Ramaza Bashardost, Afghanistan's Independent candidate in their upcoming presidential election. It's worth checking out to hear what those experts have to say alone, and the fact that it's free is always an incentive! But what I want to talk about is the ultimate goal of the Rethink Afghanistan campaign , which is to push for congressional oversight hearings. As I wrote last week , oversight has been a cornerstone of government accountability throughout our country's history, particularly in wartime. And some of the best oversight has not only been bipartisan, but it's come when the president's own party is debating his policies. Take the joint committee investigations during the Civil War, Senator Truman's Committee to Investigate the National Defense Program during WWII, and the Fulbright hearings during Vietnam. The same oversight needs to be applied today, especially after we saw this system of checks and balances shattered during the Bush administration and Iraq war. I realize this war is an incredibly hairy issue. It has folks on the left divided, particularly in the progressive blogosphere, and it's important to be able to debate the issues surrounding this war. After all, that's the kind of plurality of opinion Obama has called for and respects and is willing to listen to--how refreshing! What is not debatable, at least in my mind, is the need for congressional oversight. Whether you're for this war or against it, whether you think military escalation will cost too much and accomplish too little or you see it as part of our moral obligation to the region, it's hard for anyone to argue against the fact that oversight would benefit everyone. It would ensure the executive branch isn't overstepping its bounds; it would help curb wasteful military spending; and it would make sure military agencies are running efficiently. Above all, as Andrew Bacevich told me last week, it would educate the public about the Obama administration's policies so we can continue to have this debate. More on Afghanistan
 
Mary Lou Song: Letters to Obama Top
All eyes are on President Obama, watching to see how the First 100 Days roll out. He has a tremendous job to do. We all have opinions, ideas,  skepticism and suggestions about how to set the country down the path to prosperity again. And Letters to Obama, such as this one by Arlijohn, remind us of the importance of having our voices heard. _____________ Dear Mr. President, I have been receiving some criticism lately because of my support for you. I would like to tell my detractors some of the reasons I believe in your presidency. I would also like you to read this so that when the dark days get you down you can read my letter to remember why you're here. 1. You represent someone who isn't from one of the established hierarchies that permeate our political scene these days. It is so refreshing to have someone elected for his perceived abilities rather than his family connections or family wealth. 2. You have inspired young people to get involved in their government again. Like the rest of us, the young people in this country resent not being considered as an asset to our society, you have reached out to them and given them hope. 3. You have shown us we are all Americans, no matter what we look like or our family's point of origin. 4. You are the best advertisement for getting an education we could ever hope to have. Coming from your circumstances to Harvard and now the Presidency is an achievement that will be inspirational to new generations of Americans. 5. You are reaching out to people trying to draw in new perspectives and ways of doing what needs to be done. Our bureaucracies in this country are stagnating. I am hoping your youthful approach will infuse renewed vigor and new solutions. 6. You've got a great woman by your side. Your wife is a credit to women. A working wife, an affectionate mother, and a caring individual. 7. Energy. You exude energy. Don't know if it's really who you are but what an admirable change. 8. You're not hiding from the people. Everyone says too much exposure but I like a president who speaks to me, the taxpayer. Mr. President, you can't win every battle. Not everything is easily won or should be won. I'm thankful though that we in this country have such an intelligent, thought-provoking individual to stand up and speak for us, the people. Read other Letters to the President or write yours on Tokoni .
 
Ann Pettifor: While the Economy Tanks, the President's Team Dawdles Top
There is no doubt about it. Barack Obama is an effective and inspiring President. His Address to the Joint Session of Congress this week cheered all those who heard it. His courtesy and respect for colleagues - regardless of political affiliation or status is refreshing and will no doubt raise the overall standard of political and civic conduct. His Budget is honest, ambitious and fair. On almost every day of his first 38 days in office he has taken firm, sometimes transformational action. But in the most critical area, the economy, he is allowing his economic team to dawdle. That could be fatal to his presidency. Geithner, Summers and Bernanke are still lagging behind events. If he is not careful he and they, will be overtaken by these events, and the U.S. could suffer the fate of Japan. He needs to demonstrate a much sounder grasp of the colossal urgency of this crisis, and inject that urgency into the dawdling of his economic team. His advisors are schooled in Greenspan-style economics, and they are having to learn about intervention. While they gingerly climb this learning curve, the US economy continues to tank, the banks face systemic failure, companies are being bankrupted and unemployment is rocketing. The impact on the global economy is incalculable. America's total income (GDP) in the final three months of 2008 declined by nearly twice that expected - by 6.2%. This is its worst performance since 1982. The story of this collapse in output is the big story - beside it, everything else, even Iraq, can wait. While confidence in the President rises, consumer confidence has slumped. Plenty of Americans would have been home, listening to the President's Address to Congress. They had the time, because they are jobless. In fact in the third week of February, 36,000 more Americans lost their jobs than in the week before - a record. Economists are predicting job losses rising to 1 million a month. For these unemployed men and women, the euphoria of the speech will have quickly evaporated. Consumer behavior and attitudes show that Americans do not really believe the President has a grip on this recession. They do not see it easing up in 2009, and reported record declines in their personal finances and prospects. Each day provides evidence that the US economy is spinning downwards into a debt-deflationary abyss, not dissimilar from that experienced by Japan for 19 years now. An abyss into which is dumped rising and costly debts, falling wages, falling investment, and falling prices, including house-prices (still falling in Japan after 19 years!) . US house prices have fallen 19.2% year on year. In Phoenix they fell by 34% and in Las Vegas by 33% over the year. These are dramatic and unprecedented falls - hurting the whole of the economy. And there seems no end to their declines. As I have said before in this column, the high cost of borrowing and of servicing existing debts is crippling companies and forcing them into bankruptcy and layoffs. It is these high borrowing costs that are causing home foreclosures to balloon upwards. Each day inflicts more damage - on the economy, on society, on families and on individuals. And each day the stock market shows its lack of patience with an Administration prevaricating over the economy. The Fed is the slouch here - dragging its feet. Fed Governor Bernanke needs to urgently get all borrowing costs down - for companies as well as households; for risky as well as safe loans. At this stage of the economic cycle, very few loans are without risk. And if businesses and entrepreneurs are to take the risks needed to pull us out of this crisis, they need affordable finance. The Fed can get rates down by applying the policy of quantitative easing far more aggressively. And then there are the banks. Collapsing banks can't wait while Treasury embarks on a painstaking and punctilious 'stress test'. The stock market knows what Treasury still needs to admit: the banks are bust. Their CEOs lack all credibility. Until they are nationalized the Dow will continue its very rational path downwards. The point of temporary nationalization will not be to score political points, or embrace so-called European-style socialism. The point of temporary nationalization will be to stabilize the banking system (and the stock market) and bring about a blanket reduction in borrowing costs - for all borrowers. The point will be to prevent the United States economy failing like Japan has done for 19 years now. The economy cannot wait for the President's patient building of bipartisan agreement. Those congressmen and women that cannot grasp the gravity of this crisis need to be sidelined. Millions of unemployed Americans can't wait while Ben Bernanke, Tim Geithner and Larry Summers learn from the mistakes made by Japan in the 1990s. Millions of homeowners can't wait till economists unlearn the dogmatic and misguided theories of Ayn Rand, Milton Friedman and Paul A. Samuelson. The President must not allow himself to be slowed down by the timidity of his current economic team. If they don't stop dawdling, he should take over the reins and get himself a new team. More on Larry Summers
 
Adam Neiman: President Slumdog Top
The silver screen is both a reflection and window into our collective consciousness. Hollywood has had uncanny interactions with presidential politics since Ronald Reagan failed to get the lead in Casablanca and wound up in the White House instead. No doubt there's a parallel universe in which Reagan landed the part and Bogart became president. Barack Obama's life has been touched by a glimmer of glamour since Guess Who's Coming to Dinner -- the 1967 classic about two liberal parents whose daughter brings home a black fiancé that she (like Obama's mama) met at the University of Hawaii. I've been using my handy cinemascope to see around corners since China Syndrome , a movie about a nuclear power plant meltdown, was released a dozen days before America's worst nuclear accident took place at Three Mile Island. Life imitates art with a vengeance in our brave new world. Just before the Iowa primary last year I was trying hard to come up with a plausible scenario for how a country that was significantly racist, xenophobic, undereducated and overweight could possibly elect a skinny black guy from Harvard named Barack Hussein Obama. My son had my number. "A black sheriff?" he asked, perfectly imitating the line from Blazing Saddles . "In Mel I trust." I replied and never looked back. An audaciously improbable, darkly comic screwball happy ending that was the last best hope for mankind's last best hope winked her most seductive come hither smile. Hither we came. But Bill Clinton's assertion that the Obama candidacy was a "fairy tale" proved deeply ironic. For all the superficial elements of a fresh prince sweeping America off her feet, it turned out that Obama was the only candidate inhabiting a truly adult narrative. Like the hero of Slumdog Millionaire , his ability to detach himself from the moment and carefully draw upon relevant episodes in his life allows him to serve not merely as protagonist but as his own narrator. This is what empowered him to write his own ticket. An adult narrative assumes that you are, like everyone else, the hero of your story but also your own worst enemy. That every antagonist you have is someone you've antagonized. From this perspective, there are no good guys or bad guys, just more or less well intentioned people who are more or less confused. This detachment from his own narrative allows Obama to read each would-be adversary like a book and recruit them into supporting roles, willingly or not. See the unbridled ambition and narcissism of the Clintons harnessed to the Obama chariot. Our new president gets to focus 100% on the economy while maintaining a very formidable and public presence abroad. And by practically designating Hillary heir apparent, Obama made her the most forceful secretary of state since Henry Kissinger, enhanced but unencumbered by Bill's back channel relationships. See the congressional Republicans rise to the bait and assume the role of perfect obstructionist foils. Watch him appear so resistant to nationalization that even Alan Greenspan is begging for it! Obama will nationalize the banks after he's made it absolutely clear to all that he really doesn't want to get thrown into that briar patch. And if John McCain wants to be an asshole to him--well, even the president needs a perfect asshole. The left worries about Obama for obvious reasons. He knows their narrative backwards and forwards but remains detached even as he embodies it. Democrats have certainly had their share of vacillators-in-chief with Clinton and Carter. There are pronouncements of this administration that to a jaded left ear might sound like déjà vu all over again. To best see Obama's future, read his past. He defied all probability when he became a community organizer, settled into south-side Chicago and embraced an African American identity; in many ways the available identity most foreign to his own. But even so, he embraced it as being emblematic of the American identity, the poor, tired and huddled masses longing to be free; the essence of the American promise, not the exception. Obama is the brother from another planet. It is written and it's being produced. He'll carefully consider every alternate narrative there is, first. But in the end it will be change we can believe in. That's his story and he's sticking to it. More on Slumdog Millionaire
 
Yahoo Teams With Newspapers To Sell Ads Top
Terry Widener has been selling newspaper ads for 35 years. But until last fall, Ms. Widener, a 53-year-old saleswoman at The Knoxville News Sentinel in Knoxville, Tenn., had never sold an Internet ad. Then in a two-week sales "blitz" intended to test an innovative partnership between newspapers and Yahoo, she persuaded advertisers to buy $200,000 in online ads that ran on the paper's Web site and on Yahoo. That represented about a seventh of the amount she typically sells in an entire year. More on Newspapers
 
Huff Radio: KCRW's Left Right & Center 2.27.09 Top
Obama's budget; Citigroup bailout; Bobby Jindal's debut Is Obama's budget the most ambitious economic plan in decades? Does it lay out the building blocks for the 21st century economy? Could it do more to reduce defense spending? Citibank's latest bailout-- could the banks be Obama's Achilles heel? Jindal's stunning debut and the future of the GOP. More on Citibank
 
TV News Anchors Can't Stop Twittering Top
Left alone in a cage with a mountain of cocaine, a lab rat will gorge itself to death. Caught up in a housing bubble, bankers will keep selling mortgage-backed securities -- and amassing bonuses -- until credit markets seize, companies collapse, and millions of investors lose their jobs and homes. And news anchors and television personalities who have their own shows, Web sites, blogs and pages on Facebook.com and MySpace.com will send Twitter messages until the last follower falls into a coma. More on Twitter
 
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Jimmy Fallon Enters The Late-Night Fray: "Right Now I Feel Like I'm Nauseous" Top
Jimmy Fallon joins one of the most exclusive clubs in television on Monday night, when he becomes the third host of NBC's "Late Night." But he has already been welcomed by the ritual passing of the plastic pickle. The three-foot pickle arrived this week in Mr. Fallon's office, accompanied by a handwritten note from his predecessor, Conan O'Brien. More on Jimmy Fallon
 
Broadcast TV Struggling To Stay Viable Top
CBS, home to "60 Minutes," the "CSI" franchise, "Two and a Half Men" and the new hit crime drama "The Mentalist," is having a better year in prime time than any other network. And yet, as at the other networks, profits have declined sharply at CBS.
 
Dublin Cops Arrest 7 Over Record Irish Bank Heist Top
DUBLIN — Police recovered millions in stolen cash and interrogated seven suspected robbers Saturday, a day after a gang took a bank employee's family hostage and forced him to rob his own branch. Police said that shortly before midnight they raided a house in the inner north Dublin district of Phibsborough and stopped a car on a highway ringing Dublin. A third of the stolen money has been recovered. Sgt. Alan Roughneen said five men and a woman were arrested in Phibsborough, and one man was arrested in the car. Authorities also seized six cars, checking to see if they were used to move hostages or money. On Friday, six armed, masked men stormed into the rural home of Bank of Ireland worker Shane Travers. They tied up his partner, her 5-year-old son and her mother and told Travers they would be killed unless he cooperated. Such hostage-taking tactics are common in Ireland's criminal underworld _ but never in Republic of Ireland history have they netted anything close to the euro7 million ($9 million) that Travers carried out from his branch Friday morning. His family had been abandoned inside a van north of Dublin, but escaped on their own and were not seriously harmed. Initially, Justice Minister Dermot Ahern and police chiefs offered veiled criticism of Travers' apparent failure to notify police until after he had handed over the mountain of cash. That violated police and bank instructions on how to handle a bank robbery involving hostage-taking. So-called "tiger kidnappings" _ when gangs seize families of bank officials and force them to breach their employers' security _ are common crimes in Ireland, a close-knit society where criminals can closely track their targets. But they typically involve thefts below euro1 million. Friday's raid on the Bank of Ireland branch in College Green, the tourist heart of Dublin, represented by far the biggest robbery in the history of the Republic of Ireland. But it pales in comparison with a similar 2004 raid in the neighboring British territory of Northern Ireland, when two Northern Bank employees were forced to help a gang take more than 26 million pounds from the bank's central Belfast vault. More on Ireland
 
Lizz Winstead: Sistah Michele Bachmann's Website Explains it All for You Top
Recently, Value-dictorian of the House of Representatives Michele Bachmann eloquently summarized our economic fears with her statement "We're running out of rich people!" It's the phrase we have all been grappling for to encapsulate our feeling about this crisis but just couldn't find the words. Now Americans all over the country making the Sophie's Choice of losing their healthcare or losing their homes, have a rallying cry. Michele Bachmann, you da woman! With insights like that I assumed that she had an elaborate plan to pull us out of this mess, so I went to her website to read all the details. And there it was, right in the Taxes and Economy section: It is a little thin on the details, but still gives us some insight into her keen legislative skills, and more important, who she is as a person. Michele Bachmann: Content Coming Soon. We are all breathless with anticipation. More on Michele Bachmann
 
Jamal Dajani: Iraq Withdrawal Lite Top
President Barack Obama has announced his plan to withdraw most US troops from Iraq by August 2010. The move will reduce troop levels from the current 142,000 to some 35,000 to 50,000 by that time. During his campaign for the White House, then candidate Obama had said he would completely pull out troops within 16 months of taking the top job. Did the President break his election vow? Barack Obama had wanted a 16-month timetable for the partial withdrawal; General David Petraeus wanted 23 months. So, with Solomonic wisdom, they have now split the difference and will withdraw a portion of the American troops in 18 months instead! Meanwhile, for the past two years, Iraq has witnessed a flurry of high-level diplomatic visitors from neighboring countries, such as Iran, Jordan and Syria to bolster the country's newfound credibility as a sovereign state. Just a day ago, Kuwait's foreign minister met Iraqi officials in Baghdad in the highest level Kuwaiti visit to Iraq since Saddam Hussein's forces invaded its neighbor in 1990. The Iraqi official channel, Al Iraqiya, has been airing reports of improvements in the country on several levels. The desired message : Iraq is safe and life has returned to normal. The Iraqi government has even purchased airtime on Al Arabia Channel to reach to a wider audience, mainly Iraqi refugees living in Jordan, Syria and other Arab countries with a similar message : Iraq is on the mend and is ready to be a sovereign state. However, many believe that the country is not ready. Satellite television networks, financed by Sunni and opposition groups have been showing a totally different picture: The country lacks security and other basic necessities. Meanwhile, several Arab commentators have accused Obama of reneging on the agreement signed between the United States and the supposedly sovereign Iraqi government guaranteeing the complete withdrawal of all American troops by the end of 2011. One reporter called President Obama's change of direction: the "war-lite" plan. Can a withdrawal plan point to an "end" to the war while leaving behind a garrison of up to 50,000 troops in a hostile land? These are just some of the questions being posed by critics to the newly announced plan for withdrawal from Iraq. The video shows Obama's earlier promise of a complete withdrawal, as well as Iraqi reactions to the President's announcement. Jamal Dajani produces the Mosaic Intelligence Report on Link TV More on Syria
 
Magda Abu-Fadil: Yemen hosts African refugees despite economic woes, social problems Top
Yemen hosts thousands of African refugees fleeing unrest and poverty in their countries every year - with Somalis topping the list - despite its own economic woes and assorted problems. "Somalis are recognized as refugees, others are not," said Claire Bourgois, the United Nations High Commission for Refugees (UNHCR) representative in Yemen. "They can go to refugee camps and primary schools but if they go to urban areas, they have to pay their own way, their own rent." Although the UNHCR (http://www.unhcr.org/cgi-bin/texis/vtx/home) helps out with micro financing, technical training, and health care, the refugees are literally between a rock and a hard place. Young Somali refugee in Yemen (Rice) Yemen is one of the Arab world's poorest countries with a high illiteracy rate and countless social problems, not least of which is the prevalence of "qat" chewing that virtually brings all work to a standstill after lunch every day. Qat is considered a drug by many international organizations but its use is legal in Yemen. (http://www.huffingtonpost.com/magda-abufadil/qat-increasingly-turns-on_b_164905.html) Most Somali refugees are illiterate young men who pay boat smugglers for transport across the Red Sea and Gulf of Aden, but women and children are also making the perilous voyage, risking being dumped overboard if Yemeni naval patrols threaten the vessels. They spend four to seven days on rickety boats without food and water and are often beaten and abused. "In 2008, there were 19,423 Somalis, of whom 8,093 were women," Bourgois told me in her Sana'a office, adding that it was a big jump from 2006. "Women usually come alone and 50% of them don't know anyone in Yemen." In 2006, 10,716 Somali men and 2,756 women arrived in Yemen, the UNHCR reported. The figure jumped to 11,480 men and 1,902 women in 2007. Figures of refugees in Yemen (UNHCR) Like the men, the 18-24-year-old women usually want to go to Saudi Arabia, Yemen's larger and richer northern neighbor, for work opportunities, or to other countries in the Arabian Gulf region. They all view Yemen as a transit point, although untold registered and undocumented refugees have spent up to 20 years in Yemen. Bourgois said many of the women end up as prostitutes in a desperate attempt to make a living. The International Labor Organization (www.ilo.org) works with Yemen's Labor Ministry to cut exploitation and abuse of women. Friends and groups come to Yemen together, childless for the most part, but some families arrive with two or three children, and children ages 14-17 also flee their countries unaccompanied seeking a better life. UNHCR's Claire Bourgois (Abu-Fadil) UNHCR numbers differ from those of the Yemeni government, with the Yemenis downplaying the extent of the problem. The government says 70,000 refugees entered Yemen last year but the UNHCR registered 138,000 at receptions areas. Yemeni officials' estimates are based on boats coming in but the figures are misleading since refugees also sneak in and don't register with authorities or the UNHCR. Registration only began in 2000 although the first refugees are thought to have started trickling in as early as 1992 without being registered, Bourgois said. The transit centers apprise the refugees of their rights and duties. The refugees and asylum seekers have to register to get any help. Some 95% of the non-Somalis are Ethiopians. About 15,000 of them registered in 2008. Among the Ethiopians, most come for economic reasons, while others ask for refugee status. Ethiopian maids transit legally to Arab countries through Sana'a airport (Abu-Fadil) Another 5% of the non-Somalis are Eritreans and Sudanese. The latter group usually represents those escaping the strife in Sudan's war-torn Darfur region. (www.mapsofworld.com) In 2008, 1% of the estimated 50,000 refugees heading for Yemen never made it, the UNHCR said. Some died en route, and some were killed and then tossed overboard by the smugglers. "Problems begin as we approach the Yemeni coast," said a mother of four in Sana'a, who with her husband paid $100 dollars for the journey. She recounted how the smugglers killed her spouse and threw him in the sea to avoid returning him to Somalia when the shore patrol shot at their boat, but spared her and the children. In December 2008, Yemeni coastal patrols increased and controls were tightened, leading smugglers to kill 600 asylum seekers, according to UNHCR figures. The lucky refugees jump overboard and swim ashore to escape the smugglers and Yemeni patrols. "I want to live in peace," said Mohammad, a Somali refugee who swam from a boat targeted by Yemeni patrols. Before registering with the UNHCR, he slept on the streets and begged until assistance was provided. According to India's Frontline magazine, civil unrest and developments in Somalia "can be seen as a defeat for the U.S., but the latter will continue to dabble in the African nation because of its strategic location on the Bab al-Mandeb, a key oil transit waterway between the Red Sea and the Indian Ocean." Sheikh Sharif Sheikh, the leader of a coalition of Islamists and nationalists, was recently elected president of Somalia. "The UNHCR will set up a permanent register center," Bourgois said of her agency's attempts to help the refugees. "When the refugees arrive, the UNHCR prefers the (Yemeni) government issue them ID cards through the Interior and Foreign Ministries, to be renewed every two years." The UNHCR tries to discourage the Africans from leaving these centers to avoid deportation from other Arab/Gulf countries where they're not recognized as refugees. The flow slows down in May, June, and July when the sea is rough and tides prevent smugglers from sailing across the Gulf of Aden. Some refugees prefer going to Saudi Arabia where they have relatives and contacts. Some are afraid of waiting and being deported or put in detention centers. Some leave without documents to their next destinations. "The Yemeni government has the right to arrest illegals," notably Ethiopians, Bourgois explained, adding that Yemen is still very open to refugees despite internal problems and economic hardships. More on Saudi Arabia
 
Obama Attends Wizards Game, Watches Them Defeat His Hometown Bulls (SLIDESHOW) Top
WASHINGTON — President Barack Obama took a break from politics Friday to sit courtside at a basketball game between his hometown team Chicago Bulls and the Washington Wizards. Obama's been on a winning streak in politics, but that didn't help his Bulls. The president pumped his fist and grinned when the Bulls scored some of their points. But he was largely subdued, clapping politely, with his Chicago team losing for much of the game. Obama left the match early with about four minutes remaining _ and his hometown team trailing about 17 points. SLIDESHOW: Though he has called himself a fan of the Bulls, Obama got a hearty welcome from Wizards fans when he arrived at the Verizon Center. Officials slightly delayed the game, waiting for his entrance. Once he entered, fans gave him a standing ovation and flashed their cameras. Obama sat courtside across the court from the Wizards in seats that are usually taken by season ticket holders. White House senior adviser David Axelrod chose his seat in another section right before Obama entered. Once the game was under way, Obama chatted much of the time with a Chicago friend, and shook hands with fans as they passed in front of him. He stayed in his courtside seat for most of the game, but he left with 47.8 seconds left in the first half to make a visit to Wizards owner Abe Pollin's suite. Obama returned to his seat by the court in the second half. Obama got up to leave with just under 4 1/2 minutes left, not staying to endure the 113-90 final score of the winning Wizards. Obama had already welcomed the Bulls into town Thursday, when the team visited him at the White House and presented him with a jersey. ___ Associated Press writer Howard Fendrich contributed to this report. More on Slideshows
 
Warren Buffett Admits To Major Mistake In Annual Berkshire Letter Top
OMAHA, Neb. — Warren Buffett says the economic turmoil that contributed to a 62 percent profit drop last year at the holding company he controls is certain to continue in 2009, but the revered investor remains optimistic. Buffett released his annual letter to Berkshire Hathaway Inc. shareholders Saturday morning, and detailed the worst of his 44 years leading the Omaha-based company. But in between the news of Berkshire's sharply lower profit and its nearly $7.5 billion investment and derivative losses, Buffett offered a hopeful view of the nation's future. He said America has faced bigger economic challenges in the past, including two World Wars and the Great Depression. "Though the path has not been smooth, our economic system has worked extraordinarily well over time," Buffett wrote. "It has unleashed human potential as no other system has, and it will continue to do so. America's best days lie ahead." Within Berkshire, Buffett said the company's retail businesses, including furniture and jewelry stores, and those tied to residential construction, such as Shaw carpet and Acme Brick, were hit hard last year, and they will likely continue to perform below their potential in 2009. But he said Berkshire's utility and insurance businesses, which includes Geico, both delivered outstanding results in 2008 that helped balance out the other businesses. Berkshire's 2008 net income of $4.99 billion, or $3,224 per Class A share, was down from last year's $13.21 billion, or $8,548 per share, in 2007. The two analysts surveyed by Thomson Reuters on average expected Berkshire to report a 2008 profit of $5,534.50 per share. But the estimates typically exclude one-time items. Buffett estimates Berkshire's book value _ assets minus liabilities _ declined 9.6 percent to $70,530 per share in 2008. Berkshire's book value declined only one other time under Buffett, and that was a 6.2 percent decline in 2001. But Berkshire's 9.6 percent decline still beat the S&P 500's 37 percent decline in 2008, the report said. Buffett devoted nearly five pages of his letter to Berkshire Hathaway shareholders to explaining the role derivatives played in the company's investment losses last year. Buffett said he initiated all of Berkshire's 251 different derivative contracts because he believes they were mispriced in Berkshire's favor. "If we lose money on our derivatives, it will be my fault," Buffett said. Berkshire has received $8.1 billion in payments for derivatives which can be invested until the contracts expire years from now. But Berkshire has to estimate the value of its derivatives every quarter. Buffett says he supports that mark-to-market accounting, but the formula used to estimate that value can produce absurd results for long-term contracts. Buffett said he made at least one major investing mistake last year by buying a large amount of ConocoPhillips stock when oil and gas prices were near their peak. Berkshire increased its stake in ConocoPhillips from 17.5 million shares in 2007 to 84.9 million shares at the end of 2008. Buffett said he did not anticipate last year's dramatic fall in energy prices, so his decision cost Berkshire shareholders several billion dollars. Buffett says he also spent $244 million on stock in two Irish banks that appeared cheap. But since then, he's had to write down the value of those purchases to $27 million. Berkshire owns a diverse mix of more than 60 companies, including insurance, furniture, carpet, jewelry, restaurants and utility businesses. And it has major investments in such companies as Wells Fargo & Co. and Coca-Cola Co. ___ On the Net: Berkshire Hathaway Inc.: http://www.berkshirehathaway.com Warren Buffett's 2008 letter: http://www.berkshirehathaway.com/letters/2008ltr.pdf More on Warren Buffett
 
Plane Makes Emergency Landing In Romania Top
TIMISOARA, Romania — A Romanian plane carrying 51 people made a safe emergency landing in western Romania on Saturday and all the occupants escaped injury, officials said. The Carpatair flight's front landing gear became stuck and the plane circled Timisoara International Airport for almost two hours, using up its fuel to avoid a potential fire before it landed on a 200-yard (200-meter) long bed of foam laid out by firefighters, officials said. One of the pilots said they were about six miles (10 kilometers) from the airport when they discovered they had a problem with the landing gear, and alerted the aviation authorities. Dan Andrei, the airline's vice president, said, "the plane came down on the side wheels; it braked sharply and at a low speed it came on its front belly, while the front landing gear remained stuck." The company said the two Moldovan pilots _ Iurie Oleacov, 37, and Leonid Babischi, 47 _were highly experienced. "We did our job without feeling like heroes," Oleacov told journalists later. "We weren't scared, we are trained for these kinds of situations. ... All the passengers are OK. They were calm." At least 10 ambulances and three fire engines were waiting for the stricken plane, the emergency department said. The Saab 2000 aircraft was carrying 47 passengers and four crew members on its flight from the Moldovan capital, Chisinau, to Timisoara, airport spokeswoman Carmen Stoica said. Romanian border police, who deal with international customs, said the plane was carrying 11, Romanians, 23 Moldovans, nine Italians, two Greeks and two Germans. The crew is Moldovan. Timisoara ambulance chief Iancu Leonida said no one was hurt, but people were very frightened. "There are no injured people, although some might have minor scratches, but they are very scared and traumatized," he said. "They are being given medical care." Realitatea TV broadcast footage of passengers hugging and kissing people who had come to meet them at the airport. One unidentified female passenger with gray hair and tears in her eyes told the TV the passengers did not know about the landing gear and had thought there was a problem with ice and fog. The airport was closed for 2 1/2 hours Saturday morning after the incident. A Romanian Transportation Ministry team arrived in Timisoara to investigate the incident. Foaming agents are rarely used in commercial aviation, and most often in cases where the landing gear cannot be lowered. Previous similar incidents include: _ Nov. 16, 2008: A US Airways Express Dash 8-300 with 38 passengers and crew slid along the runway in Philadelphia with its nose gear stuck. Fire crews spread foam as a precaution. No one was injured. _ March 20, 1999: An Iberia airlines MD87 on approach to Geneva with 101 passengers requested foaming after its nose gear failed to lower. It landed smoothly. _ Sept. 24 1997: An Olympic Aviation Dornier 228 with 19 people aboard carried out a successful emergency landing at the Tanagra air base near Athens after foam was spread on the runway. _ Feb. 10, 1988, an Aeroflot TU-154 airliner with 166 people aboard skidded for about a mile (more than 1.5 kilometers) along the runway in Dushanbe, Kyrgyzstan, after a hydraulic failure. Foam was laid along the entire runway and no one was injured. Despite its success in such incidents, the effectiveness of foaming continues to be debated within the aviation community, and some airport fire services consider it unnecessary and say it provides little or no benefit.
 

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