রবিবার, ৯ জুন, ২০১৩

Bank of America prepared to put Countrywide in bankruptcy court ...

Bank of America has a lot on the line in its trial over the hyper-controversial $8.5 billion settlement it struck with a group of bondholders to settle claims covering up to $424 billion worth of bonds. If a separate group of bondholders, led by AIG, succeed in breaking up the deal, the costs of settlement will skyrocket. Some think the total tab could hit $30 billion.

The proceedings have been quite interesting so far, as lawyers for the group of bond holders that struck the $8.5 billion deal, led by Pimco and BlackRock, aim to show that they got the best deal they could. During the negotiations, when lawyers tried to extract more from Bank of America, a lawyer threw documents back across the table at them. At another point, according to the Financial Times, a Bank of America-hired lawyer said that "our grandchildren will have grandchildren" before the bondholders saw a dime in settlement.

Perhaps the most interesting revelation was that Bank of America was threatening to put Countrywide into bankruptcy court if they could not get the deal they wanted, a situation that would be far worse deal for bondholders. Indeed, the bank said they had gone to the OCC to obtain the necessary permissions. There were lots of rumors about this at the time.

As of now, it's too early to say which side has the upper hand.

For more:
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Related Articles:
Critical Bank of America settlement trial gets underway
Delays at all levels in mortgage settlements
Bank of America to face $7 billion claim by AIG

Source: http://www.fiercefinance.com/story/bank-america-prepared-put-countrywide-bankruptcy-court/2013-06-07

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Peterest ? a photo sharing and pinning site for animal lovers

You know about Pinterest, the website that Wikipedia defines as a “a?pinboard-style,?photo-sharing?website that allows users to create and manage theme-based image collections such as events, interests, and hobbies.” ?What if you’re only interested in sharing and collecting pet and animal photos? ?With Peterest, you’ll be able to upload, manage, share, browse, and mark favorite photos [...]

Source: http://the-gadgeteer.com/2013/06/07/peterest-a-photo-sharing-and-pinning-site-for-animal-lovers/

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Sotomayor gets another $1.9 million for memoir (The Arizona Republic)

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Source: http://news.feedzilla.com/en_us/stories/politics/top-stories/311233283?client_source=feed&format=rss

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Airbus Bag2Go smart luggage wields GPS, RFID to skip airport hassles

Airbus Bag2Go smart luggage can check itself in, skip baggage claim video

Many of us avoid flying with checked baggage when possible, and for good reason: even a simple delay can sour a whole trip. Airbus' new Bag2Go prototype could save us from having to pack light, however. The smart luggage carries a raft of sensors that work with an iOS app to bypass the usual airport drudgery. Its RFID chip lets travelers check in their bag and link it to every step of their itinerary; in theory, couriers can ship baggage to the hotel at a lower cost than usual. Bag2Go should also provide some reassurance through GPS tracking and alerts to any possible tampering. Airbus is still early into development, but it foresees a business model where customers can either buy a Bag2Go suitcase at a premium or rent one for a long vacation. As for us? We'll just be happy if our luggage avoids an unexpected detour to Belize.

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Via: MacRumors, Australian Business Traveller

Source: Design Q (Vimeo)

Source: http://www.engadget.com/2013/06/07/airbus-bag2go/?utm_medium=feed&utm_source=Feed_Classic&utm_campaign=Engadget

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শনিবার, ৮ জুন, ২০১৩

Obama pressed Chinese leader on cybersecurity

RANCHO MIRAGE, Calif. (AP) ? President Barack Obama used an unusually lengthy and informal desert summit to present Chinese President Xi Jinping with detailed evidence of intellectual property theft emanating from his country, as a top U.S. official declared Saturday that cybersecurity is now at the "center of the relationship" between the world's largest economies.

While there were few clear policy breakthroughs on cybersecurity, U.S. officials said Obama and Xi were in broad agreement over the need for North Korea to be denuclearized. And both countries expressed optimism that the closer personal ties forged between the two leaders during the California summit could stem the mistrust between the world powers.

Still, Obama's national security adviser Tom Donilon said resolving cybersecurity issues would be "key to the future" of the relationship.

Obama told Xi that "if it's not addressed, if it continues to be this direct theft of United States property, that this was going to be very difficult problem in the economic relationship and was going to be an inhibitor to the relationship really reaching its full potential," Donilon said during a briefing with reporters following the summit.

In their own recap of the meetings, Chinese officials said Xi opposed all forms of cyberspying, but claimed no responsibility for attacks against the U.S.

"Cybersecurity should not become the root cause of mutual suspicion and frictions between our two countries. Rather, it should be a new bright spot in our cooperation," said Yang Jiechi, Xi's senior foreign policy adviser.

Yang said the two leaders "blazed a new trail" away from the two nations' past differences and "talked about cooperation and did not shy away from differences."

Obama and Xi met for about eight hours over the course of two days at the sweeping Sunnylands estate, marking a significant and unusual investment of time for both presidents. Their talks included a working dinner of lobster tamales, Porterhouse steak and cherry pie prepared by celebrity chef Bobby Flay, and a morning walk through the manicured gardens of the 200-acre estate on the edge of the Mojave Desert.

During their walk, the leaders stopped to sit on a custom-designed park bench made of California redwood that Obama presented to Xi as a gift.

The U.S. president told reporters that the talks were "terrific" as he and Xi walked side by side, both having ditched jackets and ties in a nod to the summit's informal atmosphere. The leaders closed the summit in low-key style, with no formal statements to the press, just a private tea with Xi's wife.

Obama and Xi did take a significant step toward tackling climate change, announcing that their countries had agreed for the first time to partner on reducing hydrofluorocarbons, a potent greenhouse gas used in refrigerators, air conditioners, and industrial applications.

The discussions on North Korea also proved promising, Donilon said, with the leaders agreeing that North Korea has to be denuclearized and that neither country will accept the North as a nuclear-armed state. North Korea is estimated to have a handful of crude nuclear devices, with some analysts putting its arsenal at four to eight plutonium bombs.

While China is Pyongyang's strongest ally and economic benefactor, Xi has signaled a growing impatience with North Korea's unpredictable and provocative nuclear threats.

"China has taken a number of steps in recent months to send a clear message to North Korea, including though enhanced enforcement of sanctions and through public statements by the senior leadership in China," Donilon said.

U.S. officials are hoping that Xi, who took office in March, proves to be a new brand of Chinese leader. He has deeper ties to the U.S. than his predecessors, given that he lived in Iowa briefly as a visiting official and sent his daughter to college in the U.S.

The two leaders appear to have more in common than Obama had with former Chinese leader Hu Jintao, who often appeared stiff and formal in meetings. Both men are in their 50s and share a love of sports: swimming and soccer on Xi's side, basketball and golf on Obama's. Both are also married to glamorous, high-profile wives who have played a strong role in shaping their images.

While Xi's wife accompanied him to California, Michelle Obama stayed in Washington. The White House said late Saturday that she wrote Xi's wife a letter welcoming her to the United States and expressing regret for not seeing her this weekend.

Xi also appeared to relish in the more informal talks. An Obama administration official said he discussed at length growing up in the Chinese countryside during his country's cultural revolution and how the experience impacted his perspective on China's development. Xi also broke out a bottle of "Maotai," a famous Chinese liquor, to toast Obama during Friday's working dinner, according to the official, who insisted on anonymity in order to discuss the private meetings.

The two leaders will likely meet again in September, on the sidelines of an international economic summit in Russia. Xi also invited Obama to travel to China soon for a similarly informal round of one-on-one talks.

For Obama, the China summit marked the start of a heavy foreign policy-focused stretch that includes trips later this month to Europe and Africa. But domestic controversies are competing for his attention, including revelations that the National Security Agency has been secretly collecting massive amounts of data from U.S. phone and Internet companies.

The president sought to distinguish between the NSA actions and China's alleged cyber intrusions, saying the two issues were separate and distinct. During a news conference with Xi on Friday night, Obama said he welcomed a debate on those differences.

During the question-and-answer session with reporters, Obama and Xi carefully avoided directly accusing each other's nations of high-tech intrusions, though they acknowledged an urgent need to find a common approach on addressing the matter.

Obama said rapid cyber advances meant the two countries were in "uncharted waters."

"We don't have the kind of protocols that have governed military issues and arms issues, where nations have a lot of experience in trying to negotiate what's acceptable and what's not," Obama said.

Xi, who called rapid technological advancements a "double-edged sword," claimed no responsibility for China's alleged cyberespionage. He said China was also a victim of cyberspying but did not assign any blame.

While Xi departed California Saturday afternoon, Obama planned to stay in California through the weekend, though he had no public events planned.

___

Associated Press writer Darlene Superville contributed to this report.

___

Follow Julie Pace at http://twitter.com/jpaceDC

Source: http://news.yahoo.com/obama-pressed-chinese-leader-cybersecurity-220539770.html

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Working mom guilt 'plagues' McCarthy, Bullock

Movies

2 hours ago

Sandra Bullock and Melissa McCarthy in "The Heat."

20th Century Fox

Sandra Bullock and Melissa McCarthy in "The Heat."

Sandra Bullock and Melissa McCarthy may have never met prior to filming their upcoming buddy-cop film "The Heat," but when the two started working together, they discovered they had a lot in common -- including working-mom guilt.

As they told Parade magazine in an article that will publish this weekend, making movies while having young children at home (Bullock has a 3-year-old son; McCarthy has daughters aged 6 and 3) was hugely guilt-inducing.

"It plagues me," said McCarthy, who also stars on CBS's "Mike and Molly." "I feel intensely guilty for working. But I feel like it's a weird modern phenomenon that you always feel guilty for it."

Added Bullock, "I don't know if I feel like a bad mom, but at the end of the day I'm always plagued with, 'Did I do enough? Should I go in a different direction?' But I also know that my entire life revolves around (son) Louis."

Both expressed strong protective feelings about trying to keep their kids out of the limelight. Bullock acknowledged, "We're adults, and we're fair game. ... But I instinctively throw things over Louis's head. ... He doesn't like (paparazzi). He gives them the stink-eye and they're like, 'That's such an angry kid' but I look at them and say, 'Only when you guys are around.'"

McCarthy was more emphatic, saying kids should be off-limits for roving photographers. "Strangers shouldn't be allowed to take a picture of your child and sell it for profit," she said. "They think, 'We're putting out a product,' but you're putting out a child."

Still, these shared trials may have made for a stronger, more instant chemistry in "Heat." Noted Bullock, "Having kids connected us on a deeper level. And the things we're obsessed with outside of being a mom are the same, too -- construction and home renovation. ... We're kindred spirits in that world. If we had a beer den, with Barcaloungers -- but our version of that -- it'd be great!"

"The Heat" opens in theaters on June 28. Check out the trailer:

Source: http://www.today.com/entertainment/melissa-mccarthy-sandra-bullock-plagued-guilt-working-moms-6C10240835

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Lehman customers to receive full payout: trustee

NEW YORK (Reuters) - Institutional customers of Lehman Brothers' collapsed brokerage will receive full payouts on their claims, James Giddens, the trustee winding down the brokerage, said on Friday.

A settlement announced earlier this year between the brokerage, Lehman's defunct parent company and its European affiliate will provide for full payments for hedge funds, corporate affiliates, counterparties and other customers, Giddens said in a statement.

Retail customers have already been paid in full.

(Reporting by Nick Brown; Editing by Jeffrey Benkoe)

Source: http://news.yahoo.com/lehman-customers-receive-full-payout-trustee-134817237.html

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