Saturday, June 22, 2013

Obama nominating Comey as FBI director

FILE - In this May 15, 2007 file photo, James Comey testifies on Capitol Hill in Washington. The White House says President Barack Obama plans to announce Friday his new choice to lead the FBI in Comey, former President George W. Bush's No. 2 at the Justice Department. (AP Photo/Susan Walsh, File)

FILE - In this May 15, 2007 file photo, James Comey testifies on Capitol Hill in Washington. The White House says President Barack Obama plans to announce Friday his new choice to lead the FBI in Comey, former President George W. Bush's No. 2 at the Justice Department. (AP Photo/Susan Walsh, File)

(AP) ? President Barack Obama has chosen a former George W. Bush administration official best known for a dramatic hospital bedside standoff against a warrantless wiretapping program to head the FBI for the next decade.

White House officials are hoping that James Comey's bipartisan background and two decades of law enforcement experience will help him win Senate approval to replace outgoing FBI Director Robert Mueller. Mueller took over the agency the week before the terrorist attacks on Sept. 11, 2001, and will have served longer than any director besides J. Edgar Hoover when he steps down Sept. 4.

Mueller transformed the agency into one the country's chief weapons against terrorism, leading Obama to ask him in 2011 to stay on two years beyond his initial 10-year term. The new director would take over as the agency grapples with a privacy debates surrounding a host of recently exposed investigative tactics, and the White House said Obama would announce Comey as the man for the job Friday afternoon in the Rose Garden.

Comey was a federal prosecutor who served for several years as the U.S. attorney for the Southern District of New York before coming to Washington after 9/11 as deputy attorney general. In recent years he's been an executive at defense company Lockheed Martin, general counsel to hedge fund Bridgewater Associates, board member at HSBC Holdings and lecturer on national security law at Columbia Law School.

He has shown a willingness to take on battles over government surveillance in the age of terrorism ? an issue that remains prominent in current Washington debate. In a confrontation he has called the most difficult night of his career, he rushed to the hospital bedside of his boss, John Ashcroft, in 2004 to stop two senior Bush White House aides from getting the ailing attorney general's approval to reauthorize a post-9/11 program that allowed government wiretaps to be used without warrants.

Comey's defiance won him respect in Washington, and Republicans have said they see no major obstacles to his confirmation. But he is certain to face tough questions about his recent hedge fund work and his ties to Wall Street as well as how he would handle current, high-profile FBI investigations.

The FBI is responsible for both intelligence and law enforcement, with more than 36,000 employees. It has faced questions in recent weeks over media leak probes involving The Associated Press and Fox News; the Boston Marathon bombings; the attack at Benghazi, Libya, that killed four Americans; and two vast government surveillance programs into phone records and online communications.

The leaker of those National Security Agency programs, former NSA contractor Edward Snowden, also is the subject of a criminal investigation. And just this week, Mueller revealed the FBI uses drones for surveillance of stationary subjects and said the privacy implications of such operations are worthy of debate.

The American Civil Liberties Union, which doesn't take positions on nominees, is raising questions about Comey's record on national security. ACLU senior policy counsel Mike German said while Comey stood up to some surveillance, he eventually approved the NSA program, along with interrogation techniques that included waterboarding, as well as defended the indefinite detention of Jose Padilla, an American terrorism suspect.

"We want to make sure whoever sits in that chair has a determined interest in protecting the rule of law, particularly since they will be there 10 years, outlasting this president and potentially the next president," German said.

But the top Democrat and Republican on the Senate Judiciary Committee that will oversee Comey's confirmation hearing expressed support for his nomination. Chairman Patrick Leahy, D-Vt., called for senators to give Comey "the swift and respectful confirmation he deserves."

Sen. Chuck Grassley, R-Iowa, said Comey's experience on national security would benefit the FBI. Grassley also said he wanted to question Comey on his work in the hedge fund industry and on the Obama administration's efforts to prosecute Wall Street for its role in the economic downturn.

In dramatic testimony to the Senate Judiciary Committee in 2007, Comey said he thought the no-warrant wiretapping program was so questionable that he refused to reauthorize it while serving as acting attorney general during Ashcroft's hospitalization. Comey said when he learned that the White House chief of staff and counsel were heading to Ashcroft's room despite his wife's instructions that there be no visitors, Comey beat them there and watched as Ashcroft turned them away.

"That night was probably the most difficult night of my professional life," Comey testified. He said he and Ashcroft had reservations about the program's legality, but he would not discuss details since the program was classified.

Comey was deputy attorney general in 2005 when he unsuccessfully tried to limit tough interrogation tactics against suspected terrorists. He told then-Attorney General Alberto Gonzales that some of the practices were wrong and would damage the department's reputation.

As U.S. attorney for the Southern District of New York, Comey headed one of the nation's most prominent prosecutorial offices and one at the front lines in the fight against terrorism, corporate malfeasance, organized crime and the war on drugs.

As an assistant U.S. attorney in Virginia, Comey handled the investigation of the 1996 bombing of the Khobar Towers housing complex near Dhahran, Saudi Arabia, which killed 19 U.S. military personnel.

___

Follow Nedra Pickler on Twitter at https://twitter.com/nedrapickler

Associated Press

Source: http://hosted2.ap.org/APDEFAULT/89ae8247abe8493fae24405546e9a1aa/Article_2013-06-21-Obama-FBI/id-38ba919ae02b45128c4f8dcf9c7596e6

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Nissan shows off 185 mph ZEOD RC electric prototype, plans to race it at Le Mans

Nissan shows off prototype electric car design, plans to race it at Le Mans

Nissan's just pulled the covers off its fancifully styled ZEOD RC race car that may eventually hit speeds of up to 300km/h (about 185mph). Though the acronym stands for "zero emissions, on demand," the vehicle could end up being a hybrid model that switches between gas and EV modes (as opposed to a pure electric car) by the time it hits Le Mans in 2014. Regardless, the company's Nismo racing division (creator of the all-electric Nismo RC) plans to enter it in the so-called Garage 56 class of the famed race, reserved for vehicles that showcase breakthrough technology. While the company flaunted the design at Circuit de la Sarthe in France today, the car won't start trials until later this summer, after which the final drivetrain will be chosen. Prior to hitting the track, though, it'll have its work cut out just to top Toyota's P001, the current EV lap-speed champ.

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Via: Pocket Lint

Source: Nissan

Source: http://www.engadget.com/2013/06/21/nissan-shows-off-185-mph-electric-hybrid-prototype/?utm_medium=feed&utm_source=Feed_Classic&utm_campaign=Engadget

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Sunday, June 9, 2013

Leverage and Value Investing | Amour Tan @ Singapore

When I speak of value investing here, I?m not talking about the fame academician?s Eugene Fama notion of value investing. In his version of value investing, returns are 3 dimensional, i.e. they?re ruled by the trinity factors of equity, value and small-cap premium. Prof Fama version of value investing would of course make good money. I?m however, talking about Benjamin Graham?s version of value investing with his notion of margin of safety in investments in stocks of high intrinsic value. In Benjamin?s world, high returns are not the end-all and be-all. There?s, in addition to high return, the additional facet of risk.

Mr. Graham doesn?t believe in risky stocks. In fact, he doesn?t believe that high risk equals high return. This is a fact permeated in his 2 books (Security Analysis and The Intelligent Investor) with his emphasis of safety and financial strength of the bonds and stocks he recommends. He uses metrics such as current ratio and debt to book ratio to screen the stocks universe for companies with utmost financial strength and low leverages.
As a fundamental analyst who uses liquidity and financial strength as a tool at the company level, he is distinct from most modern day investors who prefer to use stock price statistics such as standard deviations and betas. Both types of investors can of course achieve the same aim of a low volatility portfolio; after all, all roads lead to Rome. Having suffered the Great Depression in the 1930s early in his career has left an indelible mark on his investing psyche. Low risk investing in Benjamin?s vocabulary is not something the amnesia-prone modern investors only talk about in an ex-post bear market.

So, are there any downsides to his selection criteria? Not that I know of. The only bias I can think of is he would avert, wholesale, high leverage industries like financial companies such as banks and insurers. I?ve read the 1st and 4th editions of The Intelligent Investor and never once did he recommend a financial institution in the entire book. He did not even bother to use financials as a counter example even though he denounces high leverage. Does it matter to avert entire high leverage industries such as the financial industry? Apparently, Mr. Graham thinks not. Even in his days, the breadth and scope of NYSE is immense and Mr. Graham has plenty of other companies to select from such as railroad, industrial and utility etc. In the whole book of The Intelligent Investor, Benjamin only devotes only a short section to financials where he warns the investor not to buy financial institutions that have too high a price compared to the book value. That?s it!

Highly leveraged companies, as can often be seen, are the speculator advocates, their zigs and zags are often amplified in major bulls and bears markets. In a bull market, they can and do rise spectacularly; in a bear market, they fall precipitously, returning their gains and more to the markets. They?re however, not the investors? tool of the trade where the participants tread carefully and conservatively to avoid major mistakes that can cause irreversible loss to their portfolios.

Mr. Graham?s teachings are not in theory only. They contain highly actionable items that perform well both in his day and today. How have the modern day investors performed with the methodology? In fact, very well indeed. If we were to invest in the market since year 2000, his criteria to select cheap stocks based on P/E and P/B will help investors avoid dot-com shares that subsequently fall in prices like nobody business. As the saying goes, the more things change, the more they remain the same. It seems like Mr. Graham has foretold the dot-com debacle and taught us how to avoid it.

How about the financial crisis, you say? Mr. Graham?s emphasis on liquidity and safety would have resulted in his disciples? avoidance of profitable but highly geared financial stocks. Again, the more things change, the more they remain the same. Sound financial advice, despite the curse of technological and time, remains as sage as ever.

Note also that in the previous 2 bull/bear cycles, Benjamin stock selection criteria did not endear us with exceptional profits in good time; rather, his stock-picking technique makes the bear market much more bearable compared to the rest of the investors. Note also that if you were to follow Fama/French techniques of single-factor selection model, you would have avoided the dot-com bust but not the financial crisis. Therein lays the difference!

In the times ahead, we?re certain that we will face some other crisis just as serious as or even more so than what we have faced in the past. But whatever it?s, good financial policy will last and have the last say/laugh in our endeavor with the stock market. Is Mr. Graham?s policy fool proof in every cycle? Your guess is as good as mine. But, I?m sure that on average, he will make my financial journey as pleasant as possible making the bumpy roads ahead much smoother. True, we might face another crisis as severe and long-lasting as the Great Depression and makes all stock investments look foolish, but, I don?t count on that in my planning and decision make. History has shown that value investing has made up for all that losses made in the Great Depression and much more. As a book title says, it?s the Triumph of the Optimists. Enough said.

(Note: for those fundamental analysts who study financials since before the financial crisis starts until today, you would have noticed that there?s a tremendous de-leveraging process going on. For example, Citigroup, one of US?s largest banks, has a total assets to equity ratio drop from 16.6 pre-financial crises to 9.9 today. US banks such as Citigroup are much safer today, but whether they?re good investments are anyone?s guess. Hopefully, these banks are also more prudent in their loan business and would avoid subprime mortgages unless these are really good deals.)

Source: http://amourtan.com/2013/06/leverage-and-value-investing/

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'Hills' star Kristin Cavallari marries QB Jay Cutler

Celebs

13 hours ago

Image: Jay Cutler and Kristin Cavallari

Charley Gallay / Getty Images file

NFL player Jay Cutler and ex-reality star Kristin Cavallari.

Kristin Cavallari apparently just couldn't wait until this weekend to wed Chicago Bears quarterback Jay Cutler. "The Hills" star shocked her fans Friday afternoon when she posted a photo of wedding bands (a diamond eternity band for her, a black band for him), along with the caption, "I'm officially Kristin Elizabeth Cutler!"

Cavallari and Cutler, who have been engaged since 2011 and are parents to 10-month-old Camden, were set to marry Saturday in Nashville. According to E! News, they picked up their marriage license from the Davidson County Clerk's office in Nashville on Friday morning, and apparently decided to just go ahead and exchange vows early.

A call to Cavallari's publicist has not been returned.

Source: http://www.today.com/entertainment/kristin-cavallari-marries-jay-cutler-early-wedding-ceremony-6C10245347

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Friday, June 7, 2013

Falcon for Android updated with multipe account support, new flat design

Falcon

Update to Falcon version 2.0 now live on Google Play

Popular Twitter app Falcon has seen a major update today, bringing a host of new features. Falcon 2.0 adds support for multiple for the first time, along with a new, flatter UI and an optional black skin to complement the light and dark grey offerings. In addition, Falcon 2.0 adds in optional swiping between columns and transition animations for devices running Android 3.0 or higher.

It's a solid update to what's become one of the top third-party Twitter clients for Android -- and multi-account support in particular addresses a major omission in previous versions of the app.. So if you've yet to check it our, then now's a great time. Hit the Google Play link above to download the new version of the app. Existing users can grab the new version from the 'My apps' area of the Google Play Store app.

    


Source: http://feedproxy.google.com/~r/androidcentral/~3/SLeVtS_-27Q/story01.htm

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Mad Catz CEO announces 'Project M.O.J.O.' Android gaming console coming at E3

Mad Catz CEO announces 'Project MOJO' Android gaming console coming at E3

So, what with E3 just over the horizon, we're expecting a bunch of gaming news. But a new contestant in the Android gaming market? From an established gaming hardware maker? Well, apparently so, according to Mad Catz CEO Darren Richardson who announced "Project M.O.J.O." in a recent earnings call. Calling it an Android "micro console," Richardson claims it's like a supercharged smartphone, without a display, that you plug into a flatscreen TV. Richardson was also keen to stress that it's all about hardware performance, and will be open platform (rather than selling content). There are no details about specification at this stage, but M.O.J.O. is likely to be the fruit of a recent NVIDIA partnership, and will be the centerpiece of Mad Catz's own GameSmart products, which ensures a slew of peripherals and controller options. This partnership also likely means Tegra Zone compatibility, and therefore games from launch. For now we'll have to sit and wait, but it looks like Android gaming is about to step up a gear.

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Via: Things Micro

Source: http://feeds.engadget.com/~r/weblogsinc/engadget/~3/2nvPnDIvIAI/

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