Friday, February 17, 2012

Nigerian underwear bomber faces life sentence

FILE - This December 2009 file photo released by the U.S. Marshal's Service shows Umar Farouk Abdulmutallab in Milan, Mich. Abdulmutallab is scheduled to be sentenced Thursday, Feb. 16, 2012, for trying to blow up a Detroit-bound airliner with a bomb in his underwear on Christmas 2009. (AP Photo/U.S. Marshals Service, File)

FILE - This December 2009 file photo released by the U.S. Marshal's Service shows Umar Farouk Abdulmutallab in Milan, Mich. Abdulmutallab is scheduled to be sentenced Thursday, Feb. 16, 2012, for trying to blow up a Detroit-bound airliner with a bomb in his underwear on Christmas 2009. (AP Photo/U.S. Marshals Service, File)

(AP) ? At least five passengers were expected to speak Thursday at the sentencing of a Nigerian man who admits trying to blow up a Detroit-bound airliner at Christmas 2009.

Umar Farouk Abdulmutallab faces a sentence of life in prison, four months after pleading guilty in U.S. federal court.

Abdulmutallab, the 25-year-old son of a wealthy Nigerian banker, tried to detonate a bomb in his underwear as the flight from Amsterdam approached Detroit Metropolitan Airport. The device didn't work but caused smoke and flames and badly burned his groin.

The government says Abdulmutallab was on a suicide mission for al-Qaida.

During his trial, Abdulmutallab said he was carrying a "blessed weapon" to avenge Muslims who have been killed or poorly treated around the world. He admitted he was inspired by Anwar al-Awlaki, a radical American-born cleric and leading al-Qaida figure in Yemen who was killed by a U.S. drone strike last fall.

"The Quran obliges every able Muslim to participate in jihad and fight in the way of Allah those who fight you, and kill them wherever you find them ... an eye for an eye, a tooth for a tooth," Abdulmutallab said.

Anthony Chambers, an attorney appointed to assist Abdulmutallab, believes he will speak again Thursday but doesn't know what he'll say.

Chambers, meanwhile, is urging the judge to declare that a mandatory life sentence is unconstitutional, claiming it is a cruel punishment in a case where no one but Abdulmutallab was physically hurt.

Passenger Shama Chopra of Montreal said she's become "bolder" and "stronger" since the incident. The 56-year-old ran for Canadian Parliament last year, a feat she could not have imagined years ago.

Associated Press

Source: http://hosted2.ap.org/APDEFAULT/3d281c11a96b4ad082fe88aa0db04305/Article_2012-02-16-Airline%20Attack-Sentence/id-5aa1e35f674141339cc8b123f91469f9

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Thursday, February 16, 2012

Former executives, bankers arrested over Olympus fraud (Reuters)

TOKYO (Reuters) ? Japanese police and prosecutors have arrested seven men, including the former president of Olympus Corp and ex-bankers over a $1.7 billion accounting fraud -- one of the country's biggest corporate scandals.

Tokyo prosecutors arrested ex-president Tsuyoshi Kikukawa, former executive vice president Hisashi Mori and former auditor Hideo Yamada on suspicion of violating the Financial Instruments and Exchange Law, officials said Thursday.

Also apprehended were former bankers Akio Nakagawa and Nobumasa Yokoo and two others suspected of helping hide huge investment losses through complex takeover deals at the endoscope and camera maker.

The three former executives had been identified by an investigative panel, commissioned by Olympus, as the main suspects in the fraud, seeking to delay the reckoning from risky investments made in the late-1980s bubble economy.

The scandal was exposed in October by chief executive Michael Woodford, who was sacked by the Olympus board after querying dubious deals later found to have been used to conceal the losses. Woodford campaigned to win his job back, but gave up that bid last month, blaming cozy ties between management and big Japanese shareholders and citing the strain on his family.

"After going to hell and back, this is a day to remember," Woodford said in an email Thursday.

But he told a hastily-called London news conference that many questions remained unanswered. "These were huge amounts of money and we need to understand to what extent the banks were involved," he noted. "We've come a long way, but I don't think we are at a point at which we have closure."

The Briton, who was a rarity as a foreign CEO in Japan, plans to write a book about how he uncovered the scandal.

The arrests come as investors focus on who will run the once-proud company when its management steps down at an April 20 shareholders meeting, and whether Olympus will seek a capital tie-up to fix its balance sheet.

TAKING THE HELM

Olympus is banking on that April meeting marking a turning point in the scandal, with at least six of its 11-member board, including current president Shuichi Takayama, set to resign.

His successor is likely to be one of three board members the panel said were not responsible for the cover-up -- Masataka Suzuki, Kazuhiro Watanabe and Shinichi Nishigaki -- said a source familiar with the matter, who did not want to be identified due to the sensitivity of the issue.

"The arrests of former executives won't impact possible tie-ups with Terumo, Sony, Fujifilm and others," said a sell-side equity manager at a Japanese firm, who did not want to be named as he is not authorized to talk to the media.

"Olympus continues to be very attractive to other companies because of its endoscope business."

Last year the investigative panel alleged that Kikukawa, Mori and Yamada had played leading roles in a 13-year scheme to hide the losses, and they are among 19 executives Olympus is suing over the scandal.

The panel said it found no evidence of involvement by organized crime, despite speculation that "yakuza" gangsters were somehow involved in the cover-up scheme.

An Olympus spokesman said the company would cooperate fully with the investigative authorities. It is also under investigation by law enforcement agencies in Japan, Britain and the United States.

Kikukawa's condominium house was among 20 sites raided in December by prosecutors.

Nakagawa, who began his banking career at Nomura Securities, was a founding member of the Axes group, which was awarded a huge $687 million advisory fee for Olympus's acquisition in 2008 of UK medical equipment firm Gyrus that was at the heart of the scandal.

Yokoo, another ex-Nomura banker, ran a consulting firm, Global Company, which was hired by Olympus in 2000 to scout for new businesses and steered investment into three small money-losing Japanese firms.

Olympus in December filed five years' worth of corrected financial statements plus overdue first-half results, revealing a $1.1 billion dent in its balance sheet, triggering talk it would need to merge or forge a business tie-up to raise capital.

Monday it forecast a $410 million full-year loss due largely to its ailing camera operations, but its core endoscope business appeared unscathed by the scandal, and its president said the firm might not need outside capital.

Olympus's shares closed down 2.4 percent at 1,273 yen on Thursday, while the overall Tokyo market index slipped 0.3 percent. Shares in Olympus, currently worth around $4.5 billion, have halved in value since the scandal unfolded.

($1=78.3350 Japanese yen)

(Additional reporting by Mari Saito and Tim Kelly, Writing by Linda Sieg and Chris Gallagher; Editing by Ian Geoghegan)

Source: http://us.rd.yahoo.com/dailynews/rss/stocks/*http%3A//news.yahoo.com/s/nm/20120216/ts_nm/us_olympus

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Hollywood will meet President Obama with open wallets

Despite complaints about his failure to support Hollywood's position on online piracy, President Obama does not appear to have lost his fundraising base in the entertainment community.

As Obama arrives in Los Angeles on Wednesday, local campaign fundraisers said there has been no drop-off in Hollywood donations to his reelection bid since the D.C. demise of long-sought anti-piracy legislation. Hollywood's chief lobbyist Chris Dodd suggested last month that Obama and his fellow Democrats could pay a price for not representing the industry's interests in Washington.

But there was no evidence of that in the run-up to Wednesday's fundraising events. A dinner and a reception at the Holmby Hills home of "The Bold and the Beautiful" producer Bradley Bell and his wife, Colleen, co-hosted by actor Will Ferrell and his wife, Viveca, sold out faster than any fundraiser in the last several years, according to Ken Solomon, co-chairman of Obama's Southern California fundraising committee.

The reception, featuring an acoustic set by recent Grammy winners the Foo Fighters, will run $250 to $500 per person. A small private dinner, which will cost $35,800 a head, will follow. The two events are expected to raise more than $3 million for the campaign and Democratic National Committee.

The robust turnout underscores the ties that bind many in the entertainment industry to the Democratic president on topics such as abortion rights and the environment. Because much of Hollywood political giving is ideological, campaign donations are not usually tied to short-term legislative items, fundraisers said.

"Hollywood money for the most part is actually quite pure," said veteran Los Angeles Democratic fundraiser John Emerson, the other co-chairman of Obama's Southern California finance team. "It's given by people who really believe in the issues. They're not writing the checks because they're after some regulatory change."

Dan Glickman, who served as chairman of the Motion Picture Assn. of America from 2004 to 2010 ? the position Dodd holds now ? said some in the entertainment industry may have residual "sour feelings" from the White House's stance on the anti-piracy legislation, but not enough to make a significant dent in the president's reputation with Hollywood Democrats.

"On issues like censorship, how to deal with the less fortunate in society, dealing with the poor ? they're pretty strong advocates of the progressive agenda," Glickman said. "They're not one-issue voters."

Indeed, key figures in the entertainment community have been ardent backers of Obama's reelection bid.

Producer Paula Wagner says she has been and continues to be an Obama supporter but does not view the issue of piracy through a political lens: "This transcends politics," she said. "Nobody has the right to steal our movies, but that's not political. Maybe the bill was too Draconian and needs to be restructured without violating free speech, privacy and access to information."

Producer and former MCA Inc. President Sidney Sheinberg said Newt Gingrich once asked him why Democrats got so much Hollywood support and the Republicans did not: "I told him the reason is that most people in Hollywood vote their conscience, not their pocket book."

For example, Sheinberg said his wife, actress Lorraine Gary, "is going to vote for a pro-choice candidate."

Fundraising co-chairman Solomon, who is also chief executive of the Tennis Channel, said that even though there was some initial anger over the administration's stance on the anti-piracy measures, many top Hollywood executives now feel the initial legislation was flawed.

"A few who have been on the front line of pushing this might try to exact a pound of flesh," he said. "But the notion that steadfast supporters were going to walk out the door en masse and hand the election over to Newt Gingrich or Rick Santorum or Mitt Romney is pretty preposterous."

Some of the industry's best-known figures are raising money for the campaign. Among them are film producer Jeffrey Katzenberg and political advisor Andy Spahn, who each brought in more than $500,000 by the end of 2011, according to figures released by the campaign. Solomon also raised more than $500,000, while talent agent Ari Emanuel (brother of former White House chief of staff Rahm Emanuel) corralled between $100,000 and $200,000.

According to the Center for Responsive Politics, fundraisers working in the film, television and music industries have raised $4.75 million for Obama's election through the end of 2011 ? well above the $3.7 million raised for Obama by the same industry groups during the entire 2008 election cycle.

And when First Lady Michelle Obama visited Los Angeles two weeks ago to headline two campaign fundraisers, the sold-out events brought in more than $1 million, organizers said.

President Obama's visit is his first to Los Angeles since two bills that were strongly backed by the MPAA ? the Protect Intellectual Property Act and the more controversial Stop Online Piracy Act ? were derailed. The bills would have given the Justice Department authority to seek court orders requiring Internet search engines and payment processors to block access to websites involved in piracy.

While studios and unions argued they were necessary to combat online piracy from foreign websites, opponents including Google led a campaign to defeat the bills, viewing them as a threat to their industry and freedom of speech on the Internet.

The White House publicly criticized key aspects of the bills, angering many in Hollywood who felt the president was siding with Silicon Valley interests. Others aren't blaming the White House for the backlash against SOPA.

"Hollywood got beat because these new companies had better messaging and leveraged their extraordinary distribution and market share,'' said Charles Segars, chief executive of the arts TV channel Ovation. "I don't blame the White House for our error."

During his two-day campaign swing through California, Obama will be making stops in both Los Angeles and San Francisco, soliciting funds from Hollywood and the high-tech sector ? opposing sides in the online piracy issue.

When asked for his comment on Obama's Hollywood fundraisers, Dodd said that the MPAA hopes Obama "will use this opportunity in both communities to reiterate the important point that he made in the State of the Union: that online content theft is a problem, that it harms U.S. workers and U.S. business and that now is the time to come together to find meaningful solutions to protect American intellectual property from foreign criminals."

Hollywood donors attending Wednesday's fundraisers will likely raise the topic in person if they have the opportunity, Glickman added.

Those who "feel strongly have an obligation to bring up the issue in a cordial, courteous way," Glickman said. "And I think they probably will."

richard.verrier@latimes.com

matea.gold@latimes.com

Times staff writers Melanie Mason, Meg James, Dawn C. Chmielewski, Christi Parsons and Ben Fritz contributed to this report.

Source: http://feeds.latimes.com/~r/latimes/entertainment/news/~3/WKReJ-3cMpo/la-et-obama-hollywood-20120215,0,4665832.story

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Wednesday, February 15, 2012

How soon can you use a VA loan to purchase a home after a ...

My husband and I did a short sale on our home 15 months ago on an FHA loan, because we were stationed over seas for three years it became to hard to hold onto the home. We would like to purchase another home using my husbands VA benefits now that we will be stationed stateside again. How long do we have to wait to use the VA loan?

Source: http://www.financelearning.org/credit/how-soon-can-you-use-a-va-loan-to-purchase-a-home-after-a-shortsale-on-an-fha-loan/

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Tuesday, February 14, 2012

Late payments on mortgages rise again in 4th qtr (AP)

NEW YORK ? Late payments on mortgages ticked up in the last three months of 2011, the second straight quarter-to-quarter increase after nearly two years of steady decline.

Credit reporting agency TransUnion said 6.01 percent of mortgage holders were behind on their payments by 60 days or more in the October-to-December period. That compared with 5.88 percent for the third quarter of 2011.

To be sure, the rate is down significantly from the fourth quarter of 2010, when 6.41 percent of mortgage holders were behind by two or more months. But the uptick is still unwelcome news.

"We were hoping for better, because delinquencies remain very high," said Tim Martin, group vice president of U.S. Housing in TransUnion's financial services business unit. Prior to the housing bust, the mortgage delinquency rate typically hovered around 2 percent.

What's more, while the national rate fell from the prior year, 18 states showed delinquency increases from the 2010 period. Leading the increases was a big jump in New Jersey, where the rate went to 8.32 percent from 7.43 percent.

While the national rate is still far above normal, however, Martin said the increase in the fourth quarter may in part reflect a return to seasonal patterns that disappeared during the economic downturn. Historically, delinquencies rose in the fourth quarter as some homeowners directed their funds elsewhere.

"We were certainly off pattern for the last couple of years," Martin said.

He added that while the increase was not good news, the year-over-year decline is encouraging, and points to a continued, if slow, recovery in the housing market.

Of note were sharp declines in delinquency in Arizona, where the rate plunged to 7.5 percent from 9.7 percent a year ago, and California, to 7.14 percent from 9.14 percent in the 2010 fourth quarter.

These two states are among the four hardest hit by the housing and foreclosure crisis.

Nevada, where the housing market has also been hit hard, saw delinquencies decline sharply as well, to 12.08 percent from 14.76. Florida, which remains the state with the highest delinquency rate, saw a far smaller decline, to 14.27 percent from 14.5 percent.

Martin said the statistics were not unexpected, in part because of the apparent return to seasonal swings in delinquency. He also noted that housing prices continued to decline during the quarter, a key factor for homeowners who are struggling to keep up with their payments.

Indeed, prices dropped in November from October in 19 of the 20 cities tracked by the Standard & Poor's/Case-Shiller home-price index. Only Phoenix showed an increase for the month. And with a large number of vacant homes sitting idle on the market, prices are not expected to rise for several years.

TransUnion expects the rate of late mortgage payments to tick up again in the current quarter, and then resume their decline.

The news last week of a deal with the nation's five largest mortgage lenders will likely result in many suspended foreclosures being cleared off the books. And roughly 1 million homeowners are expected to see the size of their mortgage reduced through that deal with 49 state attorneys general, which should help reduce delinquency as well.

But until home prices stabilize and unemployment rebounds, Martin said many homeowners will continue to struggle with their payments. "Delinquencies won't get better until that other stuff works its way through the pipeline," and the economy also improves, he said.

Source: http://us.rd.yahoo.com/dailynews/rss/business/*http%3A//news.yahoo.com/s/ap/20120214/ap_on_bi_ge/us_mortgages_late_payments

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Traditionally Appealing Indian Paintings! | ArticleGoes - Free ...

Indian paintings have long history and have evolved with time and space. With wide geographic area and influence of various cultures and traditions.

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Paintings in India vary completely in their form, design and texture. However, two broad categories of paintings include miniature paintings and wall paintings. Almost on all the ancient palaces, temples and forts you can find exclusive wall paintings. Lifestyle of the kings and queens is depicted through these art forms. On the other hand, miniature paintings are done on the canvases like cotton cloth, silk and paper. Both these art forms are still popular not only in India but abroad as well.

The evidence of Indian paintings can be found on the caves of Ajanta and Ellora. Popular miniature paintings of the ancient times include Mughal paintings, Madhubani paintings, Marble paintings and Rajasthani paintings are worth mentioning. Apart from this, it is also the style of the paintings that play vital role in the overall appearance of the paintings. For examples some of the famous paintings based on the technique only are Silk paintings, Batik paintings, velvet paintings and many more.

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Rajasthani paintings of royal city are known for its exclusive designs and portray of incidences from the court on paper and large cloths. Well known schools of miniature paintings in Rajasthan are Mewar, Alwar, Kishangarh, Dhudhar and Marwar.

Another well known art form is Madhubani Paintings made by the women residing in the Mithila region of Bihar. The engaging art form is done on the paper and silk cloth. The incidence from the daily life, mythological events and various gods are drawn on the paper using handmade brush and natural colours only. It is still done in the traditional way as it was done several years ago!

Patachitra paintings are the famous Indian paintings of Orissa. Portraying the various forms of Lord Jagannath in Puri it is considered very auspicious as well. Made on paper utilizing natural colours it is truly the wealth of the nation!

Satyajit Banerjee is an expert writer in handicraft arena and writes for Craffts.com, an eCommerce portal for handcrafted and Handmade products. It offers wide range of products across various categories ranging from Home Accessories , Indian Paintings,Decorative Paintings,Paintings Gallery, Home Decor much more.

Source: http://articlegoes.com/traditionally-appealing-indian-paintings.html

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