November 28, 2011 nº 1,118 - Vol. 9
"The eye altering, alters all."
William Blake
Insider's view: see how local concerns shape up the global world. Read the daily press review in Migalhas International.
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Secret Fed loans gave banks undisclosed $13b
The Federal Reserve and the big banks fought for more than two years to keep details of the largest bailout in U.S. history a secret. Now, the rest of the world can see what it was missing. The Fed didn't tell anyone which banks were in trouble so deep they required a combined $1.2 trillion on Dec. 5, 2008, their single neediest day. Bankers didn't mention that they took tens of billions of dollars in emergency loans at the same time they were assuring investors their firms were healthy. And no one calculated until now that banks reaped an estimated $13 billion of income by taking advantage of the Fed's below-market rates. Saved by the bailout, bankers lobbied against government regulations, a job made easier by the Fed, which never disclosed the details of the rescue to lawmakers even as Congress doled out more money and debated new rules aimed at preventing the next collapse. While Fed officials say that almost all of the loans were repaid and there have been no losses, details suggest taxpayers paid a price beyond dollars as the secret funding helped preserve a broken status quo and enabled the biggest banks to grow even bigger. The size of the bailout came to light after Bloomberg LP, the parent of Bloomberg News, won a court case against the Fed and a group of the biggest U.S. banks called Clearing House Association LLC to force lending details into the open. The Fed, headed by Chairman Ben S. Bernanke, argued that revealing borrower details would create a stigma -- investors and counterparties would shun firms that used the central bank as lender of last resort -- and that needy institutions would be reluctant to borrow in the next crisis.
US commission to examine effects of immigration laws on civil rights
The US Commission on Civil Rights announced on Tuesday that it will examine the impact that state-enacted immigration enforcement laws have on individual civil rights. The announcement stems from a unanimous vote taken at the Commission's most recent business meeting. Following the vote, Martin Castro, Commission Chairman, stated, "I believe that the enactment of these state immigration enforcement laws presents a pressing national civil rights issue that affects immigrants and US citizens alike. I'm proud that my fellow Commissioners joined me in voting unanimously and in bipartisan manner to have the Commission look into this important issue." The Commission will start by focusing its efforts on the laws in Alabama, Georgia and South Carolina in an attempt to determine whether these laws have resulted in increasing hate crimes or instances of racial profiling, among other civil rights violations.
AT&T spars with F.C.C. over withdrawal of T-Mobile deal
AT&T argued that the telecommunications giant should be allowed to withdraw the deal from consideration by the Federal Communications Commission without needing permission from the regulator. Because AT&T withdrew its application for approval before F.C.C. commissioners voted on a proposal by the agency's chairman to move the case to an administrative law judge, the company should be allowed to pull its submission. AT&T withdrew its application for approval in the early morning hours of Thanksgiving, but said it planned to resubmit the deal for the agency's consideration at a later date. The F.C.C. has indicated that its options include granting AT&T's withdrawal, but potentially with prejudice, meaning that the company could not re-file for approval later, or moving ahead with the administrative law case.
Ho Ho Ho!
This year Santa decided to take his magical elves, and eight flying reindeers, to the sunny coast of Natal, a Brazilian city known for its beautiful beaches and dunes. True to tradition, he just finished writing his notes in his book on who has been naughty or nice. This year, he dropped jute bags containing presents and willow canes in Migalhas' chimney, to be distributed. And since we think all Migalhas readers have been behaving well, we will raffle eight books offered by Disal Publishing Group. To get a chance to write your letter to Santa and to participate in the raffle, please click here. Sympathetic magic of Christmas!
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China's Li says property curbs to stay
Chinese Vice Premier Li Keqiang said measures introduced to control the nation's property market are at a "critical stage" and that the government should maintain the curbs. The government intensified property measures this year with limits on mortgages and restrictions on home purchases in about 40 cities, as well as aiming to build 10 million affordable housing units to boost supply.
China may find it hard to break fall
A key measure of conditions in China's manufacturing sector to be released this week could provide further evidence of deteriorating output in the world's second-largest economy.
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Leaders in Europe seek new pact
Euro-zone leaders are negotiating a potentially groundbreaking fiscal pact aimed at preventing the currency bloc from fracturing by tethering its members even closer together. The proposal, which hasn't yet been agreed to, would make budget discipline legally binding and enforceable by European authorities. Officials regard the moves as a first step toward closer fiscal and economic coordination within the currency area. That would mark a seminal shift in the governance of the 17-nation euro zone.
Supreme Court to decide whether lawsuits require harm
In a dispute pitting big business against consumer groups, the U.S. Supreme Court will hear arguments on whether a person has to suffer legal harm to sue a company over an alleged kickback it got.
Arab League approves sanctions on Syria
The Arab League has approved sanctions against Syria, including an asset freeze and an embargo on investments. It comes after months of unrest. The United Nations estimates about 3,500 people have died as Syria has sought to put down anti-government protests. The Arab League suspended Syria earlier this month, in a move denounced by Damascus as meddling in its affairs.
Critics target bribery law
For corporate America's top lobbyists, trying to curb a powerful antibribery law known as the Foreign Corrupt Practices Act has risen to the top of the agenda, sparking a widespread debate about how the legislation is enforced. In the past five years, a remarkable run of enforcement of the U.S. law has led to about $4 billion in penalties against corporations. The law prohibits companies from paying bribes to foreign officials to win business. A violation can result in criminal prosecution. High-profile settlements involving both U.S. and foreign companies, including Siemens AG, Halliburton Co. and Johnson & Johnson, have burnished the law's reputation as a major force internationally. But as the FCPA's stature has grown, so has resistance from companies, which have thus far responded by paying for multimillion-dollar compliance programs that help them identify bribery risk in their dealings abroad. Now, amending the law is a priority for the U.S. Chamber of Commerce, the largest lobbying organization in Washington. In the first three quarters of this year, the chamber paid outside lobbyists to press for changes to the FCPA and other laws. U.S. authorities have said their goal is not only to prosecute FCPA violations but also to promote a level playing field in business transactions by eliminating corruption from the equation. But the chamber and lawyers who support amending the FCPA say there is still substantial confusion over what is legal and what isn't.
UK cyber security plan includes PPP
Cybercrime is topic that receives significant focus, in particular for the damage it does to the financial and social fabric of a country. With an increased focus on cybercrime, and renewed focus on cyberspace as an engine of economic and social prosperity, the strategy continues to hone UK Government's understanding of this vibrant, complex and increasingly global domain. Many of the strategy objectives - in particular those related to securing critical infrastructure - will require close engagement with the private sector. These public-private partnerships are essential, and require awareness, engagement and trust among senior decision makers on all sides.
Merck challenges Facebook after 'losing' page
The German drugmaker Merck KGaA has begun legal action against Facebook after discovering what its lawyer described as the "the apparent takeover of its Facebook page". The webpage is being used by the German firm's US rival Merck & Co. Merck KGaA said that the social network "is an important marketing device the page is of great value", adding that since its competitor was benefiting from the move "time is of the essence." Merck KGaA said it had entered into an agreement with Facebook for the exclusive rights to www.facebook.com/merck in March 2010. However, Merck KGaA said it had discovered it had lost control of the page, and that content on the site now belonged to Merck & Co. The court filing with the Supreme Court of the State of New York notes that: "Merck is considering causes of action for breach of conduct, tortious interference with contract, tortious interference with prospective business advantage, and/or conversion." Note: The two drugmakers both stem from the same firm set up by a pharmacy owner in the German city of Darmstadt in 1668. The business was split in two after World War I as part of the reparations package imposed on Germany.
Chavez repatriates Venezuela's foreign gold reserves
Venezuela has received its first shipment of gold bars, after President Hugo Chavez ordered the repatriation of 85% of the country's bullion reserves. Chavez has explained the move as an act of sovereignty that will protect Venezuela's reserves from global economic turbulence. However critics say it is expensive and unnecessary. Most of Venezuela's foreign gold reserves are held in London. Venezuela plans to bring home around 160 tons of gold, worth more than $11bn.
Sexual violence marks latest Egyptian protests
Despite the chanting and the plastic tents, Tahrir Square now is a different place than it was when protestors overthrew the Mubarak regime. This latest phase of Egypt's revolution has been much more violent — and much of that violence has targeted women.
UAE court sentences 5 policital activists
The UAE - United Arab Emirates Federal Supreme Court in Abu Dhabi on Sunday sentenced five pro-democracy activists to prison for participating in a campaign seeking political liberties. One activist was sentenced to three years in prison while the others were sentenced to two years in prison by the three-judge panel. The activists will not be able to appeal the convictions and prison sentences because the cases were heard in the country's highest court.
Mexico activists seek ICC probe of Calderon, drug war
Mexican activists on Friday filed a complaint in the International Criminal Court asking the court to investigate alleged human rights violations by the army and police resulting from the attack on drug cartels initiated by Mexican President Felipe Calderon. The activists claim that, in addition to the nearly 470 cases of human rights abuses perpetrated by the government, Mexican drug lords have also committed crimes against humanity since 2006, including an estimated 40,000 deaths.
Berlusconi loses bid to block testimony at corruption trial
An Italian high court Thursday rejected an application by former prime minister Silvio Berlusconi to prevent testimony being heard at his corruption trial. Berlusconi had applied for but was denied an interim injunction preventing David Mills, his former tax lawyer, from appearing via video link from a London court. A justice sitting in private in London turned down the application after giving weight to Italian prosecutors' arguments that Berlusconi was merely trying to delay proceedings. Mills, 64, had set up a web of offshore companies and trusts for Berlusconi, and was indicted with the former prime minister on corruption charges by the Milan district court. He is the estranged husband of former Labour cabinet minister Tessa Jowell, who split with Mills in 2006 after it emerged that, unknown to her, he had paid off part of their mortgage with £350,000 allegedly given as a gift by Berlusconi. Mills was convicted in absentia in February 2009. He is now due to testify at Westminster magistrates court on Monday.
U.S. law firms plan South Korea offices
Law firms plan to open offices in Seoul now that a free trade deal is allowing foreign law firms in. South Korean lawmakers last week ratified the free trade agreement first negotiated with the U.S. government more than four years ago. The accord, which is likely to take effect Jan. 1, allows American lawyers to enter a market where more than $119 billion has been raised from debt and equity sales this year, from $92 billion in 2005.
Time
Why anxiety is good for you. The Two Faces of Anxiety. It can paralyze you — or help you move faster. New science is revealing more about the upside of angst.
Newsweek
The sex addiction epidemic. It wrecks marriages, destroys careers, and saps self-worth. Yet Americans are being diagnosed as sex addicts in record numbers. Inside an epidemic.
Business Week
The company that sees everything. Palantir, the war on terror's secret weapon. A Silicon Valley startup that collates threats has quietly become indispensable to the U.S. intelligence community.
The Economist
Is this really the end? (The Eurozone)
Der Spiegel
Und jetzt? (Eurozone)
L'Espresso
Ingiustizia. Le cause arretrate sono cinque milioni e mezzo e ci vogliono dieci anni per avere una sentenza. Il processo civile all'italiana è tra i peggiori al mondo. Ecco perché. E come rimediare.
Polls open in Egypt's landmark elections
Al Jazeera, Doha, Qatar
Syrian opposition to discuss post-regime era
Asharq Al-Awsat, Pan-Arab daily, London, England
Qatar: Syria sanctions to be enforced now
Egyptian Gazette, English-language, Cairo, Egypt
Egyptians go to the polls for first round of post-Mubarak elections
Haaretz, Liberal daily, Tel Aviv, Israel
Analysis: Syria neighbors may soften sanctions blow
JPost, Conservative, Jerusalem, Israel
Multi-billion pound economic push
BBC News, Centrist newscaster, London, England
Polls open for Egypt's historic vote
CNN International, London, England
11 die in bomb attack outside jail
Daily Express, Conservative tabloid, London, England
Gary Speed dead: Wales football manager 'commits suicide' at 42
Daily Mail, Conservative daily, London, England
'I am just so glad I did it': Anita Dobson leaves Strictly Come Dancing with no regrets
Daily Mail, Conservative daily, London, England
New Yemeni interim prime minister named
EuroNews, International news, Ecully Cedex, France
EGYPT: Egypt votes in historic parliamentary elections
France 24, Issy-les-Moulineaux, France
Iran parliament votes to expel British ambassador
Hurriyet Daily News, (Liberal, English-language), Istanbul, Turkey
Voting begins in landmark Egyptian election
Independent The, London, England
iPhone 4S Russia release dates announced
Moscow News The, Independent, Moscow, Russia
'Highly likely' Nato was responsible for killing 24 Pakistani soldiers
Telegraph The, Conservative daily, London, England
David Bowie agrees for his songs to be used in Heroes musical
Telegraph The, Celebrity news, London, England
City Hall lowers opened sluice gate
Bangkok Post, Independent, Bangkok, Thailand
Saboteurs blow up Egypt gas pipeline to Jordan, Israel
China Post, English-language daily, Taipei, Taiwan
Medical Tourism in Korea Has Huge Room to Grow
Chosun Ilbo, Conservative daily, Seoul, South Korea
UN warns 25 % of world farmland highly degraded
Hindustan Times, New Delhi, India
7 Bihar students nabbed for 'terror links'
India Times, Conservative daily, New Delhi, India
How to ramrod an American congressman
Japan Times, Independent centrist, Tokyo, Japan
Gingrich gets important endorsement in US presidential race
New Zealand Herald, Conservative daily, Auckland, New Zealand
Expert warns of investment immigration pitfalls
People's Daily Online, English-language, Beijing, China
WikiLeaks wins Australian journalism award
Straits Times, Pro-government, Singapore
A murderous betrayal
Sydney Morning Herald, Centrist daily, Sydney, Australia
There are unrests in Arab world's includes Egypt, Syria, Morocco, Libya, Yemen, Bahrain and Tunisia
Taiwan News, English-language daily, Taipei, Taiwan
US economy expands 2% in September quarter
The Economic Times, Business, Mumbai, India
Calgary buildings damaged in storm
Canadian Broadcasting Centre, Toronto, Ontario
Pakistan says NATO ignored its pleas during deadly attack
Globe and Mail The, Centrist daily, Toronto, Canada
World's Top Five Billionaire Bachelors
International Business Times, Business news organization, New York, U.S
Celebrity Power Boosts U.N.'s New Anti-Trafficking Campaign
IPS Latin America, International cooperative of journalists, Rome, Italy
Asian shares jump on hopes of Europe crisis action
Reuters, Business News, New York, U.S
Voters queue in Egypt's first post-Mubarak election
Reuters, World News, New York, U.S
Murdered sisters not unique in their struggles
Toronto Star, Toronto, Ontario
Polls open after DR Congo clashes
BBC News, Centrist newscaster, London, England
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