Monday, February 13, 2012

Apple stock at $500 heading for $ half billion value


Today, Apple (symbol: AAPL) stock is trading over $501 (+8.00).
This values Apple company at $467 billion, highest of any technology company, higher than Microsoft or Google.
This is the first time Apple  stock has passed $500 mark.
Apple has annual sale of about $127 billion.

Thursday, February 9, 2012

Obama backstabs homeowners but bails out banks by settling foreclosure fraud crimes

This is indeed a sad day today when Obama Administration announced a $20 billion settlement in the bank foreclosure fraud crimes. Banks that causes over $700 billion dollars in real estate damages, trillions of dollars in world wide economic damages and brought homelessness and suffering to millions of people will walk away with miniscule $5 billion dollar payment. The biggest crimes of the centuries were not investigated nor prosecuted and corrupt bankers were not punished. This is another bailout to bankers, the crooks, by Obama, betrayal of American public and mockery of American justice system.

Here are some of the REACTIONS on Obama’s foreclosure fraud giveaway:

But I’m thinking of declaring this Bank Bailout Day, a holiday of the stature of President’s day…it’s clear that the amount of fraud was astronomical: 60% failures in one case. And if you’ve read that far, you know this is a bail out, every much as the billions gifted to banks in September 2008 was a bailout. The Administration wants to call this a settlement.  - Marcy Wheeler, Emptywheel

I think you can divine what I think of the foreclosure fraud settlement, which releases liability on a host of fraudulent conduct for only a $5 billion guarantee from the banks, as well as $20 billion made up mostly of “credits” that HUD believes will translate into around $34.5 billion overall. The credits play out over three years, so you can adjust for inflation, and in fact if you adjust in that way, as Matt Yglesias does, you find that this is around 10 times less than the tobacco settlement of the late 1990s.  And needless to say, it’s a drop in the bucket compared to the negative equity in the country which stands at around $700 billion. The $2,000 for foreclosed borrowers represents the bare minimum homeowners would expect to receive. -  David Dayen

Wells Fargo, Citi, Ally/GMAC, JPMorgan Chase and Bank of America just sealed a deal with 49 State Attorneys General that will release them from liability for out-right defrauding millions of homeowners. In exchange, families defrauded by the banks can apply for what amounts to 2 months rent ($1,800-$2,000) compensation for losing their homes. - Jane Hamsher

Another 750,000 people who lost their homes to foreclosure from September 2008 to the end of 2011 will receive checks for about $2,000. The aid is to be distributed over three years. – NY Times

This settlement is an incredible breach of the social contract between the government and the governed.On top of everything else, nobody seems to think it’s going to be helpful to the recovery of the housing market, help the economy, or do anything except bail out the banks, again. – Cynthia kouril

“I wouldn’t say it’s a panacea for the housing industry but it is good for the banks to get this behind them,” said Jason Goldberg, an analyst with Barclays. –NY Times

About one in five Americans with mortgages are underwater, which means they owe more than their home is worth. Collectively, their negative equity is almost $700 billion. On average, these homeowners are underwater by $50,000 each.  – NY Times

On the other hand, the banks are evidently bribing the AG’s with money to use to pay for their investigations of—the banks. And useless consumer credit education, to perpetuate the myth that this is the fault of greedy or stupid homeowners who bought more house then they could afford; rather than the reality that they were fraud victims of predatory lenders. – Cynthia Kouril

 “I just don’t think it’s going to be a life-changing event for borrowers,” said Gus Altuzarra, whose company, the Vertical Capital Markets Group, buys loans from banks at a discount. - –NY Times

“It may be good for individual homeowners, but if you don’t do something to help the foreclosure process, it’s not going to help the housing market,”  –NY Times

We’ve now set a price for forgeries and fabricating documents. It’s $2000 per loan. This is a rounding error compared to the chain of title problem these systematic practices were designed to circumvent. The cost is also trivial in comparison to the average loan, which is roughly $180k, so the settlement represents about 1% of loan balances. It is less than the price of the title insurance that banks failed to get when they transferred the loans to the trust. It is a fraction of the cost of the legal expenses when foreclosures are challenged. It’s a great deal for the banks because no one is at any of the servicers going to jail for forgery and the banks have set the upper bound of the cost of riding roughshod over 300 years of real estate law. –      Yves Smith, Naked Capitalism

Obama’s operatives have doggedly pressed for a settlement that would effectively give banks immunity from prosecution. Instead, home owners would be “compensated” from a paltry fund of no more than $25 billion – a drop in the bucket, considering the trillions in housing values that disappeared into illegally securitized air in the catastrophe, and much of the money might not even come out of the bankers’ own accounts. He has also opined that most of what the bankers did was “not illegal.” Every action he has taken as president has been to protect the innocents on Wall Street.    - Glen Ford, BlackAgendaReport.com

First it screws over homeowners by immunizing robo-signing from criminal prosecution or large scale civil suit. The robo-signing is the smoking gun that is the key to proving every other part of this criminal conspiracy, which is why the banks had to have robo-singing immunized. So, homeowners are screwed.

Yet that is not the end of the harm that this deal does to the public. The principal write downs in question are not being funded by the banks. No, they will be funded out from under the bond holders. The bonds held by pension funds, municipalities, hedge funds, and even in the portfolios of individual investors. Yep, John Q. Public is raped at both ends of this deal. This is the worst of outcomes. You will lose your house and then see your retirement gutted. And the courts will have been permanently corrupted.  - Cynthia Kouril

We are especially disappointed in the “Justice Democrats” — particularly Attorney Generals Eric Schneiderman and Kamala Harris — whose complicity proves that any faith in their moral fiber or independence was misplaced. When Timothy Geither and the Obama White House pressed them to fold, they did so. At a time when America needs leaders to fight for justice and accountability, they chose to advance their own careers by protecting the corporations and bankers of the oligarch class — hoping that a few press releases filled with platitudes echoed through an expensive propaganda machine will fool a credulous public.  It won’t.    - Jane Hamsher

The Obama Administration has followed a predictable pattern we now recognize. It has consistently functioned like criminal defense counsel, whose mission is to get their criminal clients, the major corporations and executives who fund their elections, off with no admission of guilt, no forced resignations, and as little harm to their reputation, or that of the counsel, as possible. To do this, they neutralize anyone with an ounce of public purpose in their veins. Obama’s people have performed this function for America’s looters over and over again. They did it for Wall Street, the banks, the rich tax evaders, the insurance companies, the oil companies, the gas companies, the coal companies, the CIA, the DoD, and numerous torturers and their legal/policy enablers and associated war criminals in the previous administration   - Scarecrow

Not only did Wall Street settle its robo-signing, illegal foreclosures and servicing problems with the Department of Justice and 49 state attorneys  general (Oklahoma settled independently) but lost in the headlines was that the two major regulators of national banks, the Office of the Comptroller of the Currency (OCC) and the Federal Reserve, also settled with the biggest Wall Street banks in a decidedly cozy deal that effectively lets them off without a monetary fine as long as they pay under the federal-state settlement agreement.  There’s also something peculiar about the Federal Department of Justice and 49 states setting up an informational web site that ends in .com instead of .gov.  Register.com shows the web site has used a privacy shield to block the name of the owner of the site.  -  Pam Martens

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References:
Bank Bailout Day, February 9, 2012   - Marcy Wheeler, Emptywheel
State of Obama: Immunity for Wall Street -Glen Ford.BlackAgendaReport

 

Monday, February 6, 2012

Top Innovations of 2011

For the last 4 years, The Scientist has been holding an annual contest to name Top 10 innovations. The 2011 contest received 65 entries. Here is a list of the Top 10 Innovations of 2011:

1. Pocket Microscope (LUCAS), Aydogan Ozcan, an electrical engineer at the University of California, Los Angeles (UCLA). It is a cheap way of doing something that usually requires a microscope. LUCAS (Lensless, Ultra-wide-field Cell monitoring Array platform based on Shadow imaging), an easy-to-use, pocket-size holographic microscope that weighs less than 50g, uses inexpensive, off-the-shelf parts, and can be attached to a cell phone’s camera, making it ideal for diagnosing disease in isolated, developing countries.

2. All Around the Mouse (BioFLECT), the first 360-degree optical imager, which uses a rotating ring of 48 detectors to generate a full 3-D scan of fluorescent markers. This instrument should greatly enhance the sensitivity and accuracy of locating fluorescently labeled cells and compounds in live animals, enabling a whole range of in vivo experiments.

3. PCR in a Pouch (FilmArray system), Mark Poritz, Idaho Technology Inc. Designed to make pathogen detection simple, accurate, and fast. Incredibly easy one-step multiplexed PCR.

4. Single-Cell Mass Cytometry (CyTOF), DVS Sciences. a mass spectrometer that can feed researchers data about molecules within and on the surface of individual cells, revealing not only the cell’s identity but also some of its functions. Revolutionary instrument allows the analysis of potentially over a hundred different antibodies binding to thousands of cells.

5. Illuminating Microscopy (N-SIM Super Resolution Microscope), University of California, San Francisco. N-SIM technology provides researchers with the ability to combine the molecular specificity of fluorescently tagged proteins with a significant improvement in resolution allowing them to observe fine structural details which were previously obscured by diffraction.

6. DNA Deluge (ThunderStorm System), RainDance Technologies. ThunderStorm System for DNA sequencing is the newest iteration of the company’s popular next-generation RDT1000 model. The ThunderStorm allows researchers to sequence up to 20,000 regions per sample. The product is ideal for large genome-wide association studies with thousands of samples.

7. Mini MRI  (M2 Compact MRI System), Aspect Imaging.  Owning a magnetic resonance imaging (MRI) machine generally requires a lead-lined room, a plumbed-in cooling system, expert operators, and a few million dollars. Now, all you need is about one square meter of space and $500,000. A portable MRI instrument that can be used in a non-expert dedicated lab represents a significant advance for this important technique.

8. The Circadian Watch (Dimesimeter), Lighting Research Center at Rensselaer Polytechnic Institute.  Wear it as a wristband, badge, pendant, or pin it to your shirt or hat—the Dimesimeter isn’t the latest fashion statement, but it may offer researchers insights into how disrupting circadian rhythms affects human physiology, behavior, and disease. 

9. One-Step Sample Prep (LAESI), chemist Akos Vertes of George Washington University developed Protea Biosciences, Inc.’s LAESI (Laser Ablation Electrospray Ionization) DP-1000 System. A new way of doing imaging mass spectrometry that gets away from some of the extensive sample preparation previously needed. Should make MS-imaging more reproducible and accessible.

10. Super-Resolution Solution (SR GSD Microscopy System), Leica Microsystems. Many people consider improvement in imaging as one of the most exciting fields in light microscopy. It would be fantastic to improve imaging in the nm range.

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Reference

Friday, February 3, 2012

Susan G. Komen Foundation criticized by Senators Boxer and Murray

Susan G. Komen Foundation’s decision to cut funding and ties to Planned Parenthood has generated a huge amount of criticism. Over 20 senators have signed a letter protesting Komen's decision.

Today, Senators Barbara Boxer and Patty Murray appeared on MSNBC to speak out regarding Susan G. Komen for the Cure’s decision to stop funding critical breast cancer screenings through Planned Parenthood.

Senator Boxer released this statement:

“I was perplexed and troubled that Komen for the Cure cut off funding for life-saving breast cancer screenings because of a political witch hunt by House Republicans.  I truly hope that they will reconsider this decision and put the needs of women first.”

Watch the VIDEO


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References;
http://boxer.senate.gov/en/press/videos/020212.cfm

http://foodandfitness-idea.blogspot.com/2012/02/komen-breast-cancer-foundation.html

National wear red day and heart awareness

Friday, February 3, 2012 is National Wear Red Day when Americans nationwide will wear red to show their support for women's heart health.  Read more…
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Reference

Facebook IPO shows fat Executive Compensation

Facebook has filed for Initial Public Offering (IPO) to sell its stock public.  Facebook’s estimated value is about $100 billion and it is hoping to raise $5 billion by selling share. Paperwork filed with the Securities and Exchange Commission suggests that a lot of people are going to get rich.

Facebook claims to have 845 million members who are rich source of advertising income. Facebook users upload 250 million photos a day, signal that they “like” items posted by friends about 2.7 billion times a day, and have created a web of 100 billion friends and connections on its site. 

The company makes majority of its money from selling display ads targeted to its users who provide facebook with their person lifestyle data as a condition of registering at the website. Last year, Facebook had $1 billion in profits on revenue of $3.7 billion.

Executive Compensation seems to be generous. A list of executives and their compensation indicates that their wallet are getting fat and fatter.

Mark Zuckerberg, CEO: Zuckerberg made a salary of $483,333 in 2011, in addition to a $220,500 bonus for the first half of 2011. He also received “other” compensation — which covers such things as chartered travel costs and security details — that totaled $783,529. Overall, Zuckerberg received $1,487,362 for 2011,

Sheryl Sandberg, COO:  Sandberg had a salary and bonus of $381,966 in 2011, but was also granted about $30 million in stock awards. Ms Sandberg, who already holds 1.9 million shares in the social network also has  options on a further 38.1 million shares vest over the next five years.

David Ebersman, CFO: David Ebersman, one of the most important Facebook executives that you’ve never heard of, also made $381,966 in salary and bonuses. With stock, his total compensation comes to $18.6 million.

Mike Schroepfer, VP of Engineering:Mike Schroepfer, the vice president of engineering, made $333,833 in salary and bonuses in 2011. Combined with his bonus and stock awards, he made $24.7 million last year.

Theodore W. Ullyot, VP, General Counsel and Secretary: Theodore Ullyot made $749,583 in salary and bonus and was granted about $6 million in stock awards and $110,644 in other compensation..


Large shareholders

Mark Zuckerberg, CEO, holds the most shares — 533.8 million, owning about 28 percent of the company. They will be valued at around $28 billion.

Sheryl Sandberg, COO, holds 1.9 million shares in the social network also has  options on a further 38.1 million shares vest over the next five years.

Peter Thiel, PayPal co-founder, tech entrepreneur, investor and philanthropist has served on Facebook's board since April 2005. According to Facebook's IPO filing, Thiel holds 44.7 million shares which is about 2.5 percent of the company.

Donald Graham, chief executive officer and chairman of the board for The Washington Post Company, has been on Facebook's board of directors for almost three years. Graham holds 1 million restricted stock units.

David Ebersman has been Facebook's chief financial officer since September 2009. Prior to that he served as the CFO for biotechnology firm Genentech. According to the filing, Ebersman holds 2.2 million shares.
Mike Schroepfer, Facebook Vice President of Engineering, has been in his position since September 2008. Before coming to the tech sensation, Schroepfer worked at Mozilla and Sun Microsystems. He holds 2.1 million shares.
 
Marc Andreessen ,Internet browser pioneer, has been a Facebook board member since June 2008. He co-founded venture capital firm Andreessen Horowitz and Netscape Communications. He holds 3.6 million shares.

Ted Ullyot, Facebook General Counsel, holds 1.9 million shares.

Dustin Moskovitz , Facebook co-founder, holds 133.8 million shares, owning 7.6 percent of the company.