American International Group´s board of directors announced Wednesday that the bailed-out company will not join a lawsuit against the U.S. government -- after lawmakers repeatedly warned the firm not to bite the hand that fed it. (Snip) Starr International Co. Inc., the investment firm of former AIG CEO Maurice Greenberg, had filed the lawsuit in November 2011 on behalf of the firm and AIG shareholders. The complaint asserts that the government didn´t provide shareholders fair compensation when it took a nearly 80 percent stake in the insurer as part of its bailout. AIG said that,
Comments: *[w/ Associated Press]. It seems that when the government sold its shares of AIG, it made $22.5B profit of a former bankrupt banking company. This is way over my head [economics], but do wonder where the money went? Is there a record somewhere of these bailouts and what Feds did with money they got back? After all, the TARP money came from US.
LHM, here´s another one...... If the sum of the total provided a $22.5 BILLION dollar profit, how come ANY intervention was necessary? Sounds to me like a plain ol´ Chapter 11 woulda fixed what ailed ´em and allowed the INVESTORS to reap the profit.
It´s no secret that the right is going through what some call a healthy debate and what others see as an identity crisis. For some, the solution to what ails it requires a sudden philosophical shift leftward to win back the last Rockefeller Republicans, presumably hanging on in nursing homes like stranded Japanese fighters who haven´t heard World War II is over. Others argue that Republicans must shake off the heresies of moderation and compromise and accept the unalloyed true faith of 100% conservatism. Those are hardly the only choices, of course. Some make a very good case for fighting fire with
Washington - The U.S. government faces billions of dollars in potential costs if it decides to cancel foreign military aid to Egypt, a senior Pentagon official told Reuters on Wednesday. (Snip) Washington has already halted deliveries of four F-16 fighters built by Lockheed Martin Corp, and must decide soon on several other large weapons shipments, according to U.S. government officials. Some smaller items covered by the foreign military assistance have been allowed to proceed. Funding for the weapons sales must be finalized or "obligated" by September 30, when the U.S. government´s 2013
New York - The National Rifle Association said on Wednesday it supports a lawsuit brought by civil rights groups to strike down the U.S. government´s broad telephone surveillance program, citing potential violations of gun owners´ privacy rights. (Snip) The surveillance potentially provides "the government not only with the means of identifying members and others who communicate with the NRA," the brief said, "but also with the means of identifying gun owners without their knowledge or consent." The NSA referred questions to the U.S. Justice Department, which declined to comment.
Chattanooga, Tenn. - The prospect of the United Auto Workers (UAW) gaining a new foothold at Volkswagen’s plant in Tennessee worries some Southern Republicans, who say laws banning mandatory union membership have helped lure foreign automakers. But Volkswagen faces pressure from labor interests on its supervisory board to grant workers a stronger voice at the plant. And Handelsblatt, a German business newspaper, reported Monday that UAW President Bob King and five other officials discussed the Tennessee plant with the company’s employee-relations chief last week at VW’s
Washington - Delta Air Lines Inc (DAL.N) announced an order for Airbus jets on Wednesday worth almost $6 billion at list prices, softening its reliance on Boeing for the first time in two decades as it looks for plane bargains. The order, crowning a months-long competition between the transatlantic plane-making rivals, includes 30 A321 narrowbody planes to be used on domestic flying as well as 10 A330-300 widebody aircraft for international routes. Deliveries will be between 2015 and 2017. The list price for the deal is $5.6 billion, but analysts said Delta may have won a steep discount
Washington - The Obama administration on Wednesday escalated its effort to dismantle federal barriers to same-sex marriages, announcing that the Department of Veterans Affairs would immediately begin providing spousal benefits to gay men and lesbians despite a federal statute that limits such benefits to veterans’ spouses who are “of the opposite sex.” (Snip) “Decisions by the Executive not to enforce federal laws are appropriately rare,” Mr. Holder wrote. “Nevertheless, for the reasons described below, the unique circumstances presented here warrant nonenforcement.”
Chicago - A federal judge in a Chicago terrorism case has undone a key ruling where she found the government need not divulge whether its investigation relied on expanded phone and Internet surveillance programs — opening the sensitive issue back up to debate. U.S. District Judge Sharon Johnson Coleman took the rare step over the weekend of vacating that initial finding days after siding with government attorneys prosecuting Adel Daoud, a 19-year-old U.S. citizen accused of trying to ignite what he thought was a bomb next to a downtown Chicago bar last year.
Washington - An independent review panel has concluded that with American embassies and consulates facing an increasing threat of terrorist attacks, the State Department office overseeing diplomatic security is mired in the agency’s sprawling bureaucracy and must be elevated in importance. A separate, broader inquiry last December into the attack on the United States mission in Benghazi, Libya, that killed four Americans last Sept. 11 blamed the diplomatic security bureau and another State Department office as failing to coordinate and plan adequate security. That inquiry also found that several
With up to 50 per cent of ordinary Americans still opposed to possible American strikes on Syria, US servicemen have turned to social media to voice their objection. As Congress debates the pros and cons of an attack - with a resolution expected perhaps as early as tomorrow - US service personnel have posted images of themselves holding signs which speak of their opposition to intervention. The reason for their opposition goes back to the 10 point Syria explainer we ran last week. In that background summary of the civil war, we explained this isn´t a case of the brave,
Cairo - The two-month-old Egyptian government on Tuesday stepped up its use of swift military trials to lock up Islamist supporters of the ousted president, Mohamed Morsi, while an administrative court banned four satellite networks considered sympathetic to them, including an Egyptian affiliate of Al Jazeera. Although the government has promised a prompt return to inclusive democracy and the rule of law, the military trials and network closings extended its use of authoritarian tactics as it widens its crackdown on Morsi supporters and the Muslim Brotherhood. On Tuesday, a military court in Suez
Stockholm - President Barack Obama is seeking to use a 24-hour visit to this Swedish capital to show a softer side of American diplomacy even as the world´s gaze remains fixed anxiously on Syria. He intends to focus in the Nordic nation on climate change, trade and technology, a trio of issues on which there is broad consensus with European allies. The topics are a marked departure from the thorny, pressing matters he´s facing back home on national security and the economy. He also plans to pay homage to a Holocaust-era hero whose name is commemorated on street signs from
Moscow - Russia does not rule out agreeing to a military operation in Syria, provided Damascus´ responsibility for using chemical weapons is proved - but only with United Nations approval, President Vladimir Putin said Wednesday. In an interview with the Associated Press and Russia´s state TV network channel 1, the Russian president stressed that Russia needs "clear proof" as to who used chemical weapons in Syria, and that once it has this, "Moscow is prepared to act decisively." President Putin also confirmed that Russia has supplied components for the S-300 to Syria,
There is a sea change occurring in America fifty years after MLK Jr.´s "I Have a Dream" speech. This paradigm shift is spreading with the growing realization among our citizens that Black America (including our president) seems to hate Non-Black America. Temper this sweeping statement with the fact that blacks in America may genuinely like non-black individuals, just as whites in 1850 who believed blacks were a lower form of life still knew individual black men they respected for their particular talents and/or character.
Both House Speaker John Boehner and Minority Leader Nancy Pelosi said Tuesday that they would support President Barack Obama´s plan for limited military action in Syria, with Boehner saying that it´s "something the country needs to do." Both addressed reporters after a meeting Tuesday morning between Obama and Congressional leaders on Syria. "I´m going to support the president´s call for action, and I believe my colleagues should," Boehner said. Boehner´s support is significant for passage in a couple of ways. He rarely gets out publicly ahead of his Republican conference, so it suggests that he feels strongly a
Sen. John McCain (R-Ariz.) said Monday that it would be “catastrophic” if a use-of-force resolution against Syria fails to pass Congress. “A rejection of this resolution would be catastrophic, not just for him but for the institution of the presidency and the credibility of the United States,” McCain said after meeting with President Barack Obama. Yet McCain said he has not yet been persuaded to support Obama’s Syria proposal because the president has yet to outline his plan of attack against the Assad regime.
Members of the Senate Foreign Relations Committee reached an agreement late Tuesday on wording of a new resolution authorizing U.S. military force against the Syrian government. The resolution would permit up to 90 days of military action against the government of Syrian President Bashar al-Assad, beginning with 60 days and the option of 30 more pending President Obama’s notification of Congress, according to a copy of the resolution provided by Senate aides. The resolution also bars the deployment of U.S. combat troops into Syria, but would permit the deployment of a small rescue mission,
On Tuesday, Sen. John McCain (R-AZ) suggested that Fox News host Brian Kilmeade was Islamaphobic because he said that Syrian opposition groups shouting “Allahu Akhbar! Allahu Akhbar!” as rockets hit government offices demonstrated Islamist influence among the opposition. “I have a problem helping those people screaming that after a hit,” Kilmeade said. McCain responded: “Would you have a problem with an American or Christians saying ‘thank God? Thank God?’”
John Kerry stumbled under pressure from both Democrats and Republicans today as he brought the White House´s case for war in front of Congress for the first time. During a marathon three-hour appearance before the Senate, Mr Kerry at first said US ground forces could be deployed if "Syria imploded" but later insisted there "will be not be American boots on the ground". The US secretary of state also drew bewildered responses from both parties as he insisted that President Barack Obama was "not asking America to go to war", a claim that not even America´s top general seemed prepared
St. Petersburg, Russia -- President Barack Obama on Wednesday declared the world’s credibility “is on the line” when it comes to punishing Syrian President Bashar Assad for his regime’s purported use of chemical weapons. Speaking at a press conference in Stockholm, Sweden, ahead of a global economic summit in Russia where he will seek to rally support for a U.S. military strike against Syria, Obama said the “red line” he set against a year ago against Syria’s use of chemical weapons isn’t his, but an international standard. “I didn’t set a red line, the world set a red line,” Obama
That is Sarah Palin´s succinct argument against U.S. intervention into Syria. And I have to be honest: I´m impressed with Palin on this one. Not with her horribly callous recommendation, made via Facebook late last week, but because she appears to speak some Arabic. I´m not saying Palin is fluent in the language, but she did use the Arabic word "Allah." She could´ve simply used the word "God" instead of Allah since it has the identical meaning. (Christian Arabs use the word Allah when speaking of God in Arabic.)
HAGERSTOWN, Md. – Army Pvt. Chelsea Manning is seeking a presidential pardon for leaking reams of classified information that her lawyer says did not merit protection. The Pvt. Manning Support Network released documents Wednesday that defense attorney David Coombs filed a day earlier with the U.S. Justice Department and the Department of the Army. Manning, previously known as Bradley Manning, has declared her desire to live as a woman while serving a 35-year prison sentence at Fort Leavenworth, Kan. In her petition for pardon and commutation of sentence, Manning writes: "The decisions I made in 2010 were made out of
If you were hoping for one more overblown controversy to end your summer, your wish has been granted. President Obama put his foot on his desk in a White House photo, and although it admittedly does look a little cheesy, people are outraged over the leader of the free world placing his foot atop the Resolute Desk because it’s undignified and beneath the office of the president… although technically it’s in the office of the… the point is, people are not happy. Here’s the image that has everyone freaking out so much: [Photo] And here’s a sampling of some of
Secretary of State John Kerry said at Wednesday’s hearing that Arab counties have offered to pay for the entirety of unseating President Bashar al-Assad if the United States took the lead militarily. “With respect to Arab countries offering to bear costs and to assess, the answer is profoundly yes,” Kerry said. “They have. That offer is on the table.” Asked by Rep. Ileana Ros-Lehtinen (R-Fla.) about how much those countries would contribute, Kerry said they have offered to pay for all of a full invasion.
Frederic Hof spent President Obama’s first term as the State Department’s point man on Syria. He is now a furious administration critic, and a symbol of the growing consensus in the professional foreign policy community that the Obama Administration — no matter how its last-minute detour through Congress turns out — has badly bungled its Syria policy through two years of popular uprising turned bloody civil war. “The events of the past ten days suggest that there was no administration forethought to the possibility of a major chemical incident in Syria,” wrote Hof, currently a fellow at the Atlantic Council, where