Thursday, December 20, 2012

Senate Republicans aim to cut Sandy aid bill down to $24 billion

WASHINGTON (Reuters) - U.S. Senate Republicans sought to slash a $60.4 billion aid bill to cover reconstruction after Superstorm Sandy, proposing on Wednesday to fund only $23.8 billion in immediate disaster relief while assessing longer-term needs.

The far smaller initial amount is one of a number of Republican amendments aimed at cutting projects from a bill that they see as a "slush fund" loaded with questionable requests for spending on unrelated programs and big infrastructure.

Senator Daniel Coats of Indiana said his plan for $23.8 billion in initial funding would provide sufficient money for immediate needs through March 27, for work such as debris cleanup, repairing damaged equipment, rebuilding destroyed homes and businesses.

"It seems to me the most logical, responsible way to move forward is to identify the immediate needs and provide the immediate funding to meet those needs," said Coats, a member of the Senate Appropriations Committee.

He said longer-term needs could be considered next year, as Congress works on approving new money to keep government agencies and programs funded after a stopgap measure runs out on March 27.

Senate Democrats are trying to push through President Barack Obama's full $60.4 billion Sandy disaster aid request before the end of the year.

The Federal Emergency Management Agency's disaster relief fund had about $4.3 billion as of Tuesday, but the request for new funding has become tangled up with Congress' tense talks over the year-end "fiscal cliff" of automatic tax hikes and spending cuts.

"We don't have time right now to get all the way through and analyze the actual losses that were attributable to Sandy," said Republican senator James Inhofe of Oklahoma, adding that the full $60.4 billion looked like a "slush fund."

KATRINA FUNDS FLOWED SWIFTLY

Democrats argue that the full funding amount is needed to ensure that local businesses, municipalities and transit agencies in New York, New Jersey and Connecticut can launch full-fledged reconstruction projects immediately with the confidence that they will be fully reimbursed. Without the money approved, there will be delays, they say.

The move would mark a significant shift from Congress' actions following Hurricane Katrina in 2005, the last storm to wreak destruction on a similar scale as Sandy. Within two weeks after Katrina's storm surge flooded New Orleans and other Gulf Coast communities, Congress had appropriated $62.3 billion, and storm costs eventually topped $100 billion.

"When we had the devastation in New Orleans, we got the aid to those states very quickly," Senate Democratic leader Harry Reid said on the Senate floor, noting that far more people were affected by Sandy's path of destruction in a heavily populated area.

"We have to make a decision on this very, very important legislation before we leave here this week," Reid said. "I would hope that everyone would cooperate, but we have to do this."

The $23.8 billion offered in the Republican plan would be less than 30 percent of the initial $82 billion aid request made by New York, New Jersey and Connecticut earlier this month, based on early damage estimates from the October 29 storm.

The Republican plan would eliminate some $13 billion in infrastructure improvements aimed at helping to prevent damage from future storms. Among these are projects to keep New York City subway tunnels from flooding and to build sand barriers to protect some shorelines from storm surges.

It labels $5.4 billion to make transportation systems more resilient as "non-Sandy related." The Amtrak passenger rail agency, a frequent target of Republican budget-cutting efforts would get only $32 million under the bill, instead of $336 million.

Coats said such mitigation efforts were "long-term projects" that should not be immediately funded without further study.

The Republicans also aim to cut out $150 million for rebuilding fisheries, including those damaged by disasters in Alaska and the Gulf Coast. It would exclude a $58.9 million Department of Agriculture request to replant trees on private property due to "unsubstantiated" estimates for damage from Sandy.

The plan and other amendments to the Sandy aid measure are expected to be considered on Thursday and Friday.

Meanwhile, the Republican-controlled House of Representatives, which normally acts first on spending bills, is hanging back to see whether Senate Republicans are successful in cutting the request down to size.

Asked if he would also proceed with an amount below the $60.4 billion sought by Obama, House Appropriations Committee Chairman Hal Rogers, a Republican from Kentucky, said: "Let's see what the Senate does first."

(Reporting By David Lawder; editing by Christopher Wilson)

Source: http://news.yahoo.com/senate-republicans-aim-cut-sandy-aid-bill-down-021401916.html

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Will These 5 Solutions Really Solve the College Debt Crisis?

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Source: http://politicsandpolls.com/power-plays/2012-election-issues/education/will-these-5-solutions-really-solve-the-college-debt-crisis/

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History of India-Bangladesh territory divisions

The chit mahals were created out of territorial divisions dating back to the 17th century.

First, as the Mughal dynasty conquered much of india, several landed estates in East India remained under the control of the princely state of Cooch Behar. Similarly, some landowners in Cooch Behar allied themselves with Mughal India.

This odd situation persisted when Cooch Behar remained independent through the British Raj. When the subcontinent was partitioned in 1947, Cooch Behar chose to join India, but the new border did nothing to resolve the dilemma of the enclaves.

This process has even resulted in the world's only counter-counter-enclave: a two-acre plot of India embedded within a patch of Bangladesh, which exists within a patch of India, which in turn sits on Bangladeshi soil.

In 1971, East Pakistan won its independence and renamed itself Bangladesh. A land boundary agreement in 1974 proposed a resolution, but its measures remained unimplemented, and the status of the enclaves and their residents continued to be in diplomatic limbo.

Source: http://www.thenational.ae/news/world/south-asia/history-of-india-bangladesh-territory-divisions?utm_source=rss&utm_medium=News&utm_campaign=feed

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White House promises veto of GOP's 'Plan B'

After progress earlier this week in fiscal cliff negotiations, President Barack Obama and House Speaker John Boehner butted heads Wednesday, setting the stage for a showdown as the deadline looms for an agreement.

The negotiations had focused on a $2 trillion package of new revenue, spending cuts and entitlement changes the two sides have shaped into a broad deficit reduction plan.

Boehner on Tuesday proposed a "plan B," which would extend Bush-era tax cuts on income of up to $1 million. He described it as a fallback option to prevent a sweeping tax hike while negotiations continue on a broader plan.

But the White House on Wednesday threatened to veto "plan B," saying it would bring only "minimal" changes in projected budget deficits.

Obama told reporters earlier in the day that Republicans were focused too much on besting him personally rather than thinking about what's best for the country.

"Take the deal," Obama said to Republicans, referring to the broader proposal, adding that it would "reduce the deficit more than any other deficit reduction package" and would represent an achievement.

"They should be proud of it," Obama said. "But they keep on finding ways to say 'no' as opposed to finding ways to say 'yes.' "

His comments at a White House news conference came less than two weeks before the end of the year, when the nation's taxpayers would face automatic tax increases and deep spending cuts if no agreement is reached.

Economists say that failure to reach agreement could spark another recession.

Boehner issued his own statement Wednesday, saying the president had yet to make a proposal offering a balance between increased revenue and spending cuts.

Source: http://www.wdsu.com/news/politics/White-House-promises-veto-of-GOP-s-Plan-B/-/9853324/17830834/-/3pg7c6/-/index.html?absolute=true

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Imperial Holdings Announces Terms to Settle Class Action Litigation ...

Imperial Holdings Announces Terms to Settle Class Action Litigation and Derivative Actions

BOCA RATON, Fla.?(BUSINESS WIRE)? Imperial Holdings, Inc. (NYSE: IFT??) (?Imperial? or the ?Company?), a specialty finance company with a focus on providing liquidity solutions to owners of illiquid financial assets, announced today it and all other relevant parties have executed a non-binding term sheet to settle the shareholder class action lawsuits and derivative demands instituted against the Company and certain of its current and former directors and officers.

The proposed settlement terms, while non-binding and subject to certain contingencies, provide for the resolution of all of the class action lawsuits and derivative actions. As contemplated, the class action settlement would include a cash payment by Imperial to the class of $12 million, $11 million of which is to be contributed by Imperial?s Directors & Officers insurance carriers, and 2 million warrants with an exercise price of $10.75 to be issued by the Company. In addition, to settle the derivative actions, Imperial will agree to implement certain corporate governance reforms, if ratified by a shareholder vote, and will pay stock valued at $500,000 and cash to be contributed by its primary D&O carrier of $1.5 million for attorney?s fees. Imperial has also agreed to establish a $500,000 trust to cover certain individual insurance claims made on its D&O policies as well to provide advancement of legal fees and indemnification for certain individuals covered under the policies. All parties have agreed to endeavor to enter into definitive settlement agreements by January 15, 2013.

Antony Mitchell, CEO of Imperial Holdings commented, ?We are pleased to have reached an understanding in respect of all outstanding class action and derivative litigation against the Company and to have secured the cooperation of our D&O carriers in resolving these matters. We will work diligently to memorialize this understanding in formal settlement agreements by January 15th and will then seek court approval.?

About Imperial Holdings, Inc.

Imperial is a leading specialty finance company that, through its operating subsidiaries, provides customized liquidity solutions to owners of illiquid financial assets. Imperial?s primary operating units are Life Finance and Structured Settlements. In its Life Finance unit, Imperial purchases and sells life insurance policies. In its Structured Settlements unit, Imperial purchases from individuals long-term annuity payments issued by highly rated U.S. insurance companies. More information about Imperial can be found at www.imperial.com.

Safe Harbor Statement

This press release may contain certain ?forward-looking statements? relating to the business of Imperial Holdings, Inc. and its subsidiary companies. All statements, other than statements of historical fact included herein are ?forward-looking statements.? These forward-looking statements are often identified by the use of forward-looking terminology such as ?believes,? ?expects? or similar expressions, and involve known and unknown risks and uncertainties. Although Imperial believes that the expectations reflected in these forward-looking statements are reasonable, they do involve assumptions, risks and uncertainties, and these expectations may prove to be incorrect. Investors should not place undue reliance on these forward-looking statements, which speak only as of the date of this press release. Imperial?s actual results could differ materially from those anticipated in these forward-looking statements as a result of a variety of factors, including the Company?s ability to resolve the previously disclosed issues relating to the delay in its ability to complete and file its periodic reports; unanticipated issues that prevent or delay the Company?s independent registered public accounting firm from concluding its procedures for the quarter ended September 30, 2012 or that require additional efforts, procedures or review; ability of the Company or its independent registered public accounting firm to confirm relevant information or data; the Company?s ability to design or improve internal controls to address identified issues; the impact upon operations of legal compliance matters or internal controls review; the investigation by the Securities and Exchange Commission, and potential adverse outcomes associated with the investigations, including payments or fines the Company may be required to make, restrictions placed upon the Company and legal proceedings that may relate to these matters; the possibility that payments due to the Company under certain policies may be delayed; the amount of legal expenses for which the Company is reimbursed under its directors and officers insurance policy; the accuracy of actuarial assumptions underlying the Company?s models; the effect of policy premium payments on the Company?s liquidity; the Company?s continued ability to pay policy premiums; unanticipated accounting issues or audit issues regarding the financial data for the affected periods; and expenses associated with the foregoing, including costs of legal compliance matters or matters relating to the ongoing internal investigation and additional matters discussed in Imperial?s periodic reports that are filed with the Securities and Exchange Commission and available on its website at www.sec.gov. All forward-looking statements attributable to Imperial or persons acting on its behalf are expressly qualified in their entirety by these factors. Other than as required under the securities laws, Imperial does not assume a duty to update these forward-looking statements.

Imperial Holdings, Inc.
David Sasso, 561-672-6114
Director ? Investor Relations
IR@imperial.com
www.imperial.com

KEYWORDS: ? United States? North America? Florida

INDUSTRY KEYWORDS:

Source: http://www.redliontrader.com/streamingnews/imperial-holdings-announces-terms-to-settle-class-action-litigation-and-derivative-actions/

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Wednesday, December 19, 2012

Canadian ISP Defends Decision Not To Oppose BitTorrent ...

Canadian ISP Defends Decision Not To Oppose BitTorrent Copyright Trolls

After being targeted by Voltage Pictures, the company behind the Hurt Locker and thousands of copyright troll lawsuits in the United States, Canadian ISP TekSavvy chose not to oppose the studio in court at yesterday?s hearing. TekSavvy CEO Marc Gaudrault said that after looking at the issue from every possible direction, he ultimately decided that the ISP could not get involved in disputing the merits of the case. Instead, TekSavvy gained a delay in proceedings to further notify customers.

As reported last week, Canadian anti-piracy company Canipre has been working with rightsholders to monitor BitTorrent networks for alleged infringers.

One of Canipre?s partners is Voltage Pictures, the company that launched a huge campaign in the United States targeting thousands of alleged sharers of the movie The Hurt Locker. Voltage?s settlement project has now spread to Canada and the first unlucky targets are customers of the ISP TekSavvy.

Voltage Pictures are claiming that around 2,000 TekSavvy users have been monitored sharing around two dozen of their titles including Tucker & Dale vs Evil. They asked the ISP to hand over their personal details so they can be approached for settlement, TekSavvy refused and the whole thing went to court in Toronto Monday.

However, while TekSavvy have gone out of their way to keep their customers informed (leading observers to believe that they would end up fighting Voltage Pictures to defend their customers? privacy) yesterday?s proceedings weren?t to go that way at all.

TekSavvy CEO Marc Gaudrault said that after spending a considerable amount of time the company had come to a decision that it would not to oppose the motion for discovery filed by Voltage.

?Everybody should know though that we have looked into all angles to determine what our position should be in this situation and after spending a significant amount of time and soliciting a considerable amount of advice from numerous respected sources, we found that we simply could not comment on the merits of the case,? Gaudrault explained.

The TekSavvy CEO says the company?s primary responsibility is to ensure that customers being targeted by Voltage Pictures get ?adequate notice? but added that the best way for people not to become involved in the case ?is to simply not engage in such [illegal file-sharing] activities.?

After learning there would be no fight, there was a backlash among some users which prompted a response from Gaudrault.

?If there was more I could do to protect your privacy, I would do it. I just don?t have a hook,? he said. ?Whatever behavior our customers engage in is not for us to scrutinize. If we wade into that, we are essentially going against Net Neutrality principles that we fought for.?

Gaudrault said that new Canadian copyright laws had tied his hands. He said that the Copyright Modernization Act shelters ISPs from liability from infringement based on the fact that they are mere intermediaries and nothing more. Getting further involved in the merits of the case could jeopardize that.

?The law is the law. I can?t defend against the law. The laws are there to defend against bad things. If we defend against laws, that makes us bad. We don?t do that. We?ve never done that,? he said.

But already the ISP?s decision is coming under scrutiny.

Writing on the Excess Copyright blog, lawyer Howard Knopf says that despite the ISP?s openness, questions will arise as to why TekSavvy isn?t opposing the motion as ISPs Shaw and Telus did (with success) in a music industry lawsuit dating back to 2004.

?In this regard, it is interesting to compare Voltage?s material with the BMG et al material filed in 2004 that was rejected by the Federal Court and Federal Court of Appeal at that time as inadequate in a very comparable situation, as a result of which we now have clear and binding appellate case law,? Knopf wrote.

One success that did come out of the hearing is that the judge apparently took notice of a letter filed by the Canadian Internet Policy and Public Interest Clinic which requested a delay in the court hearing Voltage?s motion for discovery.

CIPPIC argued that there had been insufficient time from the filing of the motion to yesterday?s hearing date for defendants to ?learn of the motion, retain, be advised by and instruct legal counsel,? and insufficient time for ?CIPPIC to prepare and file an application to intervene in the motion.?

Despite opposition from Voltage the hearing was adjourned until January 14, 2013. In the meantime TekSavvy could potentially change its mind on the decision not to oppose the motion but given Marc Gaudrault?s decisiveness since the weekend, that seems unlikely. Should that remain the case, any opposition will have to come from CIPPIC and the defendants.

Source: http://torrentfreak.com/canadian-isp-defends-decision-not-to-oppose-bittorrent-copyright-trolls-121218/

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College football 2012 bowl picks and predictions

Looking over this list of bowls, I can't help but wonder what's happened to college football as I once knew it.

When I was a kid (we're not even talking that long ago, folks), the Independence Bowl was a big-time game. This year, Ohio and Louisiana-Monroe are in it.

That's just an example of some of these silly bowl games. Why is there a Belk Bowl? Do Buffalo Wild Wings AND Beef O'Brady's need bowls of their own?

(Side note: While the media food spread for both of those bowls is probably amazing, nothing will ever top the Outback Bowl spread. Steak and Bloomin' Onions for all. Hard to believe there are any overweight sportswriters in the world.)

What's the deal with BBVA Compass? They don't even make compasses, so what's the point?

Why isn't Navy in the Military Bowl? Why do so many cities have two bowls now?

All questions that will likely remain unanswered. Let's press on then. There are a ton of these bowls so there's no time to waste.

As always, these picks are for entertainment purposes only.

Arizona (minus-9) over Nevada (New Mexico Bowl) - I hate to come out of the gate and lay big points in the first bowl game, but the Wildcats should be way out of Nevada's league this year.

Toledo (plus-10) over Utah State (Famous Idaho Potato Bowl) - I do like the Aggies' team this season, but I am going shootout on this one and taking the points.

San Diego State (plus-3) over Brigham Young (Poinsettia

Bowl) - Note that the Aztecs are playing at home in this game. I liked this better when it was an annual WAC contest. Now I can't keep track of what league any of these teams are in.

Ball State (plus-7) over Central Florida (Beef O'Brady's Bowl) - This is a short I-4 trip for UCF, but Ball State came on super strong at the end of the season. I like the Cardinals and their seven points.

La-Lafayette (minus-6) over East Carolina (New Orleans Bowl) - A home-state advantage for the Cajuns plus an opponent that has no business in a bowl equals A TRAP. Paging Admiral Ackbar.

Washington (plus-5) over Boise State (Las Vegas Bowl) - Washington would be really tough if this game was in Seattle, but when in doubt, take the points.

Fresno State (minus-11) over SMU (Hawaii Bowl) - I always take Fresno, which won the unofficial spread-covering national title this season.

Central Michigan (plus-6) over Western Kentucky (Little Caesar's Bowl) - Bobby Petrino isn't walking through that door. Wait, what? He IS walking through the door? Oh. Well not soon enough, and this game is still in Detroit, so I'll take CMU and points.

Bowling Green (plus-7) over San Jose State (Military Bowl) - Here's another one where my gut said to take San Jose, but I talked myself out of it with those precious points.

Duke (plus-7.5) over Cincinnati (Belk Bowl) - Duke is a high-scoring team getting points near its home against an opponent with an interim coach. They are also Duke, but oh well.

UCLA (minus-1) over Baylor (Holiday Bowl) - This one scares me because of how well the Bears played at the end of the season, but UCLA dropped down to a lesser bowl mainly due to two losses to Stanford.

Texas Tech (minus-13) over Minnesota (Meineke Car Care Bowl) - Only because Minny stinks am I laying this many. Also, I will resist the temptation to get up and leave in the middle of this column to take another job.

Virginia Tech (minus-2) over Rutgers (Russell Athletic Bowl) - How pathetic is the Big East when a 6-6 ACC team is favored over your 9-3 co-champ? What's the Big East, you say? Why it used to be an amazing basketball league that was corrupted and turned into the Sun Belt slowly over a 30-year period, thanks for asking.

Ohio (plus-7.5) over Louisiana-Monroe (Independence Bowl) - After I saw this bowl matchup, I threw up. While I was cleaning myself, I remembered that Ohio once was good before tanking late.

Michigan State (plus-3) over TCU (Buffalo Wild Wings Bowl) - Shouldn't this game at least BE in Buffalo? Just saying.

Oregon State (minus-2) over Texas (Alamo Bowl) - Hard to go against Texas at the Alamo, but Oregon State has a better offense than Santa Anna did.

West Virginia (minus-4) over Syracuse (Pinstripe Bowl) - Geno Smith could play left field for Yankees next season if he wanted to.

Arizona State (plus-1) over Navy (Fight Hunger Bowl) - I was not impressed with Navy in Philly. The Middies gave up 370 yards rushing, and now they're stepping up in weight class.

Rice (plus-1) over Air Force (Armed Forces Bowl) - I tried not to go against military academies during the end of the year, and now I've done it twice. But I do support all our troops all over the world in all they do.

LSU (minus-3.5) over Clemson (Chick-Fil-A Peach Bowl) - SEC Six are undefeated against the rest of the world. Let the Nine Realms tremble.

Iowa State (plus-1) over Tulsa (Liberty Bowl) - Coin toss. That is all.

USC (minus-10) over Georgia Tech (Sun Bowl) - The Jackets have seven losses. Seven.

Vanderbilt (minus-6) over NC State (Music City Bowl) - Vandy, the new power in the SEC, can handle this at home.

Florida State (minus-12) over Northern Illinois (Orange Bowl) - The Huskies are out to prove this game is not a joke. Remind to me tune in before the second quarter starts.

Wisconsin (plus-6.5) over Stanford (Rose Bowl) - It's time for some Barry Alvarez Magic.

Georgia (minus-10) over Nebraska (Capital One Bowl) - Bulldogs might be the best team in the country, pound-for-pound. Really.

South Carolina (minus-4.5) over Michigan (Outback Bowl) - Steve Spurrier loves bowl season because it's Christmastime and he can still play golf.

Northwestern (plus-2.5) over Mississippi State (Gator Bowl) - Wildcats' coach Pat Fitzgerald said before bowl selection that his team would be a "75-point underdog" to an SEC team in a bowl and that he was fine with that. I don't think he'll need that many.

Purdue (plus-17) over Oklahoma State (Heart of Dallas Bowl) - Now come on, that's not even a real bowl. But even in a fake one, you have to take 17 points.

Florida (minus-13) over Louisville (Sugar Bowl) - Just couldn't bring myself to go against Florida.

Oregon (minus-10) over Kansas State (Fiesta Bowl) - This spread kind of tells you all you need to know about how folks perceive Kansas State. This was supposed to be the title game, but Oregon would win either way.

Texas A&M (minus-4.5) over Oklahoma (Cotton Bowl) - Thou shalt not go against Johnny Football.

Ole Miss (minus-3) over Pittsburgh (BBVA Compass Bowl) - Pitt kept its coach through the bowl game. Congrats.

Kent State (plus-3.5) over Arkansas State (GoDaddy.com Bowl) - This time, Petrino really ISN'T walking through that door.

Alabama (minus-10) over Notre Dame (BCS title) - Never go in against a Sicilian with death on the line, and never give the Tide a second chance.

YTD picks: 90-75-1

Follow Matthew on Twitter @trentonianozzy.

Source: http://www.paradisepost.com/ci_22195771/college-football-2012-bowl-picks-and-predictions?source=rss_viewed

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