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Opening Bell: 4.26.17
Trump tax plan is (kind of) here; David Einhorn might need to revisit his dot-com bubble analogy; "White Collar Crime Zones"; and more.
(Trump image courtesy Flickr user Gage Skidmore)
Trump's Tax Plan: Low Rate for Corporations, and for Companies Like His (NYT)
Republicans are likely to embrace the plan's centerpiece, substantial tax reductions for businesses large and small, even as they push back against the jettisoning of their border adjustment tax. The 15 percent rate would apply both to corporations, which now pay 35 percent, and to a broad range of firms known as pass-through entities — including hedge funds, real estate concerns like Mr. Trump's and large partnerships — that currently pay taxes at individual rates, which top off at 39.6 percent.
Banks Get Serious About Moving Jobs to Frankfurt on Brexit (BBG)
"Nothing concrete happened last year, but that all changed in the first quarter of this year," said Carsten Ape, head of office leasing for Germany at U.S. property broker CBRE Group Inc. "Banks are now looking in earnest at specific locations."
Are Traders Getting an Early Glimpse at U.K. Government Data? Currency Markets Suggest Yes (WSJ)
The average change in the pound's value one hour before and after such economic data announcements is 0.127%, meaning around half the shift associated with the statistics came ahead of their official release. […] But in the hour ahead of public dissemination, the krona drifted only 0.003% in the direction it would end up going after publication.
Contra Einhorn (Reformed Broker)
More importantly, when Einhorn asserts that "There was no catalyst that we know of that burst the dot-com bubble in March 2000," he's not correct. There was one. It was a Barron's article, published over the weekend leading into Monday, March 20th. That was the top for the Nasdaq Composite (the rest of the market – aka "Old Economy" stocks had already begun selling off as no one wanted anything non-dot com).
In Dot-Com Bubble Time, It's Still Only 1997 for U.S. Equities (BBG)
As in 2000, growth prospects explain much of the interest, with tech firms offering profits that are expanding almost twice as fast as in the S&P 500. A deeper look, however, shows a less typical attraction -- With debt levels and effective tax rate already trailing many other industries, tech shares also serve as a shelter with less sensitivity to changes in taxes and interest rates.
Can Facebook Fix Its Own Worst Bug? (NYT Mag)
During our first meeting in January, I posed this question to Zuckerberg: "When you see various problems in the media, do you say to yourself, 'I run Facebook, I can solve that?' "…"Um," he started, and then paused, weighing his words as carefully as American presidents once did. "Not usually."
White Collar Crime Risk Zones (The New Inquiry)
White Collar Crime Risk Zones uses machine learning to predict where financial crimes are mostly likely to occur across the US.
Credit Suisse Will Raise $4 Billion and Scrap I.P.O. of Swiss Unit (NYT)
"This capital raise will allow us to continue to invest in growth at highly attractive returns; to strengthen balance sheet resilience for our clients and other stakeholders; and to afford the costs associated with our ongoing restructuring plans," Mr. Thiam said Wednesday.
JAMIE DIMON: Companies 'have a moral obligation' to do more for society (BI)
From stagnating wages and growing income inequality to a lack of quality education and failure to arm our young people with job skills, there are clear signs that many of our communities are struggling. The net result is that too many people are not getting a fair shot at getting ahead. Clearly, the private sector cannot solve this alone, but it is uniquely positioned to contribute by driving economic growth and creating more opportunity.
Things I Learned About Finance Bros By (Briefly) Dating A Finance Bro (New Yorker)
They put their work calls on speaker when you're hanging out. This may be foreplay. You will never be sure. But they will repeatedly make it clear that they think you should write a New York Sex Diary about them. Like, obviously they don't want you to, but it'd be kind of funny if you did. No, but you totally should, though. If you want. It'd be nice to leave a legacy somewhere—you know?
Simon the giant rabbit, destined to be world's biggest, dies on United Airlines flight (Fox News)
Breeder Annette Edwards, of Stoulton, Worcestershire, said: "He was fit as a fiddle. I've sent rabbits round the world, nothing like this happened." United's reputation is at rock bottom after film of a doctor being dragged from a jet went viral.
Doublings, deadlines, dot-coms, disbelief, distaste and more!
Blackstone seen sticking with SAC despite insider trading probe (Reuters / Matthew Goldstein) Three sources said the asset management arm of Blackstone, which has $550 million invested with SAC Capital, is in no rush to redeem money from the Stamford, Connecticut-based hedge fund. Blackstone has had at least three discussions with the $14 billion hedge fund's executives about the insider trading investigation and talked to its own investors, which include state pension funds, endowments and wealthy individuals. Hitler parody leaves French bank BNP red-faced (IN24) French banking giant BNP was left red-faced this week after it emerged managers were shown a motivational video featuring a parody of a famous scene from the film "Downfall" in which Adolf Hitler is portrayed as the boss of Germany's Deutsche Bank. It's a scene that has been parodied thousands of times before to comic effect. But it appears not many people have seen the funny side of one particular version made by executives of French bank BNP Paribas...In the video, which was shown to around 100 managers from around the world at a seminar in Amsterdam last year, Hitler is turned into a fuming boss of Germany's Deutsche Bank reacting furiously to news that BNP has gained an edge in the foreign exchange market. But far from being motivated, many of the managers who saw the video were outraged. "We could not believe the bank had actually dared to do that – make an analogy between our competitors and the Nazi regime. It took us a few minutes to take it in," one BNP employee told French daily Liberation, who revealed the story this week. "We were shocked. Nobody knew how to react. Some Jewish employees from the United States did not find it funny at all," another employee told the paper. "If this video had been shown by an American bank it would have been a major scandal," an angry BNP source added. Rather surprisingly the video is believed to have been uploaded to the bank's internal Intranet site before the management realised it might prove embarrassing and quickly removed it. A spokeswoman for BNP told FRANCE 24 on Friday that the bank's senior management were totally unaware the video had been made until they were contacted by Libération this week. The spokeswoman said BNP's CEO Jean Laurent Bonnafé had called his counterpart at Deutsche Bank Jürgen Fitschen to personally apologise for the stunt. In a statement in Libération the bank added that the message in the video was "contrary to the values of BNP." Obama Summons Congress Leaders as Budget Deadline Nears (Bloomberg) Obama, who had been negotiating one-on-one with House Speaker John Boehner, will meet today with Republicans Boehner and Senate Minority Leader Mitch McConnell, and Senate Majority Leader Harry Reid and House Minority Leader Nancy Pelosi, both Democrats. Cliff Talks Down To The Wire (WSJ) It is still possible the two sides can reach a deal, especially with the leaders meeting Friday. Any resolution would be a scaled-back version of the package Mr. Obama and congressional leaders had anticipated passing after the November election. The White House is pressing for the Senate to extend current tax rates for income up to $250,000, extend unemployment benefits, keep the alternative minimum tax from hitting millions of additional taxpayers and delay spending cuts set to take effect in January. The 11th-hour strategy carries enormous risk because it leaves no margin for error in Congress's balky legislative machinery. Senate Majority Leader Harry Reid (D., Nev.) said the prospects for passage of a bill before the last day of the year are fading rapidly. "I have to be very honest," he said. "I don't know time-wise how it can happen now." Spain's PM does not rule out asking for European aid (Reuters) Spanish Prime Minister Mariano Rajoy said on Friday he did not rule out tapping the European Central Bank's bond-buying program for troubled euro zone governments but said Spain did not expect to have to ask for aid for now. "We are not thinking of asking the European Central Bank to intervene and buy bonds in the secondary market," he said at a news conference in Madrid. "But we can't rule it out in the future." Banks pay $4.5M for muni charges (NYP) Citigroup and Bank of America's Merrill Lynch are among five firms that will pay $4.48 million to settle regulatory claims they used funds from municipal and state bond deals to pay lobbyists. Local authorities were unfairly asked to reimburse payments that the firms made over five years to the California Public Securities Association, a lobbying group, to help influence the state, the Financial Industry Regulatory Authority, which oversees securities firms, said yesterday. The firms inadequately described the fees, wrapping them into bond-underwriting expenses, Finra said...The banks, also including Goldman Sachs, JPMorgan and Morgan Stanley, agreed to pay $3.35 million in fines and reimburse certain California bond issuers $1.13 million. Porsche Wins Dismissal of US Hedge Fund Lawsuit Over VW (Reuters) A five-justice panel of the New York State appeals court in Manhattan unanimously found that Porsche had met its "heavy burden" to establish that the state was the wrong place in which to bring the lawsuit. That panel reversed an Aug. 6 ruling by New York State Supreme Court Justice Charles Ramos that let the case by hedge funds including Glenhill Capital LP, David Einhorn's Greenlight Capital LP and Chase Coleman's Tiger Global LP proceed. The funds accused Porsche of engineering a "massive short squeeze" in October 2008 by quietly buying nearly all freely traded ordinary VW shares in a bid to take over the company, despite publicly stating it had no plans to take a 75 percent stake. IPOs Slump To Lowest Levels Since Financial Crisis (Bloomberg) IPOs have raised $112 billion worldwide this year, the least since 2008, according to data compiled by Bloomberg. Initial sales in western Europe dropped to one-third of last year's level, while concern about China's economy helped cut proceeds in Asia by almost half. U.S. offerings raised $41 billion, little changed from last year, as Facebook's IPO spurred a monthlong drought in U.S. deals. Avery Johnson Jr. vents on Twitter after dad, Avery Johnson, is fired by Brooklyn Nets (NYDN, RELATED) The ex-Nets coach's teenage son took to Twitter to vent after news broke that his dad had been given a pink slip by billionaire Mikhail Prokhorov and the Nets. "This is a f------ Outrage. My dad is a great coach, he just got coach of the month and they Fire him. #Smh. Completely new team he had," Johnson Jr. wrote on Twitter. "The expectations were way to high for this team. We didn't even have a losing record.... Didn't even give my dad a full season. #OUTRAGE," Johnson Jr. continued. Johnson was fired a day after the new-look Nets fell to .500 following a listless road loss to the Bucks. The canning comes on the heels of Deron Williams saying he's never been comfortable playing in Johnson's offense. Williams, who did not play in Wednesday night's loss, is mired in a season-long shooting slump with field goal and 3-point percentages at career-worst levels. "I'm sorry (our) best players couldn't make open shots. Yeah that's my dad's fault totally," Johnson Jr. tweeted. 'Whale' Capsized Banks' Rule Effort (WSJ) Wall Street banks entered 2012 confident they could stall a wave of rules that they feared would hurt profits. But they are ending the year largely resigned that their activities will be constrained and monitored more closely by the government. One big reason for the change: J.P. Morgan Chase JPM -0.76% & Co.'s "London whale" losses. The bad trades, ultimately resulting in about $6 billion in losses, disrupted the banks' campaign against the Dodd-Frank financial overhaul, according to regulators, lawmakers and close observers of policy debates in Washington. The trades damaged the reputation of J.P. Morgan, which suffered less than other banks from the financial crisis, and its chief executive, James Dimon, during a crucial period of policy debate in Washington, putting critics of Dodd-Frank on the defensive. Before news of the whale losses emerged, banks were arguing, with some success, that too-tight regulations were crimping lending during a time of slow growth. Michael Greenberger, a finance professor at the University of Maryland and an advocate of regulations aimed at reining in bank trading, said that in early 2012 his allies' "backs were against the wall." "Then the London whale blew all of that out of the water," he said. Mortgages Fueled Hedge Funds To 13.9 Percent Gain (NYP) Hedge funds that invest in mortgage-backed securities gained 13.9 percent through November to make them the industry's best-performing strategy, according to the Absolute Return index. Top players that did even better included Metacapital Management, Pine River, Axonic Capital, and Greg Lippman's LibreMax Capital. High-Speed Traders Race to Fend Off Regulators (WSJ) Defenders say high-frequency trading keeps markets lubricated with a constant supply of buy and sell orders that enables all participants to trade more efficiently and get better pricing. High-speed traders, supporters add, have helped foster competition among exchanges and other trading venues, lowering commission-based fees for small investors and helping bring down overall costs for mutual-fund managers. Another benefit some cite: Technology innovations spurred by high-speed traders serve to connect more investors to more trading venues, broadening their options in the markets. Critics, for their part, worry that the traders' order torrent makes markets more opaque, less stable and ultimately less fair. Will 'Fiscal Clif' Accelerate Millionaire Deaths? (NetNet) John Carney: "...it at least seems likely that some deaths that might otherwise have occurred shortly after January 1 will occur shortly before." Man gets DUI after driving on AA co-founder's lawn (AP) Vermont State Police say a man faces a drunken driving charge after driving onto the lawn of a historic home once owned by the co-founder of Alcoholics Anonymous. Police say 55-year-old Donald Blood III of Marlborough, Mass., was ordered to appear in court in Bennington on Jan. 14. Police say Blood thought he was driving into a parking lot, but actually it was the lawn of the Wilson House, built in 1852 in Dorset, the birthplace of AA co-founder Bill Wilson. The Wilson House's website describes it as a "place of sanctuary where people can come to give thanks to God for their new lives." It still hosts several AA meetings each week. Programming Note< : We're on an abbreviated, vacation-esque schedule this week (opening news roundups and limited updates whenever the urge to reach out and touch you moves us). We still want to hear from you, though, so if anything happens that you think might tickle our fancy, do not hesitate to let us know.
Taxes taxes taxes; JPMorgan dinged over 1MDB; PE firms regret plunging into subprime auto; someone just put a million bucks on bitcoin $50,000; yes, there is a crypto dominatrix; and more.
Morgan Stanley Sees Core Earnings Weaken (WSJ) Morgan Stanley saw core earnings weaken, although the investment bank swung to a first-quarter profit as it benefited from a comparison with a year-earlier period bogged down by a heavy charge. For the quarter, the bank reported a profit of $984 million, compared with a year-earlier loss of $94 million. The per-share profit, which reflects the payment of preferred dividends, was 49 cents compared with a loss of six cents a year earlier. The latest period featured a decline in fixed-income trading revenue, but strong stock trading and continued improvements in Morgan Stanley's wealth-management division, which was buoyed by strong markets. ... Revenue jumped 18% to $8.16 billion. Excluding debt valuation, revenue was $8.48 billion. Analysts polled by Thomson Reuters most recently expected earnings, excluding debt-valuation adjustments, of 57 cents, on revenue of $8.35 billion. Blackstone First-Quarter Profit Rises on Fund Performance (Bloomberg) Blackstone Group LP (BX), the world's biggest buyout firm, said first-quarter profit rose 28 percent as market gains lifted the carrying value of its holdings. Economic net income, a measure of earnings excluding some costs tied to the firm's 2007 initial public offering, increased to $628.3 million, or 55 cents a share, from $491.2 million, or 44 cents, a year earlier, New York-based Blackstone said today in a statement. Analysts had expected earnings of 53 cents a share, according to the average of 15 estimates in a Bloomberg survey. Barclays Head of Investment Banking Rich Ricci to Retire in June (Bloomberg) Barclays Plc's Rich Ricci, the head of investment banking and one of the last members of former Chief Executive Officer Robert Diamond's management team, will retire at the end of June. Ricci, 49, will be replaced by Eric Bommensath and Tom King, 52, as co-chief executive officers of corporate and investment banking in May, the London-based bank said in a statement today. "The market will see this as an inevitable and appropriate piece of transitioning," said Ian Gordon, an analyst at Investec Plc (INVP) in London. "Few tears will be shed and the reshuffle will be broadly welcomed." Special Report: The battle for the Swiss soul (Reuters) A sign on display in UBS's museum, from a bank founded in 1747 in the Italian-speaking part of Switzerland, could almost be Switzerland's mantra: "MASSIMA DISCREZIONE" it promises. Swiss bankers have long adhered to an unwritten code similar to that observed by doctors or priests. Bankers do not acknowledge clients in public for fear of exposing them as account holders; they often carry business cards with just a name, rather than bank or contact details; and, at least until the 1990s, they never advertised abroad. ... Even today, few Swiss like to discuss the fact that much of the country's prosperity was built on bankers helping foreigners evade taxes. Visitors should avoid personal questions, advises Communicaid, a consultancy which advises businesses on cross-cultural awareness. It would also be wise to steer clear of discussing "Swiss banks, money or Switzerland's military role in World War One or Two." Reinhart/Rogoff and Growth in a Time Before Debt (RortyBomb via Felix Salmon) Here is a simple question: does a high debt-to-GDP ratio better predict future growth rates, or past ones? If the former is true, it would be consistent with the argument that higher debt levels cause growth to fall. On the other hand, if higher debt "predicts" past growth, that is a signature of reverse causality. ... As is evident, current period debt-to-GDP is a pretty poor predictor of future GDP growth at debt-to-GDP ratios of 30 or greater—the range where one might expect to find a tipping point dynamic. But it does a great job predicting past growth. Ottawa sets up taxpayer-funded food truck in Mexico to promote Canadian cuisine (National Post) When author Anita Stewart first heard about the Canadian government's new food truck parked in Mexico City, she laughed so hard she cried. The new Canada-branded, taxpayer-funded venture, which kicked off its three-week pilot project last week, is serving up a Mexican-ized version of poutine, using Oaxaca cheese instead of curds. Also on the menu are Alberta beef tourtière, and maple-glazed Albacore tuna. China Vows Wider Yuan Movement (WSJ) China's central bank plans to widen the yuan's trading band in the near future, People's Bank of China Vice Governor Yi Gang said Wednesday, suggesting that China's leaders will press ahead with change despite the surprise slowing of the economy. "The exchange rate is going to be more market-oriented," Mr. Yi said on a panel at the International Monetary Fund spring meetings in Washington. "I think in the near future we are going to increase the floating band even further." IMF warns on risks of excessive easing (FT) Extraordinarily loose monetary policy risks sparking credit bubbles that threaten to tip the world back into financial crisis, the International Monetary Fund warned on Wednesday. In its global financial stability report, the fund cautioned that policy reforms were needed urgently to restore long-term health to the financial system before the long-term dangers of monetary stimulus materialised. German Parliament Approves Bailout for Cyprus (WSJ) German Finance Minister Wolfgang Schäuble called the vote a "strong signal" by Germany in favor of the euro and the euro zone. The parliament also voted in favor of a seven-year extension of the maturity on European Financial Stability Facility loans for Ireland and Portugal with a large majority. SEC to Move Past Financial Crisis Cases Under New Chairman White (Bloomberg) Mary Jo White, the first former prosecutor to serve as chairman of the U.S. Securities and Exchange Commission, has pledged to run a "bold and unrelenting" enforcement program at the agency charged with regulating Wall Street. With financial crisis cases mostly done and some of the biggest insider-trading cases in history closed, White will have to chart a course into new areas to keep that pledge. White, who was sworn in last week, has already provided a few signals about what that might be. During her Senate confirmation hearing, she said she intends to focus on high- frequency and automated trading. She has also raised questions about a drop in the number of accounting fraud cases the agency has brought in recent years. Dispute in Hamptons Set Off by Effort to Hold Back Ocean (NYT) Soon after Hurricane Sandy hit last fall, Joshua Harris, a billionaire hedge fund founder and an owner of the Philadelphia 76ers, began to fear that his $25 million home on the water in Southampton might fall victim to the next major storm. So he installed a costly defense against incoming waves: a shield of large metal plates on the beach, camouflaged by sand. His neighbor, Mark Rachesky, another billionaire hedge fund founder, put up similar fortifications between his home and the surf. Chris Shumway, who closed his $8 billion hedge fund two years ago, trucked in boulders the size of Volkswagens. Across a section of this wealthy town, some residents, accustomed to having their way in the business world, are now trying to hold back the ocean. 'Elvis' is busted in ricin terror (NYP) The FBI last night busted a troubled Mississippi Elvis impersonator as the poison-wielding man who mailed ricin-laced letters to President Obama and two other officials. ... Despite his rock 'n' roll hobby, Curtis shows his angry side on Facebook, where he lashes out in a conspiracy-filled rant. "I'm on the hidden front lines of a secret war," he wrote. "They burned down my home, killed my dogs, my cat, my rabbit, blew up my 1966 Plymouth Valiant . . . and guess what? I am still a thorn in their corrupt anals! I will remain here until Jesus Christ decides it's time for me to go."
Germany Pushes EU Bank Oversight (WSJ) Though Berlin has resisted a banking union, Ms. Merkel's initiative shows Germany is willing to talk about an overhaul and is trying to focus the debate on Europe's biggest banks. "We will discuss to what extent we need to put systemically relevant banks under a specific European supervisory authority so that national interests do not play such a large role," Ms. Merkel told reporters ahead of a meeting in Berlin with European Commission President José Manuel Barroso, referring to the June 28-29 summit. Citi Bets That Proof Leads To Profits (WSJ) Seeking a shot in the arm for the ailing banking business, Citigroup Inc. C -2.30% is expanding into a little-known but fast-growing field known as identity proofing—the tedious and time-consuming task of proving people are who they say they are. The third-biggest U.S. bank by assets later this month will begin issuing digital-identity badges to the employees of Defense Department contractors, ranging from makers of high-tech engineering parts to the janitors who clean the bathrooms. Citigroup is the only financial institution that has clearance to sell the identity cards and grab a piece of a market whose annual sales could reach into the billions of dollars. But the badge business is just the beginning. Citigroup's hope is that the contractors will eventually use the plastic on which the badges are issued for more than just identity verification. If companies adopt the technology, their employees will be able to collect paychecks and pay business expenses using the cards—enabling Citigroup to collect fees on all of those transactions. John Paulson Buys Saudi Prince's $49 Million Aspen Palace (CNBC) The lavish ranch, sold by Saudi Prince Bandar bin Sultan, was once the most expensive estate ever listed in the U.S., with a price tag in 2006 of $135 million. The property includes a main house with 15-bedrooms, 16-baths, and 56,000-square-feet. It also includes several side buildings, as well as a water treatment plant, gas pumps and other high-tech features. Mr. Paulson's $49 million purchase included two properties — the 90-acre main property as well as a 38-acre property nearby called Bear Ranch. Bear Ranch and Hala Ranch together might have once fetched more than $150 million in 2006 or 2007, according to Aspen real-estate experts. Blankfein: Nyet to Petersburg leaks (NYP) Goldman Sachs CEO Lloyd Blankfein yesterday squarely disputed his former director Rajat Gupta's claim that Gupta was permitted to speak about details of a 2008 board meeting with his alleged co-conspirator, hedge-fund titan Raj Rajaratnam. "Did you authorize Mr. Gupta to reveal any of the confidential information discussed at the board meeting in St. Petersburg, Russia?" prosecutor Reed Brodsky asked the CEO. "No," Blankfein said. The details included directors discussing the possibility of Goldman buying a commercial bank or insurance company, including AIG, in the early days of the mortgage crisis. MF Global Trustee Sees $3 Billion in Potential Claims (Reuters) MF Global Holdings could have more than $3 billion in claims against its former affiliates, Louis Freeh, the trustee overseeing the wind-down of the parent company of the collapsed broker-dealer, said in his first status report. The potential recoveries for the parent company's creditors will come primarily from such claims, Freeh said in his 119-page report that was submitted to the bankruptcy court. Former bath-salts addict: 'It felt so evil' (CNN) The man is strapped onto a gurney and restrained, yet he is singing, making faces and twitching. "You know where you're at?" a paramedic asks him, but Freddy Sharp can't answer. He was, he explained later, off in his own world after overdosing on the synthetic drug known as "bath salts." "I'd never experienced anything like that," Sharp told CNN's Don Lemon. "It really actually scared me pretty bad." He said he was hallucinating about being in a mental hospital and being possessed by Jason Voorhees, the character from the "Friday the 13th" movies. "I just felt all kinds of crazy," said Sharp, now 27, of Tennessee, who says he hasn't used bath salts in months. "It felt so evil. It felt like the darkest, evilest thing imaginable." The drug made national headlines recently after a horrific crime in Miami, where a naked man chewed the face off a homeless man in what has been called a zombie-like attack. Australia Central Bank Cuts Rates to Fight Global Gloom (Reuters) Australia's central bank cut interest rates for a second month running on Tuesday in a bid to shore up confidence at home, just as finance chiefs of advanced economies around the world prepare to hold emergency talks on the euro zone debt crisis. Citing a weaker outlook abroad and only modest domestic growth, the Reserve Bank of Australia cut its cash rate by 25 basis points to 3.5 percent. Burbank Bets On Global Recession With Subprime Conviction (Bloomberg) In the dozen years that John Burbank has run his $3.4 billion Passport Capital hedge fund, he's never been as negative on global stocks as he is now. Burbank, 48, expects that the U.S. and much of the rest of the world will slide into a recession, and he's setting up for that event with a big wager that global stocks will fall. Most of his peers are still betting that stocks, especially those in the U.S., are more likely to rise than decline. "You have a great contrarian outcome here that will be obvious in hindsight, just like subprime was," Burbank said in an interview last month. "I have a lot of conviction about something that others don't seem to see clearly." In Facebook, Options Traders Shift to Post-Earnings Bets (WSJ) While June and July bets have been most active since Facebook options began trading last Tuesday—accounting for more than half of the total options outstanding—contracts expiring in August and September have been picking up steam. Downside options that expire after the company's first public earnings report—expected at the end of July, though no date has been set—were the most actively traded Monday. The most popular positions included bets Facebook would fall below $25 a share over the next two to three months. Real life Garfield eats his way to 40-pound frame (NYDN) A tubby tabby named Garfield was dropped off at the North Shore Animal League last week tipping the scales at nearly 40 pounds, and now the no-kill shelter is hoping to turn him into the biggest loser. "He needs to lose at least 20 pounds," shelter spokeswoman Devera Lynn said. "He's so big, he's like a dog. He actually has his own room." Garfield meanders slowly in smaller spaces. He's being moved to a foster home Tuesday in hopes that a next of kin claims the orange-and-white kitty. But if that doesn't happen, the North Shore Animal League has received several applications from folks willing to give him a permanent home. Lynn said they'll work with an owner to put the cat on a healthier track. "He's actually outgoing for a cat," Lynn said. "Once he loses that weight, he's going to be a rock star."
Gary Cohn: the next Janet Yellen?; Deutsche Bank traders treading water; man commits crime against crime-fighting robot; and more.
Schapiro SEC Reign Nears End With Rescue Mission Not Done (Bloomberg) Admirers and critics agree Schapiro rescued the agency from the threat of extinction when she was appointed by President Barack Obama four years ago. Still, she hasn't fulfilled her mission -- to overcome the SEC's image as a failed watchdog by punishing those who steered the financial system toward disaster and by proving regulators can head off future breakdowns. "It was harder than I thought it was going to be," Schapiro, 57, said during an interview in her office that looks out on the Capitol dome. "You have this nice little box of things you want to do all tied up with a bow, and you walk in the door and it's very hard to keep at least one eye on that agenda while you're dealing with the flash crashes and the new legislation and the whole range of things that happened," she said. Morgan Stanley CEO Hints Of Commodity Arm Sale (Reuters) Morgan Stanley has an obligation to explore "different structures" for its commodities trading business because new regulations are limiting the unit's activities, Chief Executive James Gorman said on Thursday. The CEO's comments were the first time Morgan Stanley has publicly hinted at a possible sale of its multibillion-dollar oil and metals trading arm, which has been reported in the media for months. Morgan Stanley has been in discussions with OPEC member Qatar for more than a year over the sale of at least a majority stake in its energy-focused trading business, according to bankers. Speaking on a conference call with analysts after the firm reported better-than-expected quarterly results on Thursday, Gorman said changes under the U.S.' Dodd-Frank financial reform law restrict the kind of trading the firm can do in commodities. Europe Agrees On Banking Supervisor (WSJ) European leaders early Friday agreed to have a new supervisor for euro-zone banks up and running next year, a step that will pave the way for the bloc's bailout fund to pump capital directly into banks throughout the single-currency area. John Paulson Doubles Down On Housing (WSJ) Hedge-fund manager John Paulson famously made nearly $4 billion in 2007 correctly betting that the housing bubble, fueled by the subprime mortgage market, would pop. Then the billionaire investor somewhat reversed course, arguing that the housing cycle had hit a low point. "If you don't own a home, buy one," he said in a 2010 speech at the University Club in New York. "If you own one home, buy another one, and if you own two homes, buy a third and lend your relatives the money to buy a home." So far, that bet has been a loser: The Wall Street tycoon lost about $3 billion personally in 2011, according to people close to the hedge-fund manager, speculating that the economy would recover faster than it did. But through the downturn Mr. Paulson—whose net worth is estimated to be around $11 billion, according to people familiar with his situation—continued his real estate spending spree. Over the last eight years, he has spent more than $145 million on six properties, including two estates in Southampton, N.Y., two properties near Aspen, Colo., and two residences in Manhattan, where he is based, according to public records. (He later sold one of the Southampton properties, for $10 million in 2009, a year after buying a larger estate nearby). In June, Mr. Paulson snapped up a 90-acre Aspen ranch and an adjoining property from Prince Bandar bin Sultan for a total of $49 million, according to public records, one of the highest prices ever paid for property in the area. Ben Stein: Taxes Are Too Low (Mediaite) Author and economist Ben Stein joined Fox & Friends on Thursday where he stunned the hosts after he called for raising the tax rates on people making more than $2 million per year. He said that he did not think that the United States simply had a spending problem, and cited the early post-war period as an example of a time when you could have high tax rates and high growth. "I hate to say this on Fox – I hope I'll be allowed to leave here alive – but I don't think there is any way we can cut spending enough to make a meaningful difference," said Stein. "We're going to have to raise taxes on very, very rich people. People with incomes of, say, $2, $3, $4 million a year and up. And then slowly, slowly, slowly move it down. $250,000 a year, that's not a rich person." Stein said that the government has a spending problem, but they also have a "too low taxes problem." "With all due respect to Fox, who I love like brothers and sisters, taxes are too low," said Stein. "That sounds like Bowles-Simpson," said Gretchen Carlson. "It is Bowles-Simpson," Stein replied. Should've Left That At Home, Teacher Is Told On Jury Duty (NYT) Damian Esteban was qualified to teach students at a specialized New York City high school, and had just been deemed reasonable enough to judge a man's fate in a murder trial. But passing through the metal detectors at a Manhattan courthouse may have been too tough a test. Mr. Esteban, 33, was arrested on Wednesday as he returned from a break in a trial in State Supreme Court in Manhattan, David Bookstaver, a spokesman for the state Office of Court Administration, said. As Mr. Esteban, a teacher at the Williamsburg School of Architecture and Design in Brooklyn, passed through a metal detector at the courthouse, it beeped. A court officer, Laura Cannon, found the culprit to be a cigarette box in Mr. Esteban's pocket. Upon opening the cigarette box, Ms. Cannon reported that she found a much bigger problem: 18 small bags of heroin. A Daunting To-Do List For Citigroup's New CEO (BusinessWeek) Citigroup's largest problem may be internal. The company, analyst Richard Bove says, "is a political swamp. It's a snake pit." Cleansing the culture must be a priority, says Mike Mayo, an analyst at Crédit Agricole Securities. "So whether it's the inappropriate pay for subpar performance; the lack of adequate disclosure, such as returns by business line; the failure to properly oversee the many different businesses; or the poor tone set at the top of the firm for corporate governance, they all add up to the need to improve the culture," Mayo says. Cooling The Pits: ICE Yelling Ends (WSJ) Augustine Lauria knew his 37-year career as a floor trader was over when he got a memo from IntercontinentalExchange in late July announcing the closing of the exchange operator's last trading pits. Friday will be the last chance the 61-year-old trader will get to put on his navy-blue and yellow trading jacket and badge. It will be the final day of rough-and-tumble "open-outcry" commodities trading on the ICE-owned pits in lower Manhattan where options on cotton, coffee, cocoa, sugar and orange juice are bought and sold. "What can I do? I can count fast and yell loud," says Mr. Lauria, who boards the Staten Island Ferry before sunrise to get to work in time for the 8:10 a.m. bell. Amanda Larrivee Speaks Out about Incident at Samuel's (ABC) Amanda Larrivee and her brother Robert Larrivee were arrested at Samuels Sports Bar Sunday for allegedly stealing TV's from the bathroom. Now, the woman involved is speaking out about what happened that night and the "immature" remark made by her brother. The legal case against Amanda has been dropped, but a comment made by her brother is getting all the attention. He told police that the two were in the bathroom having sex. Amanda says that was not the case. "The comment was taken out of context and it's not what it looks like," said Larrivee..."I just want to come out and really let people know that it's not what it looked like. It's humiliating and the comment having sexual relations with my brother was an impulse, immature comment made by him that is not the truth," said Larrivee. Amanda says Robert wasn't trying to steal the TV's, but was upset over seeing his ex-girlfriend. "He had an outburst at the time you know it turned into you know touching the TV on the wall, turned into an ugly scene," said Larrivee. "He took the televisions down. He had no intention of stealing. He's not walking out with two televisions," said Attorney Jack St. Clair.
Credit Suisse Sees Profit Drop (WSJ) Credit Suisse Wednesday reported a sharp drop in net profit for the first quarter, pressured by an accounting loss on its own debt and lower revenue at its investment bank, which shed risky assets to adapt to a tougher regulatory and market environment. Still, the bank managed a sharp turnaround from a dismal fourth quarter when it reported a loss, on improving market conditions. But Chief Financial Officer David Mathers warned that this may not necessarily be the trend going forward, as markets weren't as favorable in April as they were during the first quarter. Credit Suisse said net profit fell 96% to 44 million Swiss francs ($48.3 million) in the first quarter from 1.14 billion francs a year earlier. This was better than the net loss expected by analysts. Excluding a raft of one-off items, net profit would be 1.36 billion francs, Credit Suisse said. Net profit suffered from a 1.55 billion franc accounting loss on the bank's own credit. The bank also recorded costs of 534 million francs for 2011 bonuses. Moody's Hears It From Banks (WSJ) In the latest sign that U.S. banks are bridling at tighter oversight that began after the financial crisis, a handful of big lenders have been jawboning Moody's Investors Service ahead of potential downgrades expected this spring. Bank of America Corp. Chief Executive Brian Moynihan and Citigroup Inc. CEO Vikram Pandit have argued against downgrades in person, people familiar with the talks said. An executive at Goldman Sachs Group Inc. last week publicly questioned Moody's methods on a conference call with analysts and investors. Morgan Stanley CEO James Gorman, who has met with the ratings firm more often than usual in the past quarter, called Moody's decision to delay any potential downgrades by a month "constructive." Housing Declared Bottoming in U.S. After Six-Year Slump (Bloomberg) The U.S. housing market is showing more signs of stabilization as price declines ease and home demand improves, spurring several economists to call a bottom to the worst real estate collapse since the 1930s. "The crash is over," Mark Zandi, chief economist for Moody's Analytics Inc. in West Chester, Pennsylvania, said in a telephone interview yesterday. "Home sales -- both new and existing -- and housing starts are now off the bottom." US taxpayers still on hook for $119B in TARP funds (MarketWatch) US taxpayers are still owed $119 billion in outstanding Troubled Asset Relief Program (TARP) funds, a watchdog for the government crisis program said Wednesday in a quarterly report to Congress. That number is down from $133 billion in TARP funds owed as of January, according to the author of the report, the Office of the Special Inspector General for the TARP. The government expects TARP to lose $60 billion. Surviving 'Taxmageddon' Without Maiming Economy (Bloomberg) Peter Orszag: "At the end of this year, all the Bush tax cuts expire -- amounting to about $250 billion a year. The payroll-tax holiday, at more than $100 billion a year, ends too, as do expanded unemployment-insurance benefits. And we face other spending cuts of about $100 billion, from the sequester set up by the 2011 debt-limit deal. All told, this fiscal tightening adds up to about $500 billion -- or more than 3 percent of gross domestic product. The economy will be in no shape to handle that much of a squeeze. If we do nothing to reduce or stop it, the economy could be thrown back into a recession." Goose strike forces JetBlue flight into emergency landing at Westchester (NYP) Geese smacked into a JetBlue plane taking off from Westchester Airport last night, forcing the pilots to make an immediate emergency landing. "We got to come back. We hit two big geese," a pilot aboard Flight 571 to West Palm Beach, Fla., radioed to controllers after the plane took off at 6:45 p.m. "We are declaring an emergency." The pilots made it just six miles northwest of the airport before turning around. They were back on the ground seven minutes later. "JetBlue 571, nice to have you back," a relieved controller radioed as the plane touched down at 6:52. The geese smashed into the jet's windshield. "I was petrified,'' said passenger Janice Hilbrink, of White Plains. "Seriously very frightened. "I heard the noise. It was very loud and the plane had a lot of turbulence. The pilot told us the windshield was cracked.'' When she got off the plane, "the whole front of it was covered in bird.'' Missing MF Global Funds Found (CNNM) Investigators probing the collapse of bankrupt brokerage MF Global said Tuesday that they have located the $1.6 billion in customer money that had gone missing from the firm. But just how much of those funds can be returned to the firm's clients, and who will be held responsible for their misappropriation, remains to be seen. James Giddens, the trustee overseeing the liquidation of MF Global Inc, told the Senate Banking Committee on Tuesday that his team's analysis of how the money went missing "is substantially concluded." "We can trace where the cash and securities in the firm went, and that we've done," Giddens said. Europe Struggles With Painful Deficit Cures (WSJ) The target, set in 2009, is still seen as an important signal that the budget rules won't be flouted as they were in the past. But meeting the 2013 goal, which for most countries was a deficit of 3% of gross domestic product, will entail more spending cuts or tax increases by governments across the EU. Soros And Roubini Take Aim At Euro Zone (CNBC) Nouriel Roubini, an economist and founder of RGE Monitor used a series of tweets on Tuesday evening to call for action on weakening the euro. "If domestic demand is going to be anemic and weak in this fiscal adjustment because of private and public sector deleveraging you need net exports to improve to restore growth," wrote Roubini who believes much looser monetary policy is needed. "In order to have an improvement in net exports you need a weaker currency and a much more easy monetary policy to help induce that nominal and real depreciation that is not occurring right now in the euro zone," said Roubini. "That's one of the reasons why we're getting a recession that's even more severe," he said. During a debate on Tuesday, billionaire Investor George Soros made it clear what side of the growth versus austerity debate he is on. "Europe is similar to the Soviet Union in the way that the euro crisis has the potential of destroying, undermining the European Union," he said. "The euro is undermining the political cohesion of the European Union, and, if it continues like that, could even destroy the European Union," said Soros. New Fashion Wrinkle: Stylishly Hiding the Gun (NYT, related) Woolrich, a 182-year-old clothing company, describes its new chino pants as an elegant and sturdy fashion statement, with a clean profile and fabric that provides comfort and flexibility. And they are great for hiding a handgun. The company has added a second pocket behind the traditional front pocket for a weapon. Or, for those who prefer to pack their gun in a holster, it can be tucked inside the stretchable waistband...The chinos, which cost $65, are not for commandos, but rather, the company says, for the fashion-aware gun owner.


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by Voice of San Diego November 5, 2007 March 15, 2022
Sunday, Nov. 4, 2007 | For many years the San Diego Children's Museum has held out The Museum School like it was some kind of "trophy wife." The museum staff took credit for the several Governor's Awards won by the students and teachers, and called on the students to appear at fundraising events and to appear next to potential donors to the museum's building accounts. This has been done to ostensibly gather money to build a new children's museum with space for The Museum School. For the past five years of the 10 years the school has been in existence, the school has rented temporary quarters and has anxiously awaited the new building to be completed. Their family and friends have donated time and money to help bring the museum where it is today. Imagine then, the heartbreak when suddenly, without any warning, they are told they are not moving to the new building, even though there is an area that was designed for them. Three Children's Museum board members, and their new executive director came to the school to tell the families that they wanted to open the museum up to a greater number of students. This is an excuse to wrestle away the space promised the school so the museum staff can offer for sale to the highest bidder naming rights to the classrooms (now, exhibit halls). After selling off every square foot dedicated to the museum, they eyed the school rooms as instant revenue streams, separated only by the students waiting to sit in seats promised them years ago by a caring board. For the teachers, staff, students, family, friends, and supporters that have waited for this day of entering the classrooms, tough luck. It isn't fair. It would be as if someone collected money from a large group to go to Disneyland, get you all in the car for a ride, and drive you to El Centro. Then they rent a room for all of you to cram into, and then tell you all goodbye as they drive on to Disneyland, without you.
Why anyone would want their name on a room stolen from kids is beyond me. And why the museum board as a whole body, would allow this greed into the learning experience of young students is shameful. The Children's Museum is not a place for social-climbing arrogance, or to enrich fundraisers' personal bank accounts. It's a place, above all others, for the children.
I hope this was just a "fire drill," and that the museum board will turn down this power play by a few staff and members, and vote to allow the students to take the seats promised them.

redpajama_set_name: RedPajamaCommonCrawl


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The CBC's role in 'the Internet Age'
Handwringing over CBC funding obscures the fact it's becoming a smaller and smaller player in a highly concentrated media world.
Dwayne Winseck
Last weekend, I participated in a debate at the Manning Centre's annual conference entitled "Is it time to pull the plug on the CBC?" I was arguing on the "no" side. My first argument was that the CBC has shrunk greatly over time against the backdrop of a vastly larger and ever more Internet- and mobile-centric media economy, as Figure 1 below illustrates. (A "network media economy" includes a dozen or so of the largest sectors of the telecommunications, Internet and media industries, including mobile wireless and wireline telecoms services Internet service providers, cable, satellite, broadcast, specialty, pay and Internet-based TV services, radio, newspapers; magazines, music and Internet advertising.)
Over the past three decades, the place of the CBC within the media universe has been eclipsed as wholly new media have been added to it: e.g. mobile phones, broadband internet access, pay TV, OTT, online gaming, social media and search engines. In this context, carriage (or connectivity and bandwidth) is king, not content.
The size of the network media economy quadrupled from $19 billion in 1984 to $75 billion today. In general, and contrary to popular belief, Canada's media economy is not small but one of the twelve biggest in the world.
Therefore, mobile phone rates, data caps, broadband access, fibre-to-the-doorstep, and common carriage are now at least as important as the CBC, both in terms of journalism and to most Canadians in personal terms (e.g. keeping in touch with loved ones from a distance), social terms (ie. access to knowledge, entertainment, opportunities, public services) and money terms (Canadians spend $5 on bandwidth for every $1 on media content). Excessive worrying about the CBC obscures these realities.
The Canadian media economy has not only become bigger and more complex but more concentrated (but with crucial exceptions, such as Internet news, radio and magazines). Figure 2 below shows how the CBC's place within the Canadian media economy shrunk between 1992 and 2015.
The upshot of these trends is that the CBC is now dwarfed in the media world. It's share of the total media economy dropped from 5% in 1980s and early 1990s to less than half that amount today. Stripping out telecoms from the picture does not diminish the point.
Based on revenues in Canada, Google is now bigger than the CBC, while Facebook is about half its size.
What also stands out is the extent to which a handful of companies stand at the apex of the Internet and media landscape: Bell, Rogers, Telus, Shaw, and Quebecor. Bell dominates with nearly 30% of all revenue, while the big five telecom companies account for just under three-quarters of all revenue – up from 64% in 2000.
The "Big 5's" share of the total TV market has grown from 54% in 2008 to nearly 80% in 2015. Indeed, Canada is peculiar in the world, in terms of the extent to which telephone companies own all the main TV services and most radio services in Canada, except for the CBC. This is not a good thing because:
The telcos want to act as gatekeepers (publishers) to the Internet rather than as gateways (common carriers). CBC has been excluded from Videotron's Unlimited Music offering where wireless subscribers use a selected catalogue of streaming music services without them counting against your monthly data caps, for example. Indeed, all telcos would like to do this. Bell's Mobile TV offering tried to do much the same before being slapped down by the CRTC and the Federal Court of Appeals;
Telcos' content holdings in TV, radio, online and print are trinkets on their vast corporate edifices but they don't care much about such things other than that they hope this "content" stuff will help them sell mobile phone and internet subscriptions – the real engines and profit centres of their operations;
Signing up for mobile wireless and broadband internet services in Canada is expensive relative to most EU and OECD countries, as is the price of data. Data caps are also used widely and set at low levels after which punishing 'overage charges' kick in.
As a result of high prices, markets for fibre-based Internet access are underdeveloped while mobile wireless and broadband internet uptake is lower than it could be.
Instead of constantly railing against the CBC, these issues of concentration should be higher on our list of priorities. It's also worth noting that the CBC's funding levels are less than half the OECD average for public service media.
Despite all this, however, the CBC still does some things remarkably well.
It invests in original journalism and Canadian content. While the CBC accounts for just a fifth of all TV and radio revenue, it provides a third of the investment in original TV/radio journalism and a quarter of the spending on TV and radio content production. It also maintains nine international news bureaus while the private sector has cut them to the bone.
Meanwhile, CBC TV's audience has declined but it still garners 10% of the audience share. CBC radio services are much loved with a national audience share of roughly 20%, and its streaming music services are also popular. And the CBC is the number one online news source for Canadians, as Figure 4 shows.
And we cannot ignore the financial difficulties the news media are facing. The economic base of the media is no longer advertising but subscription fees by a 5:1 ratio.
The public has never paid the full cost of general news services. Consequently, journalism has always been subsidized by advertising, rich patrons, propaganda in authoritarian states, or the public purse in democratic countries. As the bottom of the advertising subsidy drops out, what kind of subsidy will rush in to fill the void: (1) rich sponsors; (2) propaganda ("fake news"); or (3) the public purse?
In short, the market cannot fully support the general kind of journalism that people want and democracy needs. This is not to denigrate the market, but recognize its limits. So, what should we do?
First, realize that the CBC is a dwarf among giants. Second, clarify that its mandate includes dissemination of content on all digital media platforms. Third, advertising on the CBC should be eliminated, while its budget should be more than doubled to bring it into line with the average of the OECD countries. Fourth, to shield the CBC from political influence, five or ten-year budget cycles should be adopted. The appointment of its president and board should be made more independent from the government of the day. Fifth, the anti-CBC hyperbole in the commercial press and in certain political quarters also needs to be dialed down. And finally, regulators need to deal squarely with the realities of the media marketplace in Canada, namely that concentration levels are high, and vertical integration levels sky high and these realities are fundamentally shaping the terrain in which our communications and media environment are unfolding.
Photo: Piotr Adamowicz/Shutterstock.com
Dwayne Winseck is Professor at the School of Journalism and Communication, with a cross appointment at the Institute of Political Economy, Carleton University. Winseck is director of the Canadian Media Concentration Research Project (cmcrp.org) and has been the lead Canadian researcher in the International Media Concentration Research Project since 2009.


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(500004) 2011 QE4 es un asteroide perteneciente al cinturón de asteroides, descubierto el 2 de agosto de 2011 por el equipo del Pan-STARRS desde el Observatorio de Haleakala, Hawái, Estados Unidos.

Designación y nombre
Designado provisionalmente como 2011 QE4.

Características orbitales
2011 QE4 está situado a una distancia media del Sol de 3,164 ua, pudiendo alejarse hasta 3,321 ua y acercarse hasta 3,007 ua. Su excentricidad es 0,049 y la inclinación orbital 8,108 grados. Emplea 2056,02 días en completar una órbita alrededor del Sol.

Los próximos acercamientos a la órbita terrestre se producirán el 23 de marzo de 2024, el 4 de diciembre de 2034 y el 20 de julio de 2045, entre otros.

Características físicas
La magnitud absoluta de 2011 QE4 es 16.

Véase también
 Lista de asteroides del (500001) al (500100)
 Cuerpo menor del sistema solar

Referencias

Enlaces externos
 Circunstancias de Descubrimiento: Planetas Menores Numerados

Asteroides del cinturón principal
Objetos astronómicos descubiertos por Pan-STARRS
Objetos astronómicos descubiertos desde el Observatorio de Haleakala
Objetos astronómicos descubiertos en 2011
Wikiproyecto:Asteroides/Artículos de asteroides

redpajama_set_name: RedPajamaWikipedia


Washington, DC, (February 9, 2017) - The Patient Access Network (PAN) Foundation and Multiple Sclerosis Association of America (MSAA) today announced they are launching a new alliance to offer a broad range of support for people living with multiple sclerosis (MS). Working together, the PAN Foundation and MSAA will ensure that people living with multiple sclerosis have access to both financial and patient support services, providing them with the holistic support needed to best manage their disease.
According to MSAA, multiple sclerosis is a disease of the central nervous system, which consists of the brain, optic nerves and spinal cord. MS damages or destroys the protective covering surrounding the nerves of the central nervous system and can potentially injure the nerves themselves. This damage causes reduced communication between the brain and nerve pathways. An estimated 2.5 million people worldwide are living with MS.
Patients who qualify for the PAN Foundation's multiple sclerosis program are eligible to receive up to $8,000 per year in financial assistance. Eligible patients must be getting treatment for MS; must reside and receive treatment in the United States; must have Medicare health insurance; and the medication for which they seek assistance must be covered by Medicare and must treat the disease directly. In addition, patients must fall at or below 500 percent of the Federal Poverty Level.
Patients, or advocates and caregivers applying on their behalf, can apply for assistance using the PAN Foundation's online patient portal (www.panapply.org), or by calling 1-866-316-7263, 9 a.m. to 5 p.m. Eastern Time, Monday through Friday. To learn more about PAN's more than 50 disease-specific programs, visit panfoundation.org.
The PAN Foundation is an independent, nationwide 501(c)3 organization dedicated to providing help and hope to underinsured patients who are unable to afford the out-of-pocket expenses for their prescribed medications. Since 2004, PAN has provided over $2.5 billion in financial assistance to more than 700,000 patients who would otherwise be unable to afford their medications. To learn more, visit www.panfoundation.org.
The Multiple Sclerosis Association of America (MSAA) is a national nonprofit organization and leading resource for the entire MS community, improving lives today through vital services and support. MSAA provides free programs and services, such as: a Helpline with trained specialists; award-winning publications, including MSAA's magazine, The Motivator; MSAA's nationally recognized website (at mymsaa.org), featuring award-winning educational videos and research updates; S.E.A.R.C.H.™ program to assist the MS community with learning about different treatment choices; a mobile phone app, My MS Manager™ (named one of the best multiple sclerosis iPhone & Android apps by Healthline.com); a resource database, My MS Resource Locator®; safety and mobility equipment distribution; cooling accessories for heat-sensitive individuals; educational programs held across the country; MRI funding; My MSAA Community, a peer-to-peer online support forum; and more. For additional information, please visit www.mymsaa.org or call (800) 532-7667.


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The Cornell Daily Sun (https://cornellsun.com/author/hdsanfordcornellsun-com/)
Harrison D. Sanford
Ithaca Bees, Dreams, and Goodbyes
By Harrison D. Sanford | April 30, 2009
I'll say my farewells in a minute, but I have to vent first and no I'm not talking the Coors Light commercial type of way — even though that sounds like a tantalizing idea. What is up with these Ithaca bees? I just walked up college avenue, through the Ho Plaza to the library and I swear I had to swipe away at least ten bees from my face. I got people out here looking at me like I'm crazy because my arms are flailing all over the place wildly as I try and get them away from me. One, I never got stung before and I'm not cool with the idea of getting stung even once, it's not in my life plan. Two, even IF I was to get stung, I'd be damned if it were by one of these steroid injected buzzing insects. Listen, back in middle school, I used to go on outdoor education trips.
I Love Collegiate Sports
So we have reached the end of March Madness also known as the end of my sports happiness. The sports nation has already listened to my "One Shining Moment." The Cinderella stories of Cleveland State and Siena have come to an end. Michigan State's emotional stimulus package to the Detroit area has all but expired. UNC has been crowned National Champions yet again and Cornell Big Red basketball fans will have to wait another year for a possible first-round upset.
Students React to Slope Day Announcement
By Harrison D. Sanford | March 25, 2009
Red Makes Quick Exit from Boise
BOISE, Idaho — Shots did not fall fast or accurately enough for No. 14 seed Cornell as it was bounced out of the first round of the NCAA tournament by No. 3 Missouri, 78-59, Friday afternoon.
Breaking Down The Game
First and foremost, I am mad I spotted a fan in the crowd with a Stanford hoodie on … the nerve. After getting embarrassed by the Cardinal last year in the Big Dance, it's the last thing I want to see. Then again, it might work to our advantage. Throughout the past couple days, players like Ryan Wittman, Louis Dale and Jeff Foote talked about how bad they felt about after last year's season-ending loss. They felt that they let not only themselves down, but the entire Ivy League. Maybe that guy sitting right under the basket will be a little reminder and serve as motivation. But motivation won't do it alone — here are some keys to a Red win.
1. Ball Control
A Little Color Commentary
So every year, there is one team that switches up their look for the NCAA Tournament and this year its Marquette. If you don't see this on television right now, they are all pretty much bald. I guess that's cool. It shows team unity, even though defense and passing would already indicate that but that's fine. I did a video story about that as well which you guys will be able to check out later on as well. When I spoke to standout guard Jerel McNeal about his coach not shaving his head, he said "Don't worry, he will be bald by Friday" … sure enough he is. Now, I am down with the team haircuts and all but if I'm the head coach, I'm keeping my full head of hair as long as I can.
Red Outlasted By Missouri in First Round of NCAA Tournament
BOISE, Idaho – Shots didn't fall enough for the No. 14 seed Red as it was bounced out of the NCAA tournament by the No. 3 Missouri, 78-59 Friday afternoon. Going into halftime, the Red were only down by four after shooting 31 percent. Coming into the tournament as one of the better shooting teams, the Red seemed to be primed for an upset. Adjustments to the Red's varying defenses and strong inside play eventually led to the Red's loss. Tigers senior forward Leo Lyons led all scorers with 23 points and 10 rebounds. Senior DeMarre Carroll added 13 points, seven rebounds and five assists. Junior Ryan Wittman shook off a shaky first half to finish with 18 points.
Its 7:47 in the morning over here in the great potato state and we are hours away from what could be an epic day in Cornell Athletics. Stay tuned here as I will be blogging live from Taco Bell Arena. Also check out under the Video tab as I will be posting videos from this whole experience. All right, time to prepare for a long day … Stay tuned.
M. Basketball Laces Up Its Dancing Shoes
Check back at Cornellsun.com for more live coverage of the men's basketball team at the NCAA Tournament
BOISE, Idaho – The Red will look to etch its name in March Madness lore today later on this afternoon as it takes on No. 3 seed Missouri in the first round of the NCAA Tournament. The Red earned a 14-seed after winning the Ivy League's automatic bid while Missouri stands as one of the top teams in the nation after winning the Big 12 conference tournament.
Can We Earn Home Court Advantage Too?
It's been a media whirlwind in Boise Idaho … interview after interview, story after story and you guys will see what I am talking about in the next couple days. But right now, all eyes are on Taco Bell Arena. The Red will try and launch its name into March Madness lore with a win over Missouri.
But right now, I'm sitting courtside at the Marquette vs. Utah State game. Even though Marquette is a 6 seed and Utah State is an 11 seed, its clearly a home game for Utah State considering how close it is. I was predicting a Marquette win on my brackets but after seeing this, my opinion has to at least consider changing. For the Red's sake, let's home Utah State wins because if these fans stick around, they are cheering for the underdog and might give us that extra "umph" we need.
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Cornell returns to Lynah Rink this weekend for a pair of ECAC games, headlined by a Saturday night showdown with the top-ranked team in the country.
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FINAL: CORNELL 3 YALE 0
Ian Shane earns his first career shutout, as the Red take care of business in New Haven.
https://t.co/yTkGJQmia0
About 20 minutes until Cornell resumes ECAC play against Yale in New Haven. Follow along for updates!


As planned, I got to spend the holidays at home. All the way from Thanksgiving through New Years. It was amazing! I have been only coming home for holiday cameos for seven years, since I left for college at 17. Between all the holiday excitement I got to find a little order and sanity in me life. I sorted through the disaster that I left in my parent's upstairs; a gradual build up from each time I blew through New Jersey. It had become worse than ever as clear layers of my New Jersey, Boston, and San Francisco lives could be seen in the piles.
I got in from Rome on the Tuesday before Thanksgiving. My mom hosted the Hanrahan Thanksgiving as she does most years. We had 45 people over. She made everything you could imagine. After the huge antipasto we had her bread, corn (she froze the neighboring farmer's corn in the summer), mashed potatoes, mashed sweet potatoes, my Uncle Larry's salad and baked brie, stuffed shells, meat balls, and of course a 26 pound turkey. There was also sangria and warm apple cider and homemade Irish Cream to add to all the beer, wine, and soda. Then for dessert the dinning room was filled with every kind of pie as well as cup cakes, cookies, a cannoli cake, and brownies.
We spent Christmas Eve with my mom's side of the family. Besides catching up with all of them, I found out my cousin Corrine is getting remarried in May and she asked me to be in her wedding party again. I also got to meet Lori's (Corrine's older sister) and Tim's second daughter: Brooke. She is cute as a button and has this adorable thing where her hair sticks straight up no matter what my cousin does. Lori had her two girls, Kayla and Brooke, and well as Corrine's Celina in matching Christmas dresses.
Early Christmas morning was just my parent's, grandmother (she comes home with us from Christmas Eve and stays over), and me. Santa brought me some goodies for my new vagabond lifestyle. The highlights were a Kindle and a waterproof point-and-shoot camera. Soon after my Aunt Linda and Uncle Larry come over. This year my Aunt's friend Jane came too. We have a big breakfast and exchange stocking stuffers.
This year, since the big breakfast was at our house, my mom stayed with her family and my dad and I headed to the Hanrahan Christmas at my Aunt Debbie and Uncle John's. It was an eventful Christmas this year at the Hanrahans. My Uncle John was home from Japan (he and Aunt Debbie moved there recently for his work). Aunt Debbie was home too of course, but had been since Thanksgiving, like me. My cousin Brian, who goes to BU, just came back from a semester abroad in Ecuador with all kinds of stories. My cousin David (the only one besides me and potentially Brian to leave NJ or one of the neighboring states) was home from San Diego for the first Christmas in 10 years. We had a 6-day-old baby– Mike and Bonnie's little Keira. Marc proposed to Vivian that morning. My uncle Bill was in from Alaska. It was a really magical Christmas.
I was going to spend New Years with my cousin's on my mom's side. They have a party every year. But last minute everyone was sick and they almost canceled. I ended up at my cousin Marc's where I had a wonderful time. In the morning I was painfully reminded that I have not been drinking like I did in SF.
Between the big holidays I got to see some old friends. Caught up with NJ people and made a trip to Boston. Like I said, I has been just like I hoped.
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The official release date of the final Harry Potter book, Harry Potter and the Deathly Hallows, was announced yesterday. This date is troubling to me for several reasons. We were hoping that Book 7 could be released on July 7, which would have been 7/7/07. But the disappointment that we have apparently missed getting Book 7 on 7/7/07 is not the main reason I am troubled by the announcement of the book's release date.
I don't think it has anything to do with the plot of the book. First off, I don't think anyone besides Jo and her publisher has any clue what happens in book 7. No one know until the book is released, not even the film distributers.
There are a LOT of factors that go into the decision to release a book on a specific day. Way too many to go into in this post. Besides, I don't even know them all.
I still maintain that I do not think Harry in book 7. I realize that in many classic myths the hero s in the process of completing his goal. But in many other classic myths he doesn't. However, innocent lesser heroes almost always . I suspect that two of the people that in ly Hollows are Neville and Luna.
I believe that the reason Jo meantioned that she understands why a writer would off a main character is her way of letting us know that it isn't Harry, since she also said that there was a character that was originally going to but she gave a reprieve. I think that character was Harry. I think she was originally going to him off and then decided not to.
I am not sure about how the release dates got decided but there could be many factors that don't involve the plot or relate to the way the book ends.
I do think that there is a good possibility that JK is going to Harry AND bring him back to life. She has only said that a major character . It's what she is not telling us that is really important. If Harry s to fulfill the prophecy he could possibly be brought back to life with the elixir of life produced by the Sorcerer's (Philosophers) Stone. It was destroyed at the end of book one and Nicholas Flamel was the only known maker of it. He is now because his stone no longer exists. Harry has Snape's potions book from the Half-Blood Prince and has proved to be quite good at making potions when he has these powerful instructions. I think Snape counted on Harry having that book. He is not known for carelessly leaving important and powerful items laying around. So, we might assume that armed with that book he may be capable of producing his own sorcerer's stone and then the elixir of life. He finds and attacks Voldemort but is ed in the attempt. Voldemort becomes mortal once again and has no more horcruxes to fall back on. (If Harry is able to find and destroy them all before) Ron, Hermiony and Ginny use the elixir to bring Harry back to life where Harry is able to finally mortal Voldemort.
I know that there are a bunch of holes in this theory but I don't think JK would permanently Harry. Like David has said, who would want to continue watching the movies or reading the books if we knew Harry was going to in the end? Or if any of Harry's close friends d?
The rumor/reason I heard that the 21st was the anniversary of the first book's publication. I always thought the last book should have been released on July 31 (Harry's birthday).
If you add all the numbers in the date 7/21/07, then you get 8, if you add the numbers in 7/21/2007, you get a 1.
8 is the most unpredictable number and can indicate the pinnacle of success or the depths of failure, according to the Arithmancy chart.
1 indicates an individual who is intense and determined, seeing something through to the end.
8 doesn't help us much, but there is hope with 1.
its really strange, that hp7 isn't released on july 7 and you could have a point that this is because harry is supposed to . i don't want harry to , too. but on the other hand do we really need a happy end like: voldy is , harry alive and everything is fine? way to simple ending for an author like jk, isn't it.
Linda: 7/21 is not, as far as I can tell, exactly the anniversary of the first Harry Potter book in the UK, although it is sort of close. According to Amazon.co.uk, Harry Potter and the Philosopher's Stone was released on June 26, 1997.
Even if it has a sad ending, I would still want to see the movies. But maybe not directly after reading this sad ending.
I don't like the date, actually. It's a national holiday here in Belgium, so we would have to wait untill the 23th.
That's just soooo unfair. I think I'll just plan a trip abroad.
JKRowling is certainly a daring author, and a daring move would certainly be to off Harry (or even Ron or Hermione). I don't think that the central three be ed off however. In an interview, JKR was asked which characters she would invite to a dinner party. She listed harry, hermione and ron before pausing and saying that she was not sure if she could invite people. now this may have just been referring to dumbledore, but since she had just been explaining that at least two key figures would be ed off in the final book, perhaps she was referring to others and harry, ron and hermione be fine.


Wishing You a Weekend Filled with Holiday Traditions!
Oven roasted turkey. Real mashed potatoes. Cranberry sauce. Pumpkin pie… and the Macy's parade.
Did you know the very first Macy's parade was held on Thanksgiving Day 1924 but was called the Macy's Christmas Parade? It featured a menagerie of circus animals – monkeys, bears, camels and elephants – all borrowed from the Central Park Zoo. Live animals were replaced in 1927 by the giant helium character balloons for which the parade has become known. The parade is also known for ushering in the Christmas season as Santa Clause makes his debut and signals the end of the parade.
One reason I enjoy this parade so much is because I have fond memories of watching it on television when I was a kid. The parade was always on the television while my mom and I prepared side dishes to take to my grandparents' house. I enjoyed helping in the kitchen, and I loved spending the afternoon playing games with my cousins. Even today I still enjoy watching the parade as I prepare side dishes for our Thanksgiving meal, but I also enjoy other traditions throughout the weekend. Black Friday was reserved for shopping, and on Saturday, we would put up our Christmas tree.
Retail sales that begin on Thanksgiving Day night and the Internet have altered some of our traditions. That might be why I hang onto other traditions so tightly. Each holiday season I look forward to watching holiday classics like the 1947 "Miracle on 34th Street." This movie includes live shots from the 1946 Macy's Thanksgiving Day parade. Who knew the Santa Claus riding in the parade that year was actor Edmund Gwenn, who also played Santa Claus in the film? Here's another fun fact… 1947 is also the year that Latham Seeds was founded by Willard Latham on his North Iowa farm. His wife, Evelyn, was known for her hospitality. She always had fresh coffee and homemade cookies available for customers.
At Latham Hi-Tech Seeds, we're proud to carry on the family tradition of providing high quality seeds for farmers in the Upper Midwest. We also are proud to carry on Evelyn's tradition of hospitality and home cooking. Whether you need to fuel up for a busy day of Christmas shopping or decorating your home for the holidays, start your morning with a warm breakfast. Today we're sharing with you a recipe from the Iowa Egg Council for Heart Healthy Hash. NOTE: You could substitute leftover oven roasted turkey or cubed ham for the turkey sausage in this recipe.
Recipe below sourced from the Iowa Egg Council.
Heat a large stockpot over medium-high. Add sausage; cook and crumble until no longer pink. Add oil, salt and potatoes. Cook and stir until potatoes are partially browned. Fold in scrambled eggs (prepared in another pan). Stir in quinoa, rice and cauliflower; continue to cook until heated through. Remove from heat; stir in cheese. Serve immediately.


text:
Time to join ANA
American Numismatic Association President Jeff Garrett has set himself the worthy goal of increasing the membership of the organization.
With numbers currently sitting around 25,000, the organization would benefit by getting a boost.
After all, what 25,000 dues-paying supporters can make possible is less than what 30,000 or 35,000 dues-paying members might.
The question is what might convince a collector in 2015 to take the plunge and join?
Most collectors have been around the block more than a few times.
If they have not joined yet, will they ever join?
I was pushed into the water when I joined.
The company policy established by Chet Krause and Clifford Mishler was that every member of the numismatic staff should be an ANA member.
They sweetened the deal by paying our dues.
I was grateful.
Being just out of college and short of money, I doubt I would have paid up on my own.
Further, by 1987, as both a gift to me and as a show of solidarity in the membership efforts of President Steve Taylor, Clifford authorized the company to pay the life membership fee on my behalf.
I have now been a life member for over 28 years.
The older I get, the more I have appreciated my ANA membership.
However, as I wrote at the beginning, what aspect of the ANA is most attractive to a potential new member now?
Is it the website?
Is it the library?
Is it the Summer Seminar?
The appeal of any of these is in the eyes of the beholder.
If you are not a member of the ANA, please consider joining.
If my own experience is any guide, the benefits of membership became much clearer to me only after I joined.
Thanks, Clifford, for giving me that push.
The Standard Catalog of United States Paper Money is the only annual guide that provides complete coverage of U.S. currency with today's market prices.
Buzz blogger Dave Harper has twice won the Numismatic Literary Guild Award for Best Blog and is editor of the weekly newspaper "Numismatic News."
Join the ANA family
By Dave Harper Apr 5, 2010
Time to sell parts of ANA collection?
What is the purpose of the American Numismatic Association's Edward C. Rochette Money Museum? That might seem to be a strange question to ask about a long-established aspect of the American Numismatic Association.
Time to browse on the ANA bourse
By Dave Harper Mar 11, 2009
Great time at ANA show
By Dave Harper Aug 15, 2016
Joining ANA a personal decision
By Dave Harper Nov 4, 2016
Time for ANA politics
By Dave Harper Feb 26, 2009
Good times once rolled for the ANA
By Dave Harper Sep 22, 2018
Join CC club
Join me on Thursday


(Oct. 10, 2003) -- Eighth district Councilman Rob Webb has agendized an item for the October 14 City Council meeting that asks when a report on LB Airport's environmental effects on residents (requested by the Council 9-0 in May 2002 but not presented to date) will be presented and what it will include.
As part of the item, Councilman Webb also recommends that the human impact and safety questions be added to the scope of an Environmental Impact Report now being prepared to facilitate City Hall's proposed expansion of LB Airport terminal area facilities.
As first reported by LBReport.com, Councilman Webb told us at a Sept. 25 Airport noise workshop that he planned to agendize an item on the overdue report.
It is my belief that those burdens can become so substantial that not only the health of our citizens there can be compromised, but ultimately the economic base which supports those two communities, that is Los Altos and we'll hear about Cal Heights from Councilman Webb, can become blighted. That is, the burden can become such that people who have the ability to move, and those people do, will, blight is not something that could be contained and it will spread if it happened, and I'm going to do everything in my power to stop that from happening, not only through Los Altos but up into the 5th district, down into the 3d district.
And not the least important, and I have invited [City Attorney] Bob Shannon who with [Principal Deputy City Attorney] Mike Mais has provided excellent legal advice to us, is it strategically and tactically the wisest thing to do at this time, or would it be a cause or a trigger for litigation, which I think everyone hopes we can avoid.
As separately reported by LBReport.com, City Hall has begun the first phase of a formal Environmental Impact Report process to facilitate permanent enlargement of LB Airport's terminal facilities.
On Oct. 11 and 16, public meetings will be held at which the public can indicate what issues it believes should be included in the Environmental Impact report that will accompany the terminal enlargment plan. For details, click here.


text:
Google introduced a new logo OS Android
Google has unveiled a new logo for the Android operating system for the first time in five years.
On the updated logo, the name of the OS is written in a different font, and for the first time, part of the head of the main Android symbol is displayed.
Another important change was the abandonment of operating system names after sweets and desserts. The new OS will be called Android 10 instead of Android Q. Since 2009, Google has labeled new versions of the OS with capital letters that refer to the names of popular sweets - "Marshmallow", "Gingerbread", and sometimes brand names - "Kitkat", "Oreo" and others
Starting from the 10th, all new versions of the operating system will be designated by serial numbers. Google notes that despite the fact that the tradition of calling Android OS in honor of "delicious treats" was "a fun part of the annual release", the company listened to the opinion of users that the names were not clear to everyone in the global community due to the difficulty of understanding English words. In addition, Android customers have noted that due to the letter system, it is not always clear whether the device is running the latest version of the OS. The new changes will take effect in the coming weeks.
Market participants note the correctness of the company's departure from associations with "sweet" brands, the reputation and perception of which is not under the control of the corporation and may not correspond to Google reputation.
"Google is better off relying on the strength of its own brand. This new brand identity is a good example for other tech companies to take the human factor into account when portraying their brand," said Barbara Sullivan, founder of Sullivan Branding.
The Android brand was first introduced in 2008. It is known that the font and the robotic OS symbol were designed by Google employee Irina Blok in five minutes. In 2014, Google modified the logo to make it softer. In the new version of 2019, the font has become more "readable", including for people with visual impairments, and also reflects the brand philosophy, which is in the "lexicon of today".
online brands


text:
Antedon bifida — вид морських лілій родини Antedonidae.

Поширення
Вид поширений на сході Атлантики біля узбережжя Європи та Західної Африки. В Середземному морі відсутній, там його заміняє Antedon mediterranea. Трапляється на глибині до 200 м.

Опис
Ця морська лілія має 10 червоних (інколи фіолетових) перистих рук, іноді вкраплених білим кольором, із штрихами. Руки оснащені липкими віями, якими вона захоплює планктон, яким харчується. Центральний диск не перевищує 1 см в діаметрі, а руки можуть досягати 15 см завдовжки. Рот і амбулакральні борозни знаходяться на верхній поверхні диска.

Спосіб життя
A. bifida вловлює детрит і планктон своїми руками, коли вони пропливають повз. Більші частинки захоплюються і утримуються двома більшими амбулакральними ніжками. Дрібні частинки прилипають до слизу, який виробляє тварина, а потім за допомогою амбулакральних ніжок ці частинки об'єднуються в більші кульки. Далі їжа переноситься в амбулакральний жолобок, де рухається до рота струмом, який створюють війки, що вистилають канавку.

Морська лілія чіпляється за субстрат кігтеподібними ніжками на нижній частині диска. Завдяки тим ніжкам тварина може повільно повзати по кільцевій траєкторії. Крім того, вона може плавати на невеликі відстані, махаючи руками.

A. bifida має симбіотичний зв'язок з поліхетою Myzostoma cirriferum. Личинки хробака вловлюються амбулакральними ніжками і обробляються як частинки їжі. Вони прикріплюються в амбулакральних борознах, де вони зазнають метаморфозу і дозрівають. Вони тримаються за параподіальні гачки і можуть рухатися по жолобі.

Примітки

Морські лілії
Голкошкірі Атлантичного океану
Тварини, описані 1777


text:
Catholic leaders condemn UK government's U-turn on foreign aid
In Church in UK and Ireland
Britain's Chancellor of the Exchequer Rishi Sunak delivers his one-year Spending Review in the House of Commons, in London, Wednesday, Nov. 25, 2020. (Credit: Jessica Taylor/UK Parliament via AP.)
Catholic organizations across the UK have condemned a decision to cut the overseas aid budget by nearly a third.
LEICESTER, United Kingdom – Catholic leaders across the UK have condemned a decision to cut the overseas aid budget by nearly a third.
Chancellor Rishi Sunak made the announcement on Wednesday, saying it was necessary in light of the worst recession the country had seen in 300 years.
The Conservative Party had promised to keep the UK's pledge of giving 0.7 percent of GDP in development aid during their 2019 election campaign. The chancellor said that target will now be lowered to 0.5 percent due to the "unprecedented crisis."
However, the move drew a rebuke from the head of the Catholic Bishops' Conference of England and Wales.
Cardinal Vincent Nichols of Westminster said "a clear measure of a nation's greatness is the manner in which it responds to the needs of its poorest."
"If we truly wish to be a great nation, then cutting the overseas aid budget is a retrograde step. The great tragedies of forced mass migration and human trafficking must be tackled at their source. Carefully targeted and well-managed overseas aid programs are an essential part of this effort. In the face of these catastrophes, this is no time to reduce the UK's contribution or effort," he wrote in a Nov. 27 letter.
"Promises were made by all parties on aid spending at the last election. In these extraordinarily difficult times, we should not now step back from our responsibilities to the world's most vulnerable people, especially as combating the spread of COVID-19 will necessarily mean richer countries supporting poorer ones in purchasing vaccines for their people and helping to roll out mass vaccination programs. Combating COVID-19 is an international endeavor and we cannot neglect those countries that benefit from our aid. I hope that compassionate and wise counsel will prevail," Nichols said.
CAFOD, the development aid agency of the bishops' conference, also condemned the decision.
"At a time when international solidarity and cooperation across borders is needed more than ever, it is deeply alarming that the government has chosen to turn its back on the world," said Christine Allen, the CAFOD director.
"Aid spending on tackling global poverty must not be treated as a charitable favor to the world, but as Britain's moral duty. Britain became one of the world's wealthiest nations due to its long history of colonization and use of fossil-fueled industrialization," she continued.
The CAFOD head acknowledged the unique situation presented by the COVID-19 pandemic, but said it was no excuse to cut aid to the world's poorest nations.
"We recognize the economic challenges we face at home, but when the government has increased spending on defense, there can be no argument to reduce spending on the means to tackle conflict and its causes," Allen said. "Yet despite our wealth, this government has decided to take money from the world's poorest."
The Scottish Catholic International Aid Fund (SCIAF), the official agency of the Catholic Church in Scotland, also condemned the government's announcement.
"The news comes amidst a recent warning from the World Bank that extreme poverty will rise in 2020 for the first time since 1998, with the coronavirus expected to push a further 115 million people into that category, undoing decades of progress to reduce poverty and hunger in some of the world's poorest countries," said a SCIAF statement.
"The government has made its decision before a much awaited Integrated Review is complete which demonstrates haste and a lack of proper consideration to poorer nations or indeed its own reputation as a country that has been at the forefront of international aid and foreign affairs," it continued.
"UK aid has been a lifeline for communities ravaged by war, hunger and climate change and has provided a force of stability to people experiencing unimaginable levels of poverty. Their lives have been made much worse by the onset of one of the biggest pandemics in history and today's decision will push people already living on a knife edge further into hardship," SCIAF said.
The Scottish aid agency noted that every crisis hits the world's poorest people hardest and the coronavirus and climate change crises are no different.
"This is not the time to turn our backs on extremely vulnerable nations. We can and must work as part of a global world community to combat the hugely damaging effects of the major crises we are facing," the statement concluded.
Meanwhile, Ireland Catholic aid agency Trócaire said Sunak's announcement was "a shocking U-turn on a manifesto commitment."
"It sees the UK turning its back on the world's poorest people at a time when they need support urgently. Trócaire urgently calls on the UK Government to reconsider its position," the organization said on Twitter.
"The UK aid budget has already been cut by nearly £3 billion ($4 billion) this year. This further drastic cut will remove lifelines for the most vulnerable people," Trócaire said.
David Alton, one of the most prominent Catholics in the UK House of Lords, complained that reducing the 0.7 percent commitment means that "promises already made will now be broken – without any indication of how these cuts will be managed or prioritized."
He also said the announced reduction was actually more than it seems, noting "this is happening in the context of a cake which has already significantly shrunk because of the economic downturn. Its already 0.7 percent of a much smaller cake."
"It would be crazy if, in the middle of a pandemic, we endanger our life saving health programs. And what will happen to programs aimed at preventing conflict and the horrendous increase in the number of fleeing refugees – with over 70 million people displaced worldwide," Alton continued.
He acknowledged he has been "deeply critical of the failure to exercise sufficient oversight of some of the programs in countries like Pakistan and Nigeria – and have challenged examples of corruption, mismanagement, and how the money is sometimes spent."
"But these are all reasons for getting value for money not for turning the clock back – and that we have a duty to play our part in helping others achieve the prosperity with which we are blessed," he said.
SCIAF's Director Alistair Dutton urged the government to rethink the decision.
"The Chancellor, Rishi Sunak, wants us to believe that slashing aid is necessary due to the cost of the pandemic. This is simply not true," he said.
"This week the UK government has already announced plans to increase the defense budget by £16.5 billion ($22 billion), dwarfing the £4 billion ($5.3 billion) savings from cutting aid today. Were the defense budget only increased by £12.5 billion ($16.7 billion) – an eye-watering sum in any year – this latest cut could have been avoided," Dutton added.
"So, don't be taken in by the Chancellor's claim that we can't justify the aid budget. We can. But we're choosing not to," he said.
Follow Charles Collins on Twitter: @CharlesinRome
Catholic leaders call for UK government to end 2-child limit for public benefits
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UK plan to end independence of international development office 'seriously misguided'
SCIAF
Trócaire
Church in UK and Ireland