Saturday, January 28, 2012

IAEA Iran Visit: UN Nuclear Officials Want Iranian Cooperation

VIENNA -- The head of a U.N. nuclear team traveling to Iran on Saturday urged the country to work with his mission on probing Tehran's alleged attempts to develop an atomic arms program, adding such cooperation is long overdue.

The unusually blunt comments by International Atomic Energy Deputy Director General Herman Nackaerts reflected the importance the IAEA is attaching to the chief focus of the trip ? ending more than three years of Iranian refusal to answer questions about such suspicions.

Ahead of departure, Nackaerts told reporters at Vienna airport he hopes Iran "will engage with us on all concerns."

"So we're looking forward to the start of a dialogue," he said: "A dialogue that is overdue since very long."

Diplomats said Iran had accepted the inclusion of two senior weapons experts ? Jacques Baute of France and Neville Whiting of South Africa ? with relatively little fuss. That suggests the Islamic Republic may be prepared to address some issues related to the allegations.

Also on the team is Rafael Grossi, IAEA chief Yukiya Amano's right-hand man.

Any progress would be significant.

Tehran has blocked IAEA attempts for more than three years to follow up on U.S. and other intelligence, dismissing the charges as baseless and insisting all its nuclear activities were peaceful and under IAEA purview.

Faced with Iranian stonewalling, the IAEA summarized its body of information in November, in a 13-page document drawing on 1,000 pages of intelligence. It stated then for the first time that some of the alleged experiments can have no other purpose than developing nuclear weapons.

Iran continues to deny the charges and no change in its position is expected during the three-day Tehran talks with IAEA officials. But even a decision to enter a discussion over the allegations would be a major departure from outright refusal to talk about them.

The diplomats said that the IAEA team was looking for permission to talk to key Iranian scientists suspected of weapons work, inspect documents relating to such suspected work and get commitments for future visits to sites linked to such allegations.

Iran says it is enriching only to generate energy. But it has also started producing uranium at a higher level than its main stockpile ? a move that would jump-start the creation of highly enriched, weapons-grade uranium, should it chose to go that route. And it is moving its higher-enriched operation into an underground bunker that it says is safe from attack.

__

AP video reporter Philipp Jenne contributed.

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Source: http://www.huffingtonpost.com/2012/01/28/iaea-iran-visit_n_1239112.html

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Making memories last

ScienceDaily (Jan. 27, 2012) ? Memories in our brains are maintained by connections between neurons called "synapses." But how do these synapses stay strong and keep memories alive for decades? Neuroscientists at the Stowers Institute for Medical Research have discovered a major clue from a study in fruit flies: Hardy, self-copying clusters or oligomers of a synapse protein are an essential ingredient for the formation of long-term memory.

The finding supports a surprising new theory about memory, and may have a profound impact on explaining other oligomer-linked functions and diseases in the brain, including Alzheimer's disease and prion diseases.

"Self-sustaining populations of oligomers located at synapses may be the key to the long-term synaptic changes that underlie memory; in fact, our finding hints that oligomers play a wider role in the brain than has been thought," says Kausik Si, Ph.D., an associate investigator at the Stowers Institute, and senior author of the new study, which is published in the January 27, 2012 online issue of the journal Cell.

Si's investigations in this area began nearly a decade ago during his doctoral research in the Columbia University laboratory of Nobel-winning neuroscientist Eric Kandel. He found that in the sea slug Aplysia californica, which has long been favored by neuroscientists for memory experiments because of its large, easily-studied neurons, a synapse-maintenance protein known as CPEB (Cytoplasmic Polyadenylation Element Binding protein) has an unexpected property.

A portion of the structure is self-complementary and -- much like empty egg cartons -- can easily stack up with other copies of itself. CPEB thus exists in neurons partly in the form of oligomers, which increase in number when neuronal synapses strengthen. These oligomers have a hardy resistance to ordinary solvents, and within neurons may be much more stable than single-copy "monomers" of CPEB. They also seem to actively sustain their population by serving as templates for the formation of new oligomers from free monomers in the vicinity.

CPEB-like proteins exist in all animals, and in brain cells they play a key role in maintaining the production of other synapse-strengthening proteins. Studies by Si and others in the past few years have hinted that CPEB's tendency to oligomerize is not merely incidental, but is indeed essential to its ability to stabilize longer-term memory. "What we've lacked till now are experiments showing this conclusively," Si says.

In the new study, Si and his colleagues examined a Drosophila fruit fly CPEB protein known as Orb2. Like its counterpart in Aplysia, it forms oligomers within neurons. "We found that these Orb2 oligomers become more numerous in neurons whose synapses are stimulated, and that this increase in oligomers happens near synapses," says lead author Amitabha Majumdar, Ph.D., a postdoctoral researcher in Si's lab.

The key was to show that the disruption of Orb2 oligomerization on its own impairs Orb2's function in stabilizing memory. Majumdar was able to do this by generating an Orb2 mutant that lacks the normal ability to oligomerize yet maintains a near-normal concentration in neurons. Fruit flies carrying this mutant form of Orb2 lost their ability to form long-term memories. "For the first 24 hours after a memory-forming stimulus, the memory was there, but by 48 hours it was gone, whereas in flies with normal Orb2 the memory persisted," Majumdar says.

Si and his team are now following up with experiments to determine for how long Orb2 oligomers are needed to keep a memory alive. "We suspect that they need to be continuously present, because they are self-sustaining in a way that Orb2 monomers are not," says Si.

The team's research also suggests some intriguing possibilities for other areas of neuroscience. This study revealed that Orb2 proteins in the Drosophila nervous system come in a rare, highly oligomerization-prone form (Orb2A) and a much more common, much less oligomerization-prone form (Orb2B). "The rare form seems to be the one that is regulated, and it seems to act like a seed for the initial oligomerization, which pulls in copies of the more abundant form," Si says. "This may turn out to be a basic pattern for functional oligomers."

The findings may help scientists understand disease-causing oligomers too. Alzheimer's, Parkinson's and Huntington's disease, as well as prion diseases such as Creutzfeldt-Jakob disease, all involve the spread in the brain of apparently toxic oligomers of various proteins. One such protein, strongly implicated in Alzheimer's disease, is amyloid beta; like Orb2 it comes in two forms, the highly oligomerizing amyloid-beta-42 and the relatively inert amyloid-beta-40. Si's work hints at the possibility that oligomer-linked diseases are relatively common in the brain because the brain evolved to be relatively hospitable to CPEB proteins and other functional oligomers, and thus has fewer mechanisms for keeping rogue oligomers under control.

Other researchers who contributed to the work include Wanda Col?n Cesario, Erica White-Grindely, Huoqin Jian, Fangzhen Ren, Mohammed 'Repon' Khan, Liying Li, Edward Man-Lik Choi, Kasthuri Kannan, Feng Li, Jay Unruh and Brian Slaughter at the Stowers Institute for Medical Research in Kansas City, Missouri.

The research was supported by the Searle Foundation, the March of Dimes Basil O'Connor Starter Award, the Klingenstein Foundation and the McKnight Foundation.

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The above story is reprinted from materials provided by Stowers Institute for Medical Research, via Newswise.

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Journal Reference:

  1. Amitabha Majumdar, Wanda Col?n Cesario, Erica White-Grindley, Huoqing Jiang, Fengzhen Ren, Mohammed ?Repon? Khan, Liying Li, Edward Man-Lik Choi, Kasthuri Kannan, Fengli Guo et al. Critical Role of Amyloid-like Oligomers of Drosophila Orb2 in the Persistence of Memory. Cell, 26 January 2012 DOI: 10.1016/j.cell.2012.01.004

Note: If no author is given, the source is cited instead.

Disclaimer: This article is not intended to provide medical advice, diagnosis or treatment. Views expressed here do not necessarily reflect those of ScienceDaily or its staff.

Source: http://www.sciencedaily.com/releases/2012/01/120127162409.htm

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Friday, January 27, 2012

Graffiti on Train in Rome

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Android tablets closing in on iPad: researcher (Reuters)

(Reuters) ? Tablet computers using Google's Android software narrowed the lead of Apple's iPad on the global market in the fourth quarter, research firm Strategy Analytics said on Thursday.

Global tablet shipments reached an all-time high of 26.8 million units in the fourth quarter, growing 2-1/2 fold from 10.7 million a year earlier, the research firm said.

"Dozens of Android models distributed across multiple countries by numerous brands such as Amazon, Samsung, Asus and others have been driving volumes," analyst Neil Mawston said in a statement.

Android's market share rose to 39 percent from 29 percent a year earlier, while Apple's share slipped to 58 percent from 68 percent a year before.

The tablet computer market grew 260 percent last year to 66.9 million units as consumers are increasingly buying tablets in preference to netbooks and even entry-level notebooks or desktops.

Strategy Analytics said Microsoft had a 1 percent share of the global tablet market last quarter.

(Reporting By Tarmo Virki; Editing by Tim Dobbyn)

Source: http://us.rd.yahoo.com/dailynews/rss/software/*http%3A//news.yahoo.com/s/nm/20120126/wr_nm/us_tablets_research

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Memorial exposes anger over Paterno's treatment (AP)

STATE COLLEGE, Pa. ? The near-capacity crowd of 12,000 seemed to be just waiting for somebody to bring up the subject. Finally, when someone rose in Joe Paterno's defense to argue that he had been made a scapegoat, the audience was instantly on its feet, applauding thunderously.

Anger and resentment came spilling out at a campus memorial service Thursday for the football coach, two months after he was summarily fired by the trustees.

It was Nike founder and CEO Phil Knight who broke the dam, defending Paterno's handling of child-sex allegations that were leveled against a former coaching assistant.

"If there is a villain in this tragedy, it lies in that investigation and not in Joe Paterno's response," Knight said. Paterno's widow, Sue, was among those rising to their feet.

Later, Paterno's son Jay received a standing ovation when he declared: "Joe Paterno left this world with a clear conscience."

Capping three days of mourning on campus, the 2 1/2-hour ceremony was filled with lavish praise that probably would have embarrassed Paterno, who died Sunday of lung cancer at 85 after racking up more wins ? 409 ? than any other major-college football coach and leading his team to two national championships in 46 seasons.

One by one, Penn State football stars and others credited Paterno with building not just better athletes but better men ? and women. He was saluted for his commitment to sportsmanship, loyalty, teamwork, character, academics and "winning with honor." He was called a good father, a good husband, a good neighbor, a good friend, a good teacher.

Players from each decade of Paterno's career spoke affectionately about him, saying he rode them hard but always had their best interests at heart and encouraged them to complete their educations and make something of themselves.

Though the Penn State campus has been torn with anger over the child-sex scandal and Paterno's dismissal, Jay Paterno said his father didn't hold a grudge.

"Perhaps his truest moment, his living testimony to all that he stood for, came in the last months of his life. Faced with obstacles and challenges that would have left a lesser man bitter, he showed his truest spirit and his truest self," Paterno said.

Only one member of the university administration ? the dean of the college of liberal arts ? and no one from the Board of Trustees spoke at the memorial, which was arranged primarily by the Paterno family.

Among the speakers were Michael Robinson, who played for Paterno from 2002 to 2005, quarterback Todd Blackledge from the 1980s and Jimmy Cefalo, a star in the 1970s. All three went on to play in the NFL.

Former NFL player Charles V. Pittman, speaking for players from the 1960s, called Paterno a lifelong influence and inspiration.

Pittman said Paterno pushed his young players hard, once bringing Pittman to tears in his sophomore year. He said he realized later that the coach was not trying to break his spirit but instead was "bit by bit building a habit of excellence."

"He was building a proud program for the school, the state and the hundreds of young men he watched over for a half-century," said Pittman, now a media executive on the board of The Associated Press.

Similarly, Chris Marrone, whose playing career at Penn State was cut short by injuries, said Paterno molded him into a young man with "the strength to overcome any challenge, any adversity."

Paterno was fired Nov. 9 after he was criticized for not going to police in 2002 when he was told that a former member of his coaching staff, Jerry Sandusky, had been seen sexually assaulting a boy in the showers. Sandusky was arrested in November and is awaiting trial on charges that he molested 10 boys over a 15-year span.

As the scandal erupted, Pennsylvania's state police commissioner said Paterno may have met his legal duty but not his moral one. Penn State president Graham Spanier was also fired in the fallout.

Among those at the memorial was former athletic director Tim Curley, who is awaiting trial on charges he lied to the grand jury that investigated Sandusky.

About midway through the ceremony, Knight became the first speaker to explicitly address the scandal. He said the coach "gave full disclosure to his superiors, information that went up the chains to the head of the campus police and the president of the school. The matter was in the hands of a world-class university, and by a president with an outstanding national reputation."

Lanny J. Davis, an attorney for the board, responded after the service by saying: "All the reasons for the board's difficult and anguished decision ? made unanimously, including former football players and everyone who still loves Coach Paterno and his memory ? reached a decision which was heartfelt. All 32."

"The facts speak for themselves" and include the grand jury testimony, he said.

After the memorial, Marrone said Knight was his "new hero" for expressing the "pent-up frustration" many people are feeling.

"I think the response that he got is indicative of how folks feel," Marrone said.

Jay Paterno, who served under his father as quarterback coach, began his remarks by imitating his father's raspy, high-pitched voice, telling the audience, "Sit down! Sit down!"

Growing serious, Paterno described his last moments with his father. As Paterno lay dying, his son kissed him and whispered in his ear.

"Dad, you won," Jay Paterno said he told him. "You did all you could do. You've done enough. We all love you. We won. You can go home now."

Source: http://us.rd.yahoo.com/dailynews/rss/topstories/*http%3A//news.yahoo.com/s/ap/20120127/ap_on_sp_co_ne/fbc_penn_state_paterno

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Thursday, January 26, 2012

Vultures skeletonise corpse for the sake of forensics

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Frack responsibly and risks ? and quakes ? are small

If fracking operations are managed properly the risk of accidents will be small

Read more: "Fracking health risks: Drilling into the unknown"

THE US has led the world in extracting gas from shale but interest is now spreading elsewhere. The British Geological Survey (BGS) recently estimated that the UK has 150 billion cubic metres of shale gas, about half of its more conventional reserves. World shale gas reserves are 450,000 billion cubic metres.

Shale gas has been a success story in the US. But fracking has had some bad press, with the main concerns being earthquakes and the contamination of groundwater with gas and chemicals. In the documentary film Gasland, for example, a man is shown igniting water from his kitchen tap.

Some of the worries are justified. Badly managed fracking has recently been shown to have contaminated water wells in Wyoming, though this involved a shallow sandstone reservoir rather than much deeper shale. But with so many vested interests, getting reliable information is difficult. So peer-reviewed science must play a big role in deciding what the risks are.

Most geologists see contamination of aquifers as unlikely because of the great difference between the depths at which fracking is carried out and the shallow aquifers from which we get our water. Put simply, there is a lot of hard, impermeable rock between the two.

However, there is little peer-reviewed research. A US study from 2011 showed high levels of methane in water wells close to shale gas wells, but has been criticised for lacking data on levels of background natural methane in the water. In fact there are very few such baseline studies.

It is a little known fact that many aquifers naturally contain methane. So its presence in tap water is not proof of contamination.

How can we tell if fracking has contaminated an aquifer? Shale gas is generally thermogenic - generated by heat acting on organic matter - while methane in water is usually biogenic, or generated by bacteria. Showing that methane in a water well is thermogenic might be a clue that a fracking operation is leaking, although thermogenic methane is sometimes found naturally in aquifers so you have to know the baseline levels. This is why the BGS is working on a baseline survey.

Meanwhile, there is no peer-reviewed evidence that frack fluid can leak into groundwater.

As for earthquakes, it is undeniable that fracking causes them because they are used by geologists to track the progress of fracking operations. The quakes are usually infinitesimally small, but not always.

On 1 April 2011, Blackpool, UK, was struck by a magnitude 2.3 earthquake that was clearly the result of fracking. Some areas of the UK are used to quakes of this size but it came as a surprise to the people of Blackpool, as well as the gas company Cuadrilla. Even so, the energy released was inconsistent with the claimed damage, including a crack in a road and a toppled traffic signal.

One suggestion to guard against future quakes is to implement a traffic light system. Operators would have to monitor tremors and if they started to get bigger fracking would have to stop. They would also have to avoid fracking near known active faults.

If fracking operations are managed properly the risk of accidents will be small. Diligent monitoring should ensure that companies are doing their job properly and allow us to safely tap a useful source of energy.

Mike Stephenson, head of energy science at the British Geological Survey in Keyworth

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Transport Secretary's son barred from leaving Egypt

Egypt's authorities have imposed a travel ban on four members of a U.S.-funded pro-democracy organization ? including the son of U.S. Transportation Secretary Ray LaHood ? in a row over its activities, a source said Thursday.

A member of an NGO with knowledge of the case told Reuters Thursday that the four members of the International Republican Institute (IRI) include three U.S. citizens. One is Sam LaHood, who is the IRI's Egypt director.

"It is a de facto detention," the member of a non-governmental organization (NGO) in Cairo told Reuters, requesting anonymity due to the sensitivity of the case.

The Department of Transportation told NBC News it is not commenting on the Secretary's son not being allowed to fly out of Egypt.

The judges investigating the case have charged the four with managing an unregistered NGO and being paid employees of an unregistered organization, charges that could carry up to five years in jail, he said. The IRI had no immediate comment.

The group is in Egypt and has been forbidden to travel outside the country.

Pro-democracy groups raided
The New York Times reported Sam LaHood was prevented from boarding a flight last week, citing IRI officials.

The officials told the paper that other American staff were also told they were not allowed to travel outside Egypt.

The Times said that the move appeared to be an escalation of a criminal investigation by the Egyptian authorities into groups with foreign funding that have been promoting democracy.

Related: U.S. deeply concerned by Egypt raid on pro-democracy groups

The U.S. expressed deep concern in December after Egyptian police raided offices of U.S.-backed pro-democracy and human rights groups, including the IRI, saying the harassment should stop immediately and hinting that Washington could review its $1.3 billion in military aid if the raids continue.

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Egyptian prosecutors police raided offices of 17 pro-democracy and human rights groups in what rights defenders described as a campaign against them by the military rulers.

Speaking after those raids, State Department spokeswoman Victoria Nuland described them as "inconsistent with the bilateral cooperation we have had over many years".

She said U.S. officials had been in touch both with Egyptian Prime Minister Kamal al-Ganzouri and with Egypt's ambassador in Washington to underscore Washington's concern

The IRI, which is loosely associated with the U.S. Democratic and Republican political parties and receives U.S. government funding, says it takes a neutral political stance, fostering democracy in Egypt by training members of nascent parties in democratic processes.

Reuters contributed to this report.

Source: http://www.msnbc.msn.com/id/46144773/ns/world_news-mideast_n_africa/

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Wednesday, January 25, 2012

'Beauty And The Beast' TV Show: Pilot Ordered By ABC

Is Disney-owned ABC becoming the go-to fairy tale network? ABC has ordered a pilot based off the traditional tale of "Beauty and the Beast," reports EW.com.

From "Jericho's" Jonathan Steinberg, the project is described as ?a fantastical re-imagining of the classic fairy tale set in a mythical, dangerous world wherein a beautiful and tough Princess discovers an unlikely connection with a mysterious beast.?

After the success of the highly-fanciful "Once Upon A Time," it looks like the network is looking for another fairy tale hit, but they have some stiff competition. NBC already have "Grimm" on its lineup, and The CW, with hit shows like "The Vampire Diaries" and "The Secret Circle," has also ordered a pilot based off "Beauty and the Beast."

However, The CW version will be loosely based on the cult-classic 1987 CBS procedural television show that starred Linda Hamilton.

While there's no telling if either of these shows will make it to a series order, we would like to see a primetime "Beast" vs. "Beast" showdown.

Related on HuffPost:

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Source: http://www.huffingtonpost.com/2012/01/25/beauty-and-the-beast-tv-show-pilot-abc_n_1231187.html

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Canadian man gets 18 years for credit fraud (AP)

FARGO, N.D. ? A Canadian man accused of masterminding one of the largest high-tech bank robberies in U.S. history was sentenced to nearly 18 years in prison Monday following a years-long investigation into fake debt collection agencies that prosecutors say stole the identities of about 38,000 people.

Adekunle Adetiloye was accused of organizing a scheme to open nearly 600 fraudulent bank accounts and bilk 22 major banks, potentially costing credit card firms and banks up to $5 million. Assistant U.S. Attorney Nick Chase in North Dakota, where the case was handled, said the 40-year-old had an "insatiable hunger for other people's money."

Defense attorneys had argued that their client, the only person charged in the case, was a "marginal and minimal participant" whose role was to handle mail and withdraw money from ATMs. But prosecutors and the judge believed he was central to the scheme.

Investigators said Adetiloye incorporated two different companies in Delaware ? Syspac Financial Services and Commet Consultant Inc. ? that claimed to be debt collection companies. He gained access to commercial data providers, including large-scale outfits LexisNexis and ChoicePoint that only allow access to law enforcement, financial services and debt collection companies.

With access to those data providers, Adetiloye and others obtained the personal identification information to about 38,000 people, most of whom were medical professionals, and used that information to open credit card, debit and checking accounts, prosecutors said.

Those data providers said it was only the second such breach of that scale.

"Characterizing this fraud scheme as massive, if anything, is an understatement," Chase said in court documents.

Investigators' interest in Adetiloye, a native of Nigeria, was piqued after figuring out he was unemployed and receiving welfare yet living lavishly, complete with a Range Rover vehicle, extended trips to England and an expensive condominium. Then there were two credit cards tucked away in his wallet the each bore different names ? Donald Douglas and Vincent Andriole ? that seemed to confirm suspicions that he was up to something nefarious.

The complexity of the scheme ? which took five years to investigate and litigate ? was highlighted in a sentencing phase that has lasted nearly a year and included numerous hearings and briefings, and some 12,000 pages of court documents. The case wound up in North Dakota after U.S. Bank's customer service center in Fargo intercepted calls by Adetiloye and others.

U.S. District Judge Ralph Erickson handed down a 214-month prison term and scheduled a Feb. 15 hearing to discuss returning nearly $1.5 million in losses to credit card companies and banks. The judge has said losses may have been as much as $5 million.

Defense attorney Richard Henderson had asked for a sentence of fewer than 16 years for his client, who pleaded guilty to mail fraud charges. Henderson said any prison time is more difficult than it would be for American citizens because he has no family in the United States. No decision has been made about whether he plans to appeal, said Neil Fulton, lead federal public defender for North Dakota and South Dakota.

"The sentence imposed today should send a strong message to those who would seek to scam the citizens and businesses of North Dakota and the United States," U.S. Attorney Timothy Purdon said in a statement released Monday. "We take the growing problem of foreign financial fraud seriously here and seeking justice for the victims of such crimes is a priority for our office."

Greg Krier, lead credit card fraud investigator for U.S. Bank, testified during the sentencing phase of the case that it was the most complex case he had ever seen. His company, which has its own fraud unit, launched special training sessions focusing on the case in hopes of catching the culprits.

The lead investigator, one of 25 people who worked on the case, put in 2,000 hours, authorities said.

Investigators initially said the operation accessed information of nearly 16,000 people, about 500 of whom had their identities stolen for the purpose of obtaining credit cards. It's alleged that more than 100 commercial mailboxes were opened under false or stolen identities.

But further investigation showed that the scheme actually accessed personal information to some 38,000 people. The government said Adetiloye went so far as to mask his handwriting after a judge ordered a test of his calligraphy.

Erickson, the federal judge, said in court documents ahead of the sentencing that the evidence "indisputably demonstrates" that Adetiloye was a leader or organizer of the scheme. The judge calculated losses to banks at about $1.5 million, but said it could have been as high as $5 million if credit limits had been maxed out.

The trauma cannot be measured, Erickson said.

"The non-monetary harm to the victims was substantial," the judge wrote. "They lost sleep, they lost time with their families, they lost time at work, and they lost their sense of security. Some victims spent hours trying to reclaim their credit record and their identities."

Court documents show that U.S. Bank suffered the most number of tainted accounts, at 130, for a total loss of about $76,000. The companies alleged to have lost the most money were Citibank, at about $271,000, and Discover, at about $248,000.

Brett Bogan, the security investigations manager at Reed Elsevier, the parent company of LexisNexis and ChoicePoint, told the court that data breaches of this type are extremely rare and knew of only one other case like it. He said the company sent out notices to more than 32,000 people whose personal information was compromised by the scheme.

"With their combined extensive and nationwide perspective, those entities place this fraud scheme at or near the top of their historical lists in terms of size and complexity," Chase said in court documents.

Source: http://us.rd.yahoo.com/dailynews/rss/us/*http%3A//news.yahoo.com/s/ap/20120123/ap_on_re_us/us_credit_card_fraud

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Tuesday, January 24, 2012

Value Investing: Buying On Dips - Seeking Alpha

Although I consider myself an investor rather than a trader, I am also very committed to the notion that one of the most important factors in investing is the entry point price. As I have written in the past, as a general matter there are no intrinsically "good" or "bad" investments, it all depends on price. At a high enough price, the stock of a very fine company can be a horrible investment; at a low enough price, the stock of a weak company can be an attractive investment.

As various pundits have pointed out, "Mr. Market" sometimes serves up real bargains for no apparent reason. Especially in the last few years in which the market seems to move with high correlation and with very little differentiation among sectors or individual equities, the stocks of very strong companies can decline precipitously and provide attractive opportunities for investors.

In the past couple of years, I have tried to identify strong companies and select price points below which I will back up the truck and buy. Two that I followed in 2010 and 2011 were Wal-Mart (WMT) and Microsoft (MSFT). In each case, the company was in a strong position in its market, was trading at very attractive multiples, and had an extremely strong balance sheet. Both of these companies had large share repurchase programs under way and research revealed that, even after accounting for stock options, the share count of each of these companies was declining at a brisk pace. I resolved to buy WMT whenever the price got below 50 and to buy MSFT whenever the price got below 25. Calculating price earnings ratios after backing out net balance sheet cash convinced me that at these prices, the stocks were very, very cheap. Of course, if I saw the price of one of these stocks decline precipitously, I would try to make a judgment about the reason for the decline. In the past couple of years, most declines have been due to market-wide panics and not to problems identified with the companies themselves. So far, this strategy seems to be working out reasonably well.

An alternative strategy would be to sell a put option at the price determined to be attractive. One disadvantage in this strategy is that the investor may never actually acquire the stock. In addition, if the put is of long enough duration, the investor could get blindsided by some nasty development.

Investors must be careful not to fall into the trap of thinking that a stock is "cheap' solely because it is selling at a price substantially below its high. I sidestepped most of the 2000-2003 Crash but as tech stocks got beaten down, I thought I would step in at attractive entry points. Intel (INTC) had sold in the 70s, so I thought that I was getting a bargain when I bought at 48. And I thought I was really getting a steal when I bought Cisco (CSCO) at 29 (it had traded over 75); my broker even commended me on making a "smart" contrarian move. Needless to say, these investment have not worked out well although I dollar cost averaged down to much lower prices.

There is no substitute for fundamental research into the value of the company in whose stock you are investing. Balance sheet strength, the price earnings ratio, the dividend yield, sum of the parts value, management's commitment to shareholder value, and cash flow available to owners must all be analyzed carefully. There is no basis for assuming that the investors who bought the stock 6 months ago for twice the current price were playing with a full deck of cards.

I just bought some Google (GOOG) last week below $590; it will be interesting to see how it works out.

Disclosure: I am long MSFT, WMT, INTC, CSCO, GOOG.

Source: http://seekingalpha.com/article/321425-value-investing-buying-on-dips

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2012 Academy Awards: And the Nominees Are...


Jennifer Lawrence woke up bright and very early this morning to help announce the nominations for the 2012 Academy Awards, which will be hosted by Billy Crystal and air live from Hollywood on February 26.

With The Descendants and The Artist leading the way, take a look below at the nominees in all the major categories...

The Artist PosterDescendants Poster

Best Picture
The Artist
The Descendants
Extremely Loud & Incredibly Close
The Help
Hugo
Midnight in Paris
Moneyball
The Tree of Life
War Horse

Best Director
Michel Hazanavicius, The Artist
Alexander Payne, The Descendants
Martin Scorsese, Hugo
Woody Allen, Midnight in Paris
Terrence Malick, The Tree of Life

Best Actor
Demián Bichir, A Better Life
George Clooney, The Descendants
Jean Dujardin, The Artist
Gary Oldman, Tinker Tailor Soldier Spy
Brad Pitt, Moneyball

Best Actress
Glenn Close, Albert Nobbs
Viola Davis, The Help
Rooney Mara, The Girl With the Dragon Tattoo
Meryl Streep, The Iron Lady
Michelle Williams, My Week With Marilyn

Best Supporting Actor
Kenneth Branagh, My Week With Marilyn
Jonah Hill, Moneyball
Nick Nolte, Warrior
Christopher Plummer, Beginners
Max Von Sydow, Extremely Loud & Incredibly Close

Best Supporting Actress
Bérénice Bejo, The Artist
Jessica Chastain, The Help
Melissa McCarthy, Bridesmaids
Janet McTeer, Albert Nobbs
Octavia Spencer, The Help

Best Original Screenplay
Michel Hazanavicius, The Artist
Annie Mumolo & Kristen Wiig, Bridesmaids
J.C. Chandor, Margin Call
Woody Allen, Midnight in Paris
Asghar Farhadi, A Separation

Best Adapted Screenplay
Alexander Payne, Jim Rash & Nat Faxon, The Descendants
John Logan, Hugo
George Clooney, Grant Heslov & Beau Willimon, The Ides of March
Aaron Sorkin & Steven Zaillian, Moneyball
Peter Straughan & Bridget O’Connor, Tinker Tailor Soldier Spy

Best Animated Film
The Adventures of Tintin
A Cat in Paris
Chico & Rita
Kung Fu Panda 2
Puss in Boots
Rango

Best Foreign Language Film
Bullhead (Belgium)
Monsieur Lazhar (Canada)
A Separation (Iran)
Footnote (Israel)
In Darkness (Poland)

Music (Original Score)
The Adventures of Tintin by John Williams
The Artist by Ludovic Bource
Hugo by Howard Shore
Tinker Tailor Soldier Spy by Alberto Iglesias
War Horse by John Williams

Music (Original Song)
"Man or Muppet" from The Muppets Music and Lyric by Bret McKenzie
"Real in Rio" from Rio Music by Sergio Mendes and Carlinhos Brown Lyric by Siedah Garrett

Source: http://www.thehollywoodgossip.com/2012/01/2012-academy-awards-and-the-nominees-are/

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Monday, January 23, 2012

White House delays release of 2013 budget (AP)

WASHINGTON ? The White House said Monday that it's delaying for one week the release of President Barack Obama's budget for the 2013 fiscal year that starts Oct. 1.

The budget is traditionally released on the first Monday in February ? which is Feb. 6 ? but the administration has pushed the release to Feb. 13. An administration official said the later date was "determined based on the need to finalize decisions and technical details of the document."

After last year's failed attempts at budget deals, election-year expectations are low that Obama and Congress will be able to make progress this year on deficits that required the government to borrow 36 cents of every dollar it spent last year.

But House Majority Leader Eric Cantor, R-Va., told reporters that he's hopeful Congress and Obama will at least be able to agree upon enough budget savings to forestall across-the-board budget cuts. The cuts are required in the wake of last year's failure by a so-called deficit supercommittee to come up with $1.2 trillion in spending cuts mandated by the debt limit agreement.

Obama is sure to preview new policy proposals in Tuesday's State of the Union address, and the subsequent budget release typically fleshes in the details.

Capitol Hill Republicans were quick to criticize the White House delay, saying it shows the White House isn't serious about tackling the deficit.

"If I were advising President Obama, I'd recommend less time campaigning and more time spent addressing the impending fiscal crisis," said Sen. Rob Portman, R-Ohio. "We need a budget with a responsible spending restraint and pro-growth reforms and we need it now."

Jacob Lew, budget director since late 2010, is making the transition to White House chief of staff.

Source: http://us.rd.yahoo.com/dailynews/rss/obama/*http%3A//news.yahoo.com/s/ap/20120123/ap_on_go_pr_wh/us_obama_budget

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Twitter is much more than social: co-founder Dorsey

Twitter is much more than a social network and has no time to waste worrying about newcomers like Google+ as it becomes more important as an information service and builds its advertising business, co-founder Jack Dorsey said on Sunday.

"We have a lot to concern ourselves with, just building Twitter," Dorsey said when asked at a technology conference whether he was worried that Google's own fledgling social network would come after Twitter.

"Social is just one part of what we do. We think of it as an information utility," he said, describing Twitter as a personal news service as much as a social network.

"You don't have to tweet at all," he told the DLD conference in the German city of Munich. "The biggest value is finding out what's happening in your world in real time."

Twitter, which lets people send 140-character messages, or tweets, to groups of followers, has more than 100 million active users.

Investors are eagerly awaiting a market float that could value the company at around $8 billion.

Skeptics contend that the site has not yet proved it can make money. But Dorsey, who is the company's executive chairman, said advertisers were proving willing to pay to promote their tweets, accounts and trends.

"Our business model has been in development for quite some time, and it works," he said.

Twitter is expected to have made about $140 million in revenue last year, according to an estimate by industry research firm eMarketer.

Dorsey said Twitter was building a team in Germany, where privacy concerns run high and engagement with Twitter has been relatively low.

He added that the company was always open to making acquisitions to acquire the talent it wanted.

Dorsey is also the founder and chief executive of fast-growing mobile payments start-up Square, which he said he wanted to expand internationally this year.

"We would love to come to Europe, and we're going to work very, very hard this year to bring it outside the United States," he said. "We're looking at China. We're looking all over Asia."

Copyright 2012 Thomson Reuters. Click for restrictions.

Source: http://www.msnbc.msn.com/id/46092421/ns/technology_and_science-tech_and_gadgets/

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Sunday, January 22, 2012

Britain OKs television ads for abortion clinics (AP)

LONDON ? Britain's broadcast advertising body has given the go-ahead for private abortion clinics to advertise their services on television.

The Broadcast Committee of Advertising Practice says there is no justification for barring private clinics that offer post-pregnancy services, including abortions, from advertising on television. Nonprofit post-pregnancy services are already allowed to advertise on television, and their for-profit counterparts are allowed to advertise in all other media.

Conservative lawmaker Nadine Dories said the move would desensitize people to the seriousness of getting a termination.

But committee spokesman Matt Wilson said the new rules would not allow companies to say: "Come to us to get an abortion." He said clinics would have to promote an "array of services."

Source: http://us.rd.yahoo.com/dailynews/rss/britain/*http%3A//news.yahoo.com/s/ap/20120121/ap_on_re_eu/eu_britain_abortion_advertisements

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Food stamp families to critics: Walk in our shoes

Graphics show average number of food stamp recipients last 10 years and recipients broken down by race.

Graphics show average number of food stamp recipients last 10 years and recipients broken down by race.

Chris Jenks, 54, who became homeless in his hometown of Minneapolis-St. Paul after a successful career in sales and marketing, is shown outside a friends' home beside the car he lived in for a time on Thursday, Jan. 19, 2012, in Rogers, Minn. Though refusing to apply for for food stamps for several years, Jenks began receiving aid. "I'm on food stamps because it's either that or I die," he said.(AP Photo/ Jim Mone)

Some have advanced degrees and remember middle-class lives. Some work selling lingerie or building websites. They are white, black and Hispanic, young and old, homeowners and homeless. What they have in common: They're all on food stamps.

As the food stamp program has become an issue in the Republican presidential primary, with candidates seeking to tie President Barack Obama to the program's record numbers, The Associated Press interviewed recipients across the country and found many who wished that critics would spend some time in their shoes.

Most said they never expected to need food stamps, but the Great Recession, which wiped out millions of jobs, left them no choice. Some struggled with the idea of taking a handout; others saw it as their due, earned through years of working steady jobs. They yearn to get back to receiving a paycheck that will make food stamps unnecessary.

"I could never have comprehended being on food stamps," said Christopher Jenks, who became homeless in his hometown of Minneapolis-St. Paul after a successful career in sales and marketing.

He refused to apply for several years, even panhandling on a freeway exit ramp before finally giving in. A few months ago, while living in his car, he began receiving $200 per month.

"It's either that or I die," said Jenks, who grew up in a white, middle-class family and lost his job in the recession. "I want a job. So do a lot of other Americans that have been caught up in this tragedy."

In 2011, more than 45 million people ? about one in seven Americans ? received benefits from the federal Supplemental Nutrition Assistance Program, the most ever. Fewer than 31 million people collected the benefits about three years earlier.

Forty-nine percent of recipients are white, 26 percent are black and 20 percent are Hispanic, according to Census data.

Food assistance emerged as a campaign issue after statements by GOP candidates Newt Gingrich and Rick Santorum about African-Americans, the poor and Obama, whom Gingrich labeled the "best food stamp president in American history."

Critics accused Gingrich of seeking votes by invoking racial stereotypes about black welfare recipients with comments like "the African-American community should demand paychecks and not be satisfied with food stamps." Challenged at a GOP debate this week on whether the rhetoric was insulting, Gingrich insisted it was not and received a standing ovation from the South Carolina audience.

Linda Miles is grateful to have food stamps, although she's not happy about why she needs them. An Army veteran with a master's degree, Miles, who is black, was laid off as a substitute teacher in Philadelphia amid deep budget cuts. After facing an empty refrigerator for too long, she recently started receiving $200 per month in food aid.

"Food stamps are essential, especially with the economy in the shape it's in," she said. "I pay taxes. I don't steal anything from the government. I paid my dues to society; I'm a veteran. You took something from me by taking away my job. I wouldn't need food stamps if you hadn't taken my job."

Miles started an unpaid internship this week, and also was certified to work in early childhood care while she looks for a permanent job.

"I'm not one of these people who sit on their butt and just collect a check," Miles said. "I've got a resume three pages long."

Ronnie McHugh was watching the GOP debate from home in Spring City, Pa. When Gingrich received the standing ovation, McHugh got so angry that she turned off the TV.

"I'd give a million dollars if I could find a job. I'm 64 years old, and no one wants to hire me," said McHugh, who is white, divorced, has no savings and lives off $810 per month in Social Security.

"I would like them to sit in my shoes," she said of the debate audience. "I would tell them I had a husband who made $150,000 a year, I had a good salary. We were both laid off at the same time by the same company, and I've never been able to rally from that."

"If they had a chance to sit in my shoes, they would be happy to have a program to help people who did work all their life."

Some critics say the Obama administration's policies have pushed people into dependency on food stamps. Eligibility rules were broadened in 2002 and 2008 before Obama took office; his 2009 stimulus package relaxed some work requirements and temporarily increased payouts.

For others, the recession, which pushed the unemployment rate as high as 10 percent and increased poverty, is the primary culprit.

The Greater Philadelphia Coalition Against Hunger has seen a doubling of enrollments in suburban counties, with a smaller increase in the city itself. "These are much higher-income areas," said Julie Zaebst, the coalition's policy center manager. "This is part of the evidence showing that the most important reason for the growth in the program was the recession."

It was an injury that pushed Russell Johnson of Morgantown, W.Va., over the edge. He held down a steady refrigeration job until he fell off a roof six years ago. On Wednesday, he and his wife, Carolyn, used their food stamp card to buy $64.71 worth of groceries. That was more than half of their $102 monthly benefit.

"It's not enough, but it helps," Carolyn said. "I think it's a great program for the people who need it."

The Johnsons, who are white, maintain a big garden, hunt, fish and buy in bulk, like the 50-pound sack of potatoes in their cart. Carolyn also is disabled; they receive $763 per month in total disability payments.

They are furious with Gingrich. "I'd rather work than be on food stamps, but, I mean, my body says no. So what am I gonna do?" Russell said. "If I sit for too long, my back starts hurting and my leg goes numb. If I stand too long, the same old thing. And if I walk too much, my legs give out like they ain't even there."

He said the people criticizing food assistance eat at fancy restaurants and pay $25 for a sack of potatoes.

"Me, I'm dang lucky to get to go to McDonald's," Russell said.

About half of those receiving food aid are children. In Fresno, Calif., Josephine Gonzales has received assistance since becoming pregnant with her first child last fall. She is trained as a medical assistant and previously worked at an elementary school, but hasn't found a new job since giving birth.

"I use food stamps because I'm a single mom and I don't work, so I need a way to survive," said Gonzales, who is Hispanic. "Instead of spending the little cash I have on food, I can spend it on diapers and other things for my baby. It's just a small help. It's not making our lives luxurious."

Twanda Graham of Montgomery, Ala., started receiving food stamps when she graduated from high school 22 years ago. She has worked all that time, currently in a clothing store. She is unmarried with four children, and said she does not earn enough to feed her family.

Graham, who is black, believes she is paying for her assistance with taxes withheld from her paycheck: "They are not giving me anything for free."

Victoria Busby of Oklahoma City is a white single mom with two children. She has received food assistance intermittently since her first child was born two years ago. A high school graduate, she works part-time building websites for a manufacturing company, and aspires to become a nurse.

She is not ashamed about receiving aid. "I don't feel bad about it because my children need to eat. It's helped quite a bit."

Sophia Clark is a film school graduate in New York City who works part time at Victoria's Secret while she freelances on movie productions. In December she began receiving $130 per month because she couldn't afford to buy food after paying for rent, college loans and her cell phone.

"It was never, ever my intention to rely on public assistance in any way," said Clark, who is black and unmarried with no children.

Clark was recently entertaining a guest in the Bronx apartment she shares with her uncle when the dinner conversation turned to food stamps. The guest emphatically stated that his tax dollars should not feed people who prefer welfare over work.

She asked the guest if he had enjoyed the pasta with homemade pesto sauce. He had. "Do you find me a lazy person?" Clark asked. Not at all, the guest replied.

"Well," Clark said, "you just ate a dinner that was purchased with food stamps."

___

Online:

Chris Jenks: http://twincitieslife.wordpress.com/about/

Hunger Coalition: http://www.hungercoalition.org/

___

Jesse Washington covers race and ethnicity for The Associated Press. He is reachable at www.twitter.com/jessewashington or jwashington(at)ap.org.

___

Associated Press writers Jeff Amy in Jackson, Miss., Bob Johnson in Montgomery, Ala., Carrie Schedler in Indianapolis, Vicki Smith in Morgantown, W.Va., Tim Talley in Oklahoma City and Gosia Wozniacka in Fresno, Calif., contributed to this report.

Associated Press

Source: http://hosted2.ap.org/APDEFAULT/386c25518f464186bf7a2ac026580ce7/Article_2012-01-19-US-Faces-of-Food-Stamps/id-79b9e4db70d445dfae89abcf5f6b4a00

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Saturday, January 21, 2012

Rejected Pipeline Becomes Hot-Button Election Issue

Link Information - Click to View

Rejected Pipeline Becomes Hot-Button Election Issue
The Obama administration has rejected a Canadian company's permit request to build the Keystone XL pipeline. The president said he turned down the proposal because congressional Republicans gave him a 60-day deadline that did not allow for a thorough review of the project.

Source: NPR
Posted on: Thursday, Jan 19, 2012, 8:09am
Views: 15

Source: http://www.labspaces.net/116815/Rejected_Pipeline_Becomes_Hot_Button_Election_Issue

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Gingrich gets Perry nod, faces ex-wife allegations (AP)

BEAUFORT, S.C. ? In an up-and-down kind of campaign day, Republican presidential candidate Newt Gingrich picked up an endorsement Thursday from former rival Rick Perry but also faced new accusations from one of his former wives that he had asked her permission to have an "open marriage" after she learned he was having an affair.

The former House speaker also prepared to release his 2010 income tax returns, certain to bring fresh scrutiny to his campaign.

Two days before the pivotal South Carolina primary, Gingrich's political and private life were clashing just as new polls showed him rising as he looks to overtake GOP front-runner Mitt Romney in the third state to weigh in on the presidential race. Gingrich has seen his crowds grow in recent days after a strong performance in a debate Monday.

With the second debate of the week looming Thursday night, it was unclear how the new revelations from Marianne Gingrich would play in a state where religious and socially conservative voters hold sway.

Equally uncertain was whether Gingrich would get a boost from Perry's endorsement, given that the Texas governor had little support in the state, and get conservative voters to coalesce behind his candidacy. Complicating Gingrich's effort is another conservative, Rick Santorum, who threatens to siphon his support.

"Newt is not perfect but who among us is," Perry said as he bowed out of the race and called Gingrich a "conservative visionary."

It was all but certainly intended to counter the interview with Marianne Gingrich, her first on television since the divorce from Gingrich in 2000, that ABC News was set to broadcast Thursday night.

In excerpts the network released before the broadcast, Marianne Gingrich said that when she learned of Gingrich's affair with Callista Bisek, a congressional staffer, he asked his wife to share him.

"And I just stared at him and he said, `Callista doesn't care what I do,'" Gingrich' second wife said. "He wanted an open marriage and I refused."

Gingrich brushed aside reporters' questions after a campaign event along the waterfront in Beaufort, S.C. on Thursday.

"Look, I'm not going to say anything about Marianne. My two daughters have already written to ABC complaining about this as tawdry and inappropriate," he said.

Gingrich has said in the past that tough questions are fair game for a candidate running for president. But on Thursday he referred all queries about his second marriage to his two daughters from his first marriage.

"I'm not getting involved," he said.

The television interview with Marianne Gingrich threw a wild card into the race in its final hours.

Its mere existence shines a spotlight on a part of Gingrich's past that could turn off Republican voters in a state filled with religious and cultural conservatives who may cringe at his two divorces and acknowledged marital infidelities.

Marianne Gingrich has said Gingrich proposed to her before the divorce from his first wife was final in 1981; they were married six months later. Her marriage to Gingrich ended in divorce in 2000, and Gingrich has admitted he'd already taken up with Callista Bisek, a former congressional aide who would become his third wife. The speaker who pilloried President Bill Clinton for his affair with Monica Lewinsky was himself having an affair at the time.

Underscoring the potential threat to his rise, Gingrich's campaign released a statement from his two daughters from his first marriage ? Kathy Lubbers and Jackie Cushman ? suggesting that Marianne Gingrich's comments may be suspect given the emotional toll divorce takes on everyone involved.

"Anyone who has had that experience understands it is a personal tragedy filled with regrets and sometimes differing memories of events," their statement said.

A CNN/Time South Carolina poll released Wednesday showed Gingrich in second place with support from 23 percent of likely primary voters, having gained 5 percentage points in the past two weeks. Romney led in the poll with 33 percent, but he had slipped some since the last survey. Santorum was third, narrowly ahead of Texas Rep. Ron Paul and well ahead of Perry.

Regardless of the South Carolina outcome, Gingrich was making plans to compete in Florida's primary on Jan. 31.

Confidence exuded from Gingrich, who rose in Iowa only to be knocked off course after sustaining $3 million in attack ads in Iowa from an outside group that supports Romney. Gingrich posted dismal showings in both Iowa and New Hampshire.

By the time the race turned to South Carolina, he was sharply criticizing Romney as a social moderate who is timid about attacking the nation's economic troubles. He also raised questions about Romney's experience as a venture capitalist, while a super PAC that supports Gingrich aggressively attacked Romney as a vicious corporate raider. Gingrich also ripped Romney for standing by as a super PAC run by former top Romney political aides continued to attack him in South Carolina.

Romney ended up on the defensive and by Monday night's debate, Gingrich was back in command. He earned a standing ovation when he labeled Democratic President Barack Obama "the best food stamp president in American history." The clip became the centerpiece of a television ad that began airing Wednesday as Gingrich worked to cast himself as the Republican with the best chance of beating Obama in the fall, stealing a page from Romney's playbook.

Said Gingrich senior adviser David Winston: "His taking on Barack Obama showed a toughness and an electability that the electorate is looking for."

Since then, Romney's campaign, sensing Gingrich's rise and working to deflect from its own troubles, has been trying to undercut Gingrich's claim that he helped President Ronald Reagan create millions of jobs in the 1980s, likening it to "Al Gore taking credit for the Internet."

Romney also dispatched supporters to make the case that Gingrich is erratic and unreliable. A new Romney Web video features former Republican Rep. Susan Molinari of New York saying Gingrich lacked discipline and labeling his time as speaker "leadership by chaos."

Gingrich, for his part, has been helped by the fact that Santorum has seemed unable to capitalize on the endorsement of a group of influential Christian conservatives. Those who aren't backing the former Pennsylvania senator seem to be coming Gingrich's way.

Source: http://us.rd.yahoo.com/dailynews/rss/topstories/*http%3A//news.yahoo.com/s/ap/20120119/ap_on_el_pr/us_gingrich

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Guy Answers "Donkey Punch" on Jeopardy


A blow to the back of the neck is a punch named for this animal.

Some poor guy will officially never live down guessing "donkey punch," erroneously, on Jeopardy this week. Turns out it's a rabbit, not a donkey.

If you're curious what a donkey punch is or why this clip has gone viral, we invite you to Google it. With the SafeSearch feature on. Trust us.

Or just check out the Urban Dictionary definition of this, umm, amorous act, which we cannot imagine will come up on any other game show.

Check out the clip from Monday's episode below:

Source: http://www.thehollywoodgossip.com/2012/01/guys-says-donkey-punch-on-jeopardy/

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Friday, January 20, 2012

Free Android Wallpaper of the day - Wind Turbines

Free Android WallpaperOur Jan. 19 Free Android wallpaper of the day comes from member dcreed, who brings us a nice shot of wind turbines near Judith Gap, Mont. He says he used a long exposure (that's where youg et the blurry blades from) plus an ND filter.



Source: http://feedproxy.google.com/~r/androidcentral/~3/9ObJ74z5h0c/story01.htm

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Thursday, January 19, 2012

Rick Perry Drops Out Of Race, Endorses Newt Gingrich

'I know when it's time to make a strategic retreat,' former GOP presidential hopeful says.
By Dan Montalto


Rick Perry
Photo: Getty Images

Rick Perry announced Thursday (January 19) that he is suspending his campaign for the Republican presidential nomination and throwing his support behind former House Speaker Newt Gingrich.

Perry made the announcement at a news conference in Charleston, South Carolina, saying, "I have come to the conclusion that there is no viable path forward for me in the 2012 campaign. I know when it's time to make a strategic retreat."

The Texas governor's announcement came just hours before the final debate leading up to Saturday's South Carolina primary, in which he had been polling in the low single digits. Perry finished fifth in both the Iowa caucus and the New Hampshire primary.

Upon entering the race, Perry initially surged in the polls, but his support quickly dwindled following several gaffes during the Republican debates.

In explaining his support for Gingrich, Perry stated, "I believe Newt is a conservative visionary who can transform this country," adding that Gingrich has the "heart of a conservative reformer."

With recent polls showing Gingrich closing in on Romney's lead in South Carolina, Perry's timing and endorsement could have an impact on Saturday's primary.

Perry's endorsement of Gingrich also comes on the same day that a recount of the Iowa caucus results erased Romney's razor-thin victory, putting former Pennsylvania Senator Rick Santorum at the top of the vote count.

Check back for up-to-the-minute coverage on the primary races and stick with PowerOf12.org throughout the 2012 presidential election season.

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Source: http://www.mtv.com/news/articles/1677552/rick-perry-drops-newt-gingrich-endorse.jhtml

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