Source: www.geekzone.co.nz --- Sunday, September 29, 2013
Samsung Galaxy Note 3 announcement and owners thread ...
Source: http://feeds.geekzone.co.nz/~r/GeekzoneForumsLatestPosts/~3/GcC3OBTenko/forums.asp
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The NBC Sports Network is canceling?Under Wild Skies,?a hunting show?hosted by NRA lobbyist Tony Makris. The reason? An episode in which an elephant is hunted...
READ MORESource: http://www.politicsinstereo.com/2013/09/28/nra-hunting-show-canceled-by-nbc-sports-network/
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By Nate Raymond
NEW YORK (Reuters) - A former executive at Bank of America Corp's
Edward O'Donnell, a former executive vice president at a Countrywide Financial Corp subsidiary, filed a whistleblower lawsuit last year against Bank of America, which bought Countrywide during the financial crisis.
O'Donnell's lawsuit is the basis of the U.S. Justice Department's case alleging that Countrywide defrauded mortgage underwriters Fannie Mae and Freddie Mac by selling them mortgages that later defaulted.
O'Donnell, who stands to earn an award if the government wins at trial, was testifying for the government on Thursday, the third day of the trial.
He said he worked at a Countrywide division that handled subprime mortgage loans. When Countrywide tried to move away from that business, a unit of the company making less-risky prime loans was folded into his, he said.
There were instances where loans that unit produced "did not meet our standards and had problems," he said.
"I saw these instances as problems," he said. "I wanted greater quality and better control."
Countrywide later made some changes at his urging, he said.
O'Donnell is expected to continue to testify on Friday about a subsequent Countrywide program called the "High Speed Swim Lane" - also called "HSSL" or "Hustle." The program, which began in 2007 as mortgage delinquency and default rates were on the rise, circumvented toughening standards at Fannie and Freddie, O'Donnell has said.
The "Hustle" loans caused Fannie and Freddie to suffer a gross loss of $848.2 million and a net loss of $131.2 million on loans that were materially defective, the Justice Department says.
The Justice Department's case stems from a lawsuit O'Donnell filed under seal in February 2012 under the False Claims Act. The law allows whistleblowers to bring cases on behalf of the government against companies that defraud it.
He worked at Countrywide from 2003 to 2007. In a twist, he today works at Fannie Mae as a vice president of credit risk management, a spokesman for the mortgage giant confirmed.
In his lawsuit, O'Donnell said he frequently objected to the "Hustle" program and sought to take steps that would stop the rapid deterioration in loan quality.
O'Donnell in the lawsuit said his concerns were disregarded and he was marginalized. He "became one often lone voices within the division pointing to the loan quality issues, increase of early payment defaults and growing number of early defaulted loans," his lawsuit said.
NEW CUSTOMER ACQUISITION GROUP
O'Donnell, who took the stand toward the end of Thursday, only spoke briefly about HSSL, which he will likely discuss most of Friday. But he discussed how another unit of Countrywide called the New Customer Acquisition (NCA) group had problems of its own.
In 2007, O'Donnell said the Full Spectrum Lending division he worked in was rapidly moving away from producing subprime loans, which investors were increasingly becoming unattractive to investors, to less-risky prime loans.
At part of that process, Countrywide began moving the NCA group, which had more experience putting together prime loans, into the Full Spectrum Lending division, he said.
But executives in Full Spectrum Lending had concerns about the quality of loans coming out of NCA and about loan specialists "making decisions they were not entitled to make" in approving mortgages, O'Donnell said. Among the issues he cited was the expectation loan specialists move one loan per day each to closing, he said.
In a June 2007 email displayed in court, Robert Price, a senior vice president overseeing a funding center in Richardson, Texas, told the NCA group's supervisor the "overwhelming response" of his managers was it was "not uncommon for employees feeling pressure to take short cuts and make poor decisions to hit numbers."
O'Donnell compared the NCA program to how Countrywide structured Hustle, which was a similar effort to generate prime loans and that like NCA gave loan specialists greater authority over loans while minimizing the role of underwriters in reviewing loan quality.
"It was essentially the same as NCA workflow before we made changes to it," he said.
The case is U.S. ex rel. O'Donnell v. Bank of America Corp et al, U.S. District Court, Southern District of New York, No. 12-01422.
(Reporting by Nate Raymond in New York; editing by Andrew Hay)
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Passengers on an amusement park attraction in California were trapped 300 feet in the air for more than three hours when the ride they were on malfunctioned. NBC's Diana Alvear reports.
By The Associated Press
BUENA PARK, Calif.???Twenty riders expecting a short thrill were left dangling at 300 feet for nearly four hours when the Windseeker ride at Southern California's Knott's Berry Farm amusement park stalled.Knott's said in a statement that the ride, which lifts fun-seekers high over the park with their legs dangling and spins them in a circle, came to a stop when its security system activated at about 4 p.m. Wednesday.
"They didn't tell me that in the brochure," said Jimmy Garrison, a tourist from Baltimore who was stuck on the ride as he left the park hours later with a souvenir T-shirt that read "I SURVIVED WINDSEEKER."
TV cameras showed riders sitting calmly as they dangled and the sun set, some casually swinging their legs.
"They were on the PA system and they were telling us 'be patient with us,' and that sort of thing," Garrison told KTTV-TV. "I was looking over at the steel cables, they're about that thick," he said, holding his thumb and forefinger several inches apart, "there's a whole bunch of them so I know you can't fall."
Garrison's wife Donna said her husband kept her from having a totally traumatic experience.
"I have a fear of heights so that first half-hour was a little bit daunting," she said. "But he's a great coach. He talked me through it."
Maintenance workers brought all the riders safely to the ground between 7:30 and 8, long after the park had closed and night had fallen.
Knott's says the ride, which also left riders hanging on Sept. 7, will remain closed while the cause is investigated.
Donna Garrison said she and her husband were returning to the park on Friday. Asked if she'd try out the Windseeker again, she replied "Oh, no, no no."?
More in Overhead Bin
? 2011 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
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SCHEVENINGEN, Netherlands (AP) ? A coalition including the United States, the European Union and the Arab League met Thursday to plot new ways of isolating the regime of Syria's President Bashar Assad, as a Syrian opposition leader warned that sanctions alone won't bring the regime down.
The group called "Friends of the Syrian People" was set up in February after the U.N. Security Council was unable to reach agreement on a resolution condemning Syria's government, due to opposition from Russia and China.
On Thursday, financial experts joined representatives of the group at their meeting in The Hague, Netherlands, to help member countries understand how Syria may be using dual-use technologies and front companies to get around the existing sanctions, which include an embargo on oil and arms trade with Syria by participating nations. Twelve more countries have joined the 60-member coalition, committing also to block Syrian financial transactions, and enforce a travel ban on the country's top leaders.
The uprising against the Syrian government began in March 2011 as part of Arab Spring protests, and intensified after Assad's government used the country's military in an attempt to end them with violence. The United Nations estimates that at least 18,000 people have been killed as a result of the fighting, most of them civilians. More than 1.5 million people have been displaced, many fleeing as refugees to neighboring countries such as Turkey and Jordan.
Dutch Foreign Minister Uri Rosenthal said the sanctions are having an effect, despite non-participation by Russia, China and Iran, citing sharp fall in Syria's oil exports.
"The EU took 90 percent of Syria's oil," before the sanctions were applied, he said. "It turns out to be hard for the regime to sell oil elsewhere."
Abrahim Miro, a member of the Syrian Governing Council ? an umbrella organization of Syrian opposition groups cooperating to overthrow the government ? said that the sanctions alone will not bring Assad's regime down. He said the sanctions, together with armed resistance by the Syrian Free Army "will actually cause the economic heart attack and also the military heart attack of the regime."
Miro said that Syria's continued trade with Iraq and Iran ? which were not present at the Thursday meeting ? is a major source of concern for the opposition.
Abdo Hussameldin, a former official in Syria's oil ministry, who in March became the highest-ranking member of the government to defect, said that the economic sanctions were demoralizing and delegitimizing the regime in the eyes of the country's people. But he agreed with Miro that the sanctions alone won't force Assad from office as long as his regime continues to get financial support from countries such as Russia, Iraq, Iran, Venezuela and Lebanon.
Source: http://news.yahoo.com/allies-power-purse-against-syrian-regime-131323466--finance.html
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DailyFX Individual Currency Pair Conditions and Trading Strategy Bias
DailyFX PLUS System Trading Signals ?Forex traders continue to predict the smallest US Dollar (ticker: USDOLLAR) moves since the onset of global financial crises in 2007/2008, and such low expectations point to low-volatility range trading in the week ahead.
As we wrote in last week?s strategy outlook report, FX market complacency sets the stage for US Dollar losses. This week our outlook remains mostly unchanged as the US currency trades towards fresh lows. Yet it is worth noting that the Dollar remains surprisingly resilient versus the similarly-downtrodden Euro.
Given clear expectations of slow currency moves, we favor range trading strategies across the majority of US Dollar pairs in the weeks ahead. As we detail in our Traits of Successful Traders series, it is critical to match trading style to market conditions. In this instance, exceedingly low volatility levels favor range trading systems such as Relative Strength Index (RSI)-based ?Congestion Opportunities?/Range2 strategies on DailyFX PLUS.
Else it seems as though low-volatility ?Risk On? trades stand to do well. Last week we wrote that the Australian Dollar?a major recipient of ?Risk On? money flows?stood to reverse against the US Dollar amidst such complacency. Yet we will have to see signs that volatility will move higher given such exceedingly low levels.
Market Conditions:
As we wrote last week, FX Options point to the smallest market moves since the onset of global financial crises in 2007 and 2008. Volatility tends to be mean-reverting; if vols are extremely low, they will often bounce. Yet timing that bounce remains all but impossible as the same argument could have been made a month ago.
We?ll cautiously favor low-volatility strategies and direction until further notice. Yet it is important to note that volatility could return at a moments? notice, and these levels are consistent with past instances of financial market complacency.
? Written by David Rodriguez, Quantitative Strategist for DailyFX.com
To contact David, e-mail drodriguez@dailyfx.com
To be added to David?s e-mail distribution list for this and other reports, e-mail subject line ?Distribution List? to drodriguez@dailyfx.com
Definitions
Volatility Percentile ? The higher the number, the more likely we are to see strong movements in price. This number tells us where current implied volatility levels stand in relation to the past 90 days of trading. We have found that implied volatilities tend to remain very high or very low for extended periods of time. As such, it is helpful to know where the current implied volatility level stands in relation to its medium-term range.
Trend ? This indicator measures trend intensity by telling us where price stands in relation to its 90 trading-day range. A very low number tells us that price is currently at or near monthly lows, while a higher number tells us that we are near the highs. A value at or near 50 percent tells us that we are at the middle of the currency pair?s monthly range.
Range High ? 90-day closing high.
Range Low ? 90-day closing low.
Last ? Current market price.
Bias ? Based on the above criteria, we assign the more likely profitable strategy for any given currency pair. A highly volatile currency pair (Volatility Percentile very high) suggests that we should look to use Breakout strategies. More moderate volatility levels and strong Trend values make Momentum trades more attractive, while the lowest Vol Percentile and Trend indicator figures make Range Trading the more attractive strategy.
HYPOTHETICAL PERFORMANCE RESULTS HAVE MANY INHERENT LIMITATIONS, SOME OF WHICH ARE DESCRIBED BELOW. NO REPRESENTATION IS BEING MADE THAT ANY ACCOUNT WILL OR IS LIKELY TO ACHIEVE PROFITS OR LOSSES SIMILAR TO THOSE SHOWN. IN FACT, THERE ARE FREQUENTLY SHARP DIFFERENCES BETWEEN HYPOTHETICAL PERFORMANCE RESULTS AND THE ACTUAL RESULTS SUBSEQUENTLY ACHIEVED BY ANY PARTICULAR TRADING PROGRAM.
ONE OF THE LIMITATIONS OF HYPOTHETICAL PERFORMANCE RESULTS IS THAT THEY ARE GENERALLY PREPARED WITH THE BENEFIT OF HINDSIGHT. IN ADDITION, HYPOTHETICAL TRADING DOES NOT INVOLVE FINANCIAL RISK, AND NO HYPOTHETICAL TRADING RECORD CAN COMPLETELY ACCOUNT FOR THE IMPACT OF FINANCIAL RISK IN ACTUAL TRADING. FOR EXAMPLE, THE ABILITY TO WITHSTAND LOSSES OR TO ADHERE TO A PARTICULAR TRADING PROGRAM IN SPITE OF TRADING LOSSES IS MATERIAL POINTS WHICH CAN ALSO ADVERSELY AFFECT ACTUAL TRADING RESULTS. THERE ARE NUMEROUS OTHER FACTORS RELATED TO THE MARKETS IN GENERAL OR TO THE IMPLEMENTATION.
OF ANY SPECIFIC TRADING PROGRAM WHICH CANNOT BE FULLY ACCOUNTED FOR IN THE PREPARATION OF HYPOTHETICAL PERFORMANCE RESULTS AND ALL OF WHICH CAN ADVERSELY AFFECT ACTUAL TRADING RESULTS. Any opinions, news, research, analyses, prices, or other information contained on this website is provided as general market commentary, and does not constitute investment advice. The FXCM group will not accept liability for any loss or damage, including without limitation to, any loss of profit, which may arise directly or indirectly from use of or reliance contained in the trading signals, or in any accompanying chart analyses.
Source: http://allyalls.com/low-forex-volatility-favors-dollar-weakness-range-trading.html
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