Archive for January, 2009

Bank Of America Will Get More Money From FEDS To Keep Merrill Lynch

January 15, 2009

Bank Of America Will Get More Money From FEDS To Keep Merrill Lynch

WASHINGTON/NEW YORK – Bank of America, the largest U.S. bank, is close to getting billions of dollars more in federal support from taxpayers, a person familiar with the matter said on Wednesday.

As Congress debated the future of the government’s $700-billion financial markets rescue program, the source said that Bank of America has struggled to digest its January 1 buyout of former Wall Street brokerage giant Merrill Lynch & Co.

Merrill’s fourth quarter losses exceeded expectations and spurred Bank of America in mid-December to start talking to the U.S. Treasury Department, which is managing the bailout

Source:

http://www.msnbc.msn.com/id/28671753/

Most Unhealthy Breakfast Sandwich In America

January 15, 2009

Here is the most unhealthy breakfast sandwich in America:

Hardee’s Monster Biscuit
710 calories
51 g fat (17 g saturated)
2,250 mg sodium
37 g carbohydrates

When they say “Monster,” they mean it. This 700-calorie behemoth should be enough to scare anyone: It contains nearly a full day’s worth of sodium and saturated fat. Instead, try the Sunrise Croissant with Bacon. It’s not exactly diet-friendly, but if you’re stuck at Hardee’s, it’s a way to escape without too much damage.

Eat This Instead!

Hardee’s Sunrise Croissant with Bacon
450 calories
29 g fat (12 g saturated)
900 mg sodium
28 g carbs

Source:

http://www.menshealth.com/eatthis/20-Worst-Foods-2009/20_Worst_Breakfast_Sandwich_of_2009.php

Tax Payers May Help Bank Of America Buy Merrill Lynch

January 15, 2009

By David Mildenberg

Bank of America Plunges on Need for U.S. Aid for Merrill

The Treasury may decide to absorb some losses on Merrill’s assets and cap the bank’s liability, with terms still being discussed, the people said.

Bank of America Corp., the biggest U.S. bank by assets, plunged as much as 22 percent in New York trading on concern that the company needs more government aid to absorb losses tied to its acquisition of Merrill Lynch & Co.

Shares of the Charlotte, North Carolina-based bank dropped $2.01 to $8.19 at 9:59 a.m. in New York Stock Exchange composite trading and fell as low as $8. Bank of America told regulators in December the takeover might be abandoned because of Merrill’s worse-than-expected results, and the bank is in talks to get more U.S. aid, said three people familiar with the matter.

The government insisted the Merrill deal proceed because its collapse would renew turmoil in the financial system, said the people, who declined to be identified because talks are private. Details may be disclosed on Jan. 20, when the bank could post its first quarterly loss in 17 years after buying Merrill Lynch and Countrywide Financial Corp.

“Bank of America has all kinds of problems with its acquisitions,” said Gary Townsend, president of Hill-Townsend Capital LLC in Chevy Chase, Maryland. “They’ve been so acquisitive, they find themselves with very little in tangible equity.”

Bank of America’s shares lost 66 percent last year, and they declined another 30 percent through yesterday since Chief Executive Officer Kenneth Lewis told employees on Jan. 6 that 2008 performance may miss company expectations. They last traded below $10 in 1992.

Overreached?

The cost of protecting against a default by the bank rose to an almost four-month high today. Credit-default swaps jumped 30 basis points to 210 basis points, according to broker Phoenix Partners Group. The contracts, used to hedge against losses or to speculate on the company’s creditworthiness, typically rise as investor confidence deteriorates.

The combined company has already received infusions of $25 billion from the U.S.

Lewis overreached by rescuing two money-losing companies in six months, including New York-based Merrill Lynch and Calabasas, California-based Countrywide, say analysts including Townsend and Paul Miller of Friedman Billings Ramsey Inc. Since becoming CEO in 2001, Lewis has spent $129 billion on acquisitions, including regional lenders FleetBoston Financial Corp. and LaSalle Bank, credit-card issuer MBNA and investment manager U.S. Trust Co.

Bank of America on Sept. 15 agreed to buy Merrill Lynch, the world’s largest securities firm, after a weekend of negotiations between Lewis and Merrill CEO John Thain. The $19.4 billion transaction came as Lehman Brothers Holdings Inc. sank into bankruptcy, crippled by the frozen credit markets.

Focus on Merrill

“Bank of America took some action to save the system,” David Hendler, an analyst at CreditSights Inc., said yesterday in a telephone interview. “Long-term they are going to be a winner because they are going to get more government support and we are all going to pay for it.”

Discussions about U.S. aid started in mid-December and the bank completed the purchase Jan. 1, based on assurances of U.S. help, according to the people. The new aid package is designed to ensure the Merrill Lynch deal gets done, not to save Bank of America from collapse, one person said.

“The bank must have decided that these Merrill issues would keep pounding on their earnings and on their dividend and on their stock price into 2010 or 2011, so they turned to the government,” Hendler said.

The Treasury may decide to absorb some losses on Merrill’s assets and cap the bank’s liability, with terms still being discussed, the people said.

Scott Silvestri, a spokesman for Bank of America, and Brookly McLaughlin, a Treasury spokeswoman, declined to comment.

Writedowns Coming

Merrill may have lost 50 cents a share in the fourth quarter, Credit Suisse analyst Susan Roth Katzke estimated last month, citing declines in real estate, leveraged loans and private equity.

In 2009, Bank of America is likely to write down about $6.7 billion of Merrill Lynch’s $36 billion in loans and securities backed mainly by commercial real estate, Citigroup Inc. analyst Keith Horowitz wrote in a Jan. 11 report. Revenue from investment banking and wealth management will decline this year by at least 20 percent, he estimated.

Making the Merrill acquisition pay off will prove difficult because the brokerage’s two key businesses, its investment bank and 16,850 financial advisers, promise to be less profitable in coming years, said Julian Mann, a vice president of First Pacific Advisors LLC in Los Angels. “There’s going to be more traditional banking and less of the whiz-bang stuff,” he said.

Staying Power

The Merrill purchase followed Bank of America’s July acquisition of Countrywide, the largest U.S. home lender. That transaction is probably causing losses at Bank of America because of the declining value of U.S. home prices, Townsend said. Losses from Countrywide’s loans to delinquent borrowers may top $29 billion through 2011, Horowitz wrote in his report.

Bank of America has sufficient sources of capital and more than 10 percent of U.S. bank deposits, giving it staying power, said Hendler, who has an “overweight” rating on the company. Lewis is cutting as many as 35,000 jobs to help achieve $7 billion in annual merger-related cost savings and he raised $2.8 billion by selling some shares in China Construction Bank.

A bank employee since 1969 and the third CEO to lead the company since 1973, Lewis retains his board’s confidence as he tries to integrate Merrill and Countrywide, says Larry Carroll, president of Carroll Financial Associates, a Charlotte investment firm that manages $1.3 billion.

“Of the big three U.S. banks, Bank of America has the best chance of surviving because their trading risk is so much smaller” than Citigroup or JPMorgan Chase & Co., said Christopher Whalen, co-founder of Institutional Risk Analytics, a Torrance, California financial-services research firm.

To contact the reporters on this story: David Mildenberg in Charlotte at dmildenberg@bloomberg.net;

Source:

Bank Of America Lays Off 30,000 Employees

January 15, 2009

Bank of America begins layoffs: reports

Thu Jan 8, 2009 7:52am EST

(Reuters) – Bank of America Corp began laying off staff in its investment bank and capital markets group, the New York Post said, citing sources.

It was unclear exactly how many employees were being cut, the paper said.

The bank, which has been grappling with slackening business due to the recession, said last month it would shed 30,000 to 35,000 jobs over three years.

Bank of America could not be immediately reached for comment by Reuters.

Source:

(Reporting by Ajay Kamalakaran in Bangalore; Editing by David Holmes

Weight Loss Secrets | How To Lose Weight | Secrets Revealed By Top Selling Author

January 4, 2009

Weight Loss Secrets | How To Lose Weight | Secrets Revealed By Top Selling Author

Author to share her weight loss secrets

By Nanci Bompey

For Pamela Anderson, the real secret behind her weight loss wasn’t learning to eat right or exercise more.

It was learning to love herself.

“I think a lot of people need to start there,”Ms. Anderson said. “Do I really love myself and if not, why, and how can I start doing that?”

It was this realization that helped the cookbook author and food writer finally decide to take control of her life, and with it, her weight, more than five years ago.

After decades of juggling demanding jobs, a marriage and motherhood, Anderson decided she needed to focus on her herself and her nearly 200-pound body.

“I carried too much weight in the family,” she said. “I needed the physical heft to carry the emotional weight that I was carrying around.”

Working on her interior helped Anderson to eventually work on her exterior. After changing the way she ate and adding running to her daily routine, Anderson lost 42 pounds over eight months.

Ms. Anderson’s journey from a yo-yo dieter to a marathon runner is chronicled in her newest cookbook, “The Perfect Recipe for Losing Weight & Eating Great,” and her story will be shared with hundreds of Asheville residents Thursday at a sold-out event at Biltmore Estate.

Anderson’s visit, sponsored by the Asheville Citizen-Times, also includes a private culinary workshop and a shopping tour at a local supermarket. All three events are intended to kick off this year’s Lighten Up 4 Life weight-loss competition.

“She has a story to tell that fits with so many participants in Lighten Up 4 Life,” said Mission Hospitals’ Becky Brown, who is organizing this year’s challenge. “I think hearing that from someone who has been there will make a big difference.”

Ms. Anderson said she was never heavy growing up but started to put on weight after she got married and had her two daughters. As a cookbook author and food writer, it was also her job to eat.

Anderson said she tried many diets, everything from the Scarsdale Diet to the Cabbage Soup Diet, but would always gain the weight back. Eventually, she just stopped dieting.

“I just sort of gave up because I realized that diets didn’t work, but I didn’t know yet how to change my life,” she said.

Ms. Anderson said her desire to change first came in the winter of 2002, when she saw herself in a mirror during an exercise class, but it took her more than a year to finally do something about it.

“You don’t simply tweak a few things. It’s bigger than that,” Anderson said. “It starts with going inside of yourself and asking yourself the major questions, like ‘Why am I eating?’”

After sending her youngest daughter off to college and moving from Pennsylvania to Connecticut with her husband, Anderson finally decided she was ready to take control of her life and her weight.

“Obviously, when you get to that point and your children don’t have that focus anymore, you are able to focus on yourself, which a lot of people don’t want to do,” she said. “Change is not fun and a lot of people would as soon not deal with it.”

But Anderson dealt with it, first by facing her weight during a doctor’s appointment, and then by facing herself during visits to a therapist, sessions that eventually led her to address her size.

After she dealt with her emotional issues, Anderson said she started feeling good about herself and it became easier to focus on losing weight.

“The weight loss piece of it was not easy, but it was relatively simple,” she said. “It’s never easy, but I had determination and I cared for myself enough to do it.”

Ms. Anderson knew that she wouldn’t lose weight by going on a diet, but that she needed to make a change to her eating habits that she could stick to for life.

So, Anderson came up with her own personalized eating plan that included not only three meals a day, but also afternoon tea and a pre-dinner snack and glass of wine.

There were no restrictions on what she could or couldn’t eat, but Anderson tried to allot herself a certain number of calories per day, taking many of her favorite meals, like pizza and pasta, and making them healthier by substituting healthier ingredients or trying out new cooking techniques.

But perhaps the biggest change in Anderson’s life was adding a daily exercise routine. She started slowly, walking briskly for a couple of miles in the morning and the evening, and gradually worked her way up to running two times a day.

Today, Anderson runs three-four days a week and has added two days of yoga a week. She has completed six marathons and plans to keep going, entering a race in Jacksonville, Fla., next month.

Although Anderson said running may not be the exercise answer for everyone, she said she loves putting on her mp3 player and going out running, not only enabling her to spend time alone but also celebrating her new self.

“You just feel so empowered,” she said.

Anderson said her latest book, which details her weight loss story, is part self-help book and part cookbook. While there are the markings of a traditional cookbook, Anderson also includes her story along with many tips and stories to accompany the recipes, which all include a calorie count.

“I think it was kind of important to share with people what really worked,” she said. “If you are not willing to share what worked for you, how are people supposed to see an aspect of their lives in your life?”

But rather than being a diet book, or the “Pam Anderson” prescription for weight loss, Anderson said the book is about encouraging people to go on their own journey, both emotionally and physically.

“I think a lot of people feel alone in what they are going through,” Anderson said. “But, I’ve lived that life. I know how difficult it is.”

Kristen Weaver, director of wellness advancement at the YMCA, said not only does Anderson provide people with ideas on how to make foods healthier, but her visit to Asheville will also help those who are working to make the city healthier.

Weaver hopes Anderson’s visit will begin an ongoing relationship between the city and the author. Anderson said she may come back to town to run in the Citizen-Times Half-Marathon in the fall.

“Bringing Pam Anderson in shows our community that we are open to bringing in experts in the field so we can learn from them,” Weaver said.

Ms. Anderson said she enjoys going around the country telling her story, which resonates with a lot of women who are in a similar situation as she is, trying to juggle a career and a family.

“You just never know what is going to trigger something for people,” she said. “When that something is going to hit them … When I am out there I hope I can relate and be an inspiration to as many people as possible.”

Source:

http://www.citizen-times.com/apps/pbcs.dll/article?AID=2009901040350

Obama’s Commerce Secretary Withdraws | Investigated By Grand Jury

January 4, 2009

Bill Richardson withdraws bid to be commerce secretary

By NEDRA PICKLER, Associated Press

WASHINGTON – New Mexico Gov. Bill Richardson on Sunday announced that he was withdrawing his nomination to be President-elect Barack Obama’s commerce secretary amid a grand jury investigation into how some of his political donors won a lucrative state contract.

Richardson’s withdrawal was the first disruption of Obama’s Cabinet process and the second “pay-to-play” investigation that has touched Obama’s transition to the presidency. The president-elect has remained above the fray in both the case of arrested Illinois Gov. Rod Blagojevich and with the New Mexico case.

A federal grand jury is investigating how a California company that contributed to Richardson’s political activities won a New Mexico state contract worth more than $1 billion. Richardson said in a statement issued by the Obama transition office that the investigation could take weeks or months but expressed confidence it will show he and his administration acted properly.

“But I have concluded that the ongoing investigation also would have forced an untenable delay in the confirmation process,” Richardson said. “Given the gravity of the economic situation the nation is facing, I could not in good conscience ask the president-elect and his administration to delay for one day the important work that needs to be done.”

Richardson said he will remain as governor and told Obama, “I am eager to serve in the future in any way he deems useful.”

The announcement came ahead of Obama’s Monday meetings with congressional leaders on a massive economic recovery bill he wants lawmakers to pass quickly.

Obama said he has accepted Richardson’s withdrawal, first reported by NBC News, “with deep regret.”

“Governor Richardson is an outstanding public servant and would have brought to the job of Commerce Secretary and our economic team great insights accumulated through an extraordinary career in federal and state office,” Obama said. “It is a measure of his willingness to put the nation first that he has removed himself as a candidate for the Cabinet to avoid any delay in filling this important economic post at this critical time. Although we must move quickly to fill the void left by Governor Richardson’s decision, I look forward to his future service to our country and in my administration.”

A person familiar with the proceedings has told The Associated Press that the grand jury is looking into possible “pay-to-play” dealings between CDR Financial Products and someone in a position to push the contract through with the state of New Mexico.

State documents show CDR was paid a total of $1.48 million in 2004 and 2005 for its work on a transportation program.

Richardson ran against Obama in the Democratic presidential primary, but withdrew after a poor showing in the Iowa caucuses and New Hampshire primary.

He is one of the most prominent Hispanics in the Democratic Party, having served in Congress and as President Clinton’s ambassador to the United Nations and energy secretary. As governor, he has kept up an international profile with a specialty in dealing with rouge nations. Obama also considered him to be secretary of state.

CDR and its CEO, David Rubin, have contributed at least $110,000 to three political committees formed by Richardson, according to an AP review of campaign finance records.

The largest donation, $75,000, was made by CDR in June 2004 — a couple of months after the transportation financing arrangement won state approval — to a political committee that Richardson established before the Democratic National Convention that year

http://news.yahoo.com/s/ap/20090104/ap_on_el_pr/richardson

Pens And Paint Taken From Man In Woman’s Toilet

January 2, 2009

LONDON, England (CNN) — A British man has been banned from carrying pens and spray paint in public after writing abusive comments about women in toilets and buses, according to media reports.

The British Press Association reported David Jell, 49, was served with the court order on December 22 after magistrates in Sevenoaks, Kent (35 km south-east of London) heard he had committed criminal damage and harassment between January and September 2007.

The magistrates also banned Jell from displaying rude comments or the nicknames of any person in a public place under the terms of a three-year long court order, PA reported.

Source:

http://edition.cnn.com/2009/WORLD/europe/01/02/law.pen.david.jell/index.html?iref=mpstoryview

Bernie Madoff’s Victim List | Who Lost Money?

January 2, 2009

The fallout from Bernard Madoff’s alleged Ponzi scheme reverberated around the world as the list of investors facing losses widened. Among the biggest losers were charities, hedge funds, and banks in Europe and Asia. Below, click on the link below to see some of the most exposed investors and sort by the amount of potential losses. — Updated 12/31/08

Source: Wall Street Journal

Click below:

http://s.wsj.net/public/resources/documents/st_madoff_victims_20081215.html?mod=%20MKTW

Handicapped Cerebral Palsy Patient Left Alone Overnight At Freezing Bus Depot

January 2, 2009

NEW YORK (CNN) — A bus driver’s helper is facing criminal charges after she allegedly overlooked a 22-year-old special needs man, who spent New Year’s Eve alone in a freezing bus depot, police said.

A cerebral palsy patient spent Wednesday night inside a frigid bus in a New York transportation depot.

Edwin Rivera, who has cerebral palsy, was left on a bus Wednesday night, authorities said.

Temperatures in New York plummeted to 15 degrees before he was found early Thursday. Rivera was taken to Brookdale University Hospital, where he was recovering Friday, according to hospital officials.

When he was found, Rivera was “cold, very cold,” his sister, Leslie Rivera, told CNN affiliate News 12 Long Island. “His fingers were blue.”

Linda Hockaday, 51, who helps the bus driver, faces charges of first- and second-degree reckless endangerment. She was arraigned Friday.

Hockaday was aware Rivera was asleep on the bus, but did not inform the driver he was there, prosecutors allege in a criminal complaint. She didn’t want to retrace the bus route and take Rivera home because she had to get to an appointment, the complaint said.

If convicted, Hockaday could face a sentence of up to seven years.

The bus driver has not been charged in the case.

The bus company, Outstanding Transport Inc., refused comment.

On its Web site, Outstanding Transport bills itself as “New York City’s leader in meeting the transportation needs for the elderly and for handicapped adults.

“While some companies use old school buses, OTI maintains a high quality fleet of specialized vehicles suitable for their special-needs clients,” the Web site says.

Rivera’s parents reported him missing Wednesday after he failed to return home from his school, run by the Federation Employment and Guidance Service, which refused to comment.

Leslie Rivera told News 12 she would like to put the incident behind her and is now focused on her brother’s condition.

“He is doing much better,” she said. “He perked up. He started singing

Source:

http://www.cnn.com/2009/CRIME/01/02/left.on.bus/index.html?iref=topnews

Police: Charles Barkley Drunk And Seeking Oral Sex

January 2, 2009

Car impounded he is left in a cab.

Associated Press

Two days after the NBA legend was stopped for suspicion of driving under the influence in Scottsdale, Ariz., a copy of the police report has shed some light on why Barkley ran a stop sign early Wednesday morning.

“I was gonna drive around the corner and get (oral sex),” Barkley told a police officer, according to the official police report. He explained that the girl had performed oral sex on him a week earlier, and it was the best such experience of his life.

Later, Barkley told a civilian Gilbert Police Department employee that he would “tattoo my name on your (butt)” if the employee would get him out of the DUI, according to the police report. Barkley then laughed and corrected himself, saying, “I’ll tattoo your name on my (butt),” before laughing again, according to the report.

Barkley was pulled over at approximately 1:30 a.m. by an officer with a task force that targets drunken driving. Barkley was in Scottsdale’s Old Town area, a trendy spot in the Phoenix area.

“I am disappointed that I put myself in that situation,” Barkley said Wednesday in a statement to The Associated Press. “The Scottsdale police were fantastic. Now it is a legal matter and I will not comment further until it is resolved.”

Barkley was cited and released. His car was impounded and he left in a cab, Shuhandler said. Police described Barkley as cooperative, adding it is customary to release people after an arrest on suspicion of DUI.

“There was nothing unusual about how he was taken into custody,” Shuhandler said. “He was treated exactly like we treat anybody else.”

In 1997, Barkley was arrested in Orlando, Fla., and charged with hurling a bar patron through a glass window after the man tossed a glass of ice at him. The case was settled after Barkley was fined and performed community service.

Barkley was selected as one the NBA’s 50 greatest players in 1996 and was inducted into the Basketball Hall of Fame in 2006. He played 16 seasons for Philadelphia, Phoenix and Houston and was on the 1992 and 1996 Olympic teams. Barkley was an 11-time NBA All-Star and league MVP in 1993.

He starred at Auburn and last month was inducted into the National Collegiate Basketball Hall of Fame.

Source:

http://msn.foxsports.com/nba/story/9019530?MSNHPHMA