Showing posts with label deal. Show all posts
Showing posts with label deal. Show all posts

Wednesday, April 10, 2013

BUDGET DAY, Weiner eyes comeback, McConnell: Our campaign was "bugged," Manchin-Toomey gun deal close, Immigration bill Thurs?, Kelly wins House seat, trivia



(swong@politico.com or @scottwongDC)


BUDGET DAY: OBAMA’S $ 3.77T BUDGET CALLS FOR TAXES ON RICH BUT ALSO ENTITLEMENT CUTS – President Obama’s 2014 fiscal blueprint was being delivered to Capitol Hill this morning, but the White House had already released some of the highlights. Reid J. Epstein writes for the hometown paper: “The budget itself represents some level of concession, White House aides say, arguing that Obama still would prefer a grand bargain that would completely rethink spending and revenue — though only one that comes on his terms. But even after weeks of outreach to Republicans following Obama’s beat-‘em-up campaign to stop the sequester cuts failed, that kind of deal still isn’t on the table. So they’re back to the budget duel: House Republicans want major cuts. Obama wants big revenues from the rich.


– “His $ 3.77 trillion proposal would reduce the deficit by $ 1.8 trillion by adding $ 580 billion in new taxes on the wealthy, according to senior administration officials. It also includes an estimated $ 230 billion in savings by reducing cost-of-living adjustments for federal entitlement programs. But all of those cuts — which White House aides say the president is ready to make — depend on whether Republicans agree to new tax revenues, including requiring people who make $ 1 million or more to pay at least 30 percent of their income in taxes and limiting deductions for the top 2 percent of earners. ‘If they refuse to include revenues in any deal, then there will be no deal. It’s that simple,’ a senior administration official said in a briefing call with reporters Tuesday.” http://politi.co/ZMwXMt See an overview of Obama’s budget here: http://politi.co/YjbXlG


OBAMA’S BUDGET MUDDLE – Glenn Thrush and Byron Tau report for POLITICO: On Wednesday, Senate Republicans will break bread with President Barack Obama at the White House. On Tuesday, Bernie Sanders, the most liberal member of the Senate Democratic caucus, was standing outside the gates rebuking Obama for selling out seniors. That jarring juxtaposition captures the upside-down political dynamic of Obama’s new budget proposal, due to be released Wednesday: Its centerpiece is a highly controversial plan to trim Social Security cost-of-living increases — a move one longtime Obama adviser called a ‘goodwill gesture’ to Republicans and liberals decry as a shocking departure from Obama’s 2012 campaign rhetoric, a betrayal that warrants retribution. So far, there is scant evidence that Republicans view Obama’s ‘chained CPI’ proposal as a sign of good will. And there are plenty of people on the left who regard it as a sign of bad will—a departure from the message that won Obama a second-term and new occasion for doubting the president’s negotiating skills.” http://politi.co/ZMsp8P


– A dozen GOP senators are expected to dine with Obama tonight, including Sens. Johnny Isakson (Ga.), John Thune (S.D.) and Orrin Hatch (Utah.). Isakson will release the full list today but none are said to have attended last month’s dinner with senators at a nearby hotel.


– In an interview with POLITICO’s Jon Allen and Mike Allen, House Minority Whip Steny Hoyer says Democrats aren’t ready to embrace Obama’s ‘chained CPI” plan. Watch video of the interview and read the story here: http://politi.co/12GInoR


WEINER EYES COMEBACK, MAYOR’S RACE – Maggie Haberman writes for POLITICO: “In a sweeping confessional interview published Wednesday, Anthony Weiner provided his first explanation of the bizarre behavior that led to his downfall, compared his wife’s circumstance to that of Hillary Clinton’s after the Monica Lewinsky scandal — and acknowledged he’s eagerly looking at a political comeback this year. The New York Times Magazine interview with Weiner and his wife, Hillary Clinton aide Huma Abedin, has been the talk of New York’s political world for the past week. It is a building block of a political return by the former Queens congressman, who resigned after admitting that a lewd tweet sent from his account, which he’d claimed had been hacked, was in fact his own doing. The piece is the first time Weiner and Abedin have spoken at length about the rapid-fire events of 2011 that led him to resign his seat: the tweet he sent thinking it was a private message, the exposure by Andrew Breitbart’s site, the days of claiming he was the victim of a crime and then the ultimate, tearful confession at a Midtown press conference. http://politi.co/ZMtFss


– Jonathan Van Meter writes in the NYT Magazine piece: “At breakfast, Weiner quickly put all the speculation to rest: he is eyeing the mayor’s race. He told me that his political committee spent more than $ 100,000 on polling and research by Obama’s longtime pollster, David Binder (a detail that would be made public — and prompt a flurry of news reports — in mid-March when a spending report was filed with the city’s Campaign Finance Board). The focus of the poll, Binder says, was the question “Are voters willing to give him a second chance or not, regardless of what race or what contest?” And the answer? “There was this sense of ‘Yeah, he made a mistake. Let’s give him a second chance. But there are conditions on that, and there are a couple of things we’re going to want to know: What have you been doing since this incident occurred? Did you learn anything from this mistake? How did you deal with it?’ They want to know that they’ve put it behind them.” http://nyti.ms/10SLnMg


McCONNELL CLAIMS THE LEFT ‘BUGGED’ HIS CAMPAIGN HQ, ‘NIXONIAN’ TACTICS – Siobhan Hughes writes in the Wall Street Journal: “Sen. Mitch McConnell (R., Ky.) on Tuesday accused ‘the political left in America’ of engaging in ‘Nixonian’ political tactics, reacting to the publication of an audio tape of a McConnell re-election strategy session. Mother Jones magazine published an article Tuesday based on the tape, in which campaign aides discussed how to attack potential rival Ashley Judd. Mr. McConnell told reporters:  ‘Last month, they were attacking my wife’s ethnicity’ — a reference to a tweet by a liberal group claiming wife Elaine Chao moved U.S. jobs to China– ‘and then apparently also unbeknownst to us they were bugging our headquarters – quite  a Nixonian move.’ He added:  ‘This is what you get from the political left in America.’ Ms. Chao, who was born in Taiwan, was labor secretary during the George W. Bush administration.


– “In a statement on its website, Mother Jones said: “As the story makes clear, we were recently provided the tape by a source who wished to remain anonymous. We were not involved in the making of the tape, but we published a story on the tape due to its obvious newsworthiness. It is our understanding that the tape was not the product of a Watergate-style bugging operation. We cannot comment beyond that.’ The tape of the McConnell strategy session begins with Mr. McConnell saying, ‘I assume most of you have played the, the game Whac-A-Mole? This is the Whac-A-Mole period of the campaign,’ to try to identify and attack potential contenders, according to the transcript posted by Mother Jones.” http://on.wsj.com/10SFQVZ


– Mother Jones’ David Korn, who broke the story, writes that the McConnell campaign discusses raising Judd’s past history with mental illness: “[T]he McConnell gang explored going far beyond Judd’s politics and policy preferences. This included her mental health. The meeting leader noted: ‘She’s clearly, this sounds extreme, but she is emotionally unbalanced. I mean it’s been documented. Jesse can go in chapter and verse from her autobiography about, you know, she’s suffered some suicidal tendencies. She was hospitalized for 42 days when she had a mental breakdown in the ’90s.’” http://bit.ly/YjkHZ0


– At the request of the McConnell campaign, the FBI is looking into the matter, POLITICO’s Lois Romano and Kevin Robillard reports: http://politi.co/10OSxmn


MANCHIN, TOOMEY SAY THEY’RE CLOSE TO GUN DEAL – John Bresnahan and Reid Epstein reports for POLITICO: “Sen. Joe Manchin says he is on the verge of a bipartisan deal to expand background checks for gun sales, an agreement that could lead to the biggest change in U.S. gun laws in nearly 20 years. Manchin, a West Virginia Democrat, has been meeting with conservative GOP Sen. Pat Toomey of Pennsylvania over the past week to try to forge a deal on background checks. Following a briefing with Senate Majority Leader Harry Reid (D-Nev.), Manchin told reporters the two sides were very close to an agreement. … Signaling that they had reached consensus, Manchin and Toomey announced Tuesday night they would be holding a joint press conference on expanded background checks on Wednesday at 11 a.m. …


– “Reid moved Tuesday night to start debate over a gun control package that is a wish list for gun control advocates. Reid filed a cloture motion that sets up a Thursday vote to end a GOP filibuster of the motion to proceed to that gun bill. In order to gather 60 votes, Reid and other senior Democrats believe they can hold on to their own nervous members from red states, while picking up 10 or so Republicans.” http://politi.co/Z6339T


–The WSJ editorial board’s lead op-ed says Ted Cruz and his fellow Republicans have “misfired” in filibustering the gun bill: “The President’s calculation seems to be that even if gun control fails, at least he’ll have a keep-kids-safe political issue to help flip the House back to Democratic control in the next midterm. In that sense his inflammatory rhetoric is meant to bait Republicans, some of whom are biting.  If conservatives want to prove their gun-control bona fides, the way to do it is to debate the merits and vote on the floor. They can always filibuster the final bill if they want to, but it makes no sense to paint themselves into a political box canyon before even knowing what they’re voting on.” http://on.wsj.com/ZEB3gP


‘GANG OF EIGHT’ IMMIGRATION BILL COULD COME THURSDAY – Mike Allen reports for POLITICO: “The Senate’s immigration Gang of Eight plans to announce a deal within a week but a committee markup is not expected until at least the week of May 6, providing a long period for debate and changes, Senate aides said Tuesday. Aides said the legislative proposal could be released as soon as Thursday, but is more likely to be ready early next week. The schedule outlined by the aides is meant to satisfy Sen. Marco Rubio (R-Fla.), who has said repeatedly that he wants a full debate and amendment process, to maximize the chances that the final vote is an overwhelming majority.” http://politi.co/ZgUwOD


Wall Street Journal, A1, “Senate Plan Sets High Bar On Border Security,” By Sara Murray: “Immigrants in the U.S. illegally would not gain green cards under a bipartisan Senate bill until law-enforcement officials are monitoring the entire southern border and stopping 90% of people crossing illegally in certain areas, according to people familiar with the plan. The border-security proposal, part of a broader immigration bill being written by eight senators, sets several goals that would have to be met before any of the estimated 11 million immigrants in the U.S. illegally could apply for permanent legal residency, also known as a green card, according to the people familiar with the Senate talks. Meeting all the goals is expected to take 10 years.


– “In a major change for businesses, all employers would be required after a five-year phase-in period to use the government’s E-Verify system, which screens for illegal workers. E-Verify now is largely voluntary, though some states require it. Some 409,000 employers had enrolled in the program as of last year, the federal government says, a tiny fraction of the estimated six million private U.S. employers, many of which have only a handful of employees.” http://on.wsj.com/ZMDhDz


– A House immigration bill is hung up on a disagreement over low-skilled workers, Jake Sherman and Kate Nocera report for POLITICO: http://politi.co/17pUsCE


IMMIGRATION POLITICS IS LOCAL – Manu Raju and Anna Palmer report for POLITICO: “Sen. Barbara Mikulski wants to help the Polish. Sen. Chuck Schumer wants to help the Irish. Sen. Marco Rubio wants to woo foreign workers to help after national emergencies. And Sen. Mazie Hirono wants to reunite Filipino World War II veterans with their families. As negotiations over a sweeping immigration deal comes to a head, senators are rapidly moving to resolve a bevy of narrow and parochial issues raised by lawmakers nervous about the impact of the far-reaching plan.


– “On Tuesday, one issue affecting rural America appeared closer to resolution: A new visa program for foreign workers on farms. A deal between labor and farm industry officials over wages for workers and caps on annual visas for migrant workers could come as soon as Wednesday, helping attract a range of rural-state lawmakers eager to appease farm interests back home. And Senate Majority Whip Dick Durbin (D-Ill.) said he was close to resolving a lingering dispute with Rubio, the Florida Republican, over the number of H1-B visas to provide high-skill foreign workers.” http://politi.co/152xVwj


** On the Hill? Then join the Susan G. Komen Global Race for the Cure ‘State of Pink’ Challenge, a little friendly competition to support the fight against breast cancer. Just form a team in your office and then come celebrate with us on Saturday, May 11. Winning teams will be recognized on Race Day. Learn more. http://globalrace.info-komen.org/site/PageServer?pagename=hq_gr_2012_about_hill_teams   


GOOD WEDNESDAY MORNING, APRIL 10, 2013, and welcome to The Huddle, your play-by-play preview of the day’s congressional news. Send tips, suggestions, comments, complaints and corrections to swong@politico.com. If you don’t already, please follow me on Twitter @scottwongDC.


My new followers include @cshogan276 and @MatosJay.


TODAY IN CONGRESS – The Senate is in at 9:30 a.m. resume consideration of a cloture motion on gun control legislation known as the Safe Communities, Safe Schools Act of 2013. Unless the Senate comes to an agreement, the Senate will hold a cloture vote on the motion to proceed on Thursday.


The House is in at 10 a.m. with first votes expected between 1:30 and 2 p.m. and last votes expected between 5 and 6 p.m. on the Bureau of Reclamation Small Conduit Hydropower Development and Rural Jobs Act.


AROUND THE HILL – President Barack Obama’s fiscal year 2014 budget is delivered to Congress at 8 a.m. in Cannon 210 and at 8:15 a.m. in Dirksen 604. Sen. Ted Cruz speaks on guns at 9:30 a.m. in S-325. Speaker John Boehner and other GOP leaders hold a post-conference media availability at 10 a.m. in HC-8. Democratic Whip Steny Hoyer holds a pen and pad briefing at 10:30 a.m. in H-144.


Reps. Chris Smith and Frank Wolf speak on Vietnamese victims on religious persecution in Vietnam at 10:30 a.m. at the House Triangle. Sens. Pat Toomey and Joe Manchin will speak on firearms background checks at 11 a.m. in S-325.


A news conference where Sens. Jerry Moran, Dick Blumenthal, Jim Inhofe, Amy Klobuchar, Kelly Ayotte and David Vitter planned to reintroduce legislation to stop air traffic control tower closings has been postponed due to a scheduling conflict.


Reps. Marcia Fudge and Chaka Fattah, Sen. Kirsten Gillibrand and others speak on the State of Black America at 11:30 a.m. at the House Triangle. Rep. Joe Crowley speaks on comprehensive immigration reform at 12:30 p.m. at the House Triangle. Steny Hoyer and House Democrats speak on Make It In America legislation at 1 p.m. in HVC Studio A. Rep. Frank Wolf speaks on Benghazi at 1:30 p.m. at the House Triangle.


The Small Business Committees hold a small business summit from 1 to 5:30 p.m. in Russell 428A. House Budget Committee Chairman Paul Ryan and Senate Budget Committee ranking member Jeff Sessions hold a conference call tomorrow in response to President Obama’s fiscal year 2014 budget proposal, at 2 p.m. Call in: (888) 469-1370. Passcode: 224143. House Triangle. Rep. Bob Goodlatte speaks on RFS legislation at 2:30 p.m. at the House Triangle. Chairwoman Patty Murray’s Senate Budget Committee holds a hearing on President Obama’s budget at 3 p.m. in Dirksen 608. House Intelligence Committee Chairman Mike Rogers and ranking member Dutch Ruppersberger hold post-CISPA mark-up availability at 4 p.m. at the HVC Intel stakeout site.


‘OBAMA PHONES’ DRAW SCRUTINY ON CAPITOL HILL – Karen Tumulty writes on A1 of thwe Washington Post: “Obama phone” is the widely used — and misleading — nickname of a 28-year-old federal program known as Lifeline. It provides discounts, averaging $ 9.25 a month, on phone service for 13.3 million low-income subscribers. In the 31 / 2 years after false rumors started that the Obama administration was giving free cellphones to poor people — and six months after a racially charged video about it went viral — a once-obscure phone service subsidy is getting renewed scrutiny on Capitol Hill. There are growing calls in Congress to end or drastically cut back Lifeline; later this month, the House Energy and Commerce Committee will hold a hearing that could help determine its fate.  … Lifeline was begun not by President Obama but under Ronald Reagan. It expanded to include cellphone service during the presidency of another Republican, George W. Bush.” http://wapo.st/ZMCXoD


KELLY EASILY WINS JACKSON JR.S OLD HOUSE SEAT – Rick Pearson and Bill Ruthhart write on A1 of the Chicago Tribune: “Following Tuesday’s special election victory, Democrat Robin Kelly will start a new job in Congress as the least senior member of a House dominated by Republicans. That political reality is not lost on Kelly, who said her first task is to restore district offices and concentrate on constituent services as she replaces disgraced former Rep. Jesse Jackson Jr. in the South Side and south suburban 2nd Congressional District. … Kelly, who launched her campaign on a strong gun-control theme, was joined at her victory party by Nathaniel Pendleton and Cleopatra Cowley-Pendleton, the parents of Hadiya Pendleton, a 15-year-old band majorette killed by gunfire on the South Side little more than a week after performing in Washington during President Barack Obama’s inauguration weekend festivities. ‘Watch us take on the NRA, the tea party and anyone else standing in the way of safety,’ Kelly said. With 80 percent of precincts counted in the low-turnout contest, Kelly had 74 percent of the vote to about 19 percent for Republican Paul McKinley, an unemployed political activist and ex-convict.” http://trib.in/10TPk5P


OBAMA’S NOMINEES COAST THROUGH SENATE HEARINGS – Matthew L. Wald and Robert Pear write for the New York Times: “President Obama’s three nominees to run Medicare and Medicaid, the Energy Department and the Office of Management and Budget sailed through their separate Senate confirmation hearings on Tuesday and appeared to be on track to win approval from the committees, though none of the panels voted on the nominations. Marilyn B. Tavenner, who has been chosen to run the government’s big health care programs, won endorsement from the House Republican leader, Representative Eric Cantor of Virginia, who said he had worked with her in his days as a state lawmaker. …


– “Similarly, Mr. Obama’s nominee for energy secretary, Ernest J. Moniz, a professor at the Massachusetts Institute of Technology who was under secretary of energy in the Clinton administration, faced no opposition Tuesday in a three-hour hearing held by the Senate Energy and Natural Resources Committee. Sylvia Mathews Burwell, who has been nominated as director of the budget office, also appeared to have no serious opposition in the Senate Committee on Homeland Security and Governmental Affairs.” http://nyti.ms/12J1xug


TUESDAY’S TRIVIA WINNER – Adam Heider was first to correctly answer that Ted Yoho (Florida), David Price (UNC) and Joe Courtney (UConn) are the current House members who represent the districts that include the three universities that are tied for the most number of Division I NCAA basketball championships in the last 10 years. Each won two titles in the past decade.


CORRECTION: Monday’s trivia answer should have said Tom McMillen was elected to Congress in 1986, the same year he retired from the NBA.


TODAY’S TRIVIA – Claude Marx has today’s question: Which president signed legislation creating the Labor Department? First to correctly answer gets a mention in the next day’s Huddle. Email me at swong@politico.com.


GET HUDDLE emailed to your Blackberry, iPhone or other mobile device each morning. Just enter your email address where it says “Sign Up.” http://www.politico.com/huddle/


** On the Hill? Then join the Susan G. Komen Global Race for the Cure ‘State of Pink’ Challenge, a little friendly competition to support the fight against breast cancer. Since 1990, Komen’s investments have helped drive down breast cancer mortality rates in the U.S. by 33% thanks to participants like you. Represent your state and keep the momentum going. Form a team in your office today and then come celebrate with us on Saturday, May 11. The largest congressional team and top fundraising team will be recognized on Race Day. Learn more. http://globalrace.info-komen.org/site/PageServer?pagename=hq_gr_2012_about_hill_teams




POLITICO – Top 10 – The Huddle



BUDGET DAY, Weiner eyes comeback, McConnell: Our campaign was "bugged," Manchin-Toomey gun deal close, Immigration bill Thurs?, Kelly wins House seat, trivia

Sunday, March 31, 2013

The Seven Broken Taboos Of The Cyprus Deal


Via Barclays,


From a European perspective, the list of broken taboos and assumptions continues to grow. It includes:








1. EU sovereign debt cannot be restructured: broken by the Greek PSI.


 


2. Senior bank debt-holders cannot be bailed in: broken several times with respect to banks in Denmark, Ireland and now two Cypriot banks.


 


3. Depositors are sacrosanct: broken by Cyprus – deposits greater than the formal guarantee (EUR100k) in the two biggest banks, with EUR4.2bn of uninsured deposits in Laiki Bank set for a large haircut of unknown size, and Bank of Cyprus deposits set for a haircut of around 35% according to several news reports (eg, Economist, Reuters).


 


4. Depositors should not be punitively taxed: broken by the Cypriot government and implicitly endorsed by the EU, but vetoed by the Cypriot parliament.


 


5. If capital controls are applied in the euro area, it is ‘game over’: broken by Cyprus – banks were shut for nearly two weeks; draconian controls of uncertain duration have been imposed.


 


6. Discussion of a euro exit is ‘off limits’: already it is apparent that euro exit was discussed with respect to Greece during H1 12; this topic again re-emerged last weekend with respect to Cyprus.


 


7. The EU can rely on the IMF to be sympathetic in providing financing without haircuts, even for countries with high public debt: from the Greek and now the Cypriot experience, the Fund is evidently evaluating new programmes more critically, particularly when debt/GDP ratios rise above 100%.



Cyprus can also be considered “the exception that proves the rule”. The euro’s core founding principles, based on the Maastricht Treaty’s “irrevocable” fixing of currency rates, and of the free movement of capital, have been violated. The euro will never be the same again; its preservation now depends urgently upon economic recovery. Without the delivery of economic growth, unemployment will rise to yet higher post-war record levels, and the widespread and growing disillusionment felt by EU citizens towards their economic regime will threaten to spill over into more explicit questioning of the euro’s suitability.







Zero Hedge



The Seven Broken Taboos Of The Cyprus Deal

Sunday, March 24, 2013

Deal Reached, Damage Done


One could tell from the rise in the futures this evening that a deal was reached, but conflicting reports had me wondering “what deal?”


The story now is that president Nicos Anastasiades threatened to resign if the terms were not acceptable (a nice strategy), and euro leaders agreed to a 10 billion euro bailout.


Reuters reports Revamped Cyprus deal to close bank, force losses.

Cyprus clinched a last-ditch deal with international lenders on Monday for a 10 billion euro ($ 13 billion) bailout that will shut down its second largest bank and inflict heavy losses on uninsured depositors, including wealthy Russians.

The agreement emerged after fraught negotiations between President Nicos Anastasiades and heads of the European Union, the European Central Bank and the International Monetary Fund – hours before a deadline to avert a collapse of the banking system.


Deposits above 100,000 euros, which under EU law are not guaranteed, will be frozen and used to resolve debts, and Laiki will effectively be shuttered, with thousands of job losses.


An EU spokesman said no levy would be imposed on any deposits in Cypriot banks. A first attempt at a deal last week collapsed when the Cypriot parliament rejected a proposed levy on all deposits.


A senior source involved in the talks said Anastasiades had threatened to resign at one stage if he was pushed too far.


EU diplomats said the president, flown to Brussels in a private jet chartered by the European Commission, had fought to preserve the country’s business model as an offshore financial centre drawing huge sums from wealthy Russians and Britons.


The revised bailout plan many not require further parliamentary approval since the idea of a levy was dropped.


Damage Done


As I mentioned previously, haircuts on deposits above 100,000 euros are likely to be hammered by anywhere from 30% to 90%. I expect the mid-to-upper end of that range as noted in Bad Bank Losses 30-90%; Food Supplies Down to Two Days; Plenty of Fuel, Not enough Cash.


Regardless, the damage has been done. There should be and can be no trust. Anyone who keeps more money in Southern European banks than they need to pay immediate bills is a fool.


This crisis was resolved, at the last minute, like every other crisis, but I have a prediction.  The next significant crisis will not be resolved easily, if at all, no matter how much blackmail and pressure the nannycrats apply.


In the meantime, the safe thing to do in Southern Europe is to get your money out of banks immediately. Nigel Farage says the same thing. For details, please see UKIP Leader Nigel Farage Says “Get Your Money Out of Spain While You’ve Still Got a Chance”


Mike “Mish” Shedlock
http://globaleconomicanalysis.blogspot.com


Mish’s Global Economic Trend Analysis



Deal Reached, Damage Done

Saturday, March 23, 2013

Cyprus Debate Cancelled, "Not Within Touching Distance" Of A Deal


The situation in Europe remains fluid. ‘Rumors’ circulate from ‘anonymous’ sources but seemingly confirming what ‘news’ we do have from Olli Rehn that there is no deal; Xinhua reports that the Cypriot Parliament has cancelled the debate over the deposit levy for today (following daylong negotiations with the Troika). Further to the ‘no deal’ meme, ekathimerini is reporting, via another senior Cypriot official,


  • *CYPRUS, TROIKA NOT CLOSE TO DEAL, CYPRUS NEWS AGENCY REPORTS

“We are not in touching distance of an agreement,” the official, who preferred to remain anonymous, commented adding that the impasse was a result of the “inflexible” stance of the IMF“Every half hour, new demands are made.” Further comments indicate the ‘low levy’ on the rest of Cyprus-based bank deposits has been abandonedimplying a potential 25% haircut for Bank of Cyprus deposits.


 


Via Xinhua (from Bloomberg),








The same sources said Saturday’s negotiations centered on a levy to be imposed on deposits in the Bank of Cyprus, the island’s largest lender.


 


An alternative option to impose a low levy on deposits in about 26 foreign banks operating in Cyprus was abandoned as potentially wrought with problems, including legal ones.


 


The state broadcaster said that abandoning the option to tax all deposits would possibly mean increasing the levy to up to 25 percent on Bank of Cyprus deposits over 100,000 euros (about 129,000 U.S. dollars), so as to generate about 2.8 billion euros.








Zero Hedge



Cyprus Debate Cancelled, "Not Within Touching Distance" Of A Deal

Friday, February 22, 2013

Cover Ups, Corruption and Death: What Private Prison Co. Doesn"t Want You to Know about Its Stadium Sponsorship

This week, Florida Atlantic University announced a deal to rename its football stadium after GEO Group, one of the largest private prison companies in the world. The deal came with a $ 6 million dollar price tag, the “largest one-time gift in the history of FAU athletics.”

But GEO Group has a history of human rights abuses that it would rather keep secret, especially once 30,000 screaming football fans begin seeing the company"s corporate sponsorship. So, in all the excitement surrounding the announcement, GEO took to quietly covering up parts of its shady past–by scrubbing its Wikipedia page.

As Brave New Foundation’s Jesse Lava reported, a GEO Group employee deleted the entire “controversies” section of the company’s Wikipedia page and replaced it with some glowing propaganda. Before GEO’s lackey doctored the article, it outlined a slew of horrific abuses in the company’s prisons, including reports of squalid conditions and the deaths of dozens of prisoners.

Wikipedia editors quickly noticed the changes and restored it to its original form Wednesday evening. The highly educational, yet alarming article is available for your perusal—controversies and all—here. And just before they changed it back, Wikipedia took a jab at the company that tried to game its netizen-dependent editing process, posting this delightful disclaimer on the top of the page:

“The article appears to be written like an advertisement. Please help improve it by rewriting promotional content from a neutral point of view and removing any inappropriate external links.”

But the Wikipedia cover-up is just the beginning of this story"s deceit. Details are emerging on how the GEO’s stadium buyout is only part of a university-prison circle jerk of unprecedented proportions. As the New York Times notes, GEO Chairman George Zoley, and several other employees in the ranks, are all alumni of Florida Atlantic University. And GEO Group’s headquarters sits only four miles away from campus. GEO and university officials laughably claim that the deal is strictly philanthropic, and in no way, shape or form a corporate sponsorship, or, worse, a way to recruit new employees and desensitize people to the horrible private of for-profit prisons.

But marketing professionals have trouble taking that claim in good faith. They say slapping your name in huge letters over an ocean-view stadium hosting America’s most revered sport is probably more than an act of compassion.

“If it"s pure philanthropy, you don"t ask for your name to go on the stadium,” Don Sexton, a Columbia University marketing professor told The Huffington Post. “The only reason you want your name on the stadium is because you want to get something back.”

HuffPost’s Chris Kirkham reports a potential ulterior motive for GEO’s $ 6 million dollar deal with FAU. Private prison critics say the public university donation is part of a grand plan to “gain influence with state and local public officials who decide whether to hand out contracts.” Kirkham notes that GEO has a rich history of shelling out for favors:

“For the last three election cycles, the GEO Group has donated more than $ 1.2 million to the Florida Republican Party. Republicans in the state legislature last year came close to approving a massive expansion of private prisons in south Florida, a deal that the GEO Group mentioned frequently in calls with investors.”

Unfortunately, the local press has swallowed the prison company"s propaganda. The Florida Sun-Sentinel praised the deal for going “a long way toward addressing the financial challenges facing FAU"s athletics program.” The paper even made a suggestion for the new, $ 6-million name: “Owlcatrez”– a pun on the university"s mascot.
 
But many civil rights groups say that universities shouldn"t prop up a company soiled by human rights abuses simply to support oversized football stadiums. GEO Group runs a string of for-profit prisons that violate basic human rights. As SB Nation reports, ”The company was the operator of the infamous Walnut Grove Youth Correctional Facility in Mississippi, a prison for 13- to 22-year-old inmates convicted as adults for crimes committed as juveniles. A 2012 report by the U.S. Department of Justice, as detailed by National Public Radio, found that prison personnel engaged in “systemic, egregious and dangerous practices,” from failing to provide educational and medical services to actively assisting and engaging in gang fights. The report found that prison staff had engaged in sexual activity with inmates “among the worst that we"ve seen in any facility anywhere in the nation,” activity which included the prison warden taking an inmate out of the facility to a motel for sex.”
 

Fri, 02/22/2013 – 09:17

 
AlterNet.org Main RSS Feed


Cover Ups, Corruption and Death: What Private Prison Co. Doesn"t Want You to Know about Its Stadium Sponsorship

Wednesday, February 20, 2013

Think You Can Beat the Immigration Maze?

Now that the White House plan for immigration reform has leaked, we have an idea of how the administration plans to deal with the 11 million undocumented immigrants now living in the United States: They would have to wait eight years with “lawful prospective immigrant status” before applying for a green card, and ultimately citizenship. Opponents are falling over themselves to portray it as amnesty, but the Obama plan shows the White House’s sensitivity to the “back of the line” question: How do you keep people who entered the country illegally or overstayed their visas from jumping in front of folks who have taken the legitimate route?

The thing is, the back-of-the-line concept doesn’t really apply here, because there is no single line—there are a lot of them, and most are frightfully slow. Depending on where you’re from, what you do, and whom you’re related to, your wait can range from a couple of years to interminable. Think you can find your way through America’s bureaucratic and political immigration labyrinth? Take this interactive for a spin:


‘ + ( (row.sourcing && row.sourcelink) ? ‘

Source: ‘ + row.sourcing + ‘

‘ : ” ) + ”; }, clean_slug: function(slug) { return slug.replace(/[^a-zA-Z0-9]/g, ”).toLowerCase(); }, make_connects_data_from_row: function(row) { var connections = []; var connects_to = row.connectsto.split(that.separator); var connects_labels = row.connectstext.split(that.separator); for (var i = 0; i ‘); control_container.append(that.create_back_button_elem()); control_container.append(that.create_reset_button_elem()); return control_container; }, create_back_button_elem : function() { back_button_elem = $ (‘

  • Back
  • ‘ ); back_button_elem.click(function(){that.back();}); back_button_elem.addClass(‘cyoa_top_controls’); return back_button_elem; }, create_reset_button_elem : function() { reset_button_elem = $ (‘

  • Reset
  • ‘ ); reset_button_elem.click(function(){that.reset();}); reset_button_elem.addClass(‘cyoa_top_controls’); return reset_button_elem; }, create_page : function(page) { that.story[page].element = that.create_page_element(page); that.story[page].element.addClass(‘cyoa_hide’); if ( that.control_location === ‘bottom’ ) { that.story[page].element.append(that.create_controls()); } container_elem.append(that.story[page].element); }, create_page_element : function(page) { var page_obj = that.story[page]; var content = page_obj.html ? page_obj.html : page_obj.img ? ‘‘ : page_obj.text ? ‘

    ‘ + page_obj.text + ‘

    ‘ : ‘

    No content provided. That\’s unfortunate’; var element = $ ( ‘

    ‘ + ‘
    ‘ + content + ‘

    ‘ ); element.append(that.create_selection_buttons(page)); return element; }, add_to_path : function(page) { path.push(page); if (path.length > 1) { back_button_elem.removeClass(‘disabled’); reset_button_elem.removeClass(‘disabled’); } }, create_selection_buttons : function(page) { var controler_container = $ (‘

      ‘); var choices = that.story[page].connects; if ( !choices ) { //must be the end of a line return controler_container; } var bind_control = function(choice, control) { control.click(function() { that.add_to_path(choice); that.display_page(choice); }); }; for ( var connect in choices ) { var decision = choices[connect]; if ( !that.story[decision.link] ) { continue; } var control = $ (‘

    • ‘); control.append($ (‘‘ + decision.html + ‘‘)); bind_control(decision.link, control); controler_container.append(control); } return controler_container; }, display_page : function(page) { //maybe fancy this up inna bit, have it slide or somethign $ (‘.cyoa_page’).addClass(‘cyoa_hide’).removeClass(‘cyoa_show’); $ (‘#’ + page + ‘_container’).removeClass(‘cyoa_hide’); $ (‘#’ + page + ‘_container’).addClass(‘cyoa_show’); return that; }, back : function() { if ( path.length === 1 ) { back_button_elem.addClass(‘disabled’); reset_button_elem.addClass(‘disabled’); return; } path.pop(); that.display_page( path[path.length - 1] ); if ( path.length === 1 ) { back_button_elem.addClass(‘disabled’); reset_button_elem.addClass(‘disabled’); } }, reset : function() { while (path.length > 1) { path.pop(); } that.display_page(path[0]); back_button_elem.addClass(‘disabled’); reset_button_elem.addClass(‘disabled’); } }; return cyoa.init(story, options); }; $ .fn.Cyoa = function(story, options) { options = options || {}; options.container = this.attr(‘id’); this.cyoa = $ .Cyoa(story, options); return this; }; }(jQuery));
       

       

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