বুধবার, ৭ ডিসেম্বর, ২০১১

An interim solution on flood insurance policies: An editorial | NOLA ...

The U.S. House of Representatives earlier this year overwhelmingly passed a five-year extension of the National Flood Insurance Program. That's the kind of multi-year measure needed to end a cycle of congressional lapses on this important program.

The Senate, however, appears unlikely to vote soon on a bill to extend the flood program for six years. That has the American people staring at another interruption of the flood program when the current authorization ends Dec. 16.

Louisiana Sen. David Vitter, who said he supports a long-term extension, said that won't likely happen before February. So in the meantime he's urging his colleagues to pass an extension to Sept. 30, 2012, the end of the current fiscal year.

That's a sensible proposal, and Congress should quickly adopt it.

Sen. Vitter said that in 2010 Congress let the program expire four times for a combined 53 days. During those lapses, no new policies could be issued. That delayed house closings in flood-prone areas. The senator said extending the flood program until Sept. 30 would give real estate agents the confidence to schedule closings for months without worries about another flood program interruption.

This is no small matter. The flood insurance program covers about 5.6 million property owners across the nation, including 485,000 in Louisiana, Sen. Vitter said

Unlike many other issues in Congress, the extension of the flood insurance program doesn't appear to be divided along party lines. The House vote in July was 406 to 22 in favor of a five-year extension.

That measure also included financial reforms to make the program more sustainable. The program is $18 billion in debt, mostly due to claims paid for Hurricanes Katrina and Rita. The House plan would eliminate subsidies to commercial properties, second homes and vacation homes, among others. It also would allow for raising premiums for high-risk properties over a five- to six-year period.

Congress needs to be careful not to raise premiums so quickly and so dramatically that property owners would be unable to get insurance.

But the program clearly needs a long-term extension and more financial stability. Letting it expire again this month would hurt the economy and put people at risk. That shouldn't happen, and that's why quickly adopting Sen. Vitter's proposal to extend the program until September makes sense.

Source: http://www.nola.com/opinions/index.ssf/2011/12/an_interim_solution_on_flood_p.html

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সোমবার, ৫ ডিসেম্বর, ২০১১

Rajaratnam begins 11-year insider trading sentence (Reuters)

(Reuters) ? Hedge fund multimillionaire Raj Rajaratnam began serving his 11-year prison sentence on Monday - the longest on record for insider trading - at a former military base near a small, leafy Massachusetts town.

The 54-year-old Galleon Group founder reported to the prison about 40 miles northwest of Boston, at 12.43 p.m., said Robert Lanza, a spokesman for the Federal Medical Center Devens in Ayer, Massachusetts. He gave no further details.

The prison specializes in housing prisoners with long-term medical needs. Rajaratnam is diabetic and is likely to soon need a kidney transplant, according to court records presented at his sentencing in Manhattan federal court in October.

The central figure in a broad government crackdown on insider trading, Rajaratnam was convicted by a jury in May of running a network of friends and associates who leaked corporate secrets to him for years.

The sentence imposed by U.S. District Judge Richard Holwell was the longest on record for insider trading by one year.

Rajaratnam lost a last-ditch bid on Thursday to be allowed to remain under house arrest in his luxury Manhattan apartment while he appeals the U.S. government's use of phone taps to gather evidence against him.

His lawyers argued the government violated his constitutional rights to privacy and that the statute was not designed for insider trading investigations. The appeals process could take one year or more. Wiretaps are traditionally used in investigations involving organized crime or drug dealing, not Wall Street cases.

The financier, whose firm once managed $7 billion, will lead a starkly different life at Devens, which covers about 600,000 square feet and was renovated to add a dozen buildings in the mid-1990s at a cost of $78 million.

The Federal Bureau of Prisons inmate handbook for Devens shows a photograph of a complex bounded by lush green grass and secluded by trees in bright fall colors.

The prison has more than 1,000 inmates on the decommissioned military base of Fort Devens. The town of Ayer had a population of about 7,400 in the 2010 U.S. Census.

Sri Lankan-born Rajaratnam's lawyers had asked the Bureau of Prisons to assign him to Butner in North Carolina, which also has a medical center. That prison is where swindler Bernard Madoff is serving an effective life term.

Rajaratnam has paid $63.8 million in criminal penalties and a judge ordered him to pay $92.8 million in a civil case brought by the U.S. Securities and Exchange Commission.

Former Goldman Sachs Group Inc director Rajat Gupta, a former chief of consulting firm McKinsey & Co, has also been charged with leaking tips to Rajaratnam. Gupta denies the charges.

The cases are USA v Rajaratnam et al, U.S. District Court for the Southern District of New York, No. 09-01184, SEC v Galleon Management et al No. 09-08811 in the same court and 2nd U.S. Circuit Court of Appeals, No. 11-4416.

(Editing by Andre Grenon)

Source: http://us.rd.yahoo.com/dailynews/rss/business/*http%3A//news.yahoo.com/s/nm/20111205/bs_nm/us_galleon_rajaratnam

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রবিবার, ৪ ডিসেম্বর, ২০১১

Afghan president pardons imprisoned rape victim (AP)

KABUL, Afghanistan ? Afghan President Hamid Karzai is pardoning an Afghan woman serving a 12-year prison sentence for having sex out of wedlock after she was raped by a relative.

Karzai's office also said the woman and her attacker agreed to marry. That would reverse an earlier decision by the woman, who had previously refused a judge's offer of freedom if she agreed to wed the rapist.

Thursday's statement says Karzai decided to forgive the rest of the woman's sentence after hearing from judicial officials. It's not clear how much time the woman has served.

Her plight was highlighted in a documentary blocked by the European Union because it feared the women profiled would be endangered by its release.

More than 5,000 people signed a petition urging Karzai to release her.

Source: http://us.rd.yahoo.com/dailynews/rss/asia/*http%3A//news.yahoo.com/s/ap/20111201/ap_on_re_as/as_afghan_woman_pardoned

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শনিবার, ৩ ডিসেম্বর, ২০১১

Hoop Dreams: Riots cast shadow over Games

Young boys practice basketball drills at the Newham All Star Sports Academy, in East London, at a youth program dedicated to helping kids keep out of trouble and teaching the value of teamwork. Four days of rioting last August has cast a shadow over the neighborhoods where some of the world's top athletes will compete next summer at the 2012 London Games. Some Olympic events will occur only a few miles away from where Britain's worst riots in a generation shook the country. (AP Photo/Elizabeth Dalziel)

Young boys practice basketball drills at the Newham All Star Sports Academy, in East London, at a youth program dedicated to helping kids keep out of trouble and teaching the value of teamwork. Four days of rioting last August has cast a shadow over the neighborhoods where some of the world's top athletes will compete next summer at the 2012 London Games. Some Olympic events will occur only a few miles away from where Britain's worst riots in a generation shook the country. (AP Photo/Elizabeth Dalziel)

Young men practice basketball drills at the Newham All Star Sports Academy, in East London, at a youth program dedicated to helping kids keep out of trouble and teaching the value of teamwork. Four days of rioting last August has cast a shadow over the neighborhoods where some of the world's top athletes will compete next summer at the 2012 London Games. Some Olympic events will occur only a few miles away from where Britain's worst riots in a generation shook the country. (AP Photo/Elizabeth Dalziel)

Young boys practice basketball drills at the Newham All Star Sports Academy, in East London, at a youth program dedicated to helping kids keep out of trouble and teaching the value of teamwork. Four days of rioting last August has cast a shadow over the neighborhoods where some of the world's top athletes will compete next summer at the 2012 London Games. Some Olympic events will occur only a few miles away from where Britain's worst riots in a generation shook the country. (AP Photo/Elizabeth Dalziel)

Natasha Hart, left, founder and director of the Newham All Star Sports Academy, in East London, watches a young boy prepare to shoot a basketball into the hoop, at a youth program dedicated to helping kids keep out of trouble and teaching the value of teamwork. Four days of rioting last August has cast a shadow over the neighborhoods where some of the world's top athletes will compete next summer at the 2012 London Games. Some Olympic events will occur only a few miles away from where Britain's worst riots in a generation shook the country. (AP Photo/Elizabeth Dalziel)

(AP) ? Four days of rioting last August have cast a shadow over the neighborhoods where the world's top athletes will compete next summer at the 2012 London Games. Some Olympic events will occur just a few miles away from areas hit by Britain's worst riots in a generation.

Both London and the Olympics were irrevocably altered.

And so were the lives of those who live here. Sam Kato, 12, practices with the Newham All Star Sports Academy, an oasis in east London from the crime, gangs and drugs that helped fuel last summer's riots. The program helps keep kids out of trouble and teaches them the value of teamwork.

"It's like a family to me," the 6-foot-1 Kato said as the gym reverberated with basketballs rhythmically hitting the wooden floor. "If there were more programs like this, I doubt there would be riots."

Newham hosts the Olympic Park, center of the 2012 games.

Complex security plans for the Olympics have been altered after the riots, which shocked Britain and damaged London's image abroad. Those plans were also updated after student demonstrations in London that included a spontaneous attack on Prince Charles and wife Camilla and the "Occupy London" encampment near the city's financial district.

The riots exposed the limits of what police could handle in terms of dramatic and unforeseen events. After a weak initial response, thousands of police officers were brought in to help swamp London's streets in a show of force, discouraging further trouble.

The Olympics will already keep 12,000 officers occupied on the busiest days, so any riot repeat will push resources further still.

"(Planners) are learning the lessons from the riots," said Margaret Gilmore, an expert at the Royal United Services Institute, a respected think tank. "Some demonstrations and protests are almost inevitable and they are likely to take a tougher line and use more officers in dealing with riots."

Fears over street unrest come alongside the biggest Olympic worry: terrorism. Security has been an intricate part of the games since a terror attack at the 1972 Olympics in Munich killed 11 Israeli athletes and coaches. London has not been immune from terror attacks ? four suicide bombers targeted the city's transit network in 2005, killing 52 commuters.

But the advent of riots was a late addition to the planning mix, which has been under way for years. Even now plans are still being refined.

"What you have to remember is that in the last Olympics people were worried about al-Qaida threats," said Ellis Cashmore, a professor of culture, media and sport at Staffordshire University. "What the riots have done is alert people to the fact that London may not be such a safe city after all."

Tough economic times in Britain mean underlying tensions aren't getting better any time soon. Unemployment this year passed the 1 million mark for young people for the first time since the mid-1980s.

Austerity measures meant to put the country back in the black have cut support for many programs geared at helping young people, and Britain's youth unemployment rate has risen to about 20 percent. Youth workers say the desperation and hopelessness felt by many British teens and young adults is likely to be even worse next summer than this year.

Olympic officials have declared themselves unconcerned about any legacy from the riots. Denis Oswald, head of the International Olympic Committee's coordination commission for London, told reporters recently that he was in London during the unrest and believed the situation was "quite quickly under control."

Oswald looked at the bright side, noting that many people showed up for impromptu work crews to help hard-hit merchants clean up after the looting.

"I don't think this has put any negative image on London or on the games," he said.

The riots were triggered by the fatal police shooting of 29-year-old Mark Duggan in the working-class London district of Tottenham. Duggan's death, under disputed circumstances, touched off anger, quickly followed by thrown bricks, burning cars and looting. An interim report on the unrest concluded this week that the slow police response to the looting led people to believe they wouldn't get caught.

Between 13,000 and 15,000 people took part in the riots and the report said more than three-quarters were 24 or younger.

But there were 460 notable exceptions ? the members of Newham basketball club. Director Natasha Hart and her coaches quickly organized a training camp to give them somewhere to go for several days.

"No one was involved," she said. "I don't think that's a coincidence."

Newham is one of the poorest areas in Britain, with 25 percent of its households below the poverty line. A primary stopping point for new immigrants, dozens of languages are spoken in its schools. Many immigrants are also transient, fraying any sense of community cohesion.

Kids here worry about gangs, for gang territory is strictly defined. A block or two in any direction can become a no-go zone.

But on the basketball court, everyone is welcome.

Hart, a Russian emigre, is the daughter of an Olympic basketball player and a professional boxer who simply wanted to share her love of basketball with her two sons. The single mother started by organizing pick up games and practices at a local park.

Seven years later, she listens to the hooting and hollering in the sparkling gym at Rokeby school and shakes her head. There are little kids running around, big little kids like Kato refining their moves, teenage girls who dream of playing at American powerhouses like the University of Tennessee, and young men without jobs who just want to play.

The abbreviation of the club's name ? NASSA ? evokes the U.S. space program and its reach for the heavens, something the kids joke about.

"These children, they want to belong to something," Hart said. "I think we deserve it. Don't you?"

__

http://www.nassa2012.org.uk/

Associated Press

Source: http://hosted2.ap.org/APDEFAULT/347875155d53465d95cec892aeb06419/Article_2011-12-02-OLY-London-2012-Riot-Legacy/id-4039a82a10584edc84315d19a5037ebc

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শুক্রবার, ২ ডিসেম্বর, ২০১১

Accused California hair salon gunman pleads not guilty (Reuters)

LOS ANGELES (Reuters) ? A man accused of killing eight people during a shooting spree at a Southern California hair salon in October pleaded not guilty on Tuesday to murder and attempted murder charges.

Scott Evans Dekraai, 42, entered his plea during a brief appearance in Orange County Superior Court at which a judge also set a preliminary hearing for April in the high-profile case.

Prosecutors are seeking the death penalty against Dekraai, who is charged with eight counts of first-degree murder and one count of attempted murder in the worst mass killing in Orange County history.

The former tug boat mate is accused of opening fire at the Salon Meritage in the coastal community of Seal Beach last month, killing his former wife and seven other people and critically injuring a 73-year-old woman.

Deputy Public Defender Scott Sanders told Orange County Superior Court Judge Erick Larsh that he may seek a postponement of the preliminary hearing if he can't adequately prepare in time for the complicated death penalty case.

A judge will determine following that hearing if Dekraai should be bound over for trial.

"We will be ready. We want the case to proceed as quickly as possible so that these families can get justice and some closure to their pain," Orange County District Attorney's spokeswoman Susan Kang Schroeder said.

At the start of the hearing Larsh rejected a request by the defense to bar cameras from the courtroom. Sanders had argued that allowing televised coverage of the proceedings could hurt Dekraai's chances at a getting a fair trial.

Prosecutors say Dekraai was seeking revenge against ex-wife Michelle Fournier in a bitter custody dispute over their 8-year-old son when he walked into Salon Meritage carrying three handguns and opened fire.

Killed were Fournier, 48, salon owner Randy Fannin, 62, and six other people.

Harriet Stretz, 73, who was in a chair having her hair styled by her daughter, Laura Lee Elody, at the time of the shooting, survived her wounds. Elody, 46, was among the dead.

Dekraai was arrested just blocks from the bloody scene in Seal Beach, a bucolic beachside community about 20 miles southeast of Los Angeles that had experienced only four homicides in the past decade.

(Editing by Jerry Norton and Cynthia Johnston)

Source: http://us.rd.yahoo.com/dailynews/rss/crime/*http%3A//news.yahoo.com/s/nm/20111129/us_nm/us_shooting_hairsalon

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