Former Peregrine CEO Wasendorf gets 50 years in prison









A U.S. judge on Thursday sentenced the founder of Peregrine Financial Group to 50 years in prison for looting hundreds of millions of dollars from the brokerage, saying his customers would probably never recover the money they lost.

Russell Wasendorf Sr., who had tried to kill himself just before the fraud was uncovered, received the maximum sentence allowed by law and was ordered to pay $215.5 million in restitution for his nearly 20-year scheme.

Wasendorf's fraud was revealed in 2012, triggering the collapse of the brokerage and further shaking investors' confidence in the U.S. futures industry, already rattled by the failure of larger rival M.F. Global.

"I'm very sorry for the financial and emotional damage I've caused to investors and employees of Peregrine Financial Group," Wasendorf said in a feeble voice at a sentencing hearing in Cedar Rapids, Iowa. "I feel I fully deserve whatever sentence I am given… My guilt is such I will accept that sentence."

Chief Judge Linda Reade of the U.S. District Court of the Northern District of Iowa said former Peregrine customers will probably never get all their money back.

Wasendorf, 64, admitted last July that he had bilked tens of thousands of clients over a period of nearly 20 years, faking bank statements and lying to federal regulators, employees and his closest family members.

As regulators closed in on the fraud, Wasendorf made a botched suicide attempt outside his $24-million headquarters in Cedar Falls, Iowa, which investigators say was financed with money siphoned from customers.

Peregrine Financial, known as PFGBest, quickly collapsed, and 24,000 former customers are still missing most of the money they had invested with the firm.

Wasendorf pleaded guilty in September to embezzling more than $100 million. Prosecutors said the amount stolen was more like $215 million.

"The lengthy prison sentence imposed today is just punishment for a con man who built a business on smoke and mirrors," said Acting U.S. Attorney Sean Berry.

PLEAS FOR LENIENCY

Supporters of the disgraced executive had asked Reade for leniency, arguing that Wasendorf is in frail health and that he had helped others even in the midst of his 20-year fraud.

Wasendorf, wearing an orange sweatshirt, looked gaunt in court after spending six months in isolation in a county jail.

He has been sick in jail, and doctors found a tumor on or near his pancreas, according to testimony from his pastor, Linda Livingston of Ascension Lutheran Church. Wasendorf's mother died of pancreatic cancer, but it is unknown whether Wasendorf's tumor is cancerous, she said.

U.S. prosecutors said the large loss, the sophisticated nature of the crime, and the sheer number of victims justified Wasendorf spending the rest of his life behind bars.

"The defendant spent like he was the richest man in the world," Assistant U.S. Attorney Peter Deegan said in court.

Peregrine's collapse dealt a blow to confidence in the U.S futures industry, already reeling from $1.6 billion hole in customer pockets left when giant brokerage MF Global failed nine months earlier.

Futures traders had never before suffered such large losses as a result of a brokerage failure.

Despite his misdeeds, Wasendorf "did do some positive things for the community," said former U.S. Congressman David Nagle from Iowa, who spoke up for the fallen CEO in court.

Nagle, who helped Wasendorf win zoning approval for Peregrine's environmentally-friendly headquarters, asked the judge for leniency.

"Who wants to defend the magnitude of the crimes Mr. Wasendorf committed?" he said. "But good people do bad things."

Wasendorf was well known for donating to local charities before his empire came crashing down.

However, he built his reputation for generosity using money stolen from his customers, Judge Reade said, adding that the donations likely lessened Wasendorf's feelings of guilt.

Peregrine customers "unwittingly funded the charities, but it was Mr. Wasendorf who took the credit," she said.

Read More..

The 7 most dedicated employees






You probably don’t want to forward this roster of tireless go-getters to your boss


Some people probably feel they deserve a medal for merely getting up and going to work every day, but only a few actually merit one. Take Deborah Ford, for example. This 64-year-old Detroit postal worker, who recently retired, didn’t use a single sick day in all of her 44 years on the job. Not a single one! For doctor’s appointments, she would take vacation days, and when she was feeling lousy she says she would just “shake it off.” At the end of her dedicated career, Ford had amassed a sick-leave balance of 4,508 hours. But before you give her the award for most dedicated employee, check out this lot:






1. Going the distance
Unless you work from home, chances are you endure a less-than-pleasant commute. But none is likely as arduous as that of Dave Givens. In 2006 the Mariposa, Calif., resident earned the unenviable award for “America’s Longest Commute” when tire company Midas set out to find the employee who trekked the most miles to work. From his ranch home in Mariposa, Givens drives 186 miles to his job at Cisco Systems, Inc., in San Jose. The electrical engineer has been making this 372-mile round trip, which equals a total of seven hours of driving, for 17 years. “I have a great job and my family loves the ranch where we live,” Givens said. “So this is the only solution.” His dedication to the horrendous commute earned Givens the grand prize of $ 10,000 and some much-needed gas money as well as an array of Midas maintenance services and products.


SEE ALSO: Today in business: 5 things you need to know


2. A life’s work
Rose Syracuse Richardone “just loves to work,” says Macy’s senior vice president Robin Hall of the 92-year-old employee. Richardone retired from Macy’s in September 2012 after working in a range of positions from her first job at the age of 17 in the accounts department — back when there weren’t credit cards and customers would set aside money in the in-store bank to pay for items — to her final position within the parade and entertainment group. To honor her 70th year with the company a few years ago, Macy’s management arranged for Richardone to cut the red ribbon that launched the iconic Thanksgiving parade. Had it not been for a broken hip, the diminutive employee might still be working today. “Life is good,” she said of her longevity. “You go on each day, you’re happy where you’re at. And people — bosses, supervisors, they appreciate you. And you stay.”


3. Hardest working unemployed man
You may not know Justin Knapp, but you’re likely familiar with his work. Knapp is a voluntary editor of the Wikipedia, and last April the 30-year-old became the first person to complete 1 million edits on the massive online, open-source encyclopedia. After coming across Wikipedia in 2003, Knapp registered as an editor in 2005 and now spends several hours per day combing, editing, and adding to Wikipedia articles. His edits can be as small as ensuring em dashes and en dashes are used properly or as substantial as building the most comprehensive George Orwell entry, which reportedly took about 100 hours. But Knapp relishes the work. “Editing these projects is relaxing and rewarding,” Knapp told Gizmodo. Knapp doesn’t get paid for his work, however plentiful, but he manages to get by financially with odd jobs while he pursues his nursing degree at Indiana University. Ultimately he feels his diligence is for the greater good. “Far be it for me to say that it’s an act of love to edit Wikipedia,” he said. “But I really do feel like that it helps other human beings. That makes me feel good — knowing that somehow I can be a small part of helping someone who I’ll never know.”


SEE ALSO: Today in business: 5 things you need to know


4. Dedicated volunteer
Don Moss is the “Energizer Bunny of volunteers.” As of 2010, the Wake Forest University Baptist Medical Center volunteer has clocked in more than 47,000 hours, setting a Guinness World Record for his time. For the last 28 years, Moss has worked at Wake Forest Monday through Thursday, 48 hours per week. The 63-year-old’s dedication is a personal one. In 1980, Moss was in a freak accident that landed him at Wake Forest Baptist where he spent three months in a coma with a major head injury. Doctors didn’t think he would make it and, after he woke up, specialists said he would never walk again. But Moss defied all expectations and now, after being encouraged to volunteer during his rehabilitation stint, he’s rarely idle. While working, Moss delivers letters to patients, helps out at the gift shop, and guides lost visitors to their destinations. And those free Fridays? Those are for his wife, he says: “That’s my honey-do list day.”


5. Hardest working mom
Dr. Helen Wright felt like she had it all — she loved her job as a headmistress at an exclusive British all-girls school, and she had time to enjoy her beautiful growing family. On February morning in 2010, when Wright was pregnant with her third child, she went into labor. Within an hour she had given birth to the baby, a girl named Jessica, and by lunchtime, Wright was back at work, her newborn in tow. This was nothing new for her. She had never taken maternity leave with any of her children. Her second child was born on a Friday; Wright was back at work by Monday. Given the ongoing can-women-have-it-all debate, Wright says she wants to be a role model for her students to show them that they too can have a career and a family, quite literally, in the same space. The rarely trodden path of bringing your baby to work is, Wright says, the option more women should consider. “Most women have a choice of taking maternity leave or going back to work and having their babies looked after. Why can’t there be a third way?”


SEE ALSO: Today in business: 5 things you need to know


6. Hardest working country
Do you feel like you work long hours? Well, here’s some food for thought: Employees in Asian countries have the highest proportion of employees who work more than 48 hours per week, which is considered “excessive.” Of those Asian countries, South Korea is the most overworked: According to data compiled by the Organization for Economic Cooperation and Development, South Koreans work a whopping 2,193 hours per year. Chile comes in second with 2,068 hours, which far exceeds the average for most developing countries, which is 1,718 hours annually. The United States is just below the average with 1,695 hours. Germany and the Netherlands remain on the low end of the scale with 1,408 hours and 1,377 hours per year, respectively. Tighter labor laws in developed countries, particularly Europe, have contributed to reduced working hours, so, you know, don’t feel too bad about it, you’re just playing by the rules.


7. Hardest working American town
Columbia, Mo., managed to keep its unemployment rate of 6.0 percent throughout the worst economic downturn since the Depression with the help of its robust health-care and education sectors. The town has six hospitals and the second highest number of hospital beds per capita in the country. It’s also home to the University of Missouri-Columbia, which employs some 8,000 people, as well as six other institutions of higher education. More than 80 percent of households are dual-income, and the city ranked second on likelihood to work on the weekends, according to data compiled by Parade magazine in 2012. 


SEE ALSO: Today in business: 5 things you need to know


Sources: BBC, Daily Mail, Gizmodo, Parade, The Stir, Yahoo


View this article on TheWeek.com Get 4 Free Issues of The Week


Other stories from this section:


Like on Facebook - Follow on Twitter - Sign-up for Daily Newsletter
Linux/Open Source News Headlines – Yahoo! News





Title Post: The 7 most dedicated employees
Url Post: http://www.news.fluser.com/the-7-most-dedicated-employees/
Link To Post : The 7 most dedicated employees
Rating:
100%

based on 99998 ratings.
5 user reviews.
Author: Fluser SeoLink
Thanks for visiting the blog, If any criticism and suggestions please leave a comment




Read More..

$11K reward offered in slaying of girl 'destined for great things'









With outrage over his daughter's death spreading from City Hall to the White House, Nathaniel Pendleton made a public plea Wednesday for someone to step forward and bring the 15-year-old's killer to justice.

"They took the light of my life," Pendleton said at a news conference, where a $11,000 reward was announced for information about Tuesday's slaying of Hadiya Pendleton. "This guy, whoever he was, the gunman, man, you took the light of my life. Just look at yourself and just know that you took a bright person, an innocent person, a non-violent person."

Shaking his head and collecting himself, he continued, "This kid didn't like violence at all, didn't even like to fight, avoided a fight, moved away from anything that was not positive. She was a majorette, just came back from the inauguration. She was destined for great things and you stripped that from her."

Hadiya, who last week performed at President Barack Obama's inaugural festivities, was killed when a gunman opened fire on a group of students at Harsh Park, just blocks from King College Prep and about a mile from Obama's home in Kenwood on the South Side.

Presidential spokeman Jay Carney, asked about Hadiya's death Wednesday, said it was a “terrible tragedy” any time a young person is struck down “with so much of their life ahead of them.”

“The president and first lady's thoughts and prayers are with the family of Hadiya Pendleton,” he said. “All of our thoughts and prayers are with her family.”

Carney, asked about a petition urging President Barack Obama to attend Pendleton’s funeral, said he was not aware of the petition and had no scheduling announcements to make.

When asked if Obama had reached out to Pendleton’s family, Carney said he had no communications to share with reporters.

Carney also said that when Obama talks about gun violence in America he is not talking only about Newtown (Conn.) or Aurora (Colo.) or Oak Creek (Wis.) or Virginia Tech, but to shootings in Chicago and other parts of the country.

He added that while "we may not be able to prevent every act of gun violence. . .we need to take action to reduce gun violence” and “make sure that we’re doing everything we can in a responsible way to reduce this violence, to protect our children, including Hadiya Pendleton and others.”

Hadiya's death also came up at a news conference by Mayor Rahm Emanuel as a particularly violent January in Chicago draws to a close.

Emanuel called Hadiya "what is best in our city" and urged anyone with information about the slaying to come forward.

"If anybody has any information, you are not a snitch, you're a citizen," the mayor said. "You're a good citizen in good standing if you help."

The mayor said he talked this morning with Police Superintendent Garry McCarthy, "going over what we need to do, what differences we have to do, what other tactics we have to adopt." He did not say what plans he and McCarthy discussed.

Later, McCarthy appeared with Hadiya's father at a news conference at Harsh Park to announce the reward.

"The fact is, at this point, we have very little to go on. The fact is that somebody knows something," he said, surrounded by family members and community leaders.

The Rev. Michael Pfleger, pastor of St. Sabina Church on the South Side, said the reward will be "a bounty out on the head of a killer before you kill somebody else.

"Your butt needs to be in jail," he said. "Somebody knows. . .right now, sitting in their home some young person knows, some young friend of theirs knows, some parent knows, some adult knows. Where are you?"

Pfleger compared Hadiya's slaying to the mass murder of school children in Newtown, Conn. "We should be just as outraged," he said.

Hadiya was hanging out with her volleyball team at Harsh Park after taking exams Tuesday afternoon. About a dozen teens had taken shelter under a canopy during a rainstorm when a boy or man jumped a fence in the park, ran toward them and opened fire around 2:20 p.m., police said.

Hadiya was wounded in the back and a 16-year-old boy -- also a student at King -- was shot in the leg, police said. The attacker got into a white Nissan auto and fled, police said. No arrests have been reported.

Today, Hadiya's family was inside their South Side home exchanging stories about her quirks and sense of humor.

Ten-year-old Nathaniel Pendleton Jr. recalled the way his big sister would often greet him with a few gentle slaps on his cheeks whenever she came home from school.

"She said it was with love," he said.

Nathaniel etched "I miss you" and "I love you" on his arm Wednesday. "It's very painful to see your big sister get slaughtered," the soft-spoken Nathaniel said, tearing up as he went through photos of his big sister on his phone.


His father said he would miss Hadiya's bright smile the most. He said the family had been saving up for her upcoming trip to Paris and was excited to see her go abroad.

"I just knew she wanted to go and I knew it was a very good opportunity for her. . .to get cultured," Pendleton Sr. said.

The father said he didn't get a chance to speak to his daughter on the day she died. He was headed to Hadiya's godfather's house when he learned of the shooting.

Pendleton said he did not fear for his daughter's safety around the school.

"She had good energy, very good energy," he said. "And the thing is. . .You don't expect good energy to attract bad energy. Never in a million years I thought I would get this call."


Kimiko Pettis, Hadiya's 32-year-old aunt, laughed when she talked about her niece's goofy personality. "We really miss her," Pettis said. "She was a remarkable young lady and such a great asset to our family."

Hadiya was a busy but lighthearted teen, always trying to get a laugh from her family. Just Tuesday, she put on what she thought was a "fabulous outfit" and make-up before school.

"She popped out of the bathroom saying. 'I'm ready!' " Pettis said, throwing her arms in the air.

Pettis said her niece loved Coldplay and Maroon 5. "You could not find any urban music on her phone," Pettis said with a laugh. "And she had two left feet."

Last year, Hadiya traveled with her school band to perform at Marti Gras in New Orleans, Pettis said. Last week, she had performed at Obama’s inauguration festivities. This year's travel plans included Dublin and Paris with the band, her aunt said, a trip she was very much looking forward to.

Though only a sophomore, Hadiya had aspirations to become a pharmacist or a journalist, Pettis said. Because she couldn't decide, family encouraged her to do both with a possible double major. She had interest in attending Northwestern University, her aunt said.

Hadiya was such a whirlwind of activity, relatives would jokingly tell her to slow down.

"There were a lot of good opportunities that were coming her way. She was just taking them all,” said Lakeisha Stewart, 37, Hadiya’s godmother. "She was the kid who you had to say, ‘Slow down, you can’t do everything.' "

Just last week, at the inauguration, Hadiya sent her godparents a text and a photo of her and her teammates in Washington, D.C., Stewart said.  She had not gotten the chance to talk to Hadiya about the details of the trip since she returned from the East Coast.

Hadiya’s parents made sure she stayed involved in school, said her godfather, Damon Stewart, 36, an attorney and Chicago police officer. He said she was in the wrong place at the wrong time.

“Her life was dominated by her activities and the things she was into,” he said.

“I’ve known this little girl her entire life," added Lakeisha Stewart. "I can’t think of a moment that this child did anything wrong. She always strived to do the right thing."

At King today, Bria Carter and two friends said the halls of the school were unusually quiet as students mourned Hadiya’s death.

"People are crying at school," said Carter, 17, a friend of Hadiya. "Those who knew her are so hurt.

"She was an amazing person -- always positive," Carter said. "She was one of those people everyone loved. She was the sweetest thing."

Brothers Addison and Zion Morgan said many of their classmates took to social media Tuesday night to express their emotions.

"Based off of the tweets, everyone is surprised and shocked by this," said senior Addison Morgan, 17.

Freshman Zion Morgan, 15, said he was in a U.S. History class with Hadiya.  "She was always smiling," Zion Morgan said. "She would always raise her hand in class."

School Principal Shontae Higginbottom said Hadiya was well-loved at the school, and students and staff are devastated.

"This is a great loss to us, she was a wonderful student. She was well-loved by her friends, well-adored by her teachers. We are going to miss her. Our hearts are so heavy, we have to stop the violence, we have to save our children," said Higginbottom.

At the park, neighbors along the well-maintained North Kenwood block could not remember any trouble there before.

The small park's bright blue and orange playground equipment is often used by toddlers down the street, a neighbor said, but otherwise remains quiet.

A neighbor, who declined to be named, lives next door to the park and said it's a "perfect neighborhood."

Teens and older children are not often visitors of the park, he said. The block is filled with "Harvard attorneys," "business owners" and other executives, the neighbor said. "No one knows about our block," he said. "It's a quiet place."

Hadiya's godmother agreed. “It amazed me when I found out what park it was," she said. "Nothing I have ever heard ever goes on over there.”

The shooting occurred about a mile from Obama's Kenwood home, but Emanuel said the circumstances do not carry symbolic significance.

"It's not the mile from a house. Wherever it happens in the city of Chicago is where I consider it," the mayor said while talking to reporters at a news conference about a West Humboldt Park company building new seats for CTA buses.

"While you may say it's a mile from the president's house, my view is, it's in the city of Chicago, regardless of where it happens," Emanuel added.

Ald. Will Burns, 4th, appearing with McCarthy, noted that the community and King Prep have steadily improved over the last 20 years.

"King High School went from being one of the worst high schools in the city of Chicago to being a selective enrollment high school," he said. "These young people were going to one of the best schools in the city of Chicago and they were spending their time in a park, which is what parks are there for, for young people to enjoy themselves and recreate and do something positive."

"This is not my community, these are not the people I know and love," he said referring to the killer. "No gang controls this ward."








Tribune reporters Carlos Sadovi and Christi Parsons contributed.


Chicagobreaking@tribune.com


Twitter: @ChicagoBreaking





Read More..

Well: Myths of Weight Loss Are Plentiful, Researcher Says

If schools reinstated physical education classes, a lot of fat children would lose weight. And they might never have gotten fat in the first place if their mothers had just breast fed them when they were babies. But be warned: obese people should definitely steer clear of crash diets. And they can lose more than 50 pounds in five years simply by walking a mile a day.

Those are among the myths and unproven assumptions about obesity and weight loss that have been repeated so often and with such conviction that even scientists like David B. Allison, who directs the Nutrition Obesity Research Center at the University of Alabama at Birmingham, have fallen for some of them.

Now, he is trying to set the record straight. In an article published online today in The New England Journal of Medicine, he and his colleagues lay out seven myths and six unsubstantiated presumptions about obesity. They also list nine facts that, unfortunately, promise little in the way of quick fixes for the weight-obsessed. Example: “Trying to go on a diet or recommending that someone go on a diet does not generally work well in the long term.”

Obesity experts applauded this plain-spoken effort to dispel widespread confusion about obesity. The field, they say, has become something of a quagmire.

“In my view,” said Dr. Jeffrey M. Friedman, a Rockefeller University obesity researcher, “there is more misinformation pretending to be fact in this field than in any other I can think of.”

Others agreed, saying it was about time someone tried to set the record straight.

“I feel like cheering,” said Madelyn Fernstrom, founding director of the University of Pittsburgh Weight Management Center. When it comes to obesity beliefs, she said, “We are spinning out of control.”

Steven N. Blair, an exercise and obesity researcher at the University of South Carolina, said his own students believe many of the myths. “I like to challenge my students. Can you show me the data? Too often that doesn’t come into it.”

Dr. Allison sought to establish what is known to be unequivocally true about obesity and weight loss.

His first thought was that, of course, weighing oneself daily helped control weight. He checked for the conclusive studies he knew must exist. They did not.

“My goodness, after 50-plus years of studying obesity in earnest and all the public wringing of hands, why don’t we know this answer?” Dr. Allison asked. “What’s striking is how easy it would be to check. Take a couple of thousand people and randomly assign them to weigh themselves every day or not.”

Yet it has not been done.

Instead, people often rely on weak studies that get repeated ad infinitum. It is commonly thought, for example, that people who eat breakfast are thinner. But that notion is based on studies of people who happened to eat breakfast. Researchers then asked if they were fatter or thinner than people who happened not to eat breakfast — and found an association between eating breakfast and being thinner. But such studies can be misleading because the two groups might be different in other ways that cause the breakfast eaters to be thinner. But no one has randomly assigned people to eat breakfast or not, which could cinch the argument.

So, Dr. Allison asks, why do yet another study of the association between thinness and breakfast? “Yet, I can tell you that in the last two weeks I saw an association study of breakfast eating in Islamabad and another in Inner Mongolia and another in a country I never heard of.”

“Why are we doing these?” Dr. Allison asked. “All that time and effort is essentially wasted. The question is: ‘Is it a causal association?’” To get the answer, he added, “Do the clinical trial.”

He decided to do it himself, with university research funds. A few hundred people will be recruited and will be randomly assigned to one of three groups. Some will be told to eat breakfast every day, others to skip breakfast, and the third group will be given vague advice about whether to eat it or not.

As he delved into the obesity literature, Dr. Allison began to ask himself why some myths and misconceptions are so commonplace. Often, he decided, the beliefs reflected a “reasonableness bias.” The advice sounds so reasonable it must be true. For example, the idea that people do the best on weight-loss programs if they set reasonable goals sounds so sensible.

“We all want to be reasonable,” Dr. Allison said. But, he said, when he examined weight-loss studies he found no consistent association between the ambitiousness of the goal and how much weight was lost and how long it had stayed off. This myth, though, illustrates the tricky ground weight-loss programs have to navigate when advising dieters. The problem is that on average people do not lose much – 10 percent of their weight is typical – but setting 10 percent as a goal is not necessarily the best strategy. A very few lose a lot more and some people may be inspired by the thought of a really life-changing weight loss.

“If a patient says, ‘Do you think it is reasonable for me to lose 25 percent of my body weight,’ the honest answer is, ‘No. Not without surgery,’” Dr. Allison said. But, he said, “If a patient says, ‘My goal is to lose 25 percent of my body weight,’ I would say, ‘Go for it.’”

Yet all this negativism bothers people, Dr. Allison conceded. When he talks about his findings to scientists, they often say: “O.K., you’ve convinced us. But what can we do? We’ve got to do something.” He replies that scientists have an ethical duty to make clear what is established and what is speculation. And while it is fine to recommend things like bike paths or weighing yourself daily, scientists must make sure they preface their advice with the caveat that these things seem sensible but have not been proven.

Among the best established methods is weight-loss surgery, which, of course, is not right for most people. But surgeons have done careful studies to show that on average people lose substanial amounts of weight and their health improves, Dr. Allison said. For dieters, the best results occur with structured programs, like ones that supply complete meals or meal replacements.

In the meantime, Dr. Allison said, it is incumbent upon scientists to change their ways. “We need to do rigorous studies,” he said. “We need to stop doing association studies after an association has clearly been demonstrated.”

“I never said we have to wait for perfect knowledge,” Dr. Allison said. But, as John Lennon said, “Just give me some truth.”

Read More..

BlackBerry 10 launches after long wait









Research In Motion Ltd unveiled the long-delayed line of smartphones it hopes will put it on the comeback trail on Wednesday but it disappointed investors by saying U.S. sales of its all-new BlackBerry 10 will start only in March.

Chief Executive Thorsten Heins also announced that RIM was abandoning the name it has used since its inception in 1985 to take the name of its signature product, signaling his hopes for a fresh start for the company that pioneered on-your-hip email.






"From this point forward, RIM becomes BlackBerry," Heins said at the New York launch. "It is one brand; it is one promise."

RIM, which is already starting to call itself BlackBerry, had initially planned to launch the new BlackBerry 10 smartphones in 2011. But it pushed the date back twice as it struggled to work with a new operating system.

Ahead of Wednesday's announcements, analysts had said that any launch after February would be a black mark for the Canadian company.

"The biggest disappointment was the delay in the U.S., that it will take so long before the devices get going there," said Eric Jackson, founder and managing Partner at Ironfire Capital LLC in New York.

Heins said the delays reflected the need for U.S. carrier testing, although carrier AT&T offered few clues on what that meant.

"We are very enthusiastic about the devices. We will announce pricing, availability, and other information at a later date. Beyond that, nothing to add," said spokesman Mark Siegel.

RIM launched its first BlackBerry back in 1999 as a way for busy executives to stay in touch with their clients and their offices, and the Canadian company quickly cornered the market for secure corporate and government email.

But its star faded as competition rose. The BlackBerry is now a far-behind also-ran in the race for market share, with a 3.4 percent global showing in the fourth quarter, down from 20 percent three years before. Its North American market share is even worse: a mere 2 percent in the fourth quarter.

RIM shares tumbled along with the company's market share, and the stock is down 90 percent from its 2008 peak.

The shares fell as much as 8 percent on Wednesday, although they are still more than twice the level of their September 2012 low, reflecting ever-louder buzz about the new devices.

TOUCH COMPETITION

The new BlackBerry 10 phones will compete with Apple's iPhone and devices using Google's Android technology, both of which have soared above the BlackBerry in a competitive market.

The BlackBerry 10 devices boast fast browsers, new features, smart cameras and, unlike previous BlackBerry models, enter the market primed with a large application library, including services such as Skype and the popular game Angry Birds.

The BlackBerry Z10 touchscreen device, in black or white, will be the first to hit the market, with a country-by-country roll-out that starts in Britain on Thursday.

A Q10 model, equipped with small "qwerty" keyboard that RIM made into its trademark, will launch globally in April.

The Z10 device won a lukewarm review from Wall Street Journal tech blogger Walt Mossberg, who complained of missing or lagging features and a shortage of apps.

But David Pogue, who writes for The New York Times, apologized for describing BlackBerry as doomed in the past. The Z10 touchscreen device was "lovely, fast and efficient, bristling with fresh, useful ideas," he said.

Announcements about pricing so far have been in line with expectations. U.S. carrier Verizon Wireless said the phone would cost $199 for a two-year contract, while Canada's Rogers Communications is quoting C$149 ($150) for certain three-year plans.

GLITZY LAUNCH

RIM picked a range of venues for its global launch parties, including Dubai's $650-a-night Armani Hotel, which occupies six floors of the Burj Khalifa, the world's tallest tower.

The New York event took place in a sprawling basketball facility on the Lower East Side of Manhattan, just north of the Manhattan Bridge. The BlackBerry has been "Re-designed. Re-engineered. Re-invented," RIM said.

RIM, which is splurging on a Superbowl ad to promote its new phones, also introduced Grammy-winning singer-songwriter Alicia Keys as its global creative director.

"I was in a long-term relationship with BlackBerry, and then I started to notice some new, kind of hotter, attractive, sexier phones at the gym, and I kind of broke up with you for something that had a little more bling," Keys said at the New York launch.

"But I always missed the way you organized my life, and the way you were there for me at my job, and so I started to have two phones - I was kind of playing the field. But then … you added a lot more features … and now, we're exclusively dating again, and I'm very happy."

RIMM Chart

RIMM data by YCharts





Read More..

California police probe stunts that shut down freeways






LOS ANGELES (Reuters) – The California Highway Patrol is investigating two apparently unrelated stunts that jammed freeways over the weekend, including one involving hundreds of motorcyclists celebrating a marriage proposal that inconvenienced motorists east of Los Angeles.


Both events created a flurry of viral Internet videos, fueling concerns about a repeat performance by copycats.






On Interstate 10 east of Los Angeles on Sunday, up to 300 bikers stopped traffic so that one of them could propose to his girlfriend, said Officer Vince Ramirez, a Los Angeles-area spokesman for the California Highway Patrol.


Video that surfaced online of the stunt showed some bikers creating a wall of smoke by spinning their tires against the concrete. In the middle of the gathering, pink smoke could be seen wafting into the air.


As they exited the freeway, several bikers were later ticketed for reckless riding unrelated to their possible role in the freeway shutdown, Ramirez said.


He said officers were working with the Los Angeles County District Attorney‘s office to prepare additional charges against some of the bikers.


The stunt did not cause any injuries or collisions, he said.


In Oakland on Saturday, traffic ground to a halt on Interstate 880 near the city’s sports coliseum, as several sports cars did doughnuts, spinning around and filling the air with tire smoke, officials said. Stunned motorists exited their cars and watched.


Several motorists caught in the sudden traffic jam were frightened or angry, according to recordings of calls to authorities released on Tuesday.


“I can’t believe this – I have three kids in the car,” one caller told an Oakland-area dispatcher. “It scares the hell out of me.”


Authorities have not found or identified any of the drivers, said California Highway Patrol Sergeant Diana McDermott.


California Highway Patrol officers said they feared the weekend events’ popularity on social media websites could start a dangerous trend. So far, such stunts have been rare, they said.


“That’s why the investigation is expanding,” Ramirez said.


“If there are any criminal charges that can be filed as a result of this incident, they will be filed,” he said.


(Editing by Alex Dobuzinskis, Tom Brown and Eric Walsh)


Internet News Headlines – Yahoo! News





Title Post: California police probe stunts that shut down freeways
Url Post: http://www.news.fluser.com/california-police-probe-stunts-that-shut-down-freeways/
Link To Post : California police probe stunts that shut down freeways
Rating:
100%

based on 99998 ratings.
5 user reviews.
Author: Fluser SeoLink
Thanks for visiting the blog, If any criticism and suggestions please leave a comment




Read More..

Teen girl killed, boy wounded in shooting near high school









After taking their exams, Hadiya Pendleton and a group of others decided to hang out at a park on Tuesday just blocks away from their high school on the South Side.


But the trip ended in tragedy when the 15-year-old King College Prep student was fatally shot in the back and a 16-year-old boy was wounded in the leg, authorities said.


The shooting occurred around 2:20 p.m. in the 4500 block of South Oakenwald Avenue, police said.








Pendleton was a sophomore at King high school, friends said. The boy also is a student at King, they said, though Pendleton's relatives said they were not sure what school he attended.


One of the teens was taken in serious to critical condition to Comer Children's Hospital, according to Chicago Fire Department spokesman Will Knight.


The other victim also was taken to Comer and police at first believed both victims' conditions had stabilized by a little after 3 p.m., said Chicago Police News Affairs Officer Veejay Zala.


At Comer this evening, a group of young people sat and stood inside the entrance to the hospital's emergency room, along with the principal of King high school.


Many hugged as they brushed tears from their eyes and consoled each other and Pendleton's parents.


"She was awesome," one girl said of Pendleton outside the hospital's ER.


Friends of the slain girl said King was dismissed early today because of exams, and students went to the park on Oakenwald--something they don't usually do.


Friends said the girl was a majorette and a volleyball player, a friendly and sweet presence at the school.


Neighbors reported hearing shots about 2:20 p.m. Neighbors said students from King hang out at Harsh Park, 4458-70 S. Oakenwald Ave., and that students were there this afternoon before the shooting took place.


Desiree Sanders said she heard six gunshots and called 911 after a neighbor told her that some teens had been shot. Neighbors told her as many as 10 young people had been hanging out at the small park.


Police crime data show no serious crimes happened in the 4400 or 4500 blocks of South Oakenwald Avenue Dec. 19 to Jan. 20.


“It’s a great neighborhood. Nothing like this has happened since I’ve been here,” on the block, said Roxanne Hubbard, who has lived in the neighborhood for 19 years.


As a matter of policy, Chicago Board of Education officials refuse to confirm whether any child is a student at Chicago Public Schools because a policy on student identification passed by the board several years ago has never been implemented.


Tribune reporter Liam Ford contributed.


jmdelgado@tribune.com





Read More..

Justin Timberlake’s new album ’20/20′ is due out in March






(Reuters) – Singer-turned-actor Justin Timberlake has set a March date for his comeback album – his first in more than six years.


RCA Records said on Tuesday “The 20/20 Experience,” the former N’Sync boy band member’s follow-up to 2006′s “FutureSex/LoveSounds” and only his third album ever, would be released on March 19.






In recent years, Timberlake, 31, has focused more on films and business ventures ranging from restaurants to a clothing line, and reviving social networking site Myspace, of which he is part owner. He remarked in a recent video that creating music involved “physical torture” for him.


“Suit & Tie,” the first single off his forthcoming album, fell short of sales expectations for its first week. The song, featuring rapper Jay-Z, sold 314,000 downloads last week. Industry experts had expected about 350,000 downloads.


Top menswear designer Tom Ford collaborated with Timberlake, designing suits worn in the “Suit & Tie” video as well as styling the production and the release’s artwork.


Timberlake will perform his first concert in five years during a private Super Bowl-weekend event in New Orleans on February 2 at an invitation-only concert.


Timberlake posted on Twitter about the forthcoming game, saying among other things: “This is gonna be a GREAT Super Bowl!” and “Oh wait … I don’t have tickets. Dammit! Anybody know anybody?? LOL!”


(Reporting by Chris Michaud; Editing by Jill Serjeant and Philip Barbara)


Music News Headlines – Yahoo! News





Title Post: Justin Timberlake’s new album ’20/20′ is due out in March
Url Post: http://www.news.fluser.com/justin-timberlakes-new-album-2020-is-due-out-in-march/
Link To Post : Justin Timberlake’s new album ’20/20′ is due out in March
Rating:
100%

based on 99998 ratings.
5 user reviews.
Author: Fluser SeoLink
Thanks for visiting the blog, If any criticism and suggestions please leave a comment




Read More..

To Open Eyes, W-2s List Cost of Health Plans





WASHINGTON — As workers open their W-2 forms this month, many will see a new box with information on the total cost of employer-sponsored health insurance coverage. To some, it will be a surprise, perhaps even a shock.




Workers often have little idea how much they and their employers are paying for coverage. In many cases, economists say, workers give up cash compensation to get and keep health benefits.


The disclosures, required by the 2010 health care law, are meant to make workers more cost-conscious. Health benefits are still tax-free. But labor unions and employer groups say it could be easier to tax them in the future, now that employers must report their value to the government.


The new information appears in Box 12 of the standard W-2 form, with a two-letter code, DD. The box shows the “cost of employer-sponsored health coverage.” And that amount is not taxable, the Internal Revenue Service says on the back of the form.


Jay J. Makled, a union steward for the United Automobile Workers at the Ford plant in Dearborn, Mich., described his reaction after seeing that his health coverage cost nearly $16,000 last year: “It’s quite expensive. I was surprised to see how much the company was paying for that benefit.”


Hourly employees represented by the union there said they generally did not pay any of the premium.


The number on the W-2 form is supposed to reflect the part of the cost paid by the employer and the part paid by the employee.


Prof. Nicole Huberfeld, an expert on health law at the University of Kentucky, who received her W-2 form on Monday, said, “Most people who get health insurance from their employers have no idea how much it costs.”


“People are often shocked when they see the cost, $12,000 to $16,000 a year,” Ms. Huberfeld said. “Many Americans believe this is something they get free. But employers pay lower wages because they provide insurance.”


In 2012, according to an annual survey by the Kaiser Family Foundation, premiums for employer-sponsored health insurance averaged $5,615 a year for single coverage and $15,745 for family coverage. Over five years, the costs have increased 25 percent for individual coverage and 30 percent for family coverage.


“Health coverage is a big piece of people’s income and a large part of the social welfare budget,” said C. Eugene Steuerle, a tax economist at the Urban Institute. “But the benefits are not taxable, and most of the spending is hidden, so we don’t consider the trade-offs. If we want to get control of health care costs, people have to be aware of them.”


That is the goal of the disclosure requirement, which was proposed by a bipartisan group of senators: two Republicans, Charles E. Grassley of Iowa and Michael B. Enzi of Wyoming, and two Democrats, Max Baucus of Montana and Ron Wyden of Oregon.


Congress acted after Peter R. Orszag, then the director of the Congressional Budget Office, told lawmakers: “The economic evidence is overwhelming, the theory is overwhelming, that when your firm pays for your health insurance, you actually pay through reduced take-home pay. The firm is not giving that to you for free.”


The tax-free treatment of employer-provided health benefits is the largest tax break in the tax code, costing the government roughly $180 billion a year in lost revenue, or 80 percent more than the home mortgage interest deduction, according to the administration.


Katie W. Mahoney, the executive director of health policy at the U.S. Chamber of Commerce, said, “It’s useful for employees to know the value of coverage their employers provide.” But she said some employers worried that reporting the benefit on the W-2 form could lead to taxing the benefit.


“That’s not the intent of the current requirement,” Ms. Mahoney said. “But once the information is collected by the government, it’s very easy for another administration to have a different intent.”


An employee of the A.F.L.-C.I.O. whose health coverage was listed as costing more than $20,000 said: “That knocks my socks off. When I saw the number, my eyes popped out. I appreciate my employer all the more.”


The employee said he had been told not to discuss the cost publicly because the union did not want to suggest that some employees had “Cadillac coverage.”


An employer that fails to comply with the reporting requirement could be subject to penalties of $200 per W-2 form, up to a maximum of $3 million, tax lawyers said.


Employers are exempt from the reporting obligation if they are required to file fewer than 250 W-2 forms, the I.R.S. said. That could change, but the agency said employers would be given at least six months’ notice.


Read More..

Chicago home price recovery lags









The Chicago area's housing recovery continued to lag that of other cities and the nation, as prices in November fell 1.3 percent from a month earlier, according to a widely watched barometer of the housing market.

On an annual basis, home prices in the Chicago area rose only 0.8 percent in November, the smallest positive gain recorded among the 20 cities included in the S&P/Case-Shiller home price index, released Tuesday.

Nationally, home prices rose 5.5 percent annually for the 20-city composite. Much of that  can be traced to market improvements in once hard-hit places such as Phoenix, where home prices have risen 22.8 percent in 12 months. Other cities recording strong yearly increases included Detroit, up 11.9 percent; Las Vegas, up 10 percent; San Francisco, up 12.7 percent; and Minneapolis, up 11.1 percent.

"Housing is clearly recovering," said David Blitzer, chairman of S&P Dow Jones Indices' index committee. "Prices are rising as are both new and existing home sales."

Most cities saw prices decline in November from their October levels, which Blitzer tied to the market's typical winter weakness.

Nevertheless, Chicago turned in the worst monthly performance among the 20 cities. It was the third consecutive monthly decline for local home prices, which showed signs of strength earlier in 2012. Local prices are on par with their June 2001 levels.

Condominium values in the Chicago market also fell for the second consecutive month. In November, they were down 0.9 percent from October but rose 2.7 percent from November 2011.

Strong foreclosure activity, and the resulting sales of those properties at steep discounts, has held down local home prices and the market's recovery. In 2012, Illinois had the fifth highest state foreclosure rate in the nation, topped only by Florida, Nevada, Arizona and Georgia, RealtyTrac reported last week.

Also hindering the local market's recovery is the foreclosure process in Illinois, a judicial state where all foreclosures are processed by the court system. RealtyTrac said it took an average of 697 days to complete a foreclosure in Illinois last year, meaning those properties may not be listed for resale for two years. During that time, their condition can deteriorate, bringing down the value of that home as well as others in the neighborhood.

Another report issued Tuesday showed some improvement in foreclosure activity in the Chicago area, although mortgage delinquencies and foreclosures here continue to outpace those at the national level.

Housing data provider CoreLogic said that 5.57 percent of mortgages in the Chicago area were in some stage of foreclosure in November, compared with 5.7 percent in October and 6.37 percent in November 2011.

Also, 10.10 percent of mortgages in the Chicago area were considered seriously delinquent, meaning they were at least 90 days past due in November. That compares with 10.19 percent in October and 10.72 percent in November 2011.

The national foreclosure and mortgage delinquency rates were 2.97 percent and 6.45 percent, respectively, in November.

mepodmolik@tribune.com | Twitter @mepodmolik

Read More..