Cross posted fromThe Stars Hollow Gazette

Cenk talks with “Rolling Stone” contributing editor Matt Taibbi about his new piece on the Obama administration’s lack of prosecutions for white collar crime. “If they pushed all these prosecutions, investors worldwide would see how epidemic corruption is on Wall Street,” Taibbi says. “They’re afraid of what the international reaction would be.” Cenk says while he doesn’t think President Obama is personally corrupt, “It’s the system that corrupts all these politicians.”

Strongly recommend this piece at the Huffington Post by Jeff Connaughton, a former aide to Senator Ted Kaufman. Jeff is one of the smartest guys on the Hill and is particularly strong on issues surrounding Wall Street and the regulatory system. In this piece, he takes apart the oft-stated mantra that what Wall Street firms did during and after the crisis was maybe unethical, but not illegal.

He takes particular aim at Barack Obama, who recently tossed that line out on 60 Minutes in what I thought was one of the real low moments of his presidency. Here’s Jeff’s take:

   Speaking in Kansas on December 6, (Obama) said, “Too often, we’ve seen Wall Street firms violating major anti-fraud laws because the penalties are too weak and there’s no price for being a repeat offender.” Just five days later on 60 Minutes, he said, “Some of the least ethical behavior on Wall Street wasn’t illegal.” Which is it? Have there been no prosecutions because Wall Street acted legally (albeit unethically)? Or did Wall Street repeatedly violate major anti-fraud laws (and should thus find itself in the dock)?

   The President is confusing “legal” with “difficult to prosecute successfully.”

The notion that what Wall Street firms did was merely unethical and not illegal is not just mistaken but preposterous: most everyone who works in the financial services industry understands that fraud right now is not just pervasive but epidemic, with many of the biggest banks committing entire departments to the routine commission of fraud and perjury – every single one of the major banks, for instance, devotes significant manpower to robosigning affidavits for foreclosures and credit card judgments, acts which are openly and inarguably criminal.

A good friend of mine sent me a link to a small story last week, something that deserves a little attention, post-factum.

The Bloomberg piece is about J.P. Morgan Chase winning a bid to be the lead underwriter on a $400 million bond issue by the state of Massachusetts. Chase was up against Merrill for the bid and won the race with an offer of a 2.57% interest rate, beating Merrill’s bid of 2.79. The difference in the bid saved the state of Massachusetts $880,000. [..]

Except in four out of five cases, it still doesn’t happen that way. From the same piece [emphasis mine]:

   Nationwide, about 20 percent of debt issued by states and local governments is sold through competitive bids. Issuers post public notices asking banks to make proposals and award the debt to the bidder offering the lowest interest cost. The other 80 percent are done through negotiated underwriting, where municipalities select a bank to price and sell the bonds.

By “negotiated underwriting,” what Bloomberg means is, “local governments just hand the bid over to the bank that tosses enough combined hard and soft money at the right politicians.” [..]

There is absolutely no good reason why all debt issues are not put up to competitive bids. [..]

[T]his is a bond issue, not rocket science. In most cases, all the top investment banks will offer virtually the same service, with only the price varying. Towns and cities and states lose billions of dollars every year allowing financial services companies to overcharge them for underwriting.

Cross posted from The Stars Hollow Gazette

This is your morning Open Thread. Pour your favorite beverage and review the past and comment on the future.

Find the past “On This Day in History” here.

January 4 is the fourth day of the year in the Gregorian calendar. There are 361 days remaining until the end of the year (362 in leap years).

On this day in 1987, Spanish guitar great Andres Segovia arrives in the United States for his final American tour. He died four months later in Madrid at the age of 94.

Segovia was hailed for bringing the Spanish guitar from relative obscurity to classical status. Born in Spain’s southern region of Andalusia–the original home of the guitar–Segovia studied the piano and cello as a child but soon became captivated with the guitar. Knowing of no advanced teachers of an instrument that was generally banished to the cafes, he taught himself and in 1909 gave his first public performance at the age of 15. To successfully render classical material, Segovia invented countless new techniques for the guitar, and by his first appearance in Paris in 1924, he was a virtuoso. His American debut came four years later in New York City.

Cross posted from The Stars Hollow Gazette

This is your morning Open Thread. Pour your favorite beverage and review the past and comment on the future.

Find the past “On This Day in History” here.

January 3 is the third day of the year in the Gregorian calendar. There are 362 days remaining until the end of the year (363 in leap years). The Perihelion, the point in the year when the Earth is closest to the Sun, occurs around this date.

On this day in 1938, The March of Dimes is established by President Franklin D. Roosevelt.

March of Dimes is an American health charity whose mission is to improve the health of babies by preventing birth defects, premature birth, and infant mortality.

Polio was one of the most dreaded illnesses of the 20th century, and killed or paralyzed thousands of Americans during the first half of the 20th century. In response, President Franklin D. Roosevelt founded the March of Dimes as the National Foundation for Infantile Paralysis on January 3, 1938. Roosevelt himself was paralyzed with what at the time was believed to be polio, though recent examination has led some to suggest that this diagnosis might have been mistaken. The original purpose of the Foundation was to raise money for polio research and to care for those afflicted with the disease. The name emphasized the national, nonpartisan, and public nature of the new organization, as opposed to private foundations established by wealthy families. The effort began with a radio appeal, asking everyone in the nation to contribute a dime (ten cents) to fight polio.

“March of Dimes” was originally the name of the annual fundraising event held in January by the Foundation. The name “March of Dimes” for the fundraising campaign was coined by entertainer Eddie Cantor as a play on the popular newsreel feature of the day, The March of Time. Along with Cantor, many prominent Hollywood, Broadway, radio, and television stars served as promoters of the charity. When Roosevelt died in office in 1945, he was commemorated by placing his portrait on the dime. Coincidentally, this was the only coin in wide circulation which had a purely allegorical figure (Liberty) on the obverse. To put Roosevelt on any other coin would have required displacing a president or founding father.

Over the years, the name “March of Dimes” became synonymous with that of the charity and was officially adopted in 1979.

Cross posted from The Stars Hollow Gazette

Since taking office in 2009, President Obama has waged an increasing clandestine war using unmanned drones controlled by civilians members of the CIA. In a recent article Washington Post‘s Greg Miller exposes some troubling aspects of the program which has little oversight or control:

In the space of three years, the administration has built an extensive apparatus for using drones to carry out targeted killings of suspected terrorists and stealth surveillance of other adversaries. The apparatus involves dozens of secret facilities, including two operational hubs on the East Coast, virtual Air Force­ ­cockpits in the Southwest and clandestine bases in at least six countries on two continents. [..]

The rapid expansion of the drone program has blurred long-standing boundaries between the CIA and the military. Lethal operations are increasingly assembled a la carte, piecing together personnel and equipment in ways that allow the White House to toggle between separate legal authorities that govern the use of lethal force.

In Yemen, for instance, the CIA and the military’s Joint Special Operations Command pursue the same adversary with nearly identical aircraft. But they alternate taking the lead on strikes to exploit their separate authorities, and they maintain separate kill lists that overlap but don’t match. CIA and military strikes this fall killed three U.S. citizens, two of whom were suspected al-Qaeda operatives. [..]

Obama himself was “oddly passive in this world,” the former official said, tending to defer on drone policy to senior aides whose instincts often dovetailed with the institutional agendas of the CIA and JSOC.

Joshua Foust in The Atlantic observes that there are consequences for the successes claimed by the Obama Administration:

In the countries where the drone system is most active — Pakistan and Yemen — relations with local governments and communities are awful, and perceptions of the United States could barely be any worse. There is agreement seemingly only on the need for long distance killing, and even then — especially in Pakistan — there is a great deal of contention.

In fact, one could argue that the severe degradation of relations with Pakistan, which are driven to a large degree by popular anger over drone strikes (as well as a parallel perception among some Pakistani elites that the U.S. disregards Pakistani sovereignty at will), is driving the current U.S. push to ship supplies and, eventually, the withdrawal from Afghanistan, through Uzbekistan.

Besides the political consequences, Foust notes the reorientation of the intelligence community to this killing program may hinder its ability of collecting and analyzing the data needed and a heavy reliance on information from sketchy local partners that can, and has, resulted in unnecessary fatalities. His opinion of Obama’s expansion of the drone war is scathing:

This sloppiness with life and death decisions is a substantial moral failing, and should be a huge scandal for President Obama. But, he has decided to both distance himself from it while also taking credit for its successes, even as it focuses on ever less important and marginal figures within the terrorist milieu. [..]

It is an absolute scandal. We owe ourselves better questions and more accountability of the drones we use to wantonly kill people around the planet.

Senior reporter for Wired.com’s Danger Room, Spencer Ackerman, discussed the sharp increase in drone attacks to do the military’s job since Obama took office.

Cross posted from The Stars Hollow Gazette

Stonehenge is a massive prehistoric stone monument located just north of Salisbury, England, constructed anywhere from 3000 BC to 2000 BC. The surrounding circular earth bank and ditch, which constitute the earliest phase of the monument, have been dated to about 3100 BC. The site and its surroundings were added to the UNESCO’s list of World Heritage Sites in 1986.

The history of Stonehenge’s function and construction is subject to much debate since it was produced by a culture that left no written records that has led to multiple theories. Whatever religious, mystical or spiritual elements were central to Stonehenge, its design includes a celestial observatory function, which might have allowed prediction of eclipse, solstice, equinox and other celestial events important to a contemporary religion.

Two of the big questions about the construction of Stonehenge are: Where were these stones? How were these massive stones, weighing tons, moved from where they were quarried? Those questions have some answers, the first, official and the second, an interesting theory.

Some of the volcanic bluestones in the inner ring of Stonehenge officially match an outcrop in Wales that’s 160 miles (257 kilometers) from the world-famous site, geologists announced this week.

As it looks today, 5,000-year-old Stonehenge has an outer ring of 20- to 30-ton sandstone blocks and an inner ring and horseshoe of 3- to 5-ton volcanic bluestone blocks. [..]

So how did a primitive society move these gigantic stones from Wales to the plains of Salisbury? Easy. Balls. Or at least that is the lasted theory that archaeologists have presented:

U.K. archaeology students attempt to prove a rail-and-ball system could have moved Stonehenge stones.

Photograph courtesy University of Exeter

A previous theory suggested that the builders used wooden rollers-carved tree trunks laid side by side on a constructed hard surface. Another imagined huge wooden sleds atop greased wooden rails.

But critics say the rollers’ hard pathway would have left telltale gouges in the landscape, which have never been found. And the sled system, while plausible, would have required huge amounts of manpower-hundreds of men at a time to move one of the largest Stonehenge stones, according to a 1997 study.

Andrew Young, though, says Stonehenge’s slabs, may have been rolled over a series of balls lined up in grooved rails, according to a November 30 statement from Exeter University in the U.K., where Young is a doctoral student in biosciences.

Young first came up with the ball bearings idea when he noticed that carved stone balls were often found near Neolithic stone circles in Aberdeenshire, Scotland

Balls and a lot of “heart” 😉

H/t Rachel Maddow Blog

Cross posted from The Stars Hollow Gazette

This is your morning Open Thread. Pour your favorite beverage and review the past and comment on the future.

Find the past “On This Day in History” here.

January 2 is the second day of the year in the Gregorian calendar. There are 363 days remaining until the end of the year (364 in leap years).

On this day in 1962, the folk group The Weavers are banned by NBC after refusing to sign a loyalty oath.

The Weavers, one of the most significant popular-music groups of the postwar era, saw their career nearly destroyed during the Red Scare of the early 1950s. Even with anti-communist fervor in decline by the early 1960s, the Weavers’ leftist politics were used against them as late as January 2, 1962, when the group’s appearance on The Jack Paar Show was cancelled over their refusal to sign an oath of political loyalty.

The importance of the Weavers to the folk revival of the late 1950s cannot be overstated. Without the group that Pete Seeger founded with Lee Hays in Greenwich Village in 1948, there would likely be no Bob Dylan, not to mention no Kingston Trio or Peter, Paul and Mary. The Weavers helped spark a tremendous resurgence in interest in American folk traditions and folk songs when they burst onto the popular scene with “Goodnight Irene,” a #1 record for 13 weeks in the summer and fall of 1950. The Weavers sold millions of copies of innocent, beautiful and utterly apolitical records like “Midnight Special” and “On Top of Old Smoky” that year.

Cross posted from The Stars Hollow Gazette

The New York City Occupiers took back Zucchotti Park a couple of hours before midnight on New Year’s Eve despite the presence of NYPD and private security:

About 100 people arrived at the park at about 7 p.m., according to witnesses, and someone put up what was described as a small multicolored tent, about two feet tall, made for a child. Two young girls, who were at the park with their mother, began playing inside.

Though the New York City Police Department had officers fanned out throughout the city for the holiday, there were police officers lined up across the street from Zuccotti Park, at the ready alongside private security guards. They stepped in.

Police officers and security guards, who stood at the ready across the street, told protesters to remove the tent, saying it violated rules issued by the park’s owner, Brookfield Properties. Meanwhile, an officer and a guard blocked other protesters, and at least one reporter, from entering the park. Some people disregarded their instructions and squeezed through the spaces between metal barricades along other parts of the perimeter.

That number swelled to over 500 by 10:30 as text messages and signal went out across the city. They draped the piled barricades with Christmas lights and the lighted Christmas tree was wrapped with the Occupy Wall Street banner as the OWS “bat signal” was projected on the side of a building. As the protesters were chased from the park, they took to the nearby streets, drumming and chanting as they marched. Most of the arrests were of demonstrators who were obeying police directions or walking peacefully on the side walk. Many of the protesters and others not involved in the demonstration were “kettled” into groups then arrested for obstructing pedestrian traffic or for moving as directed by the officers. Even legal observers and the press were again arrested and threatened by the NYPD. The observer from the National Lawyers Guild was later released.

Welcome to the United Police State of America where you can be “legally” detained indefinitely on the president’s word.

Cross posted from The Stars Hollow Gazette

Cam covers vertical stoop of falcon at over 100 MPH. The stoop is the corkscrew dive it uses to catch prey.

A Few Facts About Peregrine Falcons:

   

• The peregrine falcon’s scientific name is Falco peregrinus, which means “falcon wanderer”.
• Three subspecies are recognized in North America: F.p. pealei from the coastal islands off Alaska; F.p. tundrius, which nests above the tree line in the Arctic; and F.p. anatum, which once ranged over North America from coast to coast.
• Peregrine falcons are about the size and weight of a crow.
• Peregrines normally grow to 15 inches in length with a 40-inch wingspan.
• The speed of a peregrine has been said to reach 175 miles per hour or more. Experiments conducted by scientists put the bird’s diving speed at approximately 82 miles per hour and level flight at approximately 62 miles per hour.
• Females are larger and more powerful than males. Adults have slate dark blue-gray wings and backs barred with black, pale undersides, white faces with a black stripe on each cheek, and large, dark eyes. Their wings are long and pointed.
• Their prey includes ducks, pheasants, and pigeons. Biologists are frequently surprised by the variety of species brought to Ohio nests. Remains of meadowlarks, chimney swifts, and woodcock show that falcons find many different birds in their urban surroundings.
• Prey is caught in flight. Using its great speed, the falcon delivers a powerful blow to its prey with a half-closed foot. It retrieves the dead bird either in mid-air or after it falls to the ground.
• Although they have a high mortality rate, peregrines have been known to live as long as 15 years.
• In the 1960s, scientists discovered that a pesticide called DDT was interfering in the egg shell formation of meat and fish eating birds. Healthy birds were laying eggs so thin they were crushed by the weight of the incubating adult.
• By 1965, no peregrine falcons were fledged in the eastern or Central United States.
• By 1968, the peregrine population was completely eradicated east of the Mississippi River.
• In 1972, use of DDT was severely restricted in the United States and worldwide.
• In 1979, the Eastern Peregrine Recovery Plan was developed to restore a peregrine population to the eastern United States.
• Peregrine falcons are a threatened species in Ohio.
• Traditionally, they nested on ledges of high cliffs in remote areas. In cities, they use niches along ledges, such as inset windows or window boxes.

We have two Peregrines and a Red Tail Hawk that use our yard to dine on their catch.