Keepingitreal

Today's News Highlights 06.29.11

TODAY'S HIGHLIGHTS
Kabul hotel attacked by suicide bombers
A squad of bombers and gunmen attacked a landmark hotel in the Afghan capital late Tuesday, exploding a vehicle at its gate and then entering the building.
(By Pamela Constable)

New IMF chief Lagarde faces immediate tests
Lagarde faces immediate tests in Greece, as well as a longer-range commitment to giving developing nations more power within the IMF.
(By Howard Schneider)

FBI looks at Arlington Cemetery procedures
A broad criminal inquiry also seeks evidence of possible contracting fraud and falsification of records, people familiar with the investigation said.
(By Jerry Markon and Christian Davenport)

Kerry, McCain share long friendship
Their personal bonds and foreign policy views have been shaped by war.
(By Paul Kane)

D.C. seeks foothold in online gambling
D.C. officials are scrambling to launch an online casino in the city, which is the first jurisdiction in the United States to sanction Internet gambling.
(By Michael Laris)

POLITICS
Latest scandals show South Korea still struggles to shed corrupt, collusive ways
SEOUL, South Korea — Allegations of multibillion dollar fraud at banks and revelations by South Korea’s top business conglomerate of shady dealings are forcing the country to grapple anew with a legacy of deep-seated corruption.
( Associated Press Associated Press , AP)

Republicans turn labor dispute with Boeing into political headache for Obama
WASHINGTON — The government’s labor dispute with Boeing Co. is turning into a political headache for President Barack Obama, giving his Republican rivals a fresh opening to bash the administration’s economic policies.
( Associated Press Associated Press , AP)

Obama, Biden to meet Senate Democratic leaders in debt discussions
WASHINGTON — President Barack Obama and Vice President Joe Biden plan to meet with Senate Democratic leaders Wednesday, the latest step in debt negotiations with Congress.
( Associated Press Associated Press , AP)

Matching Supreme Court justices
The Supreme Court term that ended Monday appeared to make clear that Bush and Obama got what they hoped for when they nominated the justices who will shape the court’s future.
( by Robert Barnes , The Washington Post)

DC readies nation's first government-run online poker operation, and stakes will be low
WASHINGTON — Residents of the nation’s capital could be able to play government-sponsored Texas Hold ‘Em poker and other online games on their laptops within three months even though such wagering is essentially banned in the rest of the country.
( Associated Press Associated Press , AP)

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STYLE
Ask Amy: Couple can’t agree to disagree about exes
My boyfriend and I are thinking about becoming engaged. He keeps in regular contact with his exes, and I think this is really weird.
(, Tribune Media Service)

Hints From Heloise: Ketchup concern
In a Heloise flashback, a reader wonders: Should ketchup be refrigerated after it’s opened?
(, King)

Marriage or cohabitation?
After two years of dating he’s ready to move in with her. But after lots of divorces in his family he’s not ready for marriage.
(, The Washington Post)

Shylock’s the highlight in contrived ‘Merchant’
Mark Nelson is a superb Shylock in Shakespeare Theatre’s otherwise forcibly contrived handling of “The Merchant of Venice.”
( by Peter Marks , The Washington Post)



(, The Washington Post)

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SPORTS
General Electric extends global Olympic sponsorship through 2020 Summer Games
LAUSANNE, Switzerland — General Electric Co. extended its global Olympic sponsorship through 2020 on Wednesday in a four-games deal worth hundreds of millions of dollars.
( Associated Press Associated Press , AP)

Tuesday's Sports In Brief
WASHINGTON — The Supreme Court won’t revive baseball star Roger Clemens’ lawsuit against his former personal trainer for claiming he injected the pitcher with steroids and human growth hormones.
( Associated Press Associated Press , AP)

Ndamukong Suh says he sees 'positive light' in talks to end the NFL lockout
WALLED LAKE, Mich. — Ndamukong Suh is spending his offseason traveling, working out, rehabbing his surgically repaired shoulder and spending time with family and friends.
( Associated Press Associated Press , AP)

South Carolina repeats as national champion with 5-2 win, sweep of CWS finals over Florida
OMAHA, Neb. — Michael Roth pitched 7 2-3 innings on three days’ rest, and South Carolina won its second straight national championship with a 5-2 victory Tuesday night that completed a two-game sweep over Florida in the College World Series finals.
( Associated Press Associated Press , AP)

Interim financing deal will allow Dodgers to keep playing during bankrutpcy, but battle looms
WILMINGTON, Del. — Los Angeles Dodgers owner Frank McCourt may have won the first round in a bankruptcy court fight with Major League Baseball, however the two sides are gearing up for what could be a protracted battle for control of one of the most storied teams in baseball.
( Associated Press Associated Press , AP)

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WORLD
AP IMPACT: FBI's hunt for al-Qaida's 'third man' merges identities of two different people
LONDON — The FBI’s most-wanted list features a dated black-and-white photograph for the man wanted in connection with the 1998 U.S. embassy bombings in Tanzania and Kenya. Saif al-Adel, reads the glaring red banner, alias Muhammad Ibrahim Makkawi.
( Associated Press Associated Press , AP)

North Korea says it will retaliate militarily for South Korea army units' anti-Pyongyang signs
SEOUL, South Korea — North Korea’s military vowed Wednesday to retaliate for anti-Pyongyang signs posted at front-line South Korean army units, as rare talks between the rivals on a stalled joint tourism project broke down.
( Associated Press Associated Press , AP)

Sizzle of fizzle? Britain faces mass strikes as unions try to increase the heat on government
LONDON — Thousands of British schools will close and travelers will face long lines at airport immigration this week when three quarters of a million workers go on strike — the first blast in what unions hope will be a summer of discontent against the cost-cutting government’s austerity plans.
( Associated Press Associated Press , AP)

Myanmar state media warn democracy leader Suu Kyi that planned tour could trigger riots
YANGON, Myanmar — Myanmar’s state media warned pro-democracy leader Aung San Suu Kyi on Wednesday that her plans to travel outside Yangon to meet supporters could trigger riots.
( Associated Press Associated Press , AP)

Embattled Sudan president visits chief diplomatic backer, China
BEIJING — Sudan’s embattled president conferred Wednesday with his chief diplomatic backer, China, reaching agreements on economic support just days before the southern part of his country becomes independent.
( Associated Press Associated Press , AP)

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LIVE DISCUSSIONS
D.C.'s biggest stories: Lunchline's Clinton Yates breaks them down (video)
Clinton Yates a news junkie and pop culture fanatic who scours The Washington Post and its partner sites every weekday to find the gems that you want to read but don't have time to search for.
(, vForum)

Ask Boswell
Sports Columnist Tom Boswell will take your questions about baseball, the Redskins, the Wizards and more.
(, vForum)

Opinion Focus with Eugene Robinson
Washington Post columnist Eugene Robinson discusses his recent columns and the latest news in a live Q&A.
(, vForum)

Don't make the economy worse: Opinion Focus with Eugene Robinson
Washington Post columnist Eugene Robinson discusses his recent columns and the latest news in a live Q&A.
(, vForum)

Dana Milbank Live
Dana Milbank is recruiting cabin stewards, apologists and Tiffany's liaisons to help Newt Gringrich on his 2012 campaign.
(, vForum)

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TECHNOLOGY
Toyota to recall 82,200 vehicles in the US due to possible faulty computer boards
TOKYO — Toyota Motor Corp. said Wednesday it will recall about 82,200 hybrid SUVs in the U.S. due to computer boards with possible faulty wiring.
( Associated Press Associated Press , AP)

That Was Quick: Chrome Extension Adds Facebook, Twitter Sharing To Google+

( by TechCrunch.com , TechCrunch.com)

Good First Sign: I Have A Strong Desire To Keep Using Google+

( by TechCrunch.com , TechCrunch.com)

Kodak looks to vanquish Apple and RIM in patent forum, brightening its turnaround picture
ROCHESTER, N.Y. — Innovation turned Eastman Kodak Co. into one of the world’s most recognizable brands. Imitation by its rivals might help keep the picture-taking pioneer from fading into history.
( Associated Press Associated Press , AP)

Square Closes That $100 Million Round, Mary Meeker Joins Board

( by TechCrunch.com , TechCrunch.com)

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BUSINESS
Toyota to recall 82,200 vehicles in the US due to possible faulty computer boards
TOKYO — Toyota Motor Corp. said Wednesday it will recall about 82,200 hybrid SUVs in the U.S. due to computer boards with possible faulty wiring.
( Associated Press Associated Press , AP)

World stock markets rise on signs that Greece may adopt controversial austerity measures
BANGKOK — Hopes that Greece will enact an unpopular set of austerity measures to prevent the country from defaulting on its massive debts sent world stocks higher Wednesday.
( Associated Press Associated Press , AP)

Greek austerity bill set to pass as all bar one Greek Socialist deputy appear in favor
ATHENS, Greece — Greek deputies are poised to back a deeply unpopular austerity bill Wednesday that is essential for the country to get crucial bailout funds and avoid a devastating default on its debts.
( Associated Press Associated Press , AP)

That Was Quick: Chrome Extension Adds Facebook, Twitter Sharing To Google+

( by TechCrunch.com , TechCrunch.com)

France to name new finance minister after Lagarde chosen to head IMF
PARIS — France is expected to name a new finance minister to replace Christine Lagarde, who is leaving to take up the top job at the International Monetary Fund next week.
( Associated Press Associated Press , AP)

Morning News 06.06.11

TODAY'S HIGHLIGHTS
Yemen’s Saleh flies to Saudi Arabia
President Ali Abdullah Saleh’s departure raised the prospect that a key U.S. ally in the fight against al-Qaeda had lost his grip on a nation tumbling into chaos.
(By Ernesto Londono and Sudarsan Raghavan)

Redesigning Metro’s map
Lance Wyman, the creator of the transit system’s colorful map, has the challenge of redesigning the map more than three decades later.
(By Dana Hedgpeth)

Wireless Net access, GPS on collision course
Two of 21st-century America’s favorite gadgets — the smartphone and the GPS device — are on a collision course, according to a report delivered Friday to the FAA.
(By Ashley Halsey III)

Housing bust still hurts in Fla.
Once a booming area, Flagler County, Fla., illustrates the problem President Obama faces in politically pivotal places hit hardest by the recession.
(By Michael A. Fletcher)

Egyptians say economy is top concern
A U.S. government-funded poll finds most Egyptians say they backed the revolution because of their economic difficulties, not a lack of democracy.
(By Mary Beth Sheridan)

POLITICS
AP Interview: Huntsman's not yet in 2012 White House race, but he's mapping campaign strategy
NORTH CONWAY, N.H. — Toeing the 2012 line, former Utah Gov. Jon Huntsman sounded like a full-fledged White House candidate Saturday set to join the field this month as he mapped out a campaign strategy that bypasses early-voting Iowa to focus on New Hampshire, South Carolina and Florida.
( Associated Press Associated Press , AP)

Lawrence Eagleburger, career foreign service officer who rose to secretary of state, dies
WASHINGTON — Lawrence S. Eagleburger, the only career foreign service officer to rise to the position of secretary of state, died Saturday, according to two of his one-time bosses, former President George H.W. Bush and former Secretary of State James A. Baker III.
( Associated Press Associated Press , AP)

Cut the costs, cache the cash
A new cost-cutting effort by Montgomery County is encouraging employees to come up with ways to save taxpayers money.
( by Michael Laris , The Washington Post)

Sulaimon Brown shows money orders
The former D.C. mayoral candidate says they were given to him by Howard Brooks as part of payments he says he received to disparage Mayor Fenty during the campaign.
( by Nikita Stewart , The Washington Post)

Waiting for the promise of high-speed rail
Critics say Virginia Gov. Robert F. McDonnell missed an opportunity when his administration decided not to apply for federal funds.
( by Anita Kumar , The Washington Post)

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STYLE
Miss Manners: Overwhelmed by photo requests
I seem to be the only person in the last several years who has taken a camera to parties, family gatherings, school plays, etc.Afterward and sometimes during the event, I am asked to take pictures and “send” them to several people.
(, United Media)

Ask Amy: This mom has had it with gift tradition
Dear Amy:How can I (or should I?) tactfully end obligatory gift-giving among relatives who barely know one another? I suggested a couple of times that we end this tradition, but it was poorly received each time.
(, Tribune Media Service)

Carolyn Hax: Can she get over husband’s ‘emotional affair’?
Last month I found out that my husband of four decades had an “emotional affair” for the past year.
(, The Washington Post)

Honduras, on the rise
The view from Honduras’s Lenca Trail is of a country back on the right path.
( by Nancy Trejos , The Washington Post)

Terrific summer toys for outdoors and on the go
Here are some great toys to make playing outdoors more fun this summer, along with five fun games to take along on vacation.
(, The Washington Post)

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SPORTS
Marcos Mondaini scores in 70th minute, Chivas USA beats expansion Timbers 1-0
CARSON, Calif. — Marcos Mondaini scored in the 70th minute off a pass from Paulo Nagamura and Chivas USA won for the second time this year at home, beating the expansion Portland Timbers 1-0 on Saturday night.
( Associated Press Associated Press , AP)

Asia hails Li Na's French Open win, China urges others to follow her example
BEIJING — Li Na’s landmark French Open victory sparked celebrations and recognition throughout Asia on Sunday, while China’s state media told its athletes to learn from her as they prepare for the London Olympics.
( Associated Press Associated Press , AP)

Josh Parr had 3 RBIs, Illinois eliminates Kansas State 5-3 in Fullerton Regional
FULLERTON, Calif. — No. 9 hitter Josh Parr had a two-run triple and an RBI double to help Big Ten champion Illinois beat Kansas State 5-3 on Saturday in an elimination game in the NCAA Fullerton Regional.
( Associated Press Associated Press , AP)

Florida, Baylor join Tide, Sun Devils in Women's College World Series semis
OKLAHOMA CITY — With Whitney Canion putting an endless line of zeros on the scoreboard and unlikely heroes providing extra-inning homers, the Baylor Bears are getting just enough to stay alive in the Women’s College World Series.
( Associated Press Associated Press , AP)

NCAA Tournament Capsules
AUSTIN, Texas — David Lyon hit a grand slam to key Kent State’s six-run sixth inning and the Golden Thrashers stunned Texas 7-5 in the Austin Regional on Saturday night.
( Associated Press Associated Press , AP)

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WORLD
Defense chief Gates meets with US troops in farewell tour of Afghan war zone
FORWARD OPERATING BASE WALTON, Afghanistan — U.S. Defense Secretary Robert Gates expressed his concern about pulling troops out of Afghanistan too soon as he embarked Sunday on two days of farewell visits to remote U.S. bases in this war-weary country.
( Associated Press Associated Press , AP)

Syrian television reports 2 killed, 5 wounded in Israeli gunfire along the border
BEIRUT — Syrian television reports 2 killed, 5 wounded in Israeli gunfire along the border.
( Associated Press Associated Press , AP)

NATO jets target military barracks in Tripoli, following on from first helicopter strikes
TRIPOLI, Libya — British jets hit a military barracks in the Libyan capital early Sunday, further intensifying NATO pressure on Libyan leader Moammar Gadhafi nearly four months into an uprising to end his erratic 42-year rule.
( Associated Press Associated Press , AP)

Pope denounces 'disintegration' of family in Europe, urges couples to marry, not live together
ZAGREB, Croatia — Pope Benedict XVI denounced the “disintegration” of family life in Europe on Sunday and called for couples to make a commitment to marry, not just live together, as he reaffirmed traditional Catholic family values during his second and final day in Croatia.
( Associated Press Associated Press , AP)

Qatar bans imports of cucumber, tomato, lettuce from Germany and Spain over E. coli outbreak
BERLIN — The Gulf nation of Qatar has temporarily banned imports of fresh cucumbers, tomatoes and lettuces from Spain and Germany because of concerns about a deadly strain of E. coli.
( Associated Press Associated Press , AP)

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LIVE DISCUSSIONS
Recovering from the 2011 Post Hunt
The Washington Post Hunt is a game of brainteasers, humor, puzzles and family fun dreamed up by Dave Barry, Gene Weingarten and Tom Shroder. The 2011 Post Hunt is set for June 5 in downtown Washington, D.C.
(, vForum)

Outlook: Are 'SlutWalk' protests the future of feminism?
Author Jessica Valenti will be online Monday June 6 at 2 p.m. ET to chat about her recent Outlook piece "SlutWalks and the future of feminism."
(, vForum)

The 2011 Post Hunt: Are you ready?
The Washington Post Hunt is a game of brainteasers, humor, puzzles and family fun dreamed up by Dave Barry, Gene Weingarten and Tom Shroder. The 2011 Post Hunt is set for June 5 in downtown Washington, D.C.
(, vForum)

Carolyn Hax Live: Advice columnist tackles your problems (Thursday, June 9)
Advice Columnist Carolyn Hax takes your questions and comments about the strange train we call life.
(, vForum)

Over-harrumphing, pregnant teens, quadruple weddings, and more: Carolyn Hax Live
Advice Columnist Carolyn Hax takes your questions and comments about the strange train we call life.
(, vForum)

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TECHNOLOGY
A TechCrunch Disrupt Proposal

( by TechCrunch.com , TechCrunch.com)

When Facebook Captured Beluga, They May Have Harpooned It In The Head

( by TechCrunch.com , TechCrunch.com)

Hornik on VC’s Secondary Mania: “If It’s Just Money, We’re All Fungible” (TCTV)

( by TechCrunch.com , TechCrunch.com)

Why The Groupon IPO Feels Like A Swindle

( by TechCrunch.com , TechCrunch.com)

OMG/JK: iCloud, gWallet, and tPhotos

( by TechCrunch.com , TechCrunch.com)

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BUSINESS
Economically struggling Belarus to get $3 bln Russia-led loan in exchange for privatizations
MOSCOW — The financially struggling former Soviet republic of Belarus is to receive a $3 billion loan from a Russia-dominated group in exchange for privatizing a large chunk of its state-controlled economy.
( Associated Press Associated Press , AP)

Oil storage tank attacked in southern Iraq, officials say
BASRA — Iraqi officials say an oil storage tank has been attacked in the southern province of Basra.
( Associated Press Associated Press , AP)

Nintendo says it was targeted in recent online data attack, reports no data loss
TOKYO — Nintendo was targeted in a recent online data attack, but no personal or company information was lost, the Japanese maker of the Wii game console said Sunday.
( Associated Press Associated Press , AP)

US agency allows restart of Canadian oil pipeline; oil flow could resume as soon as Sunday
WASHINGTON — U.S. regulators have allowed a Canadian company to restart its Keystone oil pipeline after completing repairs and safety tests.
( Associated Press Associated Press , AP)

A TechCrunch Disrupt Proposal 

Morning News 04.14.11

1. A Man, A Plan, A Deficit
   President Obama outlined his plan for tackling the national debt Wednesday, drawing on liberal values and proposing tax cuts for the rich.
   Read original story in New York Times | Thursday, April 14, 2011

2. Nuclear Safety? Please Refer to Industry Guides.
   When it comes to nuclear regulatory guides, industry often writes the rules say critics.
   Read original story in ProPublica | Thursday, April 14, 2011

3. For Libyan Rebels, Cell Phones Replace Semaphore
   A young telecom entrepreneur has helped rebels pinch Qaddafi's wireless network.
   Read original story in | Thursday, April 14, 2011

4. FAA Ends Solo Air Traffic Night Shifts
   After another incident of a controller nodding off, federal authorities now insist each night shift must be a sleepover with more than one controller at the party.
   Read original story in Washington Post | Thursday, April 14, 2011

5. States Seek to Ban Animal Farm Exposes
   Undercover photos and videos are a favored tool of animal advocates looking to reveal squalid conditions and inhumane practices. Some states want to make them illegal, because not all animals are equal.
   Read original story in New York Times | Thursday, April 14, 2011

6. Kobe Bryant Fined $100,000 for Anti-Gay Slur
   NBA commissioner slapped a fine on the Lakers star after he made homophobic comments during a game on Tuesday night.
   Read original story in Los Angeles Times | Thursday, April 14, 2011

7. Civil War Lesson Plan: Auction Black Students
   A Virginia schoolteacher divided her classroom by race and then told white students to bid for black ones.
   Read original story in TPM | Thursday, April 14, 2011

8. Big Mac, Brought to You by Identity Theft
   McDonald's managers in Georgia have been charged with hiring prospective workers using the stolen identity cards of U.S. citizens.
   Read original story in Wall Street Journal | Thursday, April 14, 2011

9. Top CIA Spooks Leave for Private Firms
   The private sector has steadily chipped away at the CIA's top talent since 9/11 in the hope of securing government contracts.
   Read original story in Washington Post | Wednesday, April 13, 2011

10. Congress Yanks Wolf Off Endangered Species List
    In last week's budget, Congress took the unprecedented step of removing wolves from the Endangered Species List and handing their management over to pro-hunting states.
    Read original story in New York Times | Wednesday, April 13, 2011

11. Donald Trump, Harbinger of Doom
    The popularity of the real estate magnate shows just what a bad position the GOP is in when it comes to presidential candidates.
    Read original story in FiveThirtyEight | Wednesday, April 13, 2011

12. Blogger Sues Huffington Post
    Ariana Huffington is a "robber baron" who has made millions off the backs of unpaid bloggers, says one contributer who's filed suit against the site.
    Read original story in Los Angeles Times | Wednesday, April 13, 2011

Morning News 04.11.11

1. Obama To Deliver Deficit-Reduction Speech Wednesday
   Senior adviser David Plouffe told the Sunday shows that the president will outline his plan to reduce federal budget deficits and debt, including a call for wealthier Americans to pay more taxes.
   Read original story in USA Today | Sunday, April 10, 2011

2. Qaddafi Agrees to Peace Plan
   Libya's leader has agreed to the African Union's proposed cease-fire and "dialogue." But rebels say they will accept nothing less than the despot's resignation.
   Read original story in Washington Post | Monday, April 11, 2011

3. Concern Grows Over Debt Ceiling Vote
   If it was so difficult to reach a deal on a budget until September that cut $38 billion, many are growing worried about the possibility that a divided Washington won't be able to agree on raising the current $14.25 trillion federal debt ceiling.
   Read original story in The New York Times | Sunday, April 10, 2011

4. General McChrystal is Back
   After dismissing McChrystal following his Rolling Stone debacle, Obama has asked the former Afghanistan commander to lead a program for military families.
   Read original story in New York Times | Monday, April 11, 2011

5. New Quake Hits As Japan Widens Nuclear Evacuation
   A 7.1 earthquake rocked Japan on Monday as officials said they would evacuate more areas around the Fukushima nuclear plant.
   Read original story in Reuters | Monday, April 11, 2011

6. In GOP Presidential Field, the Sound of Crickets
   Congressional Republicans are worried that no promising presidential candidates have emerged for 2012.
   Read original story in Politico | Monday, April 11, 2011

7. Krugman: "What Have They Done With President Obama?"
   The NYT columnist says the president has gone from inspiring to spineless.
   Read original story in New York Times | Monday, April 11, 2011

8. Deadly Chinese Milk Poisoned on Purpose
   Milk that killed three children appears to have been tainted intentionally.
   Read original story in Guardian | Monday, April 11, 2011

9. U.N. Hammers Ivory Coast President
   President Laurent Gbagbo is vying for the title of most tenacious dictator, which means the U.N. and France have started bombarding his forces again.
   Read original story in CNN | Monday, April 11, 2011

10. Retired Justice O'Connor Under Ethics Fire
    Critics say she needs to choose between hearing cases in U.S. appeals courts or playing a role in public policy issues because doing both is a clear conflict of interest.
    Read original story in The Associated Press | Sunday, April 10, 2011

11. Unusual Device Led To Confusion in Synagogue Blast
    First, officials said it was a bomb, then they said it was an accident, and now it's a bomb again. Part of the issue had to do with the fact that the explosive was layered under hundreds of pounds of concrete, making it difficult to identify.
    Read original story in The Los Angeles Times | Sunday, April 10, 2011

12. Mubarak Denies he Was a Corrupt President
    In his first comments since he was ousted from the Egyptian presidency, Hosni Mubarak denied he had abused his power and vowed to cooperate in any investigation.
    Read original story in Al Jazeera | Sunday, April 10, 2011

Morning News 03.31.11

1. CIA Runs Covert Ops in Libya
   The spy agency is gathering intelligence on Qaddafi's military and rebel forces.
   Read original story in New York Times | Thursday, March 31, 2011

2. Libyan Rebels Retreat Eastward
   Qaddafi still has the military might to crush rebel fighters, who have retreated 200 miles after making gains earlier this week.
   Read original story in Los Angeles Times | Thursday, March 31, 2011

3. Radiation Found in U.S. Milk
   But officials say the low levels pose no health risk.
   Read original story in CNN | Thursday, March 31, 2011

4. Buffet's Heir No Longer Apparent
   David Sokol, tipped as Warren Buffett's successor at Berkshire Hathaway, has resigned after revelations of iffy stock trading.
   Read original story in Wall Street Journal | Thursday, March 31, 2011

5. Will Giffords Run for Senate?
   Supporters are discussing the possibility that Rep. Gabrielle Giffords, who is still in hospital, could return to politics as a U.S. senator.
   Read original story in New York Times | Thursday, March 31, 2011

6. Libyan Foreign Minister Abandons Qaddafi
   Senior official Moussa Koussa fled Libya, saying he was "no longer willing" to support Qaddafi's regime.
   Read original story in Guardian | Thursday, March 31, 2011

7. Obama To Call for Reduction in Oil Imports
   Over the next decade, Obama wants to reduce foreign-oil imports by one-third. Economists wish him good luck.
   Read original story in Reuters | Wednesday, March 30, 2011

8. Arizona Passes Controversial Abortion Law
   Arizona Governor Jan Brewer passed a law on Tuesday banning abortions based on the gender or race of the fetus, a common practice in China.
   Read original story in Reuters | Wednesday, March 30, 2011

9. Google Introduces +1 Button to Rival Facebook's Like
   People with Google accounts can now recommend sites, and have those preferences show up in their friends' Google results.
   Read original story in Los Angeles Times | Thursday, March 31, 2011

10. No Refuge for the Paunchy
    The fat stigma has spread from the Anglosphere to places like American Samoa and Tanzania.
    Read original story in New York Times | Thursday, March 31, 2011

11. HIV Vaccine to Start Trials Within a Year
    The new vaccine, comprised of synthetic, computer-generated sequences of proteins, could be a breakthrough in the more than 20-year struggle to find a way to prevent AIDS.
    Read original story in The Daily Mail | Wednesday, March 30, 2011

12. Spacecraft Snaps Historic Photo of Mercury
    The photo, captured by the Mercury Messenger spacecraft on Tuesday morning, is the first image ever to be obtained of Mercury from the planet's orbit.
    Read original story in New York Times | Wednesday, March 30, 2011

Morning News 02.10.11

1. Republicans Face Mutiny in the Ranks
   House GOP leaders have proposed deep budget cuts, but they don't go far enough for some Republicans.
   Read original story in The New York Times | Thursday, Feb. 10, 2011

2. Taliban Teen Kills 27 in Pakistan
   The boy in a school uniform walked into a Pakistani army camp Thursday and blew himself up, killing 27 troops.
   Read original story in AP | Thursday, Feb. 10, 2011

3. Egyptian Protesters Block Access to Parliament
   Protests continued to expand in scope Wednesday, with demonstrations, strikes, or attacks on government facilities in at least a half-dozen cities.
   Read original story in BBC | Wednesday, Feb. 9, 2011

4. India and Pakistan To Restart Peace Talks
   Talks may resume for the first time since the 2008 Mumbai attacks.
   Read original story in AFP | Thursday, Feb. 10, 2011

5. Fetal Spine Surgery Helps Children Walk
   Babies who had surgery for spina bifida as fetuses were twice as likely to walk by themselves than those that underwent the procedure after birth.
   Read original story in San Francisco Chronicle | Thursday, Feb. 10, 2011

6. Is Twitter Worth $10 Billion?
   Investors are drooling at the prospect of tapping Twitter's trove of user data, but the social networking service is playing hard to get.
   Read original story in The Wall Street Journal | Thursday, Feb. 10, 2011

7. Gabrielle Giffords Would Like Some Toast
   The wounded congresswoman has recovered enough to eat three meals a day - and make requests about what those meals are.
   Read original story in Politico | Wednesday, Feb. 9, 2011

8. Activision Unplugs Guitar Hero
   After five years of hits, the popular video game will become a relic of the noughties.
   Read original story in Reuters | Thursday, Feb. 10, 2011

9. L.A. Seeks To Force Condoms on Porn Industry
   But producers say safe sex is a turn-off and will cut into sales.
   Read original story in The New York Times | Thursday, Feb. 10, 2011

10. Lindsay Lohan Charged With Stealing $2,500 Necklace
    "You're no different than anyone else, so please don't push your luck," a judge told the starlet.
    Read original story in Los Angeles Times | Thursday, Feb. 10, 2011

11. Sen. Jim Webb Won't Seek Reelection
    Republicans are salivating over the very real possibility of picking up a Senate seat from Virginia, but Dems hope they can hang on if they convince former Gov. Tim Kaine to throw his hat in the ring.
    Read original story in Politico | Wednesday, Feb. 9, 2011

12. GOP Rep Resigns Over Shirtless Snapshots
    Rep. Christopher Lee hit the exit just hours after Gawker published e-mails and photos the "fit, fun, classy" married congressman exchanged with a lady friend he met on Craigslist.
    Read original story in Gawker | Wednesday, Feb. 9, 2011

Anniversary Issue of Swagga Digital Magazine

The Best Cities For Jobs This Winter And the very worst ones too, based on a survey of more than 18,000 employers.

Employers are more optimistic about hiring in the first quarter of 2011 than at any time in more than two years. Overall 9% more of them expect to be adding staff than expect to be reducing it. Some cities have an exceptionally positive outlook, while others present a bleaker picture.

Employment services firm Manpower ( MAN - news - people ) surveyed more than 18,000 employers in 100 metropolitan areas to find out who's hiring, who's firing and who plans to maintain their current staff levels. The survey revealed that the metropolitan area with the most optimistic forecast of all for hiring this winter is Baton Rouge, La.

Louisiana's capital tops the list this with an 18% net employment outlook, which is the percentage of employers who expect to add employees (22%) minus the percentage who expect to reduce their workforce (4%). Another 71% said they anticipated no change, and 3% didn't know.

"Over the last 24 months we have seen significant economic development in a lot of sectors," says Adam Knapp, president and chief executive officer of the Baton Rouge Area Chamber. "The region has been cited in various rankings over the past year for having one of the strongest growth economies." He says Baton Rouge stayed strong throughout the recession: "Unlike a lot of regions, the firms here aren't adding jobs now because they cut back during the economic downturn. We are adding to what we already had, and starting new firms entirely."

Baton Rouge is enjoying growth in digital media, biofuels and wood products and construction. Three hospitals are building new facilities, so new jobs are expected in health care too. The city won't be adding government jobs, though, as the state budget won't allow it.

In fact the Manpower survey found that government hiring is expect to remain flat in all 50 states between January and March 2011. Job prospects are looking the best in industries like leisure and hospitality, professional and business services, information and wholesale and retail trade.

"Information technology and gaming, international trade, life services, health care and professional services are the areas anticipating the most growth in the greater Seattle area," says George Allen, senior vice president of government relations at the Greater Seattle Chamber of Commerce. The Seattle-Tacoma-Bellevue area is the second-most optimistic metropolitan area, with a 15% net employment outlook.

The Greater Seattle Chamber of Commerce issued its own jobs sector survey in July; 1,200 employers were polled, and the results were upbeat. Fifty-six percent of King County employers anticipated that business would be better in 2011, and 41% expected to hire more. "We found there is a sweet spot for hiring," Allen says. "The small companies aren't planning to hire, the big companies are looking to decrease hiring, and the mid-sized companies are the ones really looking to grow."

The Milwaukee area trails close behind Seattle with a 14% net employment outlook for the winter. Milwaukee was once known almost exclusively for its brewing and manufacturing industries, but major developments over the years like Miller Park and the Frontier Airlines Center have helped to broaden both its image and its employment opportunities. Milwaukee is home to the headquarters of major corporations including Harley-Davidson ( HOG - news - people ), Johnson Controls ( JCI - news - people ) and Kohl's ( KSS - news - people ). CONTINUE READING...

Say goodbye to traditional free checking

NEW YORK – Free checking as we know it is ending.

The days when you could walk into a bank branch and open an account with no charges and no strings attached appear to be over. Now you have to jump through some hoops — keep a high balance, use direct deposit or swipe your debit card several times a month.

One new account at Bank of America charges $8.95 per month if you want to bank with a teller or get a paper statement.

Almost all of the largest U.S. banks are either already making free checking much more difficult to get or expected to do so soon, with fees on even basic banking services.

It's happening because a raft of new laws enacted in the past year, including the financial overhaul package, have led to an acute shrinking of revenue for the banks. So they are scraping together money however they can.

Bank of America, which does business with half the households in America, announced a dramatic shift Tuesday in how it does business with customers. One key change: Free checking, a mainstay of American banking in recent years, will be nearly unheard of.

"I've seen more regulation in last 30 months than in last 30 years," said Robert Hammer, CEO of RK Hammer, a bank advisory firm. "The bottom line for banks is shifting enormously, swiftly and deeply, and they're not going to sit by twiddling their thumbs. They're going to change."

In the last year, lawmakers in Washington have passed a range of new laws aimed at protecting bank customers from harsh fees, like the $35 charged to some Bank of America customers who overdrafted their account by buying something small like a Starbucks latte.

These and other fees were extremely lucrative. According to financial services firm Sandler O'Neill, they made up 12 percent of Bank of America's revenue. On Tuesday, the bank took a $10.4 billion charge to its third-quarter earnings because the new regulations limit fees the bank can collect when retailers accept debit cards.

Bank of America CEO Brian Moynihan acknowledged in a conference call that overdraft fees were generating a lot of income. But the bank was also losing customers who were often taken aback by the high hidden fees.

Checking accounts were being closed at an annual rate of 18 percent, he said, and complaints were at an all-time high.

TARP Bailout to Cost Less Than Once Anticipated

WASHINGTON — Even as voters rage and candidates put up ads against government bailouts, the reviled mother of them all — the $700 billion lifeline to banks, insurance and auto companies — will expire after Sunday at a fraction of that cost, and could conceivably earn taxpayers a profit.

A final accounting of the government’s full range of interventions in the economy, including the bailouts of the mortgage finance giants Fannie Mae and Freddie Mac, is years off and will most likely remain controversial and potentially costly.

But the once-unthinkable possibility that the $700 billion Troubled Asset Relief Program could end up costing far less, or even nothing, became more likely on Thursday with the news that the government had negotiated a plan with the American International Group to begin repaying taxpayers.

The rescue of the troubled insurer included $70 billion from the bailout program that was enacted two years ago, at the height of the global financial crisis late in the Bush administration, initially to prop up big banks.

At the White House on Thursday, the Treasury secretary, Timothy F. Geithner, briefed President Obama about A.I.G. and about the broader outlook for the expiring rescue program, putting the projected losses at less than $50 billion, at most. Yet neither the White House nor Congressional Democrats are likely to boast much in the month remaining before midterm elections. For most voters, TARP remains a four-letter word.

Brian A. Bethune, the chief financial economist in the United States for IHS/Global Insight, while critical of parts, called the program over all “a tremendous success. Now obviously, they can’t go out on the campaign trail and say that, because certainly, for a lot of voters, it’s just not going to resonate.”

The “bank bailout” was the first big issue, before the Obama administration’s roughly $800 billion stimulus plan and its health insurance overhaul, to stoke the rise of the Tea Party movement. After supporting TARP, several Republicans have lost elections largely because of their votes. For many Americans, TARP is more than a vote; it is a symbol of big government at its worst, intervening in private markets with taxpayers’ billions to save Wall Street plutocrats while average Americans struggle through the recession those financiers spawned.

Fewer than three in 10 Americans say they believe the program was necessary “to prevent the financial industry from failing and drastically hurting the U.S. economy,” according to a poll in July for Bloomberg News.

“This is the best federal program of any real size to be despised by the public like this,” said Douglas J. Elliott, a former investment banker now associated with the Brookings Institution, a Washington think tank. CONTINUE READING...

5 things you can do now to get ready for huge tax hikes in 2011

By Kelly Phillips Erb - In less than six months, taxes for many Americans are going up. Tax cuts originally signed into law by former President Bush are set to expire at the end of 2010 unless Congress makes a change in the Tax Code. Unfortunately for taxpayers, 2010 is also a significant election year, which, if history has taught us anything, means that Congress is unlikely to do much at all. If the law stays the same, on January 1, 2011, you can expect that the highest federal income tax rate for individuals will increase to 39.6% from 35%; capital gains tax rates will rise to 20% and dividends will lose their tax favorable status and retreat back to ordinary income status. Even worse, state and local governments are struggling to make budgets balance. A whopping 45 states reported receiving less revenue in 2009 than in 2008, a trend that states can't sustain in 2010. Last year, at least 10 states considered major tax increases and others sought to increase or expand the tax base by hiking sales taxes or imposing excise taxes on such items as cigarettes and soda. How can you avoid extra hits to your wallet in 2011? Here are five tips to consider:

Continue reading 5 things you can do now to get ready for huge tax hikes in 2011

The unemployment emergency

By Eugene Robinson ~ The good news is that unemployment has fallen to "only" 9.5 percent. The bad news is that the jobless rate is down only because so many people have given up hope of finding work. Perversely, the jobless who aren't actively looking for jobs are not counted as "unemployed." Perhaps there should be a new category: "mired in existential despair." If anyone in Washington wants to know why people in the hinterlands are angry, one simple answer is that our political leaders seem to be so calculating and unmoved about the parlous state of the economy.

The disheartening employment figures released Friday quickly became fodder for the kind of political to-and-fro that has become standard operating procedure. President Obama quickly put his spin on the numbers, noting that the private sector added 83,000 jobs in June. The president's Republican opponents noted that overall, the economy lost 125,000 jobs -- taking into account not just the private-sector gain but the end of 225,000 temporary jobs for census workers.

Last month, it was the other way around. The overall number, showing what happened in May, indicated a healthy-looking gain in jobs -- so that was what Obama wanted to talk about. But the increase reflected mostly census hiring, with the private sector adding a paltry 41,000 jobs -- which was the number the Republicans wanted to highlight.

All the spinning and counterspinning drives people crazy. And why shouldn't it? The employment numbers aren't just a monthly set of partisan talking points. They represent actual lives. They represent mortgages that might not be paid and college educations that have to be deferred; they tally mental health crises and broken marriages. Those sterile, emotionless figures speak of pain and anxiety. They mock our faith in the American dream.

Let me put it in terms that Washington understands: The party that begins to treat the unemployment crisis with the hair-on-fire urgency that it deserves is the party that will do well in November.

In the past, a steep fall into recession has often led to an equally steep climb back to prosperity. Clearly, that's not the case this time. In relatively short order, the economy lost about 7 million jobs. So far this year, we've gained back more than 600,000 -- not bad, given that in early 2009 we were shedding that many jobs each month, but not nearly enough to have the kind of impact the nation can really feel.

The debate among economists about whether or not this will prove to be a "double-dip" recession is beside the point. For most people, this feels more like one long, uninterrupted dip -- with no end in sight. Adding 83,000 private-sector jobs in June sounds like something of an accomplishment, until you realize that the U.S. economy has to add more than 125,000 jobs a month just to accommodate the natural growth of the workforce. With a gain of 83,000 jobs, we actually lost ground.

Our political leaders know that unemployment is on their constituents' minds, so they talk about it. A lot. But we're not seeing either party show the kind of courage that's really needed.

Republicans block an extension of unemployment benefits, rail about the deficit and complain that Democrats don't understand that economic renewal will come when the private sector is unleashed. The problem is that since Republicans are in the minority, they have to work with the Democrats to get anything done. I suspect that their strategy -- standing on the sidelines and yelling, "The Democrats are doing it all wrong!" -- will not win as much favor from voters as the GOP hopes.

Democrats, on the other hand, do have the power to enact an agenda. But individual members of Congress act as if they are more concerned about their own electoral prospects than about bringing those unemployment numbers down. If a second economic stimulus is the answer, then that's what Democrats should do. If the answer is something else, fine. But they should know that whether they call themselves progressives or Blue Dogs or whatever, voters see them as one party and will hold them accountable.

Washington gets all excited when someone commits an embarrassing or impolitic gaffe. Beyond the Beltway, people cannot understand why our leaders can't be similarly focused and energetic about the most tragic spasm of economic dislocation in eight decades.

Top Tax Schemes You Should Avoid

From Black Voices — As you get ready to file taxes for this year, make sure that you do it right. The worst group in America to mess with is the IRS. They have unprecedented power to pursue those in violation of their regulations and can make your life miserable if they catch you breaking the law. Many tax payers are not aware that there are quite a few businesses that take advantage of unwitting tax payers every year at tax time. So, to prepare for this problem, we have put together a list of the top ten tax scams that you should watch out for if some other party prepares your taxes.

Tax Scam #1: Bad tax preparers – Some tax preparation services will charge you higher fees than you should expect to pay, and may even take a percentage of your tax refund. Also, in order to get your business, some companies will promise returns that are too good to be true. Watch out for deals that don’t seem to make sense, and try to work with a company that has a good reputation.

Tax Scam #2: Hiding money in off-shore accounts –If your banker or tax preparation person tries to persuade you to do anything that hides your money from the IRS, don’t do it. The IRS is making more efforts every year to chase down money around the world, and the penalties are getting quite severe.

Tax Scam #3: Phishing — There are companies out there who will try to suck you in by promising you a large refund in an email, fax or even a phone call. They then get you to release personal information so they can steal your identity. If you get one of these emails, do not reply or click on anything.

Tax Scam #4: Filing false or misleading forms – There are some who believe that the IRS keeps secret accounts that you can access by filing special forms. This is not true. Scammers use these “forms” to convince victims that they have access to refunds they would not otherwise be entitled to.

Tax Scam #5: Non-taxable social security benefits with exaggerated withholding — Some people turn in tax forms with non-taxable income and inaccurate withholding amounts believing they can get the wrongly claimed withholding amounts refunded. This should not be done, since the IRS can charge you thousands for this kind of mistake.

Tax Scam #6: Abuse of charitable withholdings and deductions — The temptation of your tax preparer might be to inflate the amount of your charitable donations to get a bigger refund. Be careful, because this can cost you big if you are audited.

(Continue Reading @ Black Voices…)

Lifestyles of the Broke, Young & Struggling: 15 Most Common Money Mistakes

Unless you’re one of the fortunate ones, at some point in your journey through life you’ve endured the lifestyle of the broke, young and struggling. In these sour fiscal times, there’s a pretty good chance that you may be enjoying the disadvantages of the financially strapped at this very moment. Having said that, dig these tips to help you avoid making some of the following common fiscal faux pas that keep us dwelling in the den of debt:

Denial, Denial, and More Denial: Dictionary.com defines it as a disbelief in the existence or reality of a thing, which sounds about right if you find yourself spending like a person with an income 2 or 3 times greater than yours. The first step towards making positive change is accepting the truth, otherwise what chance do you have in changing your spending habits?

Abusing Credit Cards: The credit card industry depends on those who use credit to live beyond their means. If you can’t live below them, try living within your means at the very least. In the words of financial guru Lynnette Khalfani Cox, “Avoid trying to live what I call the ‘bling-bling’ lifestyle and guard against that temptation to ‘keep up with the Joneses.’”

Paying Too Much in Fees: $2.00 here, 3.50 there – it may not seem like much, but financial fees stack up and can drain your account like a sieve. Avoid frequent ATM charges by withdrawing cash at your own bank and whatever you do, pay your credit card bills on time. If the late fees don’t screw you, a 30% APR will.

Late or Non-Bill Payment: Not a good look unless you want the lifestyle of the broke and struggling your whole life through. The affect on your credit score and charges in late fees can lead to corporate banking enslavement and even bankruptcy in the long run – which really ain’t no joke.

What Budget?: If you are among the broke, young and struggling, the “term disposable” income is not a part of your vocabulary. Living on a limited income means that each and every penny has to be accounted for, unless you’re not averse to spending a little time in a homeless shelter. Creating a budget is a great tool that not only helps you to handle the logistics, can allow you to put aside the necessary funds for savings and recreation.

Refusal to Save: “Save your money” has got to be the most commonly used financial mantra. Some experts call it “paying yourself first,” but what it boils down to is that you consistently put a portion of your income (no matter how small) away for the future. CONTINUE READING...

Senate Passes Health Care Overhaul Bill

WASHINGTON — The Senate voted Thursday to reinvent the nation’s health care system, passing a bill to guarantee access to health insurance for tens of millions of Americans and to rein in health costs as proposed by President Obama. The 60-to-39 party-line vote, on the 25th straight day of debate on the legislation, brings Democrats a step closer to a goal they have pursued for decades. It clears the way for negotiations with the House, which passed a broadly similar bill last month by a vote of 220 to 215. If the two chambers can strike a deal, as seems likely, the resulting product would vastly expand the role and responsibilities of the federal government. It would, as lawmakers said repeatedly in the debate, touch the lives of nearly all Americans. The bill would require most Americans to have health insurance, would add 15 million people to the Medicaid rolls and would subsidize private coverage for low- and middle-income people, at a cost to the government of $871 billion over 10 years, according to the Congressional Budget Office. President Obama said after the vote that the health care bill was “the most important piece of social legislation since the Social Security Act” was adopted and that it represented “the toughest measure ever taken to hold the insurance companies accountable.” The budget office estimates that the bill would provide coverage to 31 million uninsured people, but still leave 23 million uninsured in 2019. One-third of those remaining uninsured would be illegal immigrants. If the bill becomes law, it would be a milestone in social policy, comparable with the creation of Social Security in 1935 and Medicare in 1965. But unlike those programs, the new initiative lacks bipartisan support. Only one Republican voted for the House bill last month, and no Republicans voted for the Senate version. Senator Olympia J. Snowe of Maine, a moderate Republican who has spent years working with Democrats on health care and other issues, expressed despair. “I was extremely disappointed,” Ms. Snowe said. After Senate Democrats locked up 60 votes within their caucus, she said, “there was zero opportunity to amend the bill or modify it, and Democrats had no incentive to reach across the aisle.”CONTINUE READING...

White House Moves To Extend Safety Net for Unemployed

On Saturday, President Obama said his administration would "explore additional options to promote job creation." And yesterday, the president's economic team batted around lots of ideas. The concern is only natural. After all, unemployment, which hit 9.8 percent Friday, is keeping Democrats up at night with visions of the easy attack ads they'll have to face from Republicans during next year's midterm election. Now they're looking into several options that would inject the economy with some quick stimulus to try to promote job creation, including a tax credit for new hires, which lawmakers once rejected because of worries that it would be too easy to manipulate, and allowing companies to deduct five-year operating losses rather than two, a measure that is currently available only for small businesses. In the meantime, Democrats are also looking into extending through next year additional unemployment and health benefits for those who are out of work for a long period of time, which could cost up to $100 billion. It's also likely that Democrats will approve extending the $8,000 tax credit for first-time homebuyers. These measures are unlikely to culminate as a new stimulus package, primarily because Democrats know it would open them up to criticism that the original $787 billion package was ineffective. And the truth is that original package still has a long way to go, as more than half of its money still hasn't been released.

Read original story in The New York Times | Tuesday, Oct. 6, 2009

Shop around for the best cheap checking accounts

The news that Wal-Mart's going to cease cutting paper checks for employees who don't have direct deposit has prompted all sorts of reactions -- applause for reducing paper waste, debates over whether ATM fees are more or less ruinous than check-cashing fees and confusion over why people just don't have bank accounts into which to deposit their checks. The short answer: Because free bank accounts usually come with strings attached. In poking around bank options in the Bay Area, here are the terms for "free" checking from the big ones:

Bank of America -- The MyAccess checking account waives its $8.95 monthly fee if you either have a "qualifying" direct deposit made to your account once a month, or you maintain an average daily balance of $1500 in the checking account. Otherwise, it'll cost you $107.40 per year for the privilege of keeping your money here. However, if you take advantage of the online-only Charitable Causes accounts, you can open a free checking account with no minimum balance, no direct deposit and no fees.

Bank of the West -- Its free checking program doesn't list a minimum average daily balance -- all you apparently need is $100 to open the account.

Citibank -- Its EZ Checking account requires $100 to open, and in order to waive the $9.50/month fee, users have to do one of three things: make two monthly bill payments online; maintain an average minimum balance of $1500 across any linked checking and saving accounts; use direct deposit for the account.

Chase Bank -- While the website claims there are currently no products available in California until they finish the Washington Mutual takeover, when I popped in a Washington State zip code and took a quick visit to their Chase Checking page, here were the terms I found. For free checking, you'd need $25 to open an account. To avoid the $6/month fee, you've got to make five different debit card purchases or have direct deposit; there's no stated minimum average monthly balance.

First Republic -- According to their site, this bank offers an "ATM Rebate Checking" account, and that appears to be it. This interest-bearing checking account charges $15 per month in fees ($180 per year) unless you maintain a minimum average monthly balance of $2500. You need $500 minimum to open the account. I downloaded and read through their account disclosure statement and it appears that the big perk to this account is that First Republic won't charge you fees for using non-network ATMs. That doesn't mean other banks won't tack on their own fees, though.

US Bank -- Its free checking requires $50 to open the account, but there's no required minimum average daily balance.

Wells Fargo -- The bank's most basic checking account requires a $100 opening deposit, and it'll waive the $5/month fee if you maintain a $1000 minimum daily balance or you've got direct deposit.

And then there's the issue of bank fees: Bank of America's upped its overdraft fees, as have Citibank and Wells Fargo, and according to Bankrate.com, banks have boosted their ATM fees.

Here's how the main banks around here shake out for fees:

Bank of America -- Overdraft fees will run you $35 per transaction (with a limit of 10 overdraft items per day, or $350), and ATM fees will run you $2 per each non-BofA transaction.

Bank of the West -- Use your Bank of the West card at a non-bank ATM and they'll charge you $1.50 per use. Overdraft fees are $26 per day for the first insufficient-funds transaction and $35 per each item after that.

Citibank -- For overdraft protection: "Citibank will charge an Overdraft Protection Transfer Fee of $10 each day we cover an overdraft by transferring money," and that's on top of its $34 overdraft fee per item. Citibank's pretty cagey about whether they'll charge customers fees for using non-Citi ATMs, choosing to focus instead on the possibility that they might reimburse you the fees other banks charge for using their machines.

Chase Bank -- ATM fees are $2 per transaction from Chase if you use any non-Chase ATM. According to the site, you have to choose to sign up for overdraft protection; their overdraft fees are tiered -- $25 for the first occurrence, and more from there. (Also, good luck trying to read through the disclosures -- all the download links are broken.)

First Republic -- There is no overdraft fee listed, only a $30 fee for "insufficient funds."

US Bank -- US Bank will charge you $2 for using your ATM card at non-US Bank location. Their overdraft fees are tiered: $19.00 for the first overdraft, $35.00 for two to four, and $37.50 after that; the continuous overdraft fee (charged each day the available balance is below zero beginning, as of the fourth calendar day you're overdrawn) is $8 per day. According to the website, overdraft protection is an opt-in program with an unstated monthly fee.

Wells Fargo -- According to the fee schedule, Wells Fargo will charge you $2.50 if you withdraw money at a non-Wells Fargo ATM. Their overdraft fee is $25 for the first overdrawn occasion in a 12-month period, then $35 per each occasion after that. Wells Fargo defines an occasion as "a day in which your account does not have enough money to cover the transaction," so if you've got one overdrawn check but your account doesn't have sufficient funds for three days, you're out $90 in overdraft fees alone.

ATMs, choosing to focus instead on the possibility that they might reimburse you the fees other banks charge for using their machines.

Chase Bank -- ATM fees are $2 per transaction from Chase if you use any non-Chase ATM. According to the site, you have to choose to sign up for overdraft protection;

their overdraft fees are tiered -- $25 for the first occurrence, and more from there. (Also, good luck trying to read through the disclosures -- all the download links are broken.)

First Republic -- There is no overdraft fee listed, only a $30 fee for "insufficient funds."

US Bank -- US Bank will charge you $2 for using your ATM card at non-US Bank location. Their overdraft fees are tiered: $19.00 for the first overdraft, $35.00 for two to four, and $37.50 after that; the continuous overdraft fee (charged each day the available balance is below zero beginning, as of the fourth calendar day you're overdrawn) is $8 per day. According to the website, overdraft protection is an opt-in program with an unstated monthly fee.

 

Wells Fargo -- According to the fee schedule, Wells Fargo will charge you $2.50 if you withdraw money at a non-Wells Fargo ATM. Their overdraft fee is $25 for the first overdrawn occasion in a 12-month period, then $35 per each occasion after that. Wells Fargo defines an occasion as "a day in which your account does not have enough money to cover the transaction," so if you've got one overdrawn check but your account doesn't have sufficient funds for three days, you're out $90 in overdraft fees alone. SOURCE:SFGATE.COM

A Reluctance to Retire Means Fewer Openings

To the long list of reasons American companies aren’t hiring — business losses, tight credit, consumer retrenchment — add the fact that many of their older workers are unable, or afraid, to retire.

In other parts of the developed world, people are retiring as planned, because of relatively flush state and corporate pensions that await them. But here in the United States, financial security in old age rests increasingly on private savings, which have taken a beating in the last year. Prospective retirees are clinging to their jobs despite some cherished life plans.

As a result, companies are not only reluctant to create new jobs, but have fewer job openings to fill from attrition. For the 14 million Americans looking for work — a number expected to rise in Friday’s jobs report for August — this lack of turnover has made a tough job market even tougher.

Consider Barbara Petrucci, a dialysis nurse who had expected to stop working soon, or at least scale back to part time. Now that her family savings have been depleted by market declines, she expects to stay on the job for a long, long time.

“Retirement is kind of an elusive dream at this point,” says Ms. Petrucci, 58, who works at an Atlanta hospital while her retired husband, Ned, 61, interviews for jobs (unsuccessfully, so far). “We tease at work about someday having to go around at the hospital with our walkers.”

The diverted life plans of families like the Petruccis are an unintended economic consequence of the nation’s sprawling 401(k) plans. These private retirement savings vehicles, designed 30 years ago as a supplement to traditional corporate pensions, have somewhat haphazardly replaced the old system, like an innocuous weed that somehow overgrew the garden.

As is apparent in this downturn, the economic effects of such an ad hoc system can be perverse. In boom times, when companies need more workers, the most experienced employees may decide to retire, taking comfort in their bloated401(k)s, whose values typically fluctuate with the financial markets.CONTINUE READING..

Tax credits improving for college students

While filing your taxes is the last thing you want to think of as the remaining free days of summer tick away, now is a good time to remind your college student to start saving book receipts and keep track of other college expenses before they start spending. As part of the American Recovery and Reinvestment Act, more parents and students will qualify for the tax credit called the American Opportunity Credit for tax years 2009 and 2010, and their tax credits will increase from $1,800 under the Hope Credit, to $2,500 under the new plan. "It is a very valuable benefit. It is really about putting more money in your pocket," said Bob Meighan, vice president of tax software giant TurboTax. While the American Opportunity Credit is an extension and expansion of the Hope Credit, some taxpayers may need tax software to determine if other deductions or credits, such as the Lifelong Learning Credit, are better for them and "give the biggest bang for the buck," Meighan said. Basically, anyone paying $4,000 or more a year for college qualifies for the maximum American Opportunity annual benefit of $2,500 per student. "This presumably opens the door for kids who wouldn't be able to afford it," he said. The new credit adds books and required course materials to the list of qualifying expenses, as well as tuition and fees, and allows the credit to be claimed for four post-secondary education years instead of two. The full credit is for individuals with modified adjusted gross incomes of $80,000 or less, or $160,000 or less more married couples filing a joint return, according to the IRS. Partial credit is given to single filers making $80,000 to $90,000, and married couples making $160,000 to $180,000. The tax break is also partially refundable, allowing lower income families with little or no tax liability to claim some of the credit. CONTINUE READING..

Credit Bailout: Issuers Slashing Card Balances

The banks were bailed out last fall, the automobile companies last winter. For Edward McClelland, a writer in Chicago, deliverance finally arrived a few days ago.Mr. McClelland’s credit card company was calling yet again, wondering when it could expect the next installment on his delinquent account. He proposed paying half of his $5,486 balance and calling the matter even.It’s a deal, the account representative immediately said, not even bothering to check with a supervisor.As they confront unprecedented numbers of troubled customers, credit card companies are increasingly doing something they have historically scorned: settling delinquent accounts for substantially less than the amount owed.The practice started last fall as the economy worsened. But in recent months, with unemployment topping 9 percent and more people having trouble paying their bills, experts say this approach has risen drastically.They say many credit card issuers have revised internal guidelines to give front-line employees the power to cut deals with consumers. The workers do not even have to wait for customers to call and ask for a break.“Now it’s the card company calling you and saying, ‘Let’s talk turkey,’ ” said David Robertson, publisher of the credit industry journal The Nilson Report.Only a few creditors are willing to confirm the practice. Bank of America and American Express say they decide on a case-by-case basis whether to accept less than the full balance. Other card companies refuse to discuss the subject, but their trade group, the American Bankers Association, acknowledges that settlements are becoming more common.The shift comes as the financial services industry finds itself losing some of its legendary power. A credit card reform bill that makes it harder to raise rates on existing balances and prevents certain automatic fees flew through Congress and was signed by President Obama in late May.Borrowers still have a crushing amount of debt to deal with, however.Revolving credit, a close approximation of credit card debt, totaled $939.6 billion in March. The Federal Reserve reported that 6.5 percent of credit card debt was at least 30 days past due in the first quarter, the highest percentage since it began tracking the number in 1991. The amount being written off was also at peak levels.After a balance has been delinquent for six months, regulations require the card company to reduce the value of the debt on its books to zero. If a borrower has not paid by this point, chances are he never will.“The creditors would rather have a piece of something now instead of absolutely nothing down the road,” said Adam K. Levin, the founder of the consumer education Web site Credit.com. Banks and credit card companies are discussing new programs that would, for the first time, allow credit counselors to invoke reductions of principal as a routine part of their strategy, said Jeffrey S. Tenenbaum, a lawyer for many counseling agencies. In the past, counselors could persuade card issuers to adjust interest rates and modify late fees, but the balance was untouchable.  CONTINUE READING...