Saturday, January 21, 2012

Report: PSU fired Paterno over lack of action

FILE - In this Oct. 15, 2011, file photo, Penn State head coach Joe Paterno watches warm ups before an NCAA college football game against Purdue in State College, Pa. In his first public comments since being fired two months ago, former Penn State coach Paterno told the Washington Post he "didn't know which way to go" after an assistant coach came to him in 2002 saying he had seen retired defensive coordinator Jerry Sandusky sexually abusing a boy, the Post reported on Saturday, Jan. 14, 2012. (AP Photo/Gene J. Puskar, File)

FILE - In this Oct. 15, 2011, file photo, Penn State head coach Joe Paterno watches warm ups before an NCAA college football game against Purdue in State College, Pa. In his first public comments since being fired two months ago, former Penn State coach Paterno told the Washington Post he "didn't know which way to go" after an assistant coach came to him in 2002 saying he had seen retired defensive coordinator Jerry Sandusky sexually abusing a boy, the Post reported on Saturday, Jan. 14, 2012. (AP Photo/Gene J. Puskar, File)

(AP) ? Penn State's trustees agonized over the future of legendary football coach Joe Paterno but ultimately decided to fire the Hall of Famer in part over what they said was his failure to go to authorities with a report of alleged sexual assault of a child by an assistant coach nearly a decade ago, according to a report published Thursday in The New York Times.

Some of the 13 trustees interviewed by the Times (http://nyti.ms/AcHOxv ) said they were also troubled by Paterno greeting fans and supporters on his front lawn ? and leading them in school cheers ? just after the release of a scathing grand jury report detailing child sex abuse allegations against retired assistant coach Jerry Sandusky.

The trustees said they were also concerned about Paterno's ability to lead the team during the scandal that also resulted in the ouster of university President Graham Spanier, but most jarring was the feeling the coach had failed to do enough after learning of a 2002 incident involving Sandusky and a boy in an on-campus shower.

"Every adult has a responsibility for every other child in our community. ...We have a responsibility for ensuring that we can take every effort that's within our power not only to prevent further harm to that child, but to every other child," said trustee Kenneth Frazier.

The alleged 2002 shower assault ultimately resulted in charges against two university officials, athletic director Tim Curley and vice president Gary Schultz. They're charged with failing to report suspected child abuse and perjury related to their testimony before the grand jury.

Paterno's attorney defended the coach's actions in a statement, saying Paterno passed on a report about an alleged assault to his superiors at the university believing they would investigate and act appropriately.

Sandusky is charged with sexually assaulting 10 young boys he met through The Second Mile, a charity he founded in 1977. He denies the allegations.

Associated Press

Source: http://hosted2.ap.org/APDEFAULT/347875155d53465d95cec892aeb06419/Article_2012-01-19-Penn%20State%20Trustees-Paterno/id-a1f2e64f5b7d4333890ae73330291594

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BP seen agreeing $20-25 billion oil spill deal with DoJ (Reuters)

LONDON (Reuters) ? Oil giant BP will likely agree to pay the U.S. Department of Justice $20-$25 billion next month to settle all civil and criminal charges around the Deepwater Horizon rig blast and Gulf of Mexico oil spill, a leading industry analyst predicted on Thursday.

Martijn Rats, head of European oil research at Morgan Stanley said in a research note that he saw a 70-80 percent chance that the two sides would agree a deal sometime between BP's full year results on February 7, and the scheduled start of legal hearings in New Orleans on February 27.

BP sources have told Reuters that talks are ongoing with the Department of Justice about a possible settlement and that the London-based company's board has shifted to weekly meetings to discuss progress.

Chief Executive Bob Dudley has previously said BP would like to settle, although not at any price. When asked about the matter by reporters on Wednesday, he declined to make any comment, saying it was a sensitive time to be discussing it.

When contacted by Reuters, BP had no comment to make over the likelihood or size of a settlement.

BP senses the U.S. administration would like to settle the matter, not least because it is a U.S. presidential election year, the sources said but any outcome is still seen as uncertain.

The estimated level of settlement in the Morgan Stanley note - the most detailed analysis Reuters has seen on the potential cost of the spill - is much higher than other analysts have predicted, and around double the amount BP has taken a provision for.

Senior company sources last year told Reuters that the company was prepared for a massive payout. One source predicted BP would offer "the mother of all settlements."

Another said the settlement would likely be the second-largest in U.S. legal history, putting it between the $206 billion the tobacco industry agreed to pay U.S. states for treating smoking-related illnesses and the $7.2 billion banks agreed to pay to settle litigation related to Enron's collapse.

SHARES LAG

BP has the money to pay a $20-25 billion settlement - it is sitting on cash pile of more than $20 billion and has billions of dollars worth of assets on the block as part of its restructuring.

Nonetheless, Morgan Stanley predicts the larger-than- expected size of the payout will weigh on BP's shares. It rates the shares "underweight" and has a target price of 435 pence, against a Wednesday close of 481 pence.

The shares traded down 0.6 percent at 0905 GMT, against a flat STOXX Europe 600 Oil and Gas index.

BP investors are expecting the company to announce a dividend hike at its full year results, after Dudley said late last year that it had reached a turning point after the oil spill and was now returning to growth mode.

A big settlement would limit BP's ability to lift the shareholder payout.

Morgan Stanley believes the DoJ deal will cover all criminal and civil proceedings being pursued by the government against BP under the Clean Water Act, Alternative Fines Act, other laws and BP's obligation to make good any natural resources damages.

(Reporting by Tom Bergin; Editing by Hans-Juergen Peters and Mike Nesbit)

Source: http://us.rd.yahoo.com/dailynews/rss/mexico/*http%3A//news.yahoo.com/s/nm/20120119/ts_nm/us_bp

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Tuesday, January 17, 2012

Best Car Insurance An Evaluation - Illinois State Insurance

by Illinois State Insurance ? January 15th, 2012

Most drivers and owners of cars want to know what is the best car insurance.? This article will discuss some options and recommend some ways you can best answer that question.

When it comes right down to it, the best car insurance for one driver may be different for another.? Each driver and car owner has a different set of requirements.? Car insurance policies therefore contain a great deal of variability and flexibility to best serve the needs of the customers.

In a given state, there are usually many insurance companies which can offer car insurance.? They offer different kinds of coverage and have different amounts which can be purchased.

What you will find is that even for the same coverage for the same vehicle and driver, the cost can vary depending on the insurance company chosen.? Not every insurance company charges the same prices and some companies are better suited for different kinds of drivers than others.

For example there may be an insurance company which caters primarily to safe drivers.? If the driver meets their requirements, the policy rates may be very attractive.? But if the driver is unable to meet the stringent requirements, the rates may be substantially higher because the company really doesn?t want to service drivers who may some problems with their driving skills or other factors.

On the other hand there may be companies which focus on higher risk drivers and have policies which can be quite cost effective.? There are many other factors involved which can vary quite a bit what the insurance will charge for their policies.

It should also be noted that some companies have attractive rates for certain kinds of coverage like collision or comprehensive.? Or they may have special rates for members of the military or other special circumstances.

It is therefore very important to keep these in mind when trying to determine the best car insurance company.? As indicated, it can vary widely and what may be right for one person is not right for another.

So when you decide to consider getting new insurance, it recommended that you get quotes from more than one company.? You will most likely find out that one company has more attractive rates than another for certain kinds of coverage.? Or they may offer discounts that another company doesn?t make available.

So the simple answer to which is the best car insurance is this.? It depends.? So do your due diligence and evaluate things very carefully.? By doing so, you?ll be able to get good insurance coverage at a fair price from a top rated company.

Source: http://illinoisstateinsurance.com/best-car-insurance-an-evaluation/

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Sunday, January 15, 2012

Video: Plunging U.S.-Iran relations



>>> now to the rising tensions overseas with iran , over that country's threat to close a vital oil- shipping lane in international waters in retaliation for sanctions over its nuclear program . the u.s. is warning iran now publically and through back channels privately, not to try anything. our chief foreign correspondent richard engel has more on this high-stakes dangerous standoff.

>> reporter: today in tehran, the funeral of a nuclear scientist assassinated this week, and everyone knows who to blame. death to israel, death to america they shout. u.s./ iran relations are plunging fast and military analysts warn this could escalate well beyond angry rhetoric. the likely slash point, the strait of hormuz , the most important waterway on earth. 1/5 of the world's oil moves through the strait, 21 miles at its narrowest and it crosses right through iranian waters. tensions escalated dramatically in recent days. first, washington imposed harsh sanctions on iran and pressured the world to follow suit. iran staged a show of force. threatening to close the strait. that would send oil prices skyrocketing. the logic for iran if we suffer with sanctions, so will everyone else. it is a risky move. the u.s. fifth fleet is within striking distance.

>> we cannot tolerate iran blocking the straits of hormuz. that's a red line .

>> reporter: just last week threes iranian speed boats approached a navy ship. they dismissed it as routine. nbc's top military analysts both warn a conflict is now a dangerous possibility.

>> these new economic sanctions actually start to strangle the iranian economy . the regime barely has control today, that the economy collapses, then they are going to take some action.

>> there is liable to be, if not likely to be, a confrontation of some kind.

>> reporter: with so much tension and military hardware in a tiny stretch of water, clashes can start by accident. it's happened before.

>> good evening, it was not supposed to happen, but it did.

>> reporter: in 1988 , tensions were also high. the u.s. thought it was under attack from iranian jets. what is wrong. the american warship shot down an iranian passenger jet over the strait of hormuz killing all 290 people onboard.

>> i think probably both of us agree, military confrontation in the gulf would be a disaster for everybody involved.

>> reporter: the good news, brian, is that both the u.s. and iran seem to recognize the danger of all this and are communicating and trying to back away from any potential conflict. there is, of course, another wild card , that american who was recently sentenced to death in iran for spying. some analysts are suggesting he could end up being a bargaining chip.

>> what a dangerous neighborhood. richard engel , thanks for your reporting tonight.

Source: http://video.msnbc.msn.com/nightly-news/45992630/

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Calculating what's in the universe from the biggest color 3-D map

Thursday, January 12, 2012

Since 2000, the three Sloan Digital Sky Surveys (SDSS I, II, III) have surveyed well over a quarter of the night sky and produced the biggest color map of the universe in three dimensions ever. Now scientists at the U.S. Department of Energy's Lawrence Berkeley National Laboratory (Berkeley Lab) and their SDSS colleagues, working with DOE's National Energy Research Scientific Computing Center (NERSC) based at Berkeley Lab, have used this visual information for the most accurate calculation yet of how matter clumps together ? from a time when the universe was only half its present age until now.

"The way galaxies cluster together over vast expanses of the sky tells us how both ordinary visible matter and underlying invisible dark matter are distributed, across space and back in time," says Shirley Ho, an astrophysicist at Berkeley Lab and Carnegie Mellon University, who led the work. "The distribution gives us cosmic rulers to measure how the universe has expanded, and a basis for calculating what's in it: how much dark matter, how much dark energy, even the mass of the hard-to-see neutrinos it contains. What's left over is the ordinary matter and energy we're familiar with."

For the present study Ho and her colleagues first selected 900,000 luminous galaxies from among over 1.5 million such galaxies gathered by the Baryon Oscillation Spectrographic Survey, or BOSS, the largest component of the still-ongoing SDSS III. Most of these are ancient red galaxies, which contain only red stars because all their faster-burning stars are long gone, and which are exceptionally bright and visible at great distances. The galaxies chosen for this study populate the largest volume of space ever used for galaxy clustering measurements. Their brightness was measured in five different colors, allowing the redshift of each to be estimated.

"By covering such a large area of sky and working at such large distances, these measurements are able to probe the clustering of galaxies on incredibly vast scales, giving us unprecedented constraints on the expansion history, contents, and evolution of the universe," says Martin White of Berkeley Lab's Physics Division, a professor of physics and astronomy at the University of California at Berkeley and chair of the BOSS science survey teams. "The clustering we're now measuring on the largest scales also contains vital information about the origin of the structure we see in our maps, all the way back to the epoch of inflation, and it helps us to constrain ? or rule out ? models of the very early universe."

After augmenting their study with information from other data sets, the team derived a number of such cosmological constraints, measurements of the universe's contents based on different cosmological models. Among the results: in the most widely accepted model, the researchers found ? to less than two percent uncertainty ? that dark energy accounts for 73 percent of the density of the universe.

The team's results are presented January 11 at the annual meeting of the American Astronomical Society in Austin, Texas, and have been submitted to the Astrophysical Journal. They are currently available online at http://arxiv.org/abs/1201.2137.

The power of the universe

"The way mass clusters on the largest scales is graphed in an angular power spectrum, which shows how matter statistically varies in density across the sky," says Ho. "The power spectrum gives a wealth of information, much of which is yet to be exploited." For example, information about inflation ? how the universe rapidly expanded shortly after the big bang ? can be derived from the power spectrum.

Closely related to the power spectrum are two "standard rulers," which can be used to measure the history of the expansion of the universe. One ruler has only a single mark ? the time when matter and radiation were exactly equal in density.

"In the very early universe, shortly after the big bang, the universe was hot and dominated by photons, the fundamental particles of radiation," Ho explains. "But as it expanded, it began the transition to a universe dominated by matter. By about 50,000 years after the big bang, the density of matter and radiation were equal. Only when matter dominated could structure form."

The other cosmic ruler is also big, but it has many more than one mark in the power spectrum; this ruler is called BAO, for baryon acoustic oscillations. (Here, baryon is shorthand for ordinary matter.) Baryon acoustic oscillations are relics of the sound waves that traveled through the early universe when it was a hot, liquid-like soup of matter and photons. After about 50,000 years the matter began to dominate, and by about 300,000 years after the big bang the soup was finally cool enough for matter and light to go their separate ways.

Differences in density that the sound waves had created in the hot soup, however, left their signatures as statistical variations in the distribution of light, detectable as temperature variations in the cosmic microwave background (CMB), and in the distribution of baryons. The CMB is a kind of snapshot that can still be read today, almost 14 billion years later. Baryon oscillations ? variations in galactic density peaking every 450 million light-years or so ? descend directly from these fluctuations in the density of the early universe.

BAO is the target of the Baryon Oscillation Spectroscopic Survey. By the time it's completed, BOSS will have measured the individual spectra of 1.5 million galaxies, a highly precise way of measuring their redshifts. The first BOSS spectroscopic results are expected to be announced early in 2012.

Meanwhile the photometric study by Ho and her colleagues deliberately uses many of the same luminous galaxies but derives redshifts from their brightnesses in different colors, extending the BAO ruler back over a previously inaccessible redshift range, from z = 0.45 to z = 0.65 (z stands for redshift).

"As an oscillatory feature in the power spectrum, not many things can corrupt or confuse BAO, which is why it is considered one of the most trustworthy ways to measure dark energy," says Hee-Jong Seo of the Berkeley Center for Cosmological Physics at Berkeley Lab and the UC Berkeley Department of Physics, who led BAO measurement for the project. "We call BAO a standard ruler for a good reason. As dark energy stretches the universe against the gravity of dark matter, more dark energy places galaxies at a larger distance from us, and the BAO imprinted in their distribution looks smaller. As a standard ruler the true size of BAO is fixed, however. Thus the apparent size of BAO gives us an estimate of the cosmological distance to our target galaxies ? which in turn depends on the properties of dark energy."

Says Ho, "Our study has produced the most precise photometric measurement of BAO. Using data from the newly accessible redshift range, we have traced these wiggles back to when the universe was about half its present age, all the way back to z = 0.54."

Seo adds, "And that's to an accuracy within 4.5 percent."

Reining in the systematics

"With such a large volume of the universe forming the basis of our study, precision cosmology was only possible if we could control for large-scale systematics," says Ho. Systematic errors are those with a physical basis, including differences in the brightness of the sky, or stars that mimic the colors of distant galaxies, or variations in weather affecting "seeing" at the SDSS's Sloan Telescope ? a dedicated 2.5 meter telescope at the Apache Point Observatory in southern New Mexico.

After applying individual corrections to these and other systematics, the team cross-correlated the effects on the data and developed a novel procedure for deriving the best angular power-spectrum of the universe with the lowest statistical and systematic errors.

With the help of 40,000 central-processing-unit (CPU) hours at NERSC and another 20,000 CPU hours on the Riemann computer cluster at Berkeley Lab, NERSC's powerful computers and algorithms enabled the team to use all the information from galactic clustering in a huge volume of sky, including the full shape of the power spectrum and, independently, BAO, to get excellent cosmological constraints. The data as well as the analysis output are stored at NERSC.

"Our dataset is purely imaging data, but our results are competitive with the latest large-scale spectroscopic surveys," Ho says. "What we lack in redshift precision, we make up in sheer volume. This is good news for future imaging surveys like the Dark Energy Survey and the Large Synoptic Survey Telescope, suggesting they can achieve significant cosmological constraints even compared to future spectroscopy surveys."

###

DOE/Lawrence Berkeley National Laboratory: http://www.lbl.gov

Thanks to DOE/Lawrence Berkeley National Laboratory for this article.

This press release was posted to serve as a topic for discussion. Please comment below. We try our best to only post press releases that are associated with peer reviewed scientific literature. Critical discussions of the research are appreciated. If you need help finding a link to the original article, please contact us on twitter or via e-mail.

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Source: http://www.labspaces.net/116670/Calculating_what_s_in_the_universe_from_the_biggest_color___D_map

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Saturday, January 14, 2012

Obama promotes 'insourcing,' government reorg

President Barack Obama delivers remarks on government reform, Friday, Jan. 13, 2012, in the East Room of the White House in Washington.(AP Photo/J. Scott Applewhite)

President Barack Obama delivers remarks on government reform, Friday, Jan. 13, 2012, in the East Room of the White House in Washington.(AP Photo/J. Scott Applewhite)

WASHINGTON (AP) ? President Barack Obama is promoting new initiatives to make the government leaner and more efficient and bring jobs back to the U.S. from overseas.

He rolled out both election-year ideas this past week and used his radio and Internet address Saturday to talk them up and call on Congress and the private sector to get on board.

"Right now, we have a 21st century economy, but we've still got a government organized for the 20th century," Obama said. "Over the years, the needs of Americans have changed, but our government has not. In fact, it's gotten even more complex. And that has to change."

On government reorganization, Obama wants a guarantee from Congress that he could get a vote within 90 days on any idea to consolidate federal agencies, provided it saves money and cuts the government. His first order of business would be to merge six major trade and commerce agencies into one ? eliminating, among others, the Commerce Department.

The proposal is in part a challenge to congressional Republicans since it embraces the traditional GOP goal of smaller government, and Obama called on Congress to back him.

"These changes will make it easier for small-business owners to get the loans and support they need to sell their products around the world," he said.

Obama is also promising new tax incentives for businesses that bring jobs to the U.S. instead of shipping them overseas, and he wants to eliminate tax breaks for companies that outsource.

"You've heard of outsourcing - well, this is insourcing," said Obama. "And in this make or break moment for the middle class and those working to get into the middle class, that's exactly the kind of commitment to country that we need."

Obama went so far as to bring several U.S.-made products to display in his weekly video ? a padlock, a candle, some socks and a pair of boots ? to demonstrate his commitment to made-in-America manufacturing.

Republicans used their weekly address to promote the Keystone XL project to carry oil from Canada to Texas Gulf Coast refineries. Under a GOP-written provision Obama signed into law just before Christmas as part of an unrelated tax bill, the president faces a Feb. 21 deadline to decide whether the $7 billion pipeline is in the national interest.

The GOP is pounding Obama over the issue, saying it's a question of whether he wants to create jobs and import energy from a close friend and ally ? or lose jobs and see Canadian oil go to Asia instead.

"If the Keystone XL pipeline isn't built, Canadian oil will still be produced and transported," said Sen. John Hoeven, R-N.D. "But instead of coming to our refineries in the United States, instead of creating jobs for our people, instead of reducing our dependence on Middle Eastern oil and keeping down the cost of fuel for American consumers ? that oil will be sent to China."

Obama had sought to delay the project and the State Department has warned the deadline doesn't leave it enough time for necessary reviews. Hoeven accused Obama of turning his back on American workers if he fails to approve it.

___

Online:

Obama address: www.whitehouse.gov

GOP address: www.youtube.com/gopweeklyaddress

Associated Press

Source: http://hosted2.ap.org/APDEFAULT/3d281c11a96b4ad082fe88aa0db04305/Article_2012-01-14-Obama/id-096bbc8582d54e3f836cf6ca8a286d1b

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Custody banks net short-selling gains from EU crisis (Reuters)

LONDON (Reuters) ? A group of specialist banks are profiting from Europe's financial crisis, thanks to a surge in demand for securities which allow traders to bet against bank stocks and government bonds.

The so-called custody banks that administer securities, a normally unglamorous and low-margin business, include BNY Mellon, JP Morgan (JPM.N) and State Street (STT.N).

The banks, as well as loan specialist Equilend, take a fee for linking lenders with surplus stock -- typically pension funds -- with borrowers such as hedge funds and banks, who want to position themselves in markets by short-selling.

Pension funds and insurers have become increasingly attracted to lending by the fees they accrue from the borrowers at a time when equity returns are off.

The latter want stocks or bonds to sell them in the hope that their price will fall over time. They can then buy back the securities at a lower rate and pocket the difference before returning them to the lender.

"There were many trading opportunities in 2011," said James Slater, global head of securities lending at BNY Mellon.

"Activity in the second half was driven by (hedge) funds, reacting to global events like the euro zone crisis."

JP Morgan and State Street both saw lending levels rise in 2011, while Equilend, whose electronic systems match firms wanting to lend with prospective borrowers, saw its trading levels spike in August.

"Clearly volatility is a part of that but we've added more new clients this year than any other and they are using more of our services," said Equilend Chief Executive Brian Lamb.

The peak activity in August, when Equilend trading hit 27,770 loans worth $21.3 billion in one day, was partly driven by the worsening Euro zone crisis, during which traders borrowed assets to bet on falling markets.

Equilend is owned by 10 large financial firms including Credit Suisse (MLPN.P), Goldman Sachs (GS.N), Morgan Stanley (MS.N) and UBS (UBSN.VX), custodians Northern Trust (NTRS.O) and State Street, and fund manager Blackrock.

GAME OF TWO HALVES

The world's top stock lending houses may have ended 2011 up on previous years but sustained volatility and a drop in demand towards the end of the year have raised questions over the outlook for 2012.

Lending rates in the latter part of the year were also affected by bans on the short-selling of some European bank stocks, which were introduced in August and still hold.

"The extreme volatility in equity markets coupled with the continuation of short sell bans across many European countries contributed to a decrease in trading opportunities for much of the second half of the year," said Don D'Eramo, senior managing director, securities finance, EMEA, at State Street.

Some volatility tends to help boost trading and stock lending in the short-term but prolonged volatility breeds uncertainty which depresses the markets and, therefore, the ability to make money short-selling.

"I suspect 2012 is going to remain challenging, without a speedy resolution to the Euro zone situation and a generally more positive market outlook," said Paul Wilson, global head of client management and sales at JP Morgan Worldwide Securities Services.

But the stock lending agents could benefit from regulatory efforts to force over-the-counter (OTC) derivatives trading to go via clearing houses, known as central counterparties (CCPs), in order to improve transparency.

Cash-strapped banks and brokers are already struggling for collateral to support their trading units and this situation will be compounded when regulators start to demand extra collateral from banks trading in the lucrative OTC markets.

"(This) will increase the demand from trading firms and other derivative users for eligible collateral," said JP Morgan's Wilson. "Derivatives users will look to borrow credit-worthy fixed income securities."

(Editing by Sophie Walker)

Source: http://us.rd.yahoo.com/dailynews/rss/eurobiz/*http%3A//news.yahoo.com/s/nm/20120110/bs_nm/us_lending_eurozone

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