Saturday, December 17, 2011

The Iraq War and the Steep Price of American Bravado (ContributorNetwork)

COMMENTARY | President Obama marked the end of the war in Iraq on Wednesday, December 14, but his salute of returning troops was no declaration of victory. Obama's low-key wrap-up of the war contrasts starkly with President George W. Bush's infamous "mission accomplished" celebration. That celebration, which marked the end of major combat operations, was full of the self-assured bravado that led us into the Iraq War.

Where is that bravado now?

Now, a decade past the "shock and awe" bombardment meant to lead to the Iraqi forces' quick collapse, it's fair to ask whether America's achievements were worth their steep cost.

The Iraq War did produce some desired results. America might not have found the weapons of mass destruction it insisted justified invasion, but it did -- along with its allies -- depose a ruthless dictator whose unpredictability destabilized the Persian Gulf. Connections between Al-Qaeda and Iraq now appear to have been largely puffery, manufactured to justify military action to the ordinary Americans who bore the cost, both economic and human, of the war and occupation. But America made clear to the world the lengths to which it would go to protect its security interests.

But do those achievements justify the 4,500 lost and 32,000 wounded Americans? Perhaps. The better question might be, do they justify the loss of 100,000 Iraqi lives and the possibly irreparable damage to America's status as global beacon for freedom and justice?

I recall sharing dinner with a friend shortly after the war's start. "This war will be the first crack in America's foundation," my friend told me. "One day we'll look back and see [the Iraq War] as the beginning of America's end."

Those comments still strike me as overstatements. But it's true that, due in large part to the Iraq War, America's reality has shifted. We fought a war we couldn't really afford, for a people whose allegiances we misjudged, based on tragically mistaken justifications, with an ill-formed exit strategy. Our actions at Abu Ghraib revealed to the world that Americans, too, are capable of cruelty. The deaths of 100,000 Iraqis will stain our political relations in the Gulf for generations to come.

The chief consequence of the war for Americans is that we have been forced to confront the reality that America is fallible, our security depends on international cooperation, and until we tend to our own democracy's blemishes, we have no business defining democracy for others.

I can't imagine that the destruction of so many lives was unavoidable. But if these are the tough lessons we've learned, I'm glad such painful losses won us something.

Source: http://us.rd.yahoo.com/dailynews/rss/iraq/*http%3A//news.yahoo.com/s/ac/20111216/pl_ac/10685165_the_iraq_war_and_the_steep_price_of_american_bravado

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Friday, December 16, 2011

Italian court explains ruling clearing Knox (AP)

MILAN, Italy ? The appellate court in Italy that cleared American student Amanda Knox in the slaying of her British roommate has released the reasoning behind its ruling.

The Perugia court said faulty evidence was used to build the case linking Knox and her Italian boyfriend to the slaying of 21-year-old Meredith Kercher, whose body was found in a pool of blood on Nov. 1, 2007.

Knox and Raffaele Sollecito had their guilty verdicts thrown out Oct. 3. Knox immediately returned home to Seattle, after four years in jail.

The appellate court released its 144-page reasoning for reversing the earlier verdict on Thursday.

Source: http://us.rd.yahoo.com/dailynews/rss/europe/*http%3A//news.yahoo.com/s/ap/20111215/ap_on_re_eu/eu_italy_knox

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Cheerios Bee Gets Sexy Online, Company Apologizes


The Cheerios Bee likes to get down and dirty, apparently.

Thanks to some mischievous hacker/vandal, General Mills is scrambling to clean up a PR mess. Its website for kids is supposed to let them create their own Cheerios-themed cartoons, but someone got carried away and made an X-rated one.

Which made it to the top of the popular "Honey Defender" website. See below:

Cheerios

A rep for the cereal company says that, “We have some safeguards that are supposed to keep this from happening, but I guess it wasn’t set up with this game."

Guess not. That bee appears rather aroused.

The rep tells TMZ, "Normally, games where we allow viewers to spell out things themselves have safeguards that tell children they can’t type stuff like that in. Let’s just say this is no longer going to be the 'Hot Comic of the Week' much longer!”

Depending on your definition of hot, what could possibly replace it?

Source: http://www.thehollywoodgossip.com/2011/12/cheerios-bee-gets-sexy-online-company-apologizes/

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Tuesday, December 6, 2011

Bio–Jet Fuel Struggles to Balance Profit with Sustainability

News | Energy & Sustainability

Alternatives for aviation industry and the military pose issues related to land use, clearing peatland, fertilizer use, costs and more emissions


Image: Flickr/Simon_sees

DURBAN, South Africa?My share of the carbon dioxide my flight to Johannesburg emitted over 15 hours amounted to 1,391.3 kilograms, according to the helpful information provided by South African Airlines. Add a dollop of 53.8 kilograms of CO2 for the jet jaunt to Durban and you can see that the aviation industry?and the Durban climate talks?have an emissions problem.

In fact, flying now accounts for some 2 percent?and growing fast?of global greenhouse gas emissions, although the industry has pledged to stop that growth by 2020. According to the aviation industry, a full 80 percent of the roughly 650 million metric tons of CO2 annually emitted by aircraft are from those flying more than 1,500 kilometers (like my trip from New York City to Durban) for which there is no alternative mode of practical transport. And, given the energy density of kerosene, there really is no alternative to liquid fuel either?with the exception of lightweight solar-powered drones, electric planes cannot get off the ground. As for hydrogen, it is hard to carry enough of it and still have space for passengers, too.

That's why the U.S. military, a slew of airline companies, Boeing and others have invested heavily in jet fuel made from plants?the oils provided by weedy camelina or hardy jatropha shrubs or even algae. The fuels have successfully passed all trials?even delivering more thrust per gallon?and have now entered regular commercial use in the U.S. and Europe, promising to cut CO2 emissions by 80 percent, albeit at a premium price. The U.S. Federal Aviation Administration is giving out $7.7 million in contracts to such jet biofuel?makers.

"Everybody wants a solution to oil," says Jigar Shah, CEO of the Carbon War Room, an organization founded by Virgin Airlines founder Sir Richard Branson and others to combat climate change. "Aviation is where it's going to come first."

Unfortunately, there's a problem. As much as ethanol from corn turns out to be a bad biofuel idea, the climate-friendly value of these bio-jet fuels depends largely on how they are produced. A fuel made from palm oil turns out to be worse for greenhouse gas levels in the atmosphere than jet fuel refined from petroleum because it involves clearing rainforest or peatland. To help solve this problem, the Carbon War Room has launched RenewableJetFuels.org, which ranks all biofuel companies on sustainability, among other criteria.

"We need to ensure that these fuels are made in a way that doesn't put pressure on ecosystems that are already stressed," says Suzanne Hunt, who is leading the Carbon War Room's aviation effort. "They must not put pressure on food security and we must make sure the greenhouse gas reductions are real and verified."

Per the Carbon War Room's main criteria of scalability (Can it be made in bulk?); sustainability (Can it be made with minimal environmental damage?); and economic viability (Can it be made at a profit?), the top five producers include: Lanzatech,? SG Biofuels, AltAir, Solazyme and Sapphire?all of which have already provided biofuels to fly jets.

All of these fuels cost more than petroleum-based jet fuel. "For airlines, a third or more of the operating costs are fuel," Hunt notes, arguing that locking in bio?jet fuel at a consistent price will help airlines hedge that cost. "The E.U. including aviation under the cap [of its emissions trading program] is a major incentive."

Source: http://rss.sciam.com/click.phdo?i=14594c0e6ffb70b7078b80c79b13df97

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Monday, December 5, 2011

CFTC bans Corzine-style deals (Politico)

Financial regulators Monday banned the kinds of in-house deals that may have contributed to the the bankruptcy of MF Global and the downfall of Jon Corzine, the former New Jersey Democratic governor and senator whose ties to Wall Street once made him a possible contender to become the next Treasury secretary.

The Commodity Futures Trading Commission voted 5-0 on a rule stemming from the Dodd-Frank reforms that limits how futures brokerages can invest their customers? money.

Continue Reading

MF Global, where Corzine had served as the chief executive, is missing an estimated $1.2 billion in customer funds, though it?s unclear whether the brokerage siphoned off client money through repurchase agreements that are now forbidden by the rule. The agreements allowed the brokerage to borrow from its customers.

Corzine, among others, lobbied the CFTC earlier this year to postpone finalizing the rule, which also prevents brokerages from investing customer money in foreign sovereign debt.

?We proposed this rule in October 2010, and since then, I have consistently felt the CFTC needed to finalize it to ensure customer funds are protected,? CFTC chairman Gary Gensler, who worked with Corzine at the investment bank Goldman Sachs, said in his opening statement at a Monday commission meeting. ?This rule is important, but the agency will look at additional ways to enhance customer protections.?

MF Global and Corzine have emerged as prime targets for Republicans in Washington, with the House Agriculture Committee issuing a subpoena to have the former governor testify at a Thursday hearing. The House Financial Services Oversight and Investigations subcommittee will hold a separate hearing on December 15.

A tight budget might cause the CFTC to struggle implementing the rule, as Congress approved a $205 million budget for the agency - lopping more than $100 million off the 2012 request from President Barack Obama.

?Without funding, the CFTC simply does not have enough cops on the beat to patrol the high-crime area that Wall Street has become,? said Dennis Kelleher, president of Better Markets, a nonprofit advocating for greater transparency in the financial markets.

Source: http://us.rd.yahoo.com/dailynews/rss/politics/*http%3A//us.rd.yahoo.com/dailynews/external/politico_rss/rss_politico_mostpop/http___www_politico_com_news_stories1211_69796_html/43810650/SIG=11m5tkbg1/*http%3A//www.politico.com/news/stories/1211/69796.html

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Video: Cain to make big announcement

NYT: Sandusky tells his side, denies charges

In a four-hour interview, Jerry Sandusky, in addition to denying charges that he molested young boys, shed light on several key aspects of the investigation and the actions, or inaction, of officials at Penn State University and the Second Mile charity.

Source: http://www.msnbc.msn.com/id/3036697/vp/45529566#45529566

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Sunday, December 4, 2011

Zynga IPO values company as high as $9.04 billion (Reuters)

(Reuters)- Zynga Inc, which plans to go public in two weeks, on Friday slashed its value by more than 30 percent to $9 billion, hoping to avoid the fate of other recent Internet IPOs that have disappointed after stock market debuts.

The pricing values the maker of Facebook games as high as $9.04 billion, whereas just two weeks ago a filing listed its value, based on a third party assessment, at $14.05 billion.

"Given what's transpired in the markets over the several months and overall macro uncertainly, it seems like Zynga is trying to take a practical and prudent approach to the deal to make it seem more appetizing to investors," said Robert W. Baird & Co analyst Colin Sebastian.

Shares of Internet companies Groupon and Pandora Media, both high profile IPOs, have slumped below their IPO prices. Some feared Zynga would find itself in a similar situation after some previous sky high valuations.

Zynga said in an updated filing on Friday that it plans to sell 100 million new shares, an 11.1 percent stake, at between $8.50 and $10 each. A Zynga spokesman declined to comment the IPO.

At the midpoint price, the Zynga IPO could raise $925 million, which would make it the largest by a U.S. Internet company since Google Inc raised $1.7 billion in 2004.

The updated filing with a price range kicks off the company's road show, in which Chief Executive Mark Pincus and Chief Financial Officer David Wehner will pitch the IPO to investors.

The road show starts in the mid-Atlantic region on Monday, with stops in cities including Chicago, Boston, New York, Denver and San Francisco. Zynga aims to set a final price on December 15 and the stock is scheduled to trade on Dec 16.

Five-year-old Zynga made its name with viral games such as "FarmVille," among the most popular on the Facebook social network. While Zynga's games are free to play, the company makes money from selling virtual items -- such as tractors and weapons -- that players then use in games.

Based on a fully diluted share count of 904 million, which includes existing shares and stock options, the IPO price values Zynga at $7.7 billion to $9.04 billion.

While Zynga's valuation has been cut from earlier estimates, Zynga would still be among the largest publicly traded U.S. game developers after it debuts on Nasdaq under the "ZNGA" ticker.

Video game developer Activision Blizzard Inc currently has the industry's highest market value, at $14.2 billion, followed by Electronic Arts Inc, at $7.7 billion.

Zynga's debut will follow IPOs this year from Groupon Inc and LinkedIn Corp that helped revive a market that had sputtered in recent years. Facebook is gearing up to go public next year.

With more than 260 million monthly active users on Facebook, Zynga has been adept at herding current players to its each new free game it releases. Zynga's unique paying players for the 12 months ended September 30 stood at about 7.7 million.

"We are now entering into the most active launch period in the history of the company. In fact, we now have more people working on new games, than existing games," said Chief Operating Officer John Schappert in an IPO road show video posted online on Friday.

PINCUS POWER

Pincus, a serial entrepreneur before he founded Zynga, will hold a class of shares with 70 times more voting power than the common stock that will be sold in the offering.

Such concentrated voting power in the hands of a CEO is rare, said Lise Buyer, founder of IPO advisory firm The Class V Group, who said that investors will have to "think long and hard" about the unequal voting rights.

A 10-1 voting structure with companies such as LinkedIn is more common, she said.

"Future shareholders should assume Zynga won't listen to them," Buyer said.

Deep-pocketed rivals from Walt Disney Co to Electronic Arts are starting to muscle in on Zynga's turf with Facebook games of their own.

The company said its IPO represented 14.3 percent of 699 million common shares, excluding restricted stock.

(Reporting by Liana B. Baker in New York and Brenton Cordeiro in Bangalore; Editing by Lisa Von Ahn)

Source: http://us.rd.yahoo.com/dailynews/rss/business/*http%3A//news.yahoo.com/s/nm/20111202/bs_nm/us_zynga_ipo

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