- EU lawmakers vote to break up Google November 27, 2014European lawmakers approved separating Google's search engine from its other commercial activities on Thursday.
- Get a parking spot, fast, on Black Friday November 27, 2014Traffic can be twice as bad on Black Friday, but one mathematician says you can snag a prime spot in under 4 minutes.
- Websites hacked by Syrian Electronic Army November 27, 2014A number of websites – including CNBC and other media organizations - appeared to have been targeted by the Syrian Electronic Army on Thursday.
- Europe's economy faces three major risks: Draghi November 27, 2014Europe's recovery faces three risks – unemployment and a lack of productivity and structural reforms, according to the ECB president.
- OPEC deadline looms as oil hits fresh 4-year low November 27, 2014Oil futures sinks to a fresh four-year low as OPEC ministers meet.
- Ebola vaccine from Glaxo passes test November 27, 2014An experimental Ebola vaccine made by GlaxoSmithKline caused no serious side effects, scientists reported on Wednesday.
- Oil price fall starts to weigh on banks November 27, 2014Banks are facing potentially heavy losses on an $850m loan made to two oil and gas companies, the FT reports.
- Why analysts are writing off December November 27, 2014Christmas decorations aren't the only thing going up earlier. Analysts are moving up their market outlooks for the new year.
- Money is time for Samsung Electronics November 27, 2014Samsung's $2 billion share buyback plan will buy the company time with investors as it searches for new growth drivers, say analysts.
- Smartphone shipments to hit $300 bn in 2014 November 27, 2014Despite declining selling prices and signs of saturation in developed markets, smartphone shipments are set to hit a record high in 2014.
- Cramer Remix: Rule your retirement November 27, 2014A few simple steps could put a lot more money in your retirement plan. Jim Cramer is here to help you maximize your nest egg.
- Honda recalled cars with Takata air bags in 2002 November 26, 2014Honda Motor recalled a small number of cars equipped with Takata Corp air bags in March 2002, two years before the first known injury.
- Cramer: Take control of your retirement November 26, 2014A few simple steps could put a lot more money in your retirement plan. Cramer's here to help you maximize your nest egg.
- OPEC cuts unlikely: Yergin November 26, 2014As oil prices continue to fall, Wall Street is waiting to see if OPEC cuts oil production
- Low yields could spell trouble for stocks November 26, 2014Stocks are flying high but investors could soon decide the signal from the bond market may not be positive, especially for equities.
- Puerto Rico transit system may go dark November 26, 2014The commonwealth's Government Development Bank says the transit system can't make payroll without a tax increase.
- Great Black Friday bitcoin deals November 26, 2014Looking for bargains? Deals on the Bitcoinblackfriday.com site are available to shoppers who use the digital currency.
- Gulf OPEC producers agree not to cut output November 26, 2014Saudi Arabia's oil minister said he is confident the group will reach a unified decision, and the meeting will last only one day.
- Flight cancellations pile up November 26, 2014More than 3.5 million people were supposed to fly this weekend, assuming their planes actually go anywhere.
- Gambling on airport delays November 26, 2014An insurance company is offering payouts if there are delays or cancellations and if luggage is lost.
- EU lawmakers vote to break up Google November 27, 2014
- East Coast rail winner announced November 27, 2014A joint venture between Stagecoach and Virgin wins the franchise to run the East Coast mainline rail route, which has been in public hands since 2009.
- Israeli Arab 'second class' protest November 27, 2014Hundreds of Israeli Arabs stamp their Facebook pictures with "second class citizen" to protest at a proposed law.
- Crime author PD James dies aged 94 November 27, 2014Crime novelist PD James dies at the age of 94, her agent says.
- Ubisoft apologises for Assassin bugs November 27, 2014The head of the games studio behind Assassin's Creed Unity emails players apologising for glitches in the game and offering compensation.
- Israel 'foils Jerusalem attacks' November 27, 2014Israel says it has uncovered a Hamas cell in the West Bank that was planning to carry out a series of attacks in Jerusalem, including one on a stadium.
- Phillip Hughes: How brain is injured November 27, 2014How is the brain injured and how is it protected from injury?
- Sex abuse gangs jailed for grooming November 27, 2014Thirteen men are convicted of a string of child sex crimes in Bristol involving the abuse, rape and prostitution of teenage girls.
- War and Peace to take over Radio 4 November 27, 2014A 10-hour production of Tolstoy's epic novel War and Peace, featuring John Hurt, will dominate BBC Radio 4's output on New Year's Day.
- Law ends regulator logo on devices November 27, 2014Electronic devices sold in the US are no longer required to display certain regulatory symbols and text, thanks to a new law.
- Tanzania PM caught in corruption row November 27, 2014Tanzania's prime minister is under parliamentary pressure to resign over alleged fraudulent payments worth $120m (£76m) to an energy firm.
- UK net migration rises to 260,000 November 27, 2014The government is set to miss its immigration targets as net migration to the UK reaches its highest level since the 2010 general election.
- Australia batsman Phillip Hughes dies November 27, 2014Australia cricketer Phillip Hughes dies in hospital, two days after being hit on the neck by a ball during a match in Sydney.
- Indian girls 'killed themselves' November 27, 2014Two Indian teenagers found hanged in May took their own lives, federal investigators say, contradicting reports they were gang-raped and murdered.
- Lawmakers seek peaceful smoking spot November 27, 2014Some Hong Kong council members flee their regular smoking area, after being insulted by protesters.
- Yemen raid missed Western hostages November 27, 2014US and Yemeni troops who freed eight people held by al-Qaeda in a raid in eastern Yemen this week were looking for Western hostages who had been moved.
- Scotland 'should set income tax' November 27, 2014The Scottish Parliament should have the power to set income tax rates and bands, the body on strengthening devolution recommends.
- Afghan attack hits UK embassy car November 27, 2014A suicide bomber strikes a UK embassy vehicle in the Afghan capital Kabul, with a British worker and an Afghan staff member among those killed.
- Spain is not corrupt, says PM Rajoy November 27, 2014Spanish leader Mariano Rajoy tells MPs that most politicians are not corrupt, a day after his health minister stepped down over a kick-back scandal.
- European MPs want Google break-up November 27, 2014A landmark vote at the European Parliament has called for Google's search business to be separated from its other businesses.
- English votes plans 'by Christmas' November 27, 2014Proposals for English MPs to vote on English laws are to be brought in before Christmas, David Cameron says.
- East Coast rail winner announced November 27, 2014
CA Taxpayers owe Extra – $2.5T To State Pensions
By Doug Ross @ Journal 9-26-10
California’s Taxpayers Owe Public Sector Pensions $2.5 Trillion (yes, Trillion) More Than State Officials Admit.
David Roberts, writing at CalWatchdog, reports on the true scope of the financial disaster awaiting California’s taxpayers.
…the amount that taxpayers owe to provide pensions for local and state government employees is much larger – perhaps an extra $2.5 trillion – than government officials have let on, according to an economic advisor to Gov. Arnold Schwarzenegger…
How can this be? Doesn’t the state use traditional accounting methods and auditors? Dude, this is California — where Democrats have run wild for decades, enriching themselves at the public trough — so the answer is: no.
For example, an annual obligation of $30,000 for 25 years for a government employee’s pension is projected to cost the government $320,000, while the same $30,000/year, 25-year obligation in the form of a bond is projected to be $425,000…
“Two identical and unconditional obligations owed by the same government are valued at different amounts. The answer lies in the Alice in Wonderland world of government pension accounting that allows governments to hide liabilities.”
Well, that’s an unexpected development: the unholy alliance of Democrat legislators and public sector unions bosses have utterly and completely screwed California’s taxpayers.
…Because government officials are able to hide their future debt obligations in this way, they “are perversely incentivized to assume the highest rates of return in order to minimize reported liabilities, and then to swing for the fences in investing the capital of those funds in the hopes of actually achieving those returns, producing even more risk for the taxpayers who must make up for any pension fund shortfalls…”
In short, the Democrats who run the state and most municipalities are using every accounting gimmick in the book to set up a government-run Ponzi scheme that would make Bernie Madoff blush.
In 1999 the California Public Employees Retirement System (CalPERS) reported that its assets equaled 128 percent of its liabilities when in reality its assets totaled only 88 percent of liabilities…
Encouraged by that accounting, the state Legislature enacted a law that year boosting pension promises. The hidden cost from that boost has already hit $15 billion and will reach at least $150 billion for the state budget…
More generally, after having reported that liabilities were a fraction of assets and projecting that the state’s pension costs would total $5 billion over the succeeding 10 years, the state actually incurred $25 billion over that period.
Democrat candidate Jerry Brown, who served as California’s governor decades ago, has already admitted that a series of his earlier policy decisions were abysmal failures.
If California’s beleaguered taxpayers want to turn the page on the Democrats’ catastrophic policies, a vote for Meg Whitman would represent a start. The way California got into this mess in the first place is with failed leftist hacks like Jerry Brown.
- Protests in Ferguson, elsewhere dwindle after two nights of unrestFERGUSON, Mo. (Reuters) - The streets of Ferguson, Missouri were mostly quiet overnight after two days of racially charged unrest sparked by a grand jury decision not to prosecute a white policeman who shot dead an unarmed black teenager. […]
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- FedEx Freight workers in Louisville vote against union membershipCHICAGO (Reuters) - Drivers at a Louisville facility of FedEx Corp's trucking unit voted on Wednesday against union representation, dealing a blow to a concerted effort by the Teamsters to unionize the Memphis-based company. […]
- U.S. judge puts Arizona's 'revenge porn' bill on holdPHOENIX (Reuters) - A U.S. judge on Wednesday put on hold enforcement of Arizona's "revenge porn" law that made it a felony to post online nude images of others without their consent, after a rights group said the measure was too broad and state attorneys agreed it should be revisited. […]
- San Diego State fraternities halt parties after anti-rape march fracasSAN DIEGO (Reuters) - Fraternities and sororities at San Diego State University have suspended all social activities until their members undergo sexual assault prevention training after disturbances erupted during an anti-rape march, a university official said on Wednesday. […]
- East Coast storm hampers Thanksgiving travelNEW YORK (Reuters) - A blast of rain and snow along the East Coast snarled traffic and disrupted flights for millions of Americans at the start of the long Thanksgiving weekend, traditionally the busiest time of the year for U.S. travel. […]
- Arizona appeals panel rules no secret testimony in Arias murder casePHOENIX (Reuters) - An Arizona appeals court tossed out a ruling on Wednesday by a judge presiding over the sentencing retrial of convicted murderer Jodi Arias to allow a witness to testify out of the public eye. […]
- Two FBI agents shot at house near St. Louis, suspect deadFERGUSON, Mo. (Reuters) - Two FBI agents were shot and wounded at a house in north St. Louis County early on Wednesday and the suspect was dead in an incident not related to the racially charged unrest around nearby Ferguson, officials said. […]
- More than 400 arrested as Ferguson protests spread to other U.S. citiesFERGUSON, Mo. (Reuters) - National Guard troops and police aimed to head off a third night of violence on Wednesday in Ferguson, Missouri, as more than 400 people have been arrested in the St. Louis suburb and around the United States in unrest after a white policeman was cleared in the killing of an unarmed black teenager. […]
- Cleveland video shows police shot boy within secondsCLEVELAND (Reuters) - Cleveland officials on Wednesday released a video of the fatal police shooting of a 12-year-old boy that shows him pointing a pellet gun around a park before police arrive and shoot him within two seconds. […]
- Miners ask court to lift ban on uranium mining near Grand Canyon(Reuters) - The American mining industry is asking a federal appeals court to overturn a ban on new uranium mining claims near the Grand Canyon in a legal battle with environmentalists over impacts on the premier U.S. park. […]
- Mississippi football rivalry marred by threat to campus greenery(Reuters) - An anonymous, hand-written note threatening damage to trees and shrubs on the University of Mississippi campus ahead of a major intra-state football game was turned over to federal investigators on Wednesday, the school said in a statement. […]
- FBI arrests man in Texas suspected of being gang hit manSAN ANTONIO (Reuters) - The FBI arrested a 36-year-old San Antonio man on Wednesday accused of being a mob hit man who is suspected in at least three murders and believed to have given the order to have a Texas police officer killed, the FBI said. […]
- Police make arrest in $50,000 fur coat heist in ConnecticutMILFORD, Conn. (Reuters) - Police have arrested one of two men suspected of grabbing $50,000 worth of fur coats on Wednesday from a high-end clothing shop in Greenwich, Connecticut, and then speeding off in a getaway car to New York. […]
- Last of three New Jersey siblings shot by mother dies of wounds(Reuters) - An 11-year-old New Jersey boy, one of three siblings shot by their mother last week before she turned the gun on herself, has died of his wounds, becoming the fourth fatality in the shootings, state police said on Wednesday. […]
- Convicted Texas murderer featured in 'Bernie' film gets sentencing hearingDALLAS (Reuters) - A former mortician serving a life sentence for murdering an elderly East Texas woman in a case that inspired the 2011 film "Bernie" will receive a new punishment hearing, a state appeals court ruled on Wednesday. […]
- Connecticut to offer driver's licenses for illegal immigrantsMILFORD, Conn. (Reuters) - Connecticut said on Wednesday that it will provide special driver's licenses for illegal immigrants starting next week to help stop them from driving the state's roads unregistered and uninsured. […]
- Illinois asks state's top court to revive pension overhaul(Reuters) - Illinois, which is struggling to bolster a shaky public pension system weighed down by a $104.6 billion shortfall, has asked the state's highest court to reverse a lower court ruling that declared a planned overhaul unconstitutional. […]
- Protests in Ferguson, elsewhere dwindle after two nights of unrest
- Nor'easter tramples travelers, leaves hundreds of thousands without powerUPI StaffWASHINGTON, Nov. 27 (UPI) -- Thanksgiving travel snarled by Winter Storm Cato in eastern U.S. as hundreds of flights are canceled and thousands more delayed, and roads remain treacherous.
- Final victim in family murder-suicide diesMary PapenfussTABERNACLE, N.J., Nov. 27 (UPI) -- The third child in a New Jersey mother's murder-suicide has died.
- Missing American was supposed to be key rescue target in Yemeni raidMary PapenfussSEIYUN, Yemen, Nov. 27 (UPI) -- A kidnapped American journalist was a key rescue target in a major Yemen operation by U.S. Special Operations commandos, but troops failed to locate him.
- Report: Two men plotted to kill Ferguson police chief, prosecutorMary PapenfussFERGUSON, Mo., Nov. 27 (UPI) -- Two men indicted last week in Missouri on weapons charges were plotting to kill Ferguson's police chief and prosecutor, investigative sources have charged.
- Ferguson protests jump to LondonMary PapenfussLONDON, Nov. 26 (UPI) -- Ferguson protests against the police shooting of a black teenager have crossed the pond to England, where demonstrators gathered at the U.S. embassy in London.
- Pakistani actress gets 26 years for blasphemyMary PapenfussGILGIT, Pakistan, Nov. 26 (UPI) -- Actress Veena Malik has been sentenced for "malicious acts" of blasphemy for appearing in an staged TV wedding of the Prophet Muhammad's daughter.
- Drone, plane near-collisions skyrocketMary PapenfussWASHINGTON, Nov. 26 (UPI) -- The number of pilots reporting near collisions with small drones has surged in the last six months.
- President Obama pardons the Thanksgiving turkeyAimee Keane, Medill News ServiceWASHINGTON, Nov. 26 (UPI) -- Of the 46 million birds the National Turkey Federation says will be consumed this Thanksgiving, two named Mac and Cheese were spared by presidential pardon.
- Spain's health minister resigns amid scandalDanielle HaynesMADRID, Nov. 26 (UPI) -- Spain's Heath Minister Ana Mato resigned Wednesday after she was accused of benefitting from illegal kickbacks her former husband allegedly received.
- Air Force to deploy A-10s to combat Islamic StateMatt BradwellWASHINGTON, Nov. 26 (UPI) -- A group of A-10 Thunderbolt fighter jets has arrived in the Middle East where they will be used to halt the spread of the Islamic State in Syria and Iraq.
- Ming Dynasty wall hanging sold at auction for record $45MDanielle HaynesHONG KONG, Nov. 26 (UPI) -- A 15th century silk wall hanging from China's Ming Dynasty sold at auction Wednesday for a record $45 million.
- Councilman faces prison for violent attack on a homeless manFrances BurnsUPPER MARLBORO, Md., Nov. 26 (UPI) -- A councilman in a Washington suburb faces at least five years in prison for attacking a homeless man with a baseball bat and gun, prosecutors said.
- China drafts first anti-domestic violence lawAileen GraefBEIJING, Nov. 26 (UPI) -- Chinese lawmakers have taken the first step to combat domestic violence in the country after drafting a law giving guidance to countering domestic assaults.
- Shooting victim's baby dies hours after deliveryFrances BurnsNEW YORK, Nov. 26 (UPI) -- Doctors at a New York hospital delivered a baby after a pregnant woman was gunned down outside her Queens apartment Wednesday morning.
- U.S. to convene first anti-IS ministerial meeting in Dec.JC FinleyWASHINGTON, Nov. 26 (UPI) -- Secretary of State John Kerry will travel to Brussels in December to chair the first ministerial-level meeting of the coalition to counter the Islamic State.
- Researchers: Polish "vampire graves" contain cholera victimsEd AdamczykKAMIEN POMORSKI, Poland, Nov. 26 (UPI) -- An archaeological study determined medieval graves in Poland whose occupants received the vampire treatment were actually cholera victims.
- Pennsylvania man found asleep in empty House committee roomFrances BurnsWASHINGTON, Nov. 26 (UPI) -- A Pennsylvania man found sleeping in a committee room in the Cannon House Office Building in Washington has been charged with trespassing.
- Police fatally shot Cleveland boy seconds after arriving on sceneGabrielle LevyCLEVELAND, Nov. 26 (UPI) -- Cleveland police released a video showing the moment police officers shot 12-year-old Tamir Rice, who was holding an air gun.
- Smith Commission hashes out new Scottish powersDanielle HaynesHOLYROOD, Scotland, Nov. 26 (UPI) -- Representatives from Scotland's main political parties have hashed out the details of a new set of powers to be granted to the Scottish Parliament.
- Syrian National Coalition denounces government airstrikes in RaqqaJC FinleyDAMASCUS, Syria, Nov. 26 (UPI) -- The Syrian National Coalition condemned government airstrikes targeting the Islamic State-stronghold of Raqqa, asserting the majority killed were civilians.
- Nor'easter tramples travelers, leaves hundreds of thousands without power
- BlackBerry pays iPhone users $550 to switch to PassportMatt BradwellWATERLOO, Ontario, Nov. 26 (UPI) -- Smartphone manufacturer BlackBerry is offering new customers $550 in rebates to trade their iPhone in for a BlackBerry Passport.
- Coca-Cola to develop super milk for twice the priceAileen GraefATLANTA, Nov. 26 (UPI) -- Coca-Cola announced they are in the process of developing a super milk that will be higher in protein, higher in calcium, lower in sugar and twice the price.
- Brent sheds close to $1 ahead of OPEC meetingDaniel J. GraeberNEW YORK, Nov. 26 (UPI) -- One day ahead of a key OPEC meeting in Vienna, crude oil prices were in negative territory amid early Wednesday signs of static production levels.
- Give thanks for low gasoline pricesDaniel J. GraeberWASHINGTON, Nov. 26 (UPI) -- Gasoline prices in the United States heading into Thanksgiving are the lowest in five years and should continue to drop, the Energy Department said Wednesday.
- London has faith in marine energyDaniel J. GraeberLONDON, Nov. 26 (UPI) -- The British government views marine energy developments as a cornerstone of a low-carbon economy despite industry setbacks, a minister said Wednesday.
- House Republicans want export ban reviewedDaniel J. GraeberWASHINGTON, Nov. 26 (UPI) -- With shale oil in abundance in the United States, "the time is now ripe" to consider easing the ban on crude oil exports, House Republican leaders said.
- TAP seeks builders for gas pipeline developmentDaniel J. GraeberBAAR, Switzerland, Nov. 26 (UPI) -- The consortium behind a pipeline that would help diversify the European energy sector with Azeri gas said Wednesday momentum is moving toward a 2016 build date.
- Pipeline to Pakistan still viable, Iran saysDaniel J. GraeberTEHRAN, Nov. 26 (UPI) -- Iran's oil minister said Wednesday plans to extend a natural gas pipeline to Pakistan were still on the table despite growing concerns from Islamabad.
- Morocco emerging as strong oil frontierDaniel J. GraeberPERTH, Australia, Nov. 26 (UPI) -- Australian energy company Woodside Petroleum said Wednesday it was stepping further into frontier territory with an exploration deal offshore Morocco.
- GenDyn, Smith & Wesson team to supply new pistol to ArmyRichard TomkinsST. PETERSBURG, Fla., Nov. 25 (UPI) -- General Dynamics and Smith & Wesson will jointly pursue an expected U.S. Army contract competition for a new service sidearm.
- Intelligence agency shares unclassified data in fight against EbolaRichard TomkinsWASHINGTON, Nov. 25 (UPI) -- A U.S. intelligence agency has launched a public website to provide unclassified geospatial intelligence data to aid in the battle against Ebola in Africa.
- Britain, Norway order F-35 aircraftRichard TomkinsLONDON, Nov. 25 (UPI) -- The British and Norwegian governments are moving forward contractually in their acquisition of Lockheed Martin F-35 Lightning II fighter aircraft.
- Apple valuation reaches $700BAileen GraefNEW YORK, Nov. 25 (UPI) -- Apple Inc. hit an epic milestone Tuesday when it capped at $700 billion valuation after shares rose .8 percent to $119.59 on the trading floor.
- Babcock International readies second OPV for IrelandRichard TomkinsLONDON, Nov. 25 (UPI) -- A second offshore patrol boat for the Irish Naval Service has been put afloat by Britain's Babcock International for final outfitting, trials and commissioning.
- Oil in positive territory on good economic dataDaniel J. GraeberNEW YORK, Nov. 25 (UPI) -- Crude oil prices saw only modest gains in early Tuesday trading despite positive economic reports from the Chinese and U.S. governments.
- New acreage available for U.S. offshore wind energyDaniel J. GraeberWASHINGTON, Nov. 25 (UPI) -- New acreage available off the coast of Massachusetts will triple the amount available for wind energy development, the U.S. Interior Department said.
- Iran offers assurances to trading partnersDaniel J. GraeberTEHRAN, Nov. 25 (UPI) -- Potential trading partners can rest easy about the investment environment in Iran despite sanctions pressure, the Iranian economics minister said Tuesday.
- South Stream still on Russian tableDaniel J. GraeberATHENS, Greece, Nov. 25 (UPI) -- The planned South Stream natural gas pipeline from Russia is a key element to energy security in Europe, Russia's deputy foreign minister said.
- North Dakota reviews oil train safety measuresDaniel J. GraeberBISMARCK, N.D., Nov. 25 (UPI) -- Rail operators in North Dakota have taken a good step forward on safety, though they're likely to face further scrutiny, Gov. Jack Dalrymple said.
- By some calculations, U.S. gas prices end 60-day slumpDaniel J. GraeberWASHINGTON, Nov. 25 (UPI) -- U.S. pump watcher GasBuddy said the price for a gallon of gas ended its long decline Tuesday, one day before the official start to the holiday travel season.
- BlackBerry pays iPhone users $550 to switch to Passport