- William Clay Ford Sr. dies at 88 March 10, 2014Former Ford Motor executive William Clay Ford Sr. and the longtime owner of the Detroit Lions football team, died on Sunday at age 88.
- Ackman outspent by Herbalife in battle March 10, 2014Bill Ackman, who is betting $1.16 billion that Herbalife is a fraud, spent $264,000 in 2013 on lobbyists to press his case against the company.
- New deal creates world’s largest banana supplier March 10, 2014U.S. fruit distributor Chiquita Brands International Inc will buy Irish fruit firm Fyffes Plc to create the world's largest banana supplier.
- Roubini launches attack on bitcoin March 10, 2014Economist Nouriel Roubini, renowned for his bearish thoughts on financial markets, appears to be equally pessimistic on the fledgling virtual currency bitcoin.
- Latest on missing Malaysian jet in pictures March 10, 2014The international investigation into the mysterious disappearance of a Malaysia Airlines flight has so far yielded more questions than answers.
- Where will the S&P 500 be heading in one month's time? March 10, 2014The S&P 500 index finished at a record closing high of 1,878 last Friday, rising 1 percent for the week, its second straight weekly rise.
- Copper's 'fall out of bed' underscores China woes March 10, 2014Copper prices fell to their lowest in four years on the Shanghai Futures Exchange on Monday, a move analysts say underscores China's bleak outlook.
- Malaysia authorities: 'Puzzled' over fate of MH370 March 10, 2014Malaysian investigators said on Monday that they have still not found anything that could be parts of the missing Malaysia Airlines flight.
- Messaging apps poised for explosive growth March 9, 2014Mobile messaging apps are poised for explosive revenue growth over the coming years, as they expand offerings beyond basic chat services.
- Plenty of love for bitcoin at SXSW March 9, 2014Tech executives and industry professional at South by Southwest Interactive all say that virtual currency is here to stay.
- Google launches software for wearables March 9, 2014Google will release an Android-based software development kit for wearable devices, exec Sundar Pichai said at SXSW.
- Putin defends Crimea’s move to hold referendum March 9, 2014President Vladimir Putin defended breakaway moves by pro-Russian leaders in Crimea.
- SXSW more about ads than tech: Exec March 9, 2014Don't expect any start-up to steal the headlines at SXSW this year. The advertising industry is getting most of the attention, said an executive.
- Here's why inflation could be coming March 9, 2014As job growth strengthens and commodity prices rise, inflation could rear its head.
- Funds see growth in health startups March 9, 2014As healthcare reform begins to take shape, venture capitalists see emerging opportunities in digital health startups.
- Bitcoin pits gold bugs vs 'techno geeks' March 9, 2014One might expect Bitcoin to unite all opponents of so-called fiat currencies. But that's not proving to be the case.
- Ukraine's PM to visit Washington March 9, 2014Ukrainian prime minister will visit Washington this week for talks as tensions build over Russian forces' seizure of the Crimea.
- Cybersecurity valuations on the rise March 9, 2014Stealing the hearts of investors on Wall Street: Stay tuned for a doubling of cybersecurity stock valuations this year.
- Malaysia Airlines won't ground B777 fleet March 9, 2014Malaysia Airlines said it won't ground the remaining 14-strong Boeing 777 fleet despite the troubling disappearance of its B777-200ER aircraft.
- Debt markets hit $100 trillion-mark March 9, 2014Global debt markets grew to an estimated $100 trillion last year, according to the Bank of International Settlements.
- William Clay Ford Sr. dies at 88 March 10, 2014
- Pistorius trial live coverage halted March 10, 2014The judge in Oscar Pistorius' murder trial bans the live broadcast of an autopsy report on the body of Reeva Steenkamp.
- VIDEO: One-minute World News March 10, 2014Watch the latest news summary from BBC World News. International news updated 24 hours a day.
- National lung transplant list urged March 10, 2014Lung disease experts are calling for a new national system to identify lungs for transplant which could double the number of procedures across the UK.
- Kim Jong-un in 'unanimous poll win' March 10, 2014North Korean leader Kim Jong-un is elected to the country's rubber-stamp parliament with a unanimous vote from his district, state media say.
- Bayern boss Hoeness in tax trial March 10, 2014Uli Hoeness, president of European football champions Bayern Munich, goes on trial accused of avoiding more than 3.5m euros (£2.9m) in tax.
- Quarry dog attack: Man arrested March 10, 2014The owner of a dog that attacked a woman in Lincoln and left her with "devastating injuries" is arrested.
- 300 film sequel slays competition March 10, 2014300: Rise of an Empire, the sequel to 2006 hit 300, slayed the competition at cinemas this weekend, earning $45.1m (£27m) in the US and Canada and an additional $87.8m (£52.6m) worldwide.
- Labour extends jobs guarantee pledge March 10, 2014Labour commits to fund a "jobs guarantee" for the long-term unemployed for the whole of the next parliament, if it wins power.
- Man 'used drone to smuggle drugs' March 10, 2014A man is arrested and charged for allegedly attempting to smuggle drugs into a prison using a drone, Australian police say.
- El Salvador vote 'too close to call' March 10, 2014Electoral authorities in El Salvador say with the preliminary count finished in the presidential election the poll remains too close to call.
- Missing Malaysia jet 'a mystery' March 10, 2014The fate of missing Malaysia Airlines flight MH370 remains "a mystery", says Malaysia's civil aviation chief, with hijacking not ruled out.
- Asian markets tumble on weak data March 10, 2014Asian shares fall after both China and Japan released disappointing economic data, worrying investors about a slowdown in the region.
- World's largest banana firm created March 10, 2014Irish fruit firm Fyffes and US rival Chiquita are to merge, creating the world's largest banana company.
- App set to map the oceans' plankton March 10, 2014A study calls on the world’s sailors and seafarers to help map the oceans’ phytoplankton, microscopic plants that form the bedrock of marine food chains.
- VIDEO: Biden comments anger Venezuela March 10, 2014Venezuelan President Nicolas Maduro has reacted angrily to comments made by US Vice President Joe Biden about ongoing protests in the country.
- VIDEO: Missing Malaysia jet 'a mystery' March 10, 2014Malaysia says it is widening the search for the airliner that disappeared on a flight to Beijing on Friday night.
- Tencent buys 15% stake in JD.com March 10, 2014China's Tencent Holdings buys a 15% stake in e-commerce site JD.com as it looks to grab a larger share of the country's online shopping market.
- Ukraine gripped by rival rallies March 10, 2014Tens of thousands of people across Ukraine hold rival pro-unity and pro-Russian rallies, as Moscow continues to strengthen its grip on Crimea.
- Gallagher wins Paralympic gold March 10, 2014Kelly Gallagher wins Britain's first ever Winter Paralympic gold with victory in the Super-G event in Sochi.
- VIDEO: Pope Francis on Lenten retreat March 10, 2014Pope Francis has left the Vatican on a bus with 82 cardinals and bishops for a week of prayer and meditation for Lent.
- Pistorius trial live coverage halted March 10, 2014
- Keystone XL proponents to flood feds with show of support“The time for study is over."MD Kittle
- Regulations: the tax you don’t seeRegulation in many ways hides government spending and taxation.Lawson Bader and Ryan Young
- A message Obama needs to deliver and Putin needs to hearAn expanded missile defense shield.George Landrith
- Crimea prepares for independence referendum; “yes” vote guaranteedEuropean leaders warn Putin not to recognize results of "illegal" vote.John Hayward
- Why democracy is a bad ideaThe Founders even warned against it.David Harsanyi
- Stockman: I was another target of Rove’s war on conservativesThe conservative congressman, who lost the Texas GOP primary to Sen. John Cornyn, gives his post-mortem on his Senate campaign.Neil W. McCabe
- Sarah Palin at CPAC 2014: “The age of Obama is almost over… the end of an error.”"If the boys aren’t up to the challenge, conservative women are happy to lead the charge."John Hayward
- Dr. Ben Carson at CPAC 2014: “The most important person, when it comes to the future, is you.”Stand up and proclaim what you believe.John Hayward
- Dan Hannan at CPAC 2014: The responsibilities, and privileges, of being AmericanRemember who you are, my friends.John Hayward
- Ted Cruz at CPAC 2014: “How we win.”Not many GOP candidates can "think young" the way Cruz does.John Hayward
- Keystone XL proponents to flood feds with show of support
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.
- Heroin overdoses pose 'urgent public health crisis': U.S. attorney generalWASHINGTON (Reuters) - U.S. Attorney General Eric Holder said his agency was stepping up efforts to stem sharp increases in deadly heroin overdoses, trafficking in the drug and abuse of prescription narcotics at the root of what he called an "urgent public health crisis." […]
- Hearing set for accused Boston bomber's friends in cover-up caseBOSTON (Reuters) - Lawyers for three college friends of accused Boston Marathon bomber Dzhokhar Tsarnaev, who prosecutors say interfered with the investigation into the attack, are due in court on Monday to brief a judge on their readiness for a June trial. […]
- Magnitude 6.9 quake strikes off Northern California: USGSWASHINGTON (Reuters) - A magnitude 6.9 earthquake struck off Northern California early on Monday at a relatively shallow depth of 4.3 miles, the U.S. Geological Survey reported. […]
- U.S. public pensions need more than investment windfall(Reuters) - Double-digit annual returns for most U.S. public pension systems over the past two years have done little to shrink the yawning deficits facing many of them after a decade of inadequate funding, according to analysts and recent data. […]
- William Clay Ford Sr., grandson of pioneer automaker, dies at 88DETROIT (Reuters) - Former Ford Motor Co executive William Clay Ford Sr., the last surviving grandchild of the automaker's founder, Henry Ford, and the longtime owner of the Detroit Lions football team, died on Sunday at age 88, the company said. […]
- Police arrest 52 after Massachusetts college party turns violentNEW YORK (Reuters) - Police in Massachusetts arrested a total of 52 people after nearly a dozen more were taken into custody early on Sunday as a pre-St. Patrick's Day party turned violent, with officers in riot gear sparring with revelers in skirmishes that lasted nearly 24 hours. […]
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- Japan Airlines plane makes emergency landing in HonoluluTOKYO (Reuters) - A Japan Airlines- operated Boeing 787 made an emergency landing at Honolulu Airport after oil pressure in its right engine dropped, the Japanese carrier said. […]
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- LSD-laced steak sickened Florida family: medical examinerTAMPA, Fl. (Reuters) - A pregnant woman and her family were hospitalized this week after eating steak bought from a Wal-Mart that local authorities believed was laced with the hallucinogenic drug LSD, according to the medical examiner's initial test results. […]
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- California bill seeks to curb sexually explicit Internet bullying by teensSARATOGA, California (Reuters) - Teenagers who share sexually explicit images of others on the Internet to harass them could soon face tougher punishment under California legislation proposed on Friday, spurred by the suicide of a teen after images of her sexual assault were circulated to other students. […]
- Heroin overdoses pose 'urgent public health crisis': U.S. attorney general
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- Debris seen in water is not from missing plane, Malaysia saysKUALA LUMPUR, Malaysia, March 9 (UPI) -- Malaysia's Department of Civil Aviation said Sunday debris found near Vietnam's Tho Chu Island was not part of the airliner missing since Saturday morning. […]
- Cheney says former Soviet satellites worry about Crimea situationWASHINGTON, March 9 (UPI) -- Former Vice President Dick Cheney said Sunday former Soviet Bloc nations, now in NATO, are worried about the political situation in Crimea. […]
- Crist says Obamacare will provide affordable care despite rocky startTALLAHASSEE, Fla., March 9 (UPI) -- Florida gubernatorial candidate Charlie Christ says the Affordable Care Act will provide affordable health insurance despite its rocky start. […]
- California woman who got 1,000 bee stings expected to fully recoverPALM DESERT, Calif., March 9 (UPI) -- A 71-year-old California woman who sustained 1,000 bee stings is expected to completely recover, officials said. […]
- EU's foreign policy chief visits IranTEHRAN, March 9 (UPI) -- The EU foreign policy chief Catherine Ashton said Sunday in Tehran she is optimistic a permanent deal can be arranged regarding Iran's nuclear program. […]
- Israeli weapons inspectors to examine missiles on captured shipEILAT, Israel, March 9 (UPI) -- Weapons experts at Israel's naval base in Eilat were trying to determine the type of rockets found on a ship captured by Israeli naval vessels, officials said. […]
- Bronze Age burial find in England astounds researchersWILTSHIRE, England, March 9 (UPI) -- Information from a burial box and a funeral in southwestern Britain, 4,000 years ago, is rewriting Bronze Age history, researchers say. […]
- Off-duty police officer shot, killed in bar shooting incident in OhioFREMONT, Ohio, March 9 (UPI) -- An off-duty police officer was among three people fatally shot in two incidents in Fremont, Ohio, early Sunday, police said. […]
- Crimean Tatars fear future in Crimea under potential Russian ruleSEVASTOPOL, Ukraine, March 9 (UPI) -- Crimea's 300,000 Tatars, a predominantly Muslim ethnic group, say they worry about their future as the peninsula is contested by Ukraine and Russia. […]
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- North Korea holds parliamentary electionsSEOUL, March 9 (UPI) -- North Korea held parliamentary elections Sunday, its first under the leadership of Kim Jong-Un. […]
- Suicide bomber kills nine at Iraqi checkpointHILLA, Iraq, March 9 (UPI) -- A suicide bomber in an explosives-packed car killed at least nine people and injured at least 50 at a Hilla, Iraq, police checkpoint Sunday, police said. […]
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- Eight Taliban members killed in police operations across AfghanistanKABUL, Afghanistan, March 9 (UPI) -- At least eight Taliban militants were killed in military and police operations across Afghanistan, the Interior Ministry said in a statement Sunday. […]
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- Russia makes plans for Crimea, ahead of referendumKIEV, Ukraine, March 9 (UPI) -- A Crimean pro-Russia leader suggested Sunday Ukrainian troops in the province leave peacefully, or renounce their loyalty and join Russian troops. […]
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- Britain to refuel sub's nuclear reactorLONDON, March 7 (UPI) -- The nuclear reactor powering the Royal Navy's HMS Vanguard submarine is to be refueled beginning next year. […]
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- BP shelves onshore work in LibyaLONDON, March 7 (UPI) -- British energy company BP said in an annual report it was exploring other options for exploration drilling onshore in Libya because of security concerns. […]
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- Boeing inspecting 43 Dreamliners for cracks in wings