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This page features brief excerpts of news stories published by the mainstream media and, less frequently, blogs, alternative media, and even obviously biased sources. The excerpts are taken directly from the websites cited in each source note. Quotation marks are not used.
Highlights
Breaking News
This page features brief excerpts of news stories published by the mainstream media and, less frequently, blogs, alternative media, and even obviously biased sources. The excerpts are taken directly from the websites cited in each source note. Quotation marks are not used. Because most of our readers read the NYT we usually do not include the paper's stories in HIGHLIGHTS.
Name of source: PC World
SOURCE: PC World (3-22-09)
For example, this is what Computerworld's Web site looked like in 1997, what Google looked like in 1998 and what CNN looked like in 2000.
The Wayback Machine houses 85 billion Web pages archived for more than a dozen years, which amounts to three petabytes of data, or about 150 times the content of the Library of Congress. Only five years ago, the Wayback Machine contained about 30 billion Web pages. It is expected to continue to grow by 100TB of data per month now that it's live.
Name of source: AP
SOURCE: AP (3-22-09)
In a statement, Zahi Hawass said the nearly 5-foot-long coffin was taken from Egypt in 1884 after it was stolen from a tomb in Luxor, an ancient pharaonic capital in southern Egypt.
Hawass says the ornamented coffin belonged to Pharaoh Ames of the 21st Dynasty, which ruled over Egypt from 1081-931 B.C.
The coffin is currently in the hands of the customs authority in Miami, Florida, who confiscated it after it was shipped to the United States from Spain, added the statement.
SOURCE: AP (3-20-09)
The former soldier, Zhang Shijun, 40, published an open letter to Hu Jintao, the Communist Party leader, on the Internet in which he called on the party and government to reconsider its condemnation of the student-led protests.
He said he hoped his example would inspire more former soldiers to come forward and form a network, but he appeared reluctant to cast himself as an organizer, perhaps wary of the party's tendency to single out perceived opposition ringleaders for harsher punishment.
SOURCE: AP (3-20-09)
Bonsu's head was discovered last year in a jar of formaldehyde at the Leiden University Medical Center's anatomical collection by a Dutch author.
Ghana immediately asked for it to be returned and the Dutch government asked the hospital to cooperate.
SOURCE: AP (3-21-09)
The intricately carved bust of St. Innocent will be returned to the church in Naples, Italy, U.S. Immigration and Customs and Enforcement agents said.
The statue was one of 17 similar busts and two oil paintings taken from the church in November 1990. Authorities told The Charlotte Observer the trail went cold until two years ago, when officials in Rome let federal agents know an Italian citizen sold a similar statue to an antiques dealer from Greensboro.
The statue sold in Charlotte was bought by the same dealer at an antiques fair in France, said Neal Johnson, the Charlotte dealer who bought the statue from the same Greensboro dealer and sold it to the couple.
Agents continue to investigate the original heist. The Americans involved have not been charged, ICE spokesman Brandon Montgomery said.
SOURCE: AP (5-21-09)
The I.M. Chait Gallery says the fossil of the 9-foot-long dryosaurus dating from the Jurassic era is one of only two of its kind in the world.
The gallery said it could bring up to $500,000 at Saturday's auction.
Gallery operator Josh Chait says the fossil was taken from private land in Wyoming in 1993 and is being sold by Utah-based Western Paleontological Laboratories.
SOURCE: AP (3-20-09)
It's the same delicate dance each of his predecessors faced in moving from candidate to president, only to find he couldn't stick exactly by his word. Each was hamstrung by his responsibility to the entire nation and to individual constituencies, changes in the foreign and domestic landscapes, and the trappings of the federal government and Washington itself.
"Candidates make promises and presidents break promises, and that's a very predictable pattern," said Julian Zelizer, a Princeton University historian....
"It's far easier to campaign in a purist kind of way than to govern," said Thomas Cronin, a presidential scholar at Colorado College."Reality shapes what presidents do" — and how presidents adjust to it shapes the public's perception.
Franklin D. Roosevelt ran for office promising to balance the budget. But he reversed course when he took over a country in depression and doled out a spending prescription to revive the economy. He made other shifts as well.
SOURCE: AP (3-20-09)
The Congressional Budget Office figures, obtained by The Associated Press Friday, predict Obama's budget will produce $9.3 trillion worth of red ink over 2010-2019. That's $2.3 trillion worse than the White House predicted in its budget.
Worst of all, CBO says the deficit under Obama's policies would never go below 4 percent of the size of the economy, figures that economists agree are unsustainable. By the end of the decade, the deficit would exceed 5 percent of gross domestic product, a dangerously high level.
SOURCE: AP (3-19-09)
Attorney General Eric Holder issued new guidelines fleshing out President Barack Obama's Jan. 21 order to reveal more government records to the public under the Freedom of Information Act in cases where release isn't specifically barred by another law.
The new standard essentially returns to one issued by Attorney General Janet Reno during the Clinton administration. It replaces a more restrictive policy imposed by the Bush administration under which the Justice Department defended any sound legal argument for withholding records.
Holder said it was "a critical change" to restore timely public access.
Related Links
New Attorney General Guidelines on FOIA Released (National Security Archive)
SOURCE: AP (3-20-09)
Many detainees locked up at Guantanamo were innocent men swept up by U.S. forces unable to distinguish enemies from noncombatants, a former Bush administration official said Thursday.
"There are still innocent people there," Lawrence B. Wilkerson, a Republican who was chief of staff to then-Secretary of State Colin Powell, told The Associated Press. "Some have been there six or seven years."
Wilkerson, who first made the assertions in an Internet posting on Tuesday, told the AP he learned from briefings and by communicating with military commanders that the U.S. soon realized many Guantanamo detainees were innocent but nevertheless held them in hopes they could provide information for a "mosaic" of intelligence.
Former Defense Secretary Donald Rumsfeld and Vice President Dick Cheney fought efforts to address the situation, Wilkerson said, because "to have admitted this reality would have been a black mark on their leadership."
Wilkerson told the AP in a telephone interview that many detainees "clearly had no connection to al-Qaida and the Taliban and were in the wrong place at the wrong time. Pakistanis turned many over for $5,000 a head."
Name of source: Christian Science Monitor
SOURCE: Christian Science Monitor (3-20-09)
Two years ago, the national airport was renamed after Alexander, infuriating Greece.
In January, despite a recent Greek nixing of Macedonia's NATO bid over the airport name, the ruling nationalists here changed the name of its main roadway to Alexander of Macedon Highway.
In Macedonia, it is becoming all Alexander the Great, all the time. Ahead of Sunday's presidential elections, the ruling party's Alexander ideology is seen as fantastic, even by Balkan standards.
Name of source: Telegraph (UK)
SOURCE: Telegraph (UK) (3-23-09)
They show that Darwin, who studied at Christ's College between 1828 and 1831, lived the life of a 19th century gentleman and paid people to carry out tasks such as stoking his fire and polishing his shoes.
He also paid extra to buy vegetables to supplement his college meals, the records show.
Darwin's college bills amounted to £636.0.91/2 over three years - not including £14 he paid for his BA degree in 1831 and £12 he spent collecting an MA in 1836.
The books also contain accounts for the barber, chimney-sweep, apothecary [pharmacist], porter, brazier [who looked after the fires], glazier, hatter, laundress, linen-draper and painter, among others.
This year marks the 250th anniversary of the publication of Darwin's landmark work On the Origin of Species.
SOURCE: Telegraph (UK) (3-23-09)
Mrs Kirchner has made the issue of the islands a personal priority, announcing in her inaugural speech that Argentina's sovereignty was non-negotiable and repeating the claim on the 26th anniversary of the 1982 invasion last year.
SOURCE: Telegraph (UK) (2-22-09)
Adolf Hitler ordered 50 recaptured Allied airmen to be shot as a deterrent to others seeking to escape after their spectacular bid for freedom from Stalag Luft III.
Tuesday will be the 65th anniversary of the spectacular freedom bid and the men involved will be honoured by several prisoners who were in the camp that was formerly in Germany but now lies near the town of Zagan in Poland.
One of six former Stalag Luft III prisoners returning to remember the men who died is Andrew Wiseman of Bray, Berkshire, who was shot down over France and is now 87.
Another returning survivor of the camp is Bill Fripp, 95, of Bournemouth, the navigator of an RAF reconnaissance flight shot down over Germany in October 1939 and held in a dozen different POW camps during the 5 years and 7 months of his imprisonment.
Although not a Great Escaper, Bill's pilot was among those recaptured and shot by the Gestapo.
A further six survivors from other Nazi POW camps will stand with them at the end of the escape tunnel Harry and drink a glass of champagne to the spirit of the prisoners.
SOURCE: Telegraph (UK) (3-20-09)
The Jacobean painting from the family collection of art restorer Alec Cobbe was thought to be the bard because it closely resembled the engraving in Shakespeare's First Folio.
It is also noticeably similar to another painting believed to be the playwright owned by the Folger Shakespeare Library in Washington, DC.
But now experts believe the elaborate lace collar and gold embroided doublet are too grand for the playwright.
Dr Tarnya Cooper, the sixteenth-century curator at the National Portrait Gallery in London, believes the portrait bears a greater likeness to Sir Thomas Ovebury.
She told The Times: “if anything, both works, the Folger and Cobbe portraits, are more likely to represent the courtier Sir Thomas Overbury”.
An authentic portrait of Sir Thomas Overbury (1581–1613) was bequeathed to the Bodleian Library in Oxford in 1740 and bears a close likeness to the Cobbe painting.
In both pictures the sitter bears distincitve marks such as a bushy hairline and a slightly disformed left ear.
SOURCE: Telegraph (UK) (3-19-09)
Following reports that the surviving men who stormed the beaches to liberate Europe from Nazi occupation were not being given any funding, the Government said there was "no question" of its commitment to veterans.
Hinting that there will now be a ministerial presence at the commemorations that will be attended by French, German and American political figures, the MoD said there would be "full participation in an international commemoration of D-Day".
Name of source: Guardian (UK)
SOURCE: Guardian (UK) (3-23-09)
The head has been modelled by the internationally renowned forensic artist Richard Neave from a skull recovered from the wreck. Only a handful of the more than 400 crew and soldiers survived when the ship sank so fast and so close to shore that helpless watchers on the cliffs heard the screams of the drowning men. For the first time, the face of one of the victims can be seen.
The remains of more than 170 individuals have been recovered, but few can be identified as specific members of the crew. This man was found with the emblem of his comparatively senior status, his bosun's call - a whistle - proving he was the man who may have been at least partly responsible for the disaster. The public will see him next month, in an exhibition at the Whitgift centre in Croydon, the first time objects from the wreck, normally stored at the Mary Rose museum in Portsmouth, have been displayed.
Name of source: International Herald Tribune
SOURCE: International Herald Tribune (3-20-09)
In Baghdad and five other Iraqi cities, supporters of Moktada al-Sadr either marched or stood in protest after prayers to demand the release of their allies detained at Iraqi and U.S.-run prisons.
The protests came as a suicide bomber in Fallujah killed an Iraqi police officer and five other people, including civilians, in an attempted attack on the home of the local leader of Sunni security volunteers who turned against Al Qaeda.
Also, a pair of roadside bombs exploded within 10 minutes of one another after sundown Friday, wounding four policemen and three civilians in Baghdad's Karradah district, police said. A police colonel and his aide were wounded in a bombing Friday in Saddam Hussein's hometown of Tikrit, police said.
In the capital, an aide to Sadr, Sheik Haidar al-Jabiri urged supporters to join an April 9 march to protest the six-year anniversary of Americans taking over the city.
Name of source: BBC
SOURCE: BBC (3-20-09)
The Leiden museum, which has been storing the head, said it hoped it could now have a dignified burial.
Ghana had said the king would not be at rest if the head remained where it was.
King Bonsu is thought to have been executed after the two officials were killed during a rebellion against European rule in the country, hanging their heads on his throne as a trophy.
At some point, the king's head was taken from Ghana to the Netherlands, and has been kept in a jar of formaldehyde at the Leiden University Medical Centre ever since.
Author Arthur Japin told Dutch media last year that he once saw the head while researching a historical novel.
"He's got a little ring beard, his eyes are closed as if he's sleeping," said Mr Japin.
"My first thought was, this is not fitting."
After hearing of the head's location in 2008, Ghana filed a request for its return, saying if it remained unburied the king would be incomplete and therefore "hunted in the afterlife".
SOURCE: BBC (3-22-09)
President Mahmoud Ahmadinejad and other senior officials took part in the funeral prayer, led by current supreme leader Ayatollah Ali Khamenei.
She was buried at Ayatollah Khomeini's shrine in Tehran.
SOURCE: BBC (2-21-09)
The father of an 11-year old girl, Mr Kaya is angry that she was forced to watch what he calls a "very bloody propaganda film" at school.
Sari Gelin, or "Blonde Bride", was commissioned by the Turkish General Staff and distributed in recent months by the education ministry.
It is an attempt to counter what Turkey calls "baseless" claims that Ottoman Turks committed genocide against the Armenians in 1915.
The DVD was sent to all elementary schools with a note instructing teachers to show it to pupils and report back.
Mr Kaya has applied to the courts to sue Education Minister Huseyin Celik, arguing the film incites ethnic hatred against Armenians.
Sari Gelin presents the Turkish state's case that the Armenians betrayed the benevolent Ottoman Empire during World War I, siding with invading foreign forces and massacring thousands of Turks.
The film says the Armenians were "relocated" as a result of their actions.
There is no mention of the hundreds of thousands who perished or were killed on the long march through the desert.
Turkey is coming under increasing international pressure to acknowledge the 1915 deportation and mass killing of Ottoman Armenians as genocide.
The US House of Representatives has just introduced a resolution on the issue and when Barack Obama was campaigning for the presidency, he pledged to recognise the Armenian genocide as a "widely documented fact supported by an overwhelming body of historical evidence".
SOURCE: BBC (3-20-09)
The Normandy Veterans Association said it would not accept the money at this late stage.
It said it had almost raised enough with the help of a national newspaper.
The government has said it will provide support for those wishing to travel, but has not clarified exactly what help will be available.
But Peter Hodge, honorary general secretary of the Normandy Veterans Association, said it was too late.
"There is no way in the world I am going to agree with the National Lottery standing up and saying they sent our veterans to Normandy in the 65th anniversary," he said.
"The people of this country have put the money together and the veterans this year will be going to Normandy with the blessing and the appreciation of the British people and there is no way, that 10 weeks before the kick-off, that they are going to take the credit for this."
SOURCE: BBC (3-20-09)
The Austrian justice ministry said the former guard, 83-year-old Josias Kumpf, could not be put on trial because the statute of limitations had expired.
The US says he acted in the killing and burial in pits of Jewish interns at the Trawniki camp in Nazi-occupied Poland.
Austrian justice ministry spokeswoman Katharina Swoboda said Vienna had warned the US that Mr Kumpf would not be prosecuted in Austria because the statute of limitations relating to his crimes had expired in 1965.
SOURCE: BBC (3-20-09)
A 90-year-old photo album discovered recently in northern France, reveals possibly the last picture of Britain's "highest scoring" fighter pilot from World War I.
It's an innocent photograph. A highly decorated RAF pilot poses for the camera, his arm gently resting on the shoulder of a local French child standing in front of him.
Within days of this picture being taken the pilot - Major Edward "Mick" Mannock VC - would be dead.
Photographs of Mannock, Britain's highest scoring fighter pilot from World War I, are surprisingly rare. This new one has come to light when researchers recently stumbled across an old album belonging to a French farmer whose land was being used by the RAF in the summer of 1918.
Mannock had just completed an extraordinary run of success shooting down 20 German planes that May - four of them in one day - and winning the Distinguished Service Order (one below the Victoria Cross) not once but three times in little over a month.
Part of the explanation is that unlike Germany who promoted their air heroes such as the Red Baron, Britain had a policy of keeping their pilots identities firmly under wraps, preferring the idea that it was a team effort and not all about the individual.
The effect was that while photos and stories of the Red Baron were splashed over newspapers around the world, in Britain Mannock, or "Captain X" as the press referred to him, was virtually unknown.
SOURCE: BBC (3-20-09)
An "addictive" bottle of 1825 Perrier-Jouet was opened at a ceremony attended by 12 of the world's top wine tasters.
Their verdict: the 184-year-old champagne tasted better than some of its younger counterparts.
There are now just two 1825 vintage bottles left - and Perrier-Jouet has no plans to open them soon.
SOURCE: BBC (3-20-09)
Bidding was expected to start at about $5m but the starting price was brought down to $4.5m as there were few buyers.
The rug, known as the Pearl Carpet of Baroda, was created using an estimated two million natural seed pearls.
It is decorated with hundreds of precious stones, including diamonds, sapphires, rubies and emeralds.
It is believed that the Pearl Carpet of Baroda was commissioned by India's wealthy Maharaja of Baroda, Gaekwar Khande Rao, as a gift to sit at the tomb of the Prophet Muhammad.
The maharaja's death meant it was never delivered and remained in India, being exhibited as a highlight of the Delhi Exhibition more than 100 years ago.
Later, it was taken by a family member to Monaco.
Name of source: Stone Pages Archaeo News
SOURCE: Stone Pages Archaeo News (3-21-09)
SOURCE: Stone Pages Archaeo News (3-21-09)
Name of source: NYT
SOURCE: NYT (3-21-09)
Mr. Obama is hardly the first American president to grapple with a distraction, a diversion — an outright red herring, some might call it — that grew bigger than itself. Ronald Reagan had the Air Force’s $7,622 coffeepot and the Navy’s $435 claw hammer, as well as an ill-fated effort to save money by classifying ketchup as a school lunch vegetable. Bill Clinton had midnight basketball and a high-priced haircut from a Beverly Hills stylist aboard Air Force One. George W. Bush was blindsided by an executive branch decision to contract with Dubai Ports World, an Arab-owned company, to manage terminals in six American ports.
What these stories share is a simple and clear narrative that captures the public imagination by tapping into some larger fear or existing perception — “a proxy for a bigger concern,” in the words of Ed Gillespie, former counselor to Mr. Bush. If that concern runs deep enough, the side issue becomes the main issue.
SOURCE: NYT (3-21-09)
The professor, Ward L. Churchill, was dismissed by the university in July 2007 on grounds that he plagiarized and falsified parts of his research on Native Americans. But Mr. Churchill contends that he was fired in retaliation for an essay in which he described office workers killed in the World Trade Center attacks as “little Eichmanns.”
Mr. Churchill, seeking to be reinstated to his tenured position, is expected to testify on Monday.
SOURCE: NYT (3-21-09)
Well, the first draft of history has a release date: this fall.
On Page 1,126 of the newest edition of “United States History,” a Pearson textbook for high schoolers that is due in classrooms this fall, a picture of Barack Obama at his election night rally in Chicago appears next to the red-lettered headline “An Historic Moment.”
The newest editions of middle- and high-school history and government textbooks by McGraw-Hill, also scheduled for a fall release, include an eight-page supplement with a picture of Mr. Obama on the cover and the words “A New President.”
SOURCE: NYT (3-21-09)
For example, it took 7.2 years after the start of the bear market in 2000 for stocks to reach a bottom and then to climb back to the 2000 peak. After the bear started growling in 1973, it took 7.5 years to return to the high. And after the 1929 crash, equities didn’t return to their previous peak for another quarter of a century.
The current bear market started on Oct. 9, 2007. Based on the average recoveries of the past, the Dow may not make it all the way back to its peak of 14,164 until late 2014. And some market observers say it could take significantly longer.
SOURCE: NYT (3-20-09)
To understand the message on the bag is to go back more than a century, to the beginning of an emotional land dispute between Japan and Korea.
The conflict is over a cluster of barely inhabitable islets and reefs in the sea between the countries — called Dokdo in South Korea and Takeshima in Japan — and much more, especially the legacy of Japan’s colonial occupation of Korea.
Name of source: IHT
SOURCE: IHT (2-22-09)
His ancestors, members of an ascetic offshoot of Russian Orthodoxy known as Old Believers, fled this region in the 1920s after the Communist Party violently suppressed religion. They settled in cloistered villages in South America that they turned into Little Russias, as if by preserving the ways of the past, they would somehow, someday, be able to return.
The government is trying to head off the country's severe population decline by luring back Russians who live abroad as well as their descendants. Mr. Reutov and several dozen other members of his religious community from Uruguay have become among the most striking examples of this policy.
Moscow has spent $300 million in the past two years to get the repatriation program started, and officials estimated that more than 25 million people were eligible, many of them ethnic Russians who found themselves living in former Soviet republics after the Soviet collapse in 1991.
But the government is not limiting itself to Russia's neighbors, sending emissaries around the world to sell the program. One even went to Brazil last month to meet with residents of several countries who, like Mr. Reutov, are Old Believers, whose followers have some similarities in lifestyle to the Amish. Diaspora Old Believer communities exist worldwide. In the United States, they can be found in places like Alaska and Oregon.
Mr. Reutov, 36, was not at the meeting in Brazil because he was already here, having decided to enroll in the program and move with his wife and five children from Uruguay. Others from two villages there are to follow soon, he said.
Their story is one of the last unfinished chapters of the Russian Revolution, and it speaks to the changes in Russia in the post-Soviet era. Even with the global financial crisis, Russia is more stable and prosperous than at any other time in its history, and Mr. Reutov said that only now was his community confident enough in the country's future.
Yet their return also points to Russia's disquieting population drop. The United Nations predicts that the country will fall to 116 million people by 2050, from 141 million now, an 18 percent decline, largely because of a low birthrate and poor health habits. (The government is trying to increase the birthrate by paying families to have more children.)
So far, only 10,300 people have moved back under the government repatriation program, which has faced criticism that it is overly bureaucratic and unpersuasive. But the Russian Foreign Ministry said the program needed time to generate interest, and officials said they hoped that many more would soon take advantage of relocation and employment assistance, which can amount to several thousand dollars a person.
The program is not open to just any descendants of Russians. In general, applicants must speak Russian and be comfortable with the country's society and culture.
SOURCE: IHT (3-21-09)
The official, Richard Holbrooke, now a special envoy on Afghanistan and Pakistan for the Obama administration, has repeatedly denied promising Mr. Karadzic immunity from prosecution in exchange for abandoning power after the Bosnian war.
But the rumor persists, and different versions have recently emerged that line up with Mr. Karadzic's assertion, including a new historical study of the Yugoslav wars published by Purdue University in Indiana.
Charles W. Ingrao, the study's main editor, said that three senior State Department officials, one of them retired, and several other people with knowledge of Mr. Holbrooke's activities told him that Mr. Holbrooke assured Mr. Karadzic in July 1996 that he would not be pursued by the international war crimes tribunal in The Hague if he left politics.
Last summer, after more than a decade on the run, Mr. Karadzic was found living disguised in Belgrade, Serbia's capital. He was arrested and sent to The Hague for his trial, which is expected to start this year.
Name of source: Daily Mail (UK)
SOURCE: Daily Mail (UK) (3-14-09)
For nine decades their last resting place has been marked simply with the words 'Unknown Soldier' or 'Known Only Unto God'.
But thousands may soon be identified after the discovery of a vast forgotten archive.
For British families who know they have a relative who died in the 'war to end all wars', but have never been able to pinpoint their remains, the discovery could at last provide some comfort.
British historian Peter Barton unearthed the archive, virtually untouched since 1918, in the basement of the Red Cross headquarters in Geneva. The organisation knew it had a vast amount of information there, but Mr Barton is the first to study it in detail. It documents information about the death, burial or capture of more than 20million soldiers from 30 countries who took part in the Great War.
Carefully entered on card indexes or written into ledgers, the details include name, rank, unit, time of death, exact burial location, home addresses and next of kin.
The information has the potential to pinpoint unmarked graves along the Western Front and other battlefields, and could mean headstones which currently mark the grave of an unknown soldier will finally bear a name.
They give detailed directions about where they were dug - many have since been overgrown or built on - and include details which could lead to the identification of soldiers buried in them. 'The emergence of this archive is hugely important,' said Mr Barton. 'It will change the way we look at World War One.
Name of source: TPM (Liberal blog)
SOURCE: TPM (Liberal blog) (3-20-09)
So here's a rundown of some of the key developments in AIGFP's tumultuous history -- many gleaned from a superb three-part December 2008 Washington Post series on the unit (parts 1, 2, and 3):
From a Humble Start, A Swift Rise
- AIGFP was founded on January 27, 1987, when three Drexel Burnham Lambert traders, led by finance scholar Howard Sosin, convinced AIG CEO Hank Greenberg to branch out from his core insurance business by creating a division focused on complex derivatives trades that took advantage of AIG's AAA credit rating.
- In addition to his two partners, Randy Rackson and Barry Goldman, Sosin brought 10 other staffers from DBL with him -- including future AIGFP CEO Joseph Cassano. The team of 13 set to work in a windowless makeshift room, at first without full-size desks and chairs, in an accounting office on Third Avenue. AIGFP's first significant deal, made in July 1987, was a $1 billion interest-rate swap with the Italian government.
- In its first 6 month of existence, the unit earned more than $60 million. Under the agreement that Greenberg and Sosin had signed, 38 percent of that went immediately to AIGFP, with the remaining 62 percent going to AIG proper. Crucially, the agreement also called for AIGFP received its profits up front, even though its deals generally took years to play out. AIG itself, not AIGFP, would be on the hook down the road if things went wrong. This arrangement would be modified, but only partially, after Sosin left in 1993. - AIGFP soon moved to a swanky Madison Avenue office. A few years later, it would relocate again to Wilton, Conn, which remains the unit's headquarters today.
- By 1990, AIGFP had expanded, opening offices in London, Paris and Tokyo.
- In 1993, Sosin left AIGFP, in part thanks to a strained relationship with Greenberg. (He got a reported $150 million payout). Tom Savage -- a Midwestern math whiz who had joined AIGFP in 1988, after beginning his career at First Boston writing computer models for collateralized mortgage obligations, the very instruments that would later help cause the current crisis -- soon took over as CEO.
- By that year, AIGFP employed 125 people, and was consistently raking in more than $100 million each year.
- By 1998, the unit had a revenue of $500 million. But it still had never made a single credit default swap.
The Seed Of Ruin Is Planted
- That year, JP Morgan approached AIG, proposing that, for a fee, AIG insure JP Morgan's complex corporate debt, in case of default. According to computer models devised by Gary Gorton, a Yale Business Professor and consultant to the unit, there was a 99.85 percent chance that AIGFP would never have to pay out on these deals. Essentially, this would happen only if the economy went into a full-blown depression, in which case, the AIGers believed, the counter-parties would be wiped out, and therefore would hardly be in a position to demand payment anyway. With the backing of Cassano, then the COO, Savage greenlighted the deals. Credit default swaps were born....
Name of source: BBC News
SOURCE: BBC News (3-20-09)
Battlefield archaeologist Dr Tony Pollard will lead the group of re-enactors on the trek.
A few thousand men drawn from Bonnie Prince Charlie's forces tried, but failed, to surprise attack a government camp under the cover of darkness.
SOURCE: BBC News (3-20-09)
A 90-year-old photo album discovered recently in northern France, reveals possibly the last picture of Britain's "highest scoring" fighter pilot from World War I.
It's an innocent photograph. A highly decorated RAF pilot poses for the camera, his arm gently resting on the shoulder of a local French child standing in front of him.
And yet look into the face of the airman and you see the drawn expression of a man haunted by his experience of battle.
Within days of this picture being taken the pilot - Major Edward "Mick" Mannock VC - would be dead.
SOURCE: BBC News (3-20-09)
Letters from prosecutor David Maxwell Fyfe have been released at the Churchill Archives Centre in Cambridge.
Thought to have been lost, the letters to his wife were found by his grandson.
In one of them Mr Maxwell Fyfe refers to Hermann Goering as "the fat boy" and says he feels he "knocked him off his perch" during cross-examination.
The 205 letters between Mr Maxwell Fyfe and his wife Sylvia offer a day-by-day insider's account of the historic Nuremberg trials in 1945/6 which brought prominent Nazis to justice.
They are being released on the 63rd anniversary of Mr Maxwell Fyfe's interrogation of the leading Nazi defendant, the Luftwaffe commander Hermann Goering, on 20 March 1946.
Name of source: The Independent (UK)
SOURCE: The Independent (UK) (3-20-09)
Carne Ross, formerly Britain's top Iraq specialist at the United Nations, protested that the Butler and Hutton inquiries had not fully examined the events leading to military action in 2003. He told MPs, who are investigating leaks and whistle-blowing by civil servants, that the intelligence available to the Foreign Office made it "very clear" that Saddam Hussein did not possess weapons of mass destruction. But he protested that he was not given a proper chance to raise his worries with ministers in the build-up to war.
Mr Ross resigned in 2004 as a civil servant after giving anonymous evidence to the Butler inquiry and is now an independent diplomat.
SOURCE: The Independent (UK) (3-20-09)
His great grandfather Abdur Rahman Khan ruled from 1880 to 1901, massacring tens of thousands on the battlefield, while executing and torturing hundreds more who he suspected of dissent. He made slaves of an entire province, yet he is fondly remembered inside Afghanistan as one of the few rulers in the last 250 years to unite the country's tribes.
Prince Ali fled Afghanistan in 1978 after a communist coup, disguised as a hippy. He returned in 2002 after the Taliban regime collapsed, and says Abdur Rahman is his hero.
SOURCE: The Independent (UK) (3-20-09)
The change has been a long time coming – 15 years and more. Mr Berlusconi broke the great taboo of Italian post-war politics after he won his first general election victory in 1994 and incorporating four members of the National Alliance into his coalition...
Under the wily leadership of Gianfranco Fini the "post-Fascists" have been gaining ground since [1994]. Tall, bespectacled, buttoned up, the opposite of Berlusconi in every way, the Alliance's leader impressed the Eurocrats with his democratic credentials when he was brought in to lend a hand at drafting the EU's new Constitution.
He leaned over backwards to break his party's connection to anti-Semitism, paying repeated official visits to Israel where he was photographed in a skull cap at the Wailing Wall. On one visit, in 2003, he went so far as to condemn Mussolini and the race laws passed in 1938 which barred Jews from school and resulted in thousands being deported to the death camps.
Name of source: Times Online (UK)
SOURCE: Times Online (UK) (3-20-09)
President Obama’s plea is more abstract and more nuanced; less of a call to revolution than food to fuel the growing doubts of the Iranian people about their proud isolation.
Contrast his words with President Bush’s bluster about an “axis of evil”. That phrase did nothing to help Mohammed Khatami, then Iranian President, to sell his moderate agenda and hesitant attempts for rapprochement with the West.
Nor did it blunt Iran’s nuclear ambitions, which have taken on new momentum since the election of the firebrand demagogue, Mahmoud Ahmadinejad, reaching breakout point this year with the accumulation of enough low-enriched uranium to develop into a bomb.
This is the reality that Mr Obama faces: the prospect of a nuclear Iran. Even on a purely tactical level, the military option offers no guarantees of success. Of the different scenarios being game-tested in Washington, only the second least palatable is containment of a nuclear-armed Iran. Mr Obama’s advisers have told him, with some authority, that there is no other option than a diplomatic one.
Consider this as the second move in a game of chess – an ancient Persian pastime. Or, to Persian speakers, ta’araf, the elegant conversational process of engaging and an interlocutor, absorbing their language in a lengthy process of polite deference before getting down to business.
In his inauguration speech Mr Obama offered to extend a hand of friendship to those who first unclenched their fist. Mr Ahmadinejad responded with surprising positivity – salted by a healthy dose of Persian chauvinism – agreeing to talks but only in “an atmosphere of mutual respect”.
Then today, after acknowledgements of Iran’s cultural heritage and warm wishes on its national holiday, Mr Obama echoes Mr Ahmadinejad’s own phrase back to him, telling him America seeks “engagement that is honest and grounded in mutual respect”.
Mr Ahmadinejad asked for mutual respect. Mr Obama has offered it. The ball is in his court. It would be hard to explain to Iranians why he should now balk. Presidential elections are coming in June and Mr Ahmadinejad faces a tough challenge from a newly united Opposition. In 2005 the reformists and moderates ran against each other, splitting the anti-Ahmadinejad vote. In 2009 the drive to remove Mr Ahmadinejad is strong enough to have made them join forces.
Name of source: Foxnews
SOURCE: Foxnews (3-19-09)
Richard Thill finally got his diploma from Humboldt Senior High School in St. Paul, Minn., on Wednesday, 69 years after leaving school without graduating.
On Wednesday, Thill had been invited to the school ostensibly to speak about his experience in the war. Instead, the school revealed its true intention — to present him with the diploma, dated June 8, 1942, the Star Tribune reported.
Thill deployed to Hawaii in January 1941. He was stationed on the destroyer USS Ward and was part of the crew that fired the country's first shots in the war, sinking a Japanese submarine as it tried to enter Pearl Harbor in the early morning on Dec. 7, 1941, the Star Tribune reported.
Name of source: 3-20-09
SOURCE: 3-20-09 (12-31-69)
If the photo authorities released early this week is any indication, the leader of a murderous band called "The Family," has mellowed some after almost 40 years in a California state prison.
He has had a lot of alone time.
Manson receives a lot of mail, and many requests from people who want to visit him, Johnson said. He still occasionally sees a few people.
"Over the years, he's taken some people off the visitor list and put them back on, " Johnson said. "He has the same rights as any other prisoner."
Manson has been disciplined in the past, losing privileges, but he's now in good standing and good health, Johnson added.
All members of the "Manson family" have been up for parole multiple times over the past four decades, but it has never been granted.
Manson's next parole hearing is in 2010. He did not show up for the last one in 2007.
Name of source: Britannica Blog (click here for graphic display)
SOURCE: Britannica Blog (click here for graphic display) (3-19-09)
So reported Spiegel Online last week.
“When the Romans weren’t busy conquering their enemies, they loved to waste massive quantities of water, which gurgled and bubbled throughout their cities. The engineers of the empire invented standardized lead pipes, aqueducts as high as fortresses, and water mains with 15 bars (217 pounds per square inch) of pressure."
Name of source: VOA
SOURCE: VOA (3-16-09)
When you listen to South Korean and North Korean newscast you might not hear much of a difference, but for many of the 15,000 North Koreans who have defected to South Korea, the difference is loud and clear.
For them, language is one of the hardest parts of adjusting to life in their new home.
That is according to Ko Gyoung Bin, director of Hanawon, a South Korean government-run facility that gives newly arrived defectors a crash-course on living in the capitalist world.
Ko says Hanawon tries to teach them the new terminology through textbooks. He says the organization also uses movies to teach how to speak.
He says Hanawon even hires defectors who have lived in South Korea for a while.
The North Korean language is a relic. It has not changed that much since the 1940's, whereas South Korean has added a wealth of new vocabulary.
Chae Su Jeong, who defected in 2001, says she found that out the hard way.
Chae says she did not realize how different North and South Korean languages were until she started working for a recycling company. For example, she says, North Korea has only one word to describe all types of paper, but, in the South, there are many.
Political manipulation might be a reason for the North-South language divide.
As in many aspects of life in North Korea, language has been altered to serve the nation's rulers.
So says Kim Seok Hyang, who lectures at the Ewha Institute for Unification Studies in Seoul and who has written a book on how North Koreans use their language, gives an example of one word that has had its meaning changed since the Koreas were divided.
"Sun-mul, in Korean language, sun-mul, which means present to your friend," says Kim. "But now, North Korean way of speaking this sun-mul, sun-mul is the reserved word by Kim Il Sung and Kim Jong il. So, only Kim Il Sung and Kim Jong il are the only two who can give sun-mul to another person."
Kim adds, unlike in South Korea, where many English words are intermixed with Korean, the Pyongyang government has prevented foreign words from entering the vernacular....
Name of source: Memphis Commercial Appeal
SOURCE: Memphis Commercial Appeal (3-19-09)
The park at Union and Manassas where Confederate Gen. Nathan Bedford Forrest and his wife are buried received the honorary designation this month from the National Park Service.
The park has long been a point of racial controversy in Memphis, with local officials and other groups periodically rallying to rename the park and remove the statue of Forrest, a revered cavalry leader in the Civil War who also was a slave trader and a leader of the Ku Klux Klan.
Name of source: Politico.com
SOURCE: Politico.com (3-18-09)
A contract with Crown, an imprint of Random House, is to be announced Thursday. The same publisher issued both of President Obama’s books.
The first chapter will be about the former president’s early life leading up to his decision to run for president, and the final chapter will be about the financial crisis.
Aides say Bush is taking a disciplined approach, working two to three hours each morning, writing 1,000 to 1,500 words a day. He has been typing on computers at his ranch in Crawford, his home in Dallas and his office in Dallas, and on a laptop he carries on planes and the ride between the ranch and the city. On a trip this week to Calgary, Canada, for his first public speech since leaving office, he edited printouts.
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