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U.S. Seizure Slams Market for Dollars in Venezuela Top
By JOHN LYONS and JOSE DE CORDOBA Venezuela 's economically crucial black market for dollars was all but frozen Friday following the money-laundering arrest of an owner of a small Florida financial firm, adding to tensions between the U.S. and Venezuelan President Hugo Chávez.   The arrest has reverberated through the Latin American country because the firm, Rosemont Finance Corp., serves as a key U.S. clearing house for dozens of black-market brokerages -- trading houses that exploit loopholes to sell dollars despite an official Venezuelan ban on private firms buying and selling currency at unofficial rates. The federal case has ensnared millions of dollars from these trades and the brokerages that relied on Rosemont.   The black market is a crucial cog in the nation's financial system and counts giants such as state oil company Petroleos de Venezuela SA among its key players. If the market remains shut down for long, it could add to problems in Venezuela's increasingly chaotic economy. Venezuela, the fourth-largest supplier of oil to the U.S., has already been hurt by the decline in crude prices, rampant corruption and overspending on social programs.   Arrest after Indictment   U.S. authorities arrested Rosemont founder and Florida businessman Rama K. Vyasulu on Wednesday in Miami and froze Rosemont's account at bank of America. The move came after a federal grand jury in Boston indicted Mr. Vyasulu on charges of laundering $900,000 in drug profits. A lawyer for Mr. Vyasulu declined comment bank of America had no comment on the ongoing investigation, spokeswoman Shirley Norton said.   Journal Community   ·       Join a discussion about Venezuelan politics, economics and its president, Hugo Chavez. Rosemont, based in Doral, Fla., confirmed in a statement that at least one account had been frozen in the wake of the federal charges. In the statement, the company said it operates legally and that the charges were related to a small fraction of its overall transactions. Rosemont officials did not comment beyond the statement.   The case is the second politically charged U.S. prosecution in recent months involving Venezuela. Last year, two Venezuelan businessmen were convicted in Miami federal court of acting as unlicensed foreign agents in a Federal case that featured a suitcase stuffed with $800,000, money allegedly sent by Mr. Chávez to the presidential campaign of Argentina's President Cristina Fernandez de Kirchner. Both Mr. Chávez and Ms. Fernandez de Kirchner have denied wrongdoing and accused the U.S. of politically motivated prosecutions.   Although it operates in a legal limbo, Venezuela's black market for dollars has become increasingly important in recent months as plunging oil prices have squeezed the OPEC nation's economy. Seeking to stretch their budgets, the Venezuelan Finance Ministry and oil company PDVSA have become the principal sellers of dollars on the market, where they get nearly three times as much per dollar as they would get selling to the central bank , according to three major Caracas currency brokers.   The seizure of the Rosemont account late Wednesday prompted several Caracas brokers to fly to Miami to start lobbying U.S. officials to turn loose cash related to their clients but held in the Rosemont account.   Michael Diaz , a Miami lawyer who is representing six of the institutions, said he believes at least $100 million has been frozen. Mr. Diaz said his clients are innocent of any wrongdoing.   Identified as Victims "We were a victim of Mr. Vyasulu and Rosemont," he said. "Right now, my clients are organizing their records to show the government they have not been involved in any wrongdoing."   Mr. Diaz said Mr. Vyasulu was arrested at 2.30 p.m. in a bank of America tower in Miami the same day.   Some Venezuelan observers said they were concerned that a long closure of the black market could boost the anxiety of average Venezuelans, who have become jittery about the strength of the financial system since the global crisis deepened last year. Many Venezuelans have sought to buy dollars on the black market in recent months on concern that the Chávez government will be forced to devalue the "strong bolivar," the currency he unveiled just last year.   In February, meanwhile, Venezuelans were on the front line when the U.S. Securities Exchange Commission lodged civil fraud charges against Texas businessmen R. Allen Stanford. Venezuelans were among Mr. Stanford's biggest investors, and news of the U.S. case sparked a run on a Venezuelan bank owned by Mr. Stanford.   Rosemont did a brisk business in a special niche -- handling funds for Venezuelan brokerages that wanted to open bank accounts in the U.S., but that might have had trouble qualifying amid the increased scrutiny of bank s enacted to combat terrorism. Rosemont said in promotional materials that it handled around $10 billion of transactions last year.   U.S. and Rosemont officials did not comment on how much is frozen.   A heavyset man in his fifties, Mr. Vyasulu started his company with at least one Venezuelan partner and several Venezuelan associates, according to the firm's promotional material. Mr. Vyasulu portrayed himself in these materials as a Latin America specialist, claiming to have worked at the Federal Reserve bank in Atlanta supervising several Latin American countries.   A spokesman for the Atlanta Federal Reserve bank said Mr. Vyasulu did work for it Miami branch for five months in 1997 as an Associate Examiner, a relatively low level position.   Denied Bond Mr. Vyasulu used his experience at the Atlanta Fed as a selling point with clients worried about compliance with U.S. regulations, according to a lawyer who has had dealings with Mr. Vyasulu. A U.S. citizen whose parents live in India, Mr. Vyasulu was described as a flight risk and denied bond at his hearing.   According to the indictment, Mr. Vyasulu sought to "conceal and disguise the nature" of three money transfers to Florida from Massachusetts totaling $900,000 that are alleged to be proceeds from the illegal drugs trade. As part of the indictment, U.S. authorities froze accounts connected to Mr. Vyasulu, and are seeking to recover the $900,000, plus any other assets related to illegal activities.   The Boston indictment didn't provide details about the alleged drug transactions that produced the funds. A hearing in the case is scheduled for Wednesday in Miami federal court.   Write to John Lyons at john.lyons@wsj.com   Source: Wall Street Journal, March 28, 2009 Source
 
bank Top
i cleaned up and out my room today. i got rid of this thing of drawers under my bed, so i have more storage space, and thus moved half my art stuff under there. my room feels less crowded. and then i went and returned things that needed to be returned, took my dog for a walk, cancelled a photo session with tahoe because he made a date with a girl and joel was supposed to be coming over. i found a europe trip that mag and i are stoked on, not any of the original ideas, but still stoked. i checked my bank account and am not as poor as i thought, always good. i'm gonna go make myself food for dinner and get lunch ready and decide on how mad i'm going to be with joel, since he's still not here, and it was three hours ago that he said he was going to visit kawika (which, spend all the time with kawika you want. give me a heads up on time so next time i don't cancel other plans that i apparently had time for). and possibly, i'll come back up and sketch an idea for a painting that's been sitting in my head. i might even start painting it. seriously. sitting still is not my forte. Source
 
A very amusing Family Guy Top
My big news:  I have no car :( My 1997 Mercury Sable (or rather my mom's Sable that she bought for me and let me drive) has been retired.  I went home for a few days over break and decided to ge the snow tires off so I wouldn't have to deal with an extra set of tires at the end of the semester.  The car also needed and inspection so I thought I'd kill two birds with one stone.  The underside had been quite rusty when we purchased it used about 4 years ago and it has finally rusted enough to compromise the frame so that it will not pass inspection.  The emissions were also no good.  We really weren't too surprised that it didn't pass, but  both are too expensive to justify repairs, so we ended up just giving to a guy for parts in exchange for $100.  He definitely got his money's worth there: nice snow tires, great body, and probably some decent engine and transmission parts.  Despite kind of expecting it, we are a little unprepared to buy another car at this point. My dad was nice enough to drive me back to Fredonia, but now I'm working on getting comfortable with walking or biking to school (a good thing) and finding alternate tranportation to the grocery store and laundromat.  There is a community bus that is free to college students, but I still have to get to get groceries to and from campus to get to the stop and it doesn't really go by the laundromat.  I do have a couple people I can hitch rides with, but I feel bad asking them for too many favors, especially when we aren't that close.  I also can't get out for hikes or anything.  It is not good to be carless when you are almost a shut-in already. I do have a little bit saved up (mostly money my grandmother keeps sending me that I have just been putting in the bank ), as well as several savings bonds I can cash if need be, but I was really hoping to keep some of it for something exciting and hopefully career related.  It will be difficult for me to get a loan or payment plan, since my job status will be up in the air starting in mid May (and I only work part-time now).  There is talk of my mom selling me her car at a reduced price and then she would purchase a new car for herself.  Or we will buy another used something or other. In other, somewhat related news, I have gotten responses back from several bat-related jobs for this summer/fall.  No one has actually offered me a position yet, but at least they are showing some interest.  Two of them are intense field jobs; one in Texas, the other in Utah.  The other two are wind-turbine contractors that investigate impacts on wildlife; likely lots of walking involved, but more likely a regular schedule with a reliable, place to live somewhere near civilization.  I gave the Utah people times when they could call me, but they never did.   The Texas person said she sould let me know by the nd of the month, so I'm thinking that's also a no.  I think I would have a job for one of the turbine companies right now if I could start in mid-April.  They were very interested when I said I already had rabies shots, but the site is two hours from here and with my schedule the way it is, I really can't see driving out there very often (if I get a car) until school is over.  We are also holding off on getting a car until I hear back from the place, since they say a personal field vehicle is required.  If they say I should have a truck or something, we'll get something old and just junk when the job is over.  Anyway, Itold them I might be able to do a couple weekends towards the end of April and they then asked me for proof of my rabies shots, so I guess they haven't ruled me out yet.  I'm curious how much the work pays, since the listed only said pay was "hourly", but didn't actually list a rate.  I'm guessing not much, but if they actually get back to me again I'll start asking questions.  The other wind turbine place is somewhere near Buffalo as well, so I'm curious to see if it's any closer. I also did manage to get myself to submit the apprentice application I was struggling with earlier.  I have strong doubts I will get in (and will liekly freak out if I actually do), but now at least I can't say I didn't try.  They are supposed to inform me by mid-April either way.  As far as school goes, the end of the semester is creeping up fast.  I should finally have my thesis introduction finished by mid-week (after putting it off for weeks).  That will just leave the discussion and then it's just a couple quick, short pieces and I'll have a rough draft.  I'm still waiting for my advisor to go over my methods and results sections- guess I'll have to get on her about it this week.  The rest of the semester goes something like this: finish thesis rough draft give tesis to grad committee for review final thesis presentation for seminar april 17th thesis defense edit thesis for final submission purchase grad tickets and pick up grad attire lead second discussion for Current Environmental Topics: noise pollution research paper of CET: sustainbaility, overconsumption, and how to fix capitalism prep and proctor second biodiversity lab practical grade second lab practical and second-half of lab notebooks graduate Busy, but doable, so long as I don't go crazy from cabin fever.  Source
 
You Should Be Dancing Top
Big congrats to the Villanova Wildcats, who ousted top-seeded Pittsburgh, 78-76, in the East Regional Championship last night. The win means a city team will be in the Final Four for the first time since Villanova's miracle championship run in 1985. Since then, local teams had been to a combined eight Regional Finals (five times for Temple, two for 'Nova, one for St. Joe's) and lost them all. The Wildcats will take on North Carolina in the late game next Saturday. Tipoff will take place at approximately 8:45 or about a half hour after the conclusion of the UConn-Michigan State game, whichever comes first. In case anyone was wondering, I went 2-for-4 in my Final Four picks this year. I was right on Villanova and North Carolina. Louisville was elminated by Michigan State today, while Memphis fell to Missouri in the Sweet 16. In my brackets, I have Villanova losing to North Carolina in the semis. I'd have no problem being wrong there, though! Took in my next-to-last Phantoms game last night, a 7-4 win over the Grand Rapids Griffins. Defense was not at a premium, as the teams played to a sloppy 4-4 deadlock after two periods, but the home squad pulled away with three unanswered markers in the third. Rob Sirianni and Jonathan Matsumoto both netted hat tricks, with Jared Ross also tallying. Ross's goal was shorthanded, as was one of Matsumoto's. In what has been a recurring theme (at least in the games I've attended), Jean-Sebastien Aubin allowed a couple of soft goals, but closed the door in the final period when it mattered most. It was the third consecutive win for the Phantoms in games I've attended, bringing the season total to an even 5-5. Or 5-4-1 if you want to get technical, since one of the losses was in overtime. It was also the final game on my plan. All that's left is the final Spectrum game on April 10 against Hershey. Some other interesting tidbits from last night: - Ate at Bullies for the first and what will be only time. The food was decent, but the service left much to be desired. I had some coupons. I figured I wouldn't be allowed to use both on the same check, so I asked the hostess if we (myself, Kayla, my dad, and my sister) could sit at two separate tables. She wouldn't let us. So when we were seated, I asked the waitress if we could get two separate checks. She said only one coupon per table. Grrrrrrrrrrrrrr! Then she gave the wrong drinks to the wrong people. Then she seemed to purposely avoid us when it was obvious we were done eating. Looking at us without so much as an "I'll be right over" qualifies as avoiding, right? I'm known to tip very well if I find the service to be adequate. Our waitress ended up with a $4 tip on a $46 check. - I didn't turn around to look, but the people sitting behind us sounded an awful lot like the people who sat behind us at Phillies games the first three years of Citizens Park. The guy couldn't control the volume of his voice, and it was like listening to 610 for a couple hours. God, were those people annoying. Served them right the year they gave up their tickets was the year the Phils finally got to the playoffs. - There was a fight during the Mites on Ice game. One of the bigger kids kept running the smaller kids, so finally one of the smaller kids stars punching the big kid. An ice crew member had to seperate them, although a scrum did ensue. Possibly staged, but entertaining nonetheless. - Lou Nolan handled the PA duties for the game. Keith Jones (not to be confused with the Flyers TV analyst of the same name), who does the PA for the Phantoms and Philadelphia Park, took a puck in the face during a game a couple weeks ago. Jones suffered a broken jaw and needed 55 stitches. It was weird hearing Nolan doing a Phantoms game, but he did a nice job. Hopefully Jones makes it back in time for the last Spectrum game. - The Phantoms wore special Spectrum jerseys last night. They were black, with Spectrum-colored sleeves. Not sure if they were the best-looking things in a fashion sense, but they were pretty damn cool. If they decide to sell them, I might just have to buy one. - Yesterday marked the 17th anniversary of a pretty famous event that took place inside the Spectrum. Here's what happened: And here's the real thing: I'm gonna miss that place Source
 
House of Cards Top
There was a documentary on TV entitled "House of Cards" that described the recent developments in the housing industry and the sub-prime mortgages. The title is very appropriate. The first time I saw this show was earlier this year or late last year. And now there seems to be the proof of the pudding. SAD. I remember the last time I refi-ed my place. It was a "no docs" loan and I was troubled when the mortgage rep at the bank was encouraging me to "state" my annual income at a higher level than was actual or what I was comfortable. It was easy to give in to the Siren's Song. Luckily I am still in fairly good shape as equity is concerned. I think the price of the townhomes at CV have stabilized. But there is still the complication of a uncertain job market and the bank ing problem. The stock market is in a shambles. What next? There is a bleak picture of the future and it is not being improved by the actions of Congress and the President. It is scary about the actions that Congress is contemplating. Hopefully time will slow down the process enough to make some of the potential problems go away. Time will tell. More Later.... Source
 
Oh simple things, where have you gone? Top
Supposed to be simple questions that have been bugging me lately... 1. I have a tabung full of coins and I wonder if I go to the bank , do I need to separate all the coins accordingly (you know, 20 cents, 50 cents all in their own category) or can I just ask the person at the counter to count the coins instead? The grossly named farting piggy bank 2. Thank you to some unforeseen circumstances Husayn's 2nd birthday party has been cancelled but I was thinking of celebrating it somewhere like Genting, Malacca..anywhere! Somewhere that will not break the bank and do you know any place that is reasonably priced? And mestila best juga..haha. 3. I have a May bank Flex visa credit card which I have to pay RM3.95 don't know what fee monthly if I did not make any transaction in that month. Is it any good if I cancel that Flex credit card and change it to May bank Petronas Credit Card where I will get 5x treat points at Petronas. By the way I only fill my tank with Petronas and nothing else! By the way that Petronas credit card is free for life, which means there's no annual fee, funny hidden fee whatsoever (or so they said lah) Honest answers are appreciated! Source
 
That'll learn 'er. Top
Though I in no way condone what this trough snuffler has done, I think her being busted illustrates yet one more reason not to get a Facebook page. Call me a laggard but I'm aiming to be the last person on Earth to have one. Even that will be the day after the last day in which membership becomes compulsory under any New World Order. Anonymously slagging people and things I dislike via this blog (and this one) suits me fine thanks. I don't need the state snooping on my shit through the interweb (any more than at present) nor indeed any future employer , bank lending officer, policeman, gang member, or whomever, enabled by my own postings on a social networking site, featuring pictures of me and other personal info. I thought everyone knew it was the CIA who came up with Friend Book to fuck our shit up later?. Source
 
The greatest lie ever told Top
I had planned to do this earlier yesterday, but had software problems that needed fixing. I could, of course, have used the laptop – if I had one. But that got nicked last week in yet another burglary we have had to suffer. At least we are not alone. Victim support told me they have never been so busy. Since the recession started, burglaries have increased massively. Anyhow, the theme is the Booker column and the climate change scam, in particular the myth of rising sea levels which we now discover is "the greatest lie ever told". Booker's source is Swedish geologist and physicist Nils-Axel Mörner, formerly chairman of the INQUA International Commission on Sea Level Change. His uncompromising verdict, who for 35 years has been using every known scientific method to study sea levels all over the globe, is that all this talk about the sea rising is nothing but a colossal scare story. "The sea is not rising," he says. "It hasn't risen in 50 years." If there is any rise this century it will "not be more than 10cm (four inches), with an uncertainty of plus or minus 10cm". What is especially fascinating is that, when running the International Commission on Sea Level Change, Mörner launched a special project on the Maldives, whose leaders have for 20 years been calling for vast sums of international aid to stave off disaster. Six times he and his expert team visited the islands, to confirm that the sea has not risen for half a century. Before announcing his findings, he offered to show the inhabitants a film explaining why they had nothing to worry about. The government refused to let it be shown. It helps here to realised that the government at the time – and until very recently – was a dictatorship run by a very unsavoury character called Maumoon Gayyoom. He had been relying on a steady flow of international aid to prop up a bank rupt administration, and had interesting ways of administering the funding. Although the government is now elected, with the Maldivian Democratic Party (MDP) now in power, the island remains troubled, and it is only through the continued flow of aid that it is making ends meet. Now enter the EU which has promised a substantial aid programme , with €10 million on offer plus assistance in attracting World bank loans and further largesse from the UN Development Programme. But it soon becomes clear that the money has strings attached, aid being conditional on the island espousing "the cause". Thus we find that the Maldives "believes that global environmental issues, such as global warming and rising sea levels, require global solutions, and seeks genuine commitment and positive action from the international community to protect environmentally vulnerable States." As long as the government remains a "believer", the EU has promised it will the Maldives "to strengthen its voice in international fora on climate change and in its bilateral campaigns to seek the support of powerful organisations and nations that can help it fight for survival." At national level, the EU is also offering to support the government "in its established policy to develop safer and more sustainable islands for the population." Upon the myth of rising sea levels, therefore, does the Maldives government depend for its international status and to keep the gravy train rolling. There is no way of can afford not to go along with the EU and lend its "voice" in international for a on climate change. Booker, in his column, notes that, if one thing more than any other is used to justify proposals that the world must spend tens of trillions of dollars on combating global warming, it is the belief that we face a disastrous rise in sea levels. To that effect, the climate hysterics have recruited the government of the Maldives, and indeed the leaders of Tuvalu – another of the supposedly threatened Pacific islands - where the sea has if anything dropped in recent decades. By lining their pockets with gold has the "international community" kept the island leaders "on-side" willing to promote the myth which sustains the whole scam. Thus survives "the greatest lie ever told", built, as Booker tells us, on "deliberate ignorance" and rigged computer models – and bribes to compliant governments which thus have a vested interest in seeing the scare prosper. And they call this science! COMMENT THREAD Source
 
Lessons to learn Top
One of the most deadly phrases we hear in modern administration is the mantra "lessons that must be learned". This we are hearing yet again, this time in respect of the failed Icelandic -bank s . It turns out that seven English local authorities breached official guidance and their own treasury management protocols in continuing to invest in Iceland after the -bank s' credit ratings had been downgraded below acceptable levels. One authority failed to open an email warning of the ratings change, another was using out of date information, while a third exceeded its own limit for deposits in a single -bank . Another authority, Havering, invested £2m in an Icelandic -bank on 1 October - only 20 minutes before it was told the -bank 's credit-rating had been downgraded. In all, according to the BBC , a total of £32.8 million was deposited between the downgrading of the -bank s' rating to "adequate" on September 30 last year and the collapse of the Glitnir and Lands -bank i -bank s on October 7. All this information comes from the Audit Commission which says that the Icelandic -bank ing collapse had exposed the "variable" standards of treasury management in local authorities. Treasury managers could and should have been aware that there were risks associated with making investments and that, in particular, there were risks associated with investing in some institutions. This is the same Commission, incidentally, that invested £10 million in Iceland. As you can imagine, it is insisting that this did not compromise its ability to analyse what went wrong. "We found that most local authorities heeded the warning signs about Icelandic -bank s," says chief executive Steve Bundred. "But some did not, and a number were negligent. Our report shows that there are lessons that must be learned by everyone." There is a very simple point to make here. Could we please have public authorities learn their lessons, before disaster strikes, rather than afterwards? Or is that too much to ask? COMMENT THREAD Source
 
GOP Challenges Dems Top
Sen. Judd Gregg says the EU wouldn't admit us because our debt level is so high. But actually, with the Obama porkulus and this budget, piling on and adding to initial bailouts, we're approaching third world status. Oh, yeah, they call them "emerging nations" now. Desmond Lachman , WaPo: Negotiating with Argentina's top officials during their multiple financial crises in the 1990s was always an ordeal, and sparring with Domingo Cavallo, the country's Harvard-trained finance minister at the time, was particularly trying. One always had the sense that, despite their supreme arrogance, the country's leaders never had a coherent economic strategy and that major decisions were always made on the run. I never thought that was how policy was made in the United States -- until, that is, I saw how totally at sea Treasury Secretaries Henry Paulson and Timothy F. Geithner and Federal Reserve Chairman Ben S. Bernanke have appeared so many times during our country's ongoing economic and financial storm. The parallels between U.S. policymaking and what we see in emerging markets are clearest in how we've mishandled the bank ing crisis. More discussion of that, and then there's the debt: A singular characteristic of an emerging market heading for deep trouble is a seemingly suicidal tendency to become overly indebted to foreign creditors. We need to tighten our belts, and take measures that actually grow the economy. The GOP alternative : Cantor challenged the idea that Republicans are acting when the horse is out of the barn, with the administration already implementing Obama's plans. "First of all, the president knows different when he says that we don't have a plan," Cantor said. "And I think he would tell you, if he was being accurate, that from the first days of his administration, Leader Boehner and I went in and personally handed him our plan on the stimulus." Cantor called the Republican budget "a responsible attempt to restrain the growth in government, to return us back to a period of economic growth through tax relief and fiscal prudence." The budget will also address entitlements, he added, saying it's "in stark contrast to the smoke and mirrors inherent in the House Democrat plan." After Obama releases his detailed budget later this spring, House Republicans will do the same — matching his graphs with their graphs, his charts with their charts. Video: Source
 
From a distant planet … Top
The point, very much tongue-in-cheek, about Hannan was that the EU parliament is a black hole when it comes to media coverage. What should have got some considerable attention in the media was almost totally ignored by a class of political hacks that is irredeemably parochial in outlook. Meanwhile, my co-editor goes to the Czech Republic and the government falls. Now that she is back in the country, she is hoping to repeat the effect here, with a piece later today on the glorious affair where, as England Expects reports, EU presidency functions now fall to Vaclav Klaus. The "colleagues" are spitting with fury and are almost at a state where they are contemplating issuing black armbands. Considering now that the constitutional Lisbon treaty ratification is now deep-sixed until at least the autumn, it was extraordinarily naff of Gordon to go sucking up to the "colleagues" in Strasbourg – the few who turned up to listen to him. He is "proud" that the treaty was ratified in the puppet parliament in Westminster by such a large majority. What excited The Guardian though was that he flew out in a chartered BA Boeing 747, noting that his trip is likely to be remembered as one of the world's least environmentally friendly flights. This is the same newspaper, incidentally, which is headlining a piece citing our climate change minister Ed Miliband , who is telling us that opposition to wind farms should become as socially unacceptable as failing to wear a seatbelt. These people are seriously on a different planet. One almost feels inspired to plunge a sharp instrument into their bellies, such utter contempt does this invoke. The man is utterly barking mad – he should not be allowed to breathe, much less speak in public. Yet Irwin Stelzer thinks the man has a "formidable intellect". Sheesh, as my co-editor would say. Iain Martin in The Daily Telegraph is certainly considering wielding the knife – albeit only metaphorically – on the ranks of MPs, asking whether we need so many. But he does at least make the right noises, noting that the exponential growth in the number of domestic elected representatives has coincided with their loss of power to the EU; we have more politicians, at a higher cost, with less usefully to do. He misses the point – as you would expect – that even with the EU, there are many things the MPs could usefully be doing, but do not. Too many are a waste of space, and would be even if we had a return to full legislative powers after ditching the EU. But, Martin adds, the political class is embarrassed about the publicity around its allowances and keen to make it go away. Poor little darlings. I wonder if they realise how keen we are to make some of them go away … permanently. One gets the feeling that Heffer takes that view of a certain member of the political class, observing of our favourite politician that he "doesn't even seem to know where the lifeboats are." Deliciously, he also observes that "his environmental obsessions are now bypassed by economic reality". Actually, it is not just the "environmental obsessions". The main obsession of the political classes is the … political classes, and there is a whole world outside Westminster which is foreign territory to them … a distant planet of which they know nothing. Briefly, Mr Hannan was on that planet yesterday, which is why he was ignored by the chatterati ... even if his YouTube "views" are now up to 27,000 79,000 260,143 316,779. The words of Ian King, in The Times , therefore, are of some interest. He labels of goodly section of our political classes as "a confederacy of hypocrites". This is in respect of the trashing of Sir Fred Goodwin's house and car. But they are much more than hypocrites. Locked in their Westminster bubble, they have lost touch with reality, and cannot even begin to imagine what the denizens of that "distant planet" think of them. This makes them very stupid hypocrites. And that will be their downfall. COMMENT THREAD Source
 
North Shore mayor puts his kayak on Trade me Top
Don't mess with the Whale! "A right-wing blogger, Whaleoil's Cameron Slater, has joined the political joust by making a request to the council under the Local Government Official Information and Meetings Act about how many bottles and how much was spent on the "Stop s" wine. " The trophy wall may need an extension. Source
 
Down he goes!!! Top
Pollsters Rassmussen are charting the downfall of the Messiah, I mean Oballsup . Just weeks into his presidency, we see Obama crashing down to earth, on course for negative approval ratings. Already, he is below Dubya at the same stage of his presi dency. And the Republicans have now taken the lead in polls for Congress . As people turn against Obama, so does his own Democratic Party . Even the leftist Melbourne Age reports Obama may -bank trupt America. It can only get worse. There are the gaffes we noted yesterday, and remembering how the public were sold a Lincoln but got a Carter, the shortfall in expectations, the disappointment and impending backlash at such an incompetent and blundering president will only be magnified. UPDATE: The Politico website notes the liberal New York Times has the embattled president facing friendly fire from its columnists. Source
 
Amateur hour Top
Another week, another party launch . Last Monday it was the turn of Jury Team , Sir Paul Judge's brainchild (though, quite honestly, I am not sure anybody's brain was much engaged in the process). This event took place in Mill bank Tower, rather than One Great George Street, which was something of a mistake. The latter is a much more attractive venue and right in the heart of Westminster. The former is a rather ghastly and characterless structure some distance away from the nearest transport points. Once again, I compared it to Kilroy-Silk's launch of Veritas and once again I had to admit that the buzz was not there. In fact, the media did not seem to be there either, which may have been the fault of the organizers. The time and place of the launch remained something of a mystery till the week-end and this was not a big enough story for journos to drop everything at 24 hours' notice. Furthermore, it was not clear whether the event was for the media or for potential supporters, members and candidates. The questions certainly came from the group of potentials but there was, as it happens, very little time for questions. Despite assuring us over and over again that this was a new kind of politics that relied on the internet, mobile phones, social chat sites like Facebook and My Space, twitter and all other suchlike activity, Sir Paul and his co-panellists spent an inordinate amount of time explaining various aspects of the enterprise, quoting liberally from the Jury Team website . A long posting that describes the launch and muses on what Jury Team stands for (or not) on EUReferendum2 . COMMENT THREAD Source
 
Government should continue giving the road tax cash rebates forever Top
Money don't grow on trees, but I wish it grows in my purse / bank accounts! I am glad I had a conversation yesterday morning with my Husband. "Bila awak nak claim awak punya rebate utk road tax?" "Eh ni untuk kereta mana ni?" "Kereta Persona laaaa" "Boleh claim rebate ke?" "Haahlaaa.." RM625! Akan dihabiskan untuk membeli baju baju kerja yang sudah lama tak berupdate dan menggantikan kasut yang sudah koyak dan juga membeli hadiah hari jadi untuk ibu serta untuk harijadi Husayn Zharief juga. Oops..cukup ke ni? Haha. I'm so grateful because the car was bought before the cash rebate is scrapped off - which is this 31 March! So if you still have not claimed your cash rebate, let's attack the nearest post office now! ps:Did you realise the linkwithin widget that is visible after each post? Sukalah the widget! Sebab ada thumbnail pic. Hehe. Source
 
El lavado de dinero, las legislaciones y las autoridades reguladoras. Top
Lunes Marzo 16 2009 Entrevista Michael Diaz Jr. en Revista Antilavado de dinero: El lavado de dinero, las legislaciones y las autoridades reguladoras.   Michael Díaz  se graduó en Finanzas Internacional y Mercadeo en la Facultad de Administración de la Universidad de Miami. Donde también obtuvo el título de abogado con honores cum laude. Durante sus estudios fue redactor adjunto del Interamerican Law Review y miembro del equipo estatal de juicios ficticios para fines didácticos. Fue fiscal auxiliar y Jefe de División estatal de la Fiscalía Estatal del Condado de Dade. Hoy tiene su propio bufete y es un especialista Anti-lavado de Dinero, certificado por la Asociación de Especialistas Certificados Anti-lavado de Dinero, ACAMS. Actualmente es profesor de postgrado en Prevención de Lavado de Dinero en la Universidad de Salamanca, patrocinado por la Federación Latinoamericana de Bancos, FELABAN. En estos tiempos de cambios se ha hecho necesaria la reforma de las legislaciones para combatir los diferentes problemas que afectan a los habitantes del mundo y mientras unas funcionan y otras necesitan ser reformadas de nuevo, hay una acción que parece inmutable a los cambios que buscan prevenirla, disminuirla y erradicarla: El lavado de dinero.  El lavado de dinero y su mundo son complejos y aquellos que se manejan en ello (legalmente hablando para la lucha y prevención de este delito) saben con certeza como prever lo que esta por acontecer, así como lo hace  Michael Díaz , Especialista Certificado en Antilavado de Dinero (CAMS), clasificado AV por Martindale -Hubbell y Socio fundador y principal de la firma de abogados  Díaz Reus , cuya experiencia en el área, le brinda el don de conocer las posibles repercusiones que se pueden generar si las naciones del mundo acordaran unificar esfuerzos contra este delito.  Antilavadodedinero.com  conversó con  Michael Díaz  para que nos explicara, según su perspectiva, sobre el lavado de dinero, qué esperar de las legislaciones y la función de las autoridades reguladoras, y especialmente de cómo luce el futuro para esta actividad.  Las legislaciones son aprobadas en el mundo semanalmente y cada una se aplica de acuerdo a las leyes de ese país, pero qué ocurriría si se decide formular una ley que unifique los criterios para la prevención y el castigo del delito de lavado de dinero, es factible una ley universal antilavado de dinero. Para  Michael Díaz , esto no lo cree así, de acuerdo a su criterio es imposible que exista una ley por la cual se rijan todos los países. Él considera que, únicamente, puede darse el caso de que las leyes se asemejen entre ellas, incluso puede existir, y así sucede, que las naciones lleguen a ciertos acuerdos sobre determinados tópicos que los relacionen. Un ejemplo de ellos es la Ley Patriota (US Patriot Act) y como la usó el ex presidente Bush, dándole enfoques políticos.  Díaz explicó que “al trabajar en función a este enfoque se percibe que la ley no funciona porque los gobiernos cambian, la política cambia y la legislación cambia, en resumen todos tenemos intereses diferentes y por lo tanto al cambiar la figura de autoridad en el sistema inevitablemente el resto de las cosas también experimentan cambios. Hoy en día nadie quiere tener que ver con la Ley Patriota”.  Pero algunas leyes tratan de cambiar la estrategia de la jugada contra el delito de lavado de dinero como Argentina que recientemente aprobó la ley de "Régimen de regularización    impositiva, promoción y protección del empleo registrado y exteriorización y repatriación de capitales", cuyas criticas emanadas directamente del GAFI fueron entregadas a la presidenta de ese país Cristina Fernández. La ley hizo tanto eco que el mismo gobierno de Estados Unidos consideró que esta podía estar facilitando el lavado de dinero y poniendo en peligro la política de prevención del delito. Sobre este asunto  Michael Díaz  lamentó que dicha situación sucediera en Argentina señalando que la misma es la mayor problemática en muchos países caribeños tal como la Isla de Antigua y Barbuda cuya jurisdicción siempre ha sido criticada por sus medidas legales exageradamente flexibles y poco concretas que permite el lavado de dinero. Hizo referencia especial a Allen Stanford quien desde 2003 había tenido “la lupa montada por denuncias de lavado de dinero del narcotráfico a través de su empresa Stanford y años más tarde es acusado de fraude financiero”.  Ahora, las legislaciones son sólo una parte del sistema antilavado, la otra parte son las autoridades cuya función primordial es la de velar y hacer cumplir la ley. El año pasado la SEC por ejemplo, se vio mal parada al “descubrir” el fraude piramidal de Madoff, una situación que parecía estar de anteojos desde el año 2000. Esta reacción tardía de las autoridades es para  Michael Díaz  “horrorosa…se merecen toda la critica del Congreso, de los Diputados y de los Senadores”. Consideró imperdonable que luego de las tan repetidas advertencias para que el organismo abriera una investigación contra Madoff hizo caso omiso hasta que el fraude no se pudo contener más de lo gigantesco que era.  Díaz explicó que Estados Unidos peca al querer llevar a otras naciones lo que no puede poner en practica en su territorio, por lo que afirmó que: “yo le digo a los Estados Unidos, que antes de exportar tus opiniones, primero arregla tu casa”. También hizo énfasis a lo que respecta a la confiscación de bienes que en un caso es la función primaria del “receiver” del mismo, ya que de eso depende la contabilidad de los bienes que hay, y de los que no hay, pero igual, mucha gente puede no recibir nada, y entonces para buscar el dinero tienes abogados privados y fiscales y quien encuentre primero el dinero, le permitirá a la víctima estar asegurada. Michael Díaz  está seguro de que este es  solo el comienzo . Aun quedan escándalos financieros por venir porque si Stanford y Madoff pudieron cometer estafas millonarias, hasta las empresas menos sofisticadas también pueden. La cuenta regresiva para las empresas fraudulentas ya comenzó es solo cuestión de tiempo.                  Source
 
11/03/2009 - Venezuela: Michael Díaz asesora a venezolanos angustiados víctima de Stanford Top
Michael Díaz usualmente visita Venezuela desde hace 19 años y mensualmente siempre esta viajado a este país por sus vínculos con entidades del gobierno y por supuesto para visitar su oficina filial de la firma de abogados y consultores Díaz Reus cuya oficina principal se encuentra en Miami. Sin embargo, su reciente visita fue para un asunto más delicado y que corre en boca de todos: Caso Stanford . Michael Díaz visitó a Venezuela para entre otras cosas reunirse con un grupo de clientes venezolanos del Stanford que confundidos por el proceso que se está ejecutando en Dallas solicitaron, a través de correo electrónico, al especialista una reunión para responder sus interrogantes con respecto a sus inversiones en la entidad bancaria.  Preguntas como: es necesario que se declare la quiebra de Stanford para demandarlo; y qué hay que esperar para demandar a Allen Stanford, fueron respondidas tajantemente por Díaz: “no…tu puedes demandar a Stanford cuando quieras, ahora mismo si quieres”. En entrevista con antilavadodedinero.com Díaz dijo al equipo que las preguntas más frecuentes de los venezolanos afectados es si las acciones del proceso en Dallas les traerán a ellos algún beneficio. Explicó enfáticamente que esto depende en gran parte del tipo de instrumento a través del cual ellos (las victimas) invirtieron su dinero, si fue en: una cuenta corriente, certificados de depósitos o si lo hicieron en una cuenta de la compañía Pershing LLC. “Mi esperanza es que el “receiver” aclare su ultima decisión que tuvo sentencia el 5 de marzo en donde dijo que  las cuentas de Pershing de 250 mil dólares se van pagar.” Según sus declaraciones existen otros tipos de cuentas y muchos venezolanos tramitaron su inversión a través de estas utilizando sucursales ubicadas en diferentes ciudades, de modo que la situación de cada uno tiende a ser distinta. Por lo tanto, de acuerdo al corredor o representante de Stanford que les abrió la cuenta, las víctimas pueden acudir o no a la compañía aseguradora en los Estados Unidos. Con respecto a la audiencia del día 12 de marzo Michael Díaz espera que el administrador judicial de los bienes de Stanford, Ralph Janvey, clarifique qué ocurrirá con las diferentes clases y categorías de cuentas que ofrecía la entidad financiera, en el sentido de especificar, de acuerdo a los activos que están congelados, si estas se van a pagar o no, si se van a pagar cómo se va a hacer o si dependiendo del instrumento utilizado las victimas se deben dirigir a las asegurador, o si en ultima instancia no hay seguro, por tanto no hay dinero suficiente y deben buscar otra opción. Sin embargo, Díaz teme que el la próxima audiencia el “receiver” del caso únicamente haga referencias generales a cerca de este asunto. Díaz está seguro de que a Allen Stanford se le presentarán cargos criminales en los próximos días.Dijo que si Stanford fuera su cliente le “recomendaría”  llegar a un acuerdo con la fiscalía para aceptar las acusaciones presentadas contra él, y así reducir su condena . Afirmó que si el empresario de no actuar así entonces “va hacer juzgado y sentenciado a muchos años”, y que la justicia en este caso sí va a ser aplicada ferozmente.   Allen Stanford y dos de sus más altos ejecutivos fueron acusados el 17 de Febrero por la SEC de cometer un fraude en esquema Ponzi a través de la venta de certificados de depósitos valorados en 8.000 millones de dólares. Los bienes de los acusados fueron congelados al igual que los activos del banco. El 5 de marzo la Corte Federal en Dallas emitió la orden de descongelar 12 mil cuentas de 250 mil dólares controladas por la compañía Pershing LLC. Source
 
How Can Caribbean Countries Strengthen Financial Regulation? Top
  Q   In a civil complaint last month, US authorities charged financier R. Allen Stanford with orchestrating a fraud connected to $8 billion of certificates of deposit sold by Antigua-based Stanford International bank through a network of advisors. Does this incident show a need for stricter regulation of financial services companies in the Caribbean? What role should Caribbean governments and private sector businesses play in maintaining the integrity of financial services firms in the region?   A Board Comment: Michael Diaz :   "Between 2005 and 2007, Stanford International (SIB) sold more than $1 billion in certificates of deposits which promised double-digit returns based on their 'unique investment strategy.' This sounds eerily similar to the claims made by the good folks that worked for Bernie Madoff. The Stanford International bank saga has brought to light what all investors should consider before investing in tax havens—if it seems too good to be true, it is. The notion that SIB had a magical formula that allowed greater returns in certificates of deposits than any other financial institution was suspicious from its inception. Whether it was SIB's intention to attract deposits from tax evaders, money launderers or from other illicit sources versus a simple Ponzi scheme remains to be determined as evidence is publicly displayed in US courts. What is clear however is that Caribbean countries like Antigua must be vigilant in their financial, regulatory and legal systems. The SEC alleges that SIB took great lengths to prevent any independent examination of its portfolios, notwithstanding the fact that it is subject to annual audits by Antiguan regulators, the Financial Services Regulatory Commission. That, however, never occurred. The lax financial regulations in Antigua allowed SIB to steal hundreds of millions of dollars from Latin American investors and may very well subject the West Indies island to lawsuits for failure to diligently supervise and regulate SIB. Antigua at minimum should bear some of the burden of bailing out the victims of this fraud, which took place right under their nose or, worse, under their blind eye."     A Board Comment: Earl Jarrett:   "Over the past decade, the member countries in CARICOM have enacted laws to modernize and tighten the governance of the financial sector in the region. The countries in the region have also improved the capacity of the regulatory agencies to supervise the entities that they are required to monitor. Most countries have adopted international best practice and to date, the region has not experienced the massive bank ing failures of Europe and North America. It is evident however, that closer attention may be required in the regulation of International Financial Entities. Based on published reports, it is apparent that Stanford operated a complex structure spanning many countries. The group owned the Antiguan domestic bank , the bank of Antigua, which was supervised by the Eastern Caribbean Central bank . The bank is reported to be sound but has experienced a liquidity problem due to the levels of customer withdrawals, which followed media reports of Stanford's problems. During this week, a consortium of bank s supervised by the Eastern Caribbean Central bank has taken control of the entity. The bank s regulated by CARICOM member states have demonstrated soundness."     A Guest Comment: Bernardo Vega:   "For some time now, first the European Union and later the United States have pressured the Caribbean to curtail offshore later because of money laundering involving drugs and perhaps terrorism. Antigua , in particular, has been pointed out not only because of bank ing, but also because of offshore betting and the involvement of local politicians in these activities. The communique from the last G-20 meeting made reference to the need to curtail offshore bank ing, linking its activities to the international bank ing crisis. After the Stanford scandal, it is foreseeable that more outside pressure will be applied to the region. The smaller the island and the bigger its financial sector, the more difficult it will be for its authorities to regulate bank ing, given human resources constraints. Caribbean overseas territories like the Turks andCaicos Islands have also been affected recently by scandals involving investment schemes. In the DominicanRepublic, financial regulation, which was very loose, became and still is very strict after three bank s committed fraud and became insolvent in 2003. Subsequently, under IMF supervision, new and ample controls were imposed and thanks to that, Dominican bank s have not been affected by the international crisis."   A Guest Comment: Ronald Sanders:   "The matter of the SEC prosecuting a civil suit for alleged fraud against R. Allen Stanford points to the absolute need for stricter regulation not only in Antiguaand Barbuda but also in the UnitedStates. Court documents about this matter claim that the alleged fraud relates to the sale of products by the Stanford International bank (SIB) in Antigua and by the Stanford Financial Group in Houston . The regulators in both jurisdictions are, therefore, culpable. While the smallness of its resources does not absolve the Antigua regulators of responsibility, the vastness of the resources available to the US regulators condemns their failure to recognize the danger signals in the operations at a much earlier stage. The Stanford allegation should not be used to stain Caribbean regulators while ignoring the fact that deficiencies also existed in the US system. No Caribbean jurisdiction should wish to remain in the business of hosting companies that offer financial services without strong, relevant and appropriate legislation and supervision that protects the interests of customers. In this regard, independent statutory bodies that are free of political interference and are overseen by bipartisan committees drawn from the legislature should be established to raise their credibility and give confidence to domestic and international clients. So there is a need for stricter and fearless regulation of financial services as much in the US as in the Caribbean.     Michael Diaz is a member of the Financial Services Advisor board and Managing Partner at Diaz, Reus & Targ, LLP . Earl Jarrett is a member of the Financial Services Advisor board and General Manager of the Jamaica NationalBuilding Society. Bernardo Vega is President of Fundación Cultural Dominicana and served as Dominican Ambassador to the United States from 1997 to 1999. Ronald Sanders is an International Relations Consultant and former Chairman of the Caribbean Financial Action Task Force against money laundering and drug trafficking.   Source: Latin America Advisor, Financial Services, Feb. 19 - March 4, 2009 Source
 
Kumpulan Wang Simpanan Pekerja adalah sangat syok! Top
Did you know you can actually check and print your epf statement online? Haha..me living in the state of ignorance (is bliss!) have known that for ages actually but too lazy to activate it. Because activating it means going to the epf office which is something that I'm not privilleged to do suka hati since I am not the one with vehicle at my disposal. But mengenangkan the Persona, I dragged my fuming Husband to go to EPF office at Jalan Gasing, PJ to activate my account. To activate your account (where you can print your epf statement online yo!) go to EPF website , click 'Pendaftaran Baru' and then 'Daftar Sebagai Ahli' Anyway I wonder why EPF's website banner has one guy being headless. So kesian lah. Once you have finished with registering online, you need to go to any EPF office/kiosk near you to activate your i-account. You don't need to take whole day leave to visit the EPF, but you can even go there after office hours! Well there are at least 2 EPF smart kiosk that I know are opened until 9.00pm. The EPF headquarters in Jalan Raja Laut and the EPF Office PJ branch along the Federal Highway. I went to the latter to activate mine and it's so easy, just bring your MyKad and your thumb along since they need your thumbprint. The process will only take a few seconds, so once you finished you need to log in to your i-account to officially activate it, and ta-da! EPF statement at a click of your own keyboard! Honestly I love everything has gone online. I cannot wait until the government enable online registration for mengundi, so I can finally exercise my right as a citizen which I have been neglecting for so long and vote! By the way, did you know I also love to bayar my hutang to other people even if it is just RM5 via May bank 2u? Haha. Yes, I am so dependent on the internet and this online thingy. Source
 
Arbitration Clause - Lessons for Small and Middle Sized Chinese Companies Top
  As China is involved more and more in international transactions, litigations against Chinese companies have arisen tremendously. Data have show that about 11.5% of Hong Kong and Chinese companies listed in New York Stock Exchange were involved in class actions. And in NASDAQ, the percentage is even higher, which is 17.2%. Most lawsuits against Chinese companies involve breaching of contracts, intellectual property infringements, violation of Securities Law and anti-dumping investigation. However, very few small and middle sized companies will defense themselves in the US court due to expensive attorney fees, language barrier and lack of knowledge about US laws. Moreover, Chinese believe that “harmony is a virtue” and usually will not resolve problems through legal channel. Although some Chinese companies have learned lessons from former experiences and started to protect themselves by legal methods, such as arbitration [1] , preventing those disputes from the beginning of a transaction is essential. One way to avoid future disputes is to spend more time on drafting initial agreement, especially for small and middle sized companies which do not have strong financial support for international lawsuits. Bad example is companies spent over two years arguing what law should apply because of an arbitration clause which is vague and poorly written. [2] Both parties were exhausted and the business went down very quickly. Small companies may even bank rupt because of those lawsuits. It is hard for Chinese to change their philosophy, but there are some lessons they can take from the example above. Do not enter into a deal so quickly. Small and middle sized companies should have more confidence in their capacities and believe that they have equal power when negotiating with foreign parties. So do a due diligence investigation of the foreign partner if possible and search a win-win situation when negotiating. One thing to keep in mind is that written agreement is the key and guideline to solve any future disputes. It will be a benefit for Chinese companies to choose Chinese law as the governing law and make sure the arbitration clause is specific, clear and precise. In addition, Parol Evidence Rule [3] prohibits simultaneous and prior oral terms be admitted into evidence when there is a written agreement. Therefore, Chinese companies need to make sure the final agreement includes everything you negotiated before. Do not leave anything open. Another lesson is to put any communications between you and your foreign partner in writing. Most small trade companies lost their case because of lack of evidence on oral modification. [4] Suppose Chinese companies decide to response to those lawsuits, choosing a good attorney is the first step. Trial is expensive and time consuming, so the ideal scenery will be using the litigation strategy to force the other party to settle. Get a settlement that both parties can live with is the best ending for a lawsuit. So listen to the attorney’s strategy first and evaluate how effective that is and whether you will get a satisfied settlement. Take culture background into consideration as well. Western culture is different from Eastern cultures in many perspectives. Language is also a concern. Therefore, find someone that can understand your business and also explain the legal system in that foreign country is crucial. Samantha Hu Attorney Diaz Reus & Targ LLP [1] Hangzhou Wahaha Group Co. Ltd filed arbitration again Danone because of trademark disputes in 2007 and won the arbitration. [2] Example of the arbitration clause: “ any doubts or disagreements will be resolved by arbitration in that city in which the party requesting the arbitration so submits its claims, provided that this is conducted in one of the headquarters cities of the parties and pursuant to applicable norms and laws regularly applied in the normal course of business in said locality.” [3] UCC 2-202 [4] Case scenery: foreign companies make oral changes to the original contract. Chinese companies did not put the modification in writing. So if dispute arise based on that modification, Chinese companies cannot prove the content of such modification on paper. Source
 
China's Latest Geopolitical Assault on Latin American Commodities and Bilateral Trade Top
- Chinese vice-president and vice-premier for agriculture on the road, visiting nine Latin American states, including regional powers Brazil and Mexico - China tops the list of emerging Latin American trading partners, with exports rising tenfold in last decade - In Washington, Obama administration yet to react to new Latin American realities, but must learn to adapt and accommodate Two key figures in Chinese politics embarked on a tour of Latin American countries on February 9, in a sign that the Asian superpower is intent on consolidating its already substantial stake in the region. Vice President Xi Jinping – second in command to President Hu Jintao, who himself visited Costa Rica, Cuba and Peru last November – has traveled to the region for a two week-long tour, accompanied by Vice Premier for agriculture, Hui Liangyu. Between them, they will visit nine Latin American states, including the regional powerhouses of Brazil and Mexico, left-leaning Venezuela and Ecuador, as well as Colombia, a staunch ally of the United States. With Barack Obama’s administration in Washington thus far focusing its attention on the influence of Iran and Russia in the hemisphere, it is hard to gauge the potential U.S. reaction to China’s increasing exercise of soft power. However, given the relative indifference with which the new White House has tackled China on other fronts – notably over the issue of its alleged currency undervaluing – further evidence that the Hu regime means serious business in Latin America is unlikely to pass without some form of diplomatic or trade riposte from the White House. With Hillary Clinton visiting Beijing in the coming days, the outcome may be seen sooner rather than later. A Diversification of Partners The eight-year presidency of George W. Bush marked a period during which Latin American countries increasingly turned to non-traditional players in forming their trade and political relations. The region has enjoyed an economic boom over the past decade, and while the U.S. continues to represent its largest trading partner, Washington with its major distractions in the Middle East, failed to make the most of the area’s recent prosperity, and consequently its dominance has slipped. World Trade Organization (WTO) statistics show that in 2000, the U.S. was the destination for 59.8 percent of Latin America’s exports, but by 2007 this figure had fallen to 46.2 percent. Some of the gap left by the U.S. was filled by an increase in intra-regional trade. This had risen by 2.9 percent since 2000, to represent 19.6 percent of Latin American trade in 2007. No doubt this was in part a result of the various multilateral trade bodies which had sprung up (particularly in South America) during the Bush years. However, the large part of the squeeze on Washington’s hegemony came from non-hemispheric actors. The European Union has spread its already substantial development arms throughout the region, in particular through its relationship with the South American trade body Mercosur. It continues to consolidate its position in the region, opening negotiations on February 9 this year with the Andean Community states of Colombia, Peru and Ecuador over a potential trade agreement. EU statistics indicate that the value of its imports from Latin America rose by 42.6 percent between 2003 and 2007, with an average annual increase of 14.9 percent. The EU is now the destination for 14.4 percent of Latin America’s total exports, up from 11.5 percent in 2000, and the area provides 33.1 percent of the EU’s total agricultural imports. Political Posturing? Russian President Dimitri Medvedev visited various Latin American countries in November 2008, including Brazil and Venezuela, and sent several naval vessels to participate in maneuvers with its Venezuelan counterpart shortly afterwards. Again, trade with Latin America is the overriding concern in Moscow, with Foreign Minister Sergéi Lavrov stating that Russia aims to boost its hi-tech exports and cooperation with Latin America in the fields of energy, production and transportation of gas and oil. However, Russian relations with the region also feature an interesting political dimension with the re-emergence of a level of neo-Cold War-style hostility between the U.S. and Russia. The latter’s presence in Latin America represents for some a response to what are seen in Moscow as threats to its security interests in Eastern Europe, but, at the same time, the hunt for vital commodities is also very much in play. Bolivian President Evo Morales embarked on a visit on February 15 to Russia and France, lending further evidence that the EU and Russia continue to hope to further their interests in the region. Morales is set “to sign a $3 billion deal” with the state-owned Russian energy company Gazprom which will allow it to play a role in exploring Bolivia’s gas reserves. He will also discuss EU-Andean trade with French President Nicolas Sarkozy, Bolivia being the only member of the Andean Community not to have signed up to the EU’s recent FTA initiative. Iran’s Mahmoud Ahmedinejad has forged strong links with the Chávez administration in Venezuela both unilaterally and through the reinvigorated Organization of Petroleum Exporting Countries (OPEC). Chávez has signed scores of accords with Ahmedinejad during a number of official visits and meetings, and Iranian financing has facilitated some minor industrial projects in the country. Bilateral trade between the two counties increased from $1.1 million in 2004 to $50.7 million in 2006. As for the rest of the region, Iran has promised $1 billion of investment for infrastructure and aid projects in Nicaragua – although this scenario, as of yet, largely has failed to materialize – and Tehran has also forged political relationships with Chávez’s allies in Ecuador and Bolivia. Summing up the influence of Iran in Latin America, a Woodrow Wilson Center assessment in July 2008 reached the conclusion that “A large gap … separates the signing and actual implementation of cooperation agreements,” with Tehran’s various trade partners, including Venezuela. Iran differs from other outside regional factors, in that its presence in the region tends to be largely symbolic; much a case of diplomatic posturing in the United States’ backyard. The Rise of China in the Western Hemisphere China contributes significantly to this list of outside influences in Latin America. China’s trade with the region has risen tenfold over the past decade, with exports destined for the Asian superpower rising in value from $3.8 billion in 2000 to $36.1 billion in 2007. China is now the recipient of 4.7 percent of Latin America’s exports, up from a meager 1.1 percent at the start of the decade. At the November 2004 APEC summit in Chile, President Hu set a target for total bilateral trade between China and Latin America to reach $100 billion by 2010, at the time a faraway milestone which nevertheless was reached in half the time; Chinese figures indicated that total trade had reached $102.57 billion in 2007. Helping boost these statistics have been the bilateral free trade agreements (FTAs), which China has begun negotiating with various Latin American countries, mirroring the path which Washington also recently has chosen to walk in its own regional trade relations. China became Chile’s primary trading partner (principally involving copper) after the two countries signed an FTA in November 2005, with 40 percent of the South American country’s exports heading for Asia in 2007. Peru successfully negotiated an FTA of its own with China in November 2008, and Costa Rica appears set to follow suit, with bilateral negotiations having begun on January 19 of this year. Not only has its trade with the region risen inexorably, but China is also spending considerable sums on development in Latin America. The Peruvian Times reported on February 9 that the Chinese state mining company Shougang is to invest $1 billion in its operations in the country, the latest in a series of largely energy-related projects. The Chinese state entity Andes Petroleum has operated in Ecuador since 2005, and oil operations in Venezuela are also expanding, with the two state-owned oil companies PDVSA and CNPC announcing in May 2008 the launch of Sinovensa, a joint enterprise to exploit reserves in the Orinoco river valley. In January of this year, China joined the Inter-American Development Bank, contributing $350 million, ostensibly “paving the way for Chinese companies to take part in infrastructure projects” in Latin America. However, while China officially invests $20 billion in FDI in the region annually, a recent BBC report claimed that “critics say much of this goes into offshore tax havens.” Indeed, an April 2008 submission to the U.S. Senate Committee on Foreign Relations by the Congressional Research Service indicated that “In 2005, almost 96 percent of Chinese FDI in Latin America and the Caribbean went to … the Cayman Islands, the British Virgin Islands, and Bermuda,” all of which are well known as tax havens. The CRS further noted that FDI flows from these islands back to China are also significant, indicating that the vast majority of China’s so-called FDI in Latin America is likely “round-tripping,” being exported and then re-imported by investors keen to take advantage of benefits afforded to foreign investment by the Chinese government. Nevertheless, China’s evident desire to increase trade with Latin America does suggest that it will have to begin investing more tangibly in the region – particularly in infrastructure projects – if it is to enhance its position much further. How Sustainable is China’s Position? The BBC has further argued that the current visit by Vice President Xi Jinping to Latin America “is not simply a trip to groom a president-in-waiting or to strike more deals for natural resources, as is often the case with Africa.” Instead, China sees the region as an alternative trading partner to traditional markets in Europe and North America, which have been dangerously impacted by the current recession. While growth in Latin America has dropped off over the past twelve months, some of its economies are still, in relative terms, in healthy shape, ironically in part because of the minor presence of the banking sector. It is this potential for trade that attracts China above all else. Nevertheless, a warning was recently issued last week by the financial firm Morgan Stanley. According to a February 9 Bloomberg report, analysts have warned that “Asia’s shrinking demand for raw materials amid a ‘collapse’ in its own exports will show up in Latin America in February and March,” and the region’s “economic slump will deepen.” Opinions, however, differ on China’s susceptibility to the global economic downturn. The international analysis firm Stratfor has argued that: “With plentiful cash reserves, Beijing and its state-owned companies can try to secure access to strategic commodities now, while global competitors are hamstrung by credit crunches and retrenching.” The outcome remains uncertain. Obama’s Approach Towards China: Confront or Accommodate? The new administration in Washington has, to date, barely recognized the presence of China in the Western Hemisphere. The rhetoric emanating from Obama’s cabinet has focused almost exclusively on Iran and Russia as external players, and Venezuela, Bolivia, Brazil and Mexico as matters of regional concern. Defense Secretary Robert Gates – a relic of the Bush administration – has spoken out against Iran’s “frankly subversive activity” in Latin America, and stated “I’m more concerned about Iranian meddling in the region than I am the Russians,” but the administration otherwise has remained somewhat quiet on China. The new administration has, however, shown its hand when it comes to dealing with Beijing on other fronts. Comments made by Treasury Secretary, Timothy Geithner that China is “manipulating” its currency in order to keep it undervalued against the dollar and boost exports, provoked a robust response from the Chinese government. At the World Economic Forum in Davos, Switzerland, on January 28, the Chinese Prime Minister Wen Jiabao, according to the New York Times , “blamed the United States for the economic crisis the world is now experiencing. He talked in particular of ‘the failure of financial supervision.’” There is little doubt that the U.S.’ period of hegemonic domination of Latin America has passed, and it must now settle for competing alike with developed nations in the West, the emerging regional superpower of Brazil as well as new non-traditional external forces like Iran. The Obama administration’s ability to compete with China in what was once exclusively its own backyard will likely be dictated by the approach it takes to the countries which are either not traditional U.S. allies or have become disillusioned with Washington under Bush. Old Habits Die Hard in Washington Talk on Capitol Hill of ‘two Americas’ – the one which the U.S. can do business with, and the other, comprised of left-leaning ‘outcasts’ – will get the administration nowhere. At a wide-ranging House of Representatives subcommittee hearing on February 4, congressmen demonstrated that the view of those who believe the U.S.’ priority must lie in negotiating free trade agreements with allies continues to hold significant sway in Washington. However, the longer the White House prioritizes its relations with ‘friendly’ countries, the more states like Venezuela will look to diversify their trade away from the region and towards the likes of China. The U.S. is undoubtedly restricted in the action it can take by its current economic predicament. In visiting Mexico, Xi is flying the Chinese flag provocatively close to home for Washington, given the two countries’ traditionally close ties as members of the North American Free Trade Agreement (NAFTA). However, it may be in the interest of Mexico to diversify its trade links in order to avoid being dragged into the mire in which its main trading partner, the U.S., currently finds itself; indeed, Brazil’s relative insulation from the economic crisis engulfing the U.S. can be in part attributed to its trade diversification. Hegemonic trade relations are, in short, something the U.S. can no longer expect to prolong, or even defend. Hard to Resist The variety of non-hemispheric players which have increased their presence in Latin America over the past decade inevitably have had a range of motivations for doing so. For Iran, involvement appears to be little more than a superficial exercise in anti-U.S. posturing, and an element of this is also evident in Russia’s relations with the region. However, for the EU, the ultimate aim is unfettered and efficient trade, an approach which comes coupled with an agenda of development politics, aimed at increasing regional dialogue and achieving greater social cohesion. China’s instinct is to err primarily on the economic side of this spectrum. Among its priorities traditionally has been an attempt to thwart the ‘dollar diplomacy’ practiced by Taiwan and win over Latin America – home to a sizeable, if diminishing proportion of the small number of countries which recognize the island’s sovereignty – with resources of its own, with some success. Chinese involvement in the region appears largely, however, to
 
Jump in the Line Top
Phillies single game tickets went on sale this morning. Didn't go nuts or anything, though. They started selling at 7:30. I went on at 9, not expecting to get anything for any of the bigger games. I was able to score a couple for the Charlie Manuel bobblehead and Wall of Fame Night. Got 'em both in the 400 level behind home plate. I'd never sat in the 400 level at Citizens Park (at least not for a Phillies game) prior to last season, but I was pleasantly surprised. We were in 417 for a regular season game against the Marlins, and 421 for Game 1 of the NLCS against the Dodgers. It's a nice overhead view of the park, especially in the sections behind the plate, which I believe run from 419 to 422. I found out last Friday night that I will be attending the Home Opener on April 5. I was actually a little discouraged at first, because I hadn't gotten the season ticketholder presale e-mail. I later found out that it was sent to my dad (our season tickets are in his name, but I've occasionally gotten some of the e-mails). He got tickets in section 418 for that one. Not quite behind the plate, but pretty close. One of the games I have not yet purchased tickets for is the ring ceremony game on April 8. I'll have to go the StubHub route for that one after I get paid next week. Hopefully the prices aren't too out of hand. Speaking of notable games, I also will be going to the Phantoms' final Spectrum game on April 10. I was leaning in that direction upon learning that the originally scheduled final game had been moved, and I decided to follow through with it. It should be a pretty cool event. If they pull out the Kate Smith recording of "God Bless America" it could be tough to keep the emotions in check. Nothing a nice bench-clearing brawl couldn't fix, though. Maybe they'll just play straight, Old Time Hockey. Like Dit Clapper. Hi, you know Toe Blake? Nah, this is the Spectrum. Phantoms against Hershey. Piss on Eddie Shore! Piss on Old Time Hockey! Scouts? Source
 
Amend People's Republic of China's Unfair Competition Law Top
  The People’s Republic of China is considering amending the current law related to Unfair Competition. Originally enacted in 1993, a draft amending the law written in 2006 is currently in circulation and is open for comments to invited parties. One such invited party is the American Chamber of Commerce (Amcham) in Shanghai. As a member of its Legal Committee, Diaz Reus’ Chief Representative in China was appointed a member of the Taskforce organized to draft comments on Amcham’s behalf. The draft law, in some respects, is an attempt to make it more sophisticated and in-line with developed countries. Clearly, it is designed to help protect companies in China, many of which are foreign, that have invested in and fostered its company’s brand name. The draft law lists fifteen (15) separate offenses considered to be unfair competition. There are the standard offenses found in developed countries such as unauthorized use of TMs, domain names, trade names as well as passing-off and trade dress. It is not uncommon for Chinese domestic companies (or domestic companies from any other country) to use another company’s IP, trade name, famous mark, or other indicia of notoriety as its own for profit. This, of course, can result in lost sales and possibly loss of goodwill if the offending company produces an inferior product and a customer associates it with the company whose IP or likeness is taken without authorization. The enforcement mechanism is not done through private parties but one that involves the government. If a foreign company in China suspects an enterprise located in China from using its IP or likeness, it can file a complaint with the State Administration of Industry and Commerce (SAIC). If the complaint and supporting documentation are sufficient and the SAIC has the required “suspicion”, it then has the power to investigate. These powers to investigate are broad and invasive. They include: 1. ENTRY onto the premises; 2. REQUEST materials related to unfair competition activities; 3. COPY agreements, accounting books, vouchers, documents, records, business fax or letters, electronic evidence, and other materials 4. ORDER an explanation of the source and quantity of the commodities 5. ORDER a stop sale, to wait for further investigation, not to move, hide or eliminate the relevant illegal properties. 6. SEIZE and DETAIN relevant properties, vouchers, accounting books, and other materials, the business establishment 7. REQUEST bank account information 8. NOTIFY the bank s to temporarily stop payment Investigative powers four through eight require approval from the government department’s head. Notwithstanding, the lead investigators have significant ability to inconvenience the suspected company by demanding documents related to the suspected activity. After the SAIC concludes its investigation it will then make its Determination (findings of fact and recommendations). It then has 10 days to file a report and submit it to the SAIC-Beijing office. SAIC-Beijing has the final authority to approve or change the Determination at its discretion. If the infringing company is found to have committed unfair competition, then it is liable to the innocent company. Typically, the maximum amount of the fine is about US$150,000 plus any investigative costs the innocent company incurs.  Though there are common offenses which most foreign lawyers are familiar with in an unfair competition sense, there is one off-beat offense - “commercial bribery”. There are four separately defined acts that are considered to be “commercial bribery” and one of them actually might hinder competition and hurt consumers. If a company gives a 3% “discount” in a business transaction, then it is considered to have committed unfair competition. The probable intent of this language was to penalize those who do not properly record this discount. China is battling against a wide-spread problem of those who don’t properly record such discounts which are commonly referred to as kickbacks. They are perfectly legal, but must be recorded in accordance with standard accounting practices. Notwithstanding, as the draft reads now, this is considered unfair competition and will subject the offender to a maximum fine of 2,000,000 RMB (about US$300,000). If it is considered “serious” (which is undefined) the case can be sent to a Prosecutorial agency for criminal proceedings. This is one such provision that Amcham is seeking clarification and possible change.   Source
 
China/Latin America's New Scenario Top
  Chinese economic policy has lead China to become one of the most important countries in the world. Nowadays that assertion seems so obvious that people normally forget that it is a result of a long, admirable, calculated process. China has been constantly taking measures to boost its enormous economy. Although China`s GDP growth fell from 11.9 % for the whole of last year to 9.0 % in the third quarter with more pessimistic forecasts in the future, the US$ 586 billion (RMB 4 trillion) stimulus plan announced by the government, the cut in interest rates for the fifth time in three months, and the reduction of the ’s reserve ratio by 50 basis points, proves that China is taking serious measures to persist in its sincere aspirations to become the world's largest economy. These measures mainly seek to rebuild rapidly weakening confidence and unleash domestic demand by pumping money into the economy in order to restore high growth rates and thus maintain China’s social stability. The stimulus plan represents around 16% of China’s total economic productivity in 2007, and is almost equivalent to the sum of all central and local government spending in 2006. Beijing’s stimulus announcement clearly gave global markets an immediate boost (The Shanghai Composite Index added 7.3%, Tokyo's Nikkei 225 Stock Average rose 5.8%, Hong Kong's Hang Seng Index rose 3.5%, and shares in London, Frankfurt and the U.S. were higher as well.), but the real question is whether or not it will have a lasting effect domestically. We are more inclined to think that China’s stimulus plan will have an extended internal effect because it is combined with several other critical measures. A clear example is the Chinese government's decision to make employment for millions of recent university graduates and workers laid off from export-intensive industries its top priority. Another policy that will contribute to extend the effects of the implementation of the stimulus package, and to the surprise of many readers accustomed to hearing about China’s growing greenhouse gas emissions, is China's robust domestic climate change policy that aims to diversify its energy sources and to reduce greenhouse gas emissions by increasing the use of natural gas and renewable energy sources. China’s enormous quantity of reserves will also contribute to extend the internal effect of the stimulus package and thus strengthen China’s position in the new global scenario. It is no secret that the hegemonic powers feel a bit uncomfortable with China’s predominance so they are trying desperately to avoid this. As a mater of fact, last week UK prime minister Gordon Brown called on Beijing to use its reserves, officially valued at just under $2,000bn, to help the IMF bail out those countries worst affected by the credit crisis. But China’s stockpile of foreign assets is actually much larger and growing far faster than official foreign exchange reserve figures would suggest. China’s tangible situation demands a decisive shift in policy both to keep the country’s finances on track and to dampen international criticism of Beijing’s growing financial muscle. In order to steer clear of that international appreciation and to further highlight its closer ties with the region, China has released its first “Policy Paper on Latin America and the Caribbean,” just ahead of President Hu Jintao's November 16-22 Latin American tour. According to Yang Wanming, Director-General of the Department of Latin American and Caribbean Affairs of the Foreign Ministry, "The Policy Paper was formulated with an aim to further clarify the goals of China's policy in this region and outline guiding principles for future cooperation”. In Latin America, one of the top priorities today is the improvement and expansion of infrastructure projects. China’s Policy Paper also addresses this, stating that the country will, “strengthen practical cooperation with Latin American and Caribbean countries in transport, information and communications, water conservancy and hydropower and other areas of infrastructure development.   As Latin America continues to play a major role in the global economy, we can expect that its cooperation with China, in all respects, will only continue to get stronger. Diaz, Reus & Targ is not only witnessing this process but also playing an active role in the Latin American infrastructure development by being involved in the most important projects in the region.   Federico J. Tabja  LL.M. Associate Attorney Diaz Reus & Targ LLP Source
 
Countdown to Socialism Top
Go ahead, scoff. But there is nothing more unimaginable than a one party government in today's world. Top that with the likely players. Pelosi, Reed and Obama are the ones at the head of the governments two most active branches. And there is a good chance that the Supreme Court will replace at lease one if not two Justices. This current economic crisis has added to the problems. Now, more than ever there is an opening for another "New Deal" movement in the country. That sounds like a good thing but it is not. Much has been documented about that time in the country and the "what if's" had the leadership taken a different path. The remnants of that of those policies is Social Security and Medicare systems that will eventually bank rupt this nation. I recently saw a piece about that period on the History Channel. I was surprised about what was discussed. I can't recall all the details, but the aspects are scary. Now we have the government owning part of the private sector. That, coupled with the world having economic problems, and that only reinforces the problems we will have. There has been a call to "invest in infrastructure and put people to work". Think about it. The major projects that occurred after the great depression were "worker intensive" projects that put a lot of people to work. The major projects in the 50's were also "worker intensive". Now those same projects would require a significantly less number of workers because of advancements in technology and manufacturing techniques. Thus, there would be a lot of money dumped into these projects (for a worthwhile outcome for the nation) that would go to a very few companies and individuals. The unions would realize a big injection into their accounts because most of the workers would be unionized. In California, "Card Check" is on the ballot. If it is not defeated, secret ballot elections will be a thing of the past. Unionization will become the norm. That will cause production slowdowns and stiffle the development of small businesses by significantly limiting the amount of business available. Almost any new company with any sizeable workforce will be attacked by the union organizers and forced to accept unionization. Of course the courts will not be able to respond in a neutral manner to resolve actions that may come before them. Their slant toward social justice yearnings will color their decisions. I'm tired of thinking about this for now.... Source
 
War Bonds - Duh Top
Dennis Miller is sometimes too cute for his own good. All too often he gets into these little quirky diads that rely on the listener knowing some obscure bit of trivia to "get the joke". The other night he accused someone of being "Garroway-esque". Not too many people today knows who Dave Garroway was or what his point of view would have been on the particular topic. So Dennis chucked to himself and off he went into Never Never Land. Tonight a caller brought up the idea that the government should offer to sell War Bonds to finance the war. That is a great idea. And I think it would be useful. But in today's world of secular progressives who believe that the government should do everything for you, not too many people would have the civic spirit to sign on to a War Bonds program. I remember when I was in grade school, which was just at the end of the Korean conflict, we had the ability as kids to buy savings bonds via a stamp method. We could turn our quarter allowances into the purchase of a stamp we would put into a book. (Green Stamps anyone?) Then we turned the book into the bank and they would issue us a savings bond. Classrooms would compete to see which could sell the most stamps. It was fun. And it was patriotic. We, little old us, were doing something for the country. JFK must have been moved by this effort as it seems he spoke about doing for the country in his first address. Too bad the country could not sign on to something like this. But could you see Nancy Pelosi stumping for a program like that. Her limosine liberal friends would find that wholely inappropriate. Too bad. I'll bet Condi could get behind it though. 'Nuff for tonight. Source
 

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