Terror group fills Syria rebels' space






STORY HIGHLIGHTS


  • U.S. declared a key opposition group in Syria a terrorist organization

  • New report says it is the most effective group in the opposition, with 5,000 fighters

  • Nada Bakos: The group has ties to al Qaeda but also seeks to provide social services

  • She says the chances are slim that it could be persuaded to give up radical goals




Editor's note: Nada Bakos is a former Central Intelligence Agency analyst.


(CNN) -- In the midst of the struggle against Bashar al-Assad's government stands Jabhat al-Nusra, recently designated by the U.S. State Department as a foreign terrorist organization.


A new report by the Quilliam Foundation in London says the organization is the most effective arm of the Syrian insurgency and now fields about 5,000 fighters against the Assad regime.


Practically speaking, the terrorist designation means little that is new for the immediate struggle in Syria. Shortly after al-Nusra claimed credit for one of its early suicide bombings in January 2012, the Obama administration made known al-Nusra's connection to al Qaeda in Iraq, a group with which I was intimately familiar in my capacity as an analyst and targeting officer at the Central Intelligence Agency.



Nada Bakos

Nada Bakos



The administration's position was reinforced when Director of National Intelligence James Clapper one month later testified in front of the Senate Armed Services Committee that "...we believe al-Qaeda in Iraq is extending its reach into Syria."


Analysis: Study shows rise of al Qaeda affiliate in Syria


Al-Nusra is filling a power vacuum through charitable efforts to galvanize local support and generating influence among Syrians. In light of al-Nusra's influence in Syria, the real question is not so much about the scope and scale of al-Nusra currently, but rather how should the United States respond to its rise, particularly after al-Assad's eventual exit?



Historically, the U.S. government seemed to believe that as soon as people are given the chance, they will choose and then create a Jeffersonian democracy. Then we are surprised, if not outraged, that people turn to organizations such as Hamas, Hezbollah or the Muslim Brotherhood in electoral contests. These organizations often provide the basic necessities that people need to survive: food, water, medical care, education and security.


As ideologically distasteful as we might find them, they are often doing things corrupt, weak or failing governments do not: providing the basic necessities that people need to survive (let alone create the conditions that enable people to aspire to thrive).


Why does al-Nusra keep quiet about its ties to al Qaeda in Iraq? The documents pulled from the Abottabad raid that killed Osama bin Laden shed light on his awareness that the al Qaeda brand had been deteriorating.








Bin Laden urged regional groups, "If asked, it would be better to say there is a relationship with al Qaeda, which is simply a brotherly Islamic connection, and nothing more," according to CNN. Bin Laden and Ayman al-Zawahiri had criticized the Jordanian-born founder and leader of al Qaeda in Iraq, Abu Musab al-Zarqawi, for his killing of civilians and lack of political acumen to win public support.


Talk about al Qaeda seems distant. It was a bogeyman made real in 1993 when it unsuccessfully attacked the World Trade Center and terrifyingly tangible in 2001 when its operatives succeeded in destroying the twin towers and expanded their attacks to the Pentagon and the air over Pennsylvania. Its looming shadow has since faded from the public eye, particularly with the death of bin Laden. Its vision and ideology, however, continue to have a strong appeal.


Now that al Qaeda central has a less visible role, what makes players like al-Nusra and al Qaeda in Iraq threats? Even today, after Zarqawi's death, al Qaeda in Iraq has managed to continue to wreak havoc in Iraq and in the region through an autonomous, adaptable structure.


Al-Nusra has declared itself a player in the fight for a global jihad, a bold statement for what is today a localized group . Even small groups, however, have the potential to disrupt regional stability and complicate America's pursuit of its national security objectives—a fact I learned firsthand tracking and trying to stem the rise, influence and efficacy of al Qaeda in Iraq in the aftermath of the U.S. invasion of Iraq.


Zarqawi, until his death in 2006, was able to confound U.S. forces and attack Jordan by attracting recruits from North Africa (including Libya), Central Europe, Jordan and Syria.


Some of Zarqawi's earliest recruits were veterans of the Syrian Muslim Brotherhood, an organization that lashed out against the Syrian government during the 1980s. Captured records from a raid near the city of Sinjar, Iraq, indicated that during the 2006-2007 time frame, 8% of al Qaeda in Iraq operatives were Syrians. The percentage likely ebbed and flowed as the group formed, became influential and waned, but it suggests that there was no shortage of recruits amenable to engage in religious conflict in Syria as recently as 5-10 years ago.


The most striking thing about the captured records, however, is that it appears almost every foreign fighter entering Iraq to join al Qaeda in Iraq came through Syria. As a targeter, I can tell you that facilitation networks are key: they are the means by which groups such as al Qaeda in Iraq are funded, supplied and sustained. During the Iraq war, Zarqawi's top aides in Syria played a critical role in recruiting, funding and operational planning outside Iraq.


One of the things U.S. officials and the international media should watch for is how al-Nusra uses its terrorist designation: If it seeks to use the declaration to burnish its jihadist credentials, it might be able to bolster the image of the organization in the eyes of the extremist community and parlay that recognition into larger, or steadier, streams of funding—a development that will make the group more viable over the long-term or allow it to expand its operations or influence in the short- to mid-term.


An important differentiator between al Qaeda in Iraq and al-Nusra is one of its tactics: Zarqawi made a practice of indiscriminately killing Iraqi civilians, effectively terrorizing the Iraqi population, especially the Shiite minority. Zarqawi, despite identifying with al Qaeda, had a much thinner theological basis than al Qaeda central.


Key figures at al Qaeda central such as bin Laden and Zawahiri argued with Zarqawi over his tactics, complaining that alienating mainstream Muslims would not help achieve the over-arching goal of instilling Sharia law.


Al-Nusra is using some of the same tactics as al Qaeda in Iraq (e.g., suicide bombings, kidnappings and car bombs), but it appears to be trying to strike a balance Zarqawi was unwilling to make: Not only does it seem to be avoiding alienating—if not antagonizing—the larger population, but it also is providing the people of Syria with a range of goods and services such as food, water and medical care—basic necessities that people need to survive in the best of times, let alone when their country is in the throes of a civil war.


If this becomes a trend, it might signal that al-Nusra aspires to be more like Hezbollah or Hamas, organizations that defy neat categorization based on the range of social, political and military activities they engage in and the resultant legitimacy they have in the eyes of their constituencies.


In the Syrian uprising, the opportunity for meaningful U.S. intervention might have passed: Exhaustion from operations in Iraq and Afghanistan have taken their toll on the U.S. military, have taxed the national treasury, and sapped political will, especially as the state of the economy remains at the center of the debate in Washington.


Our absence from the fight is going to cost us if the al-Assad regime fails, leaving rebel groups like al-Nusra dictating the direction, pace and scope of a new Syria.


Given that managing affairs in the Middle East has never been one of our strong suits, the question at this point should be how can the United States, particularly the Department of State, best engage groups that might be inimical to U.S. values but necessary to our interests in the Middle East? For that, I am not sure there is a clear or simple answer.


One opportunity would be if the United States uses its designation of al-Nusra as both a stick and carrot, cajoling and encouraging it to enter into mainstream politics when (or if) the Assad regime falls.


My read of al-Nusra, however, is that, like Zarqawi, it does not aspire to be a political player and is unlikely to settle for a political role in the new government. Instead, it may aim to play the spoiler for any transitional government and use its resources and political violence to empower and encourage other like-minded extremists. With time and opportunity, al-Nusra could not only add to regional instability in the Middle East, but also rekindle global jihad.



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The opinions expressed in this commentary are solely those of Nada Bakos.






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“Aladdin” coming to Broadway in overhauled version with new creative team






LOS ANGELES (TheWrap.com) – “Aladdin” is taking those three magical wishes to Broadway in a new stage show that will be substantially overhauled from an earlier version that premiered two years ago in Seattle.


The new version of the 1992 Disney animated hit will hit the Great White Way in spring 2014, according to an individual with knowledge of the production plans. It will replace “Mary Poppins” at the Disney-owned New Amsterdam Theater, the individual said. The stage version of P.L. Travers‘ children’s book will close in March 2013 after more than 2,600 performances.






A stage show of “Aladdin” that integrated the movie’s original score by Alan Menken, Tim Rice and Howard Ashman premiered on stage at Seattle’s 5th Avenue Theatre in 2011. Chad Beguelin (“The Wedding Singer”) wrote the book for that production and Casey Nicholaw (“The Book of Mormon”) directed and choreographed the show.


However, the version of “Aladdin” that hits Broadway next year will be substantially overhauled and will not be a transfer of the 5th Avenue production, the individual said. That show was seen as a pilot production, designed to test the new book and additional score material. The Broadway production will involve a major new key player on the creative team, the individual said.


A spokesman for The Disney Theatrical Group did not immediately respond to requests for comment.


Although “Mary Poppins” is closing to make way for “Aladdin,” it remains a moneymaker for Disney. Every year since it opened in 2006, it has ranked among the 10 highest grossing shows and among the five best attended. By the time it closes, it will have grossed more than $ 300 million, putting it on the level of other hits like “Jersey Boys” and “Wicked.” It has also earned more than $ 835 million worldwide.


The North American tour of “Mary Poppins” will end in June 2013 in Anchorage.


The New York Post first reported that “Mary Poppins” will close and be replaced by “Aladdin.”


Music News Headlines – Yahoo! News




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No change to inflation measure







There will be no change to the way the retail prices index is calculated, the Office for National Statistics (ONS) has decided.






After a three-month consultation, the ONS has decided not to bring the RPI more into line with the slower rising consumer prices index (CPI).


Instead, a new additional index of inflation will be created.


However, the RPI will continue to be used for the uprating of private sector pensions and index-linked bonds.


The National Statistician, Jil Matheson, said: “There is significant value to users in maintaining the continuity of the existing RPI’s long time series without major change, so that it may continue to be used for long-term indexation and for index-linked gilts and bonds.”


The inherent gap between RPI and CPI, which runs at an average of 1.2 percentage points a year, has become increasingly dominated by the so-called “formula effect” – the result of using different methods for calculating the average price of goods and services in the economy.


Any decision to alter the current RPI index, so that it rose more slowly, would have reduced the future pension increases of millions of private sector pensioners and cut the income of investors in index-linked government bonds and savers with index-linked savings certificates.


Decision welcomed


The ONS decision means that from March 2013, it will publish a new version of the RPI alongside the existing one.


The main difference will be that the new index will use the same formula as the CPI for calculating average prices.


That will mean the new RPI measure will usually rise more slowly than the long established version.


Continue reading the main story


Ros Altmann, the director general of the financial services company Saga and former government adviser on pensions policy, hailed the ONS decision as “brilliant”.


“Consultation responses overwhelmingly favoured no change so would be hard to ignore,” she tweeted.


“There’s no right or wrong exact measure of inflation, each one has flaws.”


Tom McPhail of Hargreaves Lansdown said: “This will be welcome news for all those dependent on pension benefits, who might otherwise have suffered a drop of between 0.5% to 1% a year in their income in real terms.”


“It will probably come as a disappointment to employers sponsoring final salary schemes.


“A reduction in the rate of RPI would have reduced some pension scheme liabilities; this in turn would have reduced the amount of money which employers have to pump into these schemes to reduce their deficits,” he added.


Continue reading the main story

Britain’s Office for National Statistics has decided, when it comes to inflation, it’s better to be consistent than to be right”



End Quote



The Treasury confirmed it would continue using the RPI measure for calculating the return on both old and new index-linked bonds.


“For gilt investors, future cash flows on existing index-linked gilts will continue to be calculated by reference to RPI,” said the Economic Secretary, Sajid Javid.


“The government will continue to issue new index-linked gilts linked to the RPI.”


The ONS has already decided to launch another new measure of inflation in March, to be called CPIH.


This will be a version of the current CPI index, but adjusted to measure changes in the cost of buying and owning a home.


The main CPI measure excludes those costs, something which has long been seen as its major flaw.


BBC News – Business





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Auto loan rates for Jan. 10, 2013






  • 4.15% (60-month, new car)

  • 4.84% (36-month, used car)

Auto loan rates fell a little bit for the second straight week.


Average rates for 60-month and 48-month new-car loans fell 1 basis point to 4.15 percent and 4.07 percent, respectively. A basis point is one-hundredth of 1 percentage point.






For used cars, the average rate on a 36-month loan was down 3 basis points to 4.84 percent.


Automakers showed off a wide variety of new electronic options for car buyers at this week’s annual International Consumer Electronics Show, according to The Detroit News. Demand for such electronics has risen in recent years, with spending expected to reach $ 11.7 billion this year, according to the report.


Yahoo! Finance – Personal Finance | Loans





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Stock index futures point to second day of gains

LONDON (Reuters) - U.S. stock index futures pointed to a higher open on Wall Street on Thursday, with futures for the S&P 500, Dow Jones and Nasdaq 100 all around 0.2 percent higher at 0920 GMT.


European shares traded in sight of recent multi-month highs, with FTSEurofirst 300 <.fteu3> flat at 1,167.51 points by 0913 GMT <.eu> while Asian markets closed higher, supported by solid Chinese data <.t>.


China's export growth rebounded surprisingly sharply in December to a seven-month high, in a strong finish to the year for an economy that had slowed for seven quarters, but the spike may not herald an enduring recovery as global demand stays subdued.


U.S. stocks rose on Wednesday, rebounding from two days of losses, as investors turned their focus to the first prominent results of the earnings season. The Dow Jones industrial average <.dji> gained 61.66 points, or 0.46 percent, to 13,390.51. The Standard & Poor's 500 Index <.spx> rose 3.87 points, or 0.27 percent, to 1,461.02. The Nasdaq Composite Index <.ixic> gained 14.00 points, or 0.45 percent, to 3,105.81.


The nascent earnings season pauses, with no S&P 500 companies scheduled to report on Thursday.


Casual dining chain Ruby Tuesday Inc lowered the upper end of its full-year adjusted profit forecast after posting a wider-than-expected second-quarter loss. Shares fell after the bell.


U.S. asset manager BlackRock is to buy Swiss bank Credit Suisse's exchange-traded fund business for an undisclosed price.


A relatively thin U.S. data calendar features December trade data at 1330 GMT and budget figures at 1900 GMT.


Both the Bank of England and the European Central Bank are expected to announce on-hold policy ahead of U.S. market open, with the focus for the latter on the 1330 GMT press conference.


(Reporting By Toni Vorobyova; Editing by Catherine Evans)



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Judgment day for Bonds, Clemens, Sosa at Hall


NEW YORK (AP) — Judgment day has arrived for Barry Bonds, Roger Clemens and Sammy Sosa to find out their Hall of Fame fates.


With the cloud of steroids shrouding many candidacies, baseball writers may fail for the only the second time in more than four decades to elect anyone to the Hall.


About 600 people are eligible to vote in the BBWAA election, all members of the organization for 10 consecutive years at any point. Results were to be announced at 2 p.m. EST Wednesday, with the focus on first-time eligibles that include Bonds, baseball's only seven-time Most Valuable Player, and Clemens, the only seven-time Cy Young Award winner.


Since 1965, the only years the writers didn't elect a candidate were when Yogi Berra topped the 1971 vote by appearing on 67 percent of the ballots cast and when Phil Niekro headed the 1996 ballot at 68 percent. Both were chosen the following years when they achieved the 75 percent necessary for election.


"It really would be a shame, especially since the other people going in this year are not among the living, which will make for a rather strange ceremony," said the San Francisco Chronicle's Susan Slusser, president of the Baseball Writers' Association of America.


Three inductees were chosen last month by the 16-member panel considering individuals from the era before integration in 1946: Yankees owner Jacob Ruppert, umpire Hank O'Day and barehanded catcher Deacon White. They will be enshrined during a ceremony at Cooperstown on July 28.


Also on the ballot for the first time are Sosa and Mike Piazza, power hitters whose statistics have been questioned because of the Steroids Era, and Craig Biggio, 20th on the career list with 3,060 hits — all for the Houston Astros. Curt Schilling, 11-2 with a 2.23 ERA in postseason play, is another ballot rookie.


The Hall was prepared to hold a news conference Thursday with any electees. Or to not have one.


Biggio wasn't sure whether the controversy over this year's ballot would keep all candidates out.


"All I know is that for this organization I did everything they ever asked me to do and I'm proud about it, so hopefully, the writers feel strongly, they liked what they saw, and we'll see what happens," Biggio said on Nov. 28, the day the ballot was announced.


Jane Forbes Clark, the Hall's chairman, said last year she was not troubled by voters weighing how to evaluate players in the era of performance-enhancing drugs.


"I think the museum is very comfortable with the decisions that the baseball writers make," she said. "And so it's not a bad debate by any means."


Bonds has denied knowingly using performance-enhancing drugs and was convicted of one count of obstruction of justice for giving an evasive answer in 2003 to a grand jury investigating PEDs. Clemens was acquitted of perjury charges stemming from congressional testimony during which he denied using PEDs.


Sosa, who finished with 609 home runs, was among those who tested positive in MLB's 2003 anonymous survey, The New York Times reported in 2009. He told a congressional committee in 2005 that he never took illegal performance-enhancing drugs.


The BBWAA election rules say "voting shall be based upon the player's record, playing ability, integrity, sportsmanship, character, and contributions to the team(s) on which the player played."


"Steroid or HGH use is cheating, plain and simple," ESPN.com's Wallace Matthews wrote. "And by definition, cheaters lack integrity, sportsmanship and character. Strike one, strike two, strike three."


Several holdovers from last year remain on the 37-player ballot, with top candidates including Jack Morris (67 percent), Jeff Bagwell (56 percent), Lee Smith (51 percent) and Tim Raines (49 percent).


When The Associated Press surveyed 112 eligible voters in late November, Bonds received 45 percent support among voters who expressed an opinion, Clemens 43 percent and Sosa 18 percent. The Baseball Think Factory website compiled votes by writers who made their opinions public and with 159 ballots had everyone falling short. Biggio was at 69 percent, followed by Morris (63), Bagwell (61), Raines (61), Piazza (60), Bonds (43) and Clemens (43).


Morris finished second last year when Barry Larkin was elected and is in his 14th and next-to-last year of eligibility. He could become the player with the highest-percentage of the vote who is not in the Hall, a mark currently held by Gil Hodges at 63 percent in 1983.


Several players who fell just short in the BBWAA balloting later were elected by either the Veterans Committee or Old-Timers' Committee: Nellie Fox (74.7 percent on the 1985 BBWAA ballot), Jim Bunning (74.2 percent in 1988), Orlando Cepeda (73.6 percent in 1994) and Frank Chance (72.5 percent in 1945).


Ace of three World Series winners, Morris finished with 254 victories and was the winningest pitcher of the 1980s. His 3.90 ERA, however, is higher than that of any Hall of Famer. Morris will be joined on next year's ballot by Greg Maddux and Tom Glavine, both 300-game winners.


If no one is elected this year, there could be a logjam in 2014. Voters may select up to 10 players.


The only certainty is the Hall is pleased with the writers' process.


"While the BBWAA does the actual voting, it only does so at the request of the Hall of Fame," said the Los Angeles Times' Bill Shaikin, the organization's past president. "If the Hall of Fame is troubled, certainly the Hall could make alternate arrangements."


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Case of Wall Street greed gone too far




Goldman Sachs CEO Lloyd Blankfein was one of the executives whose stock award was accelerated to beat higher tax rate.




STORY HIGHLIGHTS


  • Goldman Sachs granted $65 million in stock to execs before new tax rates began

  • Susan Antilla says the firm's CEO had endorsed higher rates, called for entitlement cuts

  • She says Goldman benefits from the implicit promise that U.S. will bail it out

  • Antilla: It was unseemly for Goldman to rush the payments to shield execs from new rates




Editor's note: Susan Antilla is a columnist at Bloomberg View and a contributor to TheStreet.com. She has written about finance for more than 30 years. She is author of "Tales From the Boom-Boom Room: The Landmark Legal Battles That Exposed Wall Street's Shocking Culture of Sexual Harassment." Follow her on Twitter @antillaview.


(CNN) -- Nobody likes to pay taxes, so can you blame the good folks at Goldman Sachs & Co. for doing what they could to avoid the higher rates that kicked in on January 1?


While the rest of us were donning our party clothes on New Year's Eve, the legal worker bees at Goldman were pushing the send button on 10 regulatory filings to the Securities and Exchange Commission.


By the time the ball dropped in Times Square, regulators had been notified that $65 million in Goldman stock had been granted a month early, helping a cluster of powerful multimillionaire executives trim their tax tab.


Among the 10 who shared that $65 million, Chief Executive Officer Lloyd Blankfein, Chief Operating Officer Gary Cohn and Chief Financial Officer David Viniar wound up with $8.4 million apiece in Goldman stock.



Susan Antilla

Susan Antilla



Blankfein's compensation in 2011 was $16.2 million. Cohn and Viniar that year made $15.8 million. Even Gordon Gekko would be impressed to see that bosses making that much money were able to catch a tax break for a couple hundred thousand.


The 10 executives who skirted 2013's higher rates were not the only Goldmanites who benefited from the "accelerated" vesting. Michael DuVally, a Goldman spokesman, acknowledged there was "a group larger than" the 10 but declined to say how many. DuVally would not comment on who made the decision to grant the shares early.


The shrewd Goldman move is hardly unique among rich business executives or even 99 percenters of more modest means. It was no secret that higher taxes were coming this year, and taxpayers of all shapes and sizes did what they could to ensure that "tax events" would occur in 2012.



Even environmental activist and Nobel Prize winner Al Gore tried, albeit without success, to unload his Current TV to Al Jazeera before the new year dawned.


What makes the Goldman move distasteful is that it wasn't even two months ago that CEO Blankfein was mouthing off in a Wall Street Journal op-ed that he endorsed tax increases "especially for the wealthiest" -- along with a plug to cut entitlements to all you freeloaders out there.








If you're pushing the position that the rich should pay more to help fix the deficit, it doesn't quite follow to employ a tax dodge, says Dennis Kelleher, president of the Washington-based public interest group Better Markets Inc.


"Goldman's quickie year-end tax shenanigans deprived the government of what it otherwise would get," he says. "So they either cause the debt to go up, or cause others to pay more by the taxes they are avoiding."


DuVally, the Goldman spokesman, declined to comment when I asked whether it was inconsistent for Goldman to make a move for its executives to avoid taxes after Blankfein endorsed increases for the wealthy.


I've got to hand it to Goldman. The firm is a master of the "have-your-cake-and-eat-it-too" brand of politics and public relations. One minute, Goldman is cranking out press releases about its devotion to women entrepreneurs in its philanthropic "10,000 women" program. The next, it is announcing its annual list of new partners that includes a paltry 10 women but 60 men.


Goldman was a victim on the defensive when Greg Smith, a former employee, wrote a New York Times op-ed on March 14, blasting the firm for having "morally bankrupt people" who needed to be weeded out. You could almost feel sorry for poor Goldman, which shipped out a memo reminding employees that their estimable employer had been named one of the best places to work in the United Kingdom only weeks before the London-based Smith's "Why I Am Leaving Goldman Sachs" essay.


By the time Smith published a book seven months later, the firm had turned ruthless revenge-seeker, even sharing parts of Smith's self-evaluations with the media. A "best place to work?" Really? Careful what you say in the press -- and in your HR file -- if you get your paycheck from a Goldman-style operation.


The brouhaha over Smith's op-ed and book stirred up debate of the "What did you expect of an investment bank operating in capitalistic society?" type.


Fair enough. Banks are not in the philanthropy business -- even if they spend as much time as Goldman does talking about its good deeds and famous "business principles." ("Our clients always come first" is famously No. 1 on the list.)


At Goldman and other "too big to fail" banks, though, employees walk through the doors each morning knowing that the rest of us will be forced to bail them out again should another crisis ensue. We taxpayers provide the insurance policy that they enjoy without ever sending us premiums. In October of 2008, Goldman got $10 billion in taxpayer money from the Troubled Asset Relief Program, which it ultimately paid back.


Blankfein, like other bank CEOs, would later make the case that Goldman wasn't "relying on" that government help.


But leaf through the tomes of some of the regulators who lived through the crisis, and you start to wonder whether our tax-dodging heroes might be out of jobs today if the public hadn't fronted a bailout.


From "Bull by the Horns," by former Federal Deposit Insurance Corp. chairman Sheila Bair: Goldman and Morgan Stanley were "teetering on the edge" in the fall of 2008.


From "Bailout: An Inside Account of how Washington Abandoned Main Street While Rescuing Wall Street," by Neil Barofsky, former special inspector general to oversee the Troubled Assets Relief Program: Federal Reserve chairman Ben Bernanke "confided that he believed that Goldman Sachs would have been the next to go" after Morgan Stanley.


We need to change the conversation here.


Goldman and its too-big-to-fail brethren are banks that accepted welfare and are in debt to U.S. taxpayers for averting disaster. This hasn't been about hard-nosed capitalism since those first TARP wire transfers made their way into Goldman Sachs' coffers.


As for the bank's recent tax-reduction maneuver, it's another reminder that Goldman's management is either clueless about how bad it looks or doesn't care. Sometimes bad PR is a just a cost of doing business.


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The opinions expressed in this commentary are solely those of Susan Antilla.






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Maura Tierney, Courtney B. Vance join Tom Hanks in Nora Ephron’s “Lucky Guy” on Broadway






LOS ANGELES (TheWrap.com) – Maura Tierney and Courtney B. Vance have joined the cast of “Lucky Guy.


The story of a tabloid columnist in 1980s New York will mark Tom HanksBroadway debut.






The writer isn’t too shabby either. Nora Ephron, the screenwriter of “When Harry Met Sally” and “Sleepless in Seattle,” wrote the script before she died of cancer last year. Hanks starred in Ephron’s “Sleepless in Seattle” and “You’ve Got Mail” and was one of the speakers at her New York City memorial last July.


Like Hanks, Tierney (left) will also be making her Broadway debut. She has appeared off-Broadway on stage and previously appeared in “ER” and “Newsradio,” earning an Emmy nomination for the former. She will play Hanks’ wife in “Lucky Guy.”


Vance is a stage veteran and a two-time Tony Award nominee. “Lucky Guy” will mark the first time he has appeared on Broadway since starring in August Wilson’s “Fences” and John Guare‘s “Six Degrees of Separation” in the 1980s. Vance is perhaps best known for his work on “Law & Order: Criminal Intent.” He will play Hanks’ editor.


George C. Wolfe (“Angels in America”) will direct the play, which also reunites Hanks with his “Bosom Buddies” co-star Peter Scolari.


“Lucky Guy” will play a limited engagement at the Broadhurst Theatre. It will open April 1, and previews will begin March 1.


Music News Headlines – Yahoo! News




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Shares buoyed by Alcoa earnings, dollar gains on yen






LONDON (Reuters) – European shares rose slightly on Wednesday, ending two days of losses after aluminum giant Alcoa opened the U.S. earnings season with an optimistic outlook for world demand.


But with a light data day in prospect for Europe, featuring mainly German and Greek industrial output figures, and with European and UK central banks due to meet on Thursday, market movements were expected to be limited.






Shares in Alcoa, the largest aluminum producer in the United States, rose 1.3 percent in after-hours trade after it reported a fourth-quarter profit in line with Wall Street expectations and revenues which beat forecasts.


“Alcoa’s results are generally considered a bellwether for the global economy and the fact that the aluminum giant forecasts higher demand in 2013 appeased investors,” Stan Shamu, a market strategist at IG, wrote in a trading note.


The results lifted Asia stock markets and saw Europe’s FTSE Eurofirst 300 index <.fteu3> gain around 0.4 percent in early trade. London’s FTSE 100 <.ftse>, Paris’s CAC-40 <.fchi> and Frankfurt’s DAX <.gdaxi> were up to 0.6 percent higher.</.gdaxi></.fchi></.ftse></.fteu3>


U.S. stock futures suggested a firmer Wall Street start with a 0.15 percent gain. <.l><.eu><.n></.n></.eu></.l>


Corporate profits are expected to be higher than the third quarter’s lackluster results, but analysts’ estimates are down sharply from where they were in October.


“Expectations are quite low going into the earnings season as we saw a lot of downward guidance in the past few months. There is potential for an upside surprise to come through,” Robert Parkes, equity strategist at HSBC Securities, said.


In European fixed income markets German Bund prices dipped slightly as investors prepared for the government’s auction of 5 billion euros worth of new five year bonds following successful debt sales in Austria, the Netherlands and Ireland on Tuesday.


The dollar meanwhile was stronger against the Japanese yen on expectations of a much bolder monetary easing from the Bank of Japan at its next meeting later this month.


The U.S. currency was up 0.7 percent at 87.65 yen, having hit an intraday low near 86.83 yen in Tokyo, its lowest in nearly a week and a loss of about 1.9 percent from last Friday’s peak of 88.48 yen, its highest since July 2010.


The euro held steady against the dollar at $ 1.3080,


Brent crude oil was also steady below $ 112 per barrel as the market awaited the latest trade data from China, the world’s biggest energy consumer, due on Thursday.


“What we’re seeing in the oil markets is the cautious sentiment playing up ahead of some key economic events this week,” said Ker Chung Yang, senior investment analyst at Phillips Futures in Singapore.


However, iron ore jumped to its highest since October 2011, stretching a rally that has lifted prices by more than a third since December as China replenished stockpile’s and supply in the spot market remained limited.


(Additional reporting by Atul Prakash; editing by Anna Willard)


Business News Headlines – Yahoo! News





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Beware the costly, complicated AMT






Taxes » Income Taxes » Beware The Costly, Complicated AMT


Three letters, AMT, are striking tax fear in the hearts of more and more middle-class filers.






These folks are simply trying to use the tax code, legally, to lower their annual Internal Revenue Service bills. They claim exemptions for eligible dependents, deduct the interest on their mortgage and associated equity loan, and write off the state income taxes they pay. Some of these tax breaks, however, will do them no good under the alternative minimum tax system.


Commonly referred to as the AMT, this tax has its own set of rates (26 percent and 28 percent) and requires a separate computation that could substantially boost your tax bill. Basically, it’s the difference between your regular tax bill, figured using ordinary income tax rates, and your AMT bill, figured by filling out more IRS paperwork. When there’s a difference, you must pay that amount, the AMT, in addition to your regular tax.


The AMT was designed in 1969 to ensure that wealthy taxpayers didn’t use loopholes to escape paying their fair share of taxes. The original target was 155 filers with the then-exorbitant income of $ 200,000 who avoided paying any federal taxes.


Permanent AMT relief


When an AMT payment is required, affected taxpayers could end up paying thousands more in taxes.


That possibility has been a major threat since the alternative tax’s creation because it was not indexed for inflation. Without that annual adjustment, a yearly raise of a few percentage points meant a taxpayer was closer to or even into the income realm that the tax law deemed almost 40 years ago as prime AMT bait.



You could owe AMT if your taxable income in 2012 was more than:



  • $ 78,750 for a married couple filing a joint return and surviving spouses.

  • $ 50,600 for singles and heads of household.

  • $ 39,375 for a married person filing separately.



In past years, Congress bumped up the earnings amounts to keep more middle-income filers from paying more under the AMT system.


And on Jan. 2, 2013, with the enactment of the American Taxpayer Relief Act, the AMT was permanently indexed for inflation.


Calculation insult to tax injury


Adding insult to injury, the AMT’s parallel system demands that taxpayers do more work to pay more in taxes. The effort is required in filing paperwork (the dense, two-page Form 6251, Alternative Minimum Tax — Individuals) and maintenance of separate records for regular and alternative tax purposes.


Even filers who escape actual payment of the higher tax still must do additional work just to learn that they are off the AMT hook.


To help sort through the AMT mess, some taxpayers turn to computer software packages, most of which include AMT computation, or hire professional help. Both choices should help you stay on the IRS’ good side, especially if you owe AMT, or at least put your mind at ease if you don’t.


But the options also will add to the overall cost of calculating your tax bill.


Free help in figuring your AMT


For the last couple of years, the IRS has provided some free AMT calculation assistance.


AMT Assistant is an online tool to help taxpayers determine whether they owe the tax. You just answer a few questions about entries on your draft 1040 and the system does the rest. Based on your entries, the calculator will tell you that either you do not owe the AMT or that you must go further and complete more computations to find out if you owe the AMT.


The AMT Assistant is especially welcome to filers who still do their taxes by hand, because the automated program essentially replaces the tedious work sheet taxpayers are instructed to use to determine if they fall under the AMT.


With the online program, says the IRS, most people will spend only about 10 minutes to find out their AMT fates.


There are a few special instances where a filer will need to take a few extra online steps, such as claiming the foreign tax credit, dealing with disaster-related tax issues or preparing a return for a child. But most taxpayers will need just Form 1040, completed through line 44, (that’s the tax you owe under the regular system), and Schedule A if itemizing.


You don’t have to enter your name, Social Security number or other identifying data. The program, which guides you through a series of question-and-answer pages, only wants the numerical data from your forms.


When you’re finished, it will tell you whether you now have to fill out the AMT form, but it won’t tell you the actual tax damage. You’ll still have to fill out Form 6251 to find out that amount.


AMT starting point


How do you know, without using tax software or the AMT Assistant, if you might be caught in the AMT net? There are some indicators, but it’s not always easy to tell.


The starting point for figuring any AMT is your regular taxable income. This is the stage where the AMT Assistant (or work sheet, if you still insist on doing things by hand) kicks in.


Basically, some of the deductions you claimed to figure your regular tax bill must be added back. These are known as tax-preference items. You also might find a special exemption amount is subtracted. The resulting amount is subject to the alternative tax.


Many of the tax breaks not allowed under the AMT system do affect predominantly wealthy individuals or businesses with complicated tax circumstances. These include incentive stock options, intangible drilling costs, tax-exempt interest from certain private activity bonds, and depletion and accelerated depreciation on certain leased personal or real property.


Common tax breaks disallowed


The AMT also rejects or reduces many common tax breaks used every year by individual taxpayers to lower their IRS bills.


For example, under the AMT, you cannot deduct state and local taxes. This is a major blow to many filers, because most states collect income taxes and all jurisdictions have some type of levy that generally can be counted against a federal tax bill.


Medical costs are still allowed, but the AMT requires they exceed at least 10 percent of your adjusted gross income rather than the 7.5 percent threshold of the regular tax system for tax year 2012. In 2013, as part of health care reform the allowable medical deduction threshold amount for regular tax and AMT will be 10 percent of AGI.


Miscellaneous itemized deductions, although limited under the regular tax system, are disallowed under the AMT. Even large families can be hit. If your personal exemption total is big, look out.


Own a home? Some cherished home-related tax breaks take an AMT hit. While mortgage interest on your main and second home is still AMT-deductible, home equity loan interest is restricted. It can’t be deducted unless the money is used solely to pay for home improvements. Your home’s property taxes also are disallowed as deductions under the AMT.


Other commonly claimed credits also technically affect AMT calculations, such as those for dependent care and education costs. However, for the last few years the congressional AMT patch has allowed AMT taxpayers to continue to count these in their calculations.


Once you add back these AMT disallowances and run the numbers, you might be subject to a bigger IRS bill if your taxable income exceeds the annual exemption amount for your filing status.


If you find you must pay the AMT, the extra money you owe, along with the added paperwork hassle, is never welcome. But dealing with it now is better than the alternative: letting the IRS discover that you should have paid it. When Uncle Sam comes asking for back taxes, he wants interest and penalties, too.


More From Bankrate.com


Yahoo! Finance – Personal Finance





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