Tuesday, October 2, 2012

NY sues JPMorgan over Bear Stearns mortgage securities

NEW YORK (Reuters) - New York Attorney General Eric Schneiderman filed a civil fraud lawsuit against JPMorgan Chase & Co on Monday over mortgage-backed securities packaged and sold by Bear Stearns.

It was the first action to come out of a working group created by President Barack Obama earlier this year to go after wrongdoing that led to the financial crisis.

JPMorgan, which bought Bear Stearns for $10 a share in March 2008, said in a statement it would contest the allegations.

The suit accuses Bear Stearns of failing to ensure the quality of loans underlying residential mortgage-backed securities it packaged and sold in 2006 and 2007. Investors lost more than $22.5 billion on more than 100 of those securities, or one-quarter of their original value, the lawsuit said.

The lawsuit said there were "serious long-standing concerns" about the quality of reviews done by Bear Stearns, and that defects uncovered among the loans sold to investors were largely ignored.

The due diligence process was compromised "in order to increase their volume of securities", the complaint says.

It also alleged a "systematic abandonment of underwriting guidelines".

JPMorgan noted in its statement that the allegations concern actions by Bear Stearns before the investment bank was acquired by JPMorgan.

"The NYAG civil action relates to Bear Stearns, which we acquired over the course of a weekend at the behest of the U.S. Government. This complaint is entirely about historic conduct by that entity," the statement said.

SIMILAR CASES TO FOLLOW

Schneiderman, a co-chair of the working group, told Reuters on September 20 that his office would take action shortly and that he expected federal authorities to do so as well.

People familiar with the matter said a federal-state announcement was planned for Tuesday and Schneiderman's filing the case on Monday appears to have irked his federal colleagues.

Two federal officials familiar with the investigation said that while the lawsuit was brought under New York State law, much of the investigation was handled at the federal level.

Schneiderman's lawsuit, filed in New York State Supreme Court in Manhattan, was based on the Martin Act, New York State's powerful securities fraud statute, which does not require proof of intent to deceive.

Similar cases against other banks will follow, according to a person familiar with the lawsuit.

This is not the first time Bear Stearns has emerged as a central figure in the financial crisis. In June 2008, two former Bear Stearns hedge fund managers were charged by federal prosecutors with lying to investors about the financial health of their funds, which had invested heavily in mortgage securities backed by subprime loans.

The managers were acquitted in a case that still stands as one of the few criminal prosecutions against Wall Street bankers to emerge from the financial crisis.

Monday's lawsuit comes in a tumultuous year for JPMorgan and Chief Executive Jamie Dimon. Federal authorities are currently investigating a nearly $6 billion trading loss in JPMorgan's chief investment office. Last month, U.S. power regulators asked the bank to demonstrate that it did not violate federal regulations by submitting misleading information and omitting facts in dealings with the regulator and California's electricity grid operator.

The Residential Mortgage-Backed Securities Working Group was formed to probe the pooling and sale of risky mortgages in the run-up to the 2008 financial crisis.

Obama, who is scheduled to debate his Republican rival Mitt Romney on Wednesday night, said in January he was creating the group to "hold accountable those who broke the law" and to "help turn the page on an era of recklessness".

The task force includes the Justice Department, the Securities and Exchange Commission, the Department of Housing and Urban Development and the Internal Revenue Service.

The case is People v. J.P. Morgan Securities LLC, 451556/2012 New York state Supreme Court (New York County).

(Additional reporting by Aruna Viswanatha Editing by Andre Grenon and Edmund Klamann)

Source: http://news.yahoo.com/ny-sues-jpmorgan-over-bear-stearns-mortgage-securities-002646346--sector.html

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Adobe Acrobat XI


Adobe Acrobat is so firmly established as the premiere PDF application on the planet, and the PDF format is so firmly established as a worldwide standard that a new version, like Adobe Acrobat XI, may not seem very exciting. In fact, though, Acrobat XI does more to simplify and streamline PDF editing and management than anything I've seen in a long time, and it's an essential?and reasonably priced?upgrade for all serious PDF creators.

Acrobat for the first time makes it almost as easy to edit text and graphics in a PDF as it is in a word-processor, though with significant limitations that I'll get to in a moment. The formerly clumsy process of merging documents into a single PDF now gets a streamlined and powerful interface. New form-editing and document-signing features make it easier than ever to add electronic signatures to documents via computers, tablets, and smartphones. Acrobat XI preserves the simplified interface that Adobe introduced in Acrobat X, but it's learned a lot of smooth new moves.

Which Acrobat?
Acrobat XI comes in two commercial versions, Acrobat XI Pro ($449, upgrade $199) and Acrobat XI Standard ($299, upgrade $139). The Pro version includes features required mostly by enterprise customers and graphics designers: for example, "preflight" operations that customize output for high-quality print and web output and the ability to create PDFs from CAD software and Visio. Both versions should be on sale in mid-October, when the free Adobe Reader XI will also be released.

Enhanced PDF Editing
For anyone who (like me) regularly creates PDF files, the best new feature in Acrobat XI is its completely overhauled and enhanced ability to edit PDF documents. Acrobat always included touch-up features for correcting typing errors or replacing a few words, but the results often looked bad and the whole process felt clumsy.

Now, when you click Edit Text & Images in Acrobat's Content Editing tools, every paragraph in the document appears with an outline around it, and you can simply click inside a paragraph and start typing?or you can run a Find and Replace if you need to change the name of your new product a hundred times in the same document.

As you edit, words wrap correctly at the ends of lines. Formatting icons let you change paragraph alignment, so you can get full justification instead of ragged-right formatting. If you click a plus-sign icon next to the Format item on the editing menu, you get access to detailed typographic controls over kerning and spacing, just as in Adobe's high-end graphics and layout software. You get similar power over images. Right-click on an image and the menu offers options to flip or rotate the image, plus an option to replace the image entirely.

Acrobat and Nitro
When you edit a paragraph, one thing that Acrobat can't do is automatically move other paragraphs on the same page down to make room for text that you added when editing, or up to fill in the space left when you removed text. That's because the PDF format is based on objects with specific positions on a page, unlike a word-processor that lets text flow freely up and down the document. If you need to make edits to a PDF file that cause text to reflow from one page to another, then use Acrobat's massively improved export feature, which saves PDF files to Microsoft Office formats, including, for the first time, PowerPoint presentations, and then save the exported Office document as a new PDF file.

A few months ago, when I reviewed one of Acrobat's many third-party rivals, Nitro PDF, I was impressed that it did a better job than Acrobat X (Acrobat's then-current version) of exporting Microsoft Office documents. With Acrobat XI, Adobe decisively takes back the lead in the quality of exported Office files, but Nitro PDF, however, boasts a feature that automatically generates PDF bookmarks based on document structure, an ability that Acrobat still doesn't match.

Source: http://feedproxy.google.com/~r/ziffdavis/pcmag/~3/4JJ_zYmJzpM/0,2817,2370981,00.asp

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Monday, October 1, 2012

Peter Pan Returns in HD! ? A Mom's Impression | Parenting ...

Guess what is coming on Blu-ray, DVD and Digital Copy?

I am so excited to watch this with my son. Thanks to Jake and the Never Land Pirates, my son loves Peter Pan.? I remember watching this movie as a child and falling in love with Wendy and Tinker Bell.? I can?t wait to add this title to our video collection!

Join mischievous Peter Pan, the young boy who refuses to grow up, his hot-tempered pixie pal, Tinker Bell and the Darling children as they soar away to the mysterious Never-Never land where childhood lasts forever in this magical, musical adventure!

Source: http://amomsimpression.com/2012/09/30/7765/

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Bizarre 2012 earthquake signals birth of world's newest tectonic plate

After millions more years of similar earthquakes, the ruptures will begin to favor a particular path, giving rise to a new plate boundary, and separating today's existing plate into two.

By Andrea Mustain,?OurAmazingPlanet Staff Writer / September 27, 2012

The earthquake that struck Sumatra was a big one. Here's how it compares to some record holders.

OurAmazingPlanet

Enlarge

On the afternoon of April 11, 2012, one of the most powerful earthquakes ever recorded ? and now revealed to be among the weirdest ? struck in the Indian Ocean, off the coast of Sumatra. It's a region all too familiar with geological catastrophe.

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Eight years earlier, in December 2004, the?third largest earthquake on record?had ripped through a nearby region of the ocean floor. The magnitude-9.1 earthquake and the monstrous tsunami that soon followed killed more than 227,000 people in 14 countries,

So when a magnitude-8.7 earthquake (some put the magnitude at 8.6) shook the Indonesian island on that Wednesday afternoon earlier this year, many expected the worst. Yet,?no monster wave appeared. A wave did come ashore, but it was a miniature tsunami, just 12 inches (31 centimeters) high.

All told, the earthquake did very little damage ? yet only five higher earthquake magnitudes have ever been recorded. So what was the deal? [Video: What Earthquake 'Magnitude' Means?]

New research published today (Sept. 26) in the journal Nature delves into the intimate details of this earthquake, along with the powerful, magnitude-8.2 quake that followed two hours later. The new studies add to an existing body of research that shows this was a remarkable event ? one of the most surprising earthquakes ever recorded ? and one that offers an unlikely snapshot of a geological process millions of years in the making.

Turning a corner

Data captured by a global network of seismometers on April 11 revealed almost immediately that this quake was a strike-slip earthquake ? the sort that races along?the San Andreas Fault. Strike-slip earthquakes occur when two sides of a fault jolt horizontally, displacing the ground sideways. Since these earthquakes don't shove the ocean floor upward ? a required move for tsunami generation ? no deadly wave appeared. [April 2012 Sumatra Quake (Infographic)]

Tsunamis are typically the devastating handiwork of quakes known as?subduction earthquakes. They're the most powerful earthquakes on the planet, and they occur at plate boundaries, where one tectonic plate is grinding inexorably beneath another. When the bottom plate suddenly lurches deeper, a colossal amount of energy is released, unleashing the sorts of massive earthquakes and calamitous tsunamis that hit the Indian Ocean in 2004 and the coast of Japan in March 2011. [7 Craziest Ways Japan's Earthquake Affected Earth]

It quickly became apparent that the April 11 earthquake was the most powerful strike-slip quake ever recorded. Which was strange.

Not only was the quake of unparalleled power, it?hit in the middle of a tectonic plate, not at a plate boundary, like the San Andreas Fault. "So already it has two unusual attributes," said Thorne Lay, a professor of earth and planetary sciences at the University of California, Santa Cruz, and an author on one of the papers published today.

Lay and his team set out to construct a blow-by-blow account of how the earthquake progressed, and what they found added to the quake's mystique. This earthquake was able to turn corners.

"It's totally unusual," Lay told OurAmazingPlanet. It turns out that the quake began on one fault, streaking along at more than a mile per second, and, when it reached an intersecting fault, it ruptured that one, too. In all, it ruptured four different faults over the course of 150 seconds, unleashing an amount of energy equivalent to about four magnitude-8.0 earthquakes.

Lay said that, typically, when earthquakes spread to connecting faults, the rupture rips along faults that branch away from the initial fault like the branches of a river. These earthquakes raced along in a grid-like pattern,?making 90-degree turns along faults?that resemble a lattice.

"Here, they really do seem to go along perpendicular faults, and we haven't seen anything like that with a big earthquake," he said.

However, he said, the weird rupture pattern reflects the weird geological circumstances at play in the neighborhood where the earthquake hit. The April 11 earthquake occurred in a region that is giving birth to the Earth's?newest tectonic plate.

Birth pangs

The earthquake hit in the middle of the Indo-Australian plate, a plate that is being torn asunder. And in fact, it is this process that helped trigger this astonishingly powerful earthquake. In a way, the area where it hit was primed for a major earthquake ? scientists just had no idea how major such an earthquake could be.

"It's a pre-existing zone of weakness," said Matthias Delescluse, a marine geophysicist at Paris's Ecole Normale Sup?rieure and an author of another Nature paper on the earthquake published today.

The faults that the earthquake ruptured are, essentially, the bones of an?ancient volcanic seam?that once snaked across the ocean floor, giving rise to new crust. The system fell silent 45 million years ago, but the fractures it created in the tectonic plate are still there. ?

And this particular tectonic plate is undergoing some major stress, Delescluse told OurAmazingPlanet. "I like to represent it with the sidecar analogy," he said. Think of the Australia region of the plate as a motorbike, and the India region as a sidecar. Both are hurtling northward at a fast clip ? for a tectonic plate at least ? at about 2 inches (5 cm) per year.

"Now imagine the sidecar ? not the motorbike ? runs into a wall," Delescluse said. "The sidecar would compress, and the motor bike, depending on the violence of the shock, would finally detach from the sidecar."

That wall that our India sidecar is hitting is the Eurasian plate. The colossal collision has produced some impressive side effects: the Himalayas, the highest mountains on Earth. Australia is able to continue its progress largely unhindered, because that portion of the plate is diving under another tectonic plate ? a process that produces the sort of massive earthquake that hit in 2004.

The evidence suggests that the Indo-Australian plate began to be ripped apart between 8 million and 10 million years ago. The 2012 earthquake is just one of many that have likely ripped along the same region since this process began.

After millions more years of similar earthquakes, the ruptures will begin to favor a particular path, giving rise to a new plate boundary, and separating today's existing plate into two.

Delescluse said that the singular earthquake measured in 2012 offers a glimpse of this process in unprecedented detail. ?

"This event is really illustrating what happened in the past and will happen in the future," he said.

Because the continental plates are built differently than oceanic plates, which are far more brittle, it's unlikely that such a colossal strike-slip quake could hit on land, Delescluse said.

Rare event?

A third paper published today shows that the?April 11 earthquake likely triggered earthquakes?around the world for a short time afterward.

Together, the papers offer an unprecedented look at the geological setup for the earthquake, how it unfolded second by second, and its aftermath.

"The fact that within six months we have understood this much ? that is really quite impressive," said Hiroo Kanamori, a professor emeritus at Caltech, and a revered figure among geophysicists. He was not involved in the research.

Kanamori, who has studied large earthquakes for decades, said that vast improvements in both the quality and quantity of instruments, and of methodology, has allowed the science to make unprecedented strides forward.

"If this had happened 40 years ago, it would have taken a few years to even understand what it was," he told OurAmazingPlanet.

And although he said the event certainly was surprising, he noted that it's only surprising from the perspective of a human lifetime ? "not on the geological time scale," he said.

Lay echoed Kanamori's long-term perspective.

"When you're dealing with a process that may be taking millions of years, we're getting a very short window of observation from which to make generalizations about the past," he said. "Astronomers can look farther away, and they can see farther back in time ? we see what we see today," he said. And the Earth may have more geological surprises in store, he said.

Reach Andrea Mustain at?amustain@techmedianetwork.com, or follow her on Twitter?@AndreaMustain.Follow OurAmazingPlanet on Twitter?@OAPlanet.?We're also on?Facebook?&?Google+.?

Source: http://rss.csmonitor.com/~r/feeds/science/~3/7nMIZ_QpWwI/Bizarre-2012-earthquake-signals-birth-of-world-s-newest-tectonic-plate

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Men's Soccer vs. Concordia University Wisconsin

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Source: http://lakeland.edu/athletics/muskiecalendar.asp?event=8907

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Arlington High wins State Championship baseball

Arlington High School Varsity Baseball won the Division 1 "AAA" State Championship in May 2012.

The baseball team received their state championship rings in a ring ceremony held during halftime at the Arlington High School football game on September 7th.

Each of the varsity players received a ring presented by head baseball coach Chris Ring.

Source: http://eastmemphis.wmctv.com/news/parents-kids/84913-arlington-high-wins-state-championship-baseball

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Love Of Family & Home: September Month In Review...

Hey Friends!

I hope you guys are having a fabulous weekend!

I don't usually post on Saturday or Sunday, but seeing as how it's the of the month and?

Monday is October 1st (what?!), I thought I would throw together a little recap for September!!

This was a pretty busy month on the blog!

?Just browse through the thumbnail pictures to see if you missed anything!?

All of the photos are numbered & the links are provided below!!


??
Did you miss anything?!

Wishing you all a beautiful Sunday!!
Get out & enjoy this GORGEOUS weather!! :)

Source: http://www.loveoffamilyandhome.net/2012/09/september-month-in-review.html

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