news – Page 26677

Feds Investigating Chris Christie for Spending Federal Post-Sandy Marketing Aid on Tourism Ad That Featured Him and His Family

you're killing me smalls Federal auditors are
reportedly investigating the state government of New Jersey’s
use of $25 million in post-Sandy federal aid meant for marketing on
ads that featured Governor Chris Christie and his family. In a
press release
last summer highlighted by CNN, local congressman Frank Pallone
complained that he “fought hard for passage of the Sandy aid
package in Congress by assuring our colleagues that this funding
was critical to our recovery,” calling on the inspector general at
the Department of Housing to investigate how the contract was
awarded for the tourism ads. The winning contract, Pallone argued,
was $2 million more expensive than an alternative that didn’t
include the Christie family in the planned commercial. Like
Christie’s lane closures at the GWB
scandal, this one isn’t just about him either.

Were Christie able to produce an actual traffic study, in the
absence of records of incriminating communications, there would be

nothing wrong with the state of New Jersey causing a multi-lane
closure and massive traffic delay on the busiest bridge in the
world. Here, the scandal isn’t just that Christie may have favored
a contractor who wanted to put the spotlight on him in ads about
the Jersey shore, or even that elected officials put themselves in
ads on the taxpayer’s dime all the time, but that federal
money sent to New Jersey and other states under the pretense of
being critical to recovery and something the states could not (or
didn’t want to?) fund themselves is OK to spend on ads urging
people in New Jersey itself and nearby states to go visit the
shore. Pallone’s letter to the HUD IG mentions that the Department
issued an actual waiver to the state of New Jersey. The waiver
allowed the state government to spend $25 million in absolutely
necessary disaster aid, that supporters claimed only cold-hearted
ne’er-do-wells could dare to oppose or even ask how it would be
paid for, on tourism marketing.

Rand Paul, among a few others in Congress,
questioned the blank-check-like request for federal money that
came after Hurricane Sandy and Buzzfeed notes in a compilation of
Rand Paul videos that that skepticism extended to the $25 million
spent on Christie ads during an election season (New Jersey voted
for governor in 2013, the year after Sandy).

Paul
and Christie
don’t have much in common, but are both expected to make runs for
the Republican presidential nomination in 2016.

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Justices Appear Unhappy with Obama’s Recess Appointments, Canadian Teen Charged over Sexting, Oregon’s Health Exchange Still Broken: P.M. Links

Observers at today’s Supreme
Court arguments challenging President Barack Obama’s use or abuse
(depending on your point of view) of
recess appointments seem to think the justices are holding a
dim view that the president can just bypass the Senate to get what
he wants.
The Supreme Court, however, is declining to get involved in the
decision striking down of an
Arizona abortion law. The law banned abortion after 20 weeks
but was ruled unconstitutional. The Supreme Court’s decision not to
take up the case means that the law is dead.
A Canadian teenager has been charged with
child pornography possession over a sexting case.
After three months, Oregon’s health insurance exchange still

doesn’t work at all. They’re hoping to have it up by
March.
New York State Assemblyman Dennis Gabryszak (D-Buffalo) is
retiring amidst a
host of sexual harassment allegations.
For the drinkers: Japan’s Suntory Holdings Ltd. has
acquired the company that makes Jim Beam and Maker’s Mark
Whiskey.

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Ira Stoll Says Chris Christie Should Sell the George Washington Bridge

It’s going to take Governor
Christie more than a confessional press conference and the firing
of some aides to rescue his presidential hopes in 2016 and restore
public confidence in his leadership following the scandal over the
politically motivated closure of entry lanes to the George
Washington Bridge. Ira Stoll says the best thing the governor could
do to turn this story around would be to sell the bridge
outright—and dismantle the rest of the Port Authority of New York
and New Jersey along with it.

View this article.

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Stocks Crater Most In Over 4 Months

For some of the major US equity indices today's plunge was the worst day since August 27th.

All indices are now negative year-to-date once again as the outperforming Dow Transports were smacked over 1.8% from its intraday highs. NASDAQ once again touched green year-to-date early on in the day, then tumbled aggressively. Some of the best post-Taper performing sectors were slammed hard today with builders, financials, and discretionary spanked. USDJPY 103 was defended heavily but stocks had already lost any connection as correlations broke rather notably. As we noted earlier, short-term bills were in heavy demand (and yields turned negative); Treasury notes and bonds rallied 3-4bps. Early weakness in gold and silver were rapidly dismissed with as PMs surged to fresh one-month highs ($1255 gold) and 2-month highs ($20.47 silver). VIX, after dropping below 12% early on smashed higher to close at 13.6% (following Friday's extreme steep close).

Whether this is all Lockhart's fault is questionable – as it seems now that Friday's late ramp was merely the chance for the big boys to exit on the piss poor employment data… it's definitely time for the deer!

Today's equity market action saws 3 shifts – US open rally, EU Close turning point, Lockhart downtrend…

As Stocks and JPY crosses lost their correlation (103 USDJPY was defended aggressively – like 104 Friday)…

Post-Taper, equity sectors have massively retraced…

As year-to-date equity indices have rapidly deteriorated…

VIX dropped back below 12% briefly before being banged back higher…

It seems bonds have been on this from the beginning of the year… and today's strength merely extended Friday's gains (drops in yields)…

Gold and Silver had their normal slamdown start to the day but by the close were in heavy demand as safe havens were sought…

Stocks caught down to credit weakness…

Charts: Bloomberg

Bonus Chart: Nikkei is down 1000 points from its 2013 close highs…

Bonus Bonus Chart: Why you should be worried about USDJPY (not earnings)… (h/t @Not_Jim_Cramer)

via Zero Hedge http://feedproxy.google.com/~r/zerohedge/feed/~3/BS4nN0fh2SQ/story01.htm Tyler Durden

The IRS Stunningly Admits Its Own Mafia Tactics

Submitted by Simon Black of Sovereign Man blog,

In the 3^rd century AD, Emperor Caracalla famously remarked of Rome’s tax policy:

“For as long as we have this,” pointing to his sword, “we shall not run out of money.” (Of course, Rome did run out of money. )

At the time, Roman taxation was so extractive that it drove people into poverty and desperation. Yet the government continued to forcibly plunder wealth at the point of a sword.

Not much has changed.

The Taxpayer Advocate Service, which is an independent office within the IRS, has just released a two-volume report describing the mafia tactics that are being employed by the tax collectors in the Land of the Free.

The Executive Summary alone is 76 pages. And believe it or not, it’s a real page turner.

On page 37, for example, the report states that the IRS largely assesses tax penalties improperly.

Specifically, the Office of the Chief Counsel admonished the IRS that it was not legally authorized to impose accuracy related penalties on certain taxpayers, and that the service should abate those penalties already imposed.

Yet the IRS declined to follow its own Chief Counsel’s legal advice, and it has refused to abate penalties for nearly 90,000 taxpayers.

In the words of the agency’s own Taxpayer Advocate Service, “The IRS’s failure to abate inapplicable penalties signals disrespect for the law and a disregard for taxpayer rights.”

Page 34 discusses how the IRS has abandoned its own checks and balances.

When a taxpayer is deemed to owe the US government money, the IRS is supposed to have a “collection due process (CDP) hearing” to verify that the IRS agent followed the law and consider whether the intrusion on the taxpayer was warranted.

Yet the report states that this has become nothing more than a rubber stamp formality, and that current practices “do not provide the taxpayer a fair and impartial hearing.”

In fact, among the most litigated issues at the IRS, the report states that “taxpayers fully prevailed only about two percent of the time.”

Two percent. If you go up against the IRS, you have a 2% chance of winning. Give me a break. You have more than a 2% chance fighting against the mafia.

Moreover, the byzantine US income tax code, which runs to an incredible 72,000+ pages, “disproportionately burdens those who [make] honest mistakes”, especially as it relates to offshore disclosures.

In fact, the report acknowledges that “tax requirements have become so confusing and the compliance burden so great that taxpayers are giving up their U.S. citizenship in record numbers.”

It’s not exactly Emperor Caracalla pointing to his sword… but IRS’s policies and tactics are not so far off from a police agency.

They disregard the law and the advice of their own counsel. They disproportionately burden honest individuals. They flout due process. And they push people to abandon their citizenship.

These are mafia tactics, plain and simple. And like the Romans, Ottoman Empire, and French monarchy before, the tax system in the Land of the Free has become a desperate farce marked by fear and intimidation.

This is one of history’s obvious marks of a nation that has reached its terminal decline. We cannot seriously expect this time to be any different.

via Zero Hedge http://ift.tt/19qgyZV Tyler Durden

Boil water advisory issued for PTC subdivision

Residents of the Coventry subdivision in Peachtree City are being advised to boil their drinking water following a water line break in the subdivision today.

While the water system flushes chlorinated water through the lines following repairs, the boil water advisory is a further precaution against pathogens required by the state Environmental Protection Division, according to Water System Director Lee Pope.

via The Citizen http://www.thecitizen.com/articles/01-13-2014/boil-water-advisory-issued-ptc-subdivision

Fla. man arrested in PTC molestation case

A Florida man was arrested by Peachtree City police on Jan. 12 on charges of child molestation and numerous other offenses involving a 13-year-old girl.

Joseph Lundstrom, 30, of Middleburg, Florida, is charged with two counts of child molestation, two counts of sexual battery, enticing a child for indecent purposes, furnishing obscene materials to a child, computer exploitation of a child, open container, loitering and prowling and suspended license, according to department spokesman Mark Brown.

via The Citizen http://www.thecitizen.com/articles/01-13-2014/fla-man-arrested-ptc-molestation-case

Just Three Charts

With today's biggest drop in stocks in over 4 months, we are reminded of three recent charts that raise considerable questions as to the path forward. From Mclellan's 1928 analog to Hussman's bubble trajectory and the extremes of bullish sentiment, this week marks a 'line in the sand' for bulls to take this to the Hendry moon or for it not to be different this time…

Mclellan's 1929 Analog…

Hussman's Bubble Trajectory…

Based on the fidelity of the recent advance to this price structure, we estimate the “finite-time singularity” of the present log-periodic bubble to occur (or to have occurred) somewhere between December 31, 2013 and January 13, 2014.

And the Market's Most Bullish Bias On Record…

Is it any wonder there are less BFTATH-ers left?

Charts: John Hussman, John Mclellan, and @Not_Jim_Cramer

via Zero Hedge http://feedproxy.google.com/~r/zerohedge/feed/~3/Qe75c3hSR_M/story01.htm Tyler Durden

Putin Chosen As World’s Third Most-Admired Person Behind Gates, Obama

After a banner year for the former KGB spy, who first neutralized Prince Bandar, Bibi and John Kerry (not to mention the president of the US), and subsequently reannexed the Ukraine into the Russian sphere of influence now that the second coming of the former USSR is in the works, it should come as no surprise that Russia’s Vladimir Putin has been named the third most admired person in the world. Then again when one considers who is ahead of Putin in the Time poll, perhaps this distinction is nothing to write to the NSA about – third spot is located behind Microsoft founder Bill Gates and US President Barack Obama. Indicatively, this also means that Barack Obama is inexplicably still the second most respected person in the world.

From RIA:

The newspaper reported that Putin’s popularity among Russians helped him secure the third place on the list. The poll conducted in 13 countries around the world revealed that the Russian leader earned more admiration than Pope Francis, who came fourth.

The world’s richest man, Gates is the most admired person in China and more highly regarded than China’s President Xi Jinping, Obama and Putin, who was named the fourth admired person by the Chinese citizens, according to the poll published Saturday.

In Russia, Gates was chosen as the second most admired person, ahead of famous US actress Angelina Jolie and German Chancellor Angela Merkel. US intelligence leaker Edward Snowden, who has been granted temporary asylum in Russia, was named the tenth most admired person by Russians.

The YouGov poll surveyed nearly 14,000 people from the UK, France, Germany, Russia, the US, Australia, Pakistan, Indonesia, India, China, Egypt, Nigeria and Brazil.

Putin, 61, was named International Person of the Year by The Times in late December for succeeding in his ambition of bringing Moscow back to the international top table.

Here is the full list of the Top 10 most admired people around the world:

1 Bill Gates; 2 Barack Obama; 3 Vladimir Putin; 4 Pope Francis; 5 Sachin Tendulkar; 6 Xi Jinping; 7 Narendra Modi; 8 Warren Buffett; 9 Amitabh Bachchan; 10 Abdul Kalam.

Oddly nobody from Wall Street made the list (which appears to have been overrun by Indian voters).

via Zero Hedge http://feedproxy.google.com/~r/zerohedge/feed/~3/0XGHXAxi0o0/story01.htm Tyler Durden

Putin Chosen As World's Third Most-Admired Person Behind Gates, Obama

From RIA:

The newspaper reported that Putin’s popularity among Russians helped him secure the third place on the list. The poll conducted in 13 countries around the world revealed that the Russian leader earned more admiration than Pope Francis, who came fourth.

The world’s richest man, Gates is the most admired person in China and more highly regarded than China’s President Xi Jinping, Obama and Putin, who was named the fourth admired person by the Chinese citizens, according to the poll published Saturday.

In Russia, Gates was chosen as the second most admired person, ahead of famous US actress Angelina Jolie and German Chancellor Angela Merkel. US intelligence leaker Edward Snowden, who has been granted temporary asylum in Russia, was named the tenth most admired person by Russians.

The YouGov poll surveyed nearly 14,000 people from the UK, France, Germany, Russia, the US, Australia, Pakistan, Indonesia, India, China, Egypt, Nigeria and Brazil.

Putin, 61, was named International Person of the Year by The Times in late December for succeeding in his ambition of bringing Moscow back to the international top table.

Here is the full list of the Top 10 most admired people around the world:

1 Bill Gates; 2 Barack Obama; 3 Vladimir Putin; 4 Pope Francis; 5 Sachin Tendulkar; 6 Xi Jinping; 7 Narendra Modi; 8 Warren Buffett; 9 Amitabh Bachchan; 10 Abdul Kalam.

Oddly nobody from Wall Street made the list (which appears to have been overrun by Indian voters).

via Zero Hedge http://feedproxy.google.com/~r/zerohedge/feed/~3/0XGHXAxi0o0/story01.htm Tyler Durden