Good Morning Conflucians!!!
First up in weird news, in case you’re not already getting that apocalyptic vibe from earlier this week, more birds have suddenly died, this time not in Arkansas, but in Louisiana:
Birds dropping dead from the skies and rivers flowing with tens of thousands of dead fish sounds like a cheesy Hollywood movie about the Apocalypse. Or the ravings of a Revelation-obsessed street preacher.
But residents of several US states are coping with the reality of mystery mass wildlife deaths, which have left officials scratching their heads and jumpy members of the public joking (nervously) about the end of the world.
Today it emerged that about 500 red-winged blackbirds and starlings had been found dead in Louisiana. Their tiny corpses littered a short stretch of highway near the city of Labarre after apparently falling dead from the sky.
That would be spooky enough. But the Louisiana bird die-off came just a few days after up to 5,000 blackbirds fell to earth in neighbouring Arkansas in the small town of Beebe. Residents there had reported stumbling upon the bodies littering the ground and even being hit by them as they fell. One woman said she was struck while walking a dog. Another avian corpse bounced off a police car.
In even more grim news, anglers and other members of the public reported that more than 80,000 drum fish had suddenly died in the state’s Arkansas river, about 100 miles west of Beebe. The silvery bodies of the fish floated in the river and washed up on its sides having died at roughly the same time. In another incident, hundreds of miles away on the Maryland coast of Chesapeake Bay, tens of thousands of dead fish also washed up on the shore.
Yea, that’s what I said. WTF? I’ve got rosary beads, incense, a statue of Sheba, among a few other things. What are you holding onto for dear life? What was the name of the other horseman anyway?
In a related news, Goldman Sachs and some Russian group invested nearly 1/2 billion in Facebook. That’s right, those two know everything there is to know about a whole hell of a lot of people now. Wonder if their joint bank account number is 666 by any chance. Note to self, get more statues of other religious figures. Here’s some coverage:
The “great vampire squid” of finance, Goldman Sachs, has invested $450 million in the emerging great vampire squid of cyberspace, Facebook. As the New York Times’ DealBook reported, the deal is gives Goldman a leg up on the huge fees investment banks will get when the social-networking company eventually sells shares to the public. And as the Times and Wall Street Journal also report, Goldman will also haul in huge fees from those clients who want to invest themselves.
Meanwhile, Facebook gets the capital to keep buying talent and startups, and to fuel its expansion in all kinds of other ways — and it gets to sell stock in what amounts to a shadow stock market that’s growing faster than regulators seem willing or able to understand, much less deal with.
This looks like a better deal for Facebook than its investor, putting Facebook’s value at $50 billion, which makes sense in today’s increasingly bubble-like market. Silicon Valley is going a bit wild again– not as crazy as the late 1990s, mind you, but there’s a froth element to the local economy.
Given a deal of this size and importance, there should be some SEC scrutiny. Yea right. But some report that there might be:
Goldman Sachs Group Inc.’s plan to offer clients up to $1.5 billion in Facebook Inc. equity may invite U.S. regulators to take a closer look at whether the owner of the world’s most popular social-networking site is circumventing disclosure rules, securities lawyers said.
The Securities and Exchange Commission, whose rules require any company with more than 499 investors to disclose financial information, is already scrutinizing the market for trading shares of closely held companies including Facebook, according to a person familiar with the inquiry, who declined to be identified because the matter isn’t public
Goldman Sachs invested $450 million in Facebook and is planning to create a special purpose vehicle for its clients to make additional investments worth as much as $1.5 billion, according to two people familiar with the matter who spoke on condition of anonymity because the deal is private. Some private companies avoid crossing the disclosure threshold when investors’ funds are channeled through a single entity, such as a private equity firm or hedge fund.
“The real question is, what are the details of this special purpose vehicle?” said James Angel, a finance professor at Georgetown University’s business school in Washington. If the investment is designed to circumvent the rule, “the SEC should be looking very closely at it.”
Good thing we have a Democratic president that is looking out for us and will do what’s right. Oh wait, no we don’t, she was tossed under the bus. Instead we have an empty suit actually owned by Goldman Sachs. Oh yea. Why is this feeling even more biblical all of the sudden? Maybe we could have some leaks about all these things, about how Goldman Sachs helped fund an unknown candidate, about the Banks and their shady deals, about corruption in government at many levels. No, instead we get none of those useful leaks, but instead leaks that lead us to more wars in the middle east. Nice distraction.
Let’s see what our grand congress has in store for us this session. First we have this from Slate about how the Dems sound like Repubs and the Repubs sound like Dems:
The parties have switched not only offices but arguments. Democratic Rep. Debbie Wasserman Schultz said Republicans were going to spend “countless hours trying to repeal health care reform rather than focusing on jobs, the economy and deficit reduction. Every minute wasted on trying to repeal health care reform fruitlessly is one less minute the Republicans will spend on job creation and turning this economy around.” If that sentiment sounds familiar, it’s because it was a Republican refrain during the House’s debate over health care in 2009 and 2010.
Sometimes this required the Democrats to contradict themselves. They complained that the GOP House effort to repeal health care was a meaningless show because the Democratic Senate will never allow such a measure to proceed. But when defending their record on economic issues from the last session, they pointed to bills they passed that they knew would never get past a Republican filibuster in the Senate.
Democrats also complained that the Republicans were adding to the deficit and have shut them out of the legislative process. Next week, when the House votes to repeal health care (or, “job-killing health care,” as they call it), Democrats will not be allowed to add amendments. They were also not allowed to participate in writing the rules under which the measure will be considered. Democrats did this kind of thing when they were in power, of course, but they say Republicans had pledged to be more open and transparent.
Oh dear. WaPo has more coverage on the upcoming battle over health care insurance bailout. Expect this to be a lot of noise and distraction for a while. Such theater. A Republican bill written by the health insurance lobby where the Repubs (and insurance companies) pretend to hate it and Dems (sadly actually) like it. And the working class are screwed again. As usual.
It looks like there will be some turnover from both the WH staff and the VP staff. There’s some noise about Gibbs possibly leaving. And now we’re hearing that Biden’s CoS is stepping down. Along with that, LATimes has a few more rumors:
The White House staff reshuffle continued Tuesday with Vice President Joe Biden announcing that his chief of staff is leaving, while speculation swirled that the president may appoint a well-connected Chicagoan to a top post.
Biden’s chief of staff, Ron Klain, is resigning to become president of Case Holdings, the holding company of AOL cofounder Steve Case. Over the last two years, Klain helped position Biden as an influential figure in the White House while assisting in the confirmation of a pair of Supreme Court nominees: Sonia Sotomayor and Elena Kagan.
His departure surprised even some members of Biden’s staff. Klain had been mentioned as a possible candidate for President Obama’s chief of staff, but the president may be opting for someone with a higher profile.
After Rahm Emanuel quit to run for mayor of Chicago, Obama appointed longtime aide Peter Rouse to the chief of staff job on an interim basis.
Now, Obama is considering William Daley for a senior position, possibly chief of staff. Daley is the brother of outgoing Chicago Mayor Richard M. Daley, and he served as Commerce secretary under President Clinton.
As the great David Bowie once said: “Ch-ch-ch-ch-Changes.” Something tells me none of these changes are going to be for the better. Any bets?
In some rather funny, in a macabre sort of way, news, a murderer was found guilty in part because of his google search history:
Julie Jensen died as a result of ethylene glycol in her system, an ingredient found in antifreeze. On the morning of her death, someone attempted to “double-delete” (apparently unsuccessfully) the computer’s browsing history, which included a search for “ethylene glycol poisoning.”
Jensen was found guilty of first-degree homicide in 2008 based on this and other incriminating evidence, including a letter written by his wife before her death. He appealed the conviction, arguing for one that the warrantless police search of his computer violated his Fourth Amendment rights. The Wisconsin Court of Appeals did not agree as he had signed a consent form.
As the article humorously mentions, does that mean we’ll be getting a CSI Internet Division spin-off?
In sort of related news, CA Supreme Court ruled that police can search your cell phone without a warrant when you’re under arrest:
The California Supreme Court ruled Monday that police do not need a warrant to search a cell phone carried by someone under arrest.
The justices determined a Ventura County deputy had the right to conduct a warrantless search of the text messages of a man he had arrested on suspicion of participating in a drug deal.
The state court ruled 5-2 that U.S. Supreme Court precedent affirms that police can search items found on defendants when they are arrested.
I understand this in terms of searching your pockets, etc. But the problem with this ruling is one of not keeping up with technology. With smartphones these says, searching what’s in your very powerful large computer (in a small space) that can include pretty much every important document found in your house, bank, accountant, etc. That is, all of your personal records of note could actually be on your phone. This can also provide full access to all of your email, all of your social media accounts, and all of your history of communication of every sort for years. It’s possible that your smartphone could easily be the equivalent of raiding your home, your lawyers office, your doctors office, etc. I hope this issue is revisited with those issues in mind sometime soon. In the mean time, I’ll suggest some privacy protection ideas in a later post.
In other court news, CA Prop 8 is heading directly to the state Supreme Court and bypassing the 9th circuit (more accurately, the 9th circuit just punted):
Instead of resolving a thorny “standing” issue itself, and thus launching the appeal on its way to the United States Supreme Court, a three-judge panel instead first asked the Supreme Court of California for guidance on whether the private litigants who appealed the August 2010 ruling striking down the same-sex marriage ban had the legal right to do so.
The 9th Circuit just acted, to be sure, but not even the most conservative legal scholar can dare call this an instance of “judicial activism.” Instead, the tactical punt from one San Francisco court to another is consistent with a centuries-old judicial concept: never decide what you don’t really have to decide, especially when you have a plausible excuse for not deciding it. Here, the 9th Circuit blamed the not-completely-unexpected detour on the lack of “controlling state precedent” on the question of what to do with an appeal where, as here, both the sitting governor (the since-departed Arnold Schwarzenegger) and the sitting attorney general (the since made-governor Jerry Brown) refused to carry it out.
By diverting the case away from the federal courts and toward the state supreme court, by asking for clarification of state law by and from the state’s highest court, the 9th Circuit has almost certainly delayed a substantive ruling on the merits of the case for at least a year and likely longer. The standing issue will likely have to be briefed all over again before the state high court, and a new oral argument date will likely have to be set, and then a new vigil will begin for people all over the world who are waiting for final word from the courts on whether same-sex couples have a constitutional right to marry. All of this will take six to nine months, at least.
In news of the “is that news?” department, many people are obsessing and perplexed that Sarah Palin re-tweeted a pro DADT tweet. Yes, you got that right, just by Palin re-tweeting something (with no extra quote), people are actually spending time trying to figure out what she might have meant. I kid you not:
Online pundits are trying to interpret Sarah Palin’s stance on “don’t ask, don’t tell” after she echoed an Internet post by a conservative lesbian commentator who slammed the opposition to the policy’s repeal.
Tammy Bruce wrote Monday on Twitter that “this hypocrisy is just truly too much. Enuf already – the more someone complains about the homos the more we should look under their bed.”
Palin’s retweet of the post raised questions about her own stance on the military’s policy, which was repealed by Congress late last year. The former 2008 Republican vice presidential nominee hasn’t spoken about the policy except to say last February that she was surprised at President Barack Obama’s support for a repeal because it was not a priority at the time.
Palin representatives did not immediately respond to requests for comment Tuesday, but Politico said the retweet is a hint that Palin supports the repeal. Gawker said Palin is not “in the context of her party, rabidly homophobic,” then wondered if perhaps she didn’t understand the tweet or pushed the wrong button.
Now our pundits are reading tea leaves. Oh wait, that’s what they’ve always done. They really should get out more.
That’s a bit of what’s in the news. Chime in with what you’re reading.
Filed under: General, Goldman Sachs, Health Care Reform, Internet Freedom, Media, Morning News edition, Social Media | Tagged: facebook, General, Goldman Sachs, Morning Edition, news, social networking | 37 Comments »