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In The News This Week BIG JUMP IN YOUNG ADULTS MOVING OUT OF STATE Young adults are now making big moves in the fledgling economic recovery, leaving college towns or parents' homes. Page 1
AN UNEASY ECONOMY, AND THOSE LIVING THROUGH IT Now: "We mainly shop at Sam's Club and portion out our meals. We spend $4 to $5 a night on eating." Page 2
SYRIA TRUCE COLLAPSE SHOWS LIMITS OF DIPLOMACY Syria's air force fired missiles and dropped barrel bombs on rebel strongholds while opposiPage 3 tion fighters attacked.
KENTUCKY ACCIDENT STATISTICS Accident Statistics from Kentucky Department of Highway Safety and Motor Vehicles. Page 4
KENTUCKY ACCIDENT REPORTS This Weeks Accident Reports from Various countys in Kentucky. Page 5
ADVANTAGE OBAMA IN HUNT FOR 270 ELECTORAL VOTES President Barack Obama is poised to eke out a victory in the race for the 270 electoral votes. Page 6
CITI FIRES ANALYST, PAYS FINE OVER FACEBOOK LEAK The young Citigroup analyst was researching Facebook before it went public. He dropped an email to two of his buddies at a popular technology blog. Page 7
DRAGON SHIP BACK ON EARTH AFTER SPACE STATION TRIP TAn unmanned space capsule carrying medical samples from the International Space Station splashed down in the Pacific Ocean Sunday. Page 8
HI TSUNAMI SMALLER THAN FEARED Officials in Hawaii canceled a tsunami advisory for the state's coastline early Sunday. Page 8
Volume 731 Issue 43
October 29, 2012
B I G J U M P I N Y O U N G A D U L T S M O V I N G O U T O F S T A T E WASHINGTON (AP) -- Their lives on hold for years, young adults are now making big moves in the fledgling economic recovery, leaving college towns or parents' homes and heading out of state at the highest rate since the height of the housing boom.
higher if the jobs become more plentiful," Frey said. "Families, older professionals and retirees will be latecomers; they have more financial baggage and will need to make more careful decisions about when and where to move." R i c h a r d Florida, an American urban theorist and professor at the University of Toronto's Rotman School of Management, called the mobility gain an important sign the U.S. economy is getting back on track.
Las Vegas from atop the Stratosphere tower looking west down Sahara Ave. towards the Spring Mountains. New census data released Thursday, Oct. 25, 2012, offer a detailed look at U.S. migration as mobility begins to revive after sliding to a record low last year. The demographic shifts, which analysts say could continue for many more years, are once again rejiggering the housing map. Out are the super-sized McMansions in far-flung suburbs and in the sprawling Southwest, which helped drive rapid metro area growth in the early to middle part of the last decade in places such as Phoenix, Las Vegas, Orlando, Fla. and Atlanta. (AP Photo/Joe Cavaretta, File)
New census data released Thursday offer a detailed look at U.S. migration as mobility begins to revive after sliding to a record low last year. The latest numbers show that young adults 25-29 are the primary out-of-state movers; they had the biggest gain in 13 years as they struck out on their own to test the job market in urban, hightech meccas such as Washington, D.C.; Denver; Portland, Ore.; Seattle; and Austin, Texas. In contrast, groups that showed some of the most movement in the housing boom of the last decade (2000-2010) - working professionals, families and would-be retirees - are still mostly locked in place, their out-of-state migration levels stuck at near lows due to underwater mortgages and shrunken retirement portfolios. The demographic shifts, which analysts say could continue for many more years, are once again rejiggering the housing map. Out are the super-sized McMansions in farflung suburbs and in the sprawling Southwest, which helped drive rapid metro area growth in the early to middle part of the last decade in places such as Phoenix; Las Vegas; Orlando, Fla.; and Atlanta. In are new, 300 square-foot "micro" apartments under consideration for wider development in dense cities such as New York, San Francisco, Boston and Seattle, which are seeking to attract young single adults who value affordable spaces in prime locations to call their own. "Footloose young singles are forming the leading edge of the coming migration wave," said William H. Frey, a Brookings Institution demographer who reviewed the numbers. He attributed the recent jump in mobility to pent-up demand among young adults who now are ready to "move on a dime" to land a job opportunity. "We will see their migration rates swell even
"Young people are moving out of their parents' basements and sampling places and sampling careers again," he said. "After living at home for a while, young people have kind of maxed it out. They are heading to bigger, vibrant cities, predominantly, because they're looking for economic opportunity and building their social networks." About 1.7 percent of the U.S. population moved across state lines to a new home in the 12month period ending March 2012, up slightly from 1.6 percent in the previous year. The share of young adults ages 25-29 who moved to a new state was higher, about 3.8 percent. That's up from 3.4 percent in the previous year and the highest level since the height of the housing boom in 2005, when mobility was 5 percent. The 0.4 percentage point increase in 2012 is also the biggest jump for young adults since 1999, when the rapid rise of Internet startups and the need for young workers during the dot-com bubble drove migration. Moving rates for college graduates of all ages remained mostly flat at 2 percent. Among Americans 55 and older, out-of-state moves dipped from the previous year to a low of 0.7 percent. At the height of the housing boom, interstate migration for this group reached well over 1 percent, due mostly to baby boomers opting to retire early to residential hot spots in the South and West. According to the latest data, some of the biggest winners in recent years have been states
Continued on page 3
Legal Street News Monday October 29, 2012
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AN UNEASY ECONOMY, A N D T H O S E L I V I N G T H R O U G H I T CHARLOTTE, N.C. made her dig deep. (AP) -- Here was Chas "It made me Kaufmann's life before the realize what was Great Recession: $28,000 important," she in restaurant tabs in a year, said. "It's just not cruises, house parties with the material things fireworks. His Mr. Gutter and having things business was booming in to improve your the Pennsylvania Poconos. status. I know that Now: "We mainly people are in such shop at Sam's Club and a rush to have portion out our meals. We things. They feel spend $4 to $5 a night on that is a validation eating." He and his wife - `Oh I have this, I use space heaters in their have that.' I was elegant house and leave one of them. So, parts of it cold. The for me, I found it Hummer is gone, and he was a time to drives a 2005 pickup. On Ray and Candice Arvin pose inside their home in Charlotte, N.C. reflect on your Nov. 6, Kaufman is voting Romney supporter, Ray Arvin used to own a small business with five character - and Mitt Romney. employees, selling equipment to power companies, but he went out of rebuild again. It for Lower down the lad- business in 2009. He’s now a salesman for another equipment company was a wonderful der, the recession put time to realize Simone Ludlow's life in a when you don't have certain things - money is not coming, or full circle. Laid off by an Atlanta hotel company in 2009, houses are not selling - who's really in your corner. Ludlow, 32, bounced from job to job for two years, got by with Arvin, 47, is starting over, too. a "very generous mother," still makes do by renting a room in a In 2001, he and his wife bought a small company that sold house owned by friends, and is back working for the company equipment to power utilities and the aviation industry. Business that had let her go. She's voting for President Barack Obama. hummed until 2007, when five big customers filed for bankFor four years, the bumpy economy cut an uneasy path. It ruptcy and the couple raided their retirement and savings raked small towns and big cities, knocked liberals and conseraccounts to keep the enterprise afloat. It sank in 2009. Now he vatives on their backs, plagued Republicans and Democrats travels five states in a 2005 Suburban as sales representative for alike. a business supplying equipment to electric and gas companies, It was the worst economic setback since the Depression, bringing home $50,000 to $60,000 after taxes and travel expensand it didn't take sides. es. Across the country, Associated Press reporters asked peo"Am I doing better? Yes. But I've lost so much. I'm starting ple to talk about their livelihoods before and after the December new. I'm confident in my ability to work hard and do well with 2007-June 2009 recession and how those experiences have what I do." shaped their politics in the presidential election just days away. Polls consistently find that the economy is the top concern Their answers help illuminate why the race is so close. In this of voters, and Romney tends to get an edge over Obama when time of great polarization, their stories bridge the partisan people are asked who might do better with it. Whether that truly divide, showing that resilience and optimism are shared traits, drives how Americans vote is a crucial question for Election too, and that no one seems to think either candidate can work Day. miracles. Other factors often came into play with the people who "Our potential doesn't rely on an election and one man or talked to AP. Republicans didn't buy the Romney campaign's even a ballot," said Ben McCoy, 35, of Wilmington, N.C., creportrayal of Obama as a one-man wrecking crew in economic ative director for 101 Mobility, a company that sells, installs and affairs. Democrats didn't see him as a savior. They all realize life services handicapped access equipment. "I don't think either is more complicated than that. candidate for president has the conviction to go as far as we Beth Ashby, 38, an artist and freelance photographer in need to go to really get back to stability." North Hollywood, Calif., is a registered Democrat who thinks Economic well-being, for him, will come from personal Obama is bad for her savings. If he's re-elected, she said, "I decisions by his wife and himself, not Washington. "We will roll think I'm going to be less likely to set money aside in my investup our sleeves and cut the family budget down to the core if we ments. I might be safer just storing it in the shoe box under the have to, where we know we're going to eat and we know the bed." lights are going to stay on, and that's it. We'll do it. We won't Romney, she said, "seems to have a head for business." But laugh and dance about it, but we'll do it." he's turned her off on environmental issues, abortion and "some In the Charlotte area, the recession played a cruel trick on of his comments involving women." Obama or a third-party Obama supporter Tamala Harris, wrecking the Charlotte housunknown will get her vote. ing market just after she quit a job to go into selling real estate. Dave Hinnaland, 51, a fourth-generation sheep and cattle It drove Romney supporter Ray Arvin out of business selling rancher who co-owns the family's 17,000 working acres outside industrial equipment from North Carolina and cleaned out his Circle, Mont., simply seems hard-wired to vote for a Republican retirement savings with not that many years left to start from president. As the national economy sank, the local economy scratch. Both have more hope than you might think. shot ahead thanks to booming oil production in the Bakken oil Harris, 38, is back in Charlotte after getting her master's in fields to the east. The days of $300-a-month house rentals, when business from the University of Rochester in New York. During people's pickups were more expensive than their homes, are the worst of the calamity, she used loans and scholarships to over. advance her education, and looks back on it all as a time that
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Street News Monday, October 29, 2012
S Y R I A T R U C E C O L L A P S E S H O W S L I M I T S O F D I P L O M A C Y Syria," he told The Associated Press.
BEIRUT (AP) -- Syria's air force fired missiles and dropped barrel bombs on rebel strongholds while opposition fighters attacked regime positions Sunday, flouting a U.N.-backed cease-fire that was supposed to quiet fighting over a long holiday weekend but never took hold.
But with the unraveling of the cease-fire, it's unclear what the international community can do next. Assad allies Russia and China have shielded his regime against harsher U.N. Security Council sanctions, while the rebels' foreign backers including neighboring Turkey have shied away from military intervention. Iran, which is embroiled in its own diplomatic standoff with the West over its suspect nuclear program, is also a staunch supporter of Assad's regime.
The failure to push through a truce so limited in its ambitions - just four days - has been a sobering reflection of the international community's inability to ease 19 months of bloodshed in Syria. It also suggests that the stalemated civil war will drag on, threatening to draw in Syria's neighbors in this highly combustible region such as Turkey, Lebanon and Jordan. "This conflict has now taken a dynamic of its own which should be worrying to everyone," said Salman Shaikh, director of the Brookings Doha Center think tank.
The U.S., meanwhile, is averse to sending strategic weapons to help the rebels break the battlefield stalemate, fearing they will fall into the hands of militant Islamists, who are increasingly active in rebel ranks.
, A doctor examines an x-ray while a Syrian elder sits on a hospital trolley suffering partial loss of memory after was shot in the head by a sniper in Aleppo, Syria.
The U.N. tried to broker a halt to fighting over the four-day Eid al-Adha Muslim feast that began on Friday, one of the holiest times of the Islamic calendar. But the truce was violated almost immediately after it was supposed to take effect, the same fate other cease-fires in Syria have met. Activists said at least 110 people were killed Sunday, a toll similar to previous daily casualty tolls. They include 16 who died in an airstrike on the village of al-Barra in northern Syria's mountainous Jabal al-Zawiya region.
boring Syria. Turkey's support for the Syrian rebel movement is another point of tension, and Turkey has reinforced its border and fired into Syria on several occasions recently in response to shells that have landed from Syria inside Turkish territory. The U.S. administration says it remains opposed to military action in Syria and politicians have been preoccupied this year with the presidential election, now a few weeks away.
The Observatory also reported a car bomb that exploded in a residential area in the Damascus neighborhood of Barzeh and wounded 15 people, but the target was not immediately clear.
On Sunday, Syrian warplanes struck the eastern Damascus suburbs of Arbeen, Harasta and Zamalka to try to drive out rebels, according to activists in those areas and the Britain-based Syrian Observatory for Human Rights, which compiles information from activists in Syria.
Though Syria's death toll has topped 35,000, the bloodiest and most protracted crisis of the Arab Spring, the West has been wary of intervening. There is concern about sparking a wider conflagration because Syria borders Israel and is allied with Iran and the powerful Lebanese militant group Hezbollah.
In Douma, another Damascus suburb, rebels wrested three positions from regime forces, including an unfinished high-rise building that had been used by regime snipers, according to the Observatory and Mohammed Saeed, a local activist.
There are already increasing incidents of the civil war spilling across borders. Many in Lebanon blame Syria and Hezbollah for the Oct. 19 car bomb that killed the country's intelligence chief. The assassination stirred up deadly sectarian tensions in Lebanon, where Sunnis and Shiites are deeply divided over the Syrian civil war, raising the specter of renewed sectarian fighting. Lebanon's two largest political coalitions have lined up on opposite sides of Syria's civil war. Hezbollah and its partners who dominate the government have stood by Assad's regime, while the Sunni-led opposition backs the rebels seeking to topple the Syrian government. Assad and many in his inner circle are Alawites - an offshoot of Shiite Islam and a minority in Syria - while the rebels come mostly from the country's Sunni majority. Iraqi Shiites also increasingly fear a spillover from Syria. Iraqi authorities on Sunday forced an Iranian cargo plane heading to Syria to land for inspection in Baghdad to ensure it was not carrying weapons, the second such forced landing this month. The move appeared aimed at easing U.S. concerns that Iraq has become a route for shipments of Iranian military supplies that could help Assad battle rebels. In Jordan, concern over stability was underlined last month, when its U.S., British and French allies quickly dispatched their military experts to help Jordanian commandos devise plans to shield the population in case of a chemical attack from neigh-
Fighting was also reported near Maaret al-Numan, a strategic town along the Aleppo-Damascus highway that rebels seized earlier this month. Opposition fighters including the al-Qaida-inspired Jabhat al-Nusra, have also besieged a nearby military base and repeatedly attacked government supply convoys heading there. The Observatory said the Syrian air force fired missiles and dropped barrel bombs - makeshift weapons made of explosives stuffed into barrels - on villages near the base. The cease-fire was seen as a long shot from the outset. International peace envoy Lakhdar Brahimi failed to get firm commitments from all combatants, and no mechanism to monitor violations was put in place. Jabhat al-Nusra rejected the truce outright. In a video posted this week, the leader of al-Qaida, Ayman al-Zawahri, urged Muslims everywhere to support Syria's uprising. "It's not just about the Syria military and the army defectors that form the backbone of the Free Syrian Army rebel group anymore," said Hassan AbdulAzim, a Damascus-based opposition leader. He said there were so many foreign fighters and external actors now involved in the Syrian civil war that only an agreement among the various international and regional powers could put an end to the fighting. "The truce was merely an attempt by Brahimi to try and temporarily ease the people's suffering in the lost time until the U.S. elections, in the hope that the international community can then get its act together and agree on a diplomatic solution for
"There has been a lack of desire to take the tough decisions," said Shaikh. "In Washington, they've only been focused on the narrow political goal of their own elections, trying to convince a war-wary public inside the U.S. that we are actually disengaging from the conflicts of the Middle East," he said. The truce was called as the two sides were battling over strategic targets in a largely deadlocked civil war. They include a military base near a main north-south highway, the main supply route to Aleppo, Syria's largest city, where regime forces and rebels have been fighting house-to-house. It appears each side feared the other could exploit a lull to improve its positions. Brahimi has not said what would follow a ceasefire. Talks between Assad and the Syrian opposition on a peaceful transition are blocked, since the Syrian leader's opponents say they will not negotiate unless Assad resigns, something he has always refused to do. In April, Brahimi's predecessor as Syria mediator, former U.N. chief Kofi Annan, tried to launch a more comprehensive plan - an open-ended ceasefire to be enforced by hundreds of U.N. monitors, followed by talks on a political transition. Annan's plan failed to gain traction, and after an initial decrease in violence, his proposed cease-fire collapsed. On Sunday, amateur videos posted online showed warplanes flying over the eastern suburbs of Damascus. One video showed two huge clouds of smoke rising from what was said to be Arbeen, and the sound of an airplane could be heard in the background. It was not clear if the video showed the aftermath of shelling or an airstrike. Another video showed destruction inside the Sheikh Moussa mosque in Harasta. Windows and doors were blown out, glass and debris scattered across the mosque's floor. The narrator broke down as he was heard saying: "Where are the Muslims? Our mosques are being bombed and no one cares." The videos appeared consistent with Associated Press reporting in the area. The Syrian government has accused the rebels of violating the cease-fire from the start. The state-run news agency SANA said opposition fighters carried out attacks in a number of areas, including in Aleppo and the eastern town of Deir el-Zour.
4 Legal Street News Monday October 29, 2012 Data From the Official Website of the Kentucky Department of Highway Safety and Motor Vehicles.
E a c h We e k We P u b l i s h A n o t h e r 2 P a g e s O f S t a t i s t i c s F r o m T h e K e n t u c k y D e p a r t m e n t O f M o t o r Ve h i c l e s
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A D VA N TA G E O B A M A I N H U N T FOR 270 ELECTORAL VOTES AMES, Iowa (AP) -- President Barack Obama is poised to eke out a victory in the race for the 270 electoral votes needed to win re-election, having beaten back Republican Mitt Romney's attempts to convert momentum from the debates into support in all-important Ohio, according to an Associated Press analysis a week before Election Day.
had done just that, although the president has a healthy lead in both polling and organization in Minnesota. "We have to keep working those other states, in case Ohio doesn't come through," said veteran GOP presidential strategist Charlie Black, who is advising campaign. Romney's
While the Democratic incumbent has the upper hand in the electoral vote hunt, Romney has pulled even, or is slightly ahead, in polling in a few pivotal states, including Florida and Virginia. The Republican challenger also appears to have the advantage in North Carolina, the most conservative of the hotly contested nine states that will determine the winner. While in a tight race with Obama for the popular vote, Romney continues to have fewer state-by-state paths than Obama to reach 270. Without Ohio's 18 electoral votes, Romney would need last-minute victories in nearly all the remaining up-for-grabs states and manage to pick off key states now leaning Obama's way, such as Iowa or Wisconsin. To be sure, anything can happen in the coming days to influence the Nov. 6 election. The AP analysis isn't intended to predict the outcome. Rather, it's meant to provide a snapshot of a race that has been stubbornly close in the small number of competitive states all year. The analysis is based on public polls and internal campaign surveys as well as spending on television advertising, candidate visits, get-out-the-vote organizations and interviews with dozens of Republican and Democratic strategists in Washington and in the most contested states. The analysis shows that Obama probably would win with at least 271 electoral votes from 21 states, including Ohio, Wisconsin and Iowa, and the District of Columbia. Romney seems on track for 206 from 23 states, including North Carolina. Obama won that state in 2008 and campaigned aggressively there this year. But Obama's team acknowledges it is the most difficult state for him to win, and he's paid less attention to it recently. Colorado, Florida, Nevada, New Hampshire and Virginia, with a combined 61 votes at stake, could go either way. "I'm counting on Iowa! Iowa may be the place that decides who the next president is!" Romney said on one of two visits to the state last week. In Ohio last week, a hoarse Obama reminded a Cleveland audience near the end of a six-state marathon: "I need you, Ohio. America needs you, Ohio." Romney is banking on what his supporters say is late momentum. Obama is betting that his aggres-
Ohio is a lynchpin for both candidates.
sive effort to register and lock in early voters, mainly Democratic-leaning younger and minority voters, will give him an insurmountable advantage heading into Election Day, when more Republicans typically vote than Democrats. About 35 percent of voters are expected to cast their ballots before Nov. 6, either in person or by mail. More than 5 million people already have voted. No votes will be counted until Nov 6, but some states report the party affiliation of people who have voted. Democrats have the edge in Iowa, Nevada and North Carolina, according to state figures and data collected by the United States Elections Project at George Mason University. Republicans have the early edge in Colorado. Obama, who won in 2008 in places where Democrats had not for a generation, continues to have several routes to electoral victory. His easiest: win Ohio, Iowa and Wisconsin, which are leaning his way. He could keep the White House with victories in Ohio, Wisconsin and Nevada. If he loses Ohio, he could prevail by sweeping New Hampshire, Iowa, Wisconsin, Nevada and Colorado. Romney has fewer options. He must carry Florida and Virginia, where Republicans are feeling good about his standing, as well as wrest control of Ohio, and then also win Nevada, Colorado or New Hampshire. If he loses Ohio, Romney must make up for the state's 18 electoral votes by cutting his way through Obama-leaning territory. At the top of that target list are Wisconsin, carried by Democrats in six straight presidential elections and where Obama has the edge, and Iowa, a perennial swing-voting state. Romney's campaign began airing advertisements last week in Minnesota, arguing he was staking a claim in likely Obama territory. But even GOP strategists acknowledged the move was aimed at hitting voters in western Wisconsin and pressuring Obama to follow suit. By Friday, Obama's campaign
was in Obama strong standing in the state before the three presidential debates. But Romney's strong performance in the debates helped him gain ground. But Republicans and Democrats alike now say that any momentum Romney had in Ohio from those debates has run its course, and the state gain is leaning toward Obama. New public polls show a tight race. Operatives in both parties point to the last debate six days ago, and Obama's criticism of Romney's opposition to the automotive industry bailout. They say the criticism was effective in branding Romney as out of touch with working-class voters in a state whose manufacturing economy relies heavily on the car and auto parts industries. The president started running a new TV ad in the state assailing Romney's position on the aid. Obama's internal polling in Ohio has shown a slight increase in support from white, working-class voters, an important part of Ohio's largely blue-collar electorate. "That is a killer,'" Tad Devine, a top aide to 2004 and 2000 Democratic nominees, said of the heat Romney is taking for his bailout position. "And it's going to have the biggest impact in the decisive state in the outcome of the election." Out of necessity, Romney is refusing to cede ground in Ohio, where no Republican has lost and then gone on to win the presidency. He hunkered down in the state for two days last week, and running mate Paul Ryan headlined eight events in the state over the weekend. The impending storm that's set to hit the East Coast led Romney to cancel Virginia campaigning on Sunday and join Ryan in Ohio. In Ohio alone, Romney and allied groups were spending nearly $9 million on television ads, compared with Obama and his allies' $6 million, and showed no signs of letting up in the final week. Elsewhere, Obama is looking to stunt any Romney inroad with suburban women, a pivotal constituency, in Colorado and Virginia, by casting the Republican as an extremist on abortion and hammering him on his opposition to federal money for Planned Parenthood. In Nevada, Romney is banking on the support of fellow Mormons, and noting the high unemployment and foreclosure rates, to overtake Obama. But the president's team is appearing ever more confident of winning the state, partly because of the backing of a booming Hispanic population.
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Florida, the biggest battleground prize with 29 electoral votes, is viewed by both sides as a tight. Democrats acknowledge that Romney's standing has improved because of his debate performances and could move out of reach for Obama in the coming days.
_____________________________________________________Legal Street News Monday, October 29, 2012
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NEW YORK (AP) -- The young Citigroup analyst was researching Facebook before it went public. He dropped an email to two of his buddies at a popular technology blog, leaking them information about Citigroup's research that was supposed to be private. When one friend asked if it was OK to publish the information, the analyst responded with an answer that showed he knew he was breaking the rules: "My boss," he wrote back, "would eat me alive." Friday, Massachusetts' top securities regulator dragged the incident into the spotlight, slapping Citigroup with a consent order and charging the bank $2 million for failing to oversee its employee. "This penalty," said Massachusetts Secretary of the Commonwealth William Galvin, "should serve as a warning to the industry as a whole." Citi fired the young research analyst about a month ago, after Galvin's office had started its investigation. The case was unusual compared to some other recent lawsuits and fines against major banks, because Citigroup acknowledged that the events in question did take place. Citi was part of the team of banks that helped underwrite the deal that made Facebook a public company on May 18. Regulations forbade those banks from sharing any written research about Facebook until 40 days after the company went public. That's supposed to ensure that investors don't have access to insider information that would give them an unfair advantage, just because the investment bank where they are a client has done business with Facebook. This is the first penalty that Galvin's office has issued over the Facebook public offering, but there could be more. A spokesman for Galvin, Brian McNiff, said the office had also served subpoenas to Goldman Sachs, JPMorgan Chase and Morgan Stanley over similar issues related to leaking information about Facebook. A subpoena is a request for information and doesn't necessarily mean that wrongdoing was committed. Representatives for Goldman Sachs, JPMorgan and Morgan Stanley declined to comment. The subpoena served to Morgan Stanley was first reported in May, but the subpoenas to Goldman and JPMorgan had not previously been confirmed. Working on Facebook's public offering was supposed to be a coup for the banks that were chosen, but it's brought a long line of headaches, including lawsuits and regulatory inquiries. But on May 2, the research analyst sent an email to two employees at the technology website TechCrunch.com, with what was supposed to be confidential information about Citigroup's research on Facebook.
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Continued from page 1 such as California, Massachusetts and New York. The states were able to reduce much of the annual losses they suffered in domestic migration during the housing boom, when residents left in mass numbers for wider, more affordable spaces in the Sun Belt and Mountain West. The bigger states also continue to gain relatively more people from higher immigration and births. Broken down by age and metro area, the Washington, D.C., area ranked at the top of destinations for young adults in the 2009-2011 period, rocketing up from 45th in 2006-2008. The area has been boosted by its promise of more plentiful government-related jobs, as well as a continuing influx of students attending area universities and its up-and-coming neighborhoods. Texas metro areas including Houston, Austin, Dallas and San Antonio, which already were on the rise before the recession hit in late 2007, have remained a strong draw for young adults due to in large part to their thriving energy and high-tech industries. They ranked second, fifth, sixth and ninth, respectively, in terms of youth migration. Denver and Portland, Ore., rounded out the top five at No. 3 and No. 4. Separate census data released earlier this year showed that most of America's largest cities were growing at a faster rate than their surrounding suburbs for the first time in a century, driven mostly by young adults. That also has prompted city planners to devise ways to attract young adults, who generally desire no-strings-attached apartment living and close proximity to potential jobs. New York Mayor Michael Bloomberg in July invited architects to design an apartment building of "micro-units" no more than 300 square feet.
"I am ramping up coverage on FB and thought you guys might like to see how the street is thinking about it (and our estimates)," the analyst wrote to the two TechCrunch writers. "...This, of course is confidential." One of the TechCrunch writers wrote back: "There's no way I can publish this doc from an anonymous source, right?" A minute later, the research analyst replied: "My boss would eat me alive." The analyst and the TechCrunch writers were friends, according to Galvin's office. They all lived in the Bay Area and kept in touch via social media. The analyst and one of the TechCrunch writers had gone to Stanford together and graduated several years ago, according to Galvin's office. The consent order did not name any of them. Citigroup fired the junior analyst in late September, after Galvin's office started looking into the matter. The bank told Galvin's office that the junior analyst acted alone. It agreed to review its policies for overseeing analysts' communications, and to strengthen compliance training for the analysts. "We are pleased to have this matter resolved," bank spokeswoman Sophia Stewart said. "We take our internal policies and procedures very seriously and have taken the appropriate actions." Separately, Galvin's consent order also brought the downfall of the research analyst's boss, a well-known and influential senior tech analyst named Mark Mahaney. The consent order didn't name him, but gave enough information to make him easily identifiable. Mahaney isn't accused of being involved in the research analyst's misconduct. But Galvin's investigation found emails about another damaging incident that happened around the same time. On April 30, Mahaney answered an email from a reporter for a French business magazine, Capital, about his financial predictions for YouTube. That was problematic because the opinions hadn't previously been published and weren't public information. Later, when a Citigroup employee told Mahaney he'd need to get approval to talk to the Capital reporter, Mahaney said that he wouldn't respond to the reporter's questions Later, after the communications employee learned that Mahaney had already talked to the reporter, Mahaney wrote: "This could get me in trouble. Shoot." Citigroup confirmed that Mahaney is no longer at the bank. A source familiar with the matter, who wasn't allowed to speak on the record about personnel matters, said Mahaney had been fired because he misled the bank about his commu-
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The city envisions a future in which the young and the cash-poor will flock to these dwellings, having grown weary of "doubling up" with friends or family in the economic downturn. In San Francisco, developers are seeking permission to rent out apartments as small as 220 square feet, a little more than twice the size of some prison cells. Kenneth Johnson, a senior demographer at the University of New Hampshire, said it's hard to predict how much migration ultimately will pick up given the uncertainty in the economy. He said the people making the biggest moves in the coming years likely will be those who feel they must: young adults in search of jobs, couples with small children seeking better schools, new retirees desiring high-amenity recreational living. "I suspect the recession has sobered the American population about migration," Johnson said. The census findings are based on the Current Population Survey as of March 2012, as well as comparisons of the 2006-2008 and the 2009-2011 American Community Survey to provide a snapshot of every U.S. community with at least 20,000 residents. Figures from the 2011 American Community Survey also are used to establish broader trends.
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nications with the French magazine. On Friday afternoon, Citigroup sent a note to clients who had subscribed to Mahaney's research. "Mark Mahaney has left Citi," it said, without elaborating. As a result, Citi will discontinue its coverage of Expedia, WebMD and 12 other companies.
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Continued from page 2 "When this area was settled 100 or more years ago, there were people who took a chance and moved out here," he said. "They worked hard and were able to build something for themselves and their families." So his message to all in Washington: "Let us have the means and options to chart our own path. Don't hamstring us with rules and regulations. And let people that are willing to go out to work take a chance, let them have the opportunity to do it. We don't need a big hand hovering over our head telling us what we can and cannot do." If the recession spared oil and gas lands, Kaufmann, of Kunkletown, Pa., saw it coming in the gutter trade, specifically when he started noticing that nearly all of his customers' checks were drawn on home equity credit lines. "How long do you think this is going to last?" he recalled asking his wife. "I said, `I just did a homeowner, the wife lost her job, and without her job, he can't afford the mortgage.' That's when we started buckling down. I said, `You know what? It's time.' "What happened is, the banks overextended all these people. People were buying clothes, putting in in-ground pools, putting gutters up where they didn't need to be replaced. I was putting gutters up when people didn't need gutters. I would tell them. But they wanted to change the colors. You ride by those houses now and they either have three feet of grass or the windows are boarded up." His gross income has been halved since 2006 and 2007. No cruises since he turned 60 five years ago. Cruises aren't on the horizon for Cristian Eusebio, 20, either. He makes $10.50 an hour as a bank teller in Springdale, Ark. He lives at home with a father who works at a food-packaging plant that's been cutting staff and a mother who found work at a warehouse store. The family refinanced before their home mortgage ballooned, skipped a vacation to pay down a debt and pinched pennies. "It could have gotten worse, but it got better because my mom got a job, my sister got a job and then later in high school, I got a job," he said. "It has gotten better, but I think it's just because more of us are working. Some of us pay one bill. The other one pays another." In Atlanta, where she serves as event manager for her hotel, Ludlow puts no faith in Romney's ability to make the economy sound and offers less than ringing praise for the candidate she supports. "He may not personally be the smartest guy about the economy," she says of Obama, "but what I do appreciate is the fact that he knows when to listen to smarter people." Her economic worries transcend politics of the moment. She ticks them off: "The long shift that we've had with the globalizing world, going from a manufacturing to a service economy. From a service economy to just a consumer economy, period, that buys more than it produces. And everybody having a job that can be done by a human being, but it's just more cost-effective to do it with a computer. "All of those factors float around my head and keep me up some nights," she said. "The economy is (in) an incredible state of transition that we've never seen before. And nobody has any idea what it's going to look like. When the smoke clears, what are we going to be living in? And nobody seems to have an answer to that. Nobody knows. All you can do is put on a couple of Band-Aids here and try something there, and see what happens. And that makes me nervous." If the recession played no favorites among the rich, the poor and those in between, the recovery did. Lost jobs and homes may not have come back but the stock market did, favoring those whose wealth resided in investments. Carol Clemens, a 66-year-old retiree from Edmond, Okla., and member of the local chapter of an investing club, put money into Ford shares near the bottom of the market in 2009, sold some and has seen the value of the rest grow fivefold. That eased her rough patch. "In short, we're not better off than we were in 2007, but neither are we destitute, for which we give thanks," she said. She's leaning toward Romney. But investments and politics ebb and flow. Of more concern is the nation's future. She's the mother of grown children who "are not as conscious of saving as we were at their ages," and of grandchildren who are entering higher education. She laments class divisions played up in the campaign - the stigmatization of the poor, the dissing of the rich - and thinks the country needs a deeper fix than any one leader can achieve. "Americans have got to start taking full responsibility for our messes," she said. "We vote in ineffective politicians, we tolerate second-rate educational systems, we envy those who have worked to have more and resent those who burden our social services because they have great needs. "I would hope that the next president would have the guts to call us on our blindness and narrow visions," said Clemens. "We have to regain our ability to stop, consider and give a damn if we are going to change things."
Legal Street News Monday, October 29, 2012
D R A G O N S H I P B A C K O N E A R T H A F T E R S P A C E S T A T I O N T R I P CAPE CANAVERAL, Fla. (AP) -- An unmanned space capsule carrying medical samples from the International Space Station splashed down in the Pacific Ocean Sunday, completing the first official private interstellar shipment under a billion-dollar contract with NASA.
backed away. "We tamed her, took her home and, literally and figuratively, there's a piece of us on that spacecraft going home to Earth." She added to the SpaceX flight controllers in Hawthorne, Calif.: "Congratulations Hawthorne and thank you for her."
The California-based SpaceX company gently guided the Dragon into the water via parachutes at 12:22 p.m., a couple hundred miles off the Baja California coast. Astronauts aboard the International Space Station used a giant robot arm to release the commercial cargo ship 255 miles up. SpaceX provided updates of the journey home via Twitter, including a video of the Dragon separating from the ISS.
The Dragon will be retrieved from the Pacific and loaded onto a 100-foot boat that will haul it to Los Angeles. From there, it will be transported to McGregor, Texas. This image from NASA-TV shows the capture of the Dragon capsule by a robot arm on the International Space Station as they passed over the South Atlantic Ocean early Wednesday Oct. 10, 2012. (/NASA)
The supply ship brought back nearly 2,000 pounds of science experiments and old station equipment. Perhaps the most eagerly awaited cargo is nearly 500 frozen samples of blood and urine collected by station astronauts over the past year. The Dragon is the only delivery ship capable of returning items, now that NASA's shuttles are retired to museums. Atlantis made the last shuttle haul to and from the station in July 2011. SpaceX - more formally Space Exploration
Technologies Corp. - launched the capsule three weeks ago from Cape Canaveral, full of groceries, clothes and other station supplies. Ice cream as well as fresh apples were especially appreciated by the station residents, now back up to a full crew of six. It's the second Dragon to return from the orbiting lab; the first mission in May was a flight demo. This flight is the first of 12 deliveries under a $1.6 billion contract with NASA. "It was nice while she was on board," space station commander Sunita Williams said as the Dragon
HI TSUNAMI SMALLER T H A N F E A R E D ; A D V I S O R Y C A N C E L E D HONOLULU (AP) -- Officials in Hawaii canceled a tsunami advisory for the state's coastline early Sunday, paving the way for beaches and harbors to reopen after widespread fears of waves generated from a powerful earthquake off the coast of Canada. The Pacific Tsunami Warning Center lifted its tsunami advisory Sunday morning just before 4 a.m. local time, three hours after downgrading from a warning and less than six hours after the waves first hit the islands. Center officials said wave heights were diminishing, though swimmers and boaters should be careful of strong or unusual currents. The biggest waves - about 5 feet high appeared to hit Maui. A popular triathlon set for the island was expected to go on as planned, with county lifeguards giving the OK for a 1 mile ocean swim. There were no immediate reports of damage, though one person died in a fatal crash near a road that was closed because of the threat near Oahu's north shore. Hawaii Gov. Neil Abercrombie said the state was lucky to avoid more severe surges.
The medical samples will be removed as quickly as possible, and turned over to NASA within 48 hours of splashdown, according to SpaceX. Everything else will wait for unloading in McGregor. A Russian supply ship, meanwhile, is set to blast off this week. It burns up upon descent, however, at mission's end. So do the cargo vessels provided by Europe and Japan. SpaceX is working to transform its Dragon cargo craft into vessels that American astronauts could fly in another four or five years. Until SpaceX or another U.S. company is able to provide rides, NASA astro-
as well, saying there had been a change in sea readings. About the same time, a tsunami advisory was issued for a 450mile stretch of U.S. coast running from north of San Francisco to central Oregon. A small tsunami created by the quake was barely noticeable in Craig, Alaska, where the first wave or surge was recorded Saturday night. The warning in Hawaii spurred residents to stock up on essentials at gas stations and grocery stores and sent tourists in beachside hotels to higher floors in their buildings. Bus service into Waikiki was cut off an hour before the first waves, and police in downtown Honolulu shut down a Halloween block party.
Mike Nakamoto of Honolulu prepare's his client's boat moored at the Ala Wai Harbor to take it to deep water after learning of a tsunami warning Saturday, Oct. 27, 2012, in Honolulu. A tsunami warning has been issued for Hawaii after a 7.7-magnitude earthquake rocked an island off the west coast of Canada. The Pacific Tsunami Warning Center originally said there was no threat to the islands, but a warning was issued later Saturday and remains in effect until 7 p.m. Sunday. A small craft advisory is in effect until Sunday morning.(AP Photo/Eugene Tanner
"We're very, very grateful that we can go home tonight counting our blessings," Abercrombie said. Meanwhile, the National Weather Service canceled tsunami advisories for Canada, Alaska, Washington, Oregon and California. At first, officials said Hawaii wasn't in any danger of a tsunami after the 7.7-magnitude earthquake, which sparked tsunami warnings for southern Alaska and western Canada. Later, officials issued a warning for Hawaii
Abercrombie proclaimed an emergency, mobilizing extra safety measures. In Alaska, the initial wave or surge was recorded at 4 inches, much smaller than forecast, said Jeremy Zidek, a spokesman for the Alaska Department of Homeland Security and Emergency Management. The first wave hit Craig about two hours after the earthquake. Surges at other Alaska communities were later recorded at 6 inches, while others were much smaller. A dispatcher with the Del Norte County Sheriff's said no damage was reported in Crescent City, a tiny fishing community in far Northern California, or in any other locations along the county's coast. A tsunami warning means an area is likely to be hit by a wave, while an advisory means there may be strong currents, but that widespread inundation is not expected to occur.