SUNDAY EDITION (5): "Tru News" WEEK-IN-REVIEW MAY 13, 2012 IYYAR 21, 5772


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Friday, 11.May.2012

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US officials said to be fearful of looming Israeli strike on Iran

US officials fear the unity government established earlier this week signals an impending Israeli attack on Iran, Channel 10 News reported Thursday evening. According to the report, officials are holding marathon talks in Washington out of concern that an Israeli attack on Iran’s nuclear program may take place before the US presidential elections in November. Undisclosed Washington sources told Channel 10 that they worry Kadima was offered a place in the coalition to shore up support for a preemptive attack aimed at halting the Islamic Republic’s nuclear drive, and that Kadima chairman Shaul Mofaz would approve of such an attack. The report added that the US officials believe early Israeli elections would have kept the F-15s at bay, but are now genuinely concerned that with political backing, there is little to...


IDF ups security overseas on Iran attack intel

The IDF has significantly boosted security for senior officers and official military delegations traveling overseas in recent months, amid intelligence that Iran and Hezbollah are plotting attacks against such targets, a senior IDF officer revealed on Thursday. News of the increase in security comes following a recent wave of attempted bombing attacks that Iran and Hezbollah are believed to have tried to carry out in Thailand, Georgia, India and Azerbaijan. All of the plots were foiled except a bombing in New Delhi that injured the wife of a Defense...


JPMorgan hit with US$2-billion trading loss after ‘egregious’ hedging failure

JPMorgan Chase & Co. Chief Executive Officer Jamie Dimon said the firm lost about US$2-billion on synthetic credit securities after an “egregious’” failure in its chief investment office, which the bank says focuses on hedging. “This portfolio has proven to be riskier, more volatile and less effective as an economic hedge than the firm previously believed,” the New York-based company said today in a quarterly securities filing. JPMorgan declined 5.5% to US$38.50 in extended trading at 5:55 p.m. in New York. The chief investment office has been...


Spain grossly underestimating bank losses

Spain is underestimating potential losses by its banks, ignoring the cost of souring residential mortgages, as it seeks to avoid an international rescue like the one Ireland needed to shore up its financial system. The government has asked lenders to increase provisions for bad debt by 54-billion euros (US$70-billion) to 166-billion euros. That’s enough to cover losses of about 50% on loans to property developers and construction firms, according to the Bank of Spain. There wouldn’t be anything left for defaults on more than 1.4-trillion euros of home...


Adm. Mike Mullen: Debt is still biggest threat to U.S. security

FORTUNE -- As chairman of the Joint Chiefs, Admiral Mike Mullen was particularly active and vocal. Far more than previous chairmen, he emphasized the importance of diplomacy and economics in U.S. defense. His Senate testimony that canceling the military's don't-ask, don't-tell policy was "the right thing to do" played a large role in ending the policy. In retirement he's focusing on helping veterans and their families, teaching, and working in the world of diplomacy. Q: At your retirement you said the world "still is very, very dangerous...


Faber sees crash like 1987 if stocks rally without QE3

U.S. stocks may plunge in the second half of the year “like in 1987” if the Standard & Poor’s 500 Index climbs without further stimulus from the Federal Reserve, said Marc Faber, whose prediction of a February selloff in global equities never materialized. “I think the market will have difficulties to move up strongly unless we have a massive QE3,” Faber, who manages $300 million at Marc Faber Ltd., told Betty Liu on Bloomberg Television’s “In the Loop” from Zurich today, referring to a third round of large-scale asset purchases by the Fed. “If it moves...


Greyerz - Investors Need To Be Positioned For More Chaos

Today Egon von Greyerz told King World News that “these are massive historic events we are witnessing.” Egon von Greyerz is founder and managing partner at Matterhorn Asset Management out of Switzerland. Von Greyerz also said, “investors need to be positioned for more chaos in the future.” But first, here is what Greyerz had to say about gold: “A lot of investors are nervous today, you can see that in the markets. But if you look at the gold market, for example, the fact that the gold price is down 17%, in terms of dollars,..


Chinese media warns of war with Philippines

Territorial rivalry has escalated throughout the seas around China as regional and international navies seek to establish rights of passage against an expanding Chinese presence. Chinese and Philippine vessels have been locked in a high seas stand-off since the PLA Navy prevented a Philippine warship from arresting crews of Chinese fishing boats near the Scarborough Shoal on April 8. Both countries claim the fish rich shoal as their own and protests by Philippine fishermen over their loss of livelihood have drawn mass support in the...


U.S. Vows to Go Ahead with Missile Shield, Hopes for Russia's Cooperation

The United States and NATO will proceed with its European missile defense program despite Russia’s concerns while continuing to seek Moscow’s cooperation on the issue, U.S. Assistant Secretary of State for European and Eurasian Affairs Philip Gordon said. “NATO continues to seek cooperation with Russia on missile defense in order to enhance our individual capabilities to counter this threat,” Gordon said, addressing members the U.S. Senate Foreign Relations Committee on Thursday. He added, however, that “while we strive for cooperation,..


Swarm of Tiny Satellites Would Serve as Soldiers' Eyes

Enemy fighters use commercial satellite images to plot attacks on U.S. troops, but most U.S. soldiers can't get the same images because of technical or classification restrictions. The Pentagon says that problem can be gotten around through swarms of small satellites capable of providing on-demand battlefield images for any U.S. soldier with a tablet. Two dozen disposable satellites could be launched from aircraft-fired missiles for a fraction of the cost of the flying robots that make up the U.S. military's drone fleet. The complete...


U.S. sues Arpaio's office over treatment of Latinos

The U.S. Justice Department's racial-profiling lawsuit against Maricopa County Sheriff Joe Arpaio will prolong a case that already has languished for years unless negotiators find common ground for a settlement. The suit, filed Thursday, accuses deputies of discriminating against Latino residents and seeks injunctive relief from a federal judge. It marks just the second time since the federal police-reform act was passed in 1994 that the Justice Department has been forced to file a contested lawsuit against a law-enforcement...


Man sues city over seizure of house with underground shelter

Two years ago today, Joe Del Rio was awakened to find city officials at the door of his lifelong home in East Austin, demanding entry. Before it was over, the Police Department's SWAT team and the Fire Department had been deployed, and Del Rio said he was detained and questioned for about 10 hours because of what officials called a multilevel...


Michigan town near Ohio could become ‘China City’

The southeastern Michigan city of Milan, a 40-minute or so commute to Toledo or Detroit industrial centers, might become the new home for a 200-acre or larger “China City” that would house Chinese business people. Milan, a city of 6,000 surrounded by farm fields, is the locale for an unusual deal in the industrial heartland as the rocky relationship continues between the People’s Republic of China and the...


GOP leaders on gay marriage: Sound of silence

President Barack Obama’s embrace of same-sex marriage was viewed for so long as such a risky move that operatives in both parties expected it to drop like a bomb, handing Republicans a powerful wedge issue in an election year. Instead, it’s landed like a feather. Top Republican officeholders went out of their way Thursday to try to shift the conversation back to the economy. The GOP’s House and Senate campaign committees practically ignored it. And prominent Republican strategists are warning the party to steer clear of it. One notable...


Few Companies Fight Patriot Act Gag Orders, FBI Admits

Since the Patriot Act broadly expanded the power of the government to issue National Security Letters demanding customer records, more than 200,000 have been issued to U.S. companies by the FBI. But the perpetual gag orders that accompany them are rarely challenged by the ISPs and other recipients served with such letters. Just how rare these challenges are became more evident following the recent release of a 2010 letter from the Justice Department to a federal lawmaker. In December 2010 in a letter (.pdf) from Attorney General Eric Holder...


Baby, 18 months old, ordered off plane at Fort Lauderdale airport

FORT LAUDERDALE, Fla. - Eighteen-month-old Riyanna has been called a lot of things: cute, adorable and now ... a suspected terrorist. She was called that on Tuesday night at the Ft Lauderdale Airport. She and her parents had just boarded a JetBlue flight when an airline employee approached...


Engineer who survived tsunami plans floating car

SENDAI — A former Toyota Motor Corp. engineer who almost died in the March 2011 tsunami is developing a floating vehicle in Ishinomaki, Miyagi Prefecture, to give drivers a better chance of surviving similar disasters in the future. Kenichi Yamamoto, 63, a science and engineering professor at Ishinomaki Senshu University in Miyagi, was driving through Tagajo when the tsunami crashed into the prefecture. His car immediately started filling with water, tipping it 45 degrees and stranding him. He barely managed to escape by breaking one of the... 


Why the Recent Sumatra Quake Was So Strange

The unexpectedly large earthquake that hit Sumatra last month is forcing scientists to rethink common assumptions about earthquake physics, researchers say. The magnitude 8.6 earthquake that struck in the Indian Oceanoff the western coast of Sumatra on April 11was one of the 10 largest earthquakesever recorded, and was felt as far away as Bangladesh and India. However, no quake-related fatalities were reported. Seismologists have done preliminary studies on the earthquake and found that it had some unusual aspects, ones that... 


Huge Asteroid Vesta Actually an Ancient Protoplanet

New observations from a NASA spacecraft show that the huge asteroid Vesta is a battered protoplanet left over from the solar system's early days, with a unique mix of characteristics unknown from any other space rock. Scientists had thought that Vesta, the second-largest body in the main asteroid belt between Mars and Jupiter, probably started down a planet-forming path shortly after the solar system's birth. Data gathered by NASA's Dawn probe have now confirmed that suspicion, researchers announced in a raft of studies that...


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