Democrats Seize on Financial Oversight After Goldman Suit
By JACKIE CALMES
Democrats are emboldened to ratchet up pressure on Republicans who oppose the financial overhaul bill.
Two decades after the Berlin Wall and Iron Curtain were torn down, the so-called Green Line running across Cyprus stands as an affront to Europe's claims of modern-day unity. Guarded by the United Nations, the buffer zone was set up in 1974 when the island saw a Greek-backed coup followed by a Turkish invasion of the north that still has much of the island under Turkish control. A Cold War relic, the partition effectively creates two separate states: a Turkish Cypriot minority in the island's north and a Greek Cypriot majority in the south.
Many attempts have been made to reconcile Cyprus' two parts. Indeed, the leaders of the Greek and Turkish Cypriot communities have held about 70 meetings over the past 18 months, and appeared to be inching closer to a settlement to reunify the island. But the peace process stuttered on Sunday after the Turkish Cypriot community elected a hard-liner as their new leader. (See the top 10 news stories of 2009.)
Dervis Eroglu, 72, leader of the conservative National Unity Party, won 50.3% of the vote, compared with just under 43% for the incumbent Turkish Cypriot President, Mehmet Ali Talat. While Talat was a strong supporter of the renewed peace process and ultimately of the reunification of Cyprus, the hawkish Eroglu wants to see separate Greek and Turkish Cypriot states. During the campaign, Eroglu talked of "equal, sovereign peoples," and rejected a solution that would permit Greek Cypriots to reclaim their property in the north.
His staunch language worries the European Union and Turkey, which sees Cyprus as the key to their entire relationship. Turkey has been told categorically that it cannot hope to fulfill its dream of joining the E.U. while it is mired in a territorial dispute involving a military standoff. "Without a solution to Cyprus, Turkey cannot realistically expect to join," says Amanda Paul, an analyst at the European Policy Center, a Brussels-based think tank. "This election is not the end of the road yet, but the hopes for a settlement have met an obstacle." (See pictures of Istanbul.)
Paul says the Turkish government will maintain pressure on Eroglu to remain at the negotiating table. Ankara is keen to extract itself from the island, where it still maintains about 35,000 troops, provides an annual subsidy of some $600 million and is the only country in the world to officially recognize the Turkish Republic of Northern Cyprus. As for Turkish Cypriots, they are already squeezed by migrants from Turkey, and today account for just over half the population of the north. And without a settlement, the north will remain an international pariah: unrecognized and isolated, dependent on the Turkish army and Turkish aid.
Speaking on Sunday night, Turkish Prime Minister Recep Tayyip Erdogan insisted that Ankara remains heavily behind the Cyprus peace process. "Turkish Cypriots must continue the talks," he said. "It is our aim to find a solution by the end of the year." The European Commission was equally supportive of talks. "The status quo is in no one's interest," it said in a statement. (Rank Recep Tayyip Erdogan in the 2010 TIME 100 poll.)
Nominally, the entire island of Cyprus is in the E.U., though effective membership is confined to the internationally recognized south's Greek Cypriots, who represent about 80% of the island's population of 1.1 million. But since joining the E.U. in 2004, Cyprus has blocked parts of Turkey's E.U. membership negotiation bid. At the same time, Ankara hasn't helped its case by refusing to open its ports and airports to Greek Cypriot traffic.
Yet Greek Cypriots would likely suffer too if Turkish troops remain indefinitely in the occupied north: they could forfeit chances for restitution of occupied property and find themselves living in a partial ghetto on the far eastern margin of Europe. As Eroglu's election victory was confirmed, the Greek Cypriot government, headed by President Dimitris Christofias, warned that prospects for a settlement had narrowed. "This could cause very serious problems to the negotiations," a government spokesman said.
Hugh Pope, the Turkey-Cyprus project director for the International Crisis Group, says it will be hard to keep the peace process on track if one side is a reluctant negotiator. "All sides say they want to keep talking, but there is a huge trust issue between them," he says. (See a TIME Postcard from Cyprus.)
Indeed, Pope says, Eroglu's fiery rhetoric proved a vote winner in part because of the legacies of distrust, inertia and complacency that have bred cynicism among Turkish Cypriots about the peace process. "As time goes by, the chances get less and less that we can end this frozen conflict," he says. "If I was to make a bet, I would say Cyprus is likely to remain as it is for the next five years - in fact, as it has remained since 1974." It's a grim prospect, but until the island's two communities have faith in their common future, the Green Line will continue to divide them.
See "Missing Corpse Clouds Cyprus Peace Process."
WASHINGTON, April 17 (Xinhua) -- Members of U.S. President Barack Obama's own party are criticizing him for his treatment of Israel, a longtime ally in the Middle East, underscoring the seriousness of the crisis in relations between the two countries.
Seventy-six senators including 38 Democrats criticized Obama's stance on Israel in a letter to Secretary of State Hilary Clinton, warning the administration not to allow the current tiff to harm relations between the two countries, reported Politico, a publication that covers Capitol Hill.
Econ. collapse was really 'a con'
With regulators accusing global institutions of fraud, patterns emerge.
The global financial crisis, it is now clear, was caused not just by the bankers' colossal mismanagement. No, it was due also to the new financial complexity offering up the opportunity for widespread, systemic fraud. Friday's announcement that the world's most famous investment bank, Goldman Sachs, is to face civil charges for fraud brought by the American regulator is but the latest of a series of investigations that have been launched, arrests made and charges made against financial institutions around the world. Big Finance in the 21st century turns out to have been Big Fraud. Yet Britain, centre of the world financial system, has not yet levelled charges against any bank; all that we've seen is the allegation of a high-level insider dealing ring which, embarrassingly, involves a banker advising the government. We have to live with the fiction that our banks and bankers are whiter than white, and any attempt to investigate them and their institutions will lead to a mass exodus to the mountains of Switzerland. The politicians of the Labour and Tory party alike are Bambis amid the wolves.
As the bank deals with a fraud suit from the S.E.C., former workers say that in 2006, executives sided with traders who thought home prices would decline.
Democrats are emboldened to ratchet up pressure on Republicans who oppose the financial overhaul bill.
Courtesy Sharon Tissue


Well, If I remember correctly, Bush was already busy in 2006 to fight certain bubbles

Medvedev: Kyrgyzstan's turmoil threatens to create a 'second Afghanistan.'
ST. PAUL, Minn. (CNNMoney.com) -- Twin Cities businessman Tom Petters will likely spend the rest of his life in prison for orchestrating a $3.65 billion Ponzi scheme -- one of the largest in U.S. history second only to Bernie Madoff.
Judge Richard Kyle sentenced Petters to 50 years in prison on Thursday, noting that he wasn't convinced that if given a more lenient sentence, Petters wouldn't commit further crimes. For Petters, who is 52-years-old, the sentence likely means he will live out the rest of his life behind bars.
The sentence is the longest term of imprisonment ever ordered in a financial fraud case in Minnesota history.
Petters and his business partners at Petters Company, Inc. defrauded billions of dollars and property by convincing investors to give the company money to purchase electronics to be sold to big-box retailers, such as Costco and Sam's Club. Instead, Petters diverted the funds to make payments to other investors, fund his other businesses and finance his extravagant lifestyle.
Many of Petter's co-conspirators have pleaded guilty for their roles in the scheme, but have yet to be sentenced.
The FBI and IRS began investigating Petters in December 2008 after co-conspirator Deanna Coleman reported that she had been aiding Petters in a multi-billion-dollar Ponzi scheme for ten years.
In December 2009, a federal jury convicted Petters of orchestrating a $3.65 billion Ponzi scheme. The judge found him guilty on 20 counts including wire fraud, mail fraud, money laundering and conspiracies to commit further fraud.
BOCA RATON, Fla. – Republican backlash over President Barack Obama's health care overhaul had little effect in the nation's first U.S. House race of 2010.
Florida Democratic state Sen. Ted Deutch handily won Tuesday's special election to replace retiring Democratic U.S. Rep. Robert Wexler after his underdog GOP opponent attempted to make the contest a referendum on the massive health care bill.
"We've heard for months that tonight ... is a referendum on health care, it's a referendum on the (Obama) administration, it's a referendum on what direction this country is going," Deutch told supporters. "Let me tell you something, what we learned today is that in Broward County and Palm Beach County, Florida, the Democratic Party is alive and well."
Österreich hat einen Medienskandal. Eine Reportage des öffentlich-rechtlichen ORF über einen Skinhead beschäftigt mittlerweile die Politik. Dabei geht es nicht um den eigentlichen Inhalt des Films, sondern um politische Ränkespiele. Ganz vorne mit dabei: der streitlustige Rechtspopulist Heinz Christian Strache (FPÖ).
Troops abandoning Republican party
New survey shows dramatic flight of soldiers from GOP toward independence.
Templers are members of the Temple Society (German: Tempelgesellschaft), a German Protestant sect with roots in the Pietist movement of the Lutheran Church. The Templers were expelled from the church in 1858 because of their millennial beliefs. Their aim was to realize the apocalyptic visions of the prophets of Israel in the Holy Land. [1] Membership in the Temple Society today is about 1000 members.[citation needed]
The pilots of a plane that crashed and killed Poland's president had received explicit weather warnings before they attempted to land at a fog-bound Russian airport, Russian investigators said on Monday.
But there was no indication that the pilots were under pressure to land at the airport, Polish prosecutors said.
As crews still battled to retrieve all the bodies from the wreckage of a crash that killed 96 people, including much of Poland's elite, experts also struggled to identify the remains of mutilated remains.
Pope's signature on damning letter
Letter showing hesitance to defrock pedophile bears Ratzinger's name.
Ex Arcandor-head Middelhoff is more and more triggered by the state attorney. Main point were recently dubios property deals, but meanwhile investigators also check overproportional private costs while doin' business. Middelhoff spent 800.000€ alone on air travel....»
TVP / AP
Ratzinger 'stalled pedophile case'
AP obtains letter signed by future Pope discouraging action against priest.
FL GOP ran wild on credit cards
$1.3 mil charged to one card for hotels, travel, jewelry; fundraisers furious.
Elena Kagan, President Obama's solicitor general, is rapidly emerging as a frontrunner to replace retiring Chief Associate Justice John Paul Stevens. Kagan is widely praised as an accomplished and intelligent attorney, but is far more conservative than Stevens and could shift the political dynamic of the high court.
Conservatives are responding favorably to the potential of a Justice Elena Kagan while liberals worry that, by choosing her, the administration would miss the opportunity to elevate a genuine progressive.

Guaranteed sex. Worth the read. Also: debate. (i.imgur.com)
submitted 13 hours ago by Krishna987 to funnyMADRID/LONDON (Reuters) – British Airways (BAY.L) and Spanish carrier Iberia (IBLA.MC) signed a merger agreement on Thursday, sealing a long-awaited deal to create the world's third largest airline by revenue.
The deal, which creates a group with a combined market value of around $8 billion, majority owned by BA shareholders, ends the British company's long pursuit of Iberia, and will allow it to emulate rivals Lufthansa (LHAG.DE) and Air France (AIRF.PA) who have successfully acquired smaller peers.
Military lost copy of Wikileaks video
SHOCKER: Pentagon cannot find its own copy of video leaked Monday.
RNC chief of staff resigns
RNC chief of staff Ken McKay resigns after night-club flap.
Minister of defense Guttenberg likes 2 call it as what it is: You could call what happens in parts of Afghanistan in slang "a war." At the same time Guttenberg defends himself against criticism of the German strategy....»
(CNN) -- The Irish Catholic Church has lost "all credibility" following the abuse scandal, the head of the Anglican Church says in an interview to be broadcast Monday.
Archbishop Rowan Williams called the issue "a colossal corporate trauma" for the Catholic Church, especially in Ireland.
"An institution so deeply bound in to the life of society suddenly becoming -- suddenly losing all credibility," said Williams, the head of the Church of England. "That's not just a problem for the church, it's a problem for everybody in Ireland, I think."
Williams was speaking on the BBC radio program "Start the Week," airing Monday, as part of a general discussion about religion.