U.S. lawmakers call on Obama to consult them on Syria

“Because the truth is that I probably wouldn’t have known about him either had I not gone to Whitney Young Magnet High School in Chicago,” she said. As is her usual practice, she stressed the lessons she hoped the kids could learn from the film. “But one of the things I want you guys to keep in mind is that what this documentary shows us is that there are so many unsung heroes in our history whose impact we still feel today, just regular folks,” she said, according to the White House transcript. “They’re not always going to be the Barack Obamas, the Dr. Kings, the Malcolm Xs.” She quoted one of her favorite Young sayings, that it is “better to be prepared for an opportunity and not have one, than to have an opportunity and not be prepared.” “You know what that means? You got to be ready all the time,” she said.
Source: http://www.usatoday.com/story/life/people/2013/08/27/michelle-obama-hails-unsung-civil-rights-hero-for-kids/2711133/

Does Obama need Congress to approve Syria strike?

“I expect the Commander in Chief would consult with Congress in the days ahead as he considers the options available to him,” he said in a statement after Kerry’s remarks. The international talks on how to respond to Syria come as the House and Senate are away from Washington for their five-week August recess. They are not due back until September 9. The Obama administration could benefit from wide support in Congress, especially as Americans are wary of U.S. involvement in Syria. A Reuters/Ipsos poll released on Saturday showed that about 60 percent of Americans surveyed said the United States should not intervene in Syria’s civil war, while just 9 percent thought Obama should act.
Source: http://www.reuters.com/article/2013/08/26/us-syria-crisis-usa-congress-idUSBRE97P0XF20130826

Weve done it with Bush and Clinton and Ronald Reagan. “I don’t care what color somebody is. If they’re blue, white, green, polka-dotted, striped … it doesn’t bother me one bit,” he said. Asked his party affiliation, he said, “I am a rodeo clown.” Gessling said he is looking forward to a gig at another fair.
Source: http://www.chicagotribune.com/news/nationworld/la-na-nn-rodeo-clown-obama-20130827,0,3874759.story

Obama: “King would be amazed” about civil rights progress

Get customized DC Decoder updates. Obama is restlessly heading towards war in Syria like Bush was heading towards war in Iraq, Alexei Pushkov, the head of the Russian lower houses international committee, said on Twitter. Like in Iraq, this war would be illegitimate and Obama will become Bushs clone. Sergei Lavrov, the Russian foreign minister, added his voice to the mix: “The use of force without the approval of the United Nations Security Council is a very grave violation of international law. Of course, the Constitution provides Congress with the power to declare war. But the Obama administration would likely argue its not proposing war, just, potentially, a missile strike that would represent a slap to the regime of President Bashar al-Assad and caution that theres more where that came from. An effort to dislodge him, but not a full commitment of troops, money, and time.
Source: http://www.csmonitor.com/USA/DC-Decoder/Decoder-Wire/2013/0827/Does-Obama-need-Congress-to-approve-Syria-strike

King anniversary puts a spotlight on Obama and civil rights

At times, Obama has placed himself firmly within the movement’s ranks and, at other times, drawn subtle distinctions. He has acknowledged his debt to civil rights leaders King most of all but has resisted the label of black politician. His speech will put this complex and shifting relationship under a spotlight. The president has suggested he will emphasize opportunity for all, not the unfinished work of the movement to end discrimination against black Americans. “Unfortunately, we’ve got a politics sometimes that divides instead of bringing people together,” Obama said last week.
Source: http://www.latimes.com/nation/la-na-obama-march-20130827,0,357367.story

Rodeo clown behind the Obama stunt: ‘I did it to be a joke’

But let me just say for the record right now, it won’t be as good as the speech 50 years ago. (Laughter.) I just want to get that out there early. Because when you are talking about Dr. King’s speech at the March on Washington, you’re talking about one of the maybe five greatest speeches in American history. And the words that he spoke at that particular moment, with so much at stake, and the way in which he captured the hopes and dreams of an entire generation I think http://www.obamastudentloanforgiveness.net/ is unmatched. And so all I can do on an occasion like this is just to celebrate the accomplishments of all of those folks whose shoulders we stand on and then remind people that the work is still out there for us to do, and that we honor his speech but also, more importantly in many ways, the organization of the ordinary people who came out for that speech.
Source: http://politicalticker.blogs.cnn.com/2013/08/27/obama-king-would-be-amazed-about-civil-rights-progress/

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First Week of October 19th Options Trading For NetEase (NTES)

http://www.etftradingsignals.com BATS Global Markets, a Kansas-based company that competes with Nasdaq and the New York Stock Exchange in offering stock trading services, canceled its own IPO after a series of technical snafus. The company’s CEO, Joe Ratterman, issued a public apology. “FLASH CRASH,” May 6, 2010. The Dow Jones industrial average plunged hundreds of points in mere minutes. A months-long investigation by regulators concluded that the sudden drop occurred when a trading firm executed a computerized selling program in an already stressed market. The trade, worth $4.1 billion, led to a chain of events that ended with traders swiftly pulling their money from the market, the review found.
Source: http://www.sunherald.com/2013/08/22/4894683/a-look-at-other-stock-trading.html

/quotes/zigman/11829567/quotes/nls/mdlz MDLZ +1.90% : By the end of last trading session, Mondelez /quotes/zigman/11829567/quotes/nls/mdlz MDLZ +1.90% dropped 0.75% to US$30.52 with about 9.61 million shares exchanged hands for the session, compared to its average volume of 9.41 million shares. Insiderslab.com found company Director, Lewis W. K. Booth, purchased his shares at a price of US$30.90 on August 20. Insiderslab.com believes that it is a clever way to check if insiders like CEOs, CFOs, and Directors in Mondelez are starting to sell more company shares. See insider trade report for MDLZ here.
Source: http://www.marketwatch.com/story/insider-trading-investments-in-wells-fargo-delta-air-lines-mondelez-hewlett-packard-american-eagle-outfitters-and-pultegroup-2013-08-22

Goldman Sachs’ Massive Trading Error Bears A Scary Resemblance To The One That Brought Down Knight Capital

The accord was designed to resolve most mortgage disputes between the two entities, and involved the bank paying $3.6 billion in cash, $6.75 billion to buy back residential loans sold to Fannie Mae, and $1.3 billion in fees for taking too long to assist or foreclose on overdue borrowers. There are several opportunities for improvement that FHFA might wish to consider, according to the inspector generals report. The most important would be the development of procedures for settlements of compensatory fee claims and significant MSR transactions. Compliance Action U.K. Banks to Pay $2 Billion for Card-Insurance Compensation Britains biggest banks will pay as much as 1.3 billion pounds ($2 billion) to compensate customers wrongly sold insurance to cover credit-card and identity theft .
Source: http://www.bloomberg.com/news/2013-08-23/nasdaq-trading-halt-nsa-data-repo-curbs-compliance.html

I dont think Ive seen [a major halt] during the day in a long time,” Dennis Dick, a market structure consultant and proprietary trader at Bright Trading in Detroit. “This market is so complex. Fifteen or 20 years ago it was so much simpler. We are monitoring the situation and are in close contact with the exchanges, John Nester, a spokesman from the Securities and Exchange Commission, told FOX Business. A source said the House Financial Services Committee said the panel is “monitoring” the situation. An FBI spokesman for the New York Field Office told FOX Business the agency is aware of the issue at the Nasdaq but has no further comment at this time.
Source: http://www.foxbusiness.com/investing/2013/08/22/trading-halted-on-nasdaq-listed-securities/

Nasdaq resumes trading after tech-forced stoppage

Click here to find out the Top YieldBoost Puts of the S&P 500 Below is a chart showing the trailing twelve month trading history for NetEase, Inc, and highlighting in green where the $72.50 strike is located relative to that history: Turning to the calls side of the option chain, the call contract at the $75.00 strike price has a current bid of $3.90. If an investor was to purchase shares of NTES stock at the current price level of $73.40/share, and then sell-to-open that call contract as a covered call, they are committing to sell the stock at $75.00. Considering the call seller will also collect the premium, that would drive a total return (excluding dividends, if any) of 7.49% if the stock gets called away at the October 19th expiration (before broker commissions). Of course, a lot of upside could potentially be left on the table if NTES shares really soar, which is why looking at the trailing twelve month trading history for NetEase, Inc, as well as studying the business fundamentals becomes important.
Source: http://www.forbes.com/sites/stockoptionschannel/2013/08/22/first-week-of-october-19th-options-trading-for-netease-ntes/

New York time today, down from as much as $3.32 two minutes earlier, data compiled by Bloomberg show. The next trade was executed at $3.27 at 9:33 a.m. For Knight Capital, a programming error cost the firm its own existence. Goldman, on the other hand, says the errorwould not be material to the financial condition of the firm.” The bank is known for having some of the most sophisticated and powerful trading technology on the Street, but we’re talking about trading high speed in the options market here.
Source: http://www.sfgate.com/technology/businessinsider/article/Goldman-Sachs-Massive-Trading-Error-Bears-A-4749317.php

after a nearly three-hour outage caused by a technical problem. Trading in the Nasdaq, a major stock exchange dominated by the biggest names in technology, was halted shortly after midday Thursday. Other U.S. exchanges were operating normally, and stocks rose slightly. The disruption sent brokers scurrying to figure out what went wrong and raised new questions about the pitfalls of computer-driven stock trading.
Source: http://news.msn.com/us/nasdaq-resumes-trading-after-tech-forced-stoppage

22% of Federal Student Loans Are In Default or Delayed Default

“The cost of college remains extraordinarily high. It’s out of reach for a lot of folks,” Obama said, calling it a burden as well on families who have to balance other priorities, like buying a home, with helping fund their children’s educations. “We’ve got to do something about it.” To that end, Obama said he’d be looking to the same coalition of political forces that came together onstudentloansas he pursues further steps. White House officials have said Obama plans to lay out a broad and aggressive strategy in the coming months to tackle the spiraling cost of a college education. Even as they passed the bill weeks earlier, congressional officials were already talking about a broader approach to curbing fast-climbing costs and perhaps scrapping the deal when they take up a rewrite of the Higher Education Act this fall. Rates on new subsidized Staffordloansdoubled to 6.8 percent July 1 when Congress couldn’t agree on a way to keep them at the previous 3.4 percent rate.
Source: http://www.csmonitor.com/Business/Latest-News-Wires/2013/0810/Obama-signs-bill-lowering-student-loan-rates

Free market advocates for years have been warning against the potential dangers of government-granted and subsidized student loans as a distortion of the education market and a financial burden on the taxpayers. Education Lending Bubble The federal governments student loan policy does not offer competitive interest rates based on risk of default. Just as manipulations in the home lending market caused a proliferation of subprime mortgage loans to borrowers who would never be able to repay their debts, student loans are being offered to individuals who have slim hope of earning enough money to repay those loans, even if they complete their college educations. These young people are being suckered into taking out loans that will stick to them forever. Only Congress could think up such a scheme and call it a benefit to the youth, said George Clowes, a Heartland Institute senior fellow in education and formerly managing editor of School Reform News.
Source: http://news.heartland.org/newspaper-article/2013/08/12/22-federal-student-loans-are-default-or-delayed-default

The Student Loan Lawyers Say I Have to Settle

For example, the interest on PLUS loans is fixed now. But then again, this is just a short-term solution, and in a few years were going to be facing the same problems. To put all this into a real-world perspective, say a student borrows $3,500 for one year a relatively modest amount given that the average student loan balance for a four-year degree was more than $24,000 in the first quarter of 2012, according American Student Assistance, a Boston-based student advocacy group. Under the new regulations, that student will accrue approximately $11 per month in interest on the loan, about $7 less than the interest accrued under the 6.8 percent spike after the July 1 deadline. But heres the issue: most students borrow much more than $3,500 per year to cover the cost of a college education, and current rates are subject to an increase or decrease based on the financial markets, which provides little certainty year-to-year. According to Lisa Hanson, director of financial aid at Carl Sandburg College, the average loan amount for students attending Sandburg is right around $7,000 per year.
Source: http://www.galesburg.com/news/x84136929/Student-loans-get-tricky

Do You Need a Student Loan Ombudsman?

Subscribe now. – Click Here Dear Sunaina, You are not required to settle for any amount you don’t want to. But if you cannot come to an agreement with the lender or it’s agent/lawyer then the lender may pursue the options specified in the student loan agreement. This might include suing you. It sounds as if the loan is delinquent and that your father co-signed for the loan. This makes him 100 percent responsible for the loan if you don’t pay.
Source: http://www.huffingtonpost.com/steve-rhode/the-student-loan-lawyers_b_3740986.html

Obama signs student loan deal, says job isn’t done

Full-time employees in some public service jobs, such as teachers, can have their remaining debt forgiven after 10 years of on-time, income-based payments. Pay As You Earn . This income-based repayment plan debuted in December 2012 and is available only for those who received a loan disbursement more recently than September 2011. Eligible balances are forgiven after 20 years. Standard income-based repayment allows forgiveness after 25 years.
Source: http://finance.yahoo.com/news/few-student-loan-borrowers-advantage-215355328.html

Few Student Loan Borrowers Take Advantage of Repayment Help

See http://www.fafsa.ed.gov A student looking for a loan must be able to prove there’s a financial need in order to qualify for a subsidized Stafford loan. About two-thirds of these loans are awarded to students with family adjusted gross income of less than $50,000. About one-fourth go to families with an AGI between $50,000 and $100,000, and less than 10 percent go to families with AGI’s more than $100,000, according to FinAid.org. Keep in mind that the government pays the interest on subsidized Stafford loans during the in-school period, effectively giving students and families a 0 percent interest rate during that time. Kantrowitz noted that’s the equivalent of a 1-percentage-point to 2-percentage-point drop in the overall interest rate, assuming a 10-year repayment term.
Source: http://azstarnet.com/business/despite-student-loan-relief-do-math-carefully-when-borrowing/article_02c7e09d-0e1f-5de6-bb53-1196677b2199.html

Student loans get tricky

Boehner called it “a good day” and a fine example of what Washington can accomplish when petty partisanship is put aside. “With the stroke of a pen, we’ve now officially taken the politics out of student loans,” he said. Obama cast the student loan deal as just the first of many measures the U.S. needs to make college affordable as a higher-tech economy makes advanced training and education a necessity for many workers. “The cost of college remains extraordinarily high. It’s out of reach for a lot of folks,” Obama said, calling it a burden as well on families who have to balance other priorities, like buying a home, with helping fund their children’s educations.
Source: http://www.foxnews.com/politics/2013/08/09/obama-to-sign-student-loan-deal/

Despite student loan relief, do math carefully when borrowing

According to Federal Student Aid , an ombudsman will not make binding decisions or overturn the decisions of other entities, accept complaints about grants or private student loans, accept complaints when the Education Department has already begun formal or legal investigations, accept loan payments or process deferment, forbearance, or discharge requests (loan servicersorcollection agencies must be contacted directly), testify or serve as a witness. Weve got to work within the current law, within the regulations, says DeMoss. If youre looking to have a loan written off or forgiven for something that is not explicitly stated in the law or statute, were not going to be able to get that for you. How to be Prepared for Help visit our website Before meeting with an ombudsman, grads should ready questions about the process, gather supporting documents (previous contact with servicer, documentation of loan balance and create a detailed payment history to save time and effort, says Macoubrie. Be patient and dont assume they know everything about your situation, he says. If the representative is unable to provide a response to your questions, calmly state your issue again and request the information or resolution you are seeking. Borrowers should have prepared answers to a series of questions: What are their expectations? What is preventing them from resolving the issue?Is the borrower willing to complete the necessary actions to achieve the desired outcome?
Source: http://www.foxbusiness.com/personal-finance/2013/08/12/do-need-student-loan-ombudsman/