Keeping the financial regulators on their toes

When members of Congress need factual information and insights into the effectiveness of the financial laws put in place after the 2008 economic crisis, they regularly turn to the Government Accountability Office (GAO) and Orice Williams Brown.

Initially as director and now as managing director of the GAO’s financial markets and community investment section, Brown and her staff have issued dozens of reports examining the flaws and offering recommendations to improve the $700 billion Troubled Asset Relief Program (TARP) bailout fund, the Wall Street regulatory reform law and the initiatives to prevent housing foreclosures.

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US again says China not currency manipulator

WASHINGTON: The US Treasury on Tuesday again stopped short of labeling China a currency manipulator, noting gains in the value of the yuan, but said the currency remains "significantly undervalued."

In a twice-yearly finding to answer congressional critics of China's overwhelming bilateral trade advantage, the Treasury declined to slap Beijing with the currency manipulator tag, a move that could spark US trade sanctions.

The US Treasury argued that Beijing knows that an appreciating currency is in its own interest, and said the yuan, or renminbi (RMB), had gained 9.3 percent against the dollar between June 2010 and November 2012.

It said that when inflation was taken into account, the value of the Chinese currency had increased 12.6 percent since June 2010, when Beijing pledged to allow the yuan to trade more freely.

Nevertheless, it said, based on Beijing's huge stock of foreign reserves and its strong trade surplus, the yuan's appreciation has been "insufficient."

Those and other factors "suggest that the real exchange rate of the RMB remains significantly undervalued and further appreciation of the RMB against the dollar and other major currencies is warranted."

After hitting a year low in July of around RMB 6.39 per dollar, the currency has steadily climbed in recent weeks to hit a fresh record high of RMB 6.22 per dollar on Monday. It was trading around 6.227 per dollar in late trade Tuesday.

The US Treasury regularly reviews the exchange rate policies of nine economies that account for 70 percent of US foreign trade, with most of the focus on China, the world's second largest economy.

Critics in Congress accuse Beijing of keeping the yuan artificially low to make Chinese exports unfairly cheap. They want the Asian nation officially labelled a manipulator in order to apply sanctions against the country.

The administration of President Barack Obama has raised trade pressure on China but has refrained from any formal action on the currency front.

In its last report in May, the Treasury also said the yuan was "significantly undervalued."

Republicans used the issue of China's currency to batter Obama ahead of the November 6 elections, but the Democratic incumbent handily defeated his Republican rival Mitt Romney.

Romney had accused Obama of going easy on Beijing and promised, if elected, to label China a manipulator on the first day of his presidency.

The US-China Business Council, which has regularly opposed the push to brand China a manipulator, praised the Treasury report.

"The Treasury Department once again made the right call on China's currency policy in its report to Congress.

"Labeling China a currency 'manipulator' would do little to help us reach the goal of a fully convertible currency and market-driven exchange rate for China," the group said in a statement.

"We need to move on to more important issues with China, such as removing market access barriers and improving intellectual property protection."

-AFP/ac

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Mamata to decide on voting over FDI

KOLKATA: With the Congress likely to garner a majority in Parliament over the FDI issue, the Trinamool Congress is yet to carve out its strategy in Parliament, in case Lok Sabha Speaker Meira Kumar allows the debate under rule 184.

Trinamool leaders have left it to Trinamool chief Mamata Banerjee to decide whether the party will stage a walkout along with parties such as Samajwadi Party and Bahujan Samaj Party or record their dissent during voting with the BJP and the Left.

"We still believe that no-confidence motion is the only way to remove this minority government and stop this unethical political charade being played out. Even now this can be done.

Only one MP is required to move this motion. It doesn't matter which political party it is. Let those, who're so vocal on price rise, FDI in retail and removal of subsidy cap on domestic LPG, come forward and vote on it. If one is convinced that these are anti-people policies, what stops them from nudging the government out of power. Why resort to rules to save them?" said Trinamool all India general secretary Mukul Roy.

Roy was more keen on nailing down Left Front chairman Biman Bose's recent argument that the Left didn't support the Trinamool's no-confidence notice because parties reluctant to bring down the government would vote against the government if the debate is allowed under rule 184. Roy, however, didn't want to foretell the party's strategy in the fast changing situation.

While Trinamool Rajya Sabha MP Sukhendu Sekhar Ray held that the party will fight FDI tooth and nail, senior party MP Sultan Ahmed said, "Whether to vote or not will be decided later by the Trinamool parliamentary party and the party supremo Mamata Banerjee, let the Speaker decide it first. The government will never agree to a discussion under rule 184 without majority. Our leader in the Lok Sabha, Sudip Bandopadhyay, has already cleared our stand on the matter. There is nothing more to add to it." Domestic compulsion is also weighing heavily on Trinamool Congress before it is seen aligning with CPM and BJP.

Left parties, on the other hand, have dumped the number game getting a whiff that the Congress might gather the numbers. Asked whether the CPM is heading towards a situation similar to the confidence debate on the Indo-US civil nuclear deal, CPM Rajya Sabha MP Shyamal Chakrabarty said: "Not at all. We have been trying to forge the broadest possible unity against FDI entry in multi-brand retail. I am confident that we will be achieving our target to a great extent. The Trinamool's no confidence move would have given the government a leeway to continue with their anti-people policies on all fronts for a period of six months instead," Chakrabarty said.

Trinamool leaders, on the other hand, believe that a debate under rule 184, will give Trinamool an opportunity to expose the Opposition "double-speak." "Biman Bose had argued if the government survived our no-confidence motion, they will get a parliamentary mandate to introduce FDI in retail. So if a vote under rule 184 does take place and the government wins it, would it be any different? The CM had made it clear that we believed in moving a no-confidence for it wasn't a half-measure. What is happening now only vindicates her belief," a Trinamool MP said.

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Pictures: Falcon Massacre Uncovered in India

Photograph courtesy Conservation India

A young boy can sell bundles of fresh Amur falcons (pictured) for less than five dollars. Still, when multiplied by the thousands of falcons hunters can catch in a day, the practice can be a considerable financial boon to these groups.

Since discovering the extent of Amur hunting in Nagaland this fall, Conservation India has taken the issue to the local Indian authorities.

"They have taken it very well. They've not been defensive," Sreenivasan said.

"You're not dealing with national property, you're dealing with international property, which helped us put pressure on [them]." (Related: "Asia's Wildlife Trade.")

According to Conservation India, the same day the group filed their report with the government, a fresh order banning Amur hunting was issued. Local officials also began meeting with village leaders, seizing traps and confiscating birds. The national government has also requested an end to the hunting.

Much remains to be done, but because the hunt is so regional, Sreenivasan hopes it can eventually be contained and stamped out. Authorities there, he said, are planning a more thorough investigation next year, with officials observing, patrolling, and enforcing the law.

"This is part of India where there is some amount of acceptance on traditional bush hunting," he added. "But at some point, you draw the line."

(Related: "Bush-Meat Ban Would Devastate Africa's Animals, Poor?")

Published November 27, 2012

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Justice, House Try to Resolve Fast and Furious Suit

Nov 27, 2012 3:25pm

The Justice Department said Tuesday that they will try to settle a lawsuit seeking to enforce a subpoena sought by the House Oversight and Government Reform committee to obtain documents related to the ATF’s botched gun trafficking case Operation Fast and Furious.

Ian Gershengorn, the Justice Department deputy assistant attorney general,  and House General Counsel Kerry Kircher said the two sides would be meeting shortly to discuss a possible settlement.

The ATF’s flawed “Fast and Furious” operation allowed firearms to “walk” across the U.S. border into Mexico in hopes of tracing the guns and locating major weapons traffickers.  The operation took a tragic turn when two weapons found in December 2010 at the scene of murdered U.S. Border Patrol Brian Terry were linked to Fast and Furious. The House Oversight and Government Reform Committee spearheaded the congressional investigation into the ATF operation.

The House voted this summer to hold Attorney General Holder in contempt for not releasing the materials.  The House then sued Attorney General Eric Holder earlier this year after President Obama invoked executive privilege shielding Holder from turning over the documents. The Committee’s subpoena was seeking internal DOJ documents following the drafting of a February 4, 2011 letter sent to Congress that  contained inaccurate information about ATF’s operations. The letter was withdrawn by the Justice Department in December 2011.

A DOJ Inspector General report earlier this year cleared Holder of knowing about the ATF’s reckless tactics. The Inspector General’s review recommended 14 Justice Department and ATF officials for disciplinary and administrative review.

Tuesday during a news conference in Connecticut, Holder said, “I think there is a deal that can be struck.”

U.S. District Judge Amy Berman Jackson has set a status hearing for January 10, 2013 to review the issue further.

SHOWS: World News

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In harassment case, Supreme Court ponders: Who qualifies as a supervisor?

Imagine this scene of workplace harassment, envisioned by Chief Justice John G. Roberts Jr.:

You really hate country music. The senior employee in your office picks the music everyone listens to.

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Eurozone agrees to release 43.7b euros to Greece

BRUSSELS: Eurozone finance ministers agreed early on Tuesday to release 43.7 billion euros in loans to Greece, after months in which Greece was starved of bailout financing.

Two sources told AFP that the eurozone had agreed to release the money after a deal that could lead to a long-term debt write-down by currency partners, saying it would be handed over "in one go."

The eurozone said it will be in a position to re-start the paying out of 43.7 billion euros in loans to Greece from December 13.

A statement after 13 hours of Eurogroup talks gathering finance ministers, the IMF and the ECB said would be paid in four instalments through until the end of March, but conditional on the implementation by Athens of tax reforms agreed with creditors.

- AFP/ck

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Ex-NSG commando Surender Singh holds forth on 26/11 symbolism

NEW DELHI: Anti-graft crusader Arvind Kejriwal was not the only one to tug at the hearts of people gathered at his party launch on Monday. There was a soldier, who seemed to exemplify the popular slogan 'Jai Jawan Jai Kisan.' Ex-NSG commando Surender Singh made his public speaking debut at the gathering, but narrated his plight in an articulate manner.

Born in a poor farmer's family in Haryana's Chhara, Singh had seen action in the Kargil war in 1999, was a part of the United Nations Peace Mission to Congo and was later posted in strife-torn Jammu and Kashmir's Bandipore. He was also one of the 26/11 heroes, having gunned down two terrorists during the Mumbai carnage.

In spite of his rustic Haryanvi accent, Surender, who is left hearing impaired after a hand grenade explosion during the attack, said, "While the jawans are sacrificing so much, the funds meant for them are being spent on parties in five-star hotels."

He also drew people's attention to the symbolism of '26/11.' Surender cited that on the same day in 1949 the Indian constitution was unveiled, but ironically the nation faced a terrorist attack in Mumbai on the same date in 2008. "Today is also 26/11. It's a very important date and is symbolic of India's journey. I am glad that the AAP is being launched on this date," he said.

Surender, who along with former India Against Corruption activists, had earlier charged the government of not honoring him and non-payment of pension. On Monday, Surender retorted, "I have not received a single penny. Whatever is in my account is from my insurance and an amount of Rs 2 lakh that I had got earlier. Information and broadcasting minister Manish Tewari's tweet that I have been paid is completely false," added Surender.

On being asked that he was being considered least experienced in politics, he said, "Indeed I don't have experience of corruption and crime record politicians have and I don't even wish to have such experiences."

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Space Pictures This Week: Space "Horse," Mars Rover, More

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  High Horse

  Photograph by Greg Parker, Your Shot
  

  The Horsehead Nebula rears its pretty head in a November 17 photograph submitted to National Geographic's Your Shot photo community.

  Taken from the New Forest Observatory in the United Kingdom, the image shows how the nebula's horse head is part of a larger cloud of dust. Situated about 1,500 light-years away, the Horsehead Nebula is visible only because its obscuring dust is silhouetted against another, brighter nebula, according to NASA.

  (See "'Soccer Ball' Nebula Discovered by Amateur Astronomer.")

  Published November 26, 2012

  
  











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  Green Lit

  Photograph by Jeremy La Zelle, My Shot
  

  Green curtains of aurora stretch over the sky in the Alaska Arctic in a picture submitted to National Geographic's My Shot on November 17.

  "The constantly changing kaleidoscope of colors are reminiscent of a fireworks display—but without sound," photographer Jeremy La Zelle wrote with his submission.

  "All we hear is the quiet peaceful sounds of a freezing Alaska night."

  (See "Aurora Pictures: Best Fall Photos of Northern Lights.")

  Published November 26, 2012

  
  











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  Martian Vista

  Image courtesy Caltech/NASA
  

  NASA's Curiosity rover snapped this picture after moving 83 feet (25 meters) eastward on November 18—the 102nd Martian day, or sol, of its mission to study whether life once existed on Mars.

  The view shows Yellowknife Bay, part of the Glenelg area of the Gale Crater, which is located near the base of a three-mile-high (five-kilometer-high) mountain rich with layered sediment deposits laid down over hundreds of millions of years.

  (Read more about the Gale Crater.)

  Published November 26, 2012

  
  











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  Gilded Mountains

  Image courtesy ESA

  The sands of the Sahara appear like golden brush strokes around the Tibesti Mountains in a March 2012 satellite image recently released by the European Space Agency.

  Located in Chad and Libya, the mountains' highest peak is Emi Koussi-pictured above as a circular structure in the lower-right portion of the dark area.

  Lava flows can be seen extending from the westernmost volcano, Toussidé.

  (See volcano pictures.)

  Published November 26, 2012

  
  











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  Photograph by Quang Nguyen Luong and F. Motte, Herschel SPIRE/ESA

  Published November 26, 2012

  
  

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Mom Fears Dad in Boy's Disappearance

The mother of 13-year-old boy Dylan Redwine, who disappeared a week ago during a court ordered visit to his father, fears that the dad may have done something to "remove Dylan from the situation."

Dylan Redwine was last seen at the home of his father, Mark Redwine, when he vanished seven days ago.

"I was married to Mark for a lot of years, and I know the way he reacts to things," Elaine Redwine told ABC News. "If Dylan maybe did or said something that wasn't what Mark wanted to hear, I'm just afraid of how Mark would have reacted."

Elaine and Mark were divorced and live about five hours away from each other, ABC News affiliate KMGH reports. Dylan was staying at his father's home because of a court order granting his father visitation rights for Thanksgiving.

Elaine Redwine told ABC News she believes her ex-husband was upset that she was the court-mandated primary custodian of their son.

"I don't think Mark treats him very well," Elaine Redwine said. "I would not put it past Mark to have done something to remove Dylan from the situation. You know, like 'if I can't have him, nobody will.'"

Dylan had been with his dad in Vallecito, Colo., for just one day before he went missing. Mark Redwine told police that his son was in his home when he left to run some errands at 7:30 a.m. When he returned four hours later, the boy was missing.

Tax Pledge Mutiny as Fiscal Cliff Approaches Watch Video

Elaine Redwine told ABC News she was having a difficult time getting in touch with her ex-husband about their son.

"He hasn't had any contact with us. [My older son] tried to get a hold of him by texting him, and he wouldn't respond," she said. "I just find it odd that at a time like this, he would be so evasive."

Mark Redwine declined to speak to ABC News.

Police say they are considering a number of possibilities, including abduction and the possibility that Dylan ran away.

"Foul play is definitely something we are looking at, but we're hoping it's a runaway case and that Dylan will show up and will be fine," La Plata Sheriff's Office spokesman Dan Bender said. "Because we don't have any clues that point in any particular direction, we have to consider every possibility."

Dylan's mother and older brother both insist Dylan wouldn't run away without contacting them, or if he did run away from his dad's home, he would have gone to them.

"When he was afraid in any situation, he knew he could call me and I would drop everything and go out there, first thing," Dylan's brother, Cory Redwine, 21, told ABC News. "He knew that me, my mom, my step-dad, any of us, if he called us and said, 'I need your help,' he knew we'd be there."

Hundreds of people have turned up to help search for Dylan, but so far police say they are no closer to finding him.

"We had people in the air, on horseback, on ATVs, search dogs, and we got no clues from any of that," Bender said.

Dive teams are searching nearby Vallecito Lake using a high-powered sonar gun, after searches this weekend revealed nothing, according to KMGH. Search teams are also combing the shoreline around the lake.

Elaine Redwine told ABC News she thinks somebody must know something, and she hopes they come forward.

"Vallecito is a small community. If anybody has seen anything or knows anything, no matter how big or small it seems, please tell us," Redwine said. "Everything right now is crucial to bringing my little boy home."

Redwine is described as 5 feet tall, 105 pounds, blond hair, blue eyes and fair complexion. He was last seen wearing a black Nike shirt, black basketball nylon shorts, black Jordan tennis shoes and a two-tone blue and white Duke Blue Devils baseball hat.

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