Tuesday, October 15, 2013

Moelis taps Morgan Stanley healthcare banker


NEW YORK (Reuters) - Moelis & Co, an independent investment bank, has tapped a former Morgan Stanley healthcare banker to advise medical technology companies, Moelis said on Tuesday.


Jon Hammack, who was responsible for the medical technology group at Morgan Stanley , will join Moelis November 11. Previously, Hammack worked in the healthcare banking groups at Credit Suisse and Bank of America .


At Moelis, Hammack joins a four-person team that covers services, life sciences, diagnostics, pharmaceuticals and biotechnology.


"We expect to see significant activity in the medical technology space as companies better position themselves for growth and adapt to the evolving healthcare landscape," said Rick Leaman, managing partner at Moelis.


(Reporting by Jessica Toonkel)



Source: http://news.yahoo.com/moelis-taps-morgan-stanley-healthcare-banker-162325367--sector.html
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JPM Hammered By Massive $9.2 Billion In Legal Expenses, Posts ...

So much for the JPM "fortress balance sheet." Moments ago the bank which 18 months ago stunned the world with the biggest prop trading loss in history, just reported its first quarterly loss under Jamie Dimon, missing expected revenue of $24 billion with a print of $23.88 billion, but it was net income where the stunner was in the form of a $0.4 billion net income. The reason: the fact that from the government's best friend, Jamie Dimon has become the punching bag du jour, and having to pay $9.15 billion in pretax legal expenses, the biggest in company history.


Quote Jamie Dimon:




While we had strong underlying performance across the businesses, unfortunately, the quarter was marred by large legal expense. We continuously evaluate our legal reserves, but in this highly charged and unpredictable environment, with escalating demands and penalties from multiple government agencies, we thought it was prudent to significantly strengthen them. While we expect our litigation costs should abate and normalize over time, they may continue to be volatile over the next several quarters.



Speaking of "strong underlying performance", considering that the other key component of Q3 net income was a whopping $1.6 billion in loan loss reserve releases, one wonders just how truly strong Q3 earnings really were. But of course, this being Wall Street, all negative news is "one-time" and to be added back. Which is why JPM promptly took benefit for all charges, which means adding back the $7.2 billion legal expense and $992 MM reserve release after tax benefit. In short: of the firm's $1.42 in pro forma EPS, a whopping $1.59 was purely from the addback of these two items.



Total loan loss reserves declined by $1.8 billion to $17.6 billion, well above the release taken a year ago which was "only" $1 billion. The problem for JPM is that its pool of eligible loan losses is starting to rapidly dry up, and at the current pace of ~$1.5 billion per quarter, the firm has about three years of EPS-goosing release padding left.



Nonetheless, and certainly for the near term, JPM is quite clear: expect reserve releases to continue padding our bottom line:



Additionally when looking for the "strong" performance, one fails to find it in the Fixed Income Markets line item, where much of the pain was expected to be today, which indeed dropped by $0.3 billion or 8% compared to 2012, down to $3.4 billion, however offset by a modest $0.2 billion increase in Equity Markets to $1.2 billion. Also notable was the drop in the average VaR from $122 in Q3 2012 to just $45 this quarter. More Excel copy/paste errors?



Going back to the firm's unprecedented legal troubles, below is a chart showing the firm's record $28 billion in net litigation reserve additions since January 2010. Expect this number to continue rising. Of note: this may not be enough since as the firm notes there is an additional $12.5 billion in possible losses in excess of reserves for just Q2 and Q3 alone. In other words, expect many more billions in legal losses in the quarters ahead.



Next, for all those predicting a surge in bank Net Interest Margins as a result of the spike in Q3 yields, we challenge anyone to show it to us on the following chart showing that for all intents and purposes, JPM's NIM just dropped to an all time low.



But while the NIM may have dropped, mortgage origination did not increase. In fact, the firm's mortgage production group posted a measly $90MM profit, down $1 billion from the year ago. Luckily for JPM, mortgage production and servicing losses were offset by a $1.25 billion change in allowance which pushed the Mortgage Banking Net income to a positive $705MM - another made up number. More importantly, announces that 11,000 employees in the mortgage group will be laid off.



Finally all those curious what JPM's most recent European exposure is, the chart below should answer the question.



Full earnings release:









Your rating: None Average: 5 (3 votes)



Source: http://www.zerohedge.com/news/2013-10-11/jpm-hammered-massive-92-billion-legal-expenses-posts-first-loss-under-dimon-takes-16
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Superman to Asterix: Comics tell immigrant story

PARIS (AP) — Superman and Asterix have more in common than meets the eye, according to a new exhibit at Paris' Immigration History Museum.


Comic sketches and magazines from 1913 to the present show how comic books the world over were shaped by the immigrant story, from French Asterix's "foreign" Polish and Italian authors, to American Superman's Eastern European co-creators.


Drawing on 500 sketches and documents from some 117 artists, the exhibit opening Wednesday explains how immigrants on the fringes of society were attracted to the subculture of comic books.


"The whole history of comic books is the history of immigration," said curator Helene Bouillon.


Comic characters themselves are also often masked allegories for being foreign, from Asterix, the yellow-haired Gaul who fights Romans and travels around the world, to the alien Kal-El, who tries to live on earth among humans despite his super powers, the exhibit argues.


"Superman is the super immigrant. who comes from planet Krypton with super powers but who is faced with the feeling of being in exile" Bouillon said.


The exhibit also shows how the medium became more serious in the second half of the 20th century, using the medium to express uncomfortable truths about society's tolerance.


It includes original illustrations from Iran-born cartoonist Marjane Satrapi's autobiographical novel "Persepolis," which tells the bleak story of a young girl fleeing to Europe against the backdrop of the Iranian Revolution. A film based on the novel won the Jury Prize at the Cannes film festival in 2007.


"This idea of pictures being maybe simpler or being caricatures allows some authors to say things that would maybe be too awful to put in a novel or in photography," Bouillon said. "You have to make people laugh to accept the very difficult stories."


___


Thomas Adamson can be reached at Twitter.com/ThomasAdamsonAP


Source: http://news.yahoo.com/superman-asterix-comics-tell-immigrant-story-081955917.html
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China's creaking export model: James Saft


By James Saft


(Reuters) - That creaking sound you hear just might be the Chinese export-driven economy model about to break.


While most of the world's attention is focused on the interminable and badly sung opera in Washington, China just released a set of data that indicate a serious slowing in demand for its products, particularly from its emerging market trading partners.


Chinese exports in September fell 0.3 percent from a year ago, customs officials said. While demand for Chinese products flagged in the European Union, the main culprit seems to have been emerging markets, which have been hit hard by slowing capital flows. Exports to Southeast Asia fell to a 17-month low, while those to South Africa were also hit hard.


Emerging markets had a hard summer, as expectations, now reversed, that the Federal Reserve would slow its purchases of bonds made borrowing money internationally more difficult.


And yet, despite the fall in exports, the rest of China's economy, which is still predicated on demand from abroad, is carrying on as if nothing has changed. Imports were sharply higher in the month, especially of the sorts of raw materials needed for export industries and to invest in infrastructure to support more exports. Credit creation also rose, with doubtless much of it going to support imports and property investment.


Imports of crude oil and iron ore set a fresh record in September, while copper shipments jumped 18 percent to set an 18-month high.


For decades, China's economic model has been relatively simple: use a lower wage base to drive exports and re-invest most of the profits into the infrastructure and factories needed to create yet more exports. Though this approach worked brilliantly for years, there were two big longer-term weaknesses with this plan. Both of them may be coming into play just about now, which would both explain decreasing demand for Chinese goods and make it more difficult for China to cope.


Wage growth in China has far outpaced inflation, making it less competitive. Wages in Chinese manufacturing have more than tripled in 8 years, while the supply of rural workers streaming to cities has slowed. Boston Consulting Group sees more so-called onshoring of jobs back to the United States, driven by wages, automation and energy and transportation costs.


The paired weakness is in China's consumer economy, which has been small and has suffered as the economy remains focused on investment, often in houses, for which there is little natural demand.


CHINA'S PLAYBOOK


It is unclear if slowing exports are being driven by cyclical trends, like weakness in emerging markets, or secular ones, like the migration of manufacturing. September's figures may also look worse than they were due to a crackdown this year on phantom imports, which have been a popular way for companies wanting to bring money into the country to skirt Chinese capital controls.


If there is a sustained fall in demand for China's products, its options may be somewhat limited. Given the centrality of investment and exports to China's economy, the government has a track record of reacting forcefully to slow-downs. The tactics include easing monetary conditions, which stimulate loans and investment even in the absence of strong demand for the end product.


But such easing may be a bit difficult right now.


China's annual consumer inflation rate rose to a seven-month high of 3.1 percent in September, driven by food inflation, in particular vegetables. While this was driven by weather, and thus may subside, it will serve to limit the central bank's ability to loosen conditions.


In some ways, the biggest issue isn't limitations on government stimulus if China needs it. One of the advantages of a single-party state with strong control over banking is that the government can always foment credit growth.


The problem instead is what happens if exports don't come back, if change is long-term and mostly in one direction. That will put a lot of pressure on China, not least because a lot of the investment there since the great financial crisis has been of very low quality.


It is not simply empty cities filled with "investment" apartments. It is everything from the cost and wastefulness of infrastructure investment to low-yielding research and development.


An IMF study from 2012 estimated that China's over-investment is equivalent to between 10-20 percent of annual output every year. (http://www.imf.org/external/pubs/ft/wp/2012/wp12277.pdf) Not only does that imply very, very low returns on investment, it almost certainly points to lower growth over time if, or rather when, China is forced to move away from its export model.


That story, when it happens, may make U.S. political dysfunction look like small potatoes in comparison.


(James Saft is a Reuters columnist. The opinions expressed are his own.)


(At the time of publication, Reuters columnist James Saft did not own any direct investments in securities mentioned in this article. He may be an owner indirectly as an investor in a fund. For previous columns by James Saft, click on)



Source: http://news.yahoo.com/chinas-creaking-export-model-james-saft-041646521--sector.html
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Friday, October 11, 2013

4 Insane Things You Had No Clue Were Legal | Cracked.com

The law is full of oppressive rules against everyday things that should really be legal in this day and age but somehow aren't -- say, driving without pants or time travel. At the same time, there are certain dubious acts that you're totally allowed to do this very moment, for one gobsmacking reason or another.


#4. Pot Is Illegal in Most States, but Deadly Synthetic Marijuana Is A-OK in Colorado


In Colorado, all the kids are trying this new hot craze called dying in a hospital after smoking shitty synthetic marijuana -- or Spice for short. This bootleg pot (which is made in China) has been linked to three deaths, 150 hospital visits, and a presumed legion of embarrassing calls to poison control centers. Oh, and due to a loophole, it's totally legal.


Schorle
Seriously, three months is too long of a wait, assholes?



The apparent problem is that this strange drug has no constant chemicals in it -- when the original chemicals were banned, they just started tossing in whatever shit could make you high, apparently. Because of that, teenagers can literally walk into stores and buy the stuff under the guise of it being "incense" or "potpourri."


KDVR
"Hey guys, I had a brilliant idea- what if we made pot that could kill you?"


#3. School Bus Drivers Can Text and Drive in California


Did you see that recent video of a school bus driver blatantly texting away while entrusted with the innocent souls of children? At one point she even drifts out of her lane and picks up the wheel at the last second -- scandalous, right? Well, if you live in California, you can shove the indignation, because according to your state, she did nothing illegal ... as long as her texts were tangentially work related.


Venus Cotto-Silva/WFTS/ABC News
"Where's the 'bus bursting into flames' emoji?"


Texting laws are more or less fucked all over: In Florida, you can't be pulled over solely for texting, and New York is fine with texting at red lights, but California wins the dummy race -- all their texting laws don't apply to bus drivers so long as their texts can be argued as related to the job. In other words, your metro driver could theoretically drift across that rail crossing while thumbing the entire plot of his favorite Keanu Reeves film to a friend, so long as that film is Speed.


#2. "Revenge Porn" Is Totally Legal as Long as You Didn't Take the Picture


In a proud moment for the Golden State, residents can no longer post spiteful nudie pics of their exes online lest they be fined up the ass or thrown in jail, which also tends to be unfavorable for that part of the anatomy. Good riddance, right? "Revenge porn" is scumbag behavior and should be treated as such.


Unless, that is, you didn't actually take the compromising pictures you're dickishly uploading for the entire Internet to see. Then it's cool.


Jupiterimages/Stockbyte/Getty Images
"I sent those in confidence!"


Yep, it turns out this law only applies to people who took the picture themselves. That means that selfies, otherwise known as 80 percent of revenge porn pictures posted online, are totally fine to put on WhackItToMyGirlfriend.com or wherever (some of those sites then extort the person to get the picture taken down, incidentally). And the worst part is that the women who are usually the victims of this type of thing can't even retaliate with the same tactic, since ExtremeMicropeckers.com gets consistently less traffic.


#1. You Can Have Your Own Machine Gun Now -- Just Don't Call It That


Machine guns are illegal for most people in the U.S., and we're gonna go ahead and say that's a good thing -- otherwise, every time you read about gun violence, you might have to add a zero next to the number of victims. But the new Slide Fire SFS BFR totally isn't a machine gun: It's just a rifle that can fire a shitload of bullets without recharging, which is a completely different thing as far as the law is concerned.


money.cnn.com
It's a mere $6000, so you can have this thing strapped to the hood of an old Civic for under ten grand.


See, the ATF defines a machine gun as a weapon with a frame or receiver that can shoot "more than one shot without manual reloading, by a single function of the trigger." However, the Slide Fire doesn't modify the receiver (front shooty area), plus it works by using the gun's natural kick to bump the trigger into your finger with each shot -- meaning that you're still technically shooting one round per trigger function.


Hopefully they're not currently working on a huge armored vehicle with a mounted cannon that "technically" isn't a tank.


Source: http://www.cracked.com/quick-fixes/4-insane-things-you-had-no-clue-were-legal/
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Monday, August 5, 2013

Sports helping foster kids to adjust

TAMPA - Dereck Boulden's childhood was far from a storybook.

Born in Decatur, Ga., Boulden lived at more addresses than he can remember. At age 9, he and three older brothers were removed from their parents custody and put into foster care.

One by one, his brothers aged out of foster care, and now, at 17, Boulden calls Lake Magdalene, a foster care facility in northwest Tampa, home.

"Never really had a consistent home," Boulden said. "I moved around a lot. I've been to a lot of different elementary schools. At least five or six in Tampa."

What has helped the reserved teenager look beyond his harsh reality is the game of basketball, a simple act of throwing a ball through a hoop.

"It helps me look toward my future," Boulden said. "It helped me to stay focused on my grades and stay focused in school. In order to play basketball, I have to do good in school, so I have to stay focused. It keeps me out of trouble."

-----

There are 6,000 kids, from newborns to age 17, in foster care in Pinellas, Pasco and Hillsborough counties. Half of the foster care population in Tampa Bay is under the age of 6.

For many youths in the foster care system, sports is an escape.

"I'm one of those guys who believes extracurricular activities makes a kid whole at that age," said Mike Carroll, suncoast regional managing director for the state's Department of Children and Families. Carroll's region extends from Pasco and as far south as Collier County.

"It provides the same benefits for any other child. But for sports, particularly team sports, it teaches responsibility," Carroll said. "It teaches accountability to have the grades. You have to be a good citizen."

Boulden played junior varsity basketball at Chamberlain High his freshman and sophomore years. Last season, he was promoted to varsity during the latter part of the season as the team journeyed to the state region tournament.

Boulden, a guard, is hoping to earn a spot on the varsity squad after tryouts in October.

"It's a chance for me to show myself," he said.

"He has a very natural skill set and with the right dedication and focus, he can be an above-average basketball player," Chamberlain basketball coach Christopher Snyder said.

As an eighth grader at Tampa's Adams Middle School, Boulden embraced the emotional rewards of playing team sports when he was named the basketball team's captain.

"Just to be on a team, and be team captain, and just to be looked at as a leader was great," he said.

Carroll was a former football coach at Clearwater's Countryside High and now coaches youth football. During his many years as a coach, several of his players were in foster care.

"I absolutely think it normalizes their life," Carroll said. "It brings them socialization to peer groups and life-long friendships they will cherish for the rest of their life. In their personal life, they're dealing with a level of trauma most kids don't have to deal with."

While most kids have a daily routine consisting of homework and chores, foster youths have court appearances and mandatory therapy sessions while living in group homes waiting to be reunited with their parents.

Mike Hayes, a senior child specialist at Lake Magdalene, has 25 years experience working with youths, his past seven with DCF. He encourages them to try out for teams.

"It lets them get away," he said. "I try to teach them to put their anger into it. If they're angry, we go outside and toss a softball around, or a football or a basketball."

The state recently passed legislation that will allow more youths, like Boulden, to partake in extracurricular activities. In April, Gov. Rick Scott signed into law the "Let Kids be Kids" bill.

The law will allow foster parents to make decisions for the children in their care without waiting on caseworkers or courts to intervene.

Without the law, foster children would have to get courts involved before they could get a drivers license, participate in sports and in some cases, even attend a school prom.

"What we'll find with passing of this bill is more youth will become more involved in community activities, as well as sports," said Shalondra Young, the independent living manager for Eckerd Community Alternatives, which oversees case management and adoptions for foster youths and young adults in the Tampa Bay area.

"They won't have to worry about being labeled. That is the reason most of them choose not to. With going through background checks, it exposes who they are. It will empower our youth to be more involved.

"We have quite a few kids that look to sports to identify who they are. They can say, 'I'm not just a foster kid. This is who I am, this is what I can do.'"

-----

Boulden has had opportunities to be adopted, but chose to remain in the foster care system. Lake Magdalene is his third group home in eight years. He turns 18 in February.

The labels that come with being a foster kid are hard to erase.

According to a pre-independent living survey conducted by Connected by 25, 57 percent of foster kids between ages 13-17 received substance abuse treatment services, while 44 percent were on prescription medication. Twenty-eight percent had been arrested in the past 12 months and 22 percent were either on probation or on Department of Juvenile Justice supervision.

A 2012 Florida National Youth in Transition Database survey of young adults between 18-22 formerly in foster care revealed 57 percent completed the 12th grade or received a graduation equivalency diploma. Only seven percent of that group completed secondary education.

Changing the stereotype of foster kids has been a mission for ex-NFL player Myron Rolle, the former Florida State safety and Rhodes Scholar. For five years, he has orchestrated the Myron Rolle Wellness and Leadership Academy for Florida's foster youth. Recently, Rolle's foundation selected 80 youths, ages 12-17 from across the state, to attend the academy, which featured women's basketball star and ESPN analyst Rebecca Lobo, Florida Representative Clovis Watson Jr. and seven-time Olympic Medalist Amanda Beard.

"We tell them to believe you can be successful like anyone else despite your circumstance," Rolle said.

His academy focuses on a healthy body and mind. His message? "We look at you as future leaders of this country."

"You'll be defeated and at times, you'll have moments you feel invalid, but that's a microcosm of what life is about," Rolle said.

Boulden completed his sophomore year with a 3.3 weighted grade-point average and after high school, plans to study engineering or business in college.

Through the Road to Independence Act, set up by state legislature in 2002, the state will play for Boulden's secondary education and boarding if he attends a state college or university.

Being a foster child has given him a desire to want more in life.

"I feel like I have to work harder," he said. "I can still be somebody and still do something with my life."

nwilliams@tampatrib.com

(813) 259-7305

Twitter: @NickWilliamsTBO

Source: http://feedproxy.google.com/~r/tbo/preps/~3/nJiAj9T98FU/

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Sunday, August 4, 2013

A New Danger Girl Called Molly - Bleeding Cool Comic Book ...

Molly_Danger_coverCameron Hatheway writes;

Normally I don?t review superhero comics because let?s face it; it?s all been done before. I can?t tell you how many review copies are currently sitting in my inbox that are carbon copies of anything the Big Two are putting out nowadays, only with sketchier art and unimaginative storytelling. To willingly tackle the superhero genre, you need to bring something fun and original to an audience who has seen everything already, while not going the way of Mark Millar and having your characters swear every other word balloon or getting killed-off in splattertastic ways.

Enter artist extraordinaire Jamal Igle and his Kickstarter baby Molly Danger. The project made over $50,000 last August, and through the folks over at Action Lab Entertainment Molly Danger is about to become your new favorite superhero in the first volume debuting October 15th. While I did contribute to the Kickstarter, that doesn?t mean I?m going to be biased in the following review; it?s just hard to find anything to nitpick since it?s such a damn fun comic for all ages.

Molly_Danger_pages4_5 Molly Danger is an extraterrestrial with magnificent powers who has been protecting the town of Coopersville for the past 20 years. Oh yeah, and she?s a 10-year old girl. Well, she?s not really 10, she?s actually much older, but her species are immortal and the aging process works differently for them. As soon as Molly started kicking bad guy butt, the arrival of the Supermechs kept her constantly busy. Little about the Supermechs origins is known, but there?s obviously some connection between them and Molly.

While Molly Danger is the one who goes toe-to-toe with the Supermechs, she can?t do it alone and is assisted by Danger?s Action Response Team, or D.A.R.T. for short. Comprised of civilians and ex-military, D.A.R.T. works with the police and government to help keep the rest of the Coopersville population safe. One new recruit, Austin Briggs is a pilot who has wanted to work alongside Molly for years, and is known for not always following orders in the heat of battle. He has his own battle at home trying to gain the respect of his stepson Brian, so he?s hopeful that his new job at D.A.R.T. will help bring the two of them together.

Molly_Danger_pages2_3

Both Molly and Austin are rebels when it comes to the chain of command, and neither enjoys being forced to play by the rules. Molly also doesn?t enjoy the solitary confinement that comes with the job, for her superiors don?t want her fraternizing with the civilians because she?s immensely powerful in comparison. She?s caught between both worlds and emotions, being the last of her kind with no one to talk to. Austin seems to be the solution to some of her woes.

Jamal Igle does a superb job at world building, for there?s a rich history and colorful cast of characters from the get go. The Supermechs are forces to be reckoned with, and Medula in particular was quite sinister with his giant war machine. Igle created a strong female character that kicks ass and isn?t sexualized in any way, making it a perfect fit for a publisher like Action Lab. If that wasn?t impressive enough, Igle?s penciling combined with Juan Castro?s inks made the action-packed scenes really pop throughout the book. The art is gorgeous from beginning to end, and really shows what brilliance can be accomplished when given the freedoms of telling the story you want to tell.

There?s a lot of fun to be had in this first volume as we discover who Molly is and what she stands for, while simultaneously setting up the plot to future events. I had the biggest smile on my face throughout, and anxiously await the second book. Be sure to pick up a copy when it hits stores this October, or read it now on ComiXology.

Molly Danger, Book One (Action Lab Entertainment)
Written & Penciled by Jamal Igle
Inked by Juan Castro
Colored by Romulo Fajardo Jr.

?

Cameron Hatheway is the host of Cammy?s Comic Corner and Arts & Entertainment Editor of the Sonoma State STAR. You can help him with his digital clone program on Twitter @CamComicCorner.

Source: http://www.bleedingcool.com/2013/08/04/molly-danger-2/

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