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Scott Walker CPAC Speech: Governor Speaks At Annual Conservative Conference - Huffington Post

Posted: 16 Mar 2013 09:09 AM PDT

  • Former Sen. Rick Santorum (R-Pa.)

    "Marriage is what marriage is. Marriage was around before government said what it was. It's like going out and saying, 'That tree is a car.' Well, the tree's not a car. A tree's a tree. Marriage is marriage. "It's like handing up this and saying this glass of water is a glass of beer. Well you can call it a glass of beer, it's not a glass of beer, it's a glass of water. And water is what water is. Marriage is what marriage is. "I can call this napkin a paper towel, but it is a napkin. Why? Because it is, what it is." -- Santorum <a href="http://www.huffingtonpost.com/2011/11/15/rick-santorum-sex-gay-marriage_n_1094007.html#s450367&title=On_The_Definition">on the definition of marriage in 2011</a>.

  • Rep. Michele Bachmann (R-Minn.)

    It's hard to pick a single quote from Bachmann's library of anti-gay, anti-science, anti-fact quotes, so we'll leave you with an oldie but goodie -- her <a href="http://www.huffingtonpost.com/bill-scher/top-10-crazy-things-conse_b_764124.html">2009 House floor argument</a> against climate change. "Carbon dioxide, Mister Speaker, is a natural byproduct of nature. Carbon dioxide is natural. It occurs in Earth. It is a part of the regular lifecycle of Earth. In fact, life on planet Earth can't even exist without carbon dioxide. So necessary is it to human life, to animal life, to plant life, to the oceans, to the vegetation that's on the Earth, to the, to the fowl that -- that flies in the air, we need to have carbon dioxide as part of the fundamental lifecycle of Earth."

  • NRA Executive Vice President Wayne LaPierre

    "Hurricanes. Tornadoes. Riots. Terrorists. Gangs. Lone criminals. These are perils we are sure to face—not just maybe. It's not paranoia to buy a gun. It's survival. It's responsible behavior, and it's time we encourage law-abiding Americans to do just that." -- LaPierre in a <a href="http://dailycaller.com/2013/02/13/stand-and-fight/#ixzz2KoyFgIrg">Daily Caller op-ed</a> from February

  • Sen. Ted Cruz (R-Texas)

    Cruz has only been in the Senate for a few months, but already he's made a name for himself as an aggressive questioner with a flair for the dramatic. After drawing some bipartisan backlash for his cross-examination of then-Defense secretary nominee Chuck Hagel, <a href="http://www.newyorker.com/online/blogs/comment/2013/02/ted-cruz-sees-red-not-crimson-at-harvard.html">The New Yorker dug up this Cruz quote</a> from a speech in 2010: "There were fewer declared Republicans in the faculty [of Harvard Law School] when we were there than Communists! There was one Republican. But there were twelve who would say they were Marxists who believed in the Communists overthrowing the United States government." His camp later <a href="http://www.theblaze.com/stories/2013/02/23/ted-cruz-responds-to-new-mccarthy-new-yorker-article-curious-they-would-dredge-up-a-3-year-old-speech-call-it-news/">stood by the comment</a>.

  • Conservative Commentator Ann Coulter

    "There is the legacy of slavery and Jim Crow laws. We don't owe the homeless. We don't owe feminists. We don't owe women who are desirous of having abortions, or gays who want to get married to one another. That's what civil rights has become for much of the left, they dropped the blacks after five minutes. ... Civil rights are for blacks." -- <a href="http://www.huffingtonpost.com/2012/09/24/ann-coulter_n_1908958.html">Coulter on ABC's "This Week," September 2012</a>

  • Texas Gov. Rick Perry (R)

    In 2011, then-GOP presidential candidate Perry <a href="http://www.huffingtonpost.com/2011/08/18/rick-perry-evolution-video_n_930802.html">gave his thoughts</a> on the age of the Earth and evolution: "How old do I think the Earth is? You know what, I don't have any idea. ... I know it's pretty old so it goes back a long long way. I'm not sure anybody actually knows completely and absolutely how long, how old the Earth is," Perry said in response to a question, before transitioning to a followup query on evolution. "It's a theory that's out there, and it's got some gaps in it. In Texas we teach both creationism and evolution because I figure you're smart enough to figure out which one is right."

  • Former Rep. Allen West (R-Fla.)

    Ousted Rep. Allen West (R-Fla.) has an extensive catalogue of quotes to pick from, but this one about his own <a href="http://www.huffingtonpost.com/2012/04/11/allen-west-democrats-communist-party_n_1417279.html">House colleagues' supposed communist ties</a> stands out from the crowd. "I believe there's about 78 to 81 members of the Democrat Party who are members of the Communist Party. It's called the Congressional Progressive Caucus," West said last year.

  • Donald Trump

    Real estate mogul Donald Trump in one of his many attempts to <a href="http://www.huffingtonpost.com/2011/03/31/donald-trump-obama-birth-_n_843056.html">promote his birther conspiracy</a> about President Barack Obama: "He may have one, but there is something on that birth certificate. Maybe religion. Maybe it says he's a Muslim. I don't know. Maybe he doesn't want that. Or he may not have one. I will tell you this: if he wasn't born in this country, it's one of the great scams of all time."

  • Mitt Romney

    "There are 47 percent of the people who will vote for the president no matter what. ... All right -- there are 47 percent who are with him, who are dependent on government, who believe that, that they are victims, who believe that government has the responsibility to care for them. Who believe that they are entitled to health care, to food, to housing." -- Then-GOP presidential candidate Romney in a <a href="http://www.huffingtonpost.com/2012/09/17/mitt-romney-video_n_1829455.html">hidden camera video</a> released last year. The comments are thought to have contributed heavily to Romney's eventual electoral defeat last November.

  • Sarah Palin

    Palin <a href="http://thecaucus.blogs.nytimes.com/2008/10/04/palin-obama-is-palling-around-with-terrorists/">on then-candidate Barack Obama</a> in 2008: "This is not a man who sees America as you see it and how I see America. We see America as the greatest force for good in this world. If we can be that beacon of light and hope for others who seek freedom and democracy and can live in a country that would allow intolerance in the equal rights that again our military men and women fight for and die for for all of us. Our opponent though, is someone who sees America it seems as being so imperfect that he's palling around with terrorists who would target their own country?"

  • Rep. Louie Gohmert (R-Texas)

    Another CPAC all-star with a long list of material to choose from, Gohmert has saved some of his most controversial rhetoric to explain mass shootings. Over the summer, Gohmert suggested a massacre at a Colorado movie theater <a href="http://www.huffingtonpost.com/2012/07/20/louie-gohmert-aurora-shootings_n_1689099.html">was the result of</a> "ongoing attacks on Judeo-Christian beliefs." "You know what really gets me, as a Christian, is to see the ongoing attacks on Judeo-Christian beliefs, and then some senseless crazy act of terror like this takes place ... We have been at war with the very pillars, the very foundation of this country. ... People say ... where was God in all of this? We've threatened high school graduation participations, if they use God's name, they're going to be jailed ... I mean that kind of stuff. Where was God? What have we done with God? We don't want him around. I kind of like his protective hand being present." Gohmert went on to suggest that if theater-goers had been equipped with firearms, they could have stopped the attack. In the wake of the mass shooting in Newtown, Conn. last December, Gohmert <a href="http://www.huffingtonpost.com/2012/12/16/louie-gohmert-guns_n_2311379.html">similarly suggested</a> that more guns in the elementary school could have limited the loss of life.

  • Rep. Steve King (R-Iowa)

    In 2012, King compared immigrants to dogs. <a href="http://www.salon.com/2012/05/22/rep_steve_king_immigrants_like_dogs/">Via Salon</a>: "You want a good bird dog? You want one that's going to be aggressive? Pick the one that's the friskiest … not the one that's over there sleeping in the corner." King went on to suggest that lazy immigrants should be avoided like the sleeping dog. "You get the pick of the litter and you got yourself a pretty good bird dog. Well, we've got the pick of every donor civilization on the planet," King said. "We've got the vigor from the planet to come to America."

  • Rep. Mike Kelly (R-Pa.)

    "I know in your mind you can think of times when America was attacked. One is December 7, that's Pearl Harbor day. The other is September 11, and that's the day of the terrorist attack. I want you to remember August 1, 2012, the attack on our religious freedom. That is a day that will live in infamy, along with those other dates." -- Kelly <a href="http://firstread.nbcnews.com/_news/2012/08/01/13070876-republican-likens-contraceptive-mandate-to-pearl-harbor-911?lite">at a press conference in 2012</a>, denouncing the implementation of an Obamacare mandate that required insurers to offer contraception coverage.

  • Virginia Attorney General Ken Cuccinelli (R)

    Cuccinelli, who is currently running for Virginia governor, has a long history of controversial comments stemming from his strong opposition to gay rights and abortion, as well as climate change denial. In 2009, he <a href="http://hamptonroads.com/2009/10/steve-shannon-attorney-general">made the following comment</a> when asked about a college policy of non-discrimination based on sexual orientation. "My view is that homosexual acts, not homosexuality, but homosexual acts are wrong. They're intrinsically wrong. And I think in a natural law based country it's appropriate to have policies that reflect that. ... They don't comport with natural law. I happen to think that it represents (to put it politely; I need my thesaurus to be polite) behavior that is not healthy to an individual and in aggregate is not healthy to society." He later <a href="http://www.washingtonpost.com/wp-dyn/content/article/2010/03/08/AR2010030804999.html">told public universities directly</a> that they couldn't adopt measures to prevent anti-gay discrimination, sparking a long and still-ongoing battle on the issue.

  • Sen. Jim Inhofe (R-Okla.)

    "Well actually the Genesis 8:22 that I use in there is that 'as long as the earth remains there will be springtime and harvest, cold and heat, winter and summer, day and night.' My point is, God's still up there. The arrogance of people to think that we, human beings, would be able to change what He is doing in the climate is to me outrageous." -- Inhofe <a href="http://thinkprogress.org/climate/2012/03/09/441515/inhofe-god-says-global-warming-is-a-hoax/">explaining</a> that the Bible backs his book's claim that climate change is "the greatest hoax."

  • President Of The Eagle Forum Phyllis Schlafly

    Schlafly <a href="http://www.rightwingwatch.org/content/schlafly-reiterates-view-married-women-cannot-be-raped-husbands">denying the existence of marital rape</a> in 2008: "I think that when you get married you have consented to sex. That's what marriage is all about, I don't know if maybe these girls missed sex ed. That doesn't mean the husband can beat you up, we have plenty of laws against assault and battery. If there is any violence or mistreatment that can be dealt with by criminal prosecution, by divorce or in various ways. When it gets down to calling it rape though, it isn't rape, it's a he said-she said where it's just too easy to lie about it." Schlafly then proceeded to suggest that feminists might mount false rape accusations against their husbands in order to fight marriage disputes.

  • Sen. Mike Lee (R-Utah)

    In 2011, Lee <a href="http://thinkprogress.org/politics/2011/01/14/139049/lee-child-labor/">laid out his case</a> for why anti-child labor laws should be unconstitutional: "Congress decided it wanted to prohibit [child labor], so it passed a law -- no more child labor. The Supreme Court heard a challenge to that and the Supreme Court decided a case in 1918 called Hammer v. Dagenhardt. In that case, the Supreme Court acknowledged something very interesting -- that, as reprehensible as child labor is, and as much as it ought to be abandoned -- that's something that has to be done by state legislators, not by Members of Congress. [...] "This may sound harsh, but it was designed to be that way. It was designed to be a little bit harsh. Not because we like harshness for the sake of harshness, but because we like a clean division of power, so that everybody understands whose job it is to regulate what."

  • Dinesh D'Souza

    In 2012, conservative author and director of anti-Obama conspiracy film "2016: Obama's America" Dinesh D'Souza became embroiled in a scandal after <a href="http://www.worldmag.com/2012/10/king_s_crisis">allegations that he was engaged in an inappropriate relationship</a> with a woman who was not his wife. Just days before the controversy led him to <a href="http://www.huffingtonpost.com/2012/10/18/dinesh-dsouza-resigns-kings-college_n_1980614.html">resign his post</a> as president of the evangelical Christian King's College, <a href="http://www.rightwingwatch.org/content/dsouza-obama-attacking-traditional-values-sex-scandal">D'Souza had attacked Obama</a> for mounting a campaign to chip away at "traditional values": "Why is Obama on the social issues -- and I'm thinking here of abortion, I'm thinking here of gay marriage -- why is Obama so aggressive in attacking the traditional values agenda? I think the reason for it is because when Obama thinks about colonialism ... [it] is identified not just with the soldiers but also with the missionaries. Remember it's the missionaries that went alongside the conquerors, the conquistadors, came to the Americas and worked on converting the Indians and later missionaries went to China, India and Japan. So I think this is the problem, Obama doesn't like traditional Christianity because he identifies it with colonialism. Obama's own Christianity is more of a Third World liberation theology, a very different kind of Jeremiah Wright type philosophy, summarized in the idea that America is the rogue nation in the world."

  • Political Strategist Dick Morris

    "It will be the biggest surprise in recent American political history. It will rekindle the whole question on why the media played this race as a nailbiter where in fact Romney's going to win by quite a bit." -- Morris <a href="http://www.realclearpolitics.com/video/2012/11/05/dick_morris_stands_by_prediction_romney_will_win_325_electoral_votes.html">on Fox News</a> just days before the election, explaining his prediction that Romney would win 325 Electoral College votes on his way to a landslide. Romney ultimately won 206 votes on his way to a handy defeat.

  • Rep. Matt Salmon (R-Ariz.)

    Just days after assuming his position on Capitol Hill, Salmon <a href="http://www.huffingtonpost.com/2013/01/06/matt-salmon-government-shutdown_n_2421808.html">said it was "about time" to have another government shutdown</a>, citing the federal stoppage of 1995: "I think it drove Bill Clinton in a different direction, a very bipartisan direction," Salmon said. "In fact, we passed welfare reform for the first time ever, and we cut the welfare ranks in the last decade and a half by over 50 percent. These are good things. We also balanced the budget for the first time in 40 years in 1997, 1998, 1999. And when I left, we had over a $230 billion surplus."

  • Rep. Jim Sensenbrenner (R-Wis.)

    "She lectures us on eating right while she has a large posterior herself." -- <a href="http://www.huffingtonpost.com/2011/12/21/jim-sensenbrenner-michelle-obama_n_1163711.html">Sensenbrenner on First Lady Michelle Obama in 2011</a>.

  • Rep. Steve Pearce (R-N.M.)

    At a town hall in 2010, then-candidate Pearce faced questions about the legitimacy of Obama's birth certificate. The congressman made it clear that he was willing to entertain the birther conspiracy. "You bet. Let's take it backwards first. My position is that Barack Obama raised the most significant questions himself. He said, after he came to the U.S., that he traveled to Pakistan. Now at the point that he traveled to Pakistan it was not legal to go there with a U.S. passport. And so he, himself, raised the greatest questions. I think that those questions need to be asked. "Now, then, my question would be to you all at what importance, what importance? You can typically fight two or three major battles in a year, major, and for me, if we don't get our economy going, nothing else works. ... I'm content to let the courts handle that and it's my understanding the Supreme Court is actually looking at this question because I think it's an important question. But I absolutely believe that Barack Obama raises the most significant questions himself."

  • Judicial Watch President Tom Fitton

    Right Wing Watch <a href="http://www.rightwingwatch.org/content/geller-out-anti-muslim-voices-remain-cpac">recently recalled Fitton's latest effort</a> to push his theory that radical Muslims are infiltrating the government's ranks at the highest levels: "In a recent interview with End Times radio host Rick Wiles, he argued that the State Department is recruiting people directly from 'the jihadist movement here in the United States' and 'terrorist front organizations,' adding that the majority of Muslim-American groups are 'all fronts for these terrorist front groups.'"

  • Tim Goeglein

    Goeglein current serves as vice president of external relations for the evangelical Christian organization Focus on the Family. He <a href="http://www.nytimes.com/2008/03/01/us/01aide.html?_r=1&">resigned from a prior job</a> as an aide to President George W. Bush after a report showed that he'd repeatedly plagiarized material for columns he wrote for a local paper. He <a href="http://www.rightwingwatch.org/content/cpac-goeglein-says-obama-savaged-and-attacked-marriage-life-and-religious-liberty">spoke at a CPAC panel last year</a>, where he accused Obama of launching a frontal assault on religious values: "We can very easily summarize and conclude the following: That in the history of the United States, and therefore in the history of the United States presidency, we have never had a president of the United States who has more radically but more intentionally savaged and attacked man-woman marriage, the dignity and sanctity of every human life, and now ... has begun to actually systemically redefine and therefore attack our basic religious liberties and individual consciences."

  • Newt Gingrich: GOP establishment "mired in stupidity" - CBS News

    Posted: 16 Mar 2013 08:36 AM PDT

    Former House Speaker Newt Gingrich, seen by many in the Republican Party as an "ideas man," slammed as a "false attack" the argument that conservatives "don't need new ideas" during a speech before the Conservative Political Action Conference on Saturday, repeatedly scalding the Republican establishment for being "mired in stupidity."

    "The Republican establishment is just plain wrong about how it approaches politics," Gingrich said. "We have to disenthrall ourselves of the establishment's anti-idea approach."

    "You're going to hear a false attack that we don't need new ideas," he continued. "Let me draw a distinction: we don't need new principles, but we need lots of new ideas about how to implement those principles in the 21st century."

    Again and again, Gingrich lit into both Republicans and Democrats for what he characterized as their myopic policy mindset. "We stand today on the edge of a great future, but Washington is blind to it in both parties," he said. "I've been trying for two-and-a-half years to get the House Republicans to understand. They control every committee and every subcommittee in the House; they could be having a hearing every week on" the promise of the future.

    Unfortunately, Gingrich said, the GOP is "determined to avoid" thinking about it.

    "It is virtually impossible to get people in Washington, D.C., to actually learn how to think about a new world," he said. "It is sobering to me to be standing here, as a senior member of this party, telling you from 1976 to 2013 we have the dominant wing of this party, which has learned nothing and is as mired in the past and mired in stupidity as it was in 1976."

    Play Video

    Gingrich: GOP "mired in the past, mired in stupidity"

    "There are dozens of new areas where we're about to breakout, and we're about to have a dramatically better opportunity," he said, "and this city, in both parties, is literally blind to the great potential of this country."

    He urged conservatives to abandon a purely reactive posture and move forward with solutions of their own. "We are not the anti-Obama movement; we are for a better American future," he said. "We're for empowering individuals, not empowering bureaucrats."

    "I do believe that we ought to focus on the right to rise," Gingrich said. "We should unflinchingly stand for the right to life, because that's the predicate to the right to rise."

    He closed by saying he was "very excited" about the recent elevation of Pope Francis, "who I believe is going to challenge all of us."

    "He's going to challenge the left on social policy, and he's going to challenge the right on thinking about the poor," Gingrich said, "and I think that's good for all of us."

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    Dow ends 10-day winning streak

    Posted: 15 Mar 2013 04:38 PM PDT

    NEW YORK: US stocks fell on Friday, bringing the Dow's 10-day winning streak to a halt as a decline in a key consumer sentiment index highlighted continuing weaknesses in the economy.

    Trade was heavy in banks after the Fed completed its stress tests and capital plan reviews while a Senate committee report blasted JPMorgan Chase for how it handled its massive "London Whale" losses last year.

    The Dow Jones Industrial Average finished down 25.03 points (0.17 per cent) to 14,514.11, the first time in nine days it did not set a fresh record.

    The broad-based S&P 500 lost 2.53 points (0.16 per cent) at 1,560.70, after having pushed higher on Thursday to a tantalizing three points short of its all-time high.

    The tech-heavy Nasdaq Composite dropped 9.86 points (0.30 per cent) to 3,249.07.

    Share opened lower and lost further ground after the University of Michigan Consumer index took a surprising dive to 71.8, its lowest level since the end of 2011 and down from 77.6 in February. Analysts had expected a gain.

    JPMorgan shares sank 1.9 per cent after a US Senate report painted a damning picture of its handling of the massive "London Whale" derivatives losses last year.

    In addition on Thursday, the Federal Reserve raised questions about its capital plans, ordering adjustments to "address weaknesses" if it wants to proceed with dividend payouts and share buybacks as hoped.

    Goldman Sachs shares added 0.5 per cent despite its capital plan getting the same treatment as JPMorgan's from the Fed.

    Bank of America, whose capital plan was fully approved by the Fed after having been stalled last year, gained 3.8 per cent and Wells Fargo added 3.3 per cent.

    But Citigroup lost 0.4 per cent despite it also getting the nod for a share buyback.

    Boeing shares added 2.1 per cent after company officials said they believed the grounded 787 Dreamliner was "absolutely" safe and would be back flying within weeks after getting a tentative approval of its fix for battery problems that sparked a fire on one aircraft.

    On the Nasdaq, Apple was up 2.6 per cent after rival Samsung's new smartphone Galaxy S4 failed to generate a surge of excitement. -- AFP

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    Vatican Rejects Argentine Accusations Against Pope Francis - New York Times

    Posted: 15 Mar 2013 08:14 AM PDT

    VATICAN CITY — For the first time since the election of Pope Francis two days ago, the Vatican on Friday formally defended him from accusations that, decades ago, in the so-called Dirty War in his home country of Argentina, he knew about serious human rights abuses but failed to do enough to halt them.

    The Rev. Federico Lombardi, the Vatican spokesman, said there had "never been a credible accusation against him" relating to the period in the 1970s when he was the superior of the Jesuit order in Argentina.

    Indeed, "there have been many declarations of how much he did for many people to protect them from the military dictatorship," Father Lombardi said in a statement at a news conference.

    "The accusations belong to the use of a historical-social analysis of facts for many years by the anticlerical left to attack the church and must be rejected decisively."

    Pope Francis, the former Cardinal Jorge Mario Bergoglio of Buenos Aires, was elected by fellow cardinals on Wednesday and much of his behavior since then has seemed to indicate a shift of tone at the Vatican to a more humble and frugal approach.

    When he addressed cardinals on Friday, for instance, he spoke frequently without notes, addressing them as "Brother Cardinals" rather than as the more usual "Lord Cardinals" and the Vatican press office highlighted other shows of modesty and lack of formality since his election.

    But the question of his past has never been far below the surface, rekindling accusations relating to a conflict in which as many as 30,000 people were disappeared, tortured or killed by the dictatorship.

    At the news conference on Friday, Father Lombardi repeated assertions by a prominent human rights campaigner that there had been "no compromise by Cardinal Bergoglio with the dictatorship."

    The debate has simmered in Argentina, with journalists there publishing articles and books that appear to contradict Cardinal Bergoglio's account of his actions. These accounts draw not only on documents from the period, but also on statements by priests and lay workers who clashed with Cardinal Bergoglio.

    After the church had denied for years any involvement with the dictatorship, he testified in 2010 that he had met secretly with Gen. Jorge Videla, the former head of the military junta, and Adm. Emilio Massera, the commander of the navy, to ask for the release of two kidnapped priests. The following year, prosecutors called him to the witness stand to testify on the military junta's systematic kidnapping of children, a subject he was also accused of knowing about but failing to prevent.

    In a long interview published by an Argentine newspaper in 2010, Francis — then still a cardinal — said that he had helped hide people being sought for arrest or disappearance by the military because of their political views, had helped others leave Argentina and had lobbied the country's military rulers directly for the release and protection of others.

    The renewed discussion of the case intruded into a day when Francis earlier offered warm praise on Friday to his predecessor, Benedict XVI, saying that his nearly eight years as leader of the world's 1.2 billion Roman Catholics had "lit a flame in the depths of our hearts."

    Speaking to the church's cardinals, he urged them to persevere and find ways to spread word of their faith around the world.

    "Let us not give in to pessimism, to that bitterness that the devil offers us every day," he said. But he offered no direct allusion to the myriad challenges facing the Vatican from a series of sexual abuse, financial and other scandals that swamped much of Benedict's papacy.

    According to the officials, Francis frequently extemporizes, making it more difficult for the papal press office to deliver texts of addresses like Friday's.

    "That's the cost of having such spontaneity," said Rev. Thomas Rosica, a Vatican spokesman.

    But there was one clearly unchoreographed moment. Francis, 76, stumbled briefly as he greeted the dean of the College of Cardinals, Angelo Sodano, but swiftly recovered.

    The pope also sent a message on Friday to Rome's chief rabbi, saying he wished to pursue closer ties between Catholics and Jews.

    "I hope very much to be able to contribute to the progress in relations between Jews and Catholics" since the Second Vatican Council in the early 1960s, the pope said in a message to the rabbi, Riccardo di Segni.

    Francis is the first non-European pope for over 1,200 years and the first from the Americas. In a further display of his embrace of the poor, Vatican officials said on Friday that Francis had urged bishops and the faithful in Argentina not to spend money on a long journey to attend his formal inauguration next Tuesday but to make a donation to the poor.

    In his first audience with the cardinals, Francis told them that Benedict's papacy and teachings had "enriched and invigorated" the Catholic Church and had "lit a flame in the depths of our hearts that will continue to burn because it is fueled by his prayers that will support the church on its missionary path."

    Vatican officials said the new pope planned at some stage to visit Benedict at the papal summer retreat at Castel Gandolfo outside Rome, where he is living while an apartment is made ready for him at the Vatican. In his retirement, Benedict has said, he plans to live "hidden to the world."

    Last month, Benedict became the first pope in six centuries to resign, citing failing powers and old age and precipitating a scramble for the succession in which Francis was not widely seen as being among the front-runners. Sometimes speaking without notes, Francis observed Friday that many of the cardinals were of advanced age, and he told them: "Let us give this wisdom to young people; like good wine, it becomes better with age. Let us give to young people the wisdom of life."

    After his remarks, Francis greeted the cardinals one by one, shaking their hands and hugging some. He also accepted letters and presents from them, including a yellow bracelet that he immediately wore on his right wrist.

    Danil J. Wakin reported from Vatican City, Alan Cowell from London and Gaia Pianigiani from Rome.

    JPMorgan Faulted on Controls and Disclosure in Trading Loss - New York Times

    Posted: 15 Mar 2013 09:32 AM PDT

    JPMorgan Chase, the nation's biggest bank, ignored internal controls and manipulated documents as it racked up trading losses last year, while its influential chief executive, Jamie Dimon, briefly withheld some information from regulators, a new Senate report says.

    The findings by the Congressional investigators shed new light on the multibillion-dollar trading blunder, which has claimed the jobs of several top executives and prompted an inquiry by the Federal Bureau of Investigation. The 300-page report, released a day before a Senate subcommittee plans to question bank executives and regulators at a hearing, will escalate the debate over how to police complex risk-taking on Wall Street. It may also foreshadow a criminal case against employees at the heart of the troubled wager.

    A spokeswoman for the bank said on Thursday, "While we have repeatedly acknowledged significant mistakes, our senior management acted in good faith and never had any intent to mislead anyone."

    Mr. Dimon, whose reputation as an astute manager of risk has been undercut by the trading losses, comes under the harshest criticism yet from the Senate investigators. The chief executive signed off on changes to an internal alarm system that underestimated losses, seemingly contradicting his earlier statements to lawmakers, according to the report.

    He is also accused of withholding from regulators details about the investment bank's daily losses — and then raising "his voice in anger" at a deputy who later turned over the information.

    While people close to the matter dispute whether the outburst actually happened, it illustrates a broader problem at JPMorgan: after emerging from the financial crisis in far better shape than rivals, the bank saw itself as being above its regulators. The bank was so filled with hubris, Senate investigators said, that an executive once screamed at examiners and called them "stupid."

    The bipartisan report, citing some of the same private documents that F.B.I. agents are now poring over, also highlighted how JPMorgan managers "pressured" traders to lowball losses by $660 million, a previously undisclosed figure, and then played down the problems to authorities.

    The bank's trader who became known as the London Whale — because of the outsize derivatives trades at the center of the bank's losses, which now total more than $6 billion — told a colleague last year that the bank's estimated losses were "getting idiotic," according to a transcript of their phone conversation cited by the subcommittee. The trader, Bruno Iksil, added that "I can't keep this going" and that he didn't know where his boss in London "wants to stop."

    Federal investigators, seeking Mr. Iksil's side of the story, now plan to interview the trader overseas, according to people briefed on the investigation.

    Timeline: JPMorgan Trading Loss

    After examining hundreds of e-mails and hours of taped phone calls, the people said, federal investigators also plan to interview top JPMorgan executives in the coming weeks, including Mr. Dimon. While authorities do not suspect the chief executive of wrongdoing, the meetings signal that the case is at an advanced stage.

    The breakdowns at both the bank and at its regulators, in particular the Office of the Comptroller of the Currency, could galvanize support for new curbs on Wall Street trading.

    Calling the bank's trading strategy a "runaway train that barreled through every risk warning," Senator Carl Levin, the Michigan Democrat who runs the Permanent Subcommittee on Investigations, said that the bank "exposed daunting vulnerabilities" in the financial system.

    Demands from regulators for more information were met with resistance at JPMorgan, the subcommittee said. The pushback extended to the highest levels of the bank, the report found, and was not limited to requests about the bank's chief investment office, where the losses took place.

    For a brief period in 2012, the subcommittee said, JPMorgan stopped providing profit and loss reports for the investment bank to the comptroller's office. Mr. Dimon, the subcommittee said, had choked off delivery of the reports because he thought "it was too much information to provide."

    Some people briefed on the matter dispute that characterization, noting that the reports were briefly halted because of security concerns.

    Yet at other times, the bank was not fully forthcoming, Senate investigators said. During a meeting in January 2012 with the comptroller's office, JPMorgan said it intended to reduce the size of the complex trading bet. Instead, the bank increased the positions.

    Ina Drew, who headed the chief investment office, balked at the regulator's demands for more information, resisting them as "unnecessary and intrusive," the subcommittee said in its report.

    Bryan Hubbard, a spokesman for the currency office, said the agency acknowledged there "were shortcomings in the O.C.C. supervision leading up to and responding to the unfolding events" with JPMorgan's chief investment office.

    He added that "as the bank revealed the true nature of the C.I.O. operation and the level of loss exposure, the comptroller escalated the agency's response and ordered a two-pronged review into the bank's actions as well as the O.C.C.'s."

    JPMorgan faces the most scrutiny over its lowball estimates of losses, the topic of the F.B.I.'s investigation. While traders have leeway to value their losses, the bank in 2012 moved from marking them in a "middle range" to some of the most generous possible figures.

    One junior trader in London, Julien Grout, told Mr. Iksil in a recorded phone conversation: "I am not marking at mids as per a previous conversation." For five days in March, Mr. Grout also kept a spreadsheet that tracked the difference between his valuations and the midpoint. The documents, according to the subcommittee, showed that his valuations underestimated the losses by $432 million.

    The bank's controller, alerted to potential problems, issued an internal report in May 2012 that essentially cleared the traders of wrongdoing. The marks, according to the report, were "consistent with industry practices."

    But JPMorgan, the subcommittee noted, later had to restate its earnings to reflect the overly rosy estimates.

    "The bank said the markings complied with the standards of the industry," Mr. Levin said. "We don't think that's true."

    Mr. Levin called for new rules that would force banks to strengthen their methods for valuing their trades. He also urged regulators to finalize the so-called Volcker Rule, which would prevent banks from making such bets with their own money.

    JPMorgan, the subcommittee noted, "mischaracterized high risk trading as hedging," or mitigating risk, which is allowed under the Volcker Rule. Douglas Braunstein, the bank's chief financial officer, told analysts in April that the position "is consistent" with a proposed version of the Volcker Rule, a conclusion that the subcommittee dismissed as false.

    One regulator wrote in a May 2012 e-mail that the position was a "make believe voodoo magic 'composite hedge.' "

    As the traders in London assembled increasingly complex bets, JPMorgan ignored its own risk alarms, according to investigators. In the first four months of 2012 alone, the report found, the chief investment office breached five of its critical risk controls more than 330 times.

    Instead of scaling back the risk, though, JPMorgan changed how it measured it, in a metric known as value at risk, or VaR, in January 2012, enabling the traders to continue building the big bets, the subcommittee found.

    The report provides further detail about what Mr. Dimon knew about the changed alarm system. Mr. Dimon told the subcommittee that he couldn't "recall any details in connection with approving the VaR limit increase."

    But Mr. Dimon personally authorized JPMorgan to temporarily increase the measure, writing in a January 2012 e-mail, "I approve."

    A version of this article appeared in print on 03/15/2013, on page A1 of the NewYork edition with the headline: Senate Inquiry Faults JPMorgan on Trading Loss.
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    Singapore banks drop ringgit reference rate?

    Posted: 14 Mar 2013 06:58 PM PDT

    SINGAPORE: Banks in Singapore will likely abandon their reference rate for the Malaysian ringgit, a person with knowledge of the matter told Reuters, handing a victory to Malaysia's central bank as it seeks greater control over its currency market.

    Singapore's foreign exchange market has come under pressure for change since regulators, spurred by a global scandal over bankers rigging key lending rates, ordered reviews last autumn into various rates set by the city-state's banking association.

    The probes uncovered attempts by traders to manipulate Singapore's rate fixings for certain currencies, fuelling the ire of central bankers in Malaysia and Indonesia who for years have held concerns about the impact of offshore speculation on their own spot currency markets.

    The Association of Banks in Singapore, which is hammering out reforms to improve the integrity of its rate settings, is expected to adopt a plan that would end the daily publication of a ringgit spot price for settling derivative contracts, said the person, a banking professional with direct knowledge of the plans who did not want to be named as the plans were not public.

    A spokesman for the Association of Banks in Singapore declined to comment on the matter. The Monetary Authority of Singapore provided no comment.

    No final decision has been made on whether to discontinue the offshore ringgit rate and discussions are continuing about how to reform the system, several banking sources involved in the process have told Reuters.

    Even the consideration of dropping the offshore ringgit rate shows the pressure Singapore faces from its neighbours and the impact of the global regulatory push for greater transparency in
    over-the-counter derivatives.

    The association has not shown any movement toward ending Singapore's rate fixing for the Indonesian rupiah, which market players say lacks a reliable spot reference rate in its home country compared with Malaysia's reference rate for the ringgit.

    Over the past two years, the Singapore fixing has consistently quoted the rupiah at rates against the dollar that are weaker than the onshore rates, with the spread widening as far as 250 rupiah at the start of this year. The spread between onshore and offshore rates for the ringgit fixing is usually close to zero.

    The derivatives priced against the reference rates, known as non-deliverable forwards (NDFs), are instrumental for companies, investors and traders seeking to hedge currency risk in countries where capital controls restrict foreign money flows.

    With the end of Singapore's ringgit rate, banks trading ringgit NDFs would refer to a benchmark published by the foreign exchange industry association in Malaysia, the person said.

    That would still fall short of the ideal solution - a benchmark based on actual transactions - but it would be better than the offshore model, said Joseph Cherian, director of the Centre for Asset Management Research & Investments at NUS Business School in Singapore.

    "When vested interests like offshore bankers set reference rates, be it interest or foreign exchange, and have their profit and loss - and by extension, their compensation - determined by the very rates they set, the temptation to do wrong is always high," he said.

    Singapore's NDF market is one of the world's largest with turnover that can reach billions of dollars per day. Most trade is in the Indian rupee, for which reference rates are overseen by India's central bank, and in Southeast Asian currencies.

    Some central banks, including Indonesia's, have long complained that speculation by NDF traders has made the spot rates for their currencies more volatile.

    To determine Singapore's daily currency reference rates for the ringgit, a panel of 15 banks submits estimates of onshore spot rates every trading day. The fixing takes the average of bank
    contributions, after removing the top and bottom quarter of submissions.

    Thomson Reuters, parent of Reuters news, acts as the agent for the Association of Banks in Singapore, collecting and calculating the rates. A similar process is used for interbank lending rates in Singapore and other financial centres around the world.

    The move to a locally set rate is both a vote of confidence in the credibility of Malaysia's onshore rates, and a signal of banks' reluctance to remain involved in an offshore rate-setting
    process that has become mired in controversy.

    It also reflects momentum for regulators to crack down on rate fixing systems after last year's scandal over the setting of the benchmark London interbank offered rate (Libor), which found traders worldwide were manipulating daily lending rates tied to more than US$600 trillion worth of securities.

    The review into Libor in London is proposing to reduce the number of interest rate benchmarks and tighten the oversight of the rate-setting process.-- Reuters

    KL shares open mixed in early trading

    Posted: 14 Mar 2013 07:03 PM PDT

    Share prices were mixed in early trading Friday after two days of losses on renewed buying interest in lower liners, dealers said.

    At 9.15am, the FTSE Bursa Malaysia KLCI (FBM KLCI) eased 0.91 of a point to 1,639.83. It had opened 0.61 of a point better at 1,641.35.

    HwangDBS Vickers Research Sdn Bhd said the bellwether FBM KLCI could extend its recovery after bouncing up from a trough of 1,635.87 yesterday.

    "For the time being, we expect the benchmark index to swing between its immediate support and resistance levels of 1,635 and 1,655, respectively," HwangDBS said in a research note today.

    Meanwhile, the key US equity indices posted an overnight rebound of between 0.4 per cent and 0.6 per cent as sentiments were boosted by a drop in jobless claims.

    "As such, Asian equities will probably show a positive bias when trading resumes today," the research firm said.

    Meanwhile, the Plantation Index lost 13.46 points to 7,896.8, the Industrial Index fell 10.08 points to 2,815.48 while the Finance Index dwindled 12.54 points to 15,277.51.

    The FBM Emas Index declined 3.97 points to 11,219.51, the FBMT100 shed 5.52 points to 11,059.37, the FBM Mid 70 Index went down 3.15 points to 12,463.48 and the FBM Ace Index slid 10.03 points to 3,963.21.

    Gainers outnumbered losers 89 to 63, with 103 counters unchanged, 1,387 untraded and 20 others suspended.

    Turnover stood at 54.34 million shares worth RM35.21 million.

    Among actives, Luster Industries and MNC Wireless earned half sen each to 10.5 sen and 11 sen, respectively, Sanichi Technology added one sen to 12.5 sen, while Censof Holdings eased half sen to 43 sen.

    Heavyweights, Maybank rose four sen to RM9.25, CIMB slipped two sen to RM7.07, while Sime Darby and Axiata were flat at RM9.19 and RM6.39, respectively.-- Bernama

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    Pope Francis begins first full day with prayer in Rome - Fox News

    Posted: 14 Mar 2013 09:01 AM PDT

    • pope_francis_031413.jpg

      March 14, 2013: Newly elected Pope Francis I, Cardinal Jorge Mario Bergoglio of Argentina, makes a private visit to the 5th-century Basilica of Santa Maria Maggiore, in a photo released by Osservatore Romano in Rome. Pope Francis, barely 12 hours after his election, quietly left the Vatican early on Thursday to pray for guidance as he looks to usher a Roman Catholic Church mired in intrigue and scandal into a new age of simplicity and humility.Reuters

    Pope Francis began his first day as leader of the Catholic Church by stopping by his hotel to pick up his luggage and pay the bill himself, before praying at Rome's main basilica dedicated to the Virgin Mary.

    He entered the St. Mary Major basilica through a side entrance just after 8 a.m. and left about 30 minutes later.

    "He spoke to us cordially, like a father," Father Ludovico Melo, a priest who prayed with Pope Francis, told Reuters. "We were given 10 minutes' advance notice that the pope was coming."

    Argentine Cardinal Jorge Mario Bergoglio was elected by his peers Wednesday evening as the new pope, becoming the first pontiff from the Americas.

    He had told a crowd of some 100,000 people packed in rain-soaked St. Peter's Square just after his election that he intended to pray Friday to the Madonna "that she may watch over all of Rome."

    Bergoglio chose the name Francis, drawing connections to the humble 13th-century saint who saw his calling as trying to rebuild the church in a time of turmoil.

    The main item on Francis' agenda Thursday was an inaugural afternoon Mass in the Sistine Chapel.

    Francis is expected to outline some of his priorities as pope in the homily. Vatican spokesman Rev. Federico Lombardi said it would likely be delivered in Italian, another break from the traditional-minded Benedict whose first homily as pope was in Latin.

    On Thursday morning, members of his flock were charmed when Francis stopped by the Vatican-owned residence where he routinely stays during visits to Rome.

    The Rev. Pawel Rytel-Andrianek, who teaches at the nearby Pontifical Holy Cross University and is staying at the residence, said he didn't just come to get his luggage, noting that anyone could have come to get his suitcases.

    "He wanted to come here because he wanted to thank the personnel, people who work in this house," he said. Francis met with the staff in the dining room. "He greeted them one by one, no rush, the whole staff, one by one," Rytel-Andrianek said, noting that the pope knew everyone by name.

    "People say that he never in these 20 years asked for a (Vatican) car," he said. "Even when he went for the conclave with a priest from his diocese, he just walked out to the main road, he picked up a taxi and went to the conclave. So very simple for a future pope."

    Francis has also spoken by phone with Benedict, who became the first pope to resign in 600 years and has been living at the papal retreat in Castel Gandolfo. Francis was expected to visit him this week, but a Vatican spokesman, the Rev. Thomas Rosica, said Francis wouldn't make the trip to Castel Gandolfo on Thursday, and probably wouldn't go Friday, either.

    The visit is significant because Benedict's resignation has raised concerns about potential power conflicts emerging from the peculiar situation of having a reigning pope and a retired one.

    As the long-time archbishop of Buenos Aires, Francis has spent nearly his entire career at home in Argentina, overseeing churches and shoe-leather priests. In choosing a 76-year-old pope, the cardinals clearly decided that they didn't need a vigorous, young pope who would reign for decades but rather a seasoned, popular and humble pastor who would draw followers to the faith and help rebuild a church stained by scandal.

    Groups of supporters waved Argentine flags Wednesday night in St. Peter's Square as Francis, wearing simple white robes, made his first public appearance as pope.

    Chants of "Long live the pope!" arose from the throngs of faithful, many with tears in their eyes. Crowds went wild as the Vatican and Italian military bands marched through the square and up the steps of the basilica, followed by Swiss Guards in silver helmets and full regalia.

    Francis appeared on the balcony of St. Peter's Basilica just after a church official announced "Habemus Papum" -- "We have a pope" -- and gave Bergoglio's name in Latin.

    "Ladies and Gentlemen, good evening," he said to wild cheers before making a reference to his roots in Latin America, which accounts for about 40 percent of the world's Roman Catholics.

    Francis asked for prayers for himself, and for retired Pope Emeritus Benedict XVI, whose resignation paved the way for the conclave that brought the first Jesuit to the papacy.

    "You know that the work of the conclave is to give a bishop to Rome," Francis said. "It seems as if my brother cardinals went to find him from the end of the earth. Thank you for the welcome."

    Bergoglio has shown a keen political sensibility as well as the kind of self-effacing humility that fellow cardinals value highly, according to his official biographer, Sergio Rubin. He showed that humility on Wednesday, saying that before he blessed the crowd he wanted their prayers for him and bowed his head.

    "Good night, and have a good rest," he said before going back into the palace.

    In a lifetime of teaching and leading priests in Latin America, which has the largest share of the world's Catholics, Francis has been known for modernizing an Argentine church that had been among the most conservative in Latin America.

    Like other Jesuit intellectuals, Bergoglio has focused on social outreach. Catholics are still buzzing over his speech last year accusing fellow church officials of hypocrisy for forgetting that Jesus Christ bathed lepers and ate with prostitutes.

    Francis, the son of middle-class Italian immigrants, is known as a humble man who denied himself the luxuries that previous Buenos Aires cardinals enjoyed. Bergoglio often rode the bus to work, cooked his own meals and regularly visited the slums that ring Argentina's capital.

    He came close to becoming pope in 2005, reportedly gaining the second-highest vote total in several rounds of voting before he bowed out of the running in the conclave that elected Pope Benedict XVI.

    American Cardinal Timothy Dolan gave an inside glimpse into the drama of the conclave in his talk at the American seminary.

    When the tally reached the necessary 77 votes to make Bergoglio pope, Dolan said, the cardinals erupted in applause. And when he accepted the momentous responsibility thrust upon him -- ''there wasn't a dry eye in the place," Dolan recounted.

    After the princes of the church had congratulated the new pope one by one, other Vatican officials wanted to do the same, but Francis preferred to go outside and greet the throngs of faithful. ''Maybe we should go to the balcony first," Dolan recalled the pope as saying.

    Elected on the fifth ballot, Francis was chosen in one of the fastest conclaves in years, remarkable given there was no clear front-runner going into the vote and that the church had been in turmoil following the upheaval unleashed by Benedict's surprise resignation.

    For comparison's sake, Benedict was elected on the fourth ballot in 2005 -- but he was the clear front-runner going into the vote. Pope John Paul II was elected on the eighth ballot in 1978 to become the first non-Italian pope in 455 years.

    In choosing to call himself Francis, the new pope was linking himself with the much-loved Italian saint from Assisi associated with peace, poverty and simplicity. St. Francis was born to a wealthy family but later renounced his wealth and founded the Franciscan order of friars; he wandered about the countryside preaching to the people in very simple language.

    He was so famed for his sanctity that he was canonized just two years after his death in 1226.

    Francis will be installed officially as pope on Tuesday, on the feast of St. Joseph, patron saint of the universal church, according to Vatican spokesman Lombardi.

    Lombardi, also a Jesuit, said he was particularly stunned by the election given that Jesuits typically shun positions of authority in the church, instead offering their work in service to those in power.

    But Lombardi said that in accepting the election, Francis must have felt it "a strong call to service," an antidote to all those who speculated that the papacy was about a search for power.

    In an interesting twist the Jesuits were expelled from all of the Americas in the mid-18th century. Now, a Latin American Jesuit has been elected head of the 1.2-billion strong Catholic Church.

    The Associated Press contributed to this report.

    Most New York Gun Shows to Add Steps to Ensure Background Checks - New York Times

    Posted: 14 Mar 2013 08:37 AM PDT

    ALBANY — The overwhelming majority of New York state gun show operators have agreed to new rules to ensure that criminal and mental health background checks are conducted on buyers.

    The agreement was reached after undercover agents from the state attorney general's office were able to purchase weapons, including three AR-15 rifles, without any screening at half a dozen gun shows around the state.

    The operators, with shows from White Plains to Cheektowaga, have also agreed to a broader system to track firearms at their shows and to guard against illegal sales in parking lots.

    The agreement was negotiated by the New York attorney general, Eric T. Schneiderman, who had brought criminal charges against the sellers identified in the sting.

    The new gun show procedures for New York come as Congress debates whether to require universal background checks for gun sales, including private sales at gun shows. New York law has required such checks since 2000, but Mr. Schneiderman said there was ample evidence that the rules were not being followed.

    "Our goal is to have 100 percent of the gun show operators on board, and then we have a good example for other states to follow," Mr. Schneiderman, a Democrat, said. "Once we demonstrate how easy this is, and how it keeps people safe, it weakens the arguments on the federal level that guaranteeing background checks are overly burdensome or face meaningful opposition."

    The 23 operators who have agreed to the new protocols are responsible for more than 80 percent of gun show sales in the state.

    The investigators, posing as buyers, were able to purchase firearms even after they had told the sellers that they had orders of protection against them, in which case they would fail background checks. Among the weapons purchased were the AR-15 rifles, like the one that was used in the elementary school massacre in Newtown, Conn., in December.

    "The truth of the matter is most responsible gun show operators and gun owners in America want people to have background checks," Mr. Schneiderman said. "The overwhelming majority of the folks I've talked to on this are crystal clear that they do not want people who have criminal backgrounds or mental health problems to get guns."

    Mr. Schneiderman had brought criminal charges against the sellers who failed to run background checks. His office also accused the operators of failing to comply with a state law that requires them to post signs about the background check requirement and notify exhibitors about it. But in lieu of pursuing civil action against them, he sought to develop the new set of statewide security procedures.

    The regulation of guns has been a major subject of debate in Albany in the wake of the Newtown shootings. In January, Gov. Andrew M. Cuomo pushed through the Legislature a package of new gun laws, including an expanded ban on assault weapons and high-capacity magazines, as well as a requirement that background checks be conducted for private gun sales that do not take place at gun shows.

    The shows have long been a major area of concern for advocates of gun control. Many states do not regulate the events, or have only modest rules for them; New York is one of only a small number of states that requires background checks for private sales at shows.

    Dr. Garen J. Wintemute, the director of the Violence Prevention Research Program at the University of California, Davis, described New York's new measures as a good step.

    "It's clear that undocumented private-party sales are an important way for either prohibited persons or those who are getting guns with criminal intent to get those guns," Dr. Wintemute said. "The majority of them probably occur elsewhere — many of them these days occur on the Internet — but you do what you can do."

    Under the state procedures, participating gun-show operators are to track the firearms that go in and out of their events. Most shows will use a system in which guns brought by private sellers are tagged at the show's entrance with the name of the owner or seller and the gun's serial number.

    When someone buys a gun from a private seller at the show and passes a background check, a second tag will be affixed to the gun as documentation that the screening was conducted. When guns are taken out of the show, they will be checked to ensure that either the gun is leaving with the owner or seller who brought it in, or has a second tag to confirm that a background check was done for the new owner.

    The procedures developed by Mr. Schneiderman's office also try to increase security in other ways, with operators limiting the number of entrances and exits to their shows, posting conspicuous signs publicizing the background-check requirement and notifying local law enforcement officials of the shows, so they can monitor them and patrol the area to deter sellers from working outside.

    The new procedures have already been tested at a number of gun shows this year, including one in Oneonta earlier this month.

    That show's organizer, Sandy Ackerman Klinger, who also hosts major shows at Empire State Plaza in Albany and the State Fairgrounds near Syracuse, said the only hiccup at the Oneonta event was some crowding at the show's entrance. She said gun show operators did not have a problem with what the attorney general's office was asking of them, even if some sellers were skeptical.

    "They get a little bit nervous, understandably, but the first thing I say is, if you want to have another show and want to keep having shows, we want to keep doing everything right," she said.

    While this agreement has been reached with 23 gun show operators, Mr. Schneiderman said he hoped that he would have 100 percent compliance by the end of the year.

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    Petronas awards JGC US$2b EPCC deal

    Posted: 13 Mar 2013 07:41 PM PDT

    TOKYO: Japanese engineering firm JGC Corp said on Thursday it has won a US$2 billion order from Malaysian state oil firm Petroliam Nasional Bhd (Petronas) for a new liquefied natural gas (LNG) train in Sarawak.

    The liquefaction facility, Petronas LNG Train 9 with a capacity of 3.6 million tonnes per annum (mtpa), is due to be completed by end-2015, and will bring the total capacity of the Petronas LNG complex in Bintulu, Sarawak to around 27.6 mtpa.

    Malaysia last year exported 14.6 million tonnes of LNG to Japan, the world's top LNG buyer, about 60 per cent of its LNG capacity, and the expansion could help increase exports to Japan further.

    Petronas has said the new LNG train will require feed gas volumes of up to 850 million standard cubic feet per day, which will be supplied by various fields offshore Sarawak.

    The design work for the project had been awarded to JGC and another consortium in February 2012, but JGC, which has built all existing eight LNG trains over three decades, was selected to build the ninth train.

    Shares in JGC were trading up 1.8 per cent at 8.47am in an overall market up about 0.5 per cent.-- Reuters

    Affin upgrades Genting to 'buy'

    Posted: 13 Mar 2013 07:30 PM PDT

    Affin Investment Bank upgraded Genting Bhd to 'buy' from 'reduce', saying it sees an emerging catalyst following the power-to-gaming group's plan to expand into Las Vegas.

    "The emerging earnings growth driver will now drive share price performance, we opine," Affin said in a research note on Thursday.

    The research house raised its target price on Genting to RM11.60 per share from RM8.75. It also raised its fair value on Genting Singapore PLC's to S$1.50 per share from S$1.20.

    "Consistent with our initial assessment, we are positive on Resorts World Las Vegas as regulatory risk is low; infrastructure is well placed to support tourism trajectory; and importantly, recovery in gross gaming revenue is accompanied by a higher VIP (Very Important Person) baccarat mix and foreign visitation to Las Vegas," Affin said.

    Genting on March 5 said it would purchase an unfinished resort on the Las Vegas strip from Boyd Gaming Corp for US$350 million, marking its first push into the US gambling hub.

    As of 9.17am, the stock was down 0.51 per cent at RM9.75 per share. Since March 5, when the announcement was made, Genting shares have dropped 1 per cent.

    The benchmark stock index fell 0.49 per cent.-- Reuters

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    Suspect sought in fatal shooting of 4 in Upstate NY - USA TODAY

    Posted: 13 Mar 2013 10:22 AM PDT

    Police in Upstate New York's Herkimer County were looking for a suspect wanted for killing four people and wounding two others Wednesday in a shooting spree in the villages of Mohawk and Herkimer.

    The villages are about 65 miles east of Syracuse, on opposite sides of the Mohawk River in a region known as the Mohawk Valley.

    Joseph Malone, chief of police for the two villages, identified the suspect as Kurt Myers, 64, of Mohawk. He was described as "armed and extremely dangerous."

    Officials say guns and ammunition were found inside Myers' apartment after emergency crews were sent to a fire there Wednesday morning.

    The Observer-Dispatch (uticaod.com) quoted police as saying they were "familiar" with Myers but could not comment on any criminal record he may have.

    The shooting spree began at mid-morning when a man armed with a long gun killed two people and injured two at John's Barber Shop in Mohawk then apparently drove to Gaffney's Fast Lube in nearby Herkimer where the second shootings occurred.

    Amanda Viscomi, Herkimer's acting clerk-treasurer for the village of 7,700, told the Associated Press the shooting at Gaffey's happened a few blocks from Village Hall. She said she was told the shooter was at large and that state police, sheriff's deputies and other police were swarming the area.

    "Everybody's on lockdown, all the schools, the college, the village," Viscomi said. "It's very, very scary."

    Herkimer County Community College sent an automated cellphone alert around 10:40 a.m. ET telling students and staff that there was an "active shooter" in the area.

    "It's very unusual for our small community to have such a horrific situation happen," said Herkimer County legislator Robert Schrader, 49, who represents Herkimer village and town. "It's a very nice community. We have never had anything like this happen, not in my lifetime."

    The county has a population of almost 65,000 people.

    The FBI defines a mass killing as when four or more are killed. There have been 201 such cases since 2006 i the United States.

    The barber shop and car wash slayings, if committed by the same gunman, would represent the third mass killing of 2013. All have been shootings.

    What police say was an attempted apartment robbery in Tulsa ended with four women slain in January. Police have arrested two brothers, both of whom have been charged with murder.

    Later that month, a 15-year-old boy was charged with five counts of murder after his family was found shot at their Albuquerque home.

    Contributing: Donna Leinwand Leger and Meghan Hoyer, USA TODAY; the Associated Press

    New Round of Voting Fails to Name a Pope - New York Times

    Posted: 13 Mar 2013 10:21 AM PDT

    VATICAN CITY — Thousands of the faithful and the curious filled St. Peter's Square on Wednesday evening, hoping for the white smoke that signals a selection.

    The morning session held by the 115 cardinals of the Catholic Church yielded only black smoke, which billowed from a makeshift copper chimney atop the Sistine Chapel after noon, signaling that they had again failed to muster majority support for a successor to Benedict XVI and that balloting would continue until they do.

    A first vote ended inconclusively on Tuesday, and the inky black smoke at midday Wednesday indicated an absence of consensus among the cardinals in two subsequent ballots, over what kind of pope they want to confront the pressing and sometimes conflicting demands for change in the church after years of scandal.

    "It's more or less what we expected," the Rev. Federico Lombardi, the Vatican spokesman, said of the first three ballots. He said the continuing voting was a "normal process of discernment," not a sign of divisions. In relatively recent times, he said, only one pope was chosen as quickly as the third ballot — Pius XII, whose papacy spanned World War II and lasted from 1939 to 1958.

    Unusually, President Obama pitched in to the papal debate, promoting the idea of an American pope.

    In an interview broadcast on Wednesday, Mr. Obama said an American pope would "preside just as effectively as a Polish pope or an Italian pope or a Guatemalan pope."

    The president dismissed the idea that an American pope would be perceived as too tied to the government of the United States. "I don't know if you've checked lately, but the Conference of Catholic Bishops here in the United States don't seem to be taking orders from me," Mr. Obama told George Stephanopoulos of ABC News in the interview.

     Mr. Obama said he hoped that whoever becomes pope will maintain what he called the "central message" of the Gospel. 

     "That is that we treat everybody as children of God and that we love them the way Jesus Christ taught us to love them," Mr. Obama said. "I think that a pope that, you know, is that clarion voice on behalf of those issues will, you know, will have a tremendous and positive impact on the world."

     Voting is set to continue — with up to two rounds each morning and afternoon — until a candidate receives a two-thirds majority, or 77 votes.

    At that point, white smoke will billow forth from the chapel, telling the world's one billion-plus Catholics that they have a new leader, and the bells of St. Peter's Basilica will peal.

    On Wednesday, the first full day of the conclave, the prelates celebrated a morning Mass in the Pauline Chapel of the Apostolic Palace before moving to the Sistine Chapel to deliberate and vote under its 16th-century frescoes by Michelangelo. Outside, pilgrims and sightseers sheltered under umbrellas in the piazza starting early in the rainy morning, hoping to see an unequivocal signal from the burning ballot papers.

    The crowd soon thickened, with many people staring toward the chimney with its simple cover or looking at it on huge television screens. Some closed their eyes and clasped their hands around rosaries in prayer.

    At the last papal election, in 2005, the color was indeterminate in an early round, prompting confusion. But, on Tuesday and Wednesday, the smoke was unmistakably black.

    Technology helped, too. By the time the first smoke emerged, at 7:41 p.m. on Tuesday, it was dark outside. But giant screens in St. Peter's Square showed the smokestack clearly.

    The Vatican has given details of how the black smoke is generated, saying that, since 2005, a secondary device alongside the traditional ballot-burning stove generates colored smoke from different chemical compounds. Both devices feed into stovepipes that join up as a single smokestack on the Sistine Chapel roof.

    For black smoke, the Vatican Information Service said, the compound blends potassium perchlorate, anthracene and sulfur. White smoke heralding a new pope comes from a mixture of potassium chlorate, lactose and rosin, "a natural amber resin obtained from conifers."

    Before 2005, the black smoke was "obtained by using smoke black or pitch and the white smoke by using wet straw," the Vatican said.

    Daniel J. Wakin reported from Vatican City, and Alan Cowell from London. Michael D. Shear contributed reporting from Washington.

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