The Securities and Exchange Commission has become more aggressive in seeking full hard drives from the companies and individuals it investigates, startling defense lawyers who question whether the agency is allowed to obtain such information.
It is part of a larger effort by enforcement authorities, both criminal and civil, to use bolder and more sophisticated tools to nab fraudsters who themselves are becoming savvier in their techniques.
A bill drafted by the Miami Dolphins would give Florida sports teams $3 million a year in state money to improve older stadiums, provided the owner pays for at least half the cost of a major renovation.
Under the law, the stadium would need to be 20 years old and the team willing to put in at least $125 million for a $250 million renovation. That’s less than the $400 million redo of Sun Life Stadium that Dolphins owner Stephen Ross proposed this week, which he hopes will win state approval thanks to his offer to fund at least $200 million of the effort to modernize the 1987 facility.
Miami-Dade and Florida would fund the rest through a mix of county hotel taxes and state general funds set aside for stadiums. Sun Life currently receives $2 million a year through the program, and the Dolphins want to create a new category that would give them an additional $3 million.
While the Miami Marlins and Miami Heat both play in stadiums subsidized by county hotel taxes, the Dolphins receive no local dollars. The bill would change that by allowing Miami-Dade to increase the tax charged at mainland hotels to 7 percent from 6 percent, and eliminate the current rule that limits the money to publicly owned stadiums. Sun Life Stadium, in Miami Gardens, is privately owned but sits on county land.
The bill pits enthusiasm for one of Florida’s most popular sports teams against a lean budget climate and lingering backlash against the 2009 deal that had Miami and Miami-Dade borrow about $485 million to build a new ballpark for the Marlins. Ross also must navigate a Republican-led Legislature that has twice rebuffed his requests for public dollars.
“I would be surprised if that bill even got a hearing in committee,” said Mike Fasano, a Republican representative from the Tampa area and a critic of tax-funded sports deals. “I’m a big Dolphin fan, and have been for years. But with all due respect, we’ve got people who are struggling throughout this state right now . .. The last thing we should be doing is giving a professional sports team or facility additional tax dollars.”
While the bill would open up the $3 million subsidy to other the teams, the Dolphins see it as unlikely that another owner would be willing to put up as much money for renovations as Ross, a billionaire real estate developer.
If the bill were enacted today, any stadium opened before 1993 would be eligible for the money, provided it could show the proposed renovation would generate an additional $3 million in sales taxes.
Ross and his backers are pitching the renovation as a boon to tourism, with Sun Life a magnet for the Super Bowl, national college football games and other major events. The National Football League is considering South Florida and San Francisco for the 2016 Super Bowl, and the Dolphins say approval of renovation funding is crucial to winning the bid.
Sen. Oscar Braynon, D-Miami Gardens, who sponsored the Senate bill, said the funding makes sense because when Sun Life hosts a Super Bowl, the entire state benefits from both tourism dollars and publicity.
“It’s a small price to pay for economic development, and for all the shine we get from major sporting events,” said Braynon, whose district includes Sun Life. Rep. Eduardo “Eddy” Gonzalez, R-Hialeah, is the sponsor on the House side.
TALLAHASSEE --
Florida’s campaign finance system is so riddled with holes that a state ethics watchdog group will urge lawmakers Wednesday to open the spigot and let an unlimited amount of campaign cash gush into campaign coffers.
Integrity Florida, a non-profit, independent ethics advocacy organization, will tell the Houses Ethics and Elections Committee that the state should allow no-limits campaign finance in exchange for public disclosure of all donors.
Disclosure would be made within 24 hours of every check deposited to any state or local campaign account and every expenditure paid. The group also wants the elimination of powerful political slush funds that whitewash funds and shield donors, known as Committees of Continuous Existence.
“There is no evidence that caps on contributions are effective,’’ said Dan Krassner, executive director of Integrity Florida. “The money is going to find its way into the system. It is broken in every possible way.”
House Speaker Will Weatherford, R-Wesley Chapel, who has made eliminating CCEs a political priority, told the Herald/Times that he is “open to considering” the removal of contribution limits.
“We already have a system that allows for unlimited money,’’ he said.
Republican Party Chairman Lenny Curry said he supports any proposal “that creates more transparency,” but would leave it to lawmakers to work out the details.
Democratic political consultant Steve Schale said ending donation limits and requiring fast-track disclosure “is the only way to get rid of the fiction of limits and open the gates of sunshine.”
The proposal was unanimously supported by the board of Integrity Florida, which includes the president of the Northwest Florida Tea Party Mike Hill, the executive director of the First Amendment Foundation Barbara Petersen, and retired associate editor of the St. Petersburg Times, Martin Dyckman.
For about two decades, Florida has required political contributors to limit donations to candidates to $500 in the primary and another $500 in the general election. But those limits have been outmatched by a flood of money pouring into the system in the era of Super PACs and the 2010 landmark U.S. Supreme Court decision to recognize corporate contributions as political speech.
In the 2011-12 election cycle, Integrity Florida found that $230 million of the $306 million raised — about three out of four dollars — went to parties and political committees, which skirt the campaign finance limits and were subject to fewer disclosure rules.
Many of those CCEs are controlled by legislators and used to raise money, which they transfer to other campaigns or use to pay for meals, travel, car expenses and even gifts. The process has allowed the Legislature’s most powerful lawmakers to amass more clout during the election cycle as they transfer funds to the campaigns and committees of other members in an attempt to consolidate power.
In the last cycle, lawmakers who have risen to the most powerful posts in the House and Senate, raised more money in their political committees than most special interest groups in Florida. Most of the money was transferred to other accounts, leaving the public no clear trail to follow the money.
The Senate Ethics and Elections Committee chairman, Sen. Jack Latvala, R-St. Petersburg, said he wants to close those spending loopholes by banning the use of CCE funds on gifts and meals. But he does not want to eliminate CCEs. Latvala is also not a fan of removing the contribution limit because he believes the $1000 per-cycle contribution cap is working fine.
In the process of explaining her reason for removing a Marilyn Monroe tattoo on her forearm to Esquire magazine, cover girl Megan Fox unleashed what appeared to be a harsh criticism of actress Lindsay Lohan. In light of all the attention Fox's words have garnered, the star has taken to Facebook in an attempt to clarify her comments.
Pics: New Mom Megan Fox's Sexiest Shoot Yet
"In the newly released article that I did for Esquire, there is a reference that is made to Lindsay Lohan that I would like to clarify before it snowballs into something silly," began Fox in an open letter posted to her personal page.
"The journalist and I were discussing why I was removing my Marilyn Monroe tattoo, especially since, in his opinion, Marilyn was such a powerful and iconic figure for women. I attempted to draw parallels between Lindsay and Marilyn in order to illustrate my point that while Marilyn may be an icon now, sadly she was not respected and taken seriously while she was still living.
"Both women were gifted actresses, whose natural talent was lost amongst the chaos and incessant media scrutiny surrounding their lifestyles and their difficulties adhering to studio schedules etc.
"I intended for this to be a factual comparison of two women with similar experiences in Hollywood. Unfortunately it turned into me offering up what is really much more of an uneducated opinion. It was most definitely not my intention to criticize or degrade Lindsay.
"I would never want her to feel bullied, as she does not deserve that. I was not always speaking eloquently during this interview and this miscommunication is my fault."
Related: How Megan Fox Lost All That Baby Weight
Fox's original quote to Esquire reads as follows:
"I started reading about [Marilyn] and realized that her life was incredibly difficult. It's like when you visualize something for your future. I didn't want to visualize something so negative.
"She was sort of like Lindsay [Lohan]. She was an actress who wasn't reliable, who almost wasn't insurable. ... She had all of the potential in the world, and it was squandered. I'm not interested in following in those footsteps."
Betsy McCaughey
The federal Centers for Medicare and Medicaid Services reported last week that health spending in the United States inched up 3.9 percent in 2011 — the latest available statistics, and the third year in a row it rose at that tiny rate. It’s the slowest pace in 52 years, after decades of staggering double-digit increases.
It’s an embarassing fact for President Obama. To frighten the nation into passing the Affordable Care Act (a k a ObamaCare), he repeatedly warned throughout 2009 and 2010 of “skyrocketing” health-care costs threatening family budgets and the nation’s economy. He even labeled these “skyrocketing” costs “the domestic crisis of our time.”
Now the data show just the opposite, that health-care spending was growing more slowly than at any other time in the last half-century.
The federal report highlights one reason for the trend: a decline in inpatient hospital care (down 1.1 percent), as more folks get outpatient treatment instead. New technologies such as anesthesia-reversing drugs help make that possible.
But in a separate report, the same agency’s actuaries project that the Affordable Care Act will soon reverse our progress in taming spending growth. In 2014, when most of the law’s provisions take effect, spending will jump 7.4 percent — 2.1 percent faster than if ObamaCare hadn’t passed.
In other words, the government’s own actuaries warn that ObamaCare will cause the very “skyrocketing” costs we were told it would cure. They also say spending will continue to grow 6.2 percent a year through 2021, pushing health care to 19.6 percent of GDP by 2021.
Blame government programs for the increase. In 2011, federal, state and local government funding for health care grew 6.4 percent, while health spending by business, households and other private sources rose only 1.9 percent. Government will pay for over 49 percent of health care by 2021.
Sadly, spending will grow fastest on something that doesn’t provide care to the sick or even preventive care for the healthy: namely, on government health-care administration — bureaucrats and regulators telling doctors what to do.
This cost will soar from $29.6 billion in 2009 to $68 billion in 2021. That increase alone is enough to buy health plans for 2 million American families a year.
The projections from the Centers for Medicare and Medicaid Services identify other problems ahead: One is an 8.5 percent rise in demand for physicians’ services in 2014, when coverage expands. Who’ll meet this demand? A 2010 report from the American Association of Medical Colleges warns of a 10 percent shortfall in doctor supply by 2020 (91,500 too few physicians).
The situation may be worse. A survey last October from the Physicians Foundation shows that many doctors are shortening hours and seeing fewer patients in response to mounting regulations, low pay and the impact of the new health law.
The report also warns that “some large employers with low-wage employees are expected to discontinue health-insurance benefits for their employees,” and pay a penalty instead. It’s no wonder: The ObamaCare law requires employers with 50 full-time employees to provide a package of “essential benefits” more costly than what many employers now offer. It will add $1.79 an hour to the cost of a full-time employee, calculates James Sherk of the Heritage Foundation.
That’s affordable when hiring lawyers and stockbrokers, but not waiters.
On Jan. 6, a Nebraska network of Wendy’s restaurants announced what many other employers are expected to say, that they are cutting back employees’ hours to part-time to avoid the mandate. Federal data suggest that fewer employees will get coverage on the job after the “employer mandate” goes into effect in 2014 than if it had not been enacted.
In short, Obama invented a crisis to get the Affordable Care Act passed — but now that law will indeed put many Americans in crisis.
Betsy McCaughey’s new book is “Beating ObamaCare: Your Handbook for Surviving the New Health Care Law.”
Have a comment on this PostOpinion column? Send it in to LETTERS@NYPOST.COM!
Christian Rivas is still years away from becoming a professional sushi chef, but his hand-crafted California roll looks good enough to serve professionally.
“The hard part was getting the roll to be in good shape,” Christian, a 16-year-old junior at Coral Gables Senior High, said of his first attempt.
The Gables student was one of about 30 who stood in rapt attention inside the school’s kitchen classroom. He is a member of the school’s culinary arts program.
On Tuesday morning, chefs and executives from Sushi Maki, including CEO Abe Ng, volunteered to teach these students about the restaurant business. The main part of the presentation was Kingston-bred director of sushi education Steve Ho Sang’s instruction on how to make sushi rolls and hand rolls.
Sushi Maki goes through three tons of fresh salmon every week, Ng said. The succulent Norwegian fish in front of the class, expertly filleted via Ho Sang’s knives, looked like half a week’s supply.
The executives were there as part of the Education Fund’s Teach-a-Thon program which brings business professionals into Miami-Dade County Public School classrooms. These pros volunteer to teach a class at the elementary, middle or high school level to help raise money for school activities such as Coral Gables’ culinary program and to promote the value of public school teachers.
“What a lot of people don’t realize is that teaching is really brain surgery,” said Linda Lecht, president of The Education Fund. “We want to call attention to the fact that teaching is a hard job and we, as a community, have to rally around our teachers if we are going to improve education. We want to get out the message of how important teaching is to our whole economy.”
Mercy Vera, Coral Gables’ culinary teacher, sought a partnership with The Education Fund — a North Miami-based non-profit that helps fund programs at Miami-Dade public schools from Homestead to Miami Gardens — to help prepare her students for careers in the profession.
The Education Fund’s latest fundraising campaign currently has $23,202 to split among 26 participating schools.
But having pros come into the classroom is also invaluable, Vera said, because it is impractical, if not near impossible, to cram 30 or more teenagers into a professional restaurant kitchen. And, of course, they would not be allowed to use the knives and other utensils. Here, in the school’s carefully stocked kitchen classroom, the guests give the kids a taste of reality.
“This brings a totally different dynamic to the classroom. This is an experience they normally wouldn’t have and this is the only way to show the children industry,” Vera said.
“I love the energy of public schools,” said Ng, 39. “I’m excited to do a restaurant 101, and to ignite a spark in them would be a big thing to me.”
The experience met with much enthusiasm from senior Jorge Castro, 19, who says he hopes to follow in the footsteps of Food Network star chef Bobby Flay, one of his inspirations in the culinary world.
“This is one of those jobs where you meet a lot of people and you make people smile when you make them good food and that counts — to see them smile,” Castro said.
Ng, a Palmetto High and Cornell grad, is part of a family that opened the Canton chain of Chinese food restaurants locally in 1975. His mom and dad still work at the South Miami and Coral Gables locations and the family also operates the spin-off Sushi Maki chain, which opened in 2000.
Ng enjoyed stepping out of the boardroom and into the classroom for his two-hour teaching experience.
“These students seem to have a good foundation,” he said as the students hustled to clean the kitchen. “The future generation of culinary, I’m optimistic about it.”
Follow @HowardCohen on Twitter.
It’s official: Miami City Commissioner Francis Suarez is running for mayor.
The 35-year-old son of former Mayor Xavier Suarez will make the formal announcement Tuesday at a press conference at his Coral Gate home.
Suarez’s candidacy has long been the subject of speculation around City Hall. The chatter intensified late last week, when campaign finance reports showed that in the last three months of 2012 he raised $460,000 through his “political communications organization.”
Suarez, in an interview Monday with The Miami Herald and El Nuevo Herald, outlined his vision for the city. It includes replenishing rainy-day funds, promoting small business, beefing up the police department and making the mayor a player on the national stage.
“It starts with having a stable government that is forward-thinking and innovative,” he said.
Despite having flush campaign coffers and key allies, Suarez faces a tough road to the Nov. 5 election. Incumbent Mayor Tomás Regalado has already launched his bid for reelection, and observers say his popularity remains high among likely voters.
“It is going to be a competitive race,” said Barry University political science professor Sean Foreman.
Suarez, a real estate attorney, first ran for the City Commission in 2009. He was elected to represent District 4, which includes Flagami and stretches to the city’s western edge, and was previously held by Regalado.
Early on, Suarez and Regalado often appeared in public together. The mayor asked Suarez to serve as City Commission chairman in late 2011.
But the relationship soured last summer, when Suarez grew increasingly critical of Regalado’s administration. He voiced concerns about the high turnover among top staffers and questioned the finance department’s ability to balance the $500 million budget on time.
Suarez said those frustrations prompted his decision to run for mayor.
“I fundamentally believe that the administration is not being run professionally,” he said. “I have concerns about what will happen if nothing is done about it.”
Suarez said he has already proven his leadership abilities. He points to a pair of controversial motions he made, both of which passed the commission: one to cut employee salaries and another to fire then-Police Chief Miguel Exposito, who was feuding with the mayor at the time.
“I’ve taken the lead on very difficult positions,” he said.
During his three years in office, Suarez has had mixed results passing policy. In 2011, he championed changes to the city zoning code that made it easier to build affordable housing. But his biggest legislative push to date — an effort to create a strong-mayor form of government — failed to find support.
Suarez said he has a couple of new proposals to pitch, including a measure that would reduce permit fees for home repairs that cost less than $2,500. He also said he has ideas for using technology to make city departments run more smoothly.
If campaign contributions are any indication, Suarez will have the support of key business leaders, including Jackson Health System CEO and former city manager Carlos A. Migoya and former Mayor Manny Diaz.
Regalado, who has raised about $160,000 for his campaign and enjoys popularity in neighborhoods like Little Havana and Flagami, said he welcomed the competition.
TORONTO (Reuters) – Canada‘s main stock index finished short of a 10-month high on Monday as investor optimism for Research In Motion Ltd shares over the upcoming launch of its BlackBerry 10 devices was offset by falling energy shares.
Weakness in the materials sector, which includes mining stocks, also added pressure, while volatile oil prices were a drag on the energy sector. The two heavyweight sectors kept an otherwise positive index in check.
RIM shares extended a 13-percent gain made on Friday. The stock added 10.44 percent to C$ 14.70 and helped the information technology sector gain 2.48 percent.
“The investor confidence is brought about simply because of hope, and hope that the new BlackBerry 10 is going to be an answer to their prayers,” said Fred Ketchen, director of equity trading at ScotiaMcLeod.
“There has been some talk that this is a revival of RIM. We’ll have to wait and see,” he added.
The Toronto Stock Exchange‘s S&P/TSX composite index <.gsptse> finished little changed, up a 0.91 of a point, or 0.01 percent, at 12,603.09. Earlier, it touched 12,636.68, its highest since March 5, 2012.</.gsptse>
The index, which marked its fifth consecutive day of gains, swung back and forth between positive and negative territories in choppy trade.
“There’s a lot of indecisiveness out there. People don’t really know which way to go and you’re getting these markets that aren’t really doing much of anything,” said Julie Brough, vice president at Morgan Meighen & Associates.
Investors kept a close watch on the U.S. debt ceiling talks, seen as a significant catalyst for the markets, with hopes that a compromise will be reached. “There is reasonable optimism that it would be resolved,” Brough said.
The energy sector was down 0.5 percent, with Canadian Natural Resources Ltd slipping 1.81 percent to C$ 29.26 and Talisman Energy Inc falling 2.64 percent to C$ 11.78. Oil prices were volatile, with Brent crude rising to $ 112 on supply concerns.
Encana Corp shares dropped 2.31 percent to C$ 19.05 after the surprise resignation of the chief executive officer of Canada’s largest natural gas producer.
The three energy companies were the three biggest drags on the index.
Materials stocks, home to mining firms, was down 0.3 percent amid a slew of deals within the sector.
Miner Alamos Gold Inc said it will buy Aurizon Mines Ltd for about C$ 780 million ($ 793 million) in cash and stock to get access to Aurizon’s only operating gold mine, Casa Berardi, in northern Quebec. Aurizon shares jumped 34 percent to C$ 4.57, while Alamos Gold fell 11.94 percent to C$ 14.90.
Russia’s state uranium firm agreed to pay $ 1.3 billion to take Canada’s Uranium One Inc private, as the successor to the Soviet Union’s nuclear industry seeks to strengthen its grip on supplies. Uranium One’s stock rose 14.52 percent to C$ 2.76.
In other company news, shares of Harry Winston Diamond Corp rose 4.41 percent to C$ 14.90 on the company’s plans to sell its high-end watches-to-necklaces division to Swatch Group in a $ 750 million cash deal that expands the Swiss watchmaker’s luxury offering and lets the Canadian group concentrate on its diamond mines.
(Additional reporting by Solarina Ho; Editing by James Dalgleish and Nick Zieminski)
Gadgets News Headlines – Yahoo! News
Last week, Bachelor Sean Lowe narrowed 25 beauties down to 19 after a whirlwind night of first impressions. This week, the sexy 26-year-old Texan followed his heart, rather than instinct, as he ventured one step closer towards finding his bride-to-be.
Whisked away by helicopter, Sarah became the envy of the house when she was chosen as the first person to enjoy a one-on-one this week. Not your average first date, the twosome braved a 300-ft freefall before toasting to the future with a glass of champagne, and it seemed the adrenaline rush was just the key to getting Sean's shy date to open up about a heartbreaking incident where she was left embarrassed by her disability. Moved, the bachelor gifted his date with a rose.
Video: Inside 'Bachelor' Sean's Harlequin-Themed Date
Next, 13 ladies were chosen for a romance novel-themed photo shoot date, complete with shirt ripping and tons of exposed skin. Given four themes (Western, vampire, sexy and historical), most were game for the challenge. In the end, professional model Kristy won the Harlequin-sponsored event to score a three book cover deal for her steamy shoot with Sean. She did not, unfortunately, win a rose; Kacie B. took that honor.
Desiree was second to snag a one-on-one with Sean and, to shake it up, the playful bachelor decided to test his date's sense of humor with a prank that, at Desiree's expense, involved staging the destruction of a faux million-dollar work of art. Des kept her cool and passed the test with flying colors, earning her a real date at Sean's pad complete with a home-cooked steak dinner. Sparks flew and the two tossed off their clothes, slipping into the hot tub for a steamy make out session after which Desiree was given a stem.
During the last group date, a new villain emerged among the girls. Amanda became public enemy number one when her unfriendliness had the house wishing adversary Tierra was around to lighten the mood.
Pics: Meet Sean Lowe's Lucky Ladies!
When the time came to bestow the final roses, AshLee, Lindsay, Robyn, Lesley M., Jakie, Selma, Catherine, Kristy, Leslie H., Tierra, Taryn, Daniella and Amanda were granted another week to impress Sean.
Uncomfortable with the competition, Katie L. decided to call it quits during the first of two group dates.
Tune in next Monday for an all-new episode of The Bachelor on ABC.
John Crudele
It’s all Monica Lewinsky’s fault.
The former White House intern, a special friend of President Bill Clinton (who was curiously named “Father of the Year” last week by one publicity-seeking, morally tone-deaf organization), was the cause of our financial problems over the past six years.
OK, give me your full attention before you declare me legally insane, because I am half serious about this. You already know the oral history of the case. Lewinsky, then an eager 22-year-old graduate of Lewis & Clark College, got a little confused one day while at the White House. So instead of serving her country above and beyond the call of duty, she serviced Clinton above and below.
And she blew it for all of us.
The facts of the Lewinsky matter started coming out in 1998, and the affair eventually resulted in the impeachment of Clinton in 1999. He whined, he apologized to Hillary, and he maneuvered. And in the end the Senate gave Clinton a pass and let him serve out his term in office.
Clinton eventually made money writing books and doing whatever it is that ex-presidents do. And now Lewinsky is even said to be offering her story to the highest bidder since, I guess, interns-who-serviced-presidents-in-that-way aren’t on much of a career path.
The rest of us wish we had done as well as those two.
Anyone who was a grown-up back in 1998 — and I reluctantly count myself among them — remembers just how disruptive the impeachment was. And those of us who write about financial markets also understood back then the unique danger that came with the first president in 130 years potentially being thrown out of office.
The folks in Washington, in particular, knew the possible problems. The last thing this country needed in the midst of this political confusion was financial chaos. So it’s no wonder that Federal Reserve Chairman Alan Greenspan — who was also handling the collapse of hedge fund Long Term Capital Management and the effects of financial problems in Russia — kept interest rates exceptionally low throughout the impeachment year and beyond.
The stock market thrived (for a while). The Internet bubble helped some people make lots of money, although others eventually lost fortunes. And — most important to the Lewinsky-is-to-blame thesis that I’m presenting here for the first time — the housing market roared thanks to the generosity of the Fed, which was like the person who put the teakettle on the stove and walked away for too long.
When Osama bin Laden struck in 2001, interest rates were already low because of the impeachment. But the Fed needed to push them down even more to contain any possible financial panic and keep the US economy going despite such a major disruption to the economy.
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