Dimon Survives Vote On Chairmanship by jolinmilioncherie

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									                                                                                                                                                                                          Wednesday, 5.16.12
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Dimon Survives Vote On Chairmanship                                                                                                                                Romney Blasts Obama For Feeding Debt
                                                                                                                                                                       DES MOINES, Iowa (AP) — Republican Mitt Romney said Tues-
                                                                                                                                                                   day President Barack Obama’s support for increased federal debt
                                                                                                                                                                   has put the economy on a disastrous course, portraying himself in
BY TAMARA LUSH AND PALLAVI GOGOI                    “An all-powerful CEO is his                           we feel about what big banks have done to our
Associated Press                                                                                          economy,” said Marilyn Lyday, a member of the            a speech in battleground Iowa as the defender of fiscal responsibil-
                                                    own boss. Looking for an infal-                       protest group Occupy Orlando.                            ity and his opponent as reckless.
    TAMPA, Fla. — The CEO of JPMorgan Chase                                                                   Dimon got something of a vote of confi-                  Calling for sharp spending cuts and a long-term budget disci-
                                                    lible CEO is a fool’s errand.”                                                                                 pline, Romney is trying to frame the campaign against the Democ-
survived a shareholder push Tuesday to strip                                                              dence from President Barack Obama, who ap-
him of the title of chairman of the board, five                                                           peared on ABC’s “The View” for an episode                rat as a contest of fairness versus irresponsibility.
                                                                                  LISA LINDSLEY                                                                        “A prairie fire of debt is sweeping across Iowa and our nation
days after he disclosed a $2 billion trading loss                                                         airing Tuesday. Obama used the appearance to
by the bank.                                                                                              press for tighter regulation of Wall Street.             and every day we fail to act we feed that fire with our own lack of
    CEO Jamie Dimon also won a shareholder          help wondering if you are listening.”                     “JPMorgan is one of the best-managed                 resolve,” Romney said, according to excerpts of a speech he’s
endorsement of his pay package from last year,          Lisa Lindsley, director of capital strategies     banks there is,” the president said. “Jamie              scheduled to deliver on his first trip to Iowa since January.
which totaled $23 million, according to an As-      for an influential union of public employees          Dimon, the head of it, is one of the smartest                The White House promptly dismissed Romney’s critique. Press
sociated Press analysis of regulatory filings.      that is also a major JPMorgan shareholder, said       bankers we got, and they still lost $2 billion           secretary Jay Carney blamed federal overspending primarily on
    Dimon, unusually subdued, told sharehold-       independent board leadership was in share-            and counting.”                                           Romney-backed tax cuts for the wealthy that were enacted during
ers at the JPMorgan annual meeting that the         holders’ best interest.                                   Obama said the bank was “making bets” in             President George W. Bush’s administration and on the wars in Iraq
company’s mistakes were “self-inflicted.”               “An all-powerful CEO is his own boss,” she        the market for the complex financial instru-             and Afghanistan.
Speaking with reporters later, he added: “The       said. “Looking for an infallible CEO is a fool’s      ments known as derivatives. Dimon has said                   Carney said Romney wants to repeat policies that led to high
buck always stops with me.”                         errand.”                                              the bank was hedging against financial risk.             deficits and the recession and repeal Obama policies “that re-
    Most of the shareholder ballots were cast in        Investors have pummeled JPMorgan’s stock              A part of the 2010 financial overhaul legisla-       versed the cataclysmic decline on our economy and that now has
the weeks before Dimon revealed the trading         price since the loss was revealed. The stock          tion known as the Volcker rule would restrict
                                                    lost 12 percent in two trading days and lost al-                                                               us growing for 11 straight quarters.”
loss.                                                                                                     banks from some trading for their own profit.
    His pay package passed with 91 percent of       most $20 billion in market value. It bounced          Dimon and critics of the industry have dis-
                                                    back on Tuesday, rising 3 percent.
the vote. The vote to strip him of the chair-
man’s title won only 40 percent support. The            Dimon said he did not expect the trading
                                                                                                          agreed over whether JPMorgan’s trading would
                                                                                                          have violated that rule.
                                                                                                                                                                   Boehner: We Must Offset Increase In Debt Limit
bank did not announce separate results from         loss to jeopardize JPMorgan’s quarterly stock             In Washington, Treasury Secretary Timothy                WASHINGTON (AP) — House Speaker John Boehner said Tues-
before and after the loss was revealed.             dividend, which is 30 cents per share.                Geithner said JPMorgan’s trading loss strength-          day that when Congress raises the nation’s borrowing cap he will
    Dimon was confronted at the meeting by              A law enforcement official said that the          ens the case for tougher rules on financial insti-       again insist on spending cuts and budget reforms to offset the
shareholders upset about the trading loss,          FBI’s New York office is heading an inquiry by        tutions, as regulators continue writing rules            increase.
which has rattled investor confidence in the        the Justice Department into the JPMorgan loss.        from the 2010 law.                                           In remarks Tuesday afternoon at a budget conference in Wash-
bank and complicated JPMorgan’s efforts to          The official, who was not authorized to speak             Geithner said that the Federal Reserve, the          ington, the Ohio Republican said he welcomes another wrenching
fight tougher regulation of Wall Street.            about the decision, spoke on condition of             Securities and Exchange Commission and the               debate on increasing the so-called debt limit because it forces a
    Rev. Seamus Finn, representing sharehold-       anonymity.                                            Obama administration are “going to take a very           Congress and White House plagued by gridlock to make difficult
ers from the Catholic organization Missionary           The official characterized the inquiry as         careful look” at the JPMorgan incident as they           decisions.
Oblates of Mary Immaculate, said that in-           preliminary.                                          implement the rules.                                         Boehner also said that the GOP-controlled House will vote to ex-
vestors had heard Dimon apologize before for            There was a heavy police presence at the              “I’m very confident that we’re going to be           tend Bush-era tax cuts due to expire at the end of the year and that
the foreclosure crisis and other problems.          meeting, in an office park east of downtown           able to make sure those come out as tough and            the House will act next year on “broad-based tax reform that low-
    “We heard the same refrain: We have             Tampa. Protesters were there as well, including       effective as they need to be,” Geithner said.
                                                    some who threw eggs at a poster with Dimon’s                                                                   ers rates for individuals and businesses while closing deductions,
learned from our mistakes. This will never be                                                             “And I think this episode helps make the case,           credits and special carveouts.”
allowed to happen again,” Finn said. “I can’t       picture on it.                                        frankly.”
                                                        “We wanted to let Jamie Dimon know how                                                                         According to Treasury Secretary Tim Geithner, the government
                                                                                                                                                                   will hit its borrowing cap later this year, but Treasury can use ac-
                                                                                                                                                                   counting maneuvers to buy time for the newly elected Congress to
                                                                                                                                                                   deal with the issue early next year.

Edwards, Mistress Could Still Be Called To Testify                                                                                                                     About a year ago, Boehner made a similar promise demanding
                                                                                                                                                                   spending cuts spread over a decade exceed the amount of increase
                                                                                                                                                                   in the debt limit, which at the time was discounted by some in offi-
MICHAEL BIESECKER                                                                                                      and Mellon in 2007 and 2008. The            cial Washington.
Associated Press                                                                                                       couple later amended their tax
                                                                                                                       returns for those years to indicate
    GREENSBORO, N.C. — Attor-                                                                                          they spent about $191,000 on                Fla. Mom Kills Her 4 Children, Then Herself
neys for John Edwards indicated                                                                                        Hunter, paying gift taxes on the                PORT ST. JOHN, Fla. (AP) — A Florida mother who fatally shot
Tuesday their case was winding                                                                                         money. Defense attorneys argue              her four children before killing herself Tuesday called three of the
down, but they were not yet say-                                                                                       that number is likely inflated.             kids who had sought help from a neighbor back to the house be-
ing whether they will call to the                                                                                          Financial records for the cou-          fore firing the fatal shots, authorities said.
witness stand the former presi-                                                                                        ple show most of the money the                  Thirty-three-year-old Tonya Thomas fatally shot her four chil-
dential candidate or his mistress.                                                                                     Youngs received from Mellon and             dren, who ranged in age from 12 to 17, said Lt. Tod Goodyear, a
    Defense attorneys said they                                                                                        Baron was spent on the the cou-             spokesman for the Brevard County Sheriff’s Office.
would make a decision later                                                                                            ple’s $1.6 million dream home in                Three of the children had gone to a neighbor’s front door before
Tuesday, but it was not immedi-                                                                                        North Carolina.                             dawn to say their mother had shot them.
ately clear when they would                                                                                                Earlier Tuesday, Edwards’ for-              The mother then called the children back to the house and
make it public.                                                                                                        mer lawyer Wade Smith testified             killed them, Goodyear said.
    After testimony ended for the                                                                                      about conversations he had with                 “From what the neighbors said, she was very calm. She walked
day with the trial still focusing on                                                                                   Alex D. Forger, an attorney for             out and called them back. They turned around and walked back to
financial records, Edwards team                                                                                        Mellon. Forger had earlier testi-           the house,” Goodyear said.
said they had not made a final                                                                                         fied for prosecutors, saying he                 The neighbor then heard gunshots and called 911.
decision on whether to call Ed-                                                                                        told Smith that Edwards acknowl-
wards, his oldest daughter Cate                                                                                        edged some of the “Bunny
or his mistress, Rielle Hunter.
They could also recall Edwards’
                                                                  SHAWN ROCCO/RALEIGH NEWS & OBSERVER/MCT
                                       John Edwards and his daughter Cate Edwards leave the federal court-
                                                                                                                       Money” had been given for his
                                                                                                                       benefit.
                                                                                                                                                                   Alzheimer’s Focus Shifts To Testing Earlier
once-close confidant and aide,         house in Greensboro, North Carolina on Tuesday, May 15, 2012. The de-               Smith said Forger misunder-                 WASHINGTON (AP) — Look for a fundamental shift in how scien-
Andrew Young.                          fense continues in Edwards' campaign corruption trial.                          stood the conversation they had.            tists hunt ways to ward off the devastation of Alzheimer’s disease
    Lead defense lawyer Abbe                                                                                               “I would not ever quote my              — by testing possible therapies in people who don’t yet show
Lowell said they may call some         monthly cash allowance, on top         has argued any money spent               client to someone else,” Smith              many symptoms, before too much of the brain is destroyed.
or all of the remaining potential      of providing flights on private        after his bid cannot be a cam-           testified, saying that would vio-               The most ambitious attempt: An international study announced
witnesses.                             jets, stays at luxury resorts and a    paign contribution. Prosecutors          late attorney-client privileged.            Tuesday will track whether an experimental drug can stall the dis-
    “We may also very well be          $20,000-a-month California rental      claim Edwards was still seeking              On Monday, Edwards’ attor-              ease in people who appear healthy but are genetically destined to
done tomorrow,” Lowell told the        mansion.                               the Democratic vice presidential         neys began his defense by at-               get a type of Alzheimer’s that runs in the family. If so, it would be
judge overseeing the case.                Wealthy Texas lawyer Fred           nomination or a spot as attorney         tempting to shift the focus away            exciting evidence that maybe regular Alzheimer’s is preventable
    Edwards is accused of master-      Baron is one of two political sup-     general.                                 from the sex scandal to the tech-           too.
minding a plan to use about $1         porters who combined gave                 Edwards’ attorneys have said          nical issue of whether Edwards’                 A second study will test whether a nasal spray that sends in-
million from two wealthy donors        about $1 million to help hide          he did not know about the                alleged behavior violated cam-              sulin to the brain helps people with very early memory problems,
to hide his pregnant mistress as       Hunter. Evidence showed Baron          money from Baron and wealthy             paign finance laws.                         based on separate research linking diabetes to an increased risk of
he ran for the White House in          was making regular deposits into       heiress Rachel “Bunny” Mellon —              Before winning a U.S. Senate            Alzheimer’s.
2008. Edwards has pleaded not          Hunter’s checking account, the         and that even if he did, the cash        seat in 1998, Edwards made a for-               The new focus emerges as the Obama administration adopts the
guilty to six counts of campaign       sum totaling $74,000.                  was not a campaign contribution          tune as a personal injury lawyer            first national strategy to fight the worsening Alzheimer’s epidemic
finance violations. He faces up to        The deposits began in June          because it was intended to hide          renowned for his ability to sway            — a plan that sets the clock ticking toward finally having effective
30 years in prison if convicted.       2008 — several months after Ed-        Hunter from Edwards’ wife, not           jurors. But his testimony would             treatments by 2025.
    Records introduced Tuesday         wards ended his White House            the public.                              expose himself to a likely wither-              “We are at an exceptional moment,” with more important dis-
at the corruption trial show his       run — and continued until De-             According to financial records        ing cross-examination about his             coveries about Alzheimer’s in the last few months than in recent
campaign finance chairman paid         cember 2008, two months after          introduced Tuesday, the Youngs           past lies and personal failings.            years, Dr. Francis Collins, director of the National Institutes of
the candidate’s mistress a $9,000      Baron died. Edwards’ defense           received $1.07 million from Baron                                                    Health, declared Tuesday.




 Poll Shows Low Opinion Of Save During NATIONAL KARASTAN MONTH
Facebook; May Hurt Ad Sales
    NEW YORK (AP) — Face-                 Yet in the poll of U.S. adults
book’s reach is wide but not           published Tuesday, only 13 per-
deep. Few users surveyed in an         cent said they trust Facebook
Associated Press-CNBC poll say         “completely” or “a lot” when it
they click on the site’s ads or buy    comes to keeping their personal
the virtual goods that make            information private. A majority,
money for it.                          or 59 percent, said they trust
    More than 40 percent of Amer-      Facebook “only a little,” or “not
ican adults log in to the site — to    at all.”
share news, personal observa-
tions, photos and more — at
least once a week. In all, some
900 million people around the
world are users. But many of
them don’t have a very high opin-
ion of Facebook or trust it to
keep their information private.           MORNING COFFEE
    If Facebook the company were
a Facebook user, it would have a          WEEKDAYS MONDAY-FRIDAY
lot of virtual friends but not               Wednesday, May 16
many real ones, the poll                  7:40 am Servant Hearts Clinic
suggested.                                       (Dr. Mark Mabee)                  During National Karastan Month you can
    Users’ distrust limits the value          8:15 am Hy-Vee Foods
of the site’s ads. Advertisers                      (Chef Staci)                  save on gorgeous Karastan carpet and rugs.
                                            8:45 am Historic Downtown
want to target their messages to
the people most likely to respond          Yankton (Hanna Sitting Crow)              Select styles. Come in today and save.
                                               Thursday, May 17
to them. And the more Facebook
knows about us, the better it will          7:40 am Yankton Chamber                         Sale ends May 30, 2012.
                                                (Carmen Schramm)
be at tailoring those ads to our
                                            8:15 am Yankton Conv/Vis
interests.                                     Bureau (Lisa Scheve)




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