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Lynnewood Hall, a century-old stunner of a building just outside Philadelphia, silently, almost invisibly, languishes 200 feet beyond a two-lane blacktop road like a crumbling little Versailles.
The graceful fountain that welcomed hundreds of well-heeled visitors, President Franklin Roosevelt among them, was dismantled and sold years ago. Its once meticulously sculpted French gardens are overgrown with weeds and vines. The classical Indiana limestone facade may have lost its luster but its poise still remains — at least from the other side of rusted wrought iron gates that keep the curious at bay.
Like other Gilded Age palaces of the nation’s pre-Depression industrial titans, Lynnewood Hall is a relic of a bygone era facing an uncertain future. Will it befall the same fate as neighboring Whitemarsh Hall, the demolished mansion of banking magnate Edward Stotesbury? Or will it be returned to former glory, like industrialist Alfred I. duPont’s former Nemours Mansion in Delaware?
“It’s a tragedy that people drive past Lynnewood Hall and don’t know what it is, or don’t even notice it’s there,” said Stephen J. Barron, who runs a website and Facebook group aiming to drum up interest in the mansion’s plight. “It breaks my heart and it bothers me. The house is a work of art.”
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Goldman Sachs sent $4.3 billion in federal tax money to 32 entities, including many overseas banks, hedge funds and pensions, according to information made public Friday night.
Asked the significance of the list, Grassley said, “I hope it’s as simple as taxpayers deserve to know what happened to their money.”
He added, “We thought originally we were bailing out AIG. Then later on … we learned that the money flowed through AIG to a few big banks, and now we know that the money went from these few big banks to dozens of financial institutions all around the world.”
Grassley said he was reserving judgment on the appropriateness of U.S. taxpayer money ending up overseas until he learns more about the 32 entities.
SETTLEMENT: Goldman Sachs admits it misled investors, pays $550M fine
GOLDMAN CONSENT: SEC vs. Goldman Sachs
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Goldman Sachs (GS) received $5.55 billion from the government in fall of 2008 as payment for then-worthless securities it held in AIG. Goldman had already hedged its risk that the securities would go bad. It had entered into agreements to spread the risk with the 32 entities named in Friday’s report.
Overall, Goldman Sachs received a $12.9 billion payout from the government’s bailout of AIG, which was at one time the world’s largest insurance company.
Goldman Sachs also revealed to the Senate Finance Committee that it would have received $2.3 billion if AIG had gone under. Other large financial institutions, such as Citibank, JPMorgan Chase and Morgan Stanley, sold Goldman Sachs protection in the case of AIG’s collapse. Those institutions did not have to pay Goldman Sachs after the government stepped in with tax money.
Shouldn’t Goldman Sachs be expected to collect from those institutions “before they collect the taxpayers’ dollars?” Grassley asked. “It’s a little bit like a farmer, if you got crop insurance, you shouldn’t be getting disaster aid.”
Goldman had not disclosed the names of the counterparties it paid in late 2008 until Friday, despite repeated requests from Elizabeth Warren, chairwoman of the Congressional Oversight Panel.
“I think we didn’t get the information because they consider it very embarrassing,” Grassley said, “and they ought to consider it very embarrassing.”
FINANCIAL REFORM: How Congress rewrote the regulations
FIXED? Will new regulations prevent future meltdowns?
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The initial $85 billion to bail out AIG was supplemented by an additional $49.1 billion from the Troubled Asset Relief Program, known as TARP, as well as additional funds from the Federal Reserve. AIG’s debt to U.S. taxpayers totals $133.3 billion outstanding.
“The only thing I can tell you is that people have the right to know, and the Fed and the public’s business ought to be more public,” Grassley said.
The list of companies receiving money includes a few familiar foreign banks, such as the Royal Bank of Scotland and Barclays.
DZ AG Deutsche Zantrake Genossenschaftz Bank, a German cooperative banking group, received $1.2 billion, more than a quarter of the money Goldman paid out.
Warren, in testimony Wednesday, said that the rescue of AIG “distorted the marketplace by turning AIG’s risky bets into fully guaranteed transactions. Instead of forcing AIG and its counterparties to bear the costs of the company’s failure, the government shifted those costs in full onto taxpayers.”
Grassley stressed the importance of transparency in the marketplace, as well as in the government’s actions.
“Just like the government, markets need more transparency, and consequently this is some of that transparency because we’ve got to rebuild confidence to make the markets work properly,” Grassley said.
AIG received the bailout of $85 billion at the discretion of the Federal Reserve Bank of New York, which was led at the time by Timothy Geithner. He now is U.S. treasury secretary.
“I think it proves that he knew a lot more at the time than he told,” Grassley said. “And he surely knew where this money was going to go. If he didn’t, he should have known before they let the money out of their bank up there.”
An attempt to reach Geithner Friday night through the White House public information office was unsuccessful.
Grassley has for years pushed to give the Government Accountability Office more oversight of the Federal Reserve.
U.S. Rep. Bruce Braley, a Waterloo Democrat, said he would propose that the House subcommittee on oversight and investigations convene hearings on the need for more Federal Reserve oversight. Braley is a member of the subcommittee.
Braley said of Geithner, “I would assume he would be someone we would want to hear from because he would have firsthand knowledge.”
Braley also noted that the AIG bailout was negotiated under President George W. Bush, a Republican.
He said he was confident that the financial regulatory reform bill signed by President Obama this week would help provide better oversight than the AIG bailout included.
“There was no regulatory framework in place,” Braley said. “We had to put something in place to begin reining them in. I’m confident they will begin to be able to do that.”
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The world’s first full face transplant recipient, identified only as Oscar, appeared in public for the first time at a press conference held at a Spanish hospital on Monday.
In March, University Hospital Vall d’Hebron performed the transplant in an operation that took 24 hours. Oscar, whose face was severely injured in an accident, had undergone nine failed operations before being considered for the transplant.
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The Visvesvaraya Technological University is popularly known as VTU which is one of the top ranked university in Karnataka state, India. It was established on 1 April, 1998. VTU has 144 affiliated colleges in India.
Recently VTU has declared BE / B.Tech 6th Semester Exam Results 2010 for Gulbarga, Belgaum, & Mysore regions. Results is published on VTU website today on 24 July, 2010.
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The results were announced by Maniya Vara Prasada Rao, Minister of Secondary Education. The results are available at AP Online and E-Seva Centres as well. A studentneeds to pay Rs. 10 for the result.
The below mentioned websites too will be publishing results for the AP SSC, supplementary:-
www.indiaresults.com
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The students can get their results through SMS as well. To get SMS result, the student will have to follow the procedure given below:
The students in their message box should type SSC give a space, then their roll numbers and send it to 55352. For e.g., SSC 109523 55352.
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Michel Germaneau 78 Years Old Executed By Alqaeda
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French hostage Michel Germaneau has been executed by his al Qaeda-linked captors in the north African country of Mauritania, French President Nicolas Sarkozy said Monday.
Sarkozy vowed that the “crime committed against Michel Germaneau will not be left unpunished.”
“We are dealing with people who have no respect for human life,” he said in a televised statement, condemning the “barbaric act” and warning French people not to travel in the region.
A man claiming to be the chief of the terrorist group that captured Germaneau claimed in a video Sunday that the 78-year-old had been executed.
The video aired Sunday on the TV network Al-Jazeera.
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- Michel Germaneau, 78, was kidnapped April 19 in Niger
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- The terrorist group that kidnapped Germaneau said in a video Sunday they had killed him
Germaneau, a director, was abducted in Niger on April 19. The video shows Germaneau’s photo along with images of the French flag and al Qaeda in the Islamic Maghreb’s black-and-white flag.
A man’s voice — identified by text on the screen as AQIM’s chief, Abu Musab Abdul Wadud — can be heard saying, in Arabic, “We announce that we’ve executed the French hostage called Michel Germaneau on Saturday, July 24, 2010, to avenge the killing of our six brothers in the cowardly French raid.”
The man appears to be referring to an attack on the group last week that left six suspected al Qaeda militants dead.
Four other members of AQIM escaped the operation led by the Mauritanian army near the border with Mali, Interior Minister Mohammed Ould Boilil said.
The attack was prompted by intelligence that indicated the group was targeting a military base in Baskno.
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In the past, Al-Jazeera has aired similar videos from the group before they later surfaced on militant websites.
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The most famed single working woman of Singapore, Sumiko Tan, is looking forward to getting married with Quek Suan Shiau AKA “Hurricane”, her formal classmate from junior college. Both of them were good friends when they were studying at Anglo Chinese Jr. College.
Sumiko Tan is a forty six year old career oriented single women who also work as the supervising editor for Urban, Digital Life, Mind Your Body and Life. She began exposing her essence as a thriving working lady in a column from the 3rd of July 1994 in The Sunday Times.
The guy who will marry the eminent single of Singapore is her ex college mate. He is a forty eight year old man who works as a chess teacher and a part time electrician.
Sumiko Tan and Quek Suan Shiau met after a long gap of twenty nine years. They met in the July of 2009 at a party and since that time they have been regularly seeing each other from time to time. After their first meeting Hurricane started to make appearances in her articles. Tan revealed him as a good friend of hers.
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