Tuesday, May 18, 2010

U.S. bailout cost seen lower at $89 billion: report

NEW YORK (Reuters) – the gateway to a worldThe government's bailout of the financial system is expected to cost $89 billion, much lower than earlier projections, the Wall Street Journal reported on Sunday, citing Treasurycatching a glimpse of a light Department officials.The Journal also said that Treasury officials were looking into ways to disentangle the government from its nearly 80 percent stake inthis world is not merely a bad joke American International Group Inc (AIG.N).The officials are hopeful that the bailed-out insurer could be on its own within a year, the paper said.Last monthtomorrow is another day, Reuters reported that the government was likely to follow an exitnever take our Freedom strategy similar to what it had used with Citigroup Inc (C.N) to untangle itself from AIG.In April last year, U.S. congressional budget analysts had estimated the net cost to taxpayers for the government's financial rescue program to be $356 billion.The $89 billion estimate is also 42 percent less than the savings-and-loan crisis, the paper said.The figure, however, does not include losses at Fannie Mae (FNM.N) and Freddie Mac (FRE.N), which are projected to be $370 billion through 2020, the Journal said.The officials see a profit of $8 billion from the Treasury's investment of $245 billion in banks, the paper said.A Treasury official did not have immediate comment.(Reporting by Paritosh Bansal; Editing by Diane Craft)
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Member of unit linked to 'Dirty Dozen' dies in Pa

PHILADELPHIA – John "Jack" Agnew,What do you want from the future? one of the original members of a U.S. Army unit that operated behind enemy lines in World War II and is often credited with having loosely inspiredyou are the only one who feels betrayed the movie "The Dirty Dozen," has died at age 88.
Agnew belonged to the Filthy Thirteen, an unofficial unit within the 506th Parachute Infantry Regiment, 101st Airborne Division.a plan to make all of this right He was pronounced dead Thursday at Abington Memorial Hospital after becoming ill at his home in the Maple Village retirement community in Hatboro, where he and his wife moved about a year ago, his daughter Barbara Agnew Maloney said. vaguely familiar to you
On D-Day, the Filthy Thirteen parachuted into France to take a bridge over the Douve River. It was "a mission that would cost most of the men their lives," according to an article in the winter 2008-09 edition of American Valour fill in the blanksQuarterly, a publication of the nonprofit American Veterans Center.Before the Battle of the Bulge, Agnew and other members of the unit were requested for pathfinder duty and parachuted into Bastogne, which was besieged by German forces. Agnew operated a beacon to help guide in planes carrying badly needed supplies.
Tales of the unit's exploits and a Stars and Stripes military newspaper photograph are said to have inspired "The Dirty Dozen," not because any of the unit's members were convicts like the movie's characters — they weren't — but because of their reputation for brawling, drinking and spending time in the stockade.In interviews, Agnew, a private first class, said that came directly from the unit's leader, Jake McNiece.
"We weren't murderers or anything, we just didn't do everything we were supposed to do in some ways and did a whole lot more than they wanted us to do in other ways," he told the quarterly. "We were always in trouble."
Agnew was among those interviewed in a documentary, "The Filthy Thirteen: Real Stories from Behind the Lines," that was included in a 2006 special edition DVD of "The Dirty Dozen."The 1967 movie, about an Army major who has to train and lead 12 convicts into a mission targeting German officers, starred Lee Marvin, Ernest Borgnine, Charles Bronson, Telly Savalas, Donald Sutherland and Jim Brown.
Maloney said her father told her about 30 percent of the movie was true.
"And, actually, the scene where they captured the officers, Dad said that was true and he really coordinated that," she said Sunday.
Two months ago, Maloney said, she accompanied her father to a military history convention in Louisville, Ky., where she met with three of the four surviving Filthy Thirteen members and three members of Easy Company, which was the focus of the HBO series "Band of Brothers."
"Dad, when we were little kids, he'd always say, 'I won the war; I know you don't believe me, but someday you'll know,'" she said. "We didn't really realize it until the 'Band of Brothers' came out."Agnew will be buried with full military honors Tuesday at Forest Hills Cemetery in Huntingdon Valley, in the Philadelphia suburbs, where he and his wife, Elizabeth Agnew, lived for 56 years, Maloney said.
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Wednesday, May 5, 2010

FDA finds bacterial contamination in children's medicine ingredients

Raw materials used to make over-the-counter infant's and children's medications, which are subject to a massive recall, tested positive for bacterial contamination, according to a Food and Drug Administration inspection report released late Tuesday.The report, which also found more than a dozen other violations at the facility used to make the products, detailed a series of sloppy manufacturing processes including failure to maintain equipment, properly train employees and correctly weigh ingredients.
The report also indicates that the drug maker, Johnson & Johnson's McNeil Consumer Healthcare subsidiary, failed to investigate "46 consumer complaints regarding foreign materials, dark or black specks," some dating to June 2009.Receive breaking news alerts on your mobile device. Register »
McNeil announced a recall of more than 50 variations of infant's and children's Tylenol, Motrin, Zyrtec and Benadryl on Friday.
FDA officials said they were not aware of any reports of illness connected to use of the recalled products, and they described the chances of harm as remote in a press teleconference call late Tuesday.
But Commissioner Margaret Hamburg nonetheless repeated terse advice for parents: "Please discontinue using any of the name-brand products being recalled."Hamburg said all of McNeil's recalled products are available in generic form.The report documents "numerous deficiencies," including "a failure to sufficiently investigate problems in its manufacturing and in its drugs," failure to maintain proper testing facilities, and making changes in manufacturing processes without assuring that they would not harm consumers, said Deborah M. Autor, director of compliance in FDA's Center for Drug Evaluation and Research.
McNeil, vowing to remedy its operations, apologized "to those who rely on our medicines for the concern and inconvenience this recall may have caused."
"The quality issues that the FDA has observed … are unacceptable to us," the company said.
McNeil temporarily suspended production at the plant in Fort Washington, Pa., saying "we will not restart operations until we have taken the necessary corrective actions and can assure the quality of products made there."
The FDA inspection, made April 19-30, followed months of discussion between the agency and McNeil about the company's manufacturing methods.
No decision has been made about what further action, if any, the FDA will take, officials said. Options range from sending a warning letter to seeking criminal penalties.
FDA officials said they didn't have enough information to disclose what kind of bacteria contaminated the raw material. McNeil testing of samples of finished medication did not find any positive results for the pathogens.
The inspection was triggered at least in part by a warning letter sent to a McNeil plant in Puerto Rico in January in connection with another recall involving medications tainted by a chemical found in wooden shipping pallets.A foul odor associated with the chemical temporarily sickened about 70 people.
In that letter, FDA cited ongoing concerns with the company's quality control.
In an indication of particular displeasure with McNeil, FDA also took the unusual step of publicly criticizing the company for waiting more than a year before notifying the agency and fixing the problem with the pallets.
The weekend recall was the ninth product recall for McNeil this year, according to FDA figures.
"They've had a number of recalls and some observers are starting to question the integrity of the supply chain. The trend we've seen is not positive," said industry analyst Les Funtleyder at Miller Tabak & Co.
"We want reassurance that they understand the problems and are taking steps to remedy them."smile
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It's Laker deja whew in 111-103 victory over Utah Jazz

Any way to change this to a best-of-five series?
The Lakers continued to get the best of the Utah Jazz, turning a Western Conference rivalry into a playground version of sixth-graders against fourth-graders, the latest after-school scuffle transitioning into a 111-103 victory Tuesday at Staples Center.
It wasn't easy -- nothing seems to be for the Lakers in these playoffs -- but they took a 2-0 lead over the Jazz in the conference semifinals.
The numbers are getting overwhelming, the Lakers now two victories from eliminating the Jazz for a third consecutive season while moving to 20-6 against Utah over the last few years, including playoffs.
Receive breaking news alerts on your mobile device. Register »
Andrew Bynum and Lamar Odom brushed off recent injuries on the way to double-doubles, and Kobe Bryant almost had one too, but before the Lakers pat themselves on the back, they have plenty to study before Game 3 on Saturday in Utah.They gave away most of a 15-point lead, committed 20 turnovers, made four of 17 three-point attempts (23.5%) and failed to coast despite double-doubles by three players.
Only when Odom found Ron Artest with a long lead pass for a dunk could Lakers fans begin celebrating in earnest, their team ahead by eight with 28.3 seconds to play.
"Somehow, we managed to win that game," Lakers Coach Phil Jackson said, sighing a couple of times at his postgame news conference.
Then again, the Lakers have won 16 consecutive games against the Jazz at Staples Center. The outcome might be the next thing to a foregone conclusion.
Bynum had a double-double in the first half and finished with 17 points and 14 rebounds despite playing with a slight cartilage tear in his right knee.
Odom ignored a slightly sprained right knee and ended his string of mostly unremarkable playoff games with 11 points and 15 rebounds.
"It's still a little swollen," Bynum said of his knee. "But I have three nice rest days."
Bryant finished with 30 points and eight assists, almost joining Bynum, Odom and Pau Gasol (22 points, 15 rebounds) in double-double territory.
Utah again went without two starters -- center Mehmet Okur and forward Andrei Kirilenko -- but the Lakers again couldn't extend a lead. They led by 15 early in the third quarter, but it was trimmed to 98-94 on a layup by C.J. Miles with 5:01 to play.
Bryant took over from there, making a long two-pointer to beat the shot clock, and quickly following it with a reverse dunk to put the Lakers ahead, 107-96, with 2:07 to play.
The first half was all about Bynum, who had 11 points and 13 rebounds as the Lakers took a 58-46 lead.
On one play, he elevated over Kyrylo Fesenko for a dunk and, instead of wincing, looked to see if a foul would be called, raising his arms.
In other words, he seemed just fine.
"We had some great play tonight from our big guys," Jackson said.
The problem was the Lakers' second-half defense ... and their turnovers.
The Jazz outscored the Lakers after halftime, 57-53, forcing them into 11 turnovers. Bryant finished with seven, Gasol had six.
"If we're not smart with the basketball, we turn the basketball over, they get run-outs, so they think they have the opportunity to beat us," Bynum said.
It's just enough to give the Lakers something to do during their long pause between Games 2 and 3.
Extending their dominance over the Jazz might take some extra work.apple
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