Senior Goldman bond executive retires: memo (Reuters)

(Reuters) ? Donald Mullen, a senior bond executive at Goldman Sachs (GS.N) who oversaw controversial subprime mortgage trades leading up to the financial crisis, has retired, according to an internal memo distributed on Friday and obtained by Reuters.

His is the latest in a string of high-profile departures from the Wall Street bank, which has been struggling to maintain profits by cutting staff and bonuses in a weak business environment.

Mullen, a veteran bond trader who was most recently head of the credit and mortgage business inside Goldman's securities division, joined the bank as a partner in July 2001 to head leveraged finance.

He previously held senior positions at Bear Stearns, Salomon Brothers, Drexel Burnham Lambert and First Boston and leaves Goldman as a member of several influential internal groups, including the management committee and firmwide risk committee.

A spokesman confirmed the contents of the memo, which was signed by Chief Executive Lloyd Blankfein and Chief Operating Officer Gary Cohn.

As a senior mortgage executive at Goldman, Mullen was actively engaged in derivative trades that became known as "the big short." Goldman constructed those collateralized debt obligations in 2007 to profit from declines in the value of subprime mortgage bonds.

Mullen was one of a handful of senior Goldman executives whose emails were publicly released by a Senate committee that investigated Goldman's actions leading up to the financial crisis.

"Sounds like we will make some serious money," Mullen said when a ratings agency downgraded a group of mortgage-backed securities Goldman was betting against.

Such trades allowed Goldman to avoid major losses from the collapse of the mortgage market, but also brought much public scrutiny after the U.S. Securities and Exchange Commission accused Goldman of fraud related to one of its subprime CDOs. The bank paid $550 million to settle the charges in 2010 without admitting or denying wrongdoing.

Dozens of top Goldman executives have departed over the last year, as Wall Street faces difficult market conditions and new financial reform regulations that have already started to curb profitability. Last week, two co-heads of the securities division that housed Mullen's group also stepped down.

Goldman 2011 earnings of $2.5 billion were the weakest since 2008 and down 47 percent from the previous year. In response, the bank cut its payroll by 2,400 employees, or 7 percent, and reduced compensation expenses by 21 percent. The average Goldman employee received $367,057 in 2011, down from $430,700 the previous year.

Mullen's retirement announcement came the day after Goldman employees were informed of their 2011 bonuses, and few were spared from the bank's newfound frugality.

Some employees in weak-performing areas received no bonus at all, according to one source in the bank's fixed-income trading division. Compensation consultants have estimated that senior Wall Street executives, particularly in fixed-income divisions, were sure to see bonus cuts of 30 percent or more.

Mullen's departure may also reflect a change in the type of businesses that will drive earnings for Wall Street banks going forward. Morgan Stanley (MS.N), which also reported muted 2011 profitability this week, has cut staff from divisions that will be treated less favorably under new capital regulations, such as subprime debt securitization.

On a conference call with analysts to discuss Goldman's results on Wednesday, Chief Financial Officer David Viniar said the recent string of high-profile departures have occurred because senior executives stayed longer than usual to help Goldman cope with the financial crisis and its aftermath.

"Through both what I would call a financial crisis and reputational issues, the senior people at Goldman Sachs did not leave," he said.

The normal tenure of a Goldman partner is about eight years, Viniar said, with 15 to 20 percent of partners retiring bi-annually to make room for new arrivals. But there was "far less" turnover during the past four years, Viniar said.

(Reporting By Lauren Tara LaCapra; Additional reporting by Katya Wachtel; Editing by Paritosh Bansal and Gary Hill)

Source: http://us.rd.yahoo.com/dailynews/rss/personalfinance/*http%3A//news.yahoo.com/s/nm/20120120/bs_nm/us_goldman_retirement

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Physicists use ion beams to detect art forgery

Saturday, January 21, 2012

University of Notre Dame nuclear physicists Philippe Collon and Michael Wiescher are using accelerated ion beams to pinpoint the age and origin of material used in pottery, painting, metalwork and other art. The results of their tests can serve as powerful forensic tools to reveal counterfeit art work, without the destruction of any sample as required in some chemical analysis.

Their research is featured on the front cover of the current issue of Physics Today in an article titled, "Accelerated ion beams for art forensics." Wiescher and Collon say, "Art experts play an important role in identifying the style, history and context of a painting, but a solid scientific basis for the proper identification and classification of a piece of art must rely on information from other sources.

"A host of approaches with origins in biology, chemistry and physics have allowed scientists and art historians not only to look below a painting's or artifact's surface, but also to analyze in detail the pigments used, investigate painting techniques and modifications done by the artist or art restorers, find trace materials that reveal ages and provenances, and more," Wiescher and Collon continue.

The information that is revealed can shed light on trading patterns, economic conditions and other details of history. For example, the amount of silver in Roman coins can indicate the degree of inflation in the ancient economy.

Laboratories in Europe, including several in Italy and one in the basement of the Louvre in Paris, have accelerators dedicated to the forensic analysis of art, and archaeological artifacts. These accelerator-based techniques have allowed not only to analyze the works themselves, but also to determine origin, trade and migration routes as well as dietary information. As an example, the analysis of the ruby eyes in a Babylonian statue of the goddess Ishtar using the Louvre's accelerator showed that the rubies came from a mine in Vietnam, demonstrating that trade occurred between those far-apart regions some 4,000 years ago.

At Notre Dame, researchers are using proton-induced x-ray emission (PIXE) and Accelerator Mass Spectroscopy (AMS) to study artifacts brought by local archeologists, Native American cultures in the American Southwest and the Snite Museum of Art extensive collection of Mezzo-American figurines.

Wiescher, the Frank M. Freimann Professor of Physics, and Collon, associate professor of physics, are using their findings to teach undergraduates. Wiescher initially developed the undergraduate physics class called Physical Methods in Art and Archaeology, and now Collon teaches the class which attracts students from nearly every major. The course covers topics such as X-ray fluorescence and X-ray absorption, proton-induced X-ray emission, neutron-induced activation analysis, radiocarbon dating, accelerator mass spectroscopy, luminescence dating, and methods of archeometry.

###

University of Notre Dame: http://www.nd.edu

Thanks to University of Notre Dame for this article.

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Source: http://www.labspaces.net/116915/Physicists_use_ion_beams_to_detect_art_forgery

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Congress puts brakes on anti-piracy bills (Reuters)

WASHINGTON (Reuters) ? Lawmakers stopped anti-piracy legislation in its tracks on Friday, delivering a stunning win for Internet companies that staged an unprecedented online protest this week to kill the previously fast-moving bills.

Senate Democratic leader Harry Reid said he would postpone a critical vote that had been scheduled for January 24 "in light of recent events."

Lamar Smith, the Republican chairman of the House of Representatives Judiciary Committee, followed suit, saying his panel would delay action on similar legislation until there is wider agreement on the issue.

"I have heard from the critics and I take seriously their concerns regarding proposed legislation to address the problem of online piracy. It is clear that we need to revisit the approach on how best to address the problem of foreign thieves that steal and sell American inventions and products," Smith said in a statement.

The bills, known as PIPA (PROTECT IP Act) in the Senate and SOPA (Stop Online Piracy Act) in the House, are aimed at curbing access to overseas websites that traffic in pirated content and counterfeit products, such as movies and music.

The legislation has been a priority for entertainment companies, publishers, pharmaceutical companies and other industry groups who say it is critical to curbing online piracy, which they believe costs them billions of dollars a year.

But technology companies are concerned the laws would undermine Internet freedoms, be difficult to enforce and encourage frivolous lawsuits.

Public sentiment on the bills shifted in recent weeks after Internet players ramped up their lobbying.

White House officials weighed in on Saturday, saying in a blog post that they had concerns about legislation that could make businesses on the Internet vulnerable to litigation and harm legal activity and free speech.

Then on Wednesday, protests blanketed the Internet, turning Wikipedia and other popular websites dark for 24 hours. Google, Facebook, Twitter and others protested the proposed legislation but did not shut down.

The protest had quick results: several sponsors of the legislation, including senators Roy Blunt, Chuck Grassley, Orrin Hatch, John Boozman and Marco Rubio, have withdrawn their support.

In a brief statement on Friday, Reid said there was no reason why concerns about the legislation cannot be resolved. He offered no new date for the vote.

Reid's action comes a day after a senior Democratic aide, speaking on the condition of anonymity, said the measure lacked the 60 votes needed to clear a procedural hurdle in the 100-member Senate.

SWIFT REACTION

The indefinite postponement of the bills drew quick praise from the Internet community, and ire from Hollywood.

"We appreciate that lawmakers have listened to our community's concerns, and we stand ready to work with them on solutions to piracy and copyright infringement that will not chill free expression or threaten the economic growth and innovation the Internet provides," a Facebook spokesman said.

Chris Dodd, chief executive of the Motion Picture Association of America and a former Democratic senator, said the stalling of legislation is a boost for criminals.

"As a consequence of failing to act, there will continue to be a safe haven for foreign thieves," Dodd said.

WAY FORWARD?

Lawmakers, technology companies and the entertainment industry pledged to find a way to combat online piracy and copyright infringement.

Reddit.com, a vocal leader in the protests and among the sites to go dark on Wednesday, said it was pleased the protests were able to slow things down, but said piracy needs to be addressed.

"We really need people at the table who have the technical expertise about these issues who can ensure that whatever bills are drafted have airtight, technically sound language, definitions and frameworks," the company's general manager Erik Martin told Reuters.

Reid expressed hope on Friday that Senate Judiciary Committee Chairman Patrick Leahy, who has been shepherding the bill through Congress, could help resolve differences in the legislation.

"I am optimistic that we can reach a compromise in the coming weeks," Reid said.

Leahy slammed the Senate derailment of the anti-piracy legislation as a "knee-jerk reaction to a monumental problem" but said he is committed to getting a bill signed into law this year.

There are already alternatives in the works.

Senator Ron Wyden introduced a bill last month that he said "meets the same publicly stated goals as SOPA or Protect IP without causing massive damage to the Internet."

Representative Darrel Issa on Wednesday introduced a companion bill in the House.

Issa said SOPA and PIPA lacked a fundamental understanding of how Internet technologies work. The technology sector has shown more optimism about prospects for Issa and Wyden's alternative bill, called the OPEN Act.

"It's a great starting point for discussion, and we're definitely very open to that," said Tiffiniy Cheng, co-founder of Fight for the Future, a nonprofit that helped organize the Internet protests against SOPA and PIPA.

(Reporting by Thomas Ferraro and Jasmin Melvin; editing by Bill Trott, Dave Zimmerman and Andre Grenon.)

Source: http://us.rd.yahoo.com/dailynews/rss/internet/*http%3A//news.yahoo.com/s/nm/20120121/wr_nm/us_usa_congress_internet

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Evidence found for oldest popcorn in South America

They may not have had television sets, but ancient Peruvians did share one part of our movie-watching culture: popcorn. Researchers have found evidence that societies living along the coast of Peru were eating the air-filled snack about 1,000 years earlier than previously estimated ? even predating the use of ceramic pottery.

Corn husks, stalks, cobs and tassels (pollen-producing flowers on corn) dating from 6,700 to 3,000 years ago were unearthed at Paredones and Huaca Prieta, two sites on Peru's northern coast, by American and Peruvian researchers.

"The evidence was unearthed during the past three years," study researcher Dolores Piperno, curator of New World archaeology at the Smithsonian's National Museum of Natural History and emeritus staff scientist at the Smithsonian Tropical Research Institute, told LiveScience.

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The characteristics of the corncobs suggest that the sites' ancient inhabitants prepared and ate corn in several ways, including making corn flour and popcorn.

The researchers also found corn microfossils containing starch grains and phytoliths, which are microscopic particles formed by plants and mainly composed of silicon dioxide. The Peruvian popcorn is the oldest macrofossil evidence for popcorn in South America. Despite the presence of these corn products, corn was still not an important part of the ancient people's diet, the researchers said.

"Corn was first domesticated in Mexico nearly 9,000 years ago from a wild grass called teosinte," Piperno said in a statement. "Our results show that only a few thousand years later, corn arrived in South America, where its evolution into different varieties that are now common in the Andean region began."

Piperno added, "This evidence further indicates that, in many areas, corn arrived before pots did, and that early experimentation with corn as a food was not dependent on the presence of pottery."

Studying the subtle changes and evolution of corn characteristics is challenging because corncobs and kernels don't preserve well in the humid, tropical forests between Central and South America, which held the primary dispersal routes for the crop after it first left Mexico about 8,000 years ago, according to the researchers.

"Because there is so little data available from other places for this time period, the wealth of morphological information about the cobs and other corn remains at this early date is very important for understanding how corn became the crop we know today," Piperno said.

"The oldest evidence anywhere for what is likely a popcorn comes from the region where maize was domesticated in southwest Mexico, and is based on microfossil ? phytolith and starch grain ? data," Piperno said.

The study was published Jan. 17 in the journal Proceedings of the National Academy of Sciences.

You can follow LiveScience writer Remy Melina on Twitter@remymelina. Follow LiveScience for the latest in science news and discoveries on Twitter@livescience? and onFacebook.

Source: http://www.msnbc.msn.com/id/46076352/ns/technology_and_science-science/

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SC-2012 Primary: 40% Gingrich, 26% Romney, 18% Paul, 13% Santorum (ARG 1/19-20)

American Research Group
1/19-20/12; 600 likely Republican primary voters, 4% margin of error
Mode: Live telephone interviews
ARG release

South Carolina

2021 President: Republican Primary
40% Gingrich
26% Romney
18% Paul
13% Santorum
(chart)

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Source: http://www.huffingtonpost.com/2012/01/21/sc-2012-primary-40-gingri_n_1220839.html

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Video: Colbert takes S.C.

Miracle baby born from single sperm

An Ohio man who made no sperm and his wife, who had few eggs, have become parents thanks to a first-ever Cleveland Clinic case in which a single sperm that was frozen and injected into an egg resulted in pregnancy. Here, Jason and Jennifer Schiraldi pose with Kenley,9 months.

Source: http://www.msnbc.msn.com/id/3036697/vp/46077189#46077189

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Romney offshore accounts contain up to $32 million

Republican presidential candidate, former Massachusetts Gov. Mitt Romney, campaigns in the rain at Harmon Tree Farm in Gilbert, S.C., Friday, Jan. 20, 2012. (AP Photo/Charles Dharapak)

Republican presidential candidate, former Massachusetts Gov. Mitt Romney, campaigns in the rain at Harmon Tree Farm in Gilbert, S.C., Friday, Jan. 20, 2012. (AP Photo/Charles Dharapak)

WASHINGTON (AP) ? Republican presidential candidate Mitt Romney owns investments worth between $7 million and $32 million in offshore-based holdings, which are often used legitimately by private equity firms to attract foreign investors. Such offshore accounts also can enable wealthy investors to defer paying U.S. taxes on some assets, according to tax experts.

An Associated Press examination of Romney's financial records identified at least six funds set up in the Cayman Islands, a small Caribbean island chain that has long been used as a base for international investments because of low tax rates and financial secrecy. Romney has acknowledged that some of his investments are based in the Caymans, but he has not identified all of the specific accounts and the amounts based there. There is no indication Romney uses the accounts to dodge any U.S. tax obligations.

The Caymans have often been associated with individuals and corporations seeking to avoid paying U.S. taxes. However, it is legal for U.S. residents to own investment accounts that are set up there ? if they file the proper forms with the Internal Revenue Service and pay the appropriate taxes.

"If you file the forms and report the income, you are 100 percent legal," said Kevin Packman, a Miami lawyer who chairs the offshore tax compliance team at the law firm of Holland & Knight.

Independent tax policy experts said Romney's use of the Cayman-based investments was legal, but some criticized the strategy as a province of wealthy investors allowed by a tax code studded with loopholes.

"The bottom line is, they're taking advantage of a system that's flawed," said Nicole Tichon, director of Tax Justice Network USA, part of a global network promoting tax transparency. "It may be legal, but these are loopholes that show problems in our tax code."

The six Romney offshore holdings are in investment funds run by Bain Capital, the private equity powerhouse he led in the 1980s and 1990s. The six funds are listed only by name and a range of amounts in Romney's financial records, but the Cayman addresses are in other corporate documents filed with the U.S. Securities and Exchange Commission and in foreign investment portfolios.

Five of the Cayman-based funds are included within a blind trust for Romney's wife, Ann, and worth between $2.8 million and $7.6 million.

A sixth fund, called Bain Capital Investment Partners Trust Associates lll, is part of Romney's IRA retirement account and worth between $5 million and $25 million.

In a financial report last August, Romney declared a family fortune worth as much as $250 million. The six Cayman funds are among dozens of investments the Romneys have owned since he left Bain in 1999 to organize the 2002 Olympic Games in Salt Lake City and then pursue a career in politics.

A Romney spokeswoman, Andrea Saul, said the Cayman funds "are taxed in the very same way they would be if those funds were established in the United States." She noted that because many of the funds are in a trust directed by a Boston lawyer, the Romneys played no role in deciding how the money was invested.

Saul said the decision to set up the funds in the Caymans was made by the funds' sponsors ? in this case, senior partners at Bain Capital, not Romney. A Bain spokesman declined to comment on the funds' origins.

Tax experts and lawyers said using offshore funds to attract foreign investors is a legitimate and standard business practice. Increased foreign investment in a U.S. fund based abroad could increase financial returns for American investors. Offshore funds offer advantages for U.S. investors looking to diversify their portfolios and for foreign investors seeking to avoid U.S. reporting and tax-withholding requirements.

"If you have a foreign investor who is making income largely abroad and doesn't want to be subject to U.S. regulations and reporting, it's a plus," said C. Eugene Steuerle, co-founder of the Urban-Brookings Tax Policy Center and former deputy assistant treasury secretary for tax analysis.

Under American law, U.S. investors must pay taxes on profits made from offshore investment funds. However, U.S. investors may be able to defer those taxes until later as they bring the profits into the U.S., depending on how the fund is structured, said Kevin Packman, chairman of his firm's offshore compliance team at Holland & Knight of Miami.

Some hedge fund and private equity managers route IRA retirement holdings through an offshore entity set up as a "blocker corporation," an affiliate of a private equity fund that acts as a way-station, storing the retirement funds while investing an identical amount in the actual fund. This complicated maneuver allows the investor to defer paying a 35 percent tax on earnings that the IRS considers "unrelated business income," said Michael J. Graetz, a Columbia University law professor and an authority on national and international tax law.

The 35 percent tax is aimed at pension funds, university endowments, hospitals and other nonprofit organizations when they invest in private equity funds that borrow large amounts of money to buy other companies. But nonprofits can use the offshore blocker funds to defer those tax payments, and similarly, IRA accounts can be routed through blocker accounts, depending on how tax plans are structured, Graetz said.

"One of the major functions of tax planning is to defer payments and deal with them down the road instead of today," Graetz said. "For an IRA account, it's not so much a tax rate game as it is a timing game."

Romney's other offshore-based investments would not benefit from that structure, Graetz said. But their earnings could be boosted by blocker corporations that promote investments by nonprofits, he said.

Romney's taxpaying strategy may become clearer when he makes his 2012 tax returns available in April as he has promised.

Congress has tried to make it harder for investors to defer tax payments by broadening requirements that U.S. investors in foreign-based funds pay taxes as they earn profits. But aggressive tax planners can still find ways to get around the rules, experts said.

"You have to look at each investment and its structure before you can pass judgment," Steuerle said.

Benefits to deferring tax payments include the ability to reinvest the deferred taxes, earning higher returns before bringing the money into the U.S. A wealthy investor who has no immediate need for the money would be able to keep the investment offshore indefinitely, never paying U.S. taxes on it.

Associated Press

Source: http://hosted2.ap.org/APDEFAULT/89ae8247abe8493fae24405546e9a1aa/Article_2012-01-20-US-Romney-Offshore/id-e12ab5af605948ff9132edd0478c70ae

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US Internet piracy case brings New Zealand arrests

This undated image obtained by The Associated Press shows the homepage of the website Megaupload.com. Federal prosecutors in Virginia have shut down one of the world's largest file-sharing sites, Megaupload.com, and charged its founder and others with violating piracy laws. (AP Photo)

This undated image obtained by The Associated Press shows the homepage of the website Megaupload.com. Federal prosecutors in Virginia have shut down one of the world's largest file-sharing sites, Megaupload.com, and charged its founder and others with violating piracy laws. (AP Photo)

(AP) ? With 150 million registered users, about 50 million hits daily and endorsements from music superstars, Megaupload.com was among the world's biggest file-sharing sites. Big enough, according to a U.S. indictment, that it earned founder Kim Dotcom $42 million last year alone.

The movie industry howled that the site was making money off pirated material. Though the company is based in Hong Kong and Dotcom was living in New Zealand, some of the alleged pirated content was hosted on leased servers in Virginia, and that was enough for U.S. prosecutors to act.

The site was shut down Thursday, and Dotcom and three Megaupload employees were arrested in New Zealand on U.S. accusations that they facilitated millions of illegal downloads of films, music and other content, costing copyright holders at least $500 million in lost revenue.

New Zealand Police also seized guns, artwork, more than $8 million in cash and luxury cars valued at nearly $5 million after serving 10 search warrants at several businesses and homes around the city of Auckland.

News of the shutdown seemed to bring retaliation from hackers who claimed credit for attacking the Justice Department's website. Federal officials confirmed it was down for hours Thursday evening and that the disruption was being "treated as a malicious act."

A loose affiliation of hackers known as "Anonymous" claimed credit for the attack. Also hacked was the site for the Motion Picture Association of America.

On Friday, New Zealand's Fairfax Media reported that the four defendants stood together in an Auckland courtroom in the first step of extradition proceedings that could last a year or more.

Dotcom's lawyer raised objections to a media request to take photographs and video, but then Dotcom spoke out from the dock, saying he didn't mind photos or video "because we have nothing to hide." The judge granted the media access, and ruled that the four would remain in custody until a second hearing Monday.

Dotcom, Megaupload's former CEO and current chief innovation officer, is a resident of Hong Kong and New Zealand and a dual citizen of Finland and Germany who had his name legally changed. The 37-year-old was previously known as Kim Schmitz and Kim Tim Jim Vestor.

Two other German citizens and one Dutch citizen also were arrested and three other defendants ? another German, a Slovakian and an Estonian ? remain at large.

The Electronic Frontier Foundation, which defends free speech and digital rights online, said in a statement that the arrests set "a terrifying precedent. If the United States can seize a Dutch citizen in New Zealand over a copyright claim, what is next?"

The indictment was unsealed one day after websites including Wikipedia and Craigslist shut down in protest of two congressional proposals intended to make it easier for authorities to go after sites with pirated material, especially those with overseas headquarters and servers.

Before Megaupload was taken down, the company posted a statement saying allegations that it facilitated massive breaches of copyright laws were "grotesquely overblown."

"The fact is that the vast majority of Mega's Internet traffic is legitimate, and we are here to stay. If the content industry would like to take advantage of our popularity, we are happy to enter into a dialogue. We have some good ideas. Please get in touch," the statement said.

Several sister sites were also shut down, including one dedicated to sharing pornography files.

The $8 million in cash seized had been invested in various New Zealand financial institutions, and has been placed in a trust pending the outcome of the cases.

Police spokesman Grant Ogilvie said the seized cars include a Rolls Royce Phantom Drophead Coupe worth more than $400,000. Two short-barreled shotguns and a number of valuable artworks were also confiscated, he added.

According to the indictment, Megaupload was estimated at one point to be the 13th most frequently visited website on the Internet. Current estimates by companies that monitor Web traffic place it in the top 100.

Megaupload is considered a "cyberlocker," in which users can upload and transfer files that are too large to send by email. Such sites can have perfectly legitimate uses. But the Motion Picture Association of America, which has campaigned for a crackdown on piracy, estimated that the vast majority of content being shared on Megaupload was in violation of copyright laws.

The website allowed users to download some content for free, but made money by charging subscriptions to people who wanted access to faster download speeds or extra content. The website also sold advertising.

Megaupload was unique not only because of its massive size and the volume of downloaded content, but also because it had high-profile support from celebrities, musicians and other content producers who are most often the victims of copyright infringement and piracy. Before the website was taken down, it contained endorsements from Kim Kardashian, Alicia Keys and Kanye West, among others.

The company listed Swizz Beatz, a musician who married Keys in 2010, as its CEO. He was not named in the indictment and declined to comment through a representative.

The five-count indictment, which alleges copyright infringement as well as conspiracy to commit money laundering and racketeering, described a site designed specifically to reward users who uploaded pirated content for sharing, and turned a blind eye to requests from copyright holders to remove copyright-protected files.

For instance, users received cash bonuses if they uploaded content popular enough to generate massive numbers of downloads, according to the indictment. Such content was almost always copyright protected, the indictment said.

The Justice Department said it was illegal for anyone to download pirated content, but their investigation focused on the leaders of the company, not end users who may have downloaded a few movies for personal viewing.

A lawyer who represented the company in a lawsuit last year declined to comment Thursday. Efforts to reach an attorney representing Dotcom were unsuccessful.

Although Megaupload is based in Hong Kong, the size of its operation in the southern Chinese city was unclear. The administrative contact listed in its domain registration, Bonnie Lam, did not respond immediately for a request for comment sent to a fax number and email address listed.

The indictment was returned in the Eastern District of Virginia, which claimed jurisdiction in part because some of the alleged pirated materials were hosted on leased servers in Ashburn, Va. Prosecutors there have pursued multiple piracy investigations.

The Justice Department also was investigating the "significant increase in activity" that disrupted its website. It said in a statement that it was working to "investigate the origins of this activity, which is being treated as a malicious act until we can fully identify the root cause."

The site appeared to be working again late Thursday. A spokesman for the Motion Picture Association of America said in an emailed statement that the group's site also had been hacked, but it too appeared to be working later in the evening.

"The motion picture and television industry has always been a strong supporter of free speech," the spokesman said. "We strongly condemn any attempts to silence any groups or individuals."

____

Matthew Barakat reported from McLean, Va.

Associated Press

Source: http://hosted2.ap.org/APDEFAULT/cae69a7523db45408eeb2b3a98c0c9c5/Article_2012-01-20-Internet-Piracy-Indictment/id-a218a8bf7e6d431c8f0d2369d2d451d6

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House Republican budget to seek Medicare reforms (Reuters)

BALTIMORE (Reuters) ? Republicans in the House of Representatives will put forward a budget plan this year that will seek substantial reforms to health benefits for the elderly and make aggressive strides toward reducing deficits, a senior lawmaker said on Friday.

House Budget Committee Chairman Paul Ryan said he wanted his budget plan to offer voters an alternative vision to the "cradle-to-grave welfare state" that he says Democratic President Barack Obama is promoting.

The House Republican budget resolution will contain reforms to Medicare, the healthcare program for Americans 62 and over, such as providing subsidies to help recipients pay for private insurance, based on their wealth and medical needs.

"We haven't written it yet, but we're not backing off on the kinds of reforms we've advocated," Ryan told reporters at a retreat for House Republicans in Baltimore.

Ryan said there was emerging bipartisan support for such "premium support" plans as the best way to save Medicare, which he said was going broke.

The Wisconsin congressman caused an uproar last year by proposing a plan effectively to privatize Medicare by turning the popular $525 billion fee-for-service program into a system of vouchers to be used by recipients to buy private insurance.

The plan was enough to rattle elderly voters and was cited as a key factor in the defeat of a Republican candidate in a normally conservative New York state congressional district last year.

In December, Ryan and Democratic Senator Ron Wyden unveiled a new approach to cut Medicare costs through a "premium support" model that allowed seniors to buy insurance through a regulated exchange while retaining Medicare's traditional fee-for-service model. The plan was viewed by critics as a ploy to soften opposition to future reforms.

The Obama administration has steadfastly opposed reforms that would end Medicare for seniors or amount to what it calls "radical privatization" of the program

Representative Tom Price, who heads the House Republican Policy Committee, said there was a lot of enthusiasm at the Baltimore retreat to tackle fundamental reform of "automatic spending programs" such as Medicare and Social Security.

BUDGET RERFORM PLANS

Ryan said his budget plan would aggressively shrink deficits

to put U.S. debt on a downward path, adding the United States would be in a situation similar to some debt-stricken European countries in a few years if no action was taken. He did not specify an amount for planned cuts.

"We feel we have an obligation to show the country our plan to pre-empt a debt crisis in this country. What matters most as is that we get the trajectory right," he said.

Despite the controversy raised about the House's last budget plan, Ryan insisted that Americans be offered an alternative as a vision of what the Republicans would accomplish if elected.

"People want to be bolder on the budget. People feel good about our budget experience and the budget we passed, even the Northeasterners, the people from the tough seats, they feel we did the right thing on the budget and they want to keep doing it."

Ryan also said he hoped to reform the budgetary process, which he said was outdated and broken, noting the Senate had not passed a budget resolution in nearly three years.

The House Budget Committee is working on 10 bills to reform the annual budget process, including a provision that would force the two houses of Congress, along with the White House, to work on a joint budget resolution early in the year, for votes later in the year.

In the process in place since 1974, the House and Senate work on separate budget bills and then work out the differences later.

Ryan said the panel would begin to refine some of the proposals in coming weeks, but the process would be halted for the committee's work on the fiscal 2013 budget plan, which will be unveiled in March. The reforms will resume later in the year once the budget plan is passed, he said.

(Additional reporting by Richard Cowan; Editing by Peter Cooney)

Source: http://us.rd.yahoo.com/dailynews/rss/uscongress/*http%3A//news.yahoo.com/s/nm/20120121/pl_nm/us_usa_congress_budget

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Supreme Court rules public domain isn't permanent, says Congress can re-copyright works

Intellectual PropertyIf you've been enjoying the fireworks over PIPA and SOPA these past weeks, get ready for more intellectual property ugliness. The US Supreme Court handed down a decision Wednesday granting Congress the power to restore copyright claims on works that have entered the public domain. The six to two decision (with only the conservative Samuel Alito and liberal Stephen Breyer dissenting) was issued primarily with an eye towards bringing the country in line with an international treaty known as the Berne Convention. The plaintiffs in the case included orchestra conductors, educators, performers and archivists who rely on public domain works such as Fritz Lang's Metropolis and compositions from Igor Stravinsky. Many orchestras, including that of lead plaintiff Lawrence Golan, will now be forced to stop performing works that are a regular part of their repertoire due to licensing fees. Hit up the more coverage link for the complete (PDF) decision.

Supreme Court rules public domain isn't permanent, says Congress can re-copyright works originally appeared on Engadget on Fri, 20 Jan 2012 07:50:00 EDT. Please see our terms for use of feeds.

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