Saturday, May 09, 2009

UN Treaties Fail to Respect American Sovereignty and the Constitution


UN Treaties Fail to Respect American Sovereignty and the Constitution By Dana Gabriel

http://www.borderfirereport.net/dana-gabriel/un-treaties-fail-to-respect-american-sovereignty-and-the-constitution.php

Much of the United Nations philosophy manifested through its charter and numerous organizations, as well as international treaties, fails to respect American sovereignty. In many cases, it runs contrary to the Constitution. Incrementally, the UN is gaining more power. The recent swine flu pandemic scare demonstrates the influence that it has over American domestic policy.


A Gallup Poll conducted from February 9-12 of this year, found that 65% of Americans believe that the UN is doing a poor job. Under his tenure as Secretary-General, Kofi Annan was blamed for many of the UN’s problems and failures. Unfortunately, under the leadership of Ban Ki-moon, nothing has changed. He did promise reforms with a new era of transparency, accountability and better governance. The UN cannot be truly reformed as it is rotten to its very core. It is a bureaucratic nightmare, a cesspool of waste, mismanagement and corruption. More importantly is the danger it poses to American sovereignty.


No one in government has been more consistent in their position regarding the UN and its continued threat to American sovereignty than Congressman Ron Paul. On February 24, he reintroduced H.R. 1146, the American Sovereignty Restoration Act. If passed, it would effectively pull the U.S. out of the UN. Membership in the UN only serves to undermine American sovereignty. The UN is guilty of dictating environmental, labor, trade, gun and health laws. Through its system of international treaties, the U.S. finds itself increasingly bound by UN agreements.


An Obama presidency is seen by many as an opportunity for the U.S. to ratify the United Nations Convention on the Rights of the Child (UNCRC) and the Law of the Sea Treaty. Both would further challenge American sovereignty. The UNCRC would weaken parental authority and is an example of the UN setting U.S. social policy. Home school advocate Michael Farris reported that in an attempt to secure a seat on the UN Human Rights Council, the Obama administration has further pledged their support and loyalty to the UN.


Obama is a globalist at heart. He is no different than some past presidents who have also failed to uphold the Constitution and have surrendered more sovereignty to the UN. In 2005, President Bush placed the U.S. under UN law in the advent of a health emergency involving the avian flu or a pandemic influenza. From the beginning of the swine flu outbreak, the UN, through the World Health Organization (WHO), was hyping things up. The WHO was saying that the world was on the verge of a deadly pandemic that would require global solidarity. In Mexico where the flu first broke out, the alert has now been lowered and things are returning back to normal. If things were really as bad as some had suggested, why wasn’t the U.S.- Mexico border closed? The WHO is still warning that the virus could mutate and return as a more lethal strain in the coming months. As a result of the fear mongering over the swine flu, drug companies and manufacturers stand to profit. The hysteria served to scare the population and further ratchet up the police state. It could have been a trial balloon for a future martial law scenario and a UN global takeover.


Make no mistake about it, the United Nations is the mechanism for world government. At every turn, it seeks to undermine American sovereignty and override its domestic laws. National sovereignty remains the greatest obstacle to world government. Ron Paul sums it up like this, “The choice is very clear: we either follow the Constitution or submit to UN global governance. American national sovereignty cannot survive if we allow our domestic laws to be crafted by an international body. This needs to be stated publicly more often. If we continue down the UN path, America as we know it will cease to exist.”

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MPs' prestige at low ebb - Carey


Page last updated at 19:55 GMT, Saturday, 9 May 2009 20:55 UK


Lord Carey said MPs could not police themselves





Parliament's moral authority has slumped to its "lowest ebb in living memory", former Archbishop of Canterbury Lord Carey has said.

Lord Carey told the News of the World that leaked reports about MPs' expenses had shaken trust in politics.

He said the revelations had exposed the "clawing greed" at the heart of Westminster's "culture of abuse".

MPs who were the subject of Daily Telegraph articles about expenses have insisted the stories were inaccurate.

'Political betrayal'

In the News of the World, Lord Carey questioned whether public trust in politicians could ever be restored following the exposure of "systematic abuse".

He said many MPs had come to see their allowances as a "right rather than a privilege", and contrasted the spectacle of ministers "cringingly" justifying their expenses while their constituents suffered as a result of the recession.

This threatens to be the straw that finally breaks the camel's back

Lord Carey
"It is not just the clawing greed of painstaking claims for such minor items as tampons, barbecue sets and bathrobes, but also the egregious way some have transferred allowances from one second property to another - enabling them to refurbish homes at public expense, then sell them for profit," Lord Carey added.

"Coming at a time of financial crisis and political betrayal of the Gurkhas, this threatens to be the straw that finally breaks the camel's back."

Lord Carey acknowledged that many MPs had "honour and integrity". He said he had recently met Gordon Brown and been convinced the prime minister was driven by "a desire to serve his country".

But he said the affair had demonstrated that politicians could not police themselves, and called for an independent body to oversee any proposals about reform to the expenses system.

Also in the News of the World, a poll by ICM of 508 adults suggests that more than two-thirds of respondents said they believed the expenses revelations had damaged the prime minister.

Some 89% believed the reputation of parliament had been tarnished, and 91% said they wanted expenses records to be published in full straight away.

Further revelations

However, MPs have hit back over the Telegraph's most recent reports.

Immigration minister Phil Woolas has threatened legal action over "disgusting" allegations he claimed for women's clothing, nappies and comics, and Health minister Ben Bradshaw said the Telegraph's report about his expenses was factually wrong.

Margaret Moran, Labour MP for Luton South, told the BBC that allegations that she claimed over £20,000 for a house in Southampton 100 miles from her constituency were "inaccurate" and "probably actionable".

Labour ministers Phil Hope and Barbara Follett, as well as Tory MP Greg Barker, who were also named, say they have not broken parliamentary rules.

The day before, the Telegraph published details of 13 Cabinet ministers' expenses. It plans to publish further revelations about MPs from other parties in the coming days.
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Source: http://news.bbc.co.uk/1/hi/uk/8042214.stm

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Twittering in Church, with the Pastor's O.K.


A congregant at Easter Mass in Matthews, N.C., uses Twitter during the service
Robert Lahser / Charlotte Observer / AP
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Twittering in Church, with the Pastor's O.K.
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By Bonnie Rochman Sunday, May. 03, 2009
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John Voelz isn't trying to brag, but it's fair to say he was down with Twitter before most people knew it was a proper noun.

Last year, Voelz, a pastor, was tweeting at a conference outside Nashville about ways to make the church experience more creative — ways to "make it not suck" — when suddenly it hit him: Twitter. (See the 2009 TIME 100: Ashton Kutcher on the Twitter guys.)

Voelz and David McDonald, the other senior pastor at Westwinds Community Church in Jackson, Mich., spent two weeks educating their congregation about Twitter, the microblogging site that challenges users to communicate in 140 characters or less. They held training sessions in which congregants brought in their laptops, iPhones and BlackBerrys. They upped the bandwidth in the auditorium. (See "Finding God on YouTube.")

As expected, banter flourished. Tweets like "Nice shirt JVo" and "So glad they are doing Lenny Kravitz" flashed across three large video screens. But there was heartfelt stuff too.

"I have a hard time recognizing God in the middle of everything."

"The more I press in to Him, the more He presses me out to be useful"

"sometimes healing is painful"

There's a time and place for technology, and most houses of worship still say it's not at morning Mass. But instead of reminding worshippers to silence their cell phones, a small but growing number of churches across the country are following Voelz's lead and encouraging people to integrate text-messaging into their relationship with God.

In Seattle, Mars Hill churchgoers regularly tweet throughout the service. In New York City, Trinity Church marked Good Friday by tweeting the Passion play, detailing the stages of Jesus' crucifixion in short bursts. At Next Level Church, outside Charlotte, N.C., it's not only O.K. to fuse social-networking technology with prayer; it's desirable. (See pictures of John 3:16 in pop culture.)

On Easter Sunday, pastor Todd Hahn prefaced his sermon by saying, "I hope many of you are tweeting this morning about your experience with God."

"It's a huge responsibility of a church to leverage whatever's going on in the broader culture, to connect people to God and to each other," says Hahn.

If worship is about creating community, Twitter is an undeniably useful tool. The trick is to not let the chatter overshadow the need for quiet reflection that spirituality requires. At Westwinds, people can ask questions about the sermon that the pastors will answer later, or they can tweet in real time and hope another congregant offers insight. Some use Twitter as a note-taking tool. Often, it's pastor-directed, with McDonald preaching while Voelz taps out, "In what way do you feel the spirit of God moving within you?" Discuss.

There have been at least a dozen "Twitter Sundays" at Westwinds, but the 150 or so Twitterers of Westwind's 900 adult members are free to tweet at any time, at any service, whenever the spirit moves them.

The same rules apply at Next Level, where pastor Hahn headed straight to his office to log on as soon as the inaugural Twitterfest ended in April. Punching in "nextlevel" in Twitter's search function, he read:

"had awesome music today and yes i am twittering in church.

"nothing u do 4 the lord is in vain."

"I think my thumbs are going to be sore"

Next Level has no plans to make Twitter a formal part of each week's service, but Hahn advises parishioners that "if God leads you to continue this as a form of worship by all means do it."

Robbie McLaughlin took him up on it. The graphic designer used Twitter the Sunday after Easter and says he intends to do it again, as he was caught up by the way it transformed how he worshipped. He likes the way it helps him see what God is doing in other people's lives during the service. (And there's another benefit too: no more misplaced musings jotted down on that day's program. "With Twitter," he points out, "your notes are there forever.")

Though the Next Levels and Westwinds may be the face of the future, for now, they're just a quirky minority. But Voelz gets at least five e-mails a week from people inquiring how to launch Twitter within their church. How did you rig the screen resolution so people could read the tweets? What was members' reaction? And, not surprisingly: Got any tips to persuade church leadership this is way cool?
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A Message to the Lexus Laodecians



Lexus Laodecians


Here are a few words for those that have become comfortable in the world, and are resting peacefully in spite of their knowledge of present truth. These who have inhereted all the truths of the pioneers, the culmination of the Protestant and Reform movements; Who have come to understand every detail of the Lord's will for man, yet, now have become complacent and are looking for advise from those that know less about Bible Truths than they do: They now look to Rick Warren and his Saddleback Church for expertise on how to evangelize and to how to "plant" churches; They also look to T. D. Jakes for instruction on how to reach souls.
What a sad state these Lexus Laodecians are in with their MBA's in Buying and Selling from Andrews University, and their Doctorates in International Law from Georgetown University. What a pitiful site, sight they are in; confused on their way to the errand (The Great Commision & The 3 Angels' Messages) with all they need to know written down, yet, they refuse to read or obey it. Looking for truth in all the wrong places. Fully engaged in the whirlwind called Ecumenism, but, refuse to admit it. Can you deny what's clearly visible.


Can a man rob God? Can we say like Cain: Am I my brother's keeper?
Will the Lord accept any type of worship we 'like', when we know what His will is?
Why would we "willfully delay" His return?


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The Rich Ruler (Leader)

18And a certain ruler asked him, saying, Good Master, what shall I do to inherit eternal life?

19And Jesus said unto him, Why callest thou me good? none is good, save one, that is, God.

20Thou knowest the commandments, Do not commit adultery, Do not kill, Do not steal, Do not bear false witness, Honour thy father and thy mother.

21And he said, All these have I kept from my youth up.

22Now when Jesus heard these things, he said unto him, Yet lackest thou one thing: sell all that thou hast, and distribute unto the poor, and thou shalt have treasure in heaven: and come, follow me.

23And when he heard this, he was very sorrowful: for he was very rich.

24And when Jesus saw that he was very sorrowful, he said, How hardly shall they that have riches enter into the kingdom of God!

25For it is easier for a camel to go through a needle's eye, than for a rich man to enter into the kingdom of God.

26And they that heard it said, Who then can be saved?

27And he said, The things which are impossible with men are possible with God.

Luke 18:18-27.
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14And unto the angel of the church of the Laodiceans write; These things saith the Amen, the faithful and true witness, the beginning of the creation of God;

15I know thy works, that thou art neither cold nor hot: I would thou wert cold or hot.

16So then because thou art lukewarm, and neither cold nor hot, I will spue thee out of my mouth.

17Because thou sayest, I am rich, and increased with goods, and have need of nothing; and knowest not that thou art wretched, and miserable, and poor, and blind, and naked:

18I counsel thee to buy of me gold tried in the fire, that thou mayest be rich; and white raiment, that thou mayest be clothed, and that the shame of thy nakedness do not appear; and anoint thine eyes with eyesalve, that thou mayest see.

19As many as I love, I rebuke and chasten: be zealous therefore, and repent.

20Behold, I stand at the door, and knock: if any man hear my voice, and open the door, I will come in to him, and will sup with him, and he with me.

21To him that overcometh will I grant to sit with me in my throne, even as I also overcame, and am set down with my Father in his throne.

22He that hath an ear, let him hear what the Spirit saith unto the churches.
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Revelation 3:14-22
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The Lord is standing and knocking at "our" door, not anyone else's!
This message is for you, not for those that know nothing of the Present Truth.
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Arsenio
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Friday, May 08, 2009

Afghan's Karzai demands U.S. halt air strikes: report


WASHINGTON (Reuters) - Afghan President Hamid Karzai on Friday called on the United States to halt air strikes in his country, following attacks this week that Afghan officials said killed 147 people.

"We demand an end to these operations ... an end to air strikes," Karzai said in Washington in an interview with CNN.

Farah Province deputy governor Yunus Rasooli told Reuters on Friday that residents of two villages hit this week by U.S. warplanes had produced lists with the names of 147 people killed in the attacks.

The issue of civilian casualties is a source of great friction between the Afghan government and its U.S. backers and the air strikes overshadowed a meeting between Karzai and U.S. President Barack Obama in Washington.

Karzai told CNN's "Situation Room" that earlier in the beginning of the seven-year-old war that ousted the Islamist Taliban, Afghans had tolerated air strikes, but mounting civilian deaths had eroded that understanding.

"We cannot justify in any manner, for whatever number of Taliban or for whatever number of significantly important terrorists, the accidental or otherwise loss of civilians," he said.

Karzai said Obama in their White House summit on Wednesday had expressed "sorrows and apologies" over the deaths in Farah province.

Violence this year has reached its highest level since the Taliban were ousted in late 2001, despite growing numbers of international troops. The U.S. military plans to more than double its troop numbers in Afghanistan to 68,000 by year's end.

Officials are still investigating the incident in the two villages and trying to confirm the names, Rasooli said.

If the civilian toll is confirmed it would be the deadliest single incident for non-combatants since U.S.-led forces first started battling the Taliban in 2001.

(Reporting by Paul Eckert, editing by Eric Beech)



Source: http://uk.reuters.com/article/usPoliticsNews/idUKTRE5475R820090509?sp=true

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Chavez seizes oil service firms



Mr Chavez is tightening his grip on the oil industry







Venezuelan President Hugo Chavez has sent troops to take over companies that provide services for the oil industry.

VENEZUELA UNDER CHAVEZ
KEY STORIES
Chavez cuts budget over oil price
Chavez wins chance of fresh term
Venezuela marks decade of Chavez
Chavez opponents make poll gains

FEATURES AND ANALYSIS
Tough times ahead Hugo Chavez wins the right to stand for re-election but faces bumpy economic ride
Referendum: Venezuelan views
Local hero
A tale of two Venezuelas

BACKGROUND
Chavez profile
Venezuela guide: Key facts
Timeline: From Columbus on

RELATED INTERNET LINKS
PDVSA
Venezuelan government (in Spanish)


"This is a revolutionary offensive," he told workers near Lake Maracaibo, Venezuela's main oil-producing area.

Military vehicles were used as the state oil company seized supply boats and two US-owned gas facilities.

Mr Chavez nationalised Venezuela's main oil assets two years ago. The fresh drive comes as falling oil prices put state finances under pressure.

The move places hundreds of boats, several ports and an estimated 8,000 oil workers under state control.

The state-owned oil company PDVSA has recently clashed with foreign and local service providers over the prices they charge.

The service companies are owed billions of dollars by PDVSA. But the state firm says lower oil prices mean the contractors are being paid too much.

President Chavez has re-invigorated his nationalisation programme since his victory in a February referendum that removed limits on how many times he and others can stand for re-election.

Venezuela has some of the biggest oil reserves in the world and is the largest oil exporter in the Americas.

Source:http://news.bbc.co.uk/1/hi/world/americas/8041366.stm

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Forgive trespasses? Alan Keyes and 21 others arrested at Notre Dame


Friday May 8, 2009


The perennial fringe candidate of the Republican right, Alan Keyes, was arrested today along with 21 others who entered campus to protest Barack Obama's commencement invitation and refused to leave. As Chicago Breakng News reports:

Keyes was among a group of 26 protesters, some of them pushing baby carriages with dolls covered in fake blood, who entered the campus and were greeted by Notre Dame police, said university spokesman Dennis Brown.

Strollers and fake blood--nice touch. As Kaitlynn Reily reports at PoliticsDaily.com, Keyes criticized Notre Dame students for not joining him in protest.

"If they were in fact well-educated, this is where they would be," he said Friday. That's not the best way to win over students who just spent a week studying for finals.

Some students have in fact been protesting the choice of Obama as Commencement speaker, but they are choosing to do it in a dignified way. ND Response, a coalition of students and student groups at Notre Dame, has organized a series of events for Commencement weekend to prayerfully protest Obama speaking.

Keyes is generally regarded as on the lunatic fringe with Randall Terry (who was also arrested last week), but I've always seen him as more of a clown whose antics undermine his causes. One of those causes is of course his own political future; he ran unsuccessfully in 2004 against Obama. No surprise he lost. But in a post at First Things earlier this week, Father Edward T. Oakes, S.J., who teaches theology at the seminary for the archdiocese of Chicago, reproduced some extended excerpts from Obama's autobiography, The Audacity of Hope. The point of Father Oakes' essay was to expose what he thinks is a guilty conscience in Obama on abortion, and thereby a glimmer of hope for his "conversion" on abortion.

But it is Keyes and the anti-abortion movement he represents for many that comes off worst in Oakes' selections:

"There was no doubt that the man could talk," Obama writes. "At the drop of a hat Mr. Keyes could deliver a grammatically flawless disquisition on virtually any topic. On the stump, he could wind himself up into a fiery intensity, his body rocking, his brow running with sweat, his fingers jabbing the air, his high-pitched voice trembling with emotions as he called the faithful to do battle against the forces of evil."

"Unfortunately for him, neither his intellect nor his eloquence could overcome certain defects as a candidate. Unlike most politicians, for example, Mr. Keyes made no effort to conceal what he clearly considered to be his moral and intellectual superiority. With his erect bearing, almost theatrically formal manner, and a hooded gaze that made him appear perpetually bored, he came off as a cross between a Pentecostal preacher and William F. Buckley."

"Moreover, that self-assuredness disabled in him the instincts for self-censorship that allow most people to navigate the world without getting into constant fistfights. Mr. Keyes said whatever popped into his mind, and with dogged logic would follow over a cliff just about any idea that came to him. Already disadvantaged by a late start, a lack of funds, and his status as a carpetbagger, he proceeded during the course of a mere three months to offend just about everybody. He labeled all homosexuals--including Dick Cheney's daughter--"selfish hedonists," and insisted that adoption by gay couples inevitably resulted in incest. He called the Illinois press corps a tool of the "anti-marriage, anti-life agenda." He accused me of taking a "slaveholder's position" in my defense of abortion rights and called me a "hard-core academic Marxist" for my support of universal health care and other social programs--and then added for good measure that because I was not the descendant of slaves I was not really African American."

But I suggest reading the autobiography, for one thing, or at least all of Oakes' essay, which shows Obama as the far more thoughtful Christian. Perhaps it is Keyes et al who need converting.


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Even so the things of God knoweth no man, but the Spirit of God



1 Corinthians 2


1And I, brethren, when I came to you, came not with excellency of speech or of wisdom, declaring unto you the testimony of God.

2For I determined not to know any thing among you, save Jesus Christ, and him crucified.

3And I was with you in weakness, and in fear, and in much trembling.

4And my speech and my preaching was not with enticing words of man's wisdom, but in demonstration of the Spirit and of power:

5That your faith should not stand in the wisdom of men, but in the power of God.

6Howbeit we speak wisdom among them that are perfect: yet not the wisdom of this world, nor of the princes of this world, that come to nought:

7But we speak the wisdom of God in a mystery, even the hidden wisdom, which God ordained before the world unto our glory:

8Which none of the princes of this world knew: for had they known it, they would not have crucified the Lord of glory.

9But as it is written, Eye hath not seen, nor ear heard, neither have entered into the heart of man, the things which God hath prepared for them that love him.

10But God hath revealed them unto us by his Spirit: for the Spirit searcheth all things, yea, the deep things of God.

11For what man knoweth the things of a man, save the spirit of man which is in him? even so the things of God knoweth no man, but the Spirit of God.

12Now we have received, not the spirit of the world, but the spirit which is of God; that we might know the things that are freely given to us of God.

13Which things also we speak, not in the words which man's wisdom teacheth, but which the Holy Ghost teacheth; comparing spiritual things with spiritual.

14But the natural man receiveth not the things of the Spirit of God: for they are foolishness unto him: neither can he know them, because they are spiritually discerned.

15But he that is spiritual judgeth all things, yet he himself is judged of no man.

16For who hath known the mind of the Lord, that he may instruct him? but we have the mind of Christ.

Thursday, May 07, 2009

EU wants 'Internet G12' to govern cyberspace


Commissioner Reding wants internet governance fully privatised but overseen by an international forum (Photo: EURid)


EU wants 'Internet G12' to govern cyberspace
LEIGH PHILLIPS

05.05.2009 @ 09:21 CET

EUOBSERVER / BRUSSELS - The European Commission wants the US to dissolve all government links with the body that 'governs' the internet, replacing it with an international forum for discussing internet governance and online security.

The rules and decisions on key internet governance issues, such as the creation of top level domains (such as .com and .eu) and managing the internet address system that ensures computers can connect to each other, are currently made by the Internet Corporation for Assigned Names and Numbers (ICANN), a private, not-for profit corporation based in California which operates under an agreement with the US Department of Commerce.

The decisions made by ICANN affect the way the internet works all around the world.

EU information society commissioner Viviane Reding on Monday (4 May) suggested a new model for overseeing the internet from October this year, when the Commerce Department agreement runs out.

She called on US President Barack Obama to fully privatise ICANN and set up an independent judicial body, described as a "G12 for internet governance," which she described as a "multilateral forum for governments to discuss general internet governance policy and security issues."

"I trust that President Obama will have the courage, the wisdom and the respect for the global nature of the internet to pave the way in September for a new, more accountable, more transparent, more democratic and more multilateral form of Internet Governance," she said via a video message posted on her commission website.

The expiry of the agreement between ICANN and the US government "opens the door for the full privatisation of ICANN, and it also raises the question of to whom ICANN should be accountable," she said.

"In the long run, it is not defendable that the government department of only one country has oversight of an internet function which is used by hundreds of millions of people in countries all over the world."

Instead, Brussels would prefer that an international government forum that to meet twice a year makes recommendations by majority vote to the newly privatised ICANN. The forum would be restricted to representatives from 12 countries, with a regional balance taken into consideration.

Her "Internet G12" would include two representatives each from North America, South America, Europe and Africa, three representatives from Asia and Australia, as well as the Chairman of ICANN as a non-voting member. International organisations with competences in this field meanwhile could be given observer status.

The new US administration's position on global internet governance is not yet clear. However, during the Bush administration, Washington was steadfastly opposed to handing ICANN over to the United Nations.

The commission will hold a conference on Wednesday (6 May) in Brussels to discuss the issue with Europe's internet community.


Source:http://euobserver.com/19/28065
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Eye in the sky


Huma Siddiqui
Posted: 2009-05-04 00:42:37+05:30 IST
Updated: May 04, 2009 at 0042 hrs IST


: For intelligence communities around the world, outer space is fast becoming a high-ground, hide-and-seek arena. Spy satellites are the new tools to keep a watchful eye on any sort of subversive activities that threaten to disrupt peace in their respective territories. With the recent successful launch of radar satellite called Risat-2, India has joined the growing list of nations seeking round-the-clock surveillance through spy satellites.

The Indian security forces had been seeking such capability for a long time and the need to procure one quickly was precipitated after the Mumbai attacks. Risat-2 will also provide India the capability to track incoming hostile ballistic missiles. The satellite is capable of taking high-resolution photographs through clouds, in darkness and via camouflage, enhancing real-time intelligence-gathering capabilities. The key to the new technology is high processing speed. The new satellite’s systems can process data at speeds that are 1,000 times faster than a personal computer. Access to the high-tech surveillance tools would, for the first time, allow security and law-enforcement agencies to see high-resolution images and data, which would allow them, for example, to identify terror staging areas, a gang safehouse, or possibly even a building being used by would-be terrorists. Unlike electronic eavesdropping, which is subject to legislative and some judicial control, the use of spy satellites is largely uncharted territory.

Space analysts inform that for more than 40 years, spy satellites have hovered miles above the Earth, and have become increasingly powerful. When they were first launched in the early 1960s, spy satellites were the pride and joy of the US and Soviet militaries. In fact, analysts credit satellite photos—and their accurate information about air force bombers, missiles and navies—for calming tensions during the Cold War.

Be it satellites from the US, Russia, China, Israel or Germany, these pass over every spot on the face of the Earth twice a day, grabbing digital snapshots of places that the intelligence agencies and the military establishments want to see. While the areas of interests could be diverse—mass graves in Bosnia, missile fields in China or Russia, or the environmental disasters in the form of tsunami or tornadoes—the spy satellites have managed to provide a steady stream of black-and-white images.

Take for instance the ‘visible light’ satellites, the most recent of which resemble the Hubble Space Telescope and were built at the Lockheed Martin facility in the US. They are known as ‘keyhole-class’ satellites. They have a resolution of 5 to 6 inches, which means that they can distinguish an object that small on the ground.

Until a few years ago, satellite imagery, even though the downlink was digital, had to be converted to film—because physically, the intelligence community didn’t have the bandwidth to move it. So much so that during the US military operation Desert Storm in the Middle East, an airplane had to fly the pictures to Saudi Arabia. Thanks to rapid technology advances, digital data has permitted US intelligence and military agencies to combine visible light imagery with other imagery to make a two-dimensional image multi-dimensional. More importantly, it is now possible to transmit digital imagery to users around the world.

Such 3-D capabilities can even help intelligence agencies determine what a terrorist or drug lord’s intentions might be. For example, if intelligence agencies know that a suspected terrorist has rented an eighth-floor apartment in a particular building, they can order a 3-D re-creation of that neighbourhood. This is possible by simply flying a reconnaissance satellite 80 feet above the ground. And by freezing the view in front of the suspect’s apartment, intelligence agencies can keep a close watch on the suspect’s activities.

Buoyed by the prospects, the Obama administration has recently approved the purchase of new spy satellites. It has also decided to buy more commercial imagery from the private sector to plug immediate gaps in satellite coverage. Interestingly, the US has developed a spy satellite with the capability to move around in space in order to inspect satellites that have malfunctioned and possibly spy on other countries’ spy satellites as well.

Earlier this year, the US department of defence disclosed it has developed two covert inspection satellites that have the ability to assess damage to a failed geostationary satellite. These satellites also have the ability to attack satellites made by other countries. No wonder, the Chinese government is concerned about such developments. It sees the development as a new US intelligence tool that could theoretically also enable a sneak anti-satellite attack in geosynchronous orbit.

The Germans too are basking in the success of their new reconnaissance satellite-based system, which is capable of carrying out independent military operations. The SAR-Lupe system is based on a special radar technology called synthetic aperture radar (SAR) that provides high-definition images under any weather or light conditions. The system, which achieved full operational capability at the end of 2008, has catapulted the German armed forces into a leading position in radar-based reconnaissance. This new reconnaissance capacity has drastically reduced Germany’s dependence on other countries in the field of security policy. The spy satellites will provide images that can be retrieved by radar day or night and under any weather conditions. Germany has become the third country in the world after the US and Russia to deploy its own spatial radar reconnaissance.

In the long run, there might be no place on Earth where we will be able to avoid surveillance.
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'Father Oprah' Caught in Photo Scandal

'Father Oprah' Caught in Photo Scandal
CBS News
posted: 10 HOURS 41 MINUTES AGO

(May 6) - Faithful supporters of Father Alberto Cutié have expressed shock and disbelief after photos of the celebrity priest in a Spanish-language magazine showed him kissing and fondling a woman on Miami Beach, CBS Station WFOR-TV reports.
On Tuesday the Archdiocese of Miami relieved Father Cutié of his duties at St. Francis de Sales parish on Miami Beach and at the Catholic radio station Radio Peace and Radio Paz.
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A celebrity priest dubbed "Father Oprah" has been relieved of his duties after a Spanish-language magazine published steamy photos of him embracing a woman on a beach. "First photos of a priest 'in flagrante' with his lover," the cover of TV Notas says.

"This is a difficult day for everyone in the Archdiocese of Miami," said Archdiocese spokeswoman Mary Ross Agosta. "We pray for Father Alberto."
The photographs, which will be published Thursday in the TV NOTAS magazine, show Cutié and an unidentified woman caressing and kissing while in bathing suits on the beach. Sources say the photos were taken in February.

Some of the photos were obtained by the Miami Herald, and they showed Cutié locked in an embrace with the woman. The photographer has also not been identified, but according to the Herald, he had initially tried to sell the photos to MEGATV for several thousand dollars. But his offer was turned down.

The photos raise a question: Did Cutié, who was ordained as a priest in 1995, break his church-cherished vow of celibacy?


Source:http://news.aol.com/article/priest-scandal/468553?icid=mainhtmlws-maindl1link2http%3A%2F%2Fnews.aol.com%2Farticle%2Fpriest-scandal%2F468553
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The Sign to Leave Large Cities


When ye therefore shall see the abomination of desolation, spoken of by Daniel the prophet, stand in the holy place, (whoso readeth, let him understand:) then let them which be in Judaea flee into the mountains. .............Matt. 24:15, 16.


The time is not far distant, when, like the early disciples, we shall be forced to seek a refuge in desolate and solitary places. As the siege of Jerusalem by the Roman armies was the signal for flight to the Judean Christians, so the assumption of power on the part of our nation [the United States] in the decree enforcing the papal sabbath will be a warning to us. It will then be time to leave the large cities, preparatory to leaving the smaller ones for retired homes in secluded places among the mountains. {Mar 180.1}

For years I have been given special light that we are not to center our work in the cities. The turmoil and confusion that fill these cities, the conditions brought about by the labor unions and the strikes, would prove a great hindrance to our work. Men are seeking to bring those engaged in the different trades under bondage to certain unions. This is not God's planning, but the planning of a power that we should in no wise acknowledge. God's Word is fulfilling; the wicked are binding themselves up in bundles ready to be burned. {Mar 180.2}

The trades unions and confederacies of the world are a snare. Keep out of them, and away from them, brethren. Have nothing to do with them. Because of these unions and confederacies, it will soon be very difficult for our institutions to carry on their work in the cities. . . . Educate our people to get out of the cities into the country, where they can obtain a small piece of land, and make a home for themselves and their children. . . . {Mar 180.3}

Erelong there will be such strife and confusion in the cities, that those who wish to leave them will not be able. {Mar 180.4}

We are not to locate ourselves where we will be forced into close relations with those who do not honor God. . . . A crisis is soon to come in regard to the observance of Sunday. . . . {Mar 180.5}

The Sunday party is strengthening itself in its false claims, and this will mean oppression to those who determine to keep the Sabbath of the Lord. . . . {Mar 180.6}

If in the providence of God we can secure places away from the cities, the Lord would have us do this. There are troublous times before us. {Mar 180.7}

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Wednesday, May 06, 2009

The Impact Of Chrysler's Bankruptcy

Doctor Doom
The Impact Of Chrysler's Bankruptcy
Nouriel Roubini, 05.07.09, 12:01 AM EDT
Lessons for GM--and for the rest of us.


On April 30, Chrysler filed for Chapter 11 bankruptcy protection from its current creditors. As such, Chrysler will be able to operate as a going concern, while the company renegotiates its debt structure and other obligations. The U.S. government has described Chrysler's action as a "prepackaged surgical bankruptcy," through which it hopes the company will be able to exit the bankruptcy process within 30 to 60 days.

If Chrysler achieves this, it will emerge with a new global partnership with the Italy-based Fiat ( FIA - news - people ). Instead of cash, Fiat will provide the equivalent of billions of dollars in research- and investment-related (R&D) investments for a 35% stake in the new Chrysler. However, many experts think a quick trip into (and out of) bankruptcy might be unrealistic.


In the administration's view, cost cuts--implemented by Cerberus and the new management brought in by Bob Nardelli, who cut into Chrysler's R&D budget and new product development--left Chrysler, the smallest of the Detroit automakers, with a very thin line up of new vehicles.

The Obama administration set partnering with Fiat as a precondition for any further government assistance. Nevertheless, Chrysler was unable to avoid the bankruptcy process, because some creditors balked at the terms being offered in the proposed debt-to-equity swap by the government.

Fiat is vying to get a 35% stake in Chrysler without paying anything for it. What it brings to the table is billions of dollars in R&D that have positioned it well to produce new cars in the future.

Fiat exited the U.S. market decades ago. The marriage between Fiat and Chrysler is based on harsh realities, as evidenced by continuing layoffs in Chrysler's bloated U.S. and Canadian operations, but it seems to be a symbiotic relationship, aimed to help both car makers survive the new tests of an even more competitive landscape. Moreover, it is a reflection of the considerable overcapacities in the global auto sector which may require further consolidation in several national and international markets.

The short-term outcome of Chrysler's bankruptcy filing may come to determine the path for General Motors ( GM - news - people ), if not the entire U.S. auto industry. If bankruptcy proceedings for Chrysler go as the company and the U.S. government have planned, Chrysler's filing may very well turn out to be just a test case before the bankruptcy filing of GM itself.

GM has until the end of May to convince the government it has a viable business plan for restructuring outside a Chapter 11 reorganization. If it fails to renegotiate its debt and convince its current creditors to undergo a debt-for-equity swap--as Chrysler failed to do--then GM will have no option but to file for Chapter 11 protection.

GM's new chief executive, Fritz Henderson, has vowed to do whatever is reasonably necessary to prevent the automaker from going under, including seeking loan packages from U.S., Canadian and European governments (particularly Germany). But GM can no longer afford its extensive European operations and is in the process of looking for bidders.

The significant roles the auto sector plays in employment, exports and industrial production have heightened the political importance of responding to their vulnerabilities, which have been exacerbated by the credit crunch, prompting rescue packages including bridge loans, incentives to purchase domestic vehicles and increases in tariffs on imported cars and auto parts. In the face of rising unemployment in other sectors, governments hope to avoid any disorderly bankruptcy proceedings.

Furthermore, the Chrysler-Fiat merger could set off a chain of consolidations within the auto sector, which continues to have significant production overcapacities. Even emerging economies are likely to contribute slower auto demand growth in coming years. In Russia, automakers, including Toyota ( TM - news - people ), have repeatedly shuttered production, and domestic automakers are now increasing car loans in order to encourage purchases.

Other countries, such as China, also face the near-term challenge of consolidating their many automakers into several companies large enough to take advantage of economies of scale, increasing their share of the domestic market, and possibly expanding abroad.

Fiat is also trying to position itself to obtain an ownership stake in GM's European affiliate, Opel. The plan, which includes the other GM subsidiaries in Europe--Vauxhall in Britain and Saab in Sweden, would create a new global auto company with annual sales of up to 7 million cars and 80 billion euros (106 billion U.S. dollars) in revenues, which would secure Fiat a winning position in the post-crisis market.

The move, however, is likely to face political hurdles, as neither the German nor Italian governments would like to deal with the job losses (an estimated 8,000 to 9,000 jobs) likely from such a merger, particularly not in an election year (Germans vote this fall).

According to press reports, Berlin issued a list of conditions for Fiat, which includes stating where the headquarters would be located, where the taxes would be paid, the number of expected job losses and the future of Opel plants in Germany. GM, though, has the final say in assessing Fiat's offer. Yet the German economic minister suggested Fiat needs German state credits in lieu of adequate financing, which might increase German government leverage. However, supporting the formation of a global car maker with the German government's credit guarantees may enrage other German car makers, such as the VW Group, BMW and Mercedes-Benz.

The pressure on domestic jobs has increased the political importance of responding to the automakers' woes in many countries. In February, France raised protectionist fears after introducing state aid for the domestic car makers in return for an unwritten pledge to keep jobs and production at home. It posed a test for the EU's single-market rules and triggered an angry response from the Eastern European countries that would be hurt the most by the measure. Other countries, like Argentina and Russia, have increased restrictions on auto or parts imports in an attempt to support domestic industries. These might actually have the opposite effect--those in Russia hurt the business of used-car sellers.

But some government attempts to stoke auto demand may well erode future demand. So-called "cash-for-clunkers" deals--in which governments provide incentives for consumers to trade in their old cars for new (and often more fuel-efficient) ones--have had the desired effect, boosting auto sales in countries like Germany and China for the types of cars targeted.

These measures are helping to erode the inventory of manufacturers in a relatively orderly manner, but may be deferring the adjustment process the automakers will later face. Moreover, rising unemployment is likely to weigh on consumption, especially for large, credit-dependent purchases like cars.

The bankruptcy also has significant repercussions on the corporate bond market. Chrysler's bankruptcy filing was preceded by tough negotiations among creditors and the government to conclude an out-of-court restructuring in which lenders would receive 29 cents on the dollar in cash in exchange for wiping out about $6.9 billion of Chrysler's debt.

A group of about 20 secured creditors refused to sign off on the deal, arguing that their stakes were worth more and demanding that their seniority rights be observed. However, recent empirical evidence shows that as default rates increase, recovery rates are falling fast in this cycle. Moody's ( MCO - news - people ) reported that in the past seven months, completed CDS auctions resulted in a recovery rate of 30 cents on the dollar for loans and about 15 cents on the dollar for bonds, compared with 85 cents and 70 cents on the dollar, respectively, for all of 2008.

The latest research by Edward Altman yields similar results, stressing that distressed exchanges to avoid bankruptcy have surged since 2008, and that they usually yield significantly higher recovery rates to participating bondholders. In fact, S&P warns that, due to loose covenants and missing early-warning triggers, the losses even for secured creditors in this cycle might turn out to be substantial if a company cannot reorganize and liquidate.

Henry Hu of Texas University points to the "empty creditor" phenomenon to explain why some lenders prefer to hold out and force a bankruptcy seemingly against the company's--and thus their own--best interests. In short, creditors with enough credit default swaps may simultaneously have control rights and incentives to cause the debtor firm's value to fall. And if bankruptcy occurs, the empty creditor may undermine proper reorganization, especially if his interests (or non-interests) are not fully disclosed to the bankruptcy court.

But are credit markets finally thawing? Indeed, corporate bond issuance has picked up substantially since December, especially in the high-yield segment amid tighter spreads since the immediate Lehman aftermath. On a more cautious note, the IMF notes that, given shortening credit lines and still tight bank lending standards (confirmed in the April Bank Loan Officer Survey), corporations are taking advantage of this window of opportunity to refinance themselves in the bond market, despite substantially higher costs.

An additional factor fueling this front-loaded corporate bond activity is the likely future crowding-out by sovereign and government guaranteed debt. While the high-yield segment has returned 17.4% year-to-date in 2009, the fates of Chrysler and GM show the default rate may not yet have reached its peak.

Nouriel Roubini, a professor at New York University's Stern Business School and chairman of Roubini Global Economics, is a weekly columnist for Forbes. Analysts at Roubini Global Economics assisted in the research and writing of this piece.


Source:http://www.forbes.com/2009/05/06/chrysler-gm-fiat-bankruptcy-opinions-columnists-nouriel-roubini.html

P.S.My question to Professor Roubini is why is the White House micro-managing and giving it's blessing to this Fiat-Chrysler consolidation?

I pose that question to anyone: Why is there such an obssession with a merger with a foreign company, of the Italian persuasion?

Che Fai?

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Pope's Address to Biblical Commission


ZE09050604 - 2009-05-06
Permalink: http://www.zenit.org/article-25801?l=english

Pope's Address to Biblical Commission


"God Really Speaks to Men and Women in a Human Way"



VATICAN CITY, MAY 6, 2009 (Zenit.org).- Here is a translation of the address Benedict XVI gave April 23 to the members of the Pontifical Biblical Commission gathered in plenary assembly.

* * *

Your Eminence,
Your Excellency,
Dear Members of the Pontifical Biblical Commission,
I am pleased to welcome you once again at the end of your annual Plenary Assembly. I thank Cardinal William Levada for his greeting and for his concise presentation of the theme that has been the object of attentive reflection at your meeting.

You have gathered once again to study a very important topic: Inspiration and Truth of the Bible. This subject not only concerns theology, but the Church herself, because the life and mission of the Church are necessarily based on the word of God, which is the soul of theology and at the same time the inspiration of all Christian life. The topic you have addressed furthermore responds to a concern that I have very much at heart, because the interpretation of Sacred Scripture is of capital importance for the Christian faith and for the life of the Church.

As you have mentioned, Cardinal President, in his Encyclical "Providentissimus Deus," Pope Leo XIII offered Catholic exegetes new encouragement and new directives on the subject of inspiration, truth and biblical hermeneutics. Later, Pius XII in his Encyclical "Divino Afflante Spiritu," gathered and completed the preceding teaching and urged Catholic exegetes to find solutions in full agreement with the Church's doctrine, duly taking into account the positive contributions of the new methods of interpretation which had developed in the meantime.

The vigorous impetus that these two Pontiffs gave to biblical studies, as you also said, was fully confirmed and developed in the Second Vatican Council, so that the entire Church has benefited and is benefitting from it. In particular, the Conciliar Constitution "Dei Verbum" still illumines the work of Catholic exegetes today and invites Pastors and faithful to be more regularly nourished at the table of the word of God.

In this regard the Council recalls first of all that God is the Author of Sacred Scripture: "The divinely revealed realities, which are contained and presented in the text of Sacred Scripture, have been written down under the inspiration of the Holy Spirit. For Holy Mother Church relying on the faith of the apostolic age, accepts as sacred and canonical the Books of the Old and the New Testaments, whole and entire, with all their parts, on the grounds that, written under the inspiration of the Holy Spirit they have God as their author, and have been handed on as such to the Church herself" (Dei Verbum, n. 11).

Therefore since all that the inspired authors or hagiographers state is to be considered as said by the Holy Spirit, the invisible and transcendent Author, it must consequently be acknowledged that "the books of Scripture, firmly, faithfully and without error, teach that truth which God, for the sake of our salvation, wished to see confided to the sacred Scriptures" (ibid., n. 11).

From the correct presentation of the divine inspiration and truth of Sacred Scripture certain norms derive that directly concern its interpretation. The Constitution "Dei Verbum" itself, after stating that God is the author of the Bible, reminds us that in Sacred Scripture God speaks to man in a human fashion and this divine-human synergy is very important: God really speaks to men and women in a human way. For a correct interpretation of Sacred Scripture it is therefore necessary to seek attentively what the hagiographers have truly wished to state and what it has pleased God to express in human words.

"The words of God, expressed in the words of men, are in every way like human language, just as the Word of the eternal Father, when he took on himself the flesh of human weakness, became like men" (Dei Verbum, n. 13).

Moreover, these indications, very necessary for a correct historical and literary interpretation as the primary dimension of all exegesis, require a connection with the premises of the teaching on the inspiration and truth of Sacred Scripture. In fact, since Scripture is inspired, there is a supreme principal for its correct interpretation without which the sacred writings would remain a dead letter of the past alone: Sacred Scripture "must be read and interpreted with its divine authorship in mind" (ibid., n. 12).

In this regard, the Second Vatican Council points out three criteria that always apply for an interpretation of Sacred Scripture in conformity with the Spirit that inspired it.

First of all it is essential to pay great attention to the content and unity of the whole of Scripture: only in its unity is it Scripture. Indeed, however different the books of which it is composed may be, Sacred Scripture is one by virtue of the unity of God's plan whose centre and heart is Jesus Christ (cf. Lk 24: 25-27; Lk 24: 44-46).

Secondly, Scripture must be interpreted in the context of the living tradition of the whole Church. According to a statement of Origen: "Sacra Scriptura principalius est in corde Ecclesiae quam in materialibus instrumentis scripta", that is, "Sacred Scripture is written in the heart of the Church before being written on material instruments".

Indeed, in her Tradition the Church bears the living memory of the Word of God and it is the Holy Spirit who gives her its interpretation according to the spiritual meaning (cf. Origin, Homilae in Leviticum, 5,5).

As a third criterion, it is necessary to pay attention to the analogy of the faith, that is to the consistence of the individual truths of faith with one another and with the overall plan of the Revelation and the fullness of the divine economy contained in it.

The task of researchers who study Sacred Scripture with different methods is to contribute in accordance with the above-mentioned principles to the deepest possible knowledge and explanation of the meaning of Sacred Scripture. The scientific study of the sacred texts is important but is not sufficient in itself because it would respect only the human dimension. To respect the coherence of the Church's faith, the Catholic exegete must be attentive to perceiving the Word of God in these texts, within the faith of the Church herself.

If this indispensable reference point is missing, the exegetical research would be incomplete, losing sight of its principal goal, and risk being reduced to a purely literary interpretation in which the true Author God no longer appears.

Furthermore, the interpretation of the Sacred Scriptures cannot only be an individual scientific effort but must always be compared with, inserted in and authenticated by the living Tradition of the Church. This rule is decisive to explain the correct relationship between exegesis and the Magisterium of the Church. The Catholic exegete does not only feel that he or she belongs to the scientific community, but also and above all to the community of believers of all times. In reality these texts were not given to individual researchers or to the scientific community, "to satisfy their curiosity or to provide them with material for study and research" (Divino Afflante Spiritu, eb 566).

The texts inspired by God were entrusted in the first place to the community of believers, to Christ's Church, to nourish the life of faith and to guide the life of charity. Respect for this purpose conditions the validity and efficacy of biblical hermeneutics. The Encyclical "Providentissimus Deus" recalled this fundamental truth and noted that, far from hindering biblical research, respect for this norm encourages authentic progress. I would say, a rationalistic hermeneutic of faith corresponds more closely with the reality of this text than a rationalistic hermeneutic that does not know God.

Being faithful to the Church means, in fact, fitting into the current of the great Tradition. Under the guidance of the Magisterium, Tradition has recognized the canonical writings as a word addressed by God to his People, and it has never ceased to meditate upon them and to discover their inexhaustible riches.

The Second Vatican Council reasserted this very clearly: "all that has been said about the manner of interpreting Scripture is ultimately subject to the judgment of the Church which exercises the divinely conferred commisssion and ministry of watching over and interpreting the Word of God" (Dei Verbum, n. 12).

As the above-mentioned Dogmatic Constitution reminds us, an inseparable unity exists between Sacred Scripture and Tradition, because both come from the same source:

"Sacred Tradition and Sacred Scripture, then, are bound closely together, and communicate one with the other. For both of them, flowing out from the same divine well-spring, come together in some fashion to form one thing, and move towards the same goal. Sacred Scripture is the speech of God as it is put down in writing under the breath of the Holy Spirit. And Tradition transmits in its entirety the Word of God which has been entrusted to the Apostles by Christ the Lord and the Holy Spirit. He transmits it to the successors of the Apostles so that, enlightened by the Spirit of truth, they may faithfully preserve, expound and spread it abroad by their preaching. Thus it comes about that the Church does not draw her certainty about all revealed truths from the Holy Scriptures alone. Hence, both Scripture and Tradition must be accepted and honoured with equal feelings of devotion and reverence" (Dei Verbum, n. 9).

As we know, this word "pari pietatis affectu ac reverentia" was created by St Basil and then absorbed into Gratian's Decree, through which it entered the Council of Trent and then the Second Vatican Council. It expresses precisely this inter-penetration between Scripture and Tradition.

The ecclesial context alone enables Sacred Scripture to be understood as an authentic Word of God which makes itself the guide, norm and rule for the life of the Church and the spiritual growth of believers.

As I have said, this is in no way an obstacle to a serious and scientific interpretation but furthermore gives access to the additional dimensions of Christ that are inaccessible to a merely literary analysis, which remains incapable of grasping by itself the overall meaning that has guided the Tradition of the entire People of God down the centuries.

Dear Members of the Pontifical Biblical Commission, I would like to end my talk by expressing to you all my personal gratitude and encouragement. I thank you warmly for the demanding work you do at the service of the Word of God and of the Church through research, teaching and the publication of your studies. To this I add my encouragement for the ground that has yet to be covered.

In a world in which scientific research is assuming ever greater importance in numerous fields, it is indispensable that exegetical science attain a good level. It is one of the aspects of the inculturation of the faith that is part of the Church's mission, in harmony with acceptance of the mystery of the Incarnation.

Dear brothers and sisters, may the Lord Jesus Christ, the Word of God incarnate and the divine Teacher who opened the minds of his disciples to an understanding of the Scriptures (cf. Luke 24: 45), guide and sustain you in your reflection.

May the Virgin Mary, model of docility and obedience to the Word of God, teach you to accept ever better the inexhaustible riches of Sacred Scripture, not only through intellectual research but also in your lives as believers, so that your work and your action may contribute to making the light of Sacred Scripture shine ever brighter before the faithful.

As I assure you of my prayerful support in your efforts, I cordially impart my Apostolic Blessing to you, as a pledge of divine favours.




© Innovative Media, Inc.


P.S. Bolds, Highlights, and Italics added.

Bank of America (Bank of Italy)





Bank of America Corporation (NYSE: BAC), based in Charlotte, North Carolina is the largest financial services company in the world[4], largest bank by assets,[3] second largest commercial bank by deposits, and (previously) third largest by market capitalization in the United States.[5][6] Also, Bank of America is the number one underwriter of global high yield debt, the third largest underwriter of global equity and the ninth largest adviser on global mergers and acquisitions.[7]


Bank of America serves clients in more than 150 countries and has a relationship with 99 percent of the U.S. Fortune 500 companies and 83 percent of the Fortune Global 500. The company is a component of the Dow Jones Industrial Average and a member of the Federal Deposit Insurance Corporation (FDIC).[8]


The Bank, at one point considered one of the winners and healthiest survivors of the 2007 credit crisis, plunged in market value due to, in part, massive losses caused by its purchase of Merrill Lynch. It's Q1 2009 profit was 4.2 billion with 3.7 billion having come from Merrill Lynch. [9]


Contents



Corporate history
Bank of Italy


The Bank of Italy was founded in San Francisco by Amadeo Giannini in 1904, based on catering to immigrants. Amadeo was raised by the Fava/Stanghellini family when his father was shot while trying to collect on a $10.00 debt. When the 1906 San Francisco earthquake struck, Giannini was able to get all of the deposits out of the bank building and away from the fires.
In 1922, Giannini established Bank of America and Italy in Italy by buying Banca dell'Italia Meridionale, itself only established in 1918.

In the late 1920s, Giannini approached Orra E. Monnette, President and founder of Bank of America, Los Angeles, about a merger between the two entities. The Los Angeles based bank had exhibited strong growth throughout the 1920s, due in part to its success in developing an advanced branch banking system. The merger was completed in early 1929 and took the name Bank of America. The combined company was headed by Giannini with Monnette serving as co-Chair.


Growth in California
Giannini sought to build a national bank, expanding into most of the western states as well as into the insurance industry, under the aegis of his holding company, Transamerica Corporation. The passage of the Bank Holding Company Act of 1956, prohibited banks from owning non-banking subsidiaries such as insurance companies. Bank of America and Transamerica were separated, with the latter company continuing in the insurance business. However, federal banking regulators prohibited Bank of America's interstate banking activity, and Bank of America's domestic banks outside California were forced into a separate company that eventually became First Interstate Bancorp, which was acquired by Wells Fargo and Company in 1996. It was not until the 1980s with a change in federal banking legislation and regulation that Bank of America was again able to expand its domestic consumer banking activity outside California.


These technologies also allowed credit cards to be linked directly to individual bank accounts. In 1958, the bank introduced the BankAmericard, which changed its name to VISA in 1975.[10] A consortium of other California banks came up with Master Charge (now MasterCard) in order to compete with BankAmericard.



Expansion outside of California
Bank of America Corporate Center, located in the center of uptown Charlotte, North Carolina.
Following the passage of the Bank Holding Company Act of 1967, BankAmerica Corporation was established for the purpose of owning Bank of America and its subsidiaries.

BankAmerica expanded outside California in 1983 with its acquisition of Seafirst Corporation of Seattle, Washington, and its wholly owned banking subsidiary, Seattle-First National Bank. Seafirst was at risk of seizure by the federal government after becoming insolvent due to a series of bad loans to the oil industry. BankAmerica continued to operate its new subsidiary as Seafirst rather than Bank of America until the 1998 merger with NationsBank.


BankAmerica was dealt huge losses in 1986 and 1987 by the placement of a series of bad loans in the Third World, particularly in Latin America. The company fired its CEO, Sam Armacost. Though Armacost blamed the problems on his predecessor, A.W. (Tom) Clausen, Clausen was appointed to replace Armacost. The losses resulted in a huge decline of BankAmerica stock, making it vulnerable to a hostile takeover. First Interstate Bancorp of Los Angeles (which had originated from banks once owned by BankAmerica), launched such a bid in the fall of 1986, although BankAmerica rebuffed it, mostly by selling operations. It sold its FinanceAmerica subsidiary to Chrysler and the brokerage firm Charles Schwab and Co. back to Mr. Schwab. It also sold Bank of America and Italy to Deutsche Bank. By the time of the 1987 stock market crash, BankAmerica's share price had fallen to $8, but by 1992 it had rebounded mightily to become one of the biggest gainers of that half-decade.


BankAmerica's next big acquisition came in 1992. The company acquired its California rival, Security Pacific Corporation and its subsidiary Security Pacific National Bank in California and other banks in Arizona, Idaho, Oregon and Washington (which Security Pacific had acquired in a series of acquisitions in the late 1980s). This was, at the time, the largest bank acquisition in history. Federal regulators, however, forced the sale of Security Pacific's Washington subsidiary, Rainier Bank, as the combination of Seafirst and Rainier would have given BankAmerica too large a share of the market in that state. The Rainier Bank branches were divided and sold off to West One Bancorp (now U.S. Bancorp) and KeyBank.[11] Later that year, BankAmerica expanded into Nevada by acquiring Valley Bank of Nevada.


In 1994, BankAmerica acquired the Continental Illinois National Bank and Trust Co. of Chicago, which had become federally owned as part of the same oil industry debacle emanating from Oklahoma City's Penn Square Bank, that had brought down numerous financial institutions including Seafirst. At the time, no bank had the resources to bail out Continental, so the federal government operated the bank for nearly a decade. Illinois at that time regulated branch banking extremely heavily, so Bank of America Illinois was a single-unit bank until the 21st century. BankAmerica moved its national lending department to Chicago in an effort to establish a financial beachhead in the region.


These mergers helped BankAmerica Corporation to once again become the largest U.S. bank holding company in terms of deposits, but the company fell to second place in 1997 behind fast-growing NationsBank Corporation, and to third in 1998 behind North Carolina's First Union Corp. In 1998, BankAmerica was purchased by North Carolina-based NationsBank, and changed the headquarters to Charlotte, North Carolina.


Merger of NationsBank and BankAmerica
In 1997, BankAmerica lent D. E. Shaw & Co., a large hedge fund, $1.4bn so that the hedge fund would run various businesses for the bank. However, D.E. Shaw suffered significant loss after the 1998 Russia bond default. BankAmerica was acquired by NationsBank later that year in October.


The purchase of BankAmerica Corp. by the NationsBank Corporation was the largest bank acquisition in history at that time. While the deal was technically a purchase of BankAmerica Corporation by NationsBank, the deal was structured as merger with NationsBank renamed to Bank of America Corporation, and Bank of America NT&SA, changing its name to Bank of America, N.A. as the remaining legal bank entity. The bank still operates under Federal Charter 13044 which was granted to Giannini's Bank of Italy on March 1, 1927. However, SEC filings before 1998 are listed under NationsBank, not BankAmerica.


Following the US$64.8 billion acquisition of BankAmerica by NationsBank, the resulting Bank of America had combined assets of US$570 billion, as well as 4,800 branches in 22 states. Despite the mammoth size of the two companies, federal regulators insisted only upon the divestiture of 13 branches in New Mexico, in towns that would be left with only a single bank following the combination. This is because branch divestitures are only required if the combined company will have a larger than 25 percent FDIC deposit market share in a particular state or 10 percent deposit market share overall.

History since 2001
In 2001, Bank of America CEO and chairman Hugh McColl stepped down and named Ken Lewis as his successor. Lewis's greater focus on financial discipline and efficiency contrasted greatly with the expansionary mergers and acquisition strategy of his predecessor.

Acquisition of FleetBoston Financial
In 2004, Bank of America announced it would purchase Boston-based bank FleetBoston Financial for $47 billion in cash and stock.[12] By merging with Bank of America, all of its banks and branches were given the Bank of America logo. At the time of merger, FleetBoston was the seventh largest bank in United States with $197 billion in assets, over 20 million customers and revenue of $12 billion.[12]

Purchase of MBNA
On 30 June 2005, Bank of America announced it would purchase credit card giant MBNA for $35 billion in cash and stock. The Federal Reserve Board gave final approval to the merger on 15 December 2005, and the merger closed on 1 January 2006. The acquisition of MBNA provided Bank of America a leading credit card issuer at home and abroad. The combined Bank of America Card Services organization, including the former MBNA — had more than 40 million U.S. accounts and nearly $140 billion in outstanding balances. Under Bank of America the operation was renamed FIA Card Services.

Divestiture of operations in Brazil, Chile and Uruguay
In May 2006, Bank of America and Banco Itaú (Investimentos Itaú S.A.) entered into an acquisition agreement through which Itaú agreed to acquire BankBoston's operations in Brazil and was granted an exclusive right to purchase Bank of America's operations in Chile and Uruguay. A deal was signed in August 2006 under which Itaú agreed to purchase Bank of America's operations in Chile and Uruguay. Prior to the transaction, BankBoston's Brazilian operations included asset management, private banking, a credit card portfolio, and small, middle-market, and large corporate segments. It had 66 branches and 203,000 clients in Brazil. BankBoston in Chile had 44 branches and 58,000 clients and in Uruguay it had 15 branches. In addition, there was a credit card company, OCA, in Uruguay, which had 23 branches. BankBoston N.A. in Uruguay, together with OCA, jointly served 372,000 clients. While the BankBoston name and trademarks were not part of the transaction, as part of the sale agreement, they cannot be used by Bank of America in Brazil, Chile or Uruguay following the transactions. Hence, the BankBoston name has disappeared from Brazil, Chile and Uruguay. The Itaú stock received by Bank of America in the transactions has allowed Bank of America's stake in Itaú to reach 11.51%. Banco Boston do Brazil had been founded in 1947.

Purchase of US Trust
On 20 November 2006, Bank of America announced the purchase of The United States Trust Company for $3.3 billion, from the Charles Schwab Corporation. US Trust had about $100 billion of Assets Under Management and over 150 years of experience. The deal closed 1 July 2007.[13]

Acquisition of ABN AMRO North America and LaSalle Bank
On September 14, 2007, Bank of America won approval from the Federal Reserve to acquire ABN AMRO N.A. and LaSalle Bank Corporation from Netherlands's ABN AMRO for $21 billion. With this combination Bank of America will have 1.7 trillion in assets. A Dutch court blocked the sale until it was later approved in July. The acquisition was completed on October 1, 2007.
The deal increased Bank of America's presence in Illinois, Michigan, and Indiana by 411 branches, 17,000 commercial bank clients, 1.4 million retail customers and 1,500 ATMs. Bank of America has become the largest bank in the Chicago market with 197 offices and 14% of the deposit share, passing up JPMorgan Chase.
LaSalle Bank and LaSalle Bank Midwest branches adopted the Bank of America name on 5 May 2008.[14]

Acquisition of Countrywide Financial
On August 23, 2007 the company announced a $2 billion repurchase agreement for Countrywide Financial. This purchase of preferred stock was arranged to provide a return on investment of 7.25% per annum and provided the option to purchase common stock at a price of $18 per share.[15]


Following that initial investment, on January 11, 2008, Bank of America announced that they would buy Countrywide Financial for $4.1 billion.[16] This acquisition, which closed on July 1, 2008, gave the bank a substantial market share of the mortgage business, and access to Countrywide's expertise, technology, and employees for servicing mortgages.[17] The acquisition was seen as preventing the potential of bankruptcy for Countrywide. Countrywide, however, denied that it was close to bankruptcy. Countrywide provides mortgage servicing for nine million mortgages valued at $1.4 trillion USD as of December 31, 2007.[18] However, Countrywide is under FBI investigation due to possible fraud in home loans and mortgages, therefore Bank of America states that by 2009 they will only be "officially" affiliated to Countrywide.[19]


On July 1, 2008, Bank of America Corporation completed its purchase of Countrywide Financial Corporation. This purchase made it the USA's leading mortgage originator and servicer, controlling between 20 to 25 percent of the home loan market.[20] The deal was structured to merge Countrywide with the Red Oak Merger Corporation, which Bank of America created as an independent subsidiary. It has been suggested that the deal was structured this way to prevent a potential bankruptcy stemming from large losses in Countrywide hurting the parent organization by keeping Countrywide bankruptcy remote.[21]

Acquisition of Merrill Lynch
On September 15, 2008, Bank of America announced its intentions to purchase Merrill Lynch & Co., Inc. in an all-stock deal worth approximately $ 50 billion, about 86% of the Bank of America stock price at close. Merrill Lynch was at the time within days of collapse, and the acquisition effectively saved Merrill from bankruptcy.[22] Around the same time Bank of America was reportedly also in talks to purchase Lehman Brothers, however a lack of government guarantees caused the bank to abandon talks with Lehman.[23] Lehman Brothers filed for bankruptcy the same day Bank of America announced its plans to acquire Merrill Lynch.[24] This acquisition made Bank of America the largest financial services company in the world.[25] Temasek Holdings, the largest shareholder of Merrill Lynch & Co., Inc., has become one of the largest shareholders of Bank of America.[26]


Shareholders of both companies approved the acquisition on December 5, 2008, and the deal closed January 1, 2009.[27]

The Bank, in its January 16, 2009 earnings release, revealed massive losses at Merrill Lynch in the fourth quarter, which necessitated an emergency government bailout of the Bank to keep it solvent. Merrill recorded an operating loss of $21.5 billion in the quarter, mainly in its sales and trading operations, led by Tom Montag. The Bank also disclosed it tried to abandon the deal in December after the extent of Merrill's trading losses surfaced, but was compelled to complete the merger by the U.S. government. The Bank's stock price sank to $7.18, its lowest level in 17 years, after announcing earnings and the Merrill mishap. The market capitalization of Bank of America, including Merrill Lynch, was then $45 billion, less than the $50 billion it offered for Merrill just four months earlier, and down $108 billion from the merger announcement.

Federal bailout

This section requires expansion.
Bank of America received US $20 billion in federal bailout from the US government through the TARP program on 16 January 2009 and also got guarantee of US $118 billion in potential losses at the company.[28] This was in addition to the $25 billion given to them in the Fall of 2008 through TARP. The additional payment was part of a deal with the US government to preserve Bank of America's merger with the troubled investment firm Merrill Lynch.[29] Since then, members of the US Congress have expressed considerable concern about how this money has been spent, especially since some of the recipients have been accused of mis-using the bailout money.[30] The Bank's CEO, Ken Lewis, was quoted as claiming "We are still lending, and we are lending far more because of the TARP program." Members of the US House of Representatives, however, were skeptical and quoted many anecdotes about loan applicants (particularly small business owners) being denied loans and credit card holders facing stiffer terms on the debt in their card accounts.


According to a March 15, 2009 article in The New York Times, Bank of America received an additional $5.2 billion in government bailout money which was channeled through American International Group. [31]

Bank of America divisions

Bank of America ATM

Typical Bank of America local office

Bank of America branch in Lowell, MA
Bank of America generates 90% of its revenues in its domestic market and continues to buy businesses in the US. The core of Bank of America's strategy is to be the number one bank in its domestic market. It has achieved this through key acquisitions.[32]

Consumer
Global Consumer and Small Business Banking (GC&SBB) is the largest division in the company, and deals primarily with consumer banking and credit card issuance. The acquisition of FleetBoston and MBNA significantly expanded its size and range of services, resulting in about 51% of the company's total revenue in 2005. It competes directly with the retail banking divisions of Citigroup and JPMorgan Chase. The GC&SBB organization includes over 6,100 retail branches and over 18,700 ATMs across the United States.

Bank of America is a member of the Global ATM Alliance, a joint venture of several major international banks that allows customers of the banks to use their ATM card or check card at another bank within the Global ATM Alliance with no fees when traveling internationally. Other participating banks are Barclays (United Kingdom), BNP Paribas (France), China Construction Bank (China), Deutsche Bank (Germany), Santander Serfin (Mexico), Scotiabank (Canada) and Westpac (Australia and New Zealand).[33] This feature is restricted to withdrawals using a debit card, though credit card withdrawals are still subject to cash advance fees and foreign currency conversion fees. Additionally, some foreign ATMs use Smart Card technology and may not accept non-Smart Cards.


Bank of America, N.A is a nationally chartered bank, regulated by the Office of the Comptroller of the Currency, Department of the Treasury.

Corporate
Global Corporate and Investment Banking (GCIB), also known as Banc of America Securities LLC, provides mergers and acquisitions advisory, underwriting, capital markets, as well as sales & trading in fixed income and equities markets. Its strongest groups include Leveraged Finance, Syndicated Loans, and mortgage-backed securities. It also has one of the largest research teams on Wall Street. Banc of America Securities LLC is based in New York City, with major offices also located in Charlotte, Chicago, San Francisco, Tokyo, Frankfurt, London, and Mumbai. Ken Lewis, the ambitious chief executive who masterminded the bank's expansion into exotic new businesses including GCIB, bluntly ruled out any further acquisitions in its investment banking division. "I've had all of the fun I can stand in investment banking at the moment," he told analysts.

Investment management
Global Wealth and Investment Management manages assets of institutions and individuals. It is among the 10 largest U.S. wealth managers (ranked by private banking assets under management in accounts of $1 million or more as of June 30, 2005). In July 2006, Chairman Ken Lewis announced that GWIM's total assets under management exceeded $500 billion. GWIM has five primary lines of business: Premier Banking & Investments (including Bank of America Investment Services, Inc.), The Private Bank, Family Wealth Advisors, Columbia Management Group, and Banc of America Specialist.


Bank of America has recently spent $675 million building its US investment banking business and is looking to become one of the top five investment banks worldwide. "Bank of America already has excellent relationships with the corporate and financial institutions world. Its clients include 98% of the Fortune 500 companies in the US and 79% of the Global Fortune 500. These relationships, as well as a balance sheet that most banks would kill for, are the foundations for a lofty ambition."[34]


Bank of America is currently constructing a massive new headquarters for its New York City operations. The skyscaper will be located on 42nd Street and Avenue of the Americas, at Bryant Park, and will feature state of the art, environmentally-friendly technology throughout its 1.2 million square feet (111,484 m²) of office space. The building will be the headquarters for the company's investment banking division, and will also host most of Bank of America's New York-based staff.

International operations
In 2005, Bank of America acquired a 9% stake in China Construction Bank, China's second largest bank, for $3 billion.[35] It represented the company's largest foray into China's growing banking sector. Bank of America currently has offices in Hong Kong, Shanghai, and Guangzhou and is looking to greatly expand its Chinese business as a result of this deal. In 2008 Bank of America was awarded Deal of the Year - Project Finance Deal of the Year at the 2008 ALB Hong Kong Law Awards[36].


Bank of America has invested in India as an emerging market. Currently, Bank of America maintains branches in Mumbai, Chennai, Calcutta, New Delhi and Bangalore. For the fiscal year ending March 31, 2006 Bank of America reported an 80% increase in net profit.[37]
Bank of America operated under the name BankBoston in many other Latin American countries, including Brazil. In 2006, Bank of America sold all BankBoston's operations to Brazilian bank Banco Itaú, in exchange for Itaú shares. The BankBoston name and trademarks were not part of the transaction and, as part of the sale agreement, cannot be used by Bank of America. (That meant the extinction of the BankBoston brand.)


Bank of America's Global Corporate and Investment Banking spans the Globe with divisions in United States, Europe and Asia. The U.S. headquarters are located in New York, European headquarters are based in London and Asia's headquarters are split between Singapore & Hong Kong.

Board of Directors
William Barnet III, Chairman, President and Chief Executive Officer, The Barnet Company
Frank P. Bramble Sr, Former Executive Officer, MBNA Corporation
John T. Collins, Chief Executive Officer, The Collins Group
Gary L. Countryman, Chairman Emeritus, Liberty Mutual Group
Tommy Franks, Retired General, United States Army
Charles K. Gifford, Former Chairman, Bank of America Corporation
Kenneth D. Lewis, President and Chief Executive Officer, Bank of America Corporation
Monica C. Lozano, Publisher and Chief Executive Officer of La Opinion
Walter E. Massey, Chairman, Bank of America Corporation, President Emeritus, Morehouse College
Thomas J. May, Chairman, President and Chief Executive Officer, NSTAR
Patricia E. Mitchell, President and Chief Executive Officer, The Paley Center for Media
Thomas M. Ryan, President and Chief Executive Officer, CVS Caremark Corporation
O. Temple Sloan, Jr., Chairman, General Parts International
Meredith R. Spangler, Trustee and Board Member
Robert L. Tillman, Chairman and CEO Emeritus, Lowe's
Jackie M. Ward, Retired Chairman/CEO, Computer Generation

Major Shareholders
Individuals
Shares held
Kenneth D Lewis
2,372,260
John A Thain
679,946
Bruce L Hammonds
504,429
Keith T Banks
336,371
Charles K Gifford
334,176

Institutions

Shares held
% held
Barclays Global Investors
192,077,414
3.83
State Street Corp
187,394,299
3.73
FMR
152,596,052
3.04
Vanguard Group
142,204,635
2.83
Capital World Investors
114,829,550
2.29
Wellington Management Comp
102,053,133
2.03
AXA
89,824,923
1.79
Bank of New York Mellon Corp
65,284,687
1.30
Morgan Stanley
58,081,288
1.16
JP Morgan Chase & Co
54,816,605
1.09
data from Yahoo! Finance as of January 1, 2009

Social responsibility
In addition to its new eco-friendly office tower in Manhattan, Bank of America has pledged to spend billions on commercial lending and investment banking for projects that it considers "green." The corporation, which already supplied all of its employees with cash incentives to buy hybrid vehicles, is also helping its customers be eco-friendly by rolling out a new credit card program in 2007 that would donate money to helping the environment, as well as providing mortgage loan breaks for customers whose homes qualified as energy efficient.[38]
Bank of America has also donated money to help health centers in Massachusetts[39] and made donations to help homeless shelters in Miami.[40]


In 2004 the bank pledged $750 billion over a ten-year period for community development lending and investment. The company had delivered more than $230 billion against a ten-year commitment of $350 billion made in 1998 to provide affordable mortgage, build affordable housing, support small business and create jobs in disadvantaged neighborhoods.


Diversity and inclusion

Bank of America in Washington, D.C.
Bank of America was named for the 19th year as one of the "100 Best Companies for Working Mothers" in 2007 by Working Mother magazine. In 2006 Bank of America was one of the first companies inducted into Working Mother magazine's Hall of Fame.


In 2007, DiversityInc ranked Bank of America as the number one company for diversity in this prestigious list and placed as a top employer for executive women, Hispanics, Asian Americans and for GLBT executives, as well as number one for recruitment and retention, and number six for supplier diversity.


IT Senior Management Forum (ITSMF) recognized Bank of America as the "2007 Organization of the Year." This award is presented annually for leadership in the areas of developing and embracing a diverse workforce.


National Black MBA Association awarded Bank of America the "2006 Company of the Year" for recruiting, retaining and providing advancement opportunities for blacks in the workplace. It also recognized Bank of America's Managing Director, Deputy Head of Global Investment Banking Lewis Warren, Jr. as one of the "75 Most Powerful Blacks on Wall Street."
Bank of America was named the number one company for Hispanics by Hispanics Business Magazine in 2006. Latina Style continues to rank Bank of America in their Top 15 for its "50 Best Companies for Latinas" which measures companies based on recruitment, retention and advancement opportunities for Latinas.


Human Rights Campaign 2006 Corporate Equality Index gave Bank of America a 100% rating for its support of gay, lesbian, bisexual and transgender associates.

Controversies
As is the case with many large corporations, some of Bank of America's corporate policies have been controversial. Some policies, such as their overdraft fee policy, and their acceptance of the Matricula Consular as an acceptable form of identification for account opening are widespread in the financial industry. Other controversies have been more specific to Bank of America, such as its involvement in the bankruptcy of the Italian food and dairy conglomerate Parmalat or its receipt of funds from the Troubled Asset Relief Program. These controversies generate a great deal of media attention from critics on all points of the political spectrum.

Bank of America corporate buildings

Bank of America Plaza, Atlanta, GA.
Bank of America Center in Boise, ID
Bank of America Tower in Phoenix, AZ
Bank of America Center in Los Angeles, CA
555 California Street, formerly the Bank of America Center, in San Francisco, CA
Bank of America Tower in Jacksonville, FL
Bank of America Tower in Miami, FL
Bank of America Building in Orlando, FL
Bank of America Tower in St. Petersburg, FL
Bank of America Tower in Tampa, FL
Bank of America Plaza in Atlanta, GA (the tallest U.S. building outside of NYC and Chicago)
Bank of America Building, formerly the LaSalle Bank Building in Chicago, IL
Bank of America Building in Baltimore, MD
Bank of America Plaza in St Louis, MO
Bank of America Corporate Center in Charlotte, NC (The corporate headquarters)
Bank of America Plaza in Charlotte, NC
Bank of America Tower in Albuquerque, NM
Bank of America Tower in New York City, NY (under construction)
Bank of America Building in Providence, RI
Bank of America Plaza in Dallas, TX
Bank of America Center in Houston, TX
Bank of America Building in Bellevue, WA
Bank of America Fifth Avenue Plaza in Seattle, WA
Columbia Center in Seattle, WA
One City Center, often called the Bank of America building due to signage rights, in Portland, ME
200 Front Street West, often called the Bank of America tower in Toronto, ON
Bank of America Tower in Hong Kong

See also
Bank of America Canada
Bank of America (Asia)
List of bank mergers in United States



References



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Further reading
Bonadio, Felice A. (1994). A.P. Giannini: Banker of America. Berkeley, CA: University of California Press. ISBN 0520082494.
Hector, Gary (1988). Breaking the Bank: The Decline of BankAmerica. Boston: Little, Brown. ISBN 0316353922.
James, Marquie; James, Bessie (1954). Biography of a Bank: The Story of Bank of America N.T.&S.A.. New York: Harper and Brothers.
Johnston, Moira (1990). Roller Coaster: The Bank of America and the Future of American Banking. New York: Ticknor & Fields.
Josephson, Matthew (1972). The Money Lords; the great finance capitalists, 1925-1950. New York: Weybright and Talley.
Lampert, Hope (1986). Behind Closed Doors: Wheeling and Dealing in the Banking World. New York: Atheneum.
Light, Larry (2007-10-01). "Cover Story - Money for the Masses". Forbes Magazine.
Monnette, Orra Eugene. Personal Papers Collection. Los Angeles, CA: Los Angeles Public Library.
Nash, Gerald G. (1992). A.P. Giannini and the Bank of America. Norman, OK: University of Oklahoma Press.
Yockey, Ross (1999). McColl: The Man with America's Money. Atlanta: Longstreet Press.
Ahmed, Azam; Demirjian, Karoun (2007-02-15). "Credit offered to illegal residents". Chicago Tribune.

External links

Companies portal
Media related to Bank of America at Wikimedia Commons
Bankofamerica.com Homepage



Source:http://en.wikipedia.org/wiki/Bank_of_America

Note: Highlights, Bolds, and "Italics" added (used) for emphasis.......................Arsenio.

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