Steve Jobs hawks Apple iPad in NYC

NYC

Saint Steven Jobs has been spotted in NYC hawking his overhyped iPad in the offices of the New York Times and Time Inc.

According to New York Magazine, the celebrity CEO was also seen in a trendy Asian fusion restaurant wearing a "big top hat type of thing" and ordering food off-menu in "Hollywood mogul" style.

"Our source says Jobs, who sat at the head of the 'intimate, family-style gathering' with Times publisher Arthur Sulzberger, demonstrated the iPad and its functions, and spoke about how it could serve the future of media," wrote Daniel Maurer.

"Jobs, who no doubt did his best to assuage their worries about a deal, confessed that, although he reads the Times online every day, even he likes to hold the Sunday edition in his hands." 


Meanwhile, CNN's Philip Elmer-DeWitt explained that the recent Apple jaunt to NYC may be taken as a "sign" of how "badly" both sides need each other.


"Although the 140,000 or so iPhone apps — including 22,000 games — that will run day one on the iPad give it a huge advanage over all the tablet computers that preceded it, Apple needs media partners if its new device is to achieve anything like the iPod's or the iPhone's mass-market appeal," opined DeWitt.

"As for those media partners, each is in a different boat, each sinking slowly in its own special way. Which side needs the other more remains to be seen. The publishers — like Steve Jobs — are no strangers to hard bargaining, but we suspect they'll cut some kind of deal before the iPad ships this spring."

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What should I do in my trip to New York city?

Hi , Im going for my holidays and of course im gonna go to the statue of liberty also to the empire state building but i dont know.. i wanna konw like places i should not miss like places only people that lives in new york know about can you please tell me if you know? Thanks

'Socialite' Allegedly Kills Son, 9, in N.Y.C Hotel, Attempts Suicide

NYC

New York police today discovered the body of a 9-year old autistic boy in a luxury Manhattan hotel room, possibly strangled to death by his "socialite" mother who was found nearby suffering the effects of a botched suicide, sources told ABC News.

Gigi Jordan, 49, distraught over the recent end of her marriage, checked in to the Peninsula Hotel where she allegedly killed the boy and then tried to kill herself by taking an overdose of drugs, police said.

Police say she was taken to Bellevue Hospital in New York City for treatment.

Police described Jordan as a "socialite," and family friend told ABC News.com that Jordan was "a very wealthy woman who threw big parties at the Rainbow Room and was well known at restaurants."

Jordan was on her second marriage and was having troubles with her husband, the boy's father, sources said.

According to public records, Jordan lives at the tony Trump Tower on the west side of New York's Central Park and at one time operated a pharmaceutical distribution company.

Local media reports said police were tipped off to her possible suicide attempt by Jordan's aunt, living in Belgium, who received an e-mail threatening suicide.

Girl, 12, handcuffed, hauled out of school for scribbling on desk

New York City

NEW YORK – A New York City middle-school student was arrested and handcuffed for scribbling on her desk, media reports say.

The New York Daily News reports 12-year-old Alexa Gonzalez used a lime-green erasable marker to scribble "Lex was here 2/1/10" on her desk Monday at Junior High School 190 in Queens. She also doodled "I love my friends Abby and Faith" and a smiley face while waiting for her Spanish teacher to hand out homework.

Gonzalez was hauled out of school in handcuffs and taken to the police precinct across the street. Gonzalez's mother, Moraima Tamacho, says her daughter was released several hours after she was brought to a police station.

"I started crying, like, a lot," Gonzalez told the newspaper. "I made two little doodles. ... It could be easily erased. To put handcuffs on me is unnecessary."

While Gonzalez received eight hours of community service for the incident, city officials admit the arrest "shouldn't have happened."

"Even when we're asked to make an arrest, common sense should prevail, and discretion used in deciding whether an arrest or handcuffs are really necessary," police spokesman Paul Browne said.

Gonzalez a book report and an essay on what she's learned from the experience.

Infamous New York City girl handcuffed and arrested for doodling on her desk

New York City

New York City girl handcuffed and arrested for doodling on her deskComment

Recommend

A 12-year-old Queens girl was hauled out of school in handcuffs for doodling her name on her desk with  a lime-green erasable marker, the Daily News reports.

Alexa Gonzalez's transgression at Junior High School 190 in Forest Hills included scribbling "I love my friends Abby and Faith" and "Lex was here. 2/1/10" (plus a smiley face) while waiting for her Spanish teacher to pass out homework.

The News says she was taken in handcuffs to the police precinct across the street from the school and detained for several hours.

"I started crying, like, a lot,"  Alexa tells the newspaper.

Although she remains suspended from school and must perform eight hours of community service, city officials say Alexa's arrest "shouldn't have happened."

"Even when we're asked to make an arrest, common sense should prevail, and discretion used in deciding whether an arrest or handcuffs are really necessary," said police spokesman Paul Browne.

(Posted by Doug Stanglin)

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New York can also be pretty funny for the lighter side of New York B)

This image gave me giggles so I thought you might find it funny too. Click to visit the location of the original New York picture only since New York images aren't the fastest to find!



Was this picture of New York is worthy of being posted?

Dark New York post - New York Rangers offense breaks out, but Washington Capitals win slugfest, 6-5 ...

New York

BY Kristie Ackert

DAILY NEWS SPORTS WRITER

Originally Published:Thursday, February 4th 2010, 10:14 PM

Updated: Thursday, February 4th 2010, 10:14 PM

Capitals 6, Rangers 5

Olli Jokinen gave the Rangers the offensive boost they needed. It's too bad he can't play defense and kill penalties.

With Jokinen making his Garden debut as a Blueshirt, the Rangers scored more Thursday night than they had in their last two games combined, but had no answer for Alexander Ovechkin and the Capitals, who converted three times on nine power-play opportunities to beat the Rangers, 6-5.

The loss was the seventh in the last eight games for the Rangers (25-26-7), while the Capitals (39-12-6) extended their winning streak to 12 straight.

"You plug one hole and a couple others spring up, mainly our discipline tonight," John Tortorella said. "We can't be sitting in the box as much as we did tonight."

The Rangers busted out of an 0-for-25 power play drought with a season-high 4 goals. Jokinen, Ryan Callahan, Vinny Prospal and Brandon Dubinsky all scored with the man advantage, with Prospal adding another goal at even strength.

But the Rangers had their own parade to the penalty box, two of Washington's three power play goals, by Tom Poti and Nicklas Backstrom in the third period, lifting the Caps to a victory that gave them the best record in the NHL, one point ahead of the San Jose Sharks.

"We could have defended some of it better, some of the calls were phantom calls and some of them were undisciplined penalties by us," Tortorella said. "That's how you get a total of nine. Down a man nine times tonight, you can't do that against that club."

Jokinen, despite his two-point night in his first home game since Monday night's four-player trade with the Flames, was in the box for two of the Capitals' goals, including Backstrom's game-winner.

"It's disappointing," Jokinen said. "We have to find a way to stay out of the penalty box. Our power play was good. We scored five goals at home. We have to find a way to win."

Mostly, the Rangers have been finding a way to lose lately - their last three defeats have each been by one goal - 3-2 in Phoenix, 2-1 in Los Angeles and 6-5 last night.

"There has been a lot of talk about not scoring enough on the power play, but we were so good on the power play and we still didn't win the game," said goalie Henrik Lundqvist (26 saves). "Every game it is different. We battled really good. We play hard. I don't know. I don't know. I just don't know what else to say.

"We just have to keep believing we can do it."

They did it for two periods last night, holding a lead against the league's hottest team before wilting in the third. After blitzing Jose Theodore's net for five goals on 32 shots in the first two periods, though, the Rangers mustered just six attempts on goal in the final 20 minutes, and their skid continues.

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Mar 20 Trump Taj Mahal, Atlantic City, NJ

Mar 25 Verizon Center, Washington, DC

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Mar 28 St Pete Times Forum, Tampa, FL

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Apr 10 Oracle Arena, Oakland, CA



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Places to visit between Philadelphia and New York city?

Hi, I'm intending to drive from Philadelphia to New York and was wondering if there are any nice places to visit along the way? Anywhere of particular interest that would be worth going to see? Anywhere nice to stay? We'll be spending just over a week in the area, 2 - 3 days in Philadelphia for a wedding and then a couple of days in New York. Was just wondering if there's anywhere else along the way that we should stop off?

New York is being observed closer then ever BoA/Merrill Lynch merger: New York sues, North Carolina settles

New York

On the same day that Bank of America announced that it has entered into a proposed settlement with the North Carolina Attorney General and the Securities and Exchange Commission to resolve all cases filed by the SEC related to the Merrill Lynch merger, New York State Attorney General Andrew M. Cuomo announced a lawsuit against the bank over that same merger.

According to the New York State Attorney General’s web site, the lawsuit accuses the Charlotte-based bank of “duping shareholders and the federal government” in the merger.

“Bank of America’s management intentionally failed to disclose massive losses at Merrill so that shareholders would vote to approve the merger,” a press release on the attorney general’s web site stated. “Once the deal was approved, Bank of America’s management manipulated the federal government into saving the deal with billions in taxpayer funds by falsely claiming that they would back out of the deal without bailout funds.”

Meanwhile, Bank of America, on its web site, declared that they did nothing wrong in the merger.

“After conducting a full investigation in connection with the actions settled today, the SEC staff has determined that no one acted with any intent to mislead and that charges against individuals for their roles in connection with proxy disclosure are not appropriate,” the bank’s press release stated.

Asked about Cuomo's charges, BoA spokesman Robert Stickler said in an email to Examiner.com: "We find it regrettable and are disappointed that the NYAG has chosen to file these charges, which we believe are totally without merit. The evidence demonstrates that Bank of America and its executives, including Ken Lewis and Joe Price, at all times acted in good faith and consistent with their legal and fiduciary obligations. In fact, the SEC had access to the same evidence as the NYAG and concluded that there was no basis to enter either a charge of fraud or to charge individuals. The company and these executives will vigorously defend ourselves."

After BoA acquired Merrill Lynch in late 2008, many questioned whether former chairman Ken Lewis agreed to pay too much for the troubled firm. Later, many questioned whether Lewis adequately disclosed the risks of the acquisition to his shareholders.

Lewis retired at the end of 2009, though he attributed his retirement to desires to transition to the next generation of executives rather than to any criticism surrounding the merger.

Cuomo’s lawsuit had some harsh words for BoA: “This was an arrogant scheme hatched by the bank’s top executives who believed they could play by their own set of rules,” his press release stated. “In the end, they committed an enormous fraud and American taxpayers ended up paying billions for Bank of America’s misdeeds.”

BoA’s announcement of the settlement in North Carolina portrayed the bank in a different light: “Bank of America is pleased to have come to these agreements with its regulators, and the company looks forward to continuing to pursue its primary mission of providing high quality financial solutions to help customers meet their goals and help the economy grow.”

However the North Carolina settlement was not without penalties; the terms of the settlement included that BoA pay $1 in disgorgement and an additional $150 million as a civil penalty to be distributed to shareholders as part of the SEC's Fair Fund program at a later date in accordance with further order of the court, the bank’s press release stated.

A payment of $1 million will also be made to the office of N.C. Attorney General Roy Cooper for its consumer protection purposes, the release added, stressing that that payment  "is not a penalty or a fine.”

Other terms of the settlement include that BoA

* Engage an independent auditor to perform an assessment and provide an attestation report on the effectiveness of the company's disclosure controls and procedures.

* Furnish management certifications signed by the CEO and CFO with respect to proxy statements.

· Retain disclosure counsel to the audit committee of the company's board of directors.

* Adopt independence requirements beyond those already applicable for all members of the compensation committee of the company's board of directors.

 

What is the cheapest way to travel from california to new york?

we'll be coming from vallejo, going to new york city...:) we'll be traveling from vallejo, going to new york city...is it cheaper to travel by train? or by plane? thanks...

Why the 9/11 trial belongs in New York: This made me feel disheartened

New York City

Editor's note: Karen Greenberg is the executive director of the Center on Law and Security at New York University, where Peter Bergen is a research fellow. Bergen is also CNN's national security analyst and a senior fellow at the New America Foundation.

New York City (CNN) -- Obama administration officials, apparently bowing to political pressure, said over the weekend they are considering moving the trial of Khalid Sheikh Mohammed, the accused operational commander of the 9/11 attacks, out of New York City.

The objections to holding it in New York seem reasonable: The financial cost to the city and the fear that the trial might inspire a lone bomber or even an organized al Qaeda attack.

Certainly, holding Mohammed's trial over many months and even years in the congested streets of Lower Manhattan will damage the local economy. But the fix for this could be straightforward: Move the trial to one of the many other courthouses in the five boroughs, or to Governor's Island, which is within sight of the crater where the World Trade Center once stood.

As to fears of bringing on another attack, putting Mohammed on trial in New York doesn't make the city any bigger a target than it already is, because -- guess what -- New York already is the No. 1 target for jihadist militants. It has been so for almost two decades, since the first Trade Center attack in 1993, which was followed by the averted plots to blow up the Holland Tunnel and other Manhattan landmarks and the 9/11 attacks themselves. Since then, there has been a plot to blow up the Herald Square subway station and alleged attempts to bomb fuel tanks at JFK airport and synagogues in the Bronx.

The unconvincing objections about the costs of holding the trial and the heightened terror threat that comes with it are also trumped by the larger public good from putting Mohammed on trial in New York City.

A sense of justice for the 9/11 families. Let's begin with the most human of concerns: the 9/11 families. Watching justice take place can play an incalculable role in the healing process. As Susan F. Hirsch, who lost her husband in al Qaeda's attack on the U.S. Embassy in Tanzania in 1998, has said, there is no substitute for watching those who carried out the attacks face the charges against them.

Justice meted out in New York City would be the most accessible way for the 9/11 families to witness the trial.

Restoring the power of the rule of law and the criminal justice system. The courts in New York are unusually well-prepared to try Mohammed. Although the federal courts in general have a strong conviction record in trying terrorism crimes, New York's federal courts have won a 100 percent conviction rate on terrorism trials.

Before 9/11 as well, New York courts successfully prosecuted, convicted and imprisoned for life the likes of the "Blind Sheikh" Omar Abdel Rahman; the al Qaeda bombers who launched the attacks on the embassies in Kenya and Tanzania in 1998; and the plotters of the first Trade Center attack five years earlier.

And New York City is now preparing for the trial of Ahmed Khalfan Ghailani, an al Qaeda member allegedly involved in the 1998 embassies bombings who, unbeknownst to most New Yorkers, has been living in prison in the city for nearly eight months, without incident.

Confidence in our security apparatus. Most important of all, perhaps, is that the fearfulness of New York authorities feeds a sense of learned insecurity that has dominated the U.S. since 9/11. By contrast, the American military families posted to Guantanamo Bay chose to stay when they learned that suspects who they legitimately believed were the worst of the worst terrorists would be imprisoned there. They did this because they trusted U.S. troops to protect them.

The backing down of the Obama administration on holding Mohammed's trial in New York City signals weakness and fear. Rather than facing our enemies by showing confidence in ourselves as a nation that knows how to protect itself, our government leaders have let us know that they do not trust our institutions to protect us, an idea that should be intolerable to Americans.

Some New York politicians are perpetuating these fears. They apparently do not trust our city police or our federal law enforcement officials to be able to keep residents safe during the trial. Whatever the financial cost of the trial, which according to Mayor Michael Bloomberg would be roughly $200 million per year -- far less than the $1 billion per week that the war in Afghanistan is costing -- the most important goal should be restoring to New Yorkers the sense of security they once had and now deserve.

The opinions in this commentary are solely those of Peter Bergen and Karen Greenberg.

Doug Kerr's take on life is awesome: New York State Route 443 (New York) :-)

Joke with/at the lighter side of New York in this New York image by Doug Kerr, which he calls New York State Route 443. Here's the original source just because it's the polite thing to do.



Can't somebody describe another point of view?

Where are the best places to go in New York?

I am going to New York City this summer and I will definitely be shopping for purses wallets and clothes. Where is the best places to go for that sort of thing. Cheap places would be best I'm not that rich.

Urban unemployment grows (duh)

New York City

By Blake Ellis, staff reporter February 2, 2010: 10:55 AM ET

NEW YORK (CNNMoney.com) -- The number of U.S. metropolitan areas with jobless rates above 15% increased in December, according to government figures released Tuesday.

The Labor Department said 19 of 372 metropolitan areas surveyed posted unemployment rates of at least 15% last month, up from 17 metro areas in November. The metro area figures were not seasonally adjusted.

The seasonally adjusted national unemployment rate was 10% in December, unchanged from the previous month. Economists surveyed by Briefing.com expect the national rate to remain steady at 10% when the Labor Department releases its December jobs report Friday.

Twelve areas in California suffered jobless rates higher than 15%, including El Centro. The city continued to lead the nation's metropolitan areas with the highest unemployment rate in December at 27.7%.

The second highest rate was in Merced, Calif., at 19.8%, a rise from 18.3% in November.

Out of the cities with populations of 1 million people or more, Detroit-Warren-Livonia, Mich. had the highest level of unemployment, at 14.9%, followed by Riverside-San Bernardino-Ontario, Calif. with a rate of 14%.

Large cities with the lowest jobless rates were Oklahoma City, with a rate of 6% and Washington-Arlington-Alexandria in the District of Columbia region, which posted a rate of 6.2%.

The metro area with the lowest unemployment rate in December was Fargo, N.D., at 4%, followed by Grand Forks, N.D., and Lincoln, Neb., each at 4.1%.

Jobless rates were higher than 10% in 138 metropolitan areas in December, up from 125 in November.

Overall, 146 cities in the Labor Department report had unemployment rates above the non-seasonally adjusted national figure of 9.7%, while 221 areas reported jobless rates below it.  

Chelsea Handler in New York, NY - presale password

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Chelsea Handler: Chelsea Chelsea Bang Bang

Radio City Music Hall, New York, NY

Sat, May 15, 2010 11:00 PM



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New York Islanders vs. Calgary Flames in Saskatoon, SK - presale code

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New York Islanders vs. Calgary Flames

Credit Union Centre, Saskatoon, SK

Wed, Sep 29, 2010 06:00 PM



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Appeals Court: New York City Can Limit Billboards get ready to feel irate

New York City

A federal appeals court ruled Wednesday that the city did not violate the First Amendment by limiting the number of billboards along its roadways and parks.

The 2nd U.S. Circuit Court of Appeals in Manhattan said the city's goals of reducing visual clutter, improving the overall aesthetic appearance of the city and regulating traffic safety were reasonable.

"The fact that the city has chosen to value some types of commercial speech over others does not make the regulation irrational," the appeals court said. It concluded that it did not matter that the city had enforced its regulations sporadically since 1940.

A lower court judge reached the same conclusion in the case last year. That ruling was appealed by companies, including Clear Channel Outdoor Inc. and Metro Fuel LLC, that market hundreds of billboards.

They said the city infringed on commercial speech rights by stiffening rules against big billboards and lighted signs near parks and highways while letting smaller signs flourish on lampposts, taxicabs and phone booths. A lawyer for the companies did not immediately return a phone message for comment.

The appeals court said the city may allow advertising on street furniture while also reducing clutter on city sidewalks.

"Allowing some signs does not constitutionally require a city to allow all similar signs," the three-judge panel said. "The city's interests in aesthetics, preservation of neighborhood character and traffic safety continue to be advanced, even though limited and controlled advertising is permitted on street furniture."

Since 1940, the city has banned commercial billboards that don't advertise on-premises businesses near major roads.

Clear Channel derives about $10 million annually from operating 236 sign faces in the city. The appeals court said about 85 of the signs face arterial highways, including more than 70 expressways, parkways, boulevards and toll crossings.

Why isn't there a bridge from London England to New York ?

I remember reading a Science Fiction story when I was a kid that had a bridge from New York to London that was finished in 2010. What happened to that? Also if it existed would you use it?

New York has not vanished BNY Mellon Acquires PNC Administration Unit

New York

Bank of New York Mellon said Tuesday it was buying an administration business from PNC Financial Services, vaulting the bank into the top ranks of hedge fund administrative firms.

BNY Mellon is buying PNC Global Investment Servicing for $2.3 billion, the bank said in a statement. The deal includes the purchase of $1.6 billion in stock and repayment of PNC Global debt.

BNY expects to raise between $700 million and $800 million as part of the deal. The transaction is expected to close in the third quarter of the year.

The deal will add $855 billion in assets under administration to BNY’s coffers.

The acquisition will secure BNY in one of the top slots among the largest administrators for hedge funds and funds-of-funds. According to the Q2 2009 HFN Fund of Funds Administrator Survey, BNY had about $199 billion in hedge fund firms’ assets under administration, while PNC had about $77 billion as of June 30.

The new combination would leave only Citco Fund Services and State Street Alternative Investment Solutions in the same size category as BNY when it came to providing services to hedge funds.

Bank of New York pays full price for small gain

New York

By Rolfe Winkler

Bank of New York Mellon is growing – at a price. The giant trust bank on Tuesday agreed to buy PNC Financial Services’ back-office operations for $2.3 billion. That works out to 23 times annualized fourth-quarter 2009 earnings. That is a heady multiple for only a marginal boost in market share.

PNC’s shareholders seem to be getting the better end of the transaction. The sale of the PNC Global Investment Servicing (GIS) unit boosts its capital and should help it repay $7.6 billion of bailout money received from the government.

Thanks to the deal, PNC’s Tier 1 capital ratio rises to 6.7 percent from 6 percent. PNC probably needs to raise yet more equity to pay back its Troubled Asset Relief Program funds, but this is a good start.

The advantages for BNY Mellon shareholders look less certain. The bank says the acquisition complements multiple business lines. But Robert Kelly, the chief executive, seems to be coughing up too much cash for just a 4 percent gain in assets under administration. The GIS business has been lumpy. And even using last quarter’s earnings as the basis for analysis – the unit’s strongest quarter of 2009 – BNY Mellon is paying a chunky multiple.

The purchaser reckons it can squeeze out $120 million a year of cost cuts. Taxed and capitalized, those savings are worth around $720 million today. Take that off the purchase price, and BNY Mellon is still paying $1.6 billion for the GIS business – a price-to-earnings ratio of 16 times, which still looks a full price. It’s the same multiple that leading rival Northern Trust trades on, while BNY Mellon’s own shares trade at just 12 times this year’s estimated earnings.

So to sell the deal to shareholders, management is talking about between $200 million and $300 million of extra revenue based on integrating GIS into BNY Mellon. But such cross-selling opportunities often turn out to be elusive, and even BNY Mellon acknowledges they could take three to four years to transpire.

If Mr. Kelly and his crew can find a way to produce such revenue benefits, both sides eventually may be able to call the deal a success. But for now, PNC holders have more to cheer.

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Backcountry campsites in the lower hudson valley new york area?

I am looking to bring my family on a true camping experience this summer far away from technology. I have previously been camping in the adirondack and such places but I fear that treks in such areas may be to tough for them. However I want them to have a true back country time. So if anyone is aware of a state or national park that is fairly easy terrain, short distances between sites, and within a few hours drive of southern New York please share.

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The Smith Westerns / Male Bonding

Mercury Lounge, New York, NY

Sun, Apr 4, 2010 07:00 PM



American Express

Starts: Wed, 02/03/10 12:00 PM EST

Ends: Fri, 02/05/10 11:00 AM EST

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The Mary Onettes

Mercury Lounge, New York, NY

Wed, Apr 21, 2010 09:30 PM



American Express

Starts: Wed, 02/03/10 12:00 PM EST

Ends: Fri, 02/05/10 11:00 AM EST

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The Apples In Stereo

Bowery Ballroom, NEW YORK, NY

Wed, Apr 21, 2010 08:00 PM



American Express

Starts: Wed, 02/03/10 12:00 PM EST

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Nokia Theatre Times Square, New York, NY

Thu, Mar 25, 2010 07:00 PM



American Express

Starts: Wed, 02/03/10 12:00 PM EST

Ends: Fri, 02/05/10 12:00 PM EST



AEG Live Internet Presale

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Words - snapshot you should like

When I feel like I need something else to do, I scan through New York City images on the internet. I am going to post more New York City pictures like this.

---

Holly Northrop describes it the best:

6th Avenue, New York City | camera: Holga 120N | film: Arista 400

It's nice to include the source just because it might be useful}!



Was this pic of New York City was worth seeing?

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Patti Austin with Special Guests Tuck & Patti

Nokia Theatre Times Square, New York, NY

Sun, Mar 28, 2010 06:30 PM



American Express

Starts: Wed, 02/03/10 12:00 PM EST

Ends: Fri, 02/05/10 12:00 PM EST



AEG Live Internet Presale

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Owen Pallett (Formerly Final Fantasy)

Webster Hall, New York, NY

Thu, Apr 22, 2010 07:00 PM



American Express

Starts: Wed, 02/03/10 12:00 PM EST

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New York Times (blog) Is PNC Deal a Winner for Bank of New York?

New York

Bank of New York Mellon is growing, but at a price, Breakingviews says. The the giant trust bank agreed Tuesday to buy the back-office operations of PNC Financial Services for $2.3 billion. That works out to 23 times annualized fourth-quarter 2009 earnings of the unit. That is a heady multiple for only a marginal increase in market share, the publication says.

PNC’s shareholders seem to be getting the better end of the transaction, Breakingviews argues. The sale of the unit, PNC Global Investment Servicing, raises PNC’s capital and is helping it repay $7.6 billion in bailout money.

As a result of the deal, PNC’s Tier 1 capital ratio rises to 6.7 percent, from 6 percent. PNC said Tuesday that it would also sell $3 billion in new stock and pay back its bailout funds, but it would have had to raise more without the BNY Mellon deal.

The advantages for B.N.Y. Mellon shareholders look less certain, according to Breakingviews. The bank says the acquisition complements multiple business lines. But Robert P. Kelly, the chief executive, seems to be spending too much cash for just a 4 percent gain in assets, the publication argues. PNC’s back-office business results have been uneven. And even using last quarter’s earnings as the basis for analysis — the unit’s strongest quarter in 2009 — B.N.Y. Mellon is paying a big multiple, Breakingviews suggests.

The purchaser believes that it can squeeze out $120 million a year in costs. Taxed and capitalized, those savings are worth about $720 million today. Take that off the purchase price, and B.N.Y.

Mellon is still paying $1.6 billion for the PNC unit — a price-to-earnings ratio of 16 times, which still looks like a full price, according to Breakingviews. It’s the same multiple that Northern Trust, a leading rival, trades on; BNY Mellon’s own shares trade at just 12 times this year’s estimated earnings.

To sell the deal to shareholders, management is talking about $200 million to $300 million of extra revenue based on integrating the unit into B.N.Y. Mellon. The company delivered on revenue promises in its acquisition of Mellon. But such cross-selling opportunities can be elusive, and B.N.Y. Mellon acknowledges that they could take three to four years to transpire.

If Mr. Kelly and his crew can produce such revenue benefits, both sides may be able to call the deal a success. But for now, Breakingviews says, PNC holders have more to cheer.

Go to Article from Breakingviews via The New York Times »

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Mercury Lounge, New York, NY

Fri, Apr 23, 2010 07:30 PM



American Express

Starts: Wed, 02/03/10 12:00 PM EST

Ends: Fri, 02/05/10 11:00 AM EST

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Broken Social Scene

Webster Hall, New York, NY

Fri, May 7, 2010 07:00 PM



American Express

Starts: Wed, 02/03/10 12:00 PM EST

Ends: Fri, 02/05/10 11:00 AM EST

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Al Jarreau with Special Guest Christian Scott

Nokia Theatre Times Square, New York, NY

Sat, Mar 27, 2010 08:00 PM



AEG Live Presale

Starts: Wed, 02/03/10 12:00 PM EST

Ends: Fri, 02/05/10 12:00 PM EST



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The Black Keys

Central Park Summerstage, Central Park - New York, NY

Tue, Jul 27, 2010 05:30 PM



American Express

Starts: Wed, 02/03/10 11:00 AM EST

Ends: Fri, 02/05/10 11:00 AM EST



Venue Presale

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Martin Sexton

Nokia Theatre Times Square, New York, NY

Sat, Jun 5, 2010 07:00 PM



American Express

Starts: Wed, 02/03/10 10:00 AM EST

Ends: Fri, 02/05/10 10:00 AM EST

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Sia



Wonder Ballroom, Portland, OR

Fine Line Music Cafe, Minneapolis, MN

Vic Theatre, Chicago, IL

Saint Andrews HallDetroit, MI

House of Blues BostonBoston, MA

Theatre of Living ArtsPhiladelphia, PA

Terminal 5, New York, NY



Canada

Commodore Ballroom, Vancouver, BC

The Phoenix Concert Theatre, Toronto, ON



Fan Club Presale

Starts: Wed, 02/03/10 11:00 AM

Ends: Fri, 02/05/10 11:00 AM



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Chelsea Handler: Chelsea Chelsea Bang Bang presale in a city near you - code posted

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Chelsea Handler: Chelsea Chelsea Bang Bang



Mar 19 Keller Auditorium, Portland, OR

Mar 27 Dar Constitution Hall, Washington, DC

Mar 28 Fox Theatre Atlanta, Atlanta, GA

Apr 11 Rosemont Theatre, Rosemont, IL

May 15 Radio City Music Hall, New York, NY



Fan Club Presale

Starts: Wed, 02/03/10 10:00 AM

Ends: Thu, 02/04/10 10:00 PM



Citi Cardmember Presale

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Ends: Thu, 02/04/10 10:00 PM



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A-Ha



May 06-07 Nokia Theatre Times Square, New York, NY

May 15 CLUB NOKIA, Los Angeles, CA



American Express

Starts: Wed, 02/03/10 10:00 AM

Ends: Fri, 02/05/10 12:00 PM

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What are some really good restaurants in New York City?

My boyfriend and I are going to New York city really soon and I wanted to know about really cool restaurants with great food. Nothing too expensive please, but anything moderately priced is good. Anyone have any suggestions or recommendations?

Disappointing New York news: Bank of New York to Buy PNC Unit for $2.3 Billion

New York

Bank of New York Mellon said Tuesday that it would buy the global investment servicing unit of the PNC Financial Services Group for $2.31 billion in cash, bolstering its back-end offerings for fund managers and financial advisers.

The deal is likely to help PNC pay back some of the billions in government bailout money it still holds.

It will also bolster Bank of New York’s services for big institutional clients and brokers, adding $855 billion in assets under administration and giving it a bigger presence in alternative fund assets and in Europe.

“This acquisition significantly strengthens our service offering and market share with asset managers and financial advisers, while delivering attractive returns to our shareholders,” Robert P. Kelly, Bank of New York’s chief executive, said in a statement. “We expect the transaction to accelerate our growth, deliver economies of scale and strengthen our leadership position for asset servicing and Pershing.”

One of the stronger firms to emerge from the financial crisis, Bank of New York serves mostly corporations as a custodian of assets.

Bank of New York said the acquisition price includes the purchase of about $1.57 billion of stock and the repayment of PNC intercompany debt. Bank of New York also plans to sell about $800 million in new shares to help pay for the deal.

The global investment servicing unit, based in Wilmington, Del., has about 4,500 employees. Its chief executive, Stephen M. Wynne, will remain with the business, reporting to Bank of New York’s co-heads of asset servicing, Tim Kearney and Jim Palermo.

Go to Bank of New York Press Release »

What is the best bus line to go from New York City to Concord, New Hampshire?

What is the best bus line to go from New York City to Concord, New Hampshire? I'm actually going to Canterbury, New Hampshire, but I assume that the closest place any bus line would go is concord.

Tuesday's madness New Yorkers unite against hosting 9/11 trials

New York City

NEW YORK (Reuters) - Discordant New Yorkers accustomed to squabbling over the smallest matters of civic interest are suddenly in agreement about the trials of the accused September 11 plotters. Nobody wants them here.

U.S.

U.S. President Barack Obama and Attorney General Eric Holder had hoped to orchestrate a grand gesture by trying suspected mastermind Khalid Sheikh Mohammed and four other defendants in federal court in downtown Manhattan.

Symbolically, the civilian trials would be a few blocks from where the World Trade Center's twin towers collapsed in 2001 after hijackers crashed airliners into them, and in the same neighborhood where lives were upended by the tragedy and health harmed by breathing in smoke, ash and dust.

But that plan is being challenged by a groundswell of opposition in New York City and from conservative politicians in Washington who want the White House to retreat. The Justice Department conceded last week it was searching for alternative sites.

Alarmed by a security plan that would snarl traffic and disrupt commerce, the largest city in the United States has resorted to a common argument from middle America: Not in my back yard.

"The local community got (the opposition) going. But real estate interests, the local community and elected officials came together at the same time. It's amazing," said Scott Stringer, the Manhattan borough president.

By moving the trials from military to civilian court next to the site of the attacks, the Obama administration has tried to show the U.S. justice system prevailing over al Qaeda threats. The security costs of holding the trials in New York City, though, was pegged at more than $200 million a year.

Police Commissioner Ray Kelly unveiled a restrictive security plan in January that shocked residents, business and real estate companies in the surrounding areas, which include tourist attractions such as Wall Street, Chinatown and the Brooklyn Bridge.

"It's one thing to agree in the abstract, it's another to see what it really means. As the police commissioner started showing the security plans, I think people realized it's not just dollars and cents, it's the impact on the community," said Liz Berger, president of the Downtown Alliance business improvement district.

Both the police commissioner and the downtown business interests had access to Mayor Michael Bloomberg, who once declared it was fitting that the September 11 suspects face justice in New York, but last week reversed course and said he would rather the trials be held elsewhere.

PUGNACIOUS CITY COMES TOGETHER

This diverse and chaotic city -- one that routinely brands itself as the greatest metropolis in the world -- can be very pugnacious; an oversized billboard or an out-of-place hot dog stand can provoke passionate civic debate. Now it is unified.

"It's a great example of the community coming together. Everyone who could be impacted took a look in an organized manner. That's why the decision makers listened. That's what politics is all about," Berger said.

As New York gradually emerges from the global financial crisis, businesses and residents say the trials are an unfair additional burden.

"While there's part of me as a New Yorker that says 'Bring it on,' you have to be smart sometimes," Stringer said.

Manhattanites who feared turning the heart of downtown into a bunker found allies in the U.S. Senate, where a conservative group of senators plan to introduce legislation on Tuesday that would bar federal funding for prosecuting the September 11 suspects in a civilian court.

As critics of Obama's national security policy, they have pushed for trying them in a military court.

"It was a snowball gaining a lot of support," said Steve Spinola, president of the Real Estate Board of New York. "This will have dramatic repercussions wherever it may take place. You need to listen to the local community and not just decide out of an office at the White House."

(Additional reporting by Edith Honan; Writing by Daniel Trotta; Editing by Anthony Boadle)

Startling New York City article - 2 Dems Support Bill to Axe Funding of Civilian Terrorist Trials

New York City

Trying the 9/11 co-conspirators, including Kahlid Sheikh Mohammed, in federal, civilian court just got a bit harder. Support for trying these men in New York City has been dwindling, and some reports indicate the site has been scrapped, though the Administration contends NYC is still a viable option.

Now legislation has resurfaced that would shut off funding for civilian trials altogether, only this time it has Democratic support. Sens. Jim Webb, D-VA, and Blanche Lincoln, D-AR, have joined the fight to deny the funds, making it harder for such trials to continue.

On Tuesday, Sen. Lindsey Graham, R-SC, an Army Reserves JAG officer, will be joined by Lincoln (Webb could attend, says a spokeswoman, but he might be stuck in hearings) and his usual group of colleagues on national security matters, Sens. Joe Lieberman, a self-styled 'Independent Democrat", and John McCain, R-AZ, to unveil their bill. Sen. Saxby Chambliss, R-GA, a co-sponsor, will also attend.

A Graham spokesman says the senators "will offer it as an amendment to the first thing we can get it on." It is unclear what the next piece of legislation will be to hit the floor, but Democrats are pulling together a jobs bill that they hope to bring to the floor in the coming days.

A Reid spokesman declined comment.

As a former Navy secretary and key member of the Senate Armed Services Committee, Webb is a crucial vote of support for the bill.

But neither he nor Lincoln are surprise comers to the legislation. Both voted with Republicans for a similar Graham-McCain-Lieberman measure last year that failed after 54 Democrats voted to kill it. Sens Mark Pryor, D-AR, and Maria Cantwell, D-WA, voted, at the time, in support of the measure, as well.

And Webb, along with Lincoln, who is facing a difficult re-election in 2010, signed onto a recent letter with the same group to "strongly urge" Attorney General Eric Holder to "reconsider your decision to try (KSM) and the other alleged conspirators in the September 11, 2001 attacks in the United States District Court for the Southern District of New York. The attacks of 9/11 were acts of war, and those who planned and carried out those attacks are war criminals."

The senators warn in the letter that holding trials in New York, or another city like Washington, DC, or in Northern Virginia, where a previous terrorist trial was held, brings an "increased risk of terrorist attacks." The group makes clear that they favor enemy combatants being tried in military commissions.

"Given the risks and costs, it is far more logical, cost-effective, and strategically wise to try Khalid Sheikh Mohammed in the military commissions that Congress and the President have now established for that very purpose," the senators said to Holder.

All of this comes in the wake of the Christmas Day bomber, the so-called "underwear bomber," being mirandized after less than an hour in U.S. custody. Many senators, regardless of party, decried that decision.

The bipartisan group would still seem to be short of the votes needed to defeat a motion to "table" or kill the legislation, however, should Democratic leaders choose to employ the same procedure they did last year, but with the election of Republican Scott Brown of Massachusetts, who is expected to be seated next week, there is momentum that could imperil the Administration’s intentions.

Brown made clear in his acceptance speech in January that he does not support civilian trials for alleged terrorists. Brown cried to a cheering crowd, "Our Constitution and laws exist to protect this nation. They do not grant rights and privileges to enemies in wartime. Let me make it very, very, very clear: they do not grant rights and privileges to enemies in war time...In dealing with terrorists, our tax dollars should pay for weapons to stop them, not lawyers to defend them.”

 

The President's budget, released Monday, has a $200 million terrorist trial fund, originally requested by Sen. Chuck Schumer, D-NY, according to a senior Democratic aide, when the trials were to take place in New York City.

New York State Route 17C - rofl New York City photo of the month!

Here is another funny image I had to share with you It's polite to include the site where this picture came from just in case it might be useful}.

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What do you think of that?

Drive By Truckers in a city near you - presale code

The Drive By Truckers presale password

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Drive-By Truckers



Apr 01 Webster Hall, New York, NY

Apr 03 The Electric Factory, Philadelphia, PA

Apr 09 Vic Theatre, Chicago, IL

Apr 14 Recher Theatre, Towson, MD

Apr 15 The Norva, Norfolk, VA



Canada

Apr 06-07 Lee's Palace, Toronto, ON



Drive By Truckers Presale

Starts: Tue, 02/02/10 10:00 AM

Ends: Thu, 02/04/10 10:00 PM

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