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Long Island Power Authority, a state-owned New York utility company that was criticized for its response during last year's Superstorm Sandy, will see most of its operations taken over by a private company, New York Governor Andrew Cuomo said on Monday. _0"> Public Service Enterprise Group Inc ( id="symbol_PEG.N_0"> PEG.N ), a private utility in neighboring New Jersey, will take over management of LIPA's operations next year. Lawmakers faulted a bifurcated system where operations were partly run through a services agreement with UK power company National Grid Plc ( id="symbol_NG.L NG.L ).   _1"> Sandy in October left more than 90 percent of the 1.1 million LIPA customers on Long Island without power, some for more than two weeks. LIPA's services agreement with National Grid is due to expire at the end of 2013. PSE&G was already set to take over as the system's operator but the governor's proposal will see that role expande

The head of the Securities and Exchange Commission, Mary Jo White, is on board with calls for a broad review of the framework of the U.S. equity market, which has been roiled by software glitches over the past year, an SEC commissioner said on Monday. _0"> White, who took over the SEC in February, has not discussed the issue in detail and nothing concrete has been decided, Commissioner Daniel Gallagher said after 20 industry officials discussed equity market structure at a roundtable. "We haven't talked too much in depth on market structure issues," Gallagher said. "I know that she is on board with the idea that it is a huge issue and we need to resource it and come up with a plan. "We have to do a holistic review. Nobody is arguing against it," said Gallagher, who had urged a wide-ranging review of the U.S. equity marketplace in a widely commented speech in October. Monday's roundtable was convened by Representative Scott Garrett, a Repu

More than a dozen of the biggest U.S. banks have questioned a proposed accounting change meant to boost reserves for risky loans, saying the results would be vastly different from those of a similar rule being developed by global standard-setters. A key reform arising out of the 2007-08 global financial crisis, the proposal would require banks to look ahead and reserve for expected losses on the day a loan is made. Currently, banks do not have to reserve for risky loans until there are signs of a loss.   Reserves were criticized as being "too little, too late" during the global crisis, when major banks were buffeted by defaults on loans and other debt. Many had to be bailed out because they had not set aside enough for losses. Numerous banking regulators have called for more timely reserves, though critics have also warned that proposed accounting changes would make quarterly earnings more volatile as banks adjust their expectations for losses. In a letter to account

Goldman Sachs Group Inc ( id="symbol_GS.N_0"> GS.N ) shareholders should vote against the Wall Street bank's executive compensation proposal because the board has "failed to link pay with performance," proxy advisory firm Glass Lewis said in a report on Monday. Shareholders should also vote against director James Johnson, Glass Lewis said, because of his position as chair of the compensation committee and prior roles at public companies that suffered financial issues and scandals. In its criticism of Goldman's pay packages, Glass Lewis said the company sets short-term compensation on a "purely discretionary basis" that is not in shareholders' best interest. The Federal Reserve has been pushing Wall Street banks to use more formulaic metrics in determining executive compensation, Reuters reported in March. "We believe shareholders benefit when incentive awards are determined on the basis of metrics with pre-established goals and ar

1939 Jay-Z look-alike staggering American public! Do you believe in time-traveler? A black-and-white photograph found on the official page Schomburg Center for Research in Black Culture featuring a male figure that is similar to Jay-Z. Yeah! The photo actually depicts a black man who is very similar to Jay- Z, so anyone who saw it would actually think that the man in the photo is Jay-Z himself. The photo was taken in 1939 recorded on the streets of New York. For your info, photographer who responsible for the photo is Sid Grossman that is known as one of the professional photographers of his era, so do you believe in time-traveler? A detail of the photo is a male figure leaning on a fence with a view straight at the camera. This photo is really amazing New York public today because it is very similar to Jay- Z, a rapper whose face often appeared in various media, TV, Internet, and newspaper. Many famous people are impressed by the photo, and one of them is A. Sylviane Diouf,

Out go the themed rooms and groupings of artists at London's Tate Britain gallery, and in comes a pure, sunlit, chronological walk through British art from 1540 to the present. The world's leading collection of British paintings and sculpture on Monday threw open a permanent gallery so radically refurbished and reorganized that every one of the 500-odd works on display had to be rehung. "What I wanted to try and do was to have a complete chronology that wouldn't be interrupted by exhibitions," said Director Penelope Curtis.   She denied that the Tate was "dumbing down" for the average tourist, saying the layout offered better access to everyone from school children to art experts, put works in context with their contemporaries, and would be uncompromised by temporary shows. The "BP Walk through British Art" winds around the perimeter of the building, beginning in 1540 with portraits by the likes of Hans Holbein and Anthony van Dyck, then

The $23 billion sale of ketchup maker H.J.Heinz Co ( id="symbol_HNZ.N_0"> HNZ.N ) to Berkshire Hathaway Inc ( id="symbol_BRKa.N BRKa.N ) and buyout firm 3G Capital, Avis Budget Group's ( id="symbol_CAR.O CAR.O ) takeover of Zipcar, and the $6.9 billion leveraged buyout of BMC Software ( id="symbol_BMC.O BMC.O ), have one common link: Kirkland & Ellis LLP. _1"> The law firm, which served as a legal adviser on those deals as well as several other of the largest transactions of the year, with a combined deal value of $56.6 billion, has jumped to ninth place in the ranking of merger advisers, up from 18th in 2012, according to Thomson Reuters data released on Monday. _2"> Just four years ago in 2009, Kirkland ranked 72nd in the legal league table. _3"> When ranked by the number of deals with a value of $100 million or more, Kirkland was the second-biggest merger adviser, having worked on 70 deals so far this year, Thomson Re