Posts

Showing posts from May 12, 2013

New Orleans shooting 12 hurt

New Orleans shooting, New Orleans police say that a dozen people have been shot during a Mother’s Day second-line parade. Police Superintendent Ronal Serpas told reporters at least 12 people were shot during the parade in the city’s 7th Ward. Police say the incident happened about 2 p.m. Sunday at the intersection of Frenchmen and Villere streets. The Times-Picayune reports there were about 200 people at the event when gunfire erupted. Serpas told reporters the victims include a 10-year-old who sustained a minor wound. WDSU-TV reports at least four people were in surgery and others had been taken to four area hospitals. Nobody has been arrested. It’s unclear what sparked the gunfire. Police are said to be looking for three people in connection with the attack.

New Orleans shooting: Dozen people shot at Mother's Day second line

New Orleans shooting: NOPD Superintendent Ronal Serpas says that at least 12 people were shot at a Mother's Day second-line parade in the 7th Ward. The youngest victim in the shooting was 10 years old. Police say there were 200 people at the corner where shots rang out, and 300 to 400 people at the second line in all. EMS took nine people to University Hospital; eight were suffering from gunshot wounds, while another was injured in a fall while escaping the shooting. Three of those victims who were shot are in critical condition. There were about 10 cops on the scene trying to control the second line when the shooting happened. There were reportedly two different guns involved. Police believe three suspects were involved. They were seen fleeing toward Claiborne Avenue. There was a shooting nearby just last week at Frenchmen and Claiborne. We have a reporter at the scene and will have the latest during the 5:30 p.m. newscast

New Orleans shooting

New Orleans shooting, The NOPD is on the scene of a shooting near the intersection of Frenchmen and North Villere Streets where 12 people were shot during a Mother's Day second line. Chief Serpas announced in a press conference that the youngest victim is believed to be a 10-year-old girl. Police say she suffered a graze wound. Police say about 300 people were attending a second line when gun shots rang out. Police are looking for three suspects in this incident. Around 12:30 p.m., police responded to a separate shooting the 2400 block of South Saratoga Street in Central City where another man was shot. His condition is unknown at this time.

Seth Meyers replaces Fallon: Seth replaces Jimmy on late night time slot

Seth Meyers replaces Jimmy Fallon on his late night show time slot. On May 12, ABC News reported that this is going to happen in the upcoming season. What do you think of this news? That doesn't mean that Jimmy Fallon won't still be on TV. He will just be in a different time slot and Seth Meyers will have a show at this normal time. Fall is moving up to replace Jay Leno on his show and will be in that time slot from now on. News already came out about Fallon moving in to fill the shoes of Jay Leno. The fact that they are giving Seth Meyers has been a rumor, but is just now coming out for sure. Seth has been on the show "Weekend Update" and he is also a writer for "Saturday Night Live." What do you think of the addition of Seth Meyer to late night? Do you plan to watch him?

Lamborghini Egoista: Concept car is extreme of hedonism says designer

Lamborghini Egoista: The Egoista was dramatically revealed by brand boss Stephan Winkelmann at a dinner held to mark the end of the week-long drive by 350 Lamborghinis through Italy, organized in celebration of the marquee’s 50th birthday. Lamborghini has confirmed that the Walter De Silva designed car takes its name from the fact that it has just one seat. The styling is said to be inspired by that of an Apache helicopter, and early reports suggest the lightweight car is extensively made of carbon fiber and that the cockpit canopy can be removed to save weight. Power comes from a 5.2-litre V10 engine. De Silva is quoted as saying: "This is a car made for a single person, to have fun and to express their own personality. It is designed for people who want the most extreme and most special things in the world. This car represents extremes of hedonism; it is a car without compromise. In a word, it is selfish." Few details of the Egoista concept are currently available,

Least-safe cities

Least-safe cities, A recent poll found that residents around Memphis, Tenn. were the least likely to feel safe walking alone at night, while Minneapolis-St. Paul residents said they were most likely to feel safe. Only around 55 percent of Memphis residents said they felt safe walking alone at nighttime, a poll from Gallup found. In New Orleans, around 59 percent of residents felt safe, while only 61 percent of Riverside-San Bernardino, Calif., residents said they felt safe, Gallup says. Sixty-three percent of Houston residents and 63 percent of Jacksonville, Fla., residents felt secure. In contrast, 80 percent of those who lived in the Minneapolis area said they felt secure. Regarding the most safe cities, 78 percent of Denver residents felt safe; 78 percent of Raleigh, North Carolina residents felt a sense of security; 77 percent of Boston residents felt the same; 77 percent of Salt Lake City residents said they felt safe; and 77 percent of Austin, Texas residents felt likewise, acco

Lamborghini Egoista

Lamborghini Egoista, Supercar concept unveiled by Lamborghini at their 50th birthday party tonight has an official name: the Lamborghini Egoista, which literally means "selfish" in Italian. Seriously. I am not joking. A few of you commenters pointed out in the earlier story that the name was probably "Egoista", and you turned out to be right, contrary to early reports on Twitter and Facebook that called it "Ecosta" or "Ecosita." So why is it for selfish people? Because it only has one seat, that's why. You know how the McLaren F1 had three seats? This has two less than that. According to the Italian-only (for now) press release we were sent, the car has aviation-inspired styling with a ton of carbon fiber and a 5.2-liter V10 engine. Here's what designer Walter De Silva said, translated from Italian: "This is a car ... made for a single person, to have fun and to express own personality to the Nth degree. And designed just for an a

Seth Meyers replaces Fallon

Seth Meyers replaces Fallon, It’s official: Saturday Night Live’s Seth Meyers is NBC’s new late-night host. NBC will hand the reins of the Late Night franchise to the SNL head writer and Weekend Update anchor next year. Meyers will take over the 12:35 a.m. slot after current host Jimmy Fallon vacates the show to take over The Tonight Show from Jay Leno. Meyers has been the odds-on favorite to assume the post since March, as SNL executive producer Lorne Michaels is also the executive producer on Late Night. “We think Seth is one of the brightest, most insightful comedy writers and performers of his generation,” said NBC entertainment chairman Bob Greenblatt. “His years at SNL‘s Weekend Update desk, not to mention being head writer of the show for many seasons, helped him hone a topical brand of comedy that is perfect for the Late Night franchise.” “I only have to work for Lorne for five more years before I pay him back for the time I totaled his car,” Meyers said. “Twelve-thirty on NBC

LeBron James mocked

LeBron James mocked: LeBron James took a dramatic flop against the Chicago Bulls on Friday night and now Chicago is going after the Heat star for what they call a badly choreographed acting job. Following the game Nate Robinson told Yahoo Sports: “You see LeBron in a lot of commercials, a lot of good acting.” NBA fans have long known that LeBron for all his skill on the court also loves to gain an edge wherever possible. Push him the wrong way and his giant frame goes flying, knock into him and suddenly its the worst offense in the history of professional basketball. On Friday night LeBron James threw Nazr Mohammed to the ground as he attempted to stop a fast break. In response to his obvious attack James was handed a technical foul. Not believing he got all he deserved Mohammed Nazr quickly threw LeBron to the ground. As James slide to the court he then appears to keep sliding backward for an infinite amount of time. On video the slide was an obvious embellishment but it wa

Kristen Wiig SNL

Kristen Wiig SNL, Kristen Wiig makes her much-anticipated first return to Saturday Night Live tonight after leaving at the end of last season. After a week of weird last time with Zach Galifianakis, Wiig’s fans are likely hoping the show goes two-for-two on the zany front, allowing Wiig to bring back some of her favorites such as Penelope or Target Lady. (Sorry, but in my opinion the Gilly drink with Justin Timberlake was more than enough of that character this season.) Much like Timberlake earlier this year, it’ll be interesting to see if the show plays like a DVD repeat of The Best of Kristen Wiig or if, together with the writers, Wiig creates some new crazy ladies to add to her diverse repertoire. Both the Jodi Arias trial and Charles Ramsey seem ready for the Saturday Night Live treatment. I can see her taking her standard silliness and battling against Nancy Grace (Kate McKinnon) for parking lot coverage of the trial or something like that. Wiig will be joined by musical guest Va

Castro brothers knew nothing

Castro brothers knew nothing, When Ariel Castro was arrested last week on charges of kidnapping and raping three women for more than a decade in his Cleveland home, police also detained his two brothers, showing their mugshots to the world. Police released Pedro and Onil Castro a few days later, saying neither man had anything to do with the alleged abductions and torture of Amanda Berry, Gina DeJesus and Michelle Knight. The men, both in their 50s, are now in hiding in an undisclosed location, as are other family members, including their 71-year-old mother. The brothers say their homes have had rocks thrown through the windows -- one of them was broken into -- and they have been receiving death threats online. In an exclusive interview with CNN, which took place outside Cleveland, the Castro brothers say they are grateful the three girls are finally free and safe, but they are haunted by missing clues and hunted by the media. Unable to go home, they say they are trapped for something

Goat jumps on pig

Goat jumps on pig, on any ranking of cuteness, baby goats have to be right up there with puppies and kittens. The little kids – they’re usually born as twins and triplets – nuzzle one another, sniff your face and wobble about on knobby legs.  So it’s no surprise that Noreen O’Connell loves her baby goats, and recently there’s been a lot to love. Every other day in April it seemed baby goats were being born at her farm on Federal Hill Road. Noreen and her husband, Tim, have been farming here for 37 years, and at one time or another they raised pigs, cows and chickens. But she didn’t love them the way she loves her little kids. “I don’t know why we didn’t have goats 30 years ago,” Noreen said as she watched 2-day-old goats struggle to climb a step stool. Butternut Farm has long produced a wide range of vegetables on about six acres, “arugula to zucchini,” as Noreen likes to say, as well as cut-your-own flowers and Christmas trees. But it’s the goats Noreen is excited about now. The O’Co

Jack Butler dies

Jack Butler dies, Hall of famer helped revolutionize the way cornerbacks played in the NFL during his Hall of Fame career with the Pittsburgh Steelers, died Saturday after a lengthy battle with a staph infection. He was 85. Butler's son John said his father's heart stopped suddenly Saturday morning. The elder Butler had spent the last several months in the hospital dealing with a staph infection that plagued him since his career ended in 1959. "It had been a long road," John Butler said. "It wasn't completely out of the blue." Abcnews reports Unlike Butler's professional career. The Pittsburgh native played wide receiver at St. Bonaventure and was planning on returning to school to get his master's degree when he received a phone call from Steelers business manager Fran Fogarty in the summer of 1951. To be honest, Butler assumed Fogarty had the wrong number. "I didn't know anything about professional football," Butler said. I

Jack Butler dies: Hall of Famer Jack Butler dies at 85

Jack Butler dies, Hall of Famer who helped revolutionize the way cornerbacks played in the NFL during his Hall of Fame career with the Pittsburgh Steelers, died Saturday after a lengthy battle with a staph infection. He was 85. Butler's son John said his father's heart stopped suddenly Saturday morning. The elder Butler had spent the last several months in the hospital dealing with a staph infection that plagued him since his career ended in 1959. "It had been a long road," John Butler said. "It wasn't completely out of the blue." Unlike Butler's professional career. The Pittsburgh native played wide receiver at St. Bonaventure and was planning on returning to school to get his master's degree when he received a phone call from Steelers business manager Fran Fogarty in the summer of 1951. To be honest, Butler assumed Fogarty had the wrong number. "I didn't know anything about professional football," Butler said. It didn

G7 to press on with bank reforms, Japan escapes censure

Group of Seven finance officials agreed on Saturday to redouble efforts to deal with failing banks and gave a green light to Japan's drive to galvanize its economy. British finance minister George Osborne said the finance ministers and central bankers meeting 40 miles outside London focused on unfinished bank reforms, with signs that plans for a euro zone banking union are fraying. "It is important to complete swiftly our work to ensure that no banks are too big to fail," Osborne told reporters after hosting a two-day meeting in a stately home set in rolling countryside. "We must put regimes in place ... to deal with failing banks and to protect taxpayers and to do so in a globally consistent manner," he said. The emergency rescue of Cyprus after a near meltdown in March served as a reminder of the need to finish an overhaul of the banking sector, five years after the world financial crisis began. Germany has come under pressure to give more support t

Chrysler recalls 469,000 SUVs worldwide over gearshift issue

Chrysler Group LLC is recalling about 469,000 SUVs worldwide to update software after some vehicles' circuit boards were found to be transmitting signals that trigger inadvertent gear shifts to neutral, the No. 3 U.S. automaker said Saturday. _0"> Included are 2006- to 2010-model-year Jeep Commanders and 2005 to 2010 Jeep Grand Cherokees, of which about 295,000 are in the United States, 28,500 are in Canada and 4,200 are in Mexico. The remaining 141,000 are outside of North America. Chrysler was aware of 26 accidents and 2 injuries related to the gearshift problem but no fatalities, a company spokesman said. It was Chrysler's largest recall since more than 900,000 Jeep Grand Cherokee and Liberty SUVs were recalled worldwide in November to fix a part that could cause airbags to deploy inadvertently. Chrysler, an affiliate of Italy's Fiat SpA ( id="symbol_FIA.MI_0"> FIA.MI ), also said it is recalling 532 2013-model-year Ram 1500 pickup trucks in t

Bloomberg CEO says client data access for reporters a mistake

Bloomberg LP customers, including the U.S. Federal Reserve and the U.S. Treasury, were examining on Saturday whether there could have been leaks of confidential information, even as the media company restricted its reporters' access to client data and created a position to oversee compliance in a bid to assuage privacy concerns. The financial data and news company, whose computer terminals are widely used on Wall Street, had allowed journalists to see some information about terminal usage, including when customers had last logged in, and how often they used messaging or looked up data on broad categories, such as equities or bonds. Bloomberg CEO Daniel Doctoroff said in a statement on Friday that the firm restricted reporters' access last month after a client complained. The client, Goldman Sachs Group Inc ( id="symbol_GS.N_0"> GS.N ), flagged the matter to Bloomberg after a news service reporter in Hong Kong asked the bank about a partner's employment st

feedName=businessTravel

Oil companies seeking new Arctic areas for exploration face a battle with environmentalists, fishermen and hotel owners over Norwegian islands where jagged snow-capped peaks rise sheer from the sea. With oil production falling to a 25-year low this year and the state depending on oil revenues, Norway's ruling Labour Party is warming to drilling in Lofoten's pristine waters, setting up the issue as the year's biggest political fight ahead of elections in September. "We've already got the winning lottery ticket by living in Norway. We shouldn't want to be even richer," said Erling Santi, a fisherman in Svolvaer, Lofoten's main town. "Oil drilling could drive the fish away," said Santi who is also the managing director of Saga Fish, a cod packing plant. Norway is one of the world's most prosperous nations with per capital GDP in excess of $100,000 but the fortunes of remote Lofoten, 1,000 kilometres (600 miles) north of Oslo, have bee

feedName=businessTravel

London remains the top financing centre for the global transport industry, although it faces stiff competition from New York and capitals in Asia Pacific as companies seek to tap more funding sources, a survey showed on Friday. Some 37 per cent of respondents from the global aviation, rail and shipping sectors ranked London as the key financial centre for transport, followed by New York at 14 percent and Singapore at 7 percent, the survey by international law firm Norton Rose found. "London and New York remain key financial centres for the transport industry but are looking over their shoulders at Asia which is growing in importance," said Harry Theochari, global head of transport at Norton Rose. Of those canvassed, 43 percent from the rail industry said London was most favoured as a financing hub, followed by 40 percent in the shipping sector and 31 percent in aviation. The annual survey by Norton Rose, now in its fourth year, is one of the transport sector's lead

feedName=businessTravel

Synonymous with film photography, lilacs and classical music, Rochester offers an unusual array of attractions for a mid-sized U.S. city that brought industrial prowess to a scenic river gorge on Lake Ontario's southern shore. From top-ranked golf courses and national-landmark house museums to a children's emporium of play and America's oldest municipal park-garden cemetery, the city in western New York is crammed with surprises for visitors of all interests. Its glacier-carved linchpin is a trio of waterfalls trumpeting the Genesee River's thunderous descent into Lake Ontario. Reuters correspondents with local knowledge help visitors get the most out of a short stay in Rochester (pop. 210,855), variously known over two centuries as the Flour City, the Flower City and, less so of late, the World's Image Center. FRIDAY 5:30 p.m. - Dinner at Dinosaur Barbecue (www.dinosaurbarbque.com), a honky tonk rib joint tucked into a former railroad station overlooking th

feedName=businessTravel

Spending a night between destinations in a stopover city and need a place to stay? Online boutique hotel experts Mr & Mrs Smith (www.mrandmrssmith.com) have come up with 10 hotels for a memorable stopover. Reuters has not endorsed this list. _0"> 1. Best for resort relaxation: Capella Singapore, Singapore Languishing on Sentosa Island, just a 15-minute taxi hop south of the city centre, Capella Singapore hotel in Singapore feels a relaxing world away. A tranquil resort, the 112-room heritage-modern hybrid has a graceful colonial building, art works dotted around the manicured grounds and a triple-tier pool with South China Sea views. 2. Best for gourmet dining: The Landmark Mandarin Oriental, Hong Kong, China A day-spa with 113 contemporary guest rooms, The Landmark Mandarin Oriental hotel in Hong Kong gives good stopover. This stylish skyscraper is in the heart of Central's retail district. After a hard day's shopping, bag a table at two-Michelin-starred Amb

Amplats scales back South African mining job cuts plan

Anglo American Platinum ( id="symbol_AMSJ.J_0"> AMSJ.J ) said on Friday it would cut 6,000 South African mining jobs, fewer than half the 14,000 initially proposed, as it tries to restore profits without provoking a backlash from the government and restive unions. The world's top platinum producer, a unit of Anglo American ( id="symbol_AAL.L_1"> AAL.L ), added it would also keep open one of four shafts slated for closure near the platinum belt city of Rustenburg. Amplats aims to slash platinum production by 10 percent or 250,000 ounces this year, equal to 4.5 percent of global output. Another 100,000 ounces will go in the medium term. Under an original plan announced in January, it aimed to cut output by 400,000 ounces. The reduced job losses are likely to soften the blow for the African National Congress (ANC) government, which faces an election next year, but it remains to be seen if it appeases the anger of powerful local unions. "Everyone i

Peregrine Financial may have "viable" claims versus banks: trustee

Peregrine Financial Group's bankruptcy estate may have "viable" claims against JPMorgan Chase & Co and U.S. Bancorp for harm done to clients of the now-failed brokerage, and may pursue them in court, Peregrine's trustee said in a filing this week. _0"> The trustee, Ira Bodenstein, wants the federal bankruptcy court in Chicago to put on hold a lawsuit by the firm's former clients against the father-son duo that formerly ran the brokerage and the banks that handled their business. In the filing, Bodenstein said the lawsuit could interfere with his efforts to return money to creditors and former Peregrine Financial customers. The firm, once one of the largest U.S. independent futures brokerages, filed for bankruptcy last July after its founder and CEO Russell Wasendorf Sr. confessed to bilking his clients of more than $100 million in a nearly 20-year-long fraud. Wasendorf Sr. is now serving what is expected to be a lifelong sentence in a high-secur

April budget surplus is biggest in five years

The United States posted its biggest monthly budget surplus in five years in April, the Treasury Department said on Friday, adding that revenues are running at a record high so far this year thanks to higher taxes and an improving economy. The April surplus was $113 billion, about $6 billion higher than economists' expectations and the highest surplus since April 2008, according to the Treasury. The surplus in April 2012 was $59 billion. Treasury usually posts a surplus in April, when most Americans pay their taxes, but Washington's budget fortunes are shifting more quickly than most analysts had anticipated. The better state of the government's finances will likely be a factor in budget battles in Congress over whether further belt-tightening is needed. The administration and Republican lawmakers both seek a broad deal to cut the budget deficit, but clash over the White House's insistence that any reductions in spending on health and retirement programs be offse

U.S. judge orders Hewlett-Packard to face shareholder lawsuit

Hewlett-Packard Co ( id="symbol_HPQ.N_0"> HPQ.N ) must defend against a lawsuit accusing former management at the world's largest personal computer maker of defrauding shareholders by abandoning a business model it had long touted, causing more than $16 billion of market value to be wiped out. District Judge Andrew Guilford in Santa Ana, California said shareholders had raised a "strong inference" that officials including former Chief Executive Leo Apotheker in June and July 2011 misled them about HP's commitment to the WebOS operating system and related products, including the TouchPad tablet PC. "It is far from implausible that a corporate executive who had spent months building excitement and momentum around important, new technology products might recklessly misrepresent the inability to deliver on those promises," the judge wrote in a decision dated May 8 and made public the next day. The lawsuit was filed after Apotheker shocked inve

Wall Street ends up, posts third week of gains

The Dow and S&P 500 ended at record highs on Friday, and stocks posted a third consecutive week of gains as a rise in Google and other technology shares offset a slide in energy stocks. Nasdaq led gains, boosted by a 1 percent rise in Google's ( id="symbol_GOOG.O_0"> GOOG.O ) stock, which also led the S&P 500's rise. Indexes were flat for much of the session but managed a late-day surge. On Thursday, the S&P 500 broke a five-day streak of record closing highs. Stocks have risen on the Federal Reserve's accommodative monetary stance and some encouraging corporate earnings , but analysts said momentum could wane without further positive signs. "I think it's going to hard to maintain these levels in the short term," said Natalie Trunow, chief investment officer of equities at Calvert Investment Management, which has about $13 billion in assets. "There are not a lot of positive catalysts to keep it going," she said, not

T. Rowe Price manager Milano quits New America Growth Fund

T. Rowe Price Group ( id="symbol_TROW.O_0"> TROW.O ) lost one of its top stock fund managers on Friday, as Joseph Milano quit to pursue other opportunities. _0"> Milano, who ran the $4 billion New America Growth Fund( id="symbol_PRWAX.O PRWAX.O ) for the past decade, will be replaced by Dan Martino, manager of the Baltimore firm's Media and Telecommunications Fund ( id="symbol_PRMTX.O PRMTX.O ) and related accounts, spokesman Brian Lewbart said. Milano could not be immediately reached. _1"> Under Milano, the New America fund has been among the better performers in its category, according to data from Lipper, a unit of Thomson Reuters. _2"> The fund gained an average of 9.15 percent a year over the past 10 years through the end of April, better than 62 percent of similar funds. Over the past five years, the fund's average annual return of 6.74 percent beat 79 percent of its peers. But the fund's performance lagged this ye

Fiat's U.S. dealers anxious for broader product lineup

A meeting of U.S. Fiat dealers to discuss future products, including the arrival of Alfa Romeo models, has twice been postponed and no new date has been set, several Fiat dealers said this week. Some of the 204 U.S. Fiat dealers are struggling to turn a profit selling several versions of the Fiat 500 subcompact and some dealers said they anxiously await more details from Chrysler and its Italian parent, Fiat SpA ( id="symbol_FIA.MI_0"> FIA.MI ), on plans to expand products beyond what has been already announced. Fiat returned to the U.S. market in March 2011 with 40 dealers after a 16-year absence selling a single product, the two-door Fiat 500, largely known outside North America as the Cinquecento. The Italian carmaker, led by hard-charging Chief Executive Officer Sergio Marchionne, took over management of Chrysler after the No. 3 U.S. automaker's 2009 bankruptcy, partly on the promise it would make the company less reliant on gas-guzzling pickup trucks and SUV

BofA fires back at New York over modification violations

Bank of America Corp ( id="symbol_BAC.N_0"> BAC.N ) has fired back at New York Attorney General Eric Schneiderman after he threatened to sue the bank for violating the terms of a $25 billion settlement designed to end mortgage servicing abuses. In a letter to Schneiderman, lawyers for Bank of America said they were "surprised and disappointed" the attorney general thought the bank engaged in "flagrant violations" of the timeline to process mortgage modifications. The lawyers also said Schneiderman cannot sue until the bank has an opportunity to cure any alleged violations. "Bank of America has not committed any potential violations ... let alone failed to cure those potential violations," attorneys Meyer Koplow and Theodore Mirvis, of Wachtell, Lipton Rosen & Katz, wrote in the May 7 letter. Reuters obtained a copy of the letter on Friday. Schneiderman announced on Monday that he planned to sue Bank of America and Wells Fargo &

In Vegas, investors strip hedge fund managers of their secrets

In Las Vegas this week, hedge fund investors rubbed shoulders with big-name managers, Hollywood heavies and political swells against a Bellagio hotel backdrop of glitz and gambling. For the fifth straight year, private jets dropped off billionaire managers to schmooze clients and share success recipes with legions of hedge fund faithful who came on commercial airliners for the SkyBridge Alternatives Conference, which ran from Tuesday evening through Friday. Anthony Scaramucci, founder of conference sponsor SkyBridge Capital and affectionately known as "the Mooch," played host to Daniel Loeb, one of the few managers producing big returns this year; Al Pacino; former French President Nicolas Sarkozy; and former U.S. Defense Secretary Leon Panetta. For many of the people attending what has become the $2.25 trillion industry's biggest annual event, the caliber of the panelists (including Jane Buchan who runs PAAMCO and Leon Cooperman who runs Omega Advisors) and the cha

JPMorgan board unanimously backs Dimon as chairman, CEO: letter

Two ranking JPMorgan Chase & Co ( id="symbol_JPM.N_0"> JPM.N ) directors issued a letter to shareholders on Friday arguing against recommendations by proxy advisory firms to split the duties of Chairman and CEO Jamie Dimon and vote against some directors. The board is unanimous in its view that it is best for Dimon to hold both roles and the current governance structure "is working effectively," according to the letter signed by presiding director Lee Raymond and William Weldon, who is chairman of the corporate governance and nominating committee. The letter warned that a vote against current directors or to split the CEO and chairman roles "could be disruptive to the company and is not in shareholders' best interests." The letter is a direct response to reports in the past seven days from advisory firms Institutional Investors Services and Glass Lewis & Co. The firms concluded that investigations of the bank's $6.2 billion loss on