It’s A Trap

LAPD takes aim at wave of Asian ‘maternity tourists’

"Something is happening in the suburbs of Los Angeles. Nearby, a string of so-called 'maternity hotels,' where Asian women — often Chinese and Taiwanese — come to give birth to babies who will automatically acquire a US passport — has recently drawn the attention of authorities. There is nothing illegal about foreign women giving birth in the United States. But federal officials are investigating possible related crimes, while local officials say planning regulations may have been violated." Continue reading →

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FCC chairman developing plan for free wireless Internet access

"The chairman of the Federal Communications Commission (FCC) is developing a set of proposals that would establish a public wifi network that blankets the country with a high powered signal anyone can access for free. Such a sweeping change would be years in the making, but companies lobbying for it say that universal Internet access could spark an explosion of innovation and help usher in a new age of prosperity. Networks of the type FCC Chairman Julius Genachowski is envisioning would enable cars to communicate with one another to avoid accidents, bring millions of new devices online and truly make the Internet an unavoidable, ubiquitous part of everyday life." Continue reading →

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How The Central Bank Of Turkey Uses Gold

"Amid the brouhaha over Germany's gold reserves at the Bundesbank, there's another central bank using gold actively to bolster its currency and financial stability. The strategy looks the same – sitting on big stockpiles of the stuff. But the aim differs, because gold is much closer to the everyday financial system. Starting in October 2011, the central bank began allowing commercial banks to hold a portion of their 'required reserves' – needed to reassure depositors and other creditors they had plenty of money to hand – in physical gold bullion. Starting at 10%, that proportion was then raised to 30%." Continue reading →

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Marine recruiter ‘sexually assaulted two teen recruits’ at his office and home where he lives with wife and two children

"One of the victims, a 17-year-old girl who was not named, told the station that she had met Percival four or five times to discuss joining the Marine Corps. She said that early Sunday morning Percival forced her to have oral sex with him and threatened to kill her if she told anyone. Another recruit, a friend of the first alleged victim, said that Percival had asked her to show him her breasts and give him oral sex when she visited the recruiting office he worked at." Continue reading →

Continue ReadingMarine recruiter ‘sexually assaulted two teen recruits’ at his office and home where he lives with wife and two children

Retirement Savings Accounts Draw U.S. Consumer Bureau Attention

"The U.S. Consumer Financial Protection Bureau is weighing whether it should take on a role in helping Americans manage the $19.4 trillion they have put into retirement savings, a move that would be the agency’s first foray into consumer investments. The bureau’s core concern is that many Americans, notably those from the retiring Baby Boom generation, may fall prey to financial scams. Americans held $19.4 trillion in retirement assets as of Sept. 30, 2012, according to the Investment Company Institute, an industry association; about $3.5 trillion of that was in 401(k) plans." Continue reading →

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The perils of overseas tax disclosure: An immigrant’s story

"When Andrew Winfield applied to become a U.S. citizen in 2011, he realized he owed taxes on accounts he had left behind in his native England. So he paid what he believed he owed — $2,800 in back taxes, plus the estimated interest and penalties - and entered the IRS's overseas disclosure program. But when the IRS assessed its penalty in November, Winfield was stunned to learn that it would be $28,000 — 10 times the amount of tax he owed from 2003 to 2010. Because the penalty is based on balances when the exchange rate favored the British pound, paying that amount would mean giving up virtually everything he now has in the accounts." Continue reading →

Continue ReadingThe perils of overseas tax disclosure: An immigrant’s story

Women in combat: Will they have to register for the draft?

"Now that the Pentagon is lifting its ban on women in combat, does this mean that women could potentially be drafted, too? 'The answer to that question is clearly yes,' says Anne Coughlin, a law professor at the University of Virginia School of Law in Charlottesville. Once the combat exclusion policy is lifted, 'My belief is that if we open up combat arms to women, even on a voluntary basis, if there is a draft, we should be able to force women into those positions,' says retired Col. Peter Mansoor, a professor of military history at the Ohio State University in Columbus and a former US Army brigade commander who served two tours in Iraq." Continue reading →

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Library of Congress to archive Americans’ tweets

"The Library of Congress, repository of the world’s largest collection of books, has set for itself the enormous task of archiving something less weighty and far more ephemeral — Americans’ billions of tweets. The venerable US institution is assembling all of the 400 million tweets sent by Americans each day, in the belief that each of the mini-messages reflect a small but important part of the national narrative." Continue reading →

Continue ReadingLibrary of Congress to archive Americans’ tweets