Filmmaker cries censorship as Italy political documentary blocked

ROME (Reuters) – A British filmmaker said on Friday he was a victim of censorship after a leading museum cancelled the Italian premiere of the documentary “Girlfriend in a Coma”, which is highly critical of Italy‘s political and economic situation.

The museum where the film was to have been shown on February 13 cancelled the showing and said it could not be held until after the country’s elections on Feb 24-25.

Former Economist magazine editor Bill Emmott, who made the film with Italian Annalisa Piras, called the decision by the Museum of 21st Century Art (MAXXI) a product of “censorship and stupidity”.

MAXXI, run by a foundation overseen by the culture ministry, said it could not be host to activity that can be seen to have political connotations ahead of the elections.

“This is not censorship,” a spokesperson said. “After the elections, the film can be shown here.” The election date has been known for nearly two months.

Emmott was for 13 years the chief editor of the Economist magazine, which published covers highly critical of former prime minister Silvio Berlusconi, including a famous 2001 cover which read: “Why Silvio Berlusconi is Unfit to Lead Italy”.

“I am shocked. I would not have been shocked if this had happened during the government of my good friend Silvio Berlusconi, but the culture ministry doing this now is astonishing,” he told Reuters by telephone from Jamaica.

The MAXXI is run by a foundation which is funded by the culture ministry.

The film, which has already shown in New York, Miami, Brussels and London, paints a picture of what the authors say is the country’s moral, social and economic decline over the past 20 years since Berlusconi came to power.

“What this decision reflects is a very cautious mentality that wants to hide the reality of the situation of Italy and seeks to stifle debate about the causes because they might be too revealing,” Emmott said.

The film addresses political corruption, media monopoly and corporate power. Among those interviewed are caretaker Prime Minister Mario Monti, filmmaker Mario Moretti, anti-Mafia writer Roberto Saviano, Fiat CEO Sergio Marchionne, former European Commissioner Emma Bonino and author Umberto Eco.

Emmott said he and the producers would lodge a protest with the culture ministry.

“If it is not shown at the MAXXI, we will arrange for it to be shown somewhere else,” he said.

(Reporting By Philip Pullella, additional reporting by Alberto Sisto; Editing by Stephen Powell)

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"Great Rotation"- A Wall Street fairy tale?

NEW YORK (Reuters) - Wall Street's current jubilant narrative is that a rush into stocks by small investors has sparked a "great rotation" out of bonds and into equities that will power the bull market to new heights.

That sounds good, but there's a snag: The evidence for this is a few weeks of bullish fund flows that are hardly unusual for January.

Late-stage bull markets are typically marked by an influx of small investors coming late to the party - such as when your waiter starts giving you stock tips. For that to happen you need a good story. The "great rotation," with its monumental tone, is the perfect narrative to make you feel like you're missing out.

Even if something approaching a "great rotation" has begun, it is not necessarily bullish for markets. Those who think they are coming early to the party may actually be arriving late.

Investors pumped $20.7 billion into stocks in the first four weeks of the year, the strongest four-week run since April 2000, according to Lipper. But that pales in comparison with the $410 billion yanked from those funds since the start of 2008.

"I'm not sure you want to take a couple of weeks and extrapolate it into whatever trend you want," said Tobias Levkovich, chief U.S. equity strategist at Citigroup. "We have had instances where equity flows have picked up in the last two, three, four years when markets have picked up. They've generally not been signals of a continuation of that trend."

The S&P 500 rose 5 percent in January, its best month since October 2011 and its best January since 1997, driving speculation that retail investors were flooding back into the stock market.

Heading into another busy week of earnings, the equity market is knocking on the door of all-time highs due to positive sentiment in stocks, and that can't be ignored entirely. The Standard & Poor's 500 Index <.spx> ended the week about 4 percent from an all-time high touched in October 2007.

Next week will bring results from insurers Allstate and The Hartford , as well as from Walt Disney , Coca-Cola Enterprises and Visa .

But a comparison of flows in January, a seasonal strong month for the stock market, shows that this January, while strong, is not that unusual. In January 2011 investors moved $23.9 billion into stock funds and $28.6 billion in 2006, but neither foreshadowed massive inflows the rest of that year. Furthermore, in 2006 the market gained more than 13 percent while in 2011 it was flat.

Strong inflows in January can happen for a number of reasons. There were a lot of special dividends issued in December that need reinvesting, and some of the funds raised in December tax-selling also find their way back into the market.

During the height of the tech bubble in 2000, when retail investors were really embracing stocks, a staggering $42.7 billion flowed into equities in January of that year, double the amount that flowed in this January. That didn't end well, as stocks peaked in March of that year before dropping over the next two-plus years.

MOM AND POP STILL WARY

Arguing against a 'great rotation' is not necessarily a bearish argument against stocks. The stock market has done well since the crisis. Despite the huge outflows, the S&P 500 has risen more than 120 percent since March 2009 on a slowly improving economy and corporate earnings.

This earnings season, a majority of S&P 500 companies are beating earnings forecast. That's also the case for revenue, which is a departure from the previous two reporting periods where less than 50 percent of companies beat revenue expectations, according to Thomson Reuters data.

Meanwhile, those on the front lines say mom and pop investors are still wary of equities after the financial crisis.

"A lot of people I talk to are very reluctant to make an emotional commitment to the stock market and regardless of income activity in January, I think that's still the case," said David Joy, chief market strategist at Columbia Management Advisors in Boston, where he helps oversee $571 billion.

Joy, speaking from a conference in Phoenix, says most of the people asking him about the "great rotation" are fund management industry insiders who are interested in the extra business a flood of stock investors would bring.

He also pointed out that flows into bond funds were positive in the month of January, hardly an indication of a rotation.

Citi's Levkovich also argues that bond investors are unlikely to give up a 30-year rally in bonds so quickly. He said stocks only began to see consistent outflows 26 months after the tech bubble burst in March 2000. By that reading it could be another year before a serious rotation begins.

On top of that, substantial flows continue to make their way into bonds, even if it isn't low-yielding government debt. January 2013 was the second best January on record for the issuance of U.S. high-grade debt, with $111.725 billion issued during the month, according to International Finance Review.

Bill Gross, who runs the $285 billion Pimco Total Return Fund, the world's largest bond fund, commented on Twitter on Thursday that "January flows at Pimco show few signs of bond/stock rotation," adding that cash and money markets may be the source of inflows into stocks.

Indeed, the evidence suggests some of the money that went into stock funds in January came from money markets after a period in December when investors, worried about the budget uncertainty in Washington, started parking money in late 2012.

Data from iMoneyNet shows investors placed $123 billion in money market funds in the last two months of the year. In two weeks in January investors withdrew $31.45 billion of that, the most since March 2012. But later in the month money actually started flowing back.

(Additional reporting by Caroline Valetkevitch; Editing by Kenneth Barry)

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China poised to control strategic Pakistani port

KARACHI, Pakistan (AP) — China is poised to take over operational control of a strategic deep-water Pakistani seaport that could serve as a vital economic hub for Beijing and perhaps a key military outpost, according to officials.

The construction of the port, in the former fishing village of Gwadar in troubled Baluchistan province, was largely funded by China at a cost of about $ 200 million. It has been a commercial failure since it opened in 2007, because Pakistan never completed the road network to link the port to the rest of the country.

Chinese control of the port would give it a foothold in one of the world’s most strategic areas and could unsettle officials in Washington, who have been concerned about Beijing’s expanding regional influence.

The port on the Arabian Sea occupies a strategic location between South Asia, Central Asia and the Middle East. It lies near the Strait of Hormuz, gateway for about 20 percent of the world’s oil.

China’s interest is driven by concerns about energy security as it seeks to fuel its booming economy. It wants a place to anchor pipelines to secure oil and gas supplies from the Gulf. Beijing also believes that helping develop Pakistan will boost economic activity in its far western province of Xinjiang and dampen a simmering, low-intensity rebellion there.

Some experts view Gwadar as the westernmost link in the “string of pearls,” a line of ports from China to the Gulf that could facilitate expansion of the Chinese Navy in the Indian Ocean. That has sparked concern in both the U.S. and India.

Pakistan’s Cabinet agreed Wednesday to a proposal for a company owned by the Chinese government, China Overseas Port Holdings Limited, to purchase control of the port from Singapore’s PSA International Pte Ltd., which won a bid in 2007 to operate the port for 40 years. The transaction has not yet occurred, a spokesman for Pakistan’s Ministry of Ports and Shipping, Mohammed Raza, said Friday.

Pakistan views China as one of its most important allies and a counterweight to the United States, which has given Islamabad billions of dollars in aid but is often viewed as a fickle taskmaster.

China is expected to pay $ 35 million for control of the port to PSA and two other groups that own an interest, said Aqeel Karim Dhedhi, one of the other shareholders. The third shareholder is the National Logistics Cell, which is controlled by the Pakistani army. The Chinese are waiting for a Pakistani court case challenging PSA’s control of the port to be dismissed to complete the transaction, Dhedhi said.

A senior Pakistani official said Beijing has agreed to spend hundreds of millions of dollars to finish a 900-kilometer (550-mile) road that would link the port with Pakistan’s north-south Indus Highway, facilitating overland transport from Gwadar to China. The Pakistani government was supposed to complete the road in 2012, but it is only 60 percent finished, said the official, speaking on condition of anonymity because he was not authorized to talk to reporters.

It will still be a tough drive, passing along the Karakorum Highway that winds through the rugged mountains of northern Pakistan and then into Xinjiang province via a border crossing point at an elevation of 4,693 meters (15,397 feet). The path is often blocked by snow in winter.

Even so, the route will cut the overland distance from China’s western provinces to the sea in half, from about 4,000 kilometers (2,500 miles) to China’s east coast, to just 2,000 (1,250 miles) south to Gwadar.

Longer-term plans also call for road and rail links from Gwadar that would pass through strife-torn Afghanistan to energy-rich Central Asian states.

Asked about the port on Thursday, Chinese Foreign Ministry spokesman Hong Lei said “as long as projects are conducive to China-Pakistan relations, the Chinese side will positively support them.”

The port is operating at only about 15 percent capacity now, and machinery originally installed by China is rusting for lack of use, said a Pakistani port worker, speaking on condition of anonymity because he was not authorized to talk to reporters.

On a purely economic basis, the level of trade through the port should be zero because of its drawbacks, but the government is spending millions of dollars in subsidies to ship fertilizer through the facility. It would be cheaper to send the shipments through the coastal city of Karachi, 700 kilometers (430 miles) to the east, the worker said.

Some government officials have claimed that violence in Baluchistan has prevented them from completing the road network. Baluch nationalists have waged a decades-long insurgency against the government, demanding greater autonomy and a larger share of the province’s natural resources.

Gunmen shot to death two Pakistani air force personnel and a shopkeeper in a town near Gwadar on Tuesday, said local police official Izat Ali.

Other officials said the ruling Pakistan People’s Party simply shifted priorities away from Baluchistan and spent the money building roads in its main areas of support in Sindh province.

“The solution to Gwadar is the Chinese, since they have shown the willingness to work in Pakistan under tough conditions,” said shareholder Dhedhi.

___

Associated Press writers Adil Jawad in Karachi, Pakistan, Munir Ahmed in Islamabad and Joe McDonald in Beijing contributed to this report.

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Touch Down! Market Watchers Hope to Score Financial Advice From the Super Bowl Outcome

TORONTO, ONTARIO–(Marketwire – Feb 2, 2013) – Investors and football fans will be tuning in to the Super Bowl this Sunday, hoping the “Super Bowl Indicator” continues its uncanny ability to predict bearish and bullish stock market trends for the year ahead. 

The Super Bowl Indicator (SBI), a calculation for stock market performance based on the winning team, has been regarded as a way to predict a bear or bull market. The formula: when the team representing the National Football Conference (NFC) wins the Super Bowl, the market goes up. When an American Football Conference (AFC) franchise wins, the market goes down. Based on movements in the S&P 500 Index, the Super Bowl indicator has being correct just under 80 per cent of the time.

Jack Ablin, Chief Investment Officer, BMO Harris Private Bank, notes the Super Bowl Indicator worked according to plan in 2012. “It held up remarkably well; the New York Giants won the Super Bowl and the S&P gained 13 per cent. 2013 is shaping up to be a strong year too, we had the best January on record since 1994 and the NFC team – the San Francisco 49ers – are favoured by more than 4.5 points. The Super Bowl indicator is lining up for another good year in the market,” he said.

BMO Financial Group has personal finance experts who can provide advice and information on a variety of topics, including:

• Investing strategies for Registered Retirement Savings Plans this season


• How to navigate markets in volatile times


• Integrating Exchange Traded Funds into your investment portfolio


• Where is the smart money going these days? Are there specific sectors you should be taking a closer look at?

BMO Ads to Air During Super Bowl

Football fans across North America will see BMO”s latest television advertisements during the broadcast of the Super Bowl on Sunday.

The Canadian advertisement for BMO Bank of Montreal will appear across the country in both languages. Meanwhile, the broadcast premiere of the U.S. advertisement for BMO Harris Bank, will appear in seven key U.S. markets: Chicago, Green Bay/Appleton, Madison, Milwaukee, Indianapolis, Minneapolis/St. Paul and Phoenix. These locations represent approximately 10 per cent of the U.S. viewing audience.

The advertisements can be viewed at the following YouTube links:

Great Feeling (Canada English): http://youtu.be/qgenK00OAKg
Profitez (Canada French): http://youtu.be/7tkhDbu3aSY
Dream Home (U.S.): http://www.youtube.com/watch?v=RvyTc4RrQN4

About BMO Financial Group

Established in 1817 as Bank of Montreal, BMO Financial Group is a highly diversified North American financial services organization. With total assets of $ 525 billion as at October 31, 2012, and more than 46,000 employees, BMO Financial Group provides a broad range of retail banking, wealth management and investment banking products and solutions.

Super Bowl is a registered trademark of the National Football League.

Marketwire News Archive – Yahoo! Finance

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NFL's Goodell aims to share blame on player safety

NEW ORLEANS (AP) — NFL Commissioner Roger Goodell wants to share the blame.

"Safety," he said at his annual Super Bowl news conference, "is all of our responsibilities."

Not surprisingly, given that thousands of former players are suing the league about its handling of concussions, the topics of player health and improved safety dominated Goodell's 45-minute session Friday. And he often sounded like someone seeking to point out that players or others are at fault for some of the sport's problems — and need to help fix them.

"I'll stand up. I'll be accountable. It's part of my responsibility. I'll do everything," Goodell said. "But the players have to do it. The coaches have to do it. Our officials have to do it. Our medical professionals have to do it."

Injuries from hits to the head or to the knees, Goodell noted, can result from improper tackling techniques used by players and taught by coaches. The NFL Players Association needs to allow testing for human growth hormone to go forward so it can finally start next season, which Goodell hopes will happen. He said prices for Super Bowl tickets have soared in part because fans re-sell them above face value.

And asked what he most rues about the New Orleans Saints bounty investigation — a particularly sensitive issue around these parts, of course — Goodell replied: "My biggest regret is that we aren't all recognizing that this is a collective responsibility to get (bounties) out of the game, to make the game safer. Clearly the team, the NFL, the coaching staffs, executives and players, we all share that responsibility. That's what I regret, that I wasn't able to make that point clearly enough with the union."

He addressed other subjects, such as a "new generation of the Rooney Rule" after none of 15 recently open coach or general manager jobs went to a minority candidate, meaning "we didn't have the outcomes we wanted"; using next year's Super Bowl in New Jersey as a test for future cold-weather, outdoor championship games; and saying he welcomed President Barack Obama's recent comments expressing concern about football's violence because "we want to make sure that people understand what we're doing to make our game safer."

Also:

— New Orleans will not get back the second-round draft pick Goodell stripped in his bounty ruling;

— Goodell would not give a time frame for when the NFL could hold a game in Mexico;

— next season's games in London — 49ers-Jaguars and Steelers-Vikings — are sellouts.

Goodell mentioned some upcoming changes, including the plan to add independent neurologists to sidelines to help with concussion care during games — something players have asked for and the league opposed until now.

"The No. 1 issue is: Take the head out of the game," Goodell said. "I think we've seen in the last several decades that players are using their head more than they had when you go back several decades."

He said one tool the league can use to cut down on helmet-to-helmet hits is suspending players who keep doing it.

"We're going to have to continue to see discipline escalate, particularly on repeat offenders," Goodell said. "We're going to have to take them off the field. Suspension gets through to them."

The league will add "expanded physicals at the end of each season ... to review players from a physical, mental and life skills standpoint so that we can support them in a more comprehensive fashion," Goodell said.

With question after question about less-than-light matters, one reporter drew a chuckle from Goodell by asking how he's been treated this week in a city filled with supporters of the Saints who are angry about the way the club was punished for the bounty system the NFL said existed from 2009-11.

"My picture, as you point out, is in every restaurant. I had a float in the Mardi Gras parade. We got a voodoo doll," Goodell said.

But he added that he can "appreciate the passion" of the fans and, actually, "couldn't feel more welcome here."

___

Follow Howard Fendrich on Twitter at http://twitter.com/HowardFendrich

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Hillary: Secretary of empowerment

Girls hug U.S. Secretary of State Hillary Clinton during a 2010 tour of a shelter run for sex trafficking victims in Cambodia.

STORY HIGHLIGHTS

• Donna Brazile: Clinton stepping down as Secretary of State. Maybe she'll run for president


• She says as secretary she expanded foreign policy to include effect on regular people


• She says she was first secretary of state to focus on empowering women and girls


• Brazile: Clinton has fought for education and inclusion in politics for women and girls

Editor's note: Donna Brazile, a CNN contributor and a Democratic strategist, is vice chairwoman for voter registration and participation at the Democratic National Committee. She is a nationally syndicated columnist, an adjunct professor at Georgetown University and author of "Cooking with Grease." She was manager for the Gore-Lieberman presidential campaign in 2000.

(CNN) -- As Secretary of State Hillary Rodham Clinton steps down from her job Friday, many are assuming she will run for president. And she may. In fact, five of the first eight presidents first served their predecessors as secretary of state.

It hasn't happened in more than a century, though that may change should Clinton decide to run. After all, she has been a game changer her entire life.

But before we look ahead, I think we should appreciate what she's done as secretary of state; it's a high profile, high pressure job. You have to deal with the routine as if it is critical and with crisis as if it's routine. You have to manage egos, protocols, customs and Congress. You have to be rhetorical and blunt, diplomatic and direct.

CNN Contributor Donna Brazile

As secretary of state you are dealing with heads of state and with we the people. And the president of the United States has to trust you -- implicitly.

On the road with Hillary Clinton

Of all Clinton's accomplishments -- and I will mention just a few -- this may be the most underappreciated. During the election, pundits were puzzled and amazed not only at how much energy former President Bill Clinton poured into Obama's campaign, but even more at how genuine and close the friendship was.

Obama was given a lot of well-deserved credit for reaching out to the Clintons by appointing then-Sen. Hillary Clinton as his secretary of state in the first place. But trust is a two-way street and has to be earned. We should not underestimate or forget how much Clinton did and how hard she worked. She deserved that trust, as she deserved to be in the war room when Osama bin Laden was killed.

By the way, is there any other leader in the last 50 years whom we routinely refer to by a first name, and do so more out of respect than familiarity? The last person I can think of was Ike -- the elder family member who we revere with affection. Hillary is Hillary.

It's not surprising that we feel we know her. She has been part of our public life for more than 20 years. She's been a model of dignity, diplomacy, empathy and toughness. She also has done something no other secretary of state has done -- including the two women who preceded her in the Cabinet post.

Rothkopf: President Hillary Clinton? If she wants it

Hillary has transformed our understanding -- no, our definition -- of foreign affairs. Diplomacy is no longer just the skill of managing relations with other countries. The big issues -- war and peace, terror, economic stability, etc. -- remain, and she has handled them with firmness and authority, with poise and confidence, and with good will, when appropriate.

But it is not the praise of diplomats or dictators that will be her legacy. She dealt with plenipotentiaries, but her focus was on people. Foreign affairs isn't just about treaties, she taught us, it's about the suffering and aspirations of those affected by the treaties, made or unmade.

Most of all, diplomacy should refocus attention on the powerless.

Of course, Hillary wasn't the first secretary of state to advocate for human rights or use the post to raise awareness of abuses or negotiate humanitarian relief or pressure oppressors. But she was the first to focus on empowerment, particularly of women and girls.

She created the first Office of Global Women's Issues. That office fought to highlight the plight of women around the world. Rape of women has been a weapon of war for centuries. Though civilized countries condemn it, the fight against it has in a sense only really begun.

Ghitis: Hillary Clinton's global legacy on gay rights

The office has worked to hold governments accountable for the systematic oppression of girls and women and fought for their education in emerging countries. As Hillary said when the office was established: "When the Security Council passed Resolution 1325, we tried to make a very clear statement, that women are still largely shut out of the negotiations that seek to end conflicts, even though women and children are the primary victims of 21st century conflict."

Hillary also included the United States in the Trafficking in Person report. Human Trafficking, a form of modern, mainly sexual, slavery, victimizes mostly women and girls. The annual report reviews the state of global efforts to eliminate the practice. "We believe it is important to keep the spotlight on ourselves," she said. "Human trafficking is not someone else's problem. Involuntary servitude is not something we can ignore or hope doesn't exist in our own communities."

She also created the office of Global Partnerships. And there is much more.

She has held her own in palaces and held the hands of hungry children in mud-hut villages, pursuing an agenda that empowers women, children, the poor and helpless.

We shouldn't have been surprised. Her book "It Takes a Village" focused on the impact that those outside the family have, for better or worse, on a child's well-being.

As secretary of state, she did all she could to make sure our impact as a nation would be for the better.

Follow us on Twitter @CNNOpinion

Join us on Facebook/CNNOpinion

The opinions expressed in this commentary are solely those of Donna Brazile.

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Roseanne Barr to Star in, Produce New Series for NBC

NEW YORK (TheWrap.com) – NBC is betting on the up-again-down-again Roseanne Barr, signing the television icon to an overall deal that calls for her to develop a show she will star in and produce for the network. She will executive produce the series with Steven Greener, with whom she collaborated on “Roseanne’s Nuts” for Lifetime.

As part of the deal, Barr also will guest star in a three-episode arc on NBC’s “The Office” as talent agent Carla Fern. She will help Andy Bernard (Ed Helms) pursue the career in show business he has always dreamed about. That arc begins filming this week.

Barr came close to scoring a new show with NBC just a year ago. The network picked up her “Downwardly Mobile” to pilot last January but never ordered it to series. A multi-camera comedy starring Barr as a trailer park operator, it would have re-teamed her with “Roseanne” co-star John Goodman.

“Roseanne” aired on ABC for close to a decade, and was one of the top TV shows in the country for most of those years, winning her an Emmy and a Golden Globe. TV Guide named it one of the 50 greatest TV shows of all time in 2002, and it helped turn Barr, at its inception a stand-up comedian, into a TV star.

In the show’s final year, she tried to launch a Roseanne Conner spin-off, but wasn’t able to pull it off. She then segued into her own talk show, which lasted two years, before returning to stand-up comedy and taking assorted TV and film roles, making her big-screen debut in 1989s “She-Devil” with Meryl Streep.

In 1990 she performed a controversial, loud and screechy “Star-Spangled Banner” before a baseball game between the San Diego Padres and the Cincinnati Reds.’

She is represented by Paradigm.

TV News Headlines – Yahoo! News

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Nasdaq rises one percent, Wall Street extends rally

NEW YORK (Reuters) - U.S. stocks hit five-year highs and the Nasdaq rose 1 percent on Friday, after jobs and manufacturing data showed the economy's sluggish recovery is still on track.

The Dow Jones industrial average <.dji> gained 135.05 points, or 0.97 percent, to 13,995.63. The Standard & Poor's 500 Index <.spx> rose 13.85 points, or 0.92 percent, to 1,511.96. The Nasdaq Composite Index <.ixic> advanced 31.27 points, or 1.00 percent, to 3,173.40.

(Reporting by Chuck Mikolajczak; Editing by Bernadette Baum)

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Barclays chief to waive his bonus

1 February 2013 Last updated at 07:14 ET

The chief executive of Barclays bank, Antony Jenkins, is to waive his bonus for last year

He said it would be wrong for him to receive a bonus, given what had been a “difficult” year for Barclays.

It is thought Mr Jenkins was in line to receive about £1m of a potential maximum entitlement of £2.75m.

Mr Jenkins took over as chief executive last August, just as Barclays was being rocked over mis-selling scandals and other issues.

He said in a statement: “To avoid further unnecessary public debate on this matter, I wish to make clear that I concluded early this week that I do not wish to be considered for a bonus award for 2012 and I have communicated that decision to the board.

“The year just past was clearly a very difficult one for Barclays and its stakeholders, with multiple issues of our own making besetting the bank.

George Osborne says bankers need to be “sensible” about their pay

“I think it only right that I bear an appropriate degree of accountability for those matters and I have concluded that it would be wrong for me to receive a bonus for 2012 given those circumstances.”

Mr Jenkins’ total potential pay package, including pension, basic salary, and incentives, was £8.6m.

Banks are currently reviewing the size of bonuses for senior staff, and there were reports this week that Royal Bank of Scotland will set aside £250m for payments. Last year, RBS’s chief executive, Stephen Hester, waived his bonus.

Sign up, or resign

Barclays hit trouble last June, when it was fined £290m by British and US regulators for attempted manipulation of Libor and Euribor interbank rates between 2005 and 2009.

The scandal sparked the resignations of three Barclays senior board members, including ex-chief executive Bob Diamond. He was replaced by Mr Jenkins, who was formerly head of retail and business banking.

Barclays has also set aside £2bn to compensate customers for the mis-selling of payment protection insurance.

On Friday, Barclays faced new claims that UK financial regulators were investigating the bank over money received from Qatar.

The Financial Times alleged that Barclays lent Qatar money to invest in the bank in 2008. Barclays was not immediately available for comment.

Last month, Mr Jenkins ordered all Barclays staff to sign up to a new ethical code of conduct or quit.

BBC News – Business

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Tax Time Is ID Theft Time

The Internal Revenue Service began accepting 2012 tax returns this week, sending thousands of individual taxpayers and tax professionals to their computers to fill out forms and then e-file them.

You, however, are an electronic tax-filing holdout. You’ve heard the reports about all the tax-related identity theft. So you’re still sending Uncle Sam your tax data on paper.

You might want to reconsider.

Yes, tax-time identity theft is a growing problem. A Government Accountability Office, or GAO, investigation last fall found that as of Sept. 30, 2012, the IRS had identified almost 642,000 incidents of identity theft.

Worse, according to the GAO, the IRS does not know the full extent of tax-filing ID theft. While the agency keeps count of the occurrences it discovers, it does not estimate the number of identity theft cases that go undetected.

Worst, the ID thieves are getting away with it. Unless the IRS pursues a criminal investigation, says the GAO, the feds generally do not know the real identity of the thieves.

But while the identity thieves do e-file fraudulent returns using stolen information from real taxpayers, the security breach that allowed them to get the info generally doesn’t come from the e-filing system.

“For the most part, there is not substantially more risk for e-filing,” says Denis G. Kelly, president of IDCuffs.com, an identity theft prevention and protection company. “In fact, when the check-clearing process was changed from physical checks to digital checks, the percentage of fraud decreased. The consensus for this decrease is the number of eyes that see checks in the process was significantly reduced.”

So those thieving eyes get your tax and personal financial information from other sources and then use it to file a fake tax return in your name, usually tweaking the numbers to get a large refund.

And you, the taxpayer whose ID has been stolen, don’t find out about it until you file your own 1040 and are told by the IRS that they already sent you your refund.

Jay Foley, a partner at ID Theft Info Source in San Diego, says a major problem is where a taxpayer’s personal data is stored.

Reports of former tax preparation firm employees stealing client data is not uncommon, says Foley. “If I were an identity thief, I’d find a CPA office, steal a copy of his files and dummy up tax returns and shoot them through before his clients file. Tax thieves will shoot off a thousand returns. If they only get 200 back as fraudulent refunds, that’s great. That’s still 200 more than they had to begin with.”

So what can you do to prevent tax-related identity theft? The same thing, say security experts at TrustedID, that you do at nontax time:

• Don’t talk to strangers. File your taxes with a reputable tax professional or use legitimate tax prep software programs.


• Don’t fall for phishing schemes. The IRS does not initiate communications with taxpayers via email or phone. So that urgent email message about a possible refund is probably a scam.


• Do update your computer spyware and firewall. If you do open a malicious email, it could protect you from malware designed to steal your personal information.

Go ahead and e-file, and soon.

“An argument could be made that e-filing actually decreases the rate of tax identity theft,” says Kelly, in part because it reduces the number of possible criminals who handle your return and see your personal data.

Plus, says Kelly, “the absolute best tactic to prevent a criminal from stealing your tax refund is to file before them.”

Yahoo! Finance – Personal Finance | Taxes

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