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| Former White House aide I. Lewis "Scooter" Libby was sentenced to two 1/2 years in prison Tuesday for lying and obstructing the CIA leak investigation.Prosecutor Patrick Fitzgerald told the court Libby's lies created a "house of mirrors" for investigators, reports CBS News correspondent Bob Orr. Fitzgerald implored the judge to impose a tricky sentence "to make it clear reality matters."Defense lawyer Ted Wells cited what he called Libby's "exceptional public want to our nation" that, he argued, "justifies a sentence of probation."But U.S. District Judge Reggie B. Walton, known as "long ball" for his harsh judgments, was unmoved, sentencing Libby to 30 months in prison and a $250,000 fine, adds Orr."People who occupy these types of positions, where they have the welfare and security of nation in their hands, have a special obligation to never do anything that might create a problem," Walton said.Walton would not set a prison date for Libby, the former chief of staff to V . p . Dick Cheney. Though he saw pointless to let Libby remain free pending appeal, Walton said he'd accept written arguments for the issue and rule later.Cheney, who said he was "saddened" by the verdict, described Libby in a statement like a man "of the highest intellect, judgment and integrity — a man fully dedicated to protecting the vital security interests of america and its citizens."President Bush, in Europe for the G-8 Summit, said he felt "terrible" for Libby's family, but does not intend to intervene now in the case.The U.S. Bureau of Prisons will decide where Libby serves his sentence as well as set a reporting date. The business tries to place prisoners close to home whenever possible.Libby was convicted in March of lying and obstructing an analysis into the 2003 leak of CIA operative Valerie Plame's identity.The highest-ranking White House official convicted in a government scandal since the Iran-Contra affair, Libby has steadfastly maintained his innocence."It is respectfully my hope that this court will consider, combined with jury verdict, my expereince of living," Libby said in a nutshell remarks to the judge. Actually is well liked thanked the judge as well as the court's personnel for the "consideration and courtesies" during the last year and a half. Libby told the judge he realized "fully that the court have to research on punishment," reports CBSNews.com's Jennifer Hoar, then Judge Walton paused introspectively.Sitting with Libby's wife, Harriet Grant, in the sentencing were conservative commentators Mary Matalin, an early Cheney aide, and Victoria Toensing, an old deputy assistant attorney general in the Reagan administration. During a 10-minute recess after the sentence was read, Grant was tearful as she hugged several people around the defense table, Hoar reports."The sentence and fine were on the high end of the array of options here for Judge Walton, yet it's really no surprise in the judge's reputation for tough sentences with his fantastic view of Libby's conduct," CBS News legal analyst Andrew Cohen said."Libby's lawyers have declared that they will appeal his conviction, and after this his 2 1/2-year-long sentence, understanding that probably won't be resolved by a federal appeals court until well into the coming year. To me, that enhances the chances of a presidential pardon, particularly if Libby, as expected, loses his appeal," Cohen said.With letters of support from many former military commanders and White House assuring Department officials, Libby wanted no jail time. His supporters cited a government career through which Libby helped win the Cold War as well as the first Gulf War."He has fallen from public grace," defense attorney Theodore Wells said. "It can be a tragic fall, a tragic fall." As opposed to his bombastic closing arguments in the Libby trial, Wells spoke gently, almost cautiously, because he asked that his client be spared incarceration, Hoar says. no previous page next 1/2 second hand mulberry
The Federal Reserve announced Wednesday it's coordinating with other central banks to handle the global credit crunch.The central bank said it had reached a partnership with the European Central Bank plus the Bank of England, the financial institution of Canada and the Swiss National Bank to cope with what it termed "elevated pressures" in credit markets.The Fed said that it was creating a temporary auction facility to produce funds available to banks and have also been setting up lines of credit together with the European Central Bank and the Swiss Central Bank that is used for additional resources."This is going to allow cash-strapped banks more freedom to lend money to both businesses and consumers, thereby easing or at best bringing some relief towards the credit markets," CBS News MoneyWatch correspondent Alexis Cristoforous told CBSNews.com.The Fed asserted commercial banks could bid at auction for funds that could be drawn from the Temporary Auction Facility. The money would be intended to help cash-strapped banks raise money had to keep making loans to businesses and consumers.Encounter represented another step by the Fed to handle a serious credit crunch stemming in the tightening of bank lending standards in the wake of multibillion dollar losses from your rising tide of defaults on mortgage loans."What you have here is a backstop," Art Hogan, chief market analyst of Jefferies and Company, told CBS News' Mara Rubin. "You have an additional $40 billion within the credit system as available liquidity that doesn't necessarily have to be used, but at the very least you know it's there and psychologically, sometimes that is all you need to get the credit system working again."This, on top of yesterday's move, which cut the federal funds rate as well as the discount rate by 25 % point each, can buy the major banks some essential time to get their financial house to be able," says Cristoforous.That quarter-point rate cut disappointed Wall Street, which pushed the Dow Jones industrial average down by 294 points. Investors had envisioned a bolder a reaction to the growing housing and mortgage crisis in the usa. The Fed said all banks judged to stay in generally sound personal finances by their Fed regional bank would be eligible to participate in the auctions for funds.The initial auction of $20 billion was scheduled for next Monday, followed by another auction of $20 billion on Dec. 20. The third and fourth auctions is going to be on Jan. 14 and 28.The Fed asserted the new auction process should "help promote the efficient dissemination of liquidity" when other personal lines of credit were "under stress."The experience gained from the four scheduled auctions would be "helpful in assessing the possible usefulness" of this new process to provide funds to U.S. banks, the central bank said.It declared the temporary swap arrangements being setup would provide up to $20 billion in reserves for that European Central Bank and as much as $4 billion for the Swiss National Bank. The reserves could be available for a period of as much as six months.Since the global depression hit with force in August, other central banks along with the Federal Reserve have been injecting massive quantities of money into the banking system in an effort to keep credit flowing.However, those efforts only have been partially successful. Many companies and consumers report rising trouble in obtaining loans as banks are more fearful about extending credit in the wake of a boost in bad loans stemming from your U.S. housing crisis. The Fed's move comes "at a period when there is a concern situations are getting worse not better," said Hogan. tall uggs on sale
A case of post-election nerves sent Wall Street plunging Wednesday as investors absorbing a stream of bad economic news wondered what sort of Barack Obama presidency can help the country weather a possibly severe recession. Volatility returned towards the market, with the Dow Jones industrials falling nearly 500 points and all sorts of major indexes tumbling over 5 percent.The market was anticipated to give back some gains following a six-day run-up that lifted the common & Poor's 500 index more than 18 percent. But investors lost a few of their recent confidence concerning the economy and began dumping stocks again; light volume helped exaggerate the value swings."I think what's happening in the market is really a continuation of the last few weeks," said Subodh Kumar, global investment strategist at Subodh Kumar & Associates in Toronto. "The investing arenas are still incorporating the slowdown inside the global economy."Worries regarding the financial sector intensified after Goldman Sachs Group Inc. began to notify about 3,200 employees globally they have been lost their jobs as part of a broader plan to slash 10 percent in the investment bank's workforce, a person familiar with the situation said. The cuts were first reported recently. Goldman fell 8 percent, while other financial names like Citigroup Inc. fell 14 %.Commodities stocks also fell after steelmaker ArcelorMittal stated it would slash production as a result of weakening demand. Its stock plunged 21.Five percent.Although the market expected Obama to win the election, because the session wore on investors were clearly fretting about the weakness from the economy and pondered what the Obama administration might do today to help it. Obama will inherit an enormous budget deficit as he is sworn in Jan. 20. Analysts said the marketplace is already growing anxious about who Obama selects because next Treasury Secretary, along with who he picks for other Cabinet positions."A lot of the policy going forward may have an effect on the various sectors in the market," said Joe Keetle, senior wealth manager for Dawson Wealth Management.Obama's victory means that industries such as oil and gas producers, utilities and pharmaceuticals may face greater regulation as well as taxes, while labor unions and automakers are required to benefit.In addition, banks, insurance providers, hedge funds along with the rest of the financial sector will likely face attempts with a regulatory overhaul by the Democratic Congress next year. Analysts said investors were also uneasy prior to the Labor Department's October employment report, being issued on Friday. Economists on average expect a 200,000 drop in payrolls, according to Thomson/IFR. Employers have been slashing jobs after a freeze-up in the credit markets crippled many companies' capacity to get financing.Late-day selling by hedge funds helped deepen the market's losses during the last hour. More selling by the funds is required to weigh on the market ahead of a Nov. 15 cutoff for shareholders to notify fund managers of their intent to spend investments before year-end.Based on preliminary calculations, the Dow fell 486.01, or 5.05 percent, to 9,139.27.The S&P 500 index fell 52.98, or 5.27 %, to 952.77. With the six sessions that ended Tuesday, the index, normally the one most closely watched by market professionals, rose 18.Three percent.The Nasdaq composite index fell 98.48, or 5.53 percent, one,681.64, while the Russell 2000 index of smaller companies fell 31.33, or 5.74 percent, to 514.64.By AP business writers Sara Lepro and Tim Paradis mulberry outlet london
NEW YORK (MarketWatch) -- U.S. stocks were lower , after homebuilder Lennar Corp. scrapped its 2007 earnings guidance and warned that the distress in the subprime mortgage information mill hurting it.The market industry also came under further pressure after news that consumer confidence dropped the first time in 5 months in March, based on the Conference Board. "The weaker housing number yesterday and Lennar today has zapped a few of the confidence away from the market," said Robert Pavlik, chief investment officer at Oaktree Asset Management.The Dow Jones Industrial Average was down 62 points at 12,406, as 26 of the company's 30 components were at a negative balance, weighed by General Motors Corp. , Dupont and Home Depot Inc. . Wal-Mart Stores has also been among the biggest decliners, losing 1.3%. The retail giant is reportedly studying whether its Asda unit in Britain can be allowed to make a bid for J Sainsbury, a competitor U.K. supermarket operator worth around $20 billion, as outlined by a report in the Independent newspaper. The S&P 500 index fell 8.3 suggests 1,429, while the Nasdaq Composite lost 13.1 suggests 2,442.The homebuilding sector was the target of renewed pressure after Lennar said first-quarter earnings plunged 73% in the year earlier, which has been expected by analysts, and withdrew its 2007 earnings guidance."The typically stronger spring selling season has not yet materialized. These soft market conditions have been exacerbated by the well-publicized problems inside the subprime lending market," said CEO Stuart Miller.Lennar's stock fell 2.7%, dragging along other homebuilders such as Toll Brothers , KB Home , and Hovnanian .The report from Lennar follows Monday's news that new house sales unexpectedly fell 3.9% in February, while sales for that previous three months were revised lower by a huge 172,000. Prices fell 0.3% every year and the supply of homes jumped to a different high.Banking regulators will again be grilled Tuesday by a residence subcommittee on what went wrong inside their oversight of the subprime sector. The broad market received pressure in late February amid concerns that a meltdown in the subprime mortgage market may tighten credit conditions, accentuate the downturn with the housing market, and defeat the economy. But stocks are making up much of their losses in the last few weeks amid hopes that the Federal Reserve is moving closer to cutting interest rates if the economy weaken an excessive amount of.Oil in focusInvestors also monitored oil prices, which have again breached the $60-barrel level recently.In recent action, however, crude-oil futures fell back 34 cents to $62.57. News that 15 U.K. naval personnel are still being held by oil exporter Iran limited losses. The U.S. dollar was slightly weaker from the euro after better-than-forecast German business climate figures, whilst it rose against the yen. Gold futures rose $1.10 to $665 one ounce. Bonds were little changed following hawkish talk by several Fed speakers overnight. The benchmark 10-year Treasury bond was down 2/32 at 100 3/32, yielding 4.605%. Corporate newsBristol-Myers Squibb is at focus after a are convinced that Sanofi-Aventis is again considering creating a bid for its partner about the Plavix blood-thinning drug. The Times of London reported that Sanofi's chairman and ceo are split on whether an offer should be launched, though the pro-deal chairman is reported to get greater sway for the board.DaimlerChrysler rose 1.5%. The automaker said hello was pushing back its first-quarter results release date to May 15 from April 26, blaming the delay for the time needed to switch to IFRS accounting from U.S. GAAP accounting. Separately, the Handelsblatt newspaper reported that this possible sale of Chrysler could occur in a matter of a few weeks time, with all the first bids due by week's end.By Nick Godt cheap genuine uggs
Investors can check current prices to gauge just how much a particular bond may cost a little them. They can also track alterations in bond prices on an indication of trends and economic strength. ugg boots tall
Nebraska Gov. Dave Heineman met with top Cuban trade officials Monday, putting the finishing touches on another round of contracts to export his state's food towards the communist-run island. At 6 p.m. Tuesday, the Nebraska trade delegation headed by Heineman will sign agreements for the sale of agricultural products to Cuba, reports CBS News Havana producer Portia Siegelbaum. It was the Republican's third holiday to Havana. In 2005, he signed deals to export $30 million price of agricultural products to Cuba. Nebraska officials agreed to a similar deal recently, with about a third of people contracts executed since, the governor said.Past agreements have sent Nebraska beans, corn, wheat, turkey, pork, beef and soy products towards the island.Cuban officials scheduled a signing ceremony on the capital's Hotel Palco for Tuesday night, but Heineman wouldn't normally say how much those contracts would be worth. He said Nebraska officials start to explore shipping medical supplies to Cuba, but negotiations with this trip will give attention to dry beans, soy beans, wheat, beef and pork.There were talk the governor would postpone his visit after 80-year-old Fidel Castro fell ill, ceding capacity to his 75-year-old brother, Raul, following emergency intestinal surgery last summer. But Heineman, who traveled here with 31 state officials and business leaders, said most of Nebraska's dealings are with all the island's food import company, Alimport, not the office of Cuba's president."We're down in charge of a long-term relationship," he explained. "This is not about only this year or the coming year. We want to be down for years to come. Ten years from now, even when I'm no longer the governor."Whether Heineman intends to meet with Raul Castro is unclear. Fidel Castro will not be seen in public since stepping aside, but life on the island has proceeded normally and top aides have repeatedly talked up his improving health in recent weeks.Washington's 45-year-old embargo chokes off most invest Cuba, but U.S. medical supplies are already authorized for exportation towards the island since 1992, along with a law passed by Congress in 2000 permitted Castro's government cash-only purchases of U.S. food and agricultural products. The measure was cheered by major U.S. farm firms thinking about the untapped Cuban market.Cuba refused to import one grain of rice for over a year because of a dispute over financing, but finally decided to take advantage of the law after Hurricane Michelle in November 2001 cut into its food stocks. Subsequently, the United States has become the island's leading food source and agriculture products.Heineman ducked queries about whether it was time for it to rethink the embargo, saying "that's for that president and the Congress. They generate their decisions. I'll operate under those rules."Greg Ibach, director in the state's Department of Agriculture, said Nebraska had the fifth-largest agricultural economy in the U.S."Agricultural trade 's what we pursue all over the world. In Cuba that opportunity exists today, and that fits right in using what we're looking for," he said.Asked if he may alienate some Nebraskans by traveling to Havana again, Heineman said, "that's not something I be worried about.""My job is to do the best job I'm able to for the state of Nebraska, for your farmers and ranchers," he said. "Cuba has been very, good to our state." mulberry iphone
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