Friday, 13 July 2012

How the Richest 400 People in America Got So Rich



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In 1992, the 400th richest person in America made $24 million.
In 2007, the 400th richest person in America made $138 million (or $87 million, inflation-adjusted).
Now, that almost certainly wasn't the same guy. There's a lot of churn at the top of the money pyramid. In all of the 1990s, only 25% of the Fortunate 400 made more than one appearance. But the overall message is the same. The rich keep getting richer.
According to the IRS, which recently released 2009 data from the 400 richest individual income tax returns, the real runaway growth in wealth has come from capital gains. In the last years of the bubble, the "Fortunate 400" made nearly half their income from capital gains (a.k.a.: profit from the rising value of an investment, such as stocks or property) and less than 10% of their income from old-fashioned wages.
The average income of a top-400 earner grew by 650% between 1992 and 2007 to a whopping $344 million. Over that time, the average salary didn't even double. But the average capital gains haul increased by 1,200%. So how do the richest get richer? Not from their wages. From their investments.
Here's a look at the average salary and average capital gains income of a top-400 earner since 1992. Y-axis is labeled in thousands of dollars and all-time highs are noted in the graph.
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Three last things:
(1) Who are these people? As Tim Noah explained on our business page, a 2010 study studied the top 0.1 percent, who currently make at least $1.7 million. That's 14-times less than our Fortunate 400 group, but it's the closest we've got. Four in ten in this group were executives, managers, and supervisors at nonfinancial firms. Eighteen percent were financiers. Next came law (7 percent), medicine (6 percent), and real estate (4 percent). My guess is that the top 400 skews toward finance and chief exec even stronger. A lawyer/doctor making $2 million I can imagine. But $24 million?
(2) Capital gains absolutely dictate the wealth of the richest Americans. As Matt O'Brien graphed for us, that's why the income of the top 0.1 percent hugs the S&P so closely.
(3) Remember that as this is happening, the long-term capital gains tax rate has fallen from 28 percent in 1990 to 20 percent for the latter half of the 1990s to 15 percent under George W. Bush.
Financially Fit Reveals 5 Secret Habits of Wealthy Americans:

More From The Atlantic

Obama: My Biggest Mistake



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President Barack Obama 


Call it "too much substance, not enough style?" President Barack Obama says his biggest mistake since getting to the White House three and a half years ago has been his tendency to tackle the job as national policy wonk rather than the inspiring figure he cut in the 2008 campaign, reports The Ticket.
"When I think about what we've done well and what we haven't done well," the president told CBS television in an interview, "the mistake of my first term - couple of years - was thinking that this job was just about getting the policy right."

"And that's important. But the nature of this office is also to tell a story to the American people that gives them a sense of unity and purpose and optimism, especially during tough times," Obama said in an excerpt of the exchange with Charlie Rose.
Presidents — politicians in general — tend to sidestep questions about their biggest mistake in office, though they sometimes stumble spectacularly over them (as George W. Bush did in April 2004), or offer up a self-serving answer that might be lampooned as "I just love America too much." Obama seems to be saying that, dagnabbit, he just took the job too gosh-darn seriously. Republicans wasted little time in mocking the answer. Republican National Committee spokesman Tim Miller tweeted "I'd go w/ utter economic failure."

And Mitt Romney hit out hard at Obama: "Being president is not about telling stories."
"Being president is about leading, and President Obama has failed to lead. No wonder Americans are losing faith in his presidency," Romney said in a statement.

Obama also seemed to make the argument that he just can't catch a break.
"It's funny - when I ran, everybody said, 'well he can give a good speech but can he actually manage the job?'" he said. "And in my first two years, I think the notion was, 'Well, he's been juggling and managing a lot of stuff, but where's the story that tells us where he's going?' And I think that was a legitimate criticism."

"So getting out of this town, spending more time with the American people, listening to them, and also, then, being in a conversation with them about where do we go together as a country, I need to do a better job of that in my second term," the president said.

Yobo sad over Fenerbahce treatment


SUPER Eagles skipper, Joseph Yobo
Nigeria skipper Joseph Yobo is sad over his treatment by Fenerbahce . Yobo has spent the last two seasons on loan in Turkey. With the Turkish vice-champions due to start pre-season training next week, the defender wants to know his fate.
Negotiations are ongoing between the management of Everton and the Yellow Canaries on a permanent deal. The British club have reduced their valuation of Yobo to 3.5 million euros but Fenerbahce have offered 2.5 million euros for him.
There’s now a difference of one million euros to be met by the Turkish club before the transfer of the player can materialize.Coach of Fenerbahce, Aykut Kocaman has told the leadership of the club to continue haggling, as Yobo is in his plans for the coming season.
“Preparations began for the new season, but my condition is still not clear. Please tell me your opinion clearly.
The club’s (Fenerbahce’s) silence makes me sad. This situation can not continue like this, ‘’Yobo was quoted as saying by the online edition of Milliyet.

Friday, 22 June 2012

United States Puts Three Boko Haram Leaders on Terror List



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Nigeria's Ambassador to the US,  Adebowale Adefuye
Tokunbo Adedoja   and Muhammad Bello 
The United States Thursday labelled the acclaimed leader of Boko Haram, Abubakar Shekau, and two others – Abubakar Adam Kambar and Khalid al-Barnawi – global terrorists as part of its efforts to stem the tide of terrorism in Nigeria.
The militant religious sect was, however, not designated a Foreign Terrorist Organisation (FTO), as canvassed by some sections of the US government.
A statement Thursday by the State Department said the designation under Executive Order 13224, “blocks all of Shekau’s, Kambar’s and al-Barnawi’s property interests subject to US jurisdiction and prohibits US persons from engaging in transactions with or for the benefit of these individuals”.
Until the designation, only Shekau’s name was known to the Nigerian public, as other operatives of the sect had used aliases to conceal their identities.
Over 1,500 people have been killed by Boko Haram since 2009 when it began its bloody campaign against Western education in Nigeria and its bid for the Islamisation of the country.
The US statement described Shekau as the most visible leader of the militant group under whose leadership Boko Haram has claimed responsibility for numerous attacks in Northern Nigeria – its primary area of operation.
For al-Barnawi and Kambar, their designations were premised on their ties to Boko Haram and close links to al-Qaida in the Islamic Maghreb – a designated FTO.
The US government stated that the militant sect was credited with last year's attack on the United Nations building in Abuja that claimed at least 23 lives and wounded several people.
Boko Haram also claimed responsibility for the December 25, 2011 attack on St. Theresa’s Catholic Church in Madalla, Niger State, which the US government said killed at least 35 people and the January 20, 2012 attack on Kano, which claimed more than 180 lives.
The statement said the designation of the trio as "Specially Designated Global Terrorists” demonstrated the US's resolve to diminish the capacity of Boko Haram to execute violent attacks.
Nigeria's ambassador to the US, Prof. Adebowale Adefuye, while reacting to the Boko Haram members’ designation as global terrorists said he was “sad but not surprised”.
Adefuye, who said he was on his way to Capitol Hill for a meeting with US lawmakers on the issue when THISDAY called, said US officials had informed him of the development earlier and he had also informed Abuja about the possible designation of the affected individuals.
“I was informed in the past and we were told that it would be announced at the appropriate time by the US government,” Adefuye said.
He had held series of meetings with senior US officials at the State Department, White House and with the US National Security Council over the last few months to stave off the designation of Boko Haram as an FTO, because Nigeria believes its consequences far outweigh its benefits to the nation.
Adefuye said the issue also came up during the last high-level meeting between US and Nigerian officials in Washington, adding that arguments were put forward against designating the group so as not to further enhance its image among terrorist organisations.
Acknowledging the US government’s assistance to Nigeria in tackling  the nation's security challenges, Adefuye said both countries would continue to work closely  for their mutual interests.
THISDAY gathered yesterday that Republicans in Congress were also considering mounting more pressure on President Barack Obama to go beyond labelling the trio as terrorists and designate Boko Haram an FTO.
But sources said the Republican lobby might not get the support of Democrats in the Congress, as it could project the Obama administration's policy towards violent militancy in Africa as weak.
Analysts believe that the designation of the trio, which was done by the State Department, in consultation with the Departments of Justice and Treasury, will move the militant religious sect an inch closer to being designated an FTO.
Over the last few months, pressure was mounted on Secretary Hillary Clinton to designate Boko Haram an FTO. Last November, a 28-page report by the US House of Representatives Committee on Homeland Security Subcommittee on Counterterrorism and Intelligence had outlined the threats posed to US homeland by the militant sect.
The report, titled, 'Boko Haram: Emerging Threat to the US Homeland', which was jointly signed by chairman of the committee, Rep. Patrick Meehan, and a ranking member, Rep. Jackie Speier, examined the evolution of  Boko Haram, its potential, goals and intent  and  its capability to commit acts of terrorism against US interests and US homeland.
It also focused on Nigerian counter-terrorism capability, current US diplomatic efforts and the future of US engagement and assistance options in countering the threats of the sect.
The report had also warned that the US could not afford to miscalculate Boko Haram’s intent and capability to strike the homeland, as its evolution had clearly illustrated that it was a group with fast growing ambitions.
It also charged US intelligence community to stay ahead of Boko Haram in an effort to thwart a potential attack against the country.
Boko Haram has also attracted the attention of academics and public policy commentators in the US. In May, 24 scholars in US wrote a letter to Secretary Clinton, urging her not to designate Boko Haram an FTO.
In reaction to the US government’s decision yesterday, Secretary General of the Supreme Council for Islamic Affairs, Alhaji Lateef Adegbite, cautioned the US against designating Boko Haram a terrorist group.
He sounded the note of caution in Abuja when he led Muslim leaders to a meeting with Vice-President Namadi Sambo.
“How do they know those who are Boko Haram and those who are not? The implication will be very serious. They may see someone like me with my long beard and think I am Boko Haram, so the implication will be very serious.
“We are appealing to them to give Nigeria more time to dialogue with our people and we hope we will re-integrate them into our fold,” Adegbite said
Former US Ambassador to Nigeria, Mr. John Campbell, on his part, said it was too early to assess what the designation of Shekau and the two other Boko Haram leaders as global terrorist would achieve.
“I rather doubt if these three individuals have any significant amount of property in the United States,” he said.
Campbell, who has consistently argued against designating Boko Haram an FTO said: “There is the political significance in that the US government has singled them out as global terrorists  (But) what the consequences of that would be, I think, is too soon to say.”

Jonathan Sacks Azazi, Mohammed, as Dasuki is Announced New NSA



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National Security Adviser, General Owoye Azazi (L) and the Minister of Defence, Alhaji Bello Haliru Mohammed have both been sacked
President Goodluck Jonathan Friday returned from Rio De Jenerio, Brazil and sacked the National Security Adviser, General Owoye Azazi and the Minister of Defence, Alhaji Bello Haliru Mohammed.
Azazi has been replaced with Sambo Dasuki while the replacement of Mohammed is yet to be announced as nomination has to come from his State and screened by the Senate for confirmation.
The development was confirmed to THISDAY by the Special Adviser to the President on Media and Publicity, Dr. Reuben Abati, who said his principal returned from Brazil and summoned a National Security meeting where the removal of the duo was arrived at and he was directed to make the announcement which he did on his twitter page.
"The NSA has been dropped Sambo Dasuki has been announced as his replacement. The Minister of Defence has also been dropped," Abati confirmed.
Asked if the reason behind the change was the worsening security situation in the country, Abati said: "The President this afternoon, he returned from Brazil this morning, he summoned a meeting of the National Security Council and after the meeting of the National Security Council, I was summoned to make this announcement. So you may be right in saying, this is the result of that National Security Council meeting."
On more changes following the removal of the duo, he replied that it was not part of his brief as those he announced their removal and replacement were the result of the meeting and directive.
A statement later sent by Abati read: "President Goodluck Ebele Jonathan Friday appointed retired Colonel Sambo Dasuki as the new National Security Adviser (NSA).
"Colonel Dasuki, a one-time Aide de Camp (ADC) to former military President General Ibrahim Babangida (rtd), replaced former NSA, General Andrew Owoeye Azazi (rtd).
"President Jonathan also dropped Dr. Bello Haliru Mohammed as the Minister of Defence".

Power women: Africa's ruling ladies



Africa's women are increasingly taking center stage in Africa's politics, occupying positions of power across the 54-strong continent. Here, CNN's African Voices profiles eight women that have been shaping African politics in recent years.
Ellen Johnson SirleafEllen Johnson Sirleaf
Joyce BandaJoyce Banda
Joice MujuruJoice Mujuru
Ngozi Okonjo-IwealaNgozi Okonjo-Iweala
Helen ZilleHelen Zille
Isatou Njie-SaidyIsatou Njie-Saidy
Luisa Dias DiogoLuisa Dias Diogo
Rose MukantabanaRose Mukantabana
Produced by Teo Kermeliotis and Stephanie Busari

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Facebook now lets you edit comments




Ever really wanted to edit a comment after you've posted it to Facebook? Now, you can.
Ever really wanted to edit a comment after you've posted it to Facebook? Now, you can.
STORY HIGHLIGHTS
  • As of Thursday, Facebook allows users to edit comments rather than retype them.
  • Each comment will show its editing history in a drop-down menu to give users context.
  • Editing will be rolled out to users gradually over the next few days.
(Mashable) -- We've all done it. Your friend uploads a picture of their new puppy to Facebook, and you somehow manage to leave a comment congratulating them instead on their "new pappy."
So what do you do? Until now, the only thing Facebook would let you do to correct the error was delete the comment and start again.
But starting Thursday the site is also now offering the ability to edit your comment — and change that pappy back to the puppy you intended in the first place. The edit option appears in the form of a small pencil icon on the right side of your comment. Clicking on the pencil will bring up a drop-down menu with the option to edit your comment as well as the option to delete it entirely.
Facebook told Mashable the site will also be "showing the editing history for a comment so that subsequent commenters or likers have the full context of the conversation." That way if someone responds to a comment that gets edited commenters in the future can see the history of the conversation and not get lost.
The editing ability went live on Thursday evening, and will be gradually rolling out to all users over the next few days.
Has the comment editing system kicked in for you yet? Let us know in the comments.
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