The Most (and Least) Honest Cities in the U. S.

--> Who's more honest: People on the East Coast or on the West? Redheads or bald people?

Well, the folks at Honest Tea ran a nationwide experiment and compiled The National Honesty Index.

Here's how they did it: First, they set up unmanned pop-up stores all over the country, where people were asked to leave one dollar for a bottle of Honest Tea. Then observers watched as people either paid a dollar or just grabbed a bottle and ran.

Then they crunched the numbers and compiled a list of cities with the percentage of people who were honest--i,.e., thirsty folks who actually dropped a dollar in the box before taking a drink.

Flip through the gallery to see the 5 most and 5 least honest cities in the U. S. You can find even more comparisons, such as bald people vs. people in plaid shirts, at the national honesty index website.

National Honesty Index from National Honesty Index on Vimeo.



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Source: http://www.dailyfinance.com/2012/08/27/the-most-and-least-honest-cities-in-the-u-s/

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The Return of the Requiem for the Retail Investor

Will the end of summer herald the return of the retail investor? With the S&P 500 up more than 10% since the beginning of June and recently teasing year-to-date highs, many market watchers are wondering if the Average Jane and Joe mutual fund investor/hot stock buyer are only one last, lazy week of summer away. [...]

Source: http://www.forbes.com/sites/greatspeculations/2012/08/27/the-return-of-the-requiem-for-the-retail-investor/

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Govt Insured Program For Senior Home owners

Reverse mortgages are an progressively preferred way for seniors to dwell off the equity from their residences and cease creating mortgage payments. This government application for seniors is assisting them give a method to combat the slowing financial system. This federal government application was developed from the Division of Housing and concrete Advancement (HUD) in [...]

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Source: http://www.legaldebthelponline.com/2012/06/27/govt-insured-program-for-senior-home-owners/

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Here's The One Thing No One Will Tell You About Political Conventions

TAMPA, FLA. — After spending a few days here waiting for the 2012 Republican National Convention to start, I have an initial impression to share about my first political convention. 

It is really weird. 

This observation may sound naive to old-time political pros, but I think it's worth pointing out to those who have not had the fortune of attending one of these political spectacles. 

Here in Tampa, the Washington political and media Establishment have literally taken over the city's downtown, kicking out its usual inhabitants and establishing a makeshift, red-white-and-blue tent city. The streets are virtually empty, giving the entire event a post-apocalyptic vibe that has only been heightened by the specter of natural disaster. 

One thing that has struck me as particularly strange is the amount of security engaged to protect the RNC venues and participants. There are law enforcement officers from every branch of government, patrolling the secured RNC zone on every form of transportation and checking to make sure passersby have the correct color-coded credentials. I've never been to an occupied country, but I can imagine it would be something like this. 

The security agents get a little bit jumpy every time I try to snap a photo, but I did manage to grab a few shots that give some idea of what it is like to be on the ground here at the RNC. 

Check out the photos below: 

A security checkpoint at one of the perimeter entrances. Every car that enters has to be checked out by the Secret Service: 

republican national convention security

Two Florida National Guardsmen patrol the street in a golf cart: 

republican national convention security

Journalists go through security at the Tampa convention center. I got yelled at right after I took this picture: 

republican national convention security

Every piece of camera equipment needs to be checked separately: 

republican national convention security

A police patrol boat watches over the Tampa Bay Times Forum, where the convention will take place: 

republican national convention security

The Florida National Guard stands watch at the Harbor Island gate: 

republican national convention security

A patrol car from the Hillsborough County Sheriff's Office protects the perimeter across the street from the Tampa Bay Times Forum: 

republican national convention security

National Guardsmen take a break at the edge of the perimeter: 

republican national convention security

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Look What Taxpayers Bought With $3 Billion In New Defense Spending

Everything has been building up to the Republican National Convention this week, where GOP leaders will debate about the best way to cut government spending. 

Meanwhile, in a significantly drier northern Virginia metropolis, the Pentagon spent a mere $3 billion last week, on a lower-than-usual weeks worth of brand new procurement contracts.  

The last time we checked in on them, the Pentagon spent around $4.6 billion on a bunch of cool new toys.

America — enjoy your recent defense purchases:

volvo backhoe constructionVolvo USA gets $776 million for construction equipment 

Volvo's American construction equipment wing scored a huge contract for three quarters of a billion dollars worth of equipment.

Here's the thing though: Some of the work to build the machines is going overseas. While there will be manufacturing done in Pennsylvania, other work is being conducted in Sweden and Korea.

This could be construed as a thorn in the side of domestic manufacturers of construction equipment.

This contract is massive, but there were 14 other bidders for it. Since Volvo had the lowest bid and is exporting some of the work overseas, this contract could be controversial for people who think that Defense contracts should be in America. 

decoy missiles f-16Raytheon gets $82 million for decoy jammer missiles

Raytheon is manufacturing a special kind of decoy missile that also has radio jamming capabilities.

When a fighter is being targeted by guided missiles, the decoys are deployed to draw heat away from the plane.

The missiles can also be used to confuse enemy air defense infrastructure. 

Raytheon's missiles come with jammers, too, in order to disrupt the guidance mechanism for incoming threats. The work should be done by September, 2014.

satellite space earthOrbital Sciences gets $33 million for an Air Force satellite bus

Orbital Sciences Corp is getting $32.6 million to make a bus for a laboratory experiment platform on a satellite. 

When you picture an iconic satellite, the "bus" is the part in the center, between the solar panels. It typically holds all of the equipment for the satellite. 

The satellite will be geostationary. This means that it orbits the earth at the same speed that the earth rotates, remaining in essentially the same spot in relation to earth. GPS satellites are geostationary. 

Either way, this is big bucks for a bus. Whatever the experiment is, the Air Force is really prioritizing it. 

lincoln aircraft carrierHuntington Ingalls gets $23 million for more USS Abraham Lincoln upgrades

The Aircraft Carrier USS Abraham Lincoln is set to undergo a round of upgrades soon.

Huntington Ingalls gets an additional $22.6 million to overhaul the reactor plants of the Lincoln, a massive task.

The supercarrier is powered by a nuclear reactor that requires consistent maintenance, and the ship is getting slightly on in years. 

Work will be done in Newport News, Virginia.

needle shotBonus Round: DARPA gives UCal $7 million for advanced vaccine research

DARPA is giving $7.3 million to the University of California San Fransisco to support the agency's Prophecy program.

That DARPA project seeks to change the way drugs and vaccines are developed. Instead of reacting to viral outbreaks, DARPA wants a reliable way to predict and preempt international health crises.  

The program wants to figure out the key to viral evolution so that drug producers can anticipate the next phase of change in a pathogen's evolution. 

Now, here's what you need to know about each Aircraft Carriers in the world >

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The Highest-Paid Tennis Players In The World

roger federer

Tennis players earn lots of money on the court but where they really rake in the big bucks is with their endorsements.

The highest earning tennis player, Roger Federer, earned $9.3 million on the court, and a whopping $45 million off the court, according to Forbes.

Federer's sponsors include luxury brands Rolex and Mercedes, Credit Suisse, Gillette, and his biggest sponsor, Nike.

#5 Li Na?$18.4 million in total earnings

#4 Novak Djokovic?$19.8 million in total earnings

#3 Maria Sharapova?$27.1 million in total earnings

See the rest of the story at Business Insider

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Blackstone Grooms Six Executives For Schwarzman's Job

Stephen Schwarzman

NEW YORK/LONDON (Reuters) - When Blackstone Group LP named a new global head of private equity last month, Chief Executive Stephen Schwarzman was looking for more than just a business unit chief.

Even though the buyout king has no plans to retire, the appointment of Joe Baratta, a 41-year-old dealmaker credited with building up the firm's European buyouts practice, was the latest step in a wider succession plan, Blackstone insiders said.

Baratta joins five other senior Blackstone executives from whose ranks the successor to Schwarzman, 65, will eventually emerge, the sources said. The others are Jonathan Gray, 42, real estate chief; Bennett Goodman, 54, co-founder of the credit business; Tom Hill, 63, who runs the hedge fund team; Laurence Tosi, 44, the chief financial officer; and Joan Solotar, 47, who spearheads investor relations, the sources said.

Blackstone declined to comment on succession planning and on behalf of the executives.

Blackstone's arrangements, as revealed by these sources, bring into sharper focus how and whom it will choose to lead the world's largest alternative asset management house.

They also highlight the succession issue confronting other private equity firms launched in the leveraged buyout revolution of the 1980s and 1990s, whose larger-than-life leaders are now close to or past retirement age.

Those include Henry Kravis, 68, and George Roberts, 68 at KKR & Co LP; and David Rubenstein, 63, William Conway, 63, and Daniel D' Aniello, 65, at Carlyle Group LP.

To be sure, the selection of a CEO is not as important as in the firm's early years, given the growth in headcount and resources at Blackstone, which now employs close to 1,600 professionals.

With equity and bond markets uncertain and many of the world's major pension funds underfunded, investors are more concerned about solid returns than an affable personality in the firm's leader.

"We pay out about $64 million every month to over 35,000 retirees," said George Hopkins, an executive director of the Arkansas Teachers Retirement System, a Blackstone investor, when asked about the succession.

"We are not interested in people who are good conversationalists and good company; we are out for people who make us money," he added.

NEVER RETIRE

The CEO of Blackstone oversees a firm whose portfolio companies have more than 700,000 people on the payroll around the world and manages money that belongs to 37 million pensioners globally, as well as sovereign wealth funds that represent the interests of hundreds of millions of citizens.

Even if Schwarzman is not at the forefront of every investment decision, he remains a prominent figure in fundraising, promoting the firm as a diversified asset manager and seeking to attract capital across its investment platforms. Blackstone's brand is inextricably tied to his name.

Schwarzman also still reviews all private equity investments and occasionally advises clients along with Blackstone's investment bankers.

Were Schwarzman to step down in the next few years, President and Chief Operating Officer Tony James, 61, would likely take the reins at the firm.

"Steve will never retire; he will die at his desk. I wouldn't necessarily conclude that Tony (James) is leaving anytime soon. He is a workaholic and he has got enormous energy," one senior Blackstone executive said.

Insiders said James is likely to retire long before Schwarzman leaves. Indeed, the appointment of Baratta in July resulted from James taking a step back from the day-to-day running of private equity as well as the firm positioning for succession, they added.

Blackstone is best known for multibillion-dollar buyouts of companies such as Hilton Hotels Corp and The Weather Channel. Yet such private equity deals account for just a quarter of assets under management.

The firm has diversified into alternative assets such as real estate, corporate credit and hedge funds and now manages over $190 billion in total for pension funds, sovereign funds and other investors. It also has an investment banking arm that generates income from fees for deal advice rather than deals themselves.

NO TEARS

Baratta's quiet, considered style as well as his investments in theme park operator Merlin Entertainments Group and UK-based holiday group Center Parcs, won him plaudits both inside and outside the firm. His appointment offers hints as to how the succession process at Blackstone could play out.

Schwarzman, who founded Blackstone in 1986 with now retired Peter Peterson, had signaled to senior dealmakers at the firm he would appoint a global head of private equity sometime between 2012 and 2013, the sources said.

Schwarzman and James spent two years monitoring individuals' performance and asking senior partners at Blackstone about who they thought should head the firm, the sources said.

"It wasn't a competition and nobody left. There were no tears or anything like that. Everybody, I think, was very supportive that Joe was the right guy," another senior Blackstone executive said.

Baratta, who was based in London for the last 11 years, is relocating to New York and will now be more involved in corporate issues facing the firm by sitting on Blackstone's management committee.

His promotion follows the appointment in February of Gray to Blackstone's board of directors in recognition of the success and popularity of the real estate fund offerings launched under his seven years of leading the business.

Real estate is by far the most profitable of Blackstone's product lines, accounting for 93 percent of its second-quarter economic net income, the figure most popularly cited by private equity firms to report earnings.

Not everyone in the group of six possible successors is tipped with the same odds.

Hill at 63 is older than James, while the 47-year-old Solotar's background as a financial analyst and head of equity research may place her behind those with more seasoned investment backgrounds.

But insiders stress that any decision on succession could still be years away and so the dynamics between Blackstone's different businesses could shift.

Private equity, seen as a relatively mature asset class, may stage a comeback, giving Baratta an edge over the much celebrated Gray. The credit business could shine in choppy capital markets, favoring Goodman.

PAY IS NOT EVERYTHING

Neither will the top job be a major financial incentive for a high-flying successor.

Schwarzman may have been paid $213.5 million in salary, share of profits and cash distributions from his holdings in Blackstone in 2011, but this was mostly the result of his 21-percent ownership of the private equity firm, something a new CEO, as a non-founder, would not be able to match.

Gray, for example, one of Schwarzman's best paid lieutenants who receives the same base annual salary as the CEO of $350,000, got $47.9 million in 2011 as a result of his ownership interests and pay. Gray's stake in Blackstone is less than a fifth that of Schwarzman's, yet such rewards are far from measly.

By comparison, Goldman Sachs Group Inc CEO Lloyd Blankfein got a $16.2 million pay package in 2011. Laurence Fink, the CEO of Blackrock Inc, the money manager with $3.6 trillion in assets that spun out of Blackstone in 1992, received total compensation in 2011 of $21.9 million.

The CEO job also comes with more public scrutiny, now that U.S. presidential candidate Mitt Romney's tenure as CEO of Bain Capital LLC has fueled debate over the industry's practices, something at least one of the candidates recognizes.

"I love the business I do and, frankly, I get a lot less notoriety than the guys who sit one floor up," the candidate said on condition of anonymity.

(Reporting by Greg Roumeliotis in New York and Simon Meads in London, additional reporting by Ilaina Jonas in New York; editing by Paritosh Bansal and Alwyn Scott; desking by G Crosse)

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The US Garbage Indicator Is Telling Us Q3 GDP Stinks

People have been making a big stink about the garbage indicator since we featured it in July.

It's AAR rail waste carloads, a coincident indicator that has a pretty strong correlation with U.S. GDP.

And based on the most recent readings, it's telling us that GDP growth is slumping in Q3.  Unfortunately, we won't start getting Q3 GDP readings until October.

Bloomberg BRIEF economist Michael McDonough follows the indicator closely.  Here's his chart:

garbage indicator


Here's another chart from McDonough taking a looking at the monthly measure on a historical basis:

garbage indicator


SEE ALSO: 36 Weird Economic Indicators That You've Never Heard Of >

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Your Dropbox Account Just Got Even More Secure

dropbox money

Today Dropbox has made its users accounts safer, we've learned via Gizmodo.

The company is allowing two-step verification, a process which adds an extra layer of protection to accounts. 

Once two-step is enabled, Dropbox will require a six-digit security code in addition to your password whenever you sign in to Dropbox or link a new computer, phone, or tablet, the company says.

Two-step verification is optional but we recommend you enable it for added protection.

To add two-step to your account:

  1. Head to www.dropbox.com and sign into the website
  2. Click on your name in the upper-right to open your account menu.
  3. Next, click Settings from the account menu and select the Security tab.
  4. Under the Account sign in section, next to Two-step verification, turn the feature on.
dropbox two step
Once you activate the feature, you'll be given the choice to receive your security code by text message or to use a mobile app.

This added security is a welcomed addition in the wake of recent hackings and Dropbox's own security breach earlier this month.


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