The government passed the measure ratifying an expansion of
the European Financial Stability Facility in a second vote on
Thursday after securing support from the leftist opposition by
agreeing to hold an early election in March.
By Chris ReeseNEW YORK, Oct 12 (Reuters) - A U.S. Treasury auction of $21
billion of reopened 10-year Treasury notes on Wednesday had the
weakest investor demand in nearly a year as investors turned to
beaten down stocks and away from the lower-risk government
debt.The bid-to-cover ratio — a gauge of demand — was 2.86,
which marked the lowest since November 2010.The auction also brought a high yield of 2.271 percent,
which was above where 10-year notes were trading in the
when-issued market at the time of the sale, and a signal
investors were unwilling to pay for the notes at market-level
rates. The higher-than-expected yield in the auction is known
as a “tail.”“The 10-year auction was weak with a 3.5 basis point
(tail), the largest tail since December 2009,” said Ian Lyngen,
senior government bond strategist at CRT Capital Group in
Stamford, Connecticut.”The percentage of indirect bidders, a category which
includes overseas central banks, was about 35 percent and the
lowest since a 10-year note auction in February 2010.The low indirect demand comes a day after the U.S. Senate
passed legislation designed to press China to let its currency
rise in value.China opposes the legislation, and analysts are always
watching for any signs China might slow its purchases of U.S.
Treasuries in an expression of displeasure with the United
States.The weak demand in Wednesday’s auction was not ascribed to
any Chinese reluctance to buy however, as analysts said some
signs Europe was moving to address its debt crisis were
encouraging more of a “risk-on” investment attitude that was
sapping Treasuries’ safe-haven allure.”It just may mean that people are a little more comfortable
with risk than they were in the past week,” said David Coard,
head of fixed income sales and trading at Williams Capital in
New York.”There seems to be more comfort in the notion that the
economy is not going to experience a double-dip. There’s more
confidence that the Europeans have the situation there under
control and that’s making people feel more comfortable with
risk assets.”
He started a polarizing national debate over assisted suicide by crisscrossing Michigan in a rusty Volkswagen van with a machine to aid sick and suffering people who wanted to die.The sale will be held October 28 at the New York Institute of Technology in New York City, with a preview October 27, according to the website of David W. Streets, a California fine arts and celebrity memorabilia appraiser coordinating the sale for Kevorkian’s estate.Included at the auction will be Kevorkian’s blue sweater, personal items, paperwork, and 13 paintings that have been on display at the Alma Museum in Boston, according to Streets.Kevorkian left the bulk of his estate to find a cure for pediatric cancer, and the auction will benefit that cause, the web site said.Kevorkian was convicted of second-degree murder in 1999 after a CBS News program aired a video of him administering lethal drugs to a 52-year-old man suffering from Lou Gehrig’s disease. Kevorkian served eight years in prison. As a condition of his parole, he promised not to assist in any more suicides.
The revelation adds new drama to a political battle over the administration’s backing for Solyndra, which has filed for bankruptcy and has been raided by the FBI. The newly disclosed emails reveal “a disturbingly close relationship” between the White House, campaign donors and wealthy investors relating to Solyndra, a senior congressional Republican said.The emails show frequent inquiries from Steven Spinner, who was an adviser to the Energy Department on its use of economic stimulus funding to spur clean energy technology, on the Solyndra loan, according to a report in the New York Times.On September 29, the Energy Department had posted a “fact check” on Spinner’s involvement in the Solyndra case on its website, explaining that he started his job after the company received conditional approval for its loan application.The department said Spinner “was recused from engaging in any discussions on decisions affecting specific loan applications in which his spouse’s law firm was involved out of concern for the appearance of a conflict of interest.”Allison Spinner is a partner at the law firm Wilson Sonsini Goodrich & Rosati, which represented Solyndra.Energy Department spokesman Damien LaVera said on Friday that the department’s ethics officer had cleared Spinner to “oversee and monitor the progress of applications,” although he was not allowed to make decisions on loans or their terms.LaVera added that Allison Spinner had “agreed not to participate in or receive any financial compensation from her law firm’s work on behalf of any loan program applicant.”Allison Spinner did not work on the Solyndra matter and the firm created an “ethical wall” between her and any of its work on Energy Department issues while her husband worked for the government, according to Courtney Dorman, a spokeswoman for Wilson Sonsini Goodrich & Rosati said.While Steve Spinner was at the department, Allison Spinner had agreed to not work on Energy Department issues for clients, and the firm did not discuss or disclose related issues or documents with her, Dorman said.Steven and Allison Spinner did not respond to requests for comment.’BREATHING DOWN MY NECK’The White House, which has aggressively defended decisions made on the loan guarantee, turned over the emails on Friday to the House of Representatives Energy and Commerce Committee, which has been probing the loan for the past eight months.”The paper trail released by the White House portrays a disturbingly close relationship between President Obama’s West Wing inner circle, campaign donors, and wealthy investors that spawned the Solyndra mess,” Representatives Fred Upton, the panel’s chairman, and Cliff Stearns, the head of the investigation, said in a statement.The emails show Spinner discussed the pending final decision often with Solyndra officials, Energy Department colleagues, and the White House budget office, the New York Times said.”I have the O.V.P. and W.H. breathing down my neck on this,” Spinner wrote, referring to the office of the vice president and the White House in an email to an Energy Department loan officer.Spinner, who advises clean tech companies in San Francisco, was an Obama fundraiser during the 2008 presidential campaign, the newspaper said.Other emails showed top Treasury Department officials were alarmed about an Energy Department decision to restructure the company’s debt earlier this year, when it ran out of cash.The plan allowed some $75 million in private investment to be ranked ahead of the government in the event of bankruptcy. That private fund was backed by a prominent Obama fundraiser, George Kaiser.IN THE DARKMary Miller, Treasury’s assistant secretary for financial markets, emailed the White House budget director two weeks before Solyndra filed for bankruptcy, complaining the Energy Department had kept Treasury in the dark.The loan was provided by Treasury’s Federal Financing Bank but was guaranteed and monitored by the Energy Department.Treasury Department lawyers did not think the law allowed for the government loan to be subordinated, Miller said in an August 17 email to Jeffrey Zients, deputy director of the White House Office of Management and Budget.”In February, we requested in writing that DOE seek the Department of Justice’s approval of any proposed restructuring. To our knowledge, that has never happened,’” Miller said in the email, excerpts of which were provided by House Republicans.She also complained that “DOE has not responded to any requests for information about Solyndra” despite requests dating to July 2010.But emails provided by the administration showed that top staff at the Energy Department discussed the concerns with the chief financial officer of Treasury’s Federal Financing Bank.”Ultimately, DOE’s determination that the restructuring was legal was made by career lawyers in the loan program based on a careful analysis of the statute,” an Energy Department spokesman said.A Treasury spokesman declined to elaborate on the contents of Miller’s email.The House Energy and Commerce Committee has now requested Treasury turn over all documents related to the Solyndra loan guarantee.The panel has collected tens of thousands of pages of documents from the Energy Department and White House, and has requested information from two private investors in Solyndra.The committee has also asked the Energy Department for information on 27 other guarantees backing about $16 billion in loans. The panel is slated to hold another hearing on its findings next Friday, October 14.
“It was exciting,” said Cruz, who had been mired in a slump before hitting a home run in the series opener. “I was trying to hit a fly ball to the gap, but it went out.”When you get a chance for the team to get a ‘W’ (win) that’s the most important thing.”Rangers manager Ron Washington said it was only a matter of time before Cruz, who hit 29 homers this season, got hot.”What he done tonight he was capable of doing,” Washington said. “He did it for us during the course of the year.”We certainly needed everything he gave us tonight. He tied the ball game and he won it.”Ryan Raburn had put Detroit 3-2 ahead with a three-run home run in the third inning before Cruz got the Rangers back on level terms with a solo shot.Both teams squandered bases-loaded chances in the ninth before the Rangers made the most of a second opportunity to finish off the Tigers.Detroit had the bases full and two outs with Texas closer Neftali Feliz on the mound when Victor Martinez hit a pop fly behind second base that shortstop Elvis Andrus just held on to after it jumped out of his glove.Texas had an even better chance in the bottom of the ninth when they loaded the bases with no outs after Detroit closer Jose Valverde hit Cruz on the wrist with a pitch.But Valverde, who converted 49-of-49 saves during the season, got David Murphy to hit a fly ball to shallow left and the speedy Elvis Andrus did not try to tag up from third and attempt to score.Mitch Moreland came up next and smacked a hard grounder at first baseman Miguel Cabrera, who fielded it cleanly and fired home to force out Andrus.Catcher Alex Avila gunned it back to Cabrera who put a sweeping tag on Moreland to complete a thrilling, inning-ending double play.LATE MISCUE”Both bullpens did a great job until the end,” Detroit manager Jim Leyland said.After Valverde had gone two innings, Leyland brought in Ryan Perry, who had a 5.45 earned run average in the regular season.Michael Young singled to left and Adrian Beltre singled to center. Mike Napoli then hit a liner to right-center that appeared to be catchable but glanced off the tip of reserve outfielder Andy Dirks’s glove to load the bases.”We had a miscue out there in that inning that stretched the inning out a little bit,” Leyland said. “If you keep giving a team like that, that many opportunities they are going to get you eventually, and eventually they got us.”Mike Adams got the win for Texas but Scott Feldman was a key contributor with 4-1/3 innings of one-hit relief after replacing struggling starter Derek Holland.”That was probably the coolest game I’ve ever been a part of,” the brown-bearded Feldman said, sitting beside Cruz in the interview room.”When I got done, watching that game I thought my beard was gonna turn grey. It was like real nerve racking but just awesome when this guy walked it off at the end.”The series shifts to Detroit for Game Three on Tuesday, with Texas expected to start Colby Lewis against Doug Fister.
