Serious About Free Markets? Prove It

On Friday the Republican Study Committee, a policy shop for congressional Republicans, published a memo on how to fix copyright law. By Saturday afternoon the group’s executive director had pulled the memo, which had evidently failed to approach the subject with “all facts and viewpoints in hand.” This is Washington’s way of saying that an interest group hit the roof, and indeed, Ars Technica reports that lobbyists from the “content industry”—Hollywood and recording companies—pressured the group to renounce the memo.

Copyright being in fact broken, you can still read copies of the memo online. It lays out what copyright reform advocates have been saying for years. Copyright protections now extend 70 years past the life of the author; for a corporation, 95 years after publication. This, along with punitive laws on copyright violation, hinders creativity and innovation. These facts aren’t new. What’s new is the tone. Derek Khanna, the memo’s author, writes like an unashamed free marketeer, and in doing so manages to latch on to a larger point: Laws that help businesses often harm markets. From the memo:

Today’s legal regime of copyright law is seen by many as a form of corporate welfare that hurts innovation and hurts the consumer. It is a system that picks winners and losers, and the losers are new industries that could generate new wealth and added value. We frankly may have no idea how it actually hurts innovation, because we don’t know what isn’t able to be produced as a result of our current system. (Emphasis in the original.)

Radical stuff. There’s no one in Washington to lobby for industries that don’t exist yet, and ever so briefly, Khanna and the Republican Study Committee stepped into that breach. Then they stepped back, to gather more facts and viewpoints. Here’s one: Pro-business and pro-market are not the same thing. The most pleasant place for a business is not elbows-out in the middle of a free market, but sitting alone, atop a fat monopoly. Ask your local cable provider. The larger a business gets, the more it has to protect from the companies and industries that might follow it with something better or cheaper. And the best way to protect what you have is to have it written into law.

Real markets, with real competition, are most helpful to newcomers. Small businesses and new industries create new value. Once created, they, too, move to Washington to protect it. Witness the growth of Google (GOOG) and Facebook’s (FB) lobbying operations in the Capitol. Khanna describes extended copyright protection as rent-seeking—in his words, “non-productive behavior that sucks economic productivity and potential from the overall economy.” What’s true of Hollywood and the recording industry could be said of any established industry.

Luigi Zingales, a professor at the University of Chicago Booth School of Business and a regular contributor to Bloomberg View, points out that larger companies can lobby for special exemptions in the tax code. This creates complexity in the tax code, which punishes smaller businesses that can’t pay for tax lawyers and don’t have anyone’s buttonhole on Capitol Hill. Zingales prefers simple regulations and simple taxes, which are harder for lobbyists to game and easier for democracies to understand. He sees this as a bipartisan problem. The left is inclined toward more regulation, and the right is pro-business, rather than pro-markets.

The direction Khanna was headed—a defense of open, competitive markets at the expense of existing businesses—is still wide open space, claimed by no party. This summer, conservatives such as Timothy Carney at the Examiner and Yuval Levin at National Review urged Mitt Romney to back markets, not businesses. But he chose not to, even though he, in his day, disrupted existing markets of his own. Some enterprising Republican can still do it. Derek Khanna in 2016! He’s young. Maybe VP.

Businessweek.com — Top News

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Former Ivory Coast leader’s wife wanted by ICC

THE HAGUE, Netherlands (AP) — The International Criminal Court unsealed an indictment Thursday against former Ivory Coast President Laurent Gbagbo‘s wife on charges including murder, rape and persecution. It was the first time in the court’s 10-year history it has charged a woman.

The world’s first permanent war crimes tribunal said the arrest warrant was issued on Feb. 29 for former first lady Simone Gbagbo for crimes against humanity.

Her husband, Laurent Gbagbo, is already in custody at the court’s detention unit in The Hague facing similar charges stemming from his fight to retain power after losing a 2010 presidential election. If his wife is extradited, they could face justice together in an unprecedented husband-wife trial.

But a senior member of Ivory Coast President Alassane Ouattara‘s government, who requested anonymity because he wasn’t authorized to speak to the media, said Ivory Coast has already informed the ICC that the nation will not let her go.

“We informed them of this a long time ago,” he said.

The court’s chief prosecutor, Fatou Bensouda, urged Ivory Coast to extradite Gbagbo.

“The type of crimes committed in the aftermath of the 2010 elections did not happen by chance — they were planned and coordinated at the highest political and military levels and all those bearing the greatest responsibility must be held to account,” Bensouda said in a statement.

She said prosecutors continue to investigate crimes committed by both sides in Ivory Coast’s bloody power struggle and expect to issue further arrest warrants in the future.

“The investigations are objective, impartial and independent, and are conducted in strict accordance with the law,” she said.

Ivory Coast officials are holding the 63 year old under house arrest in the northwest town of Odienne. Last week, Ivorian prosecutor Noel Dje Enrike Yahau said lawyers had questioned Simone Gbagbo there for two days and that the domestic charges against her remained the same: genocide, blood crimes and economic crimes.

Unsealing the ICC arrest warrant issued nearly nine months ago appears to be a tactic by the court to put pressure on Ouattara’s administration to hand over Ms. Gbagbo.

If authorities in Ivory Coast want to prosecute her, they have to convince judges at The Hague tribunal that their case involves the same crimes she is charged with at the ICC. It is a court of last resort, meaning it only takes cases from countries unwilling or unable to prosecute them.

The international court said in the warrant that there is evidence pro-Gbagbo forces deliberately attacked perceived supporters of Ouattara in the aftermath of the election.

Judges who reviewed evidence supporting the charges against Ms. Gbagbo said they found “there are reasonable grounds to believe that Ms. Gbagbo bears individual criminal responsibility for the crimes … as ‘an indirect co-perpetrator.’”

The warrant called Gbagbo an “alter ego for her husband” with the power to make state decisions. It said there is evidence to suggest she “instructed the pro-Gbagbo forces to commit crimes against individuals who posed a threat to her husband’s power.”

Her husband was the first former head of state to be taken into custody by the court when he was extradited to The Hague by the Ivory Coast government last year.

Prosecutors say about 3,000 people died in violence by both sides after Gbagbo refused to concede defeat following the election. Ouattara finally took power in April 2011 with the help of French and U.N. forces.

Ivory Coast is not a member state of the court, but has voluntarily accepted its jurisdiction.

It is very rare for a woman to be charged by an international war crimes court. In the past, the Yugoslav war crimes tribunal convicted former Bosnian Serb President Biljana Plavsic of persecution and sentenced her to 11 years imprisonment.

The announcement of the arrest warrant and Ivory Coast’s refusal to hand over Gbagbo appeared likely to raise tensions between supporters of her husband and those who back Ouattara.

Moussa Toure Zeguen, a leader of the Gbagbo allies in exile in Ghana, said by phone from Accra that the former president’s supporters had no faith in the Ivorian authorities to give Simone Gbagbo a fair trial.

“We don’t trust them. The only thing that Ouattara is doing is revenge,” Zeguen said. “He wants to try us without trying any of the fighters from his side who also committed crimes. It is not fair, and this cannot bring reconciliation.”

____

Associated Press writers Rukmini Callimachi in Dakar, Senegal, and Robbie Corey-Boulet in Abidjan, Ivory Coast, contributed to this report.

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Amazon Kindle Fire HD 8.9 is Good, But No iPad Killer [REVIEW]

Unboxing the Kindle Fire HD 8.9

Click here to view this gallery.

[More from Mashable: Apple Now Owns the iMessage Name]

Amazon expands its tablet sights with the bigger, more powerful Kindle Fire HD 8.9. Can it compete against Apple‘s iPad?

If there’s one company that deserves credit for reigniting the iPad competitor market, it’s Amazon. Despite some bugs and an overall blah design, its 7-inch Kindle Fire was the first Android tablet that made sense to consumers who gobbled it up to help the Fire grab 50% of the Android tablet market in just 6 months.

[More from Mashable: 9 Black Friday Deals For iPhone Owners]

That tablet essentially opened the flood gates for a new set of ever-more-powerful 7-inchers from, notably, Barnes & Noble and Google. All three companies have already updated their 7-inch offerings to more powerful components and higher-resolutions screens. They’re all still running Android, though Amazon and Barnes & Noble choose to hide the Google OS behind smarter and much more consumer-friendly interfaces.

All this led Apple to finally enter the mid-sized tablet space with the iPad Mini. It’s easily the best-looking tablet of the bunch, but also $ 120 more expensive than its nearest competitor.

The more interesting development, though, is Amazon‘s (and Barnes & Noble‘s) decision to go toe-to-toe with Apple’s full-size iPad and launch the Amazon Kindle Fire HD 8.9 (in 4G LTE and WiFi-only). The move is akin to a middle weight boxer putting on the pounds to take on the Heavyweight world champion. Amazon’s Kindle Fire HD is slightly smaller (the iPad is 9.7-inches), lighter (567g vs. 625g), cheaper ($ 369 for 32 GB model vs. $ 599 for the iPad 4th Gen — Amazon subsidizes with sleep-state ads, that I do not mind) and overall somewhat less powerful. In order to win the battle, the 8.9-inch Kindle Fire HD better be pretty nimble on its feet, while able to throw that all important knockout punch.

Short version of this story: the Kindle Fire HD 8.9 does some serious damage, but the iPad 4th Gen gets the decision and retains the tablet leader title.

The Kindle Fire HD 8.9 is by no means a failure. In many ways, it’s as good as the smaller Kindle Fire HD, but throughout my tests I noticed odd bugs and glitches (which should all be fixable by software) and a somewhat disturbing lack of power that’s especially obvious when you put the Fire HD 8.9 next to the iPad 4th Gen

What It Is

If you’ve never seen an iPad and someone handed you the Kindle Fire HD .9, you’d likely say its jet-black, soft-to-the-touch plastic body felt good in your hands and was more than effective at all the core tasks (reading, game playing, e-mail, web browsing).

Design-wise, the 8.9 device looks exactly like the 7-inch model, complete with the too-hard to find volume and power buttons. There are no other physical buttons on this device, but Amazon chooses to hide the few it has by making them the exact same color as the chassis and flush with the body. Every time I use the tablet I do the “where’s the damn button” dance, rotating the Kindle Fire HD round and round until I feel the buttons (since I can barely see them).

I have applauded Barnes & Noble for putting the physical “N” home button right on the face of their Nook HD. Bravo for having the guts to do this. Amazon apparently looks at Apple’s iPad home button and thinks to have anything similar would be seen as “copying” the Cupertino hardware giant, when instead they should realize that it works, consumers like it and tablets without it are at a distinct disadvantage.

Amazon’s interface has you make do with a virtual, slide-out home button that is always available. Problem is, I found times when it wasn’t available. When I played Spider-Man and Asphalt 7, the tiny little left-had bar would disappear and I couldn’t exit the game unless I hit the sleep/power button.

The rest of the Kindle Fire HD 8.9′s body is solid and unremarkable (if you read my Kindle fire HD 7 review, then you know exactly what to expect.). Like the iPad 4th Gen, the Kindle Fire HD 8.9 has a front-facing 720p-capable camera. It’s useful for capturing video, snapping 1 Megapixel images and, probably most important, Skype video chats. Skype has built a fairly sharp-looing Kindle Fire app, though the design doesn’t fully fit the larger 8.9-inch screen. Skype just updated its Android app for better tablet viewing and hopefully, we’ll see this update hit the Kindle Fire HD 8.9 as well.

The iPad also has an HD rear-facing camera. The Kindle fire HD 8.9 does not (Barnes & Noble leave out cameras altogether)

Not Packing a Punch

As a large-screen high-resolution tablet (though iPad’s 2048×1536 retina display beats it), the Kindle Fire HD 8.9 offers plenty of attractive screen real estate for web browsing, book and magazine reading and games. But the results can be mixed. Silk, Amazon‘s custom web browser, was occasionally less than responsive and games, though, they ran well, never looked half as good as they do on the considerably more expensive iPad 4.

Granted, you can’t always find the same high-quality immersive action games on both Android and iOS, but Asphalt 7 Heat is a notable exception and it throws the performance differences between the two tablets into stark contrast. Game play is equally responsive on both platforms: the Kindle Fire HD 8.9’s accelerometer reads my moves just as well as the iPad.

The graphics on the Kindle Fire HD, however, are reduced to blobs and blocks (palm trees without distinct leaves, buildings without discernible windows) . The iPad’s quad-core graphics simply overmatch the Kindle Fire. I have never, for example, seen an iPad draw the game as I was playing, as I did when I tried out The Amazing Spider-Man.

Additionally, I experienced more than my share of crashes with games and even magazine apps like Vanity Fair.

The Good

Not everyone, however, will compare the Kindle Fire HD 8.9 to the iPad. Some will see the $ 299 entry-level price point (for the 16 GB model) and appreciate the power, flexibility and utility of this device. Like all Fire’s before it, the Kindle Fire HD 8.9 makes it easy to consume mass quantities of content. Nearly every menu option: Games, Apps, Books, Music, Videos, Newsstand, puts you just one click away from shopping for fresh content. If you have an Amazon account (and who doesn’t) your desired book, music or movie is just a click away. Plus, you can still easily store any of it locally, and worry about running out of storage space, or in the cloud, and never worry about space or accessibility—you can get to that purchased Kindle content from any Kindle app or registered Amazon device.

Watching movies on the tablet is a pleasure. I streamed a couple through Amazon Prime; they looked good on the 1920 x 1200 screen and the Dolby Stereo speakers produced sharp, loud, almost room-filling sound—an impressive feat not even the iPad can match.

The Kindle Fire HD 8.9 also includes a mini-HDMI-out port, which prompted me to connect the tablet to my 47-inch LED HDTV so we could watch Disney’s Brave. Yes, I had to get up and tap on the Kindle screen each time I wanted to pause and restart the move, but otherwise, I was pretty impressed with how the Kindle handled the task.

Obviously I yearn for an Apple Airplay-like feature on Android tablets (rumor has it one is coming), but this is the next, best thing.

There isn’t a lot to say about the Kindle Fire HD 8.9-inch interface that I did not say in the Kindle Fire HD 7 review. I will note, however, that the increased real estate makes the trademark task carousel seem almost too big. Icons for everything from your recently played Spider-Man game to magazine apps, books and Web sites all sit side-by-side-by side. Some, like book covers, look gorgeous.

Others like a broken web-page link look stupid. Worse yet, none of them have labels, which can occasionally make it hard to identify which app or task you’re looking at. I’m just not sure this interface metaphor is sustainable.

Personally I prefer either the clean consistent look of iOS, or the uber-user friendly, family-oriented Nook HD profile-based one. Amazon may want to take a hard look at those and start over.

Staying Connected

The Kindle Fire HD 8.9 is also Amazon’s first cellular-based tablet. That fact puts it even more squarely in competition with the iPad (which obviously has always had 3G models and now offers blazing fast 4G LTE ones as well on all major carriers).

Amazon’s mobile broadband plans are a little more conservative, with just the AT&T 4G LTE option (the 32 GB 4G model that I tested lists for $ 499, which is still $ 224 less than a comparable iPad 4th Gen).

In my experience, the connectivity is superfast and fairly ubiquitous. Amazon‘s $ 49 (a year) flat fee plan is attractive, but with a cap of 250MB per month of data, it’s unlikely it will satisfy the most data-hungry users. If you do need more data, users can also get 3GB and 5GB data plans directly from AT&T on the device.

At press time, Amazon had not enabled streaming video over LTE. Having it sounds nice, but even with the most generous data plans, streaming video would eat it up faster than you can say, “I’m streaming Back to the Future in HD over 4G LTE on my Kindle fire HD!”

The reality for most users is that WiFi is plentiful and you’ll be hard pressed to find a spot where you can’t connect for free or a small one-off fee. It’s the reason Barnes & Noble’s line of HD Nooks do not include a cellular option.

Review continues after FreeTime Gallery

FreeTime

Kindle HD FreeTime Start

Click here to view this gallery.

Perhaps the best new addition to the Kindle Fire family is not a piece of hardware or new component, but the new FreeTime app. Amazon put a lot of loving care into this parental control interface, but almost mucks the whole thing up by hiding the tool under an app that you have to scroll down to (or search) to find. By contrast profiles and age and content controls are baked into the Barnes & Noble Nook HD in a way that makes them impossible to ignore.

Even so, once you do access FreeTime, I think you’ll be pleased with the level of control it gives you. I added test profiles for my two children and then hand-picked every app and piece of content they could access. I was also able to block broadband mobile and even set time limits for access to content and overall screen viewing time (on a per profile basis). The set-up is a bit wonky and it bizarrely switches between landscape and profile screens, but I still applaud the effort. It would make sense for Amazon to move FreeTime into a device set-up screen. If the user has no additional family members or kids using the device, they can easily skip it.

To Buy or Not to Buy

Amazon’s expansive content and shopping ecosystem has always been a strong draw and it’s just as good in this large screen tablet as it was in the very first Kindle Fire. Still, you have to compare it with the equally strong iOS ecosystem, which is no slouch in the content shopping department. Apple doesn’t connect you as seamlessly to physical products, but there’s nothing difficult about shopping on Amazon.com via your iPad. It’s also notable that tablet competitor Barnes & Noble has added movie and TV viewing, rental and purchase.

Ultimately, all of these tablets are offering more and more of the same content options, apps, and features. The decision will likely come down to price, app selection, interface and overall ease of use. The Amazon Kindle fire HD 8.9 scores well on all of these, but does not always lead.

For the price, it’s a great value, but I want Amazon to focus on hardware and interface design for the next big update. Then, they may get my full endorsement.

This story originally published on Mashable here.

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Ex-’Price is Right’ model gets $8.5M in damages

LOS ANGELES (AP) — The producers of “The Price is Right” owe a former model on the show more than $ 7.7 million in punitive damages for discriminating against her after a pregnancy, a jury determined Wednesday.

The judgment came one day after the panel determined the game show’s producers discriminated against Brandi Cochran. They awarded her nearly $ 777,000 in actual damages.

Cochran, 41, said she was rejected when she tried to return to work in early 2010 after taking maternity leave. The jury agreed and determined that FremantleMedia North America and The Price is Right Productions owed her more than $ 8.5 million in all.

“I’m humbled. I’m shocked,” Cochran said after the jury announced its verdict. “I’m happy that justice was served today not only for women in the entertainment industry, but women in the workplace.”

FremantleMedia said it was standing by its previous statement, which said it expected to be “fully vindicated” after an appeal.

“We believe the verdict in this case was the result of a flawed process in which the court, among other things, refused to allow the jury to hear and consider that 40 percent of our models have been pregnant,” and further “important” evidence, FremantleMedia said.

In their defense, producers said they were satisfied with the five models working on the show at the time Cochran sought to return.

Several other former models have sued the series and its longtime host, Bob Barker, who retired in 2007.

Most of the cases involving “Barker’s Beauties” — the nickname given the gown-wearing women who presented prizes to contestants — ended with out-of-court settlements.

Comedian-actor Drew Carey followed Barker as the show’s host.

___

Anthony McCartney can be reached at http://twitter.com/mccartneyAP .

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Medication cuts crime rate among ADHD sufferers

LONDON (Reuters) – Criminal behavior in adults with attention deficit hyperactivity disorder (ADHD) drops sharply when they take stimulant drugs like Ritalin to help them to control impulses, scientists said on Wednesday.

A study of more than 25,000 people with ADHD found the number of crimes committed was about a third or more lower in those taking medication, suggesting that encouraging ADHD patients to stay on the pills could cut the risk of crime.

Past international studies show up to two-thirds of young offenders and half the adult prison population screen positively for childhood ADHD, and many may still have symptoms as adults.

British and Swedish researchers who conducted the new study found that patients who went through periods on and off ADHD drugs had a significantly reduced risk of engaging in criminal activity when they were medicated.

“The bottom line is that medication led to a 32 percent reduction in crime rates in men and a 41 percent reduction in crime rates in women,” said Seena Fazel, a forensic psychiatrist at Britain’s Oxford University who presented the findings at a briefing in London

Paul Lichtenstein of Sweden’s Karolinska Institute, who worked with Fazel and colleagues, said the results suggested that encouraging more ADHD sufferers to take medication could help to reduce crime and re-offending rates.

“It’s said that roughly 30 to 40 percent of long-serving criminals have ADHD. If their chances of recidivism can be reduced by 30 percent, it would clearly affect total crime numbers in many societies, he said in a statement.

Some 5 percent of school-age children and around half as many adults worldwide have ADHD, a disorder characterized by distractedness and impulsive and sometimes violent behavior.

In the United States, it is one of the most common childhood disorders with an average of 9 percent of children between the ages of five and 17 are diagnosed with it each year.

Previous studies have shown that people with ADHD have on average less education and lower incomes, higher rates of unemployment, divorce and substance abuse, and are more likely to enter a life of crime. But until now health experts were not clear how medication might be affecting the crime risk.

“We’ve shown that ADHD medication very probably reduces the risk of crime,” said Henrik Larsson of the Karolinska Institute. “However … most medical treatments can have adverse side effects, so risks must be weighed up against benefits.”

Ritalin, known generically as methylphenidate, is sold by the Swiss drugmaker Novartis and is widely used in developed countries to help people with ADHD to concentrate better and control impulsiveness. Other ADHD drugs include Johnson & Johnson’s Concerta, Shire’s Adderall and Vyvanse and Eli Lilly’s Strattera.

Philip Asherson, an ADHD expert from Britain’s Institute of Psychiatry who was not involved in this research but was speaking at the London briefing, said the findings could point to a cost-effective way to help patients stay out of trouble.

In Britain for example, a month’s supply of ADHD medication costs around 300 pounds per patient, he said – a fraction of the cost to society of keeping someone in prison.

Asherson stressed however that decisions about medication should be a personal choice.

The study was published in the New England Journal of Medicine on Wednesday.

(Reporting by Kate Kelland; editing by Stephen Nisbet)

Medications/Drugs News Headlines – Yahoo! News

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More government action on mergers

21 November 2012 Last updated at 19:01 ET

The government plans to become more active in mergers and acquisitions involving UK companies.

The decision is part of the government response to the Kay Review into how to discourage short-termism in markets.

The government has decided it should “engage with companies and their investors… to promote investment which benefits the UK economy”.

Professor John Kay called for it to discourage acquisitions that would threaten a firm’s operations in the UK.

The government’s response comes in the week that the acquisition of Autonomy, which was once Britain’s biggest software company, by Hewlett Packard of the US has ended in acrimony and allegations of financial misbehaviour.

‘No blanket regulation’

The Kay Review was commissioned by Business Secretary Vince Cable and published in July.

The Department for Business, Innovation and Skills endorsed Prof Kay’s 10 principles for stock markets, which were designed to encourage more focus on the long-term returns from businesses rather than short-term profits.

Prof Kay also called for the way that directors are paid to be changed to encourage more long-term thinking.

He suggested that bonuses should only be paid in shares that could not be sold until after an executive left the company.

The government responded that it “does not believe there is a case for blanket regulation”, but hopes that its reforms, designed to empower shareholders and create more transparency in remuneration, will help bring about such good practice.

Similarly, Prof Kay proposed that bankers and investment managers should receive bonuses either in the form of shares in the firms for which they work, or an interest in the investment funds they manage.

Again, such shares could not be sold until they left the company.

The government plans to promote this as best practice rather than imposing it through regulation.

The application of Good Practice Statements for company directors, bankers and investors are to be encouraged by the government.

BBC News – Business

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Ivory Coast: New prime minister named

ABIDJAN, Ivory Coast (AP) — President Alassane Ouattara has tapped Foreign Minister Daniel Kablan Duncan to serve as prime minister in a new government one week after the surprise dissolution of cabinet.

The appointment of Duncan, a member of the PDCI party of former President Henri Konan Bedie, was announced at a press conference Wednesday by Amadou Gon Coulibaly, general secretary of the presidency.

Ouattara dissolved the cabinet last week over a feud between his political party and the PDCI over proposed changes to the country’s marriage law.

The PDCI supported Ouattara in the November 2010 runoff election in exchange for the prime minister’s post, helping him defeat incumbent President Laurent Gbagbo. Gbagbo’s refusal to cede office led to five months of violence that claimed at least 3,000 lives before Ouattara’s forces won.

Africa News Headlines – Yahoo! News

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Some gifts fall into the love-it-later category

NEW YORK (AP) — Have you ever said “thank you” through clenched teeth? The gift in that nicely wrapped box was so not what you wanted: comfy clothes instead of designer duds, or a kitchen gadget instead of a shiny piece of jewelry.

Sometimes, though, the best gifts are the ones you use, and, frankly, most of us probably wear hoodies more than haute couture.

With a closet full of beautiful boots and gravity-defying heels, flat-foot, furry Uggs weren’t at the top of celebrity stylist-designer Rachel Zoe‘s shopping list. They were OK for other people — she might even have suggested them — but she didn’t see them fitting into her closet until someone gave her a pair.

“Once you put them on, you can’t go back,” Zoe says. “In my house, it’s now the family at-home shoe. I wear them all the time. My son has 10 pairs and my husband has 10 pairs.”

Bradford Shellhammer, founder of Fab.com, which sells unusual items like canvas carryalls screen-printed with images of designer handbags, says gifts fit into three categories: the things everyone knows you want, the bad surprises and the amazing things that make you wonder, “How did I live without it?”

A. Mitra Morgan, founder and chief curator of decorative home-goods website Joss & Main, can’t imagine her busy life without the wallet-phone case wristlet her mother gave her last year.

Morgan has almost unlimited access to the pretty things on so many gift lists. Her mother, however, thought her daily necessities were too scattered. She didn’t know it at the time, Morgan admits, but mom was right.

Morgan received another love-it-later gift, this one from her husband. He gave her flat-bottomed pizza scissors.

“Coming from my husband, this was at the level of receiving a vacuum. I thought, ‘Really, this is what we’ve come to?’” Morgan says. “But it’s awesome!”

Christine Frietchen, a shopping expert who is advising TJ Maxx and Marshall’s this year on their gift-giving programs, says a gift is something you wouldn’t get for yourself. And the best way to know you’ve given a successful gift, she says, is if the receiver becomes an evangelist for it.

Adam Glassman, creative director at O, The Oprah magazine, was never at risk of buying the Patagonia fleece sweatpants his brother got for him a few years ago. “Never in my life did I think I’d need sweatpants, but I live in them,” he gushes. “When I come home from work, they are my go-to item. I wear them more than any other clothes in my closet.”

The only gift he might treasure more is the Eddie Bauer silk long johns his other brother gave him, something else he didn’t think he needed or wanted.

“Where was the Tom Ford, the Gucci?” Glassman says with a laugh.

But after a few winters of layering the long johns under his more fashionable pieces, he’s now buying them as gifts for other people.

Shellhammer says friends and family can’t ask for the items offered on Fab.com because the website sells things people don’t know exist. Items such as a shower curtain with a map of Paris (what enthusiastic traveler wouldn’t want one?) or a pug T-shirt for your favorite dog lover. (Shellhammer predicts the Mountain Pug Tee will be a top seller this season. The entire shirt becomes the face of a pug, wrinkles, jowls and all.)

And Shellhammer says it’s OK to be playful and show a little sense of humor when giving a gift. You’d be surprised how many positive comments the website has received about a hedgehog dish brush, he says. “It just gives you that crack of a smile.”

Brian Berger says the Yumaki toothbrush his business partner gave him is a present he’ll always remember — and appreciate. And, it’s something he uses every day.

His partner was trying to make a point as he and Berger recently launched a men’s undergarment and socks business called Mack Weldon that also is courting customers with the idea of “elevated basics,” Berger explains.

Some other gift ideas from the experts:

—Kitchen knives.

—Comfortable earbuds.

—Colorful tights and leggings.

—Berry bowls.

—Miniature flashlights that fit in pockets and purses.

—Pretty soaps.

—Personalized tote bags.

A lot of people do skimp on themselves, especially in a season where they are spending so much money, so an upgrade of something mundane to luxurious — or at least more fun — can be a very thoughtful gift, says gift advisor Frietchen.

“Have you ever had a really nice hairdryer, a REALLY good dryer? You think a hairdryer is a hairdryer until you have a good one in your hand. It can change your life,” Frietchen says.

Gadgets News Headlines – Yahoo! News

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McCartney, Houston, Dylan lead Grammy Hall of Fame inductees

LOS ANGELES (Reuters) – Music by Paul McCartney, Bob Dylan, Elton John and late singers Whitney Houston and James Brown will be inducted into the 2013 Grammy Hall of Fame, The Recording Academy said on Wednesday.

Paul McCartney & Wings‘ 1973 album “Band on the Run,” long credited with reigniting McCartney’s career following the Beatles’ split in 1970, was one of the 27 new inductees into the Grammy Hall of Fame, on display at the Grammy Museum in downtown Los Angeles.

Houston‘s self-titled 1985 debut album was also named an inductee, following the singer’s sudden death aged 48 in February this year. Australian hard-rock band AC/DC’s top-selling 1980 “Back in Black” album was also named a new entry.

The Recording Academy, which also runs the Grammy awards, picks songs and albums from all genres that are at least 25 years old, with either “qualitative or historical significance” to be considered annually for the Grammy Hall of Fame by a committee.

“Memorable for being both culturally and historically significant, we are proud to add (the 2013 inductees) to our growing catalog of outstanding recordings that have become part of our musical, social and cultural history,” The Recording Academy President and CEO Neil Portnow said in a statement.

As well as albums, the Grammy Hall of Fame also includes songs of historic and cultural significance and the inductees for 2013 see a range of classic American songs.

Iconic Dylan song “The Times They Are A-Changing” from 1964, R&B singer Ray Charles’ 1961 tune “Hit the Road Jack,” Rat Pack star Frank Sinatra’s 1980 “Theme from ‘New York, New York’”, and ‘Godfather of soul’ James Brown‘s 1965 classic “I Got You (I Feel Good)” were all honored.

Other 2013 inductees include Elton John‘s 1970 self-titled second album and American debut, Billy Joel’s 1973 hit “The Piano Man” and Willie Mae “Big Mama” Thornton’s 1953 R&B classic “Hound Dog,” later covered by Elvis Presley.

(Reporting By Eric Kelsey; Editing by Piya Sinha-Roy and Andrew Hay)

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Ex-hedge fund trader charged in $276M insider ploy

NEW YORK (AP) — A former hedge fund portfolio manager was arrested Tuesday in what prosecutors called perhaps the most lucrative insider trading scheme of all time — an arrangement to obtain secret, advance results of tests on an experimental Alzheimer’s drug that netted more than $ 276 million for his fund and others.

The case also led authorities to investigate the activities of one of the nation’s wealthiest hedge fund managers, billionaire Steven A. Cohen.

The portfolio manager, Mathew Martoma, was accused in U.S. District Court in Manhattan of using the information to advise other investment professionals to buy shares in the companies developing the drug, then later to dump those investments and place financial bets against the companies when the tests returned disappointing results.

“The charges unsealed today describe cheating coming and going,” U.S. Attorney Preet Bharara said at a news conference. The scheme unfolded “on a scale that has no historical precedent.”

Martoma’s trades helped reap a hefty profit from 2006 through July 2008, while he worked for CR Intrinsic Investors LLC of Stamford, Conn., an affiliate of SAC Capital Advisors, a firm owned by Cohen.

Cohen is not referred to by name in court papers but is frequently alluded to for his dealings with the defendant in the weeks leading up to an announcement about the drug trial.

The government has been scrutinizing SAC since at least November 2010, when the FBI subpoenaed SAC and other influential hedge funds. Martoma is the fourth person associated with SAC Capital to be arrested on insider trading charges in the last four years.

SAC spokesman Jonathan Gasthalter said the company and Cohen “are confident that they have acted appropriately and will continue to cooperate with the government’s inquiry.”

The FBI said the scheme developed after Martoma met a doctor in Manhattan involved in an Alzheimer’s drug trial in October 2006. According to a criminal complaint, he later obtained confidential information related to the final results of a drug trial.

Martoma’s attorney, Charles Stillman, called his client “an exceptional portfolio manager who succeeded through hard work and the dogged pursuit of information in the public domain. What happened today is only the beginning of a process that we are confident will lead to Mr. Martoma’s full exoneration.”

Martoma was arrested at his home in Boca Raton, Fla., and made an initial appearance in federal court in West Palm Beach, Fla., where he was released on $ 5 million bail on charges of conspiracy to commit securities fraud and securities fraud. He was scheduled to return to court Monday in Manhattan.

The defendant will have great incentive to cooperate with the government because the size of the gains would add years, if not decades, to any potential sentence upon conviction, said John Sylvia, co-chairman of the securities litigation practice at the Mintz Levin law firm in Boston.

He said it was clear from reading the court papers that Cohen was referenced frequently and was a likely target of investigators, though they might not be able to build a sufficient case against him.

“There’s little doubt as to where the government’s sights are,” Sylvia said. “I don’t think it takes Sherlock Holmes to figure it out.”

The Securities and Exchange Commission filed civil papers in the case against CR Intrinsic Investors, Mathew Martoma and Dr. Sidney Gilman. The civil complaint said the illegal money was earned in July 2008, when various hedge funds traded ahead of a negative public announcement involving the clinical trial results of an Alzheimer drug being jointly developed by Elan Corp. and Wyeth, both pharmaceutical companies.

The SEC complaint said that Martoma carried out the scheme with Gilman, an 80-year-old professor of neurology at the University of Michigan Medical School who served as chairman of a safety committee overseeing the clinical trial. Gilman was selected by Elan and Wyeth to present the final clinical trial results at a July 29, 2008, medical conference.

Messages left with the University of Michigan Medical School were not immediately returned.

Gilman’s lawyer, Marc Mukasey, said his client is cooperating with the SEC and the U.S. Attorney’s Office, and has entered into a non-prosecution agreement with federal prosecutors.

A copy of the agreement released by federal prosecutors Tuesday showed that Gilman will forfeit nearly $ 187,000 that he received from Elan for consulting work in 2007 and 2008 and from an expert networking firm for consultations between 2006 and 2009 with Martoma’s hedge fund.

Bharara said Martoma gained from “cultivating and corrupting” Gilman, eventually receiving $ 9 million in bonus pay for the year when the trades were made.

Martoma met with the doctor about 42 times, beginning in the summer of 2006, and eventually convinced him to start talking about the drug trial, prosecutors said.

The SEC said leaks by Martoma caused hedge fund portfolios managed by CR Intrinsic and by an affiliated investment adviser to liquidate more than $ 700 million in holdings in Elan and Wyeth.

The massive repositioning, the SEC said, allowed CR Intrinsic and various hedge funds to reap huge illicit profits and avoid steep losses.

“By cultivating and corrupting a doctor with access to secret drug data, Mathew Martoma and his hedge fund benefited from what might be the most lucrative inside tip of all time,” Bharara said.

The prosecutor said the doctor sent him a draft of the 24-page presentation he planned to make at a conference announcing the results.

That is when Martoma “had to do a spectacular about-face because he understood that — with these negative results looming — the hedge fund’s massive $ 700 million stake had become a terrible bet,” Bharara said. “And so, just like that, overnight, Martoma went from bull to bear as he tried to dig his hedge fund out of a massive hole.”

The news caused Elan’s stock price to plunge by more than 40 percent. The price of Wyeth fell about 12 percent.

The bets against the drug developers brought additional profits totaling $ 76.2 million. That is roughly the same amount that prosecutors said former hedge fund manager Raj Rajaratnam made in illegal profits before he was arrested. The one-time billionaire is serving an 11-year prison sentence in what was once considered the biggest insider trading case in U.S. history.

A year later, a hedge fund employee recommended that Martoma be terminated, and he was let go in 2010, Bharara said.

___

AP Business Writer Daniel Wagner in Washington contributed to this report.

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