Bill Ackman Fires Back At Carl Icahn - Business Insider

This keeps just getting so good.

Herbalife is turning into a Royal Rumble with all the big names all attacking each other.

Today Carl Icahn went on Bloomberg TV and slammed Bill Ackman for his "holier than thou" short of Herbalife, while reiterating that he didn't respect Ackman.

Now Ackman is out with a press release slamming Carl Icahn.

The gist: After a lengthy court battle, in which Icahn was forced to make a payout to Ackman's investors, Icahn called Ackman and said he wanted to be friends.

Ackman declined the friendship offers.

He then says Icahn is dishonest!

Great stuff, read:

-----------------------------------

NEW YORK,? Jan. 24, 2013? /PRNewswire/ -- In response to comments made today by? Carl Icahn? on Bloomberg Television,? William A. Ackman, CEO of Pershing Square Capital Management, L.P. ("Pershing Square") today issued the following statement. ?

"On? March 1, 2003, on behalf of my former fund, Gotham Partners, I entered into a contract with? Carl Icahn, signed by him, to sell him a 15% stake in Hallwood Realty Partners.? He paid my investors? $80? per share and agreed to what he called "schmuck insurance."?? The agreement provided that he would pay my investors an earnout equal to 50% of his profit on Hallwood after he received a 10% annual return if he "sold or otherwise transferred" his shares for value within three years.? Fewer than 13 months later on?? April 14, 2004, HRPT Property Trust acquired Hallwood.? As a result, Carl and the other Hallwood shareholders received? $136.16? per share in cash for their shares.? ?

Under the terms of our agreement, Carl owed my investors about? $4.5 million. He refused to pay.? I was forced to sue him on behalf of my investors.? On September 6, 2005, the court awarded us summary judgment and found the agreement to be "clear and unambiguous."? He again refused to pay and appealed.? We won onappeal and Carl was forced to post a bond for what he owed us and appealedagain.?? In general, Carl waited to the last few days to appeal in order todelay the inevitable.? After eight years and Carl's appeals of the judgment were denied, in 2011 the Court forced Carl to pay my investors the? $4.5 million
they were owed plus 9% interest per year from the date of the sale.

After Carl paid my investors, he called me up, congratulated me on winning, and said that he wanted to be my friend.? I told him that I had no interest in beinghis friend.? ?

Carl Icahn? is a great investor, but, in my experience, he does not keep his word."

For a copy of the contract agreement between Gotham Partners and Mr. Icahn, please visit:? http://goo.gl/BzUa9. ?

About Pershing Square Capital Management, L.P.

Pershing Square Capital Management, L.P. ("Pershing Square"), based in? New York
City, is a SEC-registered investment advisor to private investment funds.
Pershing Square manages funds that are in the business of trading - buying and
selling - securities and other financial instruments.? Funds managed by Pershing
Square are short the stock of Herbalife Ltd.? Pershing Square may increase,
decrease, dispose of, or change the form of its investment in Herbalife for any
or no reason, at any time.? Pershing Square may change its views about or its
investment positions in Herbalife at any time, for any reason or no reason.
Pershing Square may buy, sell, cover or otherwise change the form or substance
of its Herbalife investment.? Pershing Square disclaims any obligation to notify
the market of any such changes.? Please see the full Disclaimer appearing on
website? www.factsaboutherbalife.com.?

Source: http://www.businessinsider.com/bill-ackman-fires-back-at-carl-icahn-2013-1

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Washington protesters to mark 40 years of legal abortion

WASHINGTON (Reuters) - Anti-abortion marchers are expected on Friday to mark the 40th anniversary of the U.S. Supreme Court ruling legalizing abortion, and Pope Benedict expressed support for the demonstrators.

The anti-abortion March for Life, an annual event in Washington, will be preceded by a midday rally on the National Mall.

Scheduled speakers include former Republican presidential candidate Rick Santorum; Cardinal Sean Patrick O'Malley, head of the U.S. Conference of Catholic Bishops' Committee on Pro-life Activities; and, by video, House of Representatives Speaker John Boehner.

The rally, which normally draws thousands of anti-abortion protesters, will be followed by a march on the Supreme Court. The high court's Roe v. Wade ruling on January 22, 1973 legalized abortion in the United States.

Pope Benedict voiced backing for the marchers, saying in a tweet, "I join all those marching for life from afar, and pray that political leaders will protect the unborn and promote a culture of life."

Seminars, Catholic masses and memorials around Washington preceded the rally and march. Abortion rights activists have held few events in Washington around the anniversary.

The anti-abortion activities come as a poll has shown that most Americans remain opposed to overturning Roe v. Wade.

Despite the Washington protests, battles over abortion have largely shifted from federal courts to statehouses. The Guttmacher Institute, a reproductive health and rights group, said this month that 2012 brought the second-highest number of state-level restrictions, trailing only 2011.

(Reporting by Ian Simpson in Washington and Phil Pullella in Rome; Editing by Steve Orlofsky)

Source: http://news.yahoo.com/washington-protesters-mark-40-years-legal-abortion-152106325.html

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Economist: Euro crisis could erupt again this year

Italian Mario Draghi, President of the European Central Bank, speaks during a session at the 43rd Annual Meeting of the World Economic Forum, WEF, in Davos, Switzerland, Friday, Jan. 25, 2013. (AP Photo/Keystone, Jean-Christophe Bott)

Italian Mario Draghi, President of the European Central Bank, speaks during a session at the 43rd Annual Meeting of the World Economic Forum, WEF, in Davos, Switzerland, Friday, Jan. 25, 2013. (AP Photo/Keystone, Jean-Christophe Bott)

A member of Swiss special police forces stands on the roof of the Kongress Hotel next to the Congress Center, during the 43rd Annual Meeting of the World Economic Forum, WEF, in Davos, Switzerland, Friday, Jan. 25, 2013. (AP Photo/Anja Niedringhaus)

Philipp Roesler, Vice-Chancellor and Federal Minister of Economics of Germany, speaks during a panel session at the 43rd Annual Meeting of the World Economic Forum, WEF, in Davos, Switzerland, Friday, Jan. 25, 2013. (AP Photo/Keystone, Jean-Christophe Bott)

DAVOS, Switzerland (AP) ? Is the euro crisis over? A leading U.S. economist says not by a long shot.

Even as the head of the European Central Bank talked Friday of "positive contagion" in the markets and predicted an economic recovery for the recession-hit eurozone later this year, economist Barry Eichengreen warned that the debt crisis that has shaken Europe to its core could easily erupt again this year unless European leaders move faster to solve their problems.

While European governments and markets have been breathing easier in recent months after years of turmoil, it's no time for complacency, said Eichengreen, who has chronicled the Great Depression and explored the consequences of a breakup of the euro currency used by 17 nations.

"Nothing has been resolved in the eurozone, where markets have swung from undue pessimism to undue optimism," Eichengreen told The Associated Press in an interview at the World Economic Forum in Davos, Switzerland. "They said all the right things last year ... and they've been backtracking ever since."

He warns that the crisis over too much debt burdening governments and banks in the 17-country currency group "is going to heat up again in 2013."

He urged eurozone leaders follow up on its proposals to steady its banking system and keep failed banks from adding to government debt through expensive bailouts.

European leaders in Davos this week are seeking to reassure investors and corporate leaders that the continent is on the mend after its punishing debt crises.

European Central Bank chief Mario Draghi on Friday forecast a recovery in the eurozone economy in the second half of the year, and spoke of "a new restored sense of relative tranquility" and "positive contagion on the financial markets."

But he acknowledged "we don't see this being transmitted into the real economy yet."

Draghi said governments need to move ahead with structural reforms to make their economies grow faster, which will help reduce government debt.

Heavily indebted countries such as Spain and Italy faced alarmingly high borrowing costs on bond markets last year, as investors wondered whether they would be able to keep paying their debts. Those bond market rates fell after key steps by European leaders. One was the European Central Bank's offer to purchase bonds issued by indebted countries if they promise to reduce their deficits. Another was a proposal to set up a so-called banking union that would keep failed banks from bankrupting any one country by transferring the supervision of bank behavior and finances to a single, central EU supervisor at the ECB.

The banking union decision was key. Meanwhile, Europe is in a recession that is putting added pressure on government finances.

"Europeans will be shocked out of their complacency, I think, soon enough," Eichengreen said. "There will be a relapse to the greater volatility of the first half of last year."

"None of the underlying problems have been solved. There is no economic growth in Europe. Germany itself is on the verge of recession. The banking union doesn't exist. There's less consensus on completing it than we thought last year, so the markets are going to lose patience at some point and the crisis will be back. "

Eichengreen, a professor at the University of California, Berkeley, studied the possibility of a eurozone breakup long before the crisis that started in late 2009 forced other people to consider what was once unthinkable. He concluded that leaving the euro would be disastrously expensive and cause widespread chaos for any country that tries it.

Political leaders are aware of those high costs, which means a country such as debt-strapped Greece leaving the eurozone "is off the table for the moment," he said.

Concerns about Europe's economic future ? and the threat that Britain could one day pull out of the European Union, whose 27 members together make up the world's largest economy ? clouded this year's gathering in the Swiss Alpine resort of Davos.

The forum pulls together corporate and political leaders who strike business deals, strategize about world problems and attend lavish parties ? and comes under regular criticism from activists and workers who say the elite event is disconnected from the world's economic realities.

Activists at Davos took over a Shell station Friday to protest drilling for oil in the Arctic.

Associated Press

Source: http://hosted2.ap.org/APDEFAULT/cae69a7523db45408eeb2b3a98c0c9c5/Article_2013-01-25-Davos%20Forum-Euro%20Woes/id-90b0395fe55540b0be8add3a31c04d47

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Plymouth gamblers pump ?86.5million into casino-style gambling ...

Plymouth gamblers pumped ?86.5million into betting machines dubbed 'as addictive as crack cocaine' last year, according to new figures.

The data relates to Fixed-Odds Betting Terminals where gamblers can bet up to ?100 every 20 seconds on casino-style games such as roulette.

The figures are from research drawn up by the Campaign for Fairer Gambling, which believes the machines are fueling gambling problems and creating problem gamblers.

It wants much tighter regulation of the machines, which are found in licensed bookmakers.

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And the figures come despite high levels of poverty and deprivation in the city.

One in five children in Plymouth live in poverty according to a deprivation map published by the Campaign to End Child Poverty.

And according to the NHS more than 70,000 people in Plymouth live in the country?s most deprived conditions - with one community in St Peter's and the Waterfront counted among the 1% of the most deprived areas in the entire country.

The Campaign for Fairer Gambling data shows that in Plymouth Moorview there are 15 FOBT machines in four betting shops and in Sutton and Devonport there are 44 machines in 12 shops.

In Moorview gamblers spent ?21,624,027 and in Sutton and Devonport the figure was ?64,872,080.

On top of the figures for Plymouth - there is one licensed bookmakers with four machines in South West Devon where ?5,406,007 was spent last year; there are five shops in South East Cornwall with 18 machines and ?27,030,033 was spent last year; there are four shops in Torridge and West Devon with 15 machines and ?21,624,027 was spent last year.

Adrian Parkinson, Campaign for Fairer Gambling Consultant said:?Fixed Odds Betting Terminals (FOBTs) are touch-screen roulette and casino gaming machines in betting shops, on which it is possible to stake up to ?100 every 20 seconds. The high stakes and speed of play have led to the machines being called ?the crack cocaine of gambling?, and the Gambling Act 2005 limits each betting shop to four FOBTs ? so bookies leapfrog regulations by opening up as many shops as possible, which is why we get clustering, especially in poorer areas as our research has shown. In 2007, a Scoping Study into the Gambling Act recommended FOBTs be ?closely monitored? because of international research that suggested they had features that could create more problem gamblers. However, no such monitoring has taken place, and the government is due to respond to a Select Committee report next week calling for the cap of four FOBTs per shop to be lifted as an ?anti-clustering measure?.

?We believe the only way to stop machine-driven proliferation of betting shops is to make the machines less profitable. So we recommend reducing to maximum stake from ?100 down to ?2, increasing the time between plays, and removing table game content ? all of these recommendations would bring B2 machines in line with other Category B machines.?

A spokesman for the Association of British Bookmakers told the Daily Mail: "The industry employs 45,000 people and supports a further 60,000 jobs in the economy.

"Our members pay ?1 billion in taxes, far more than any other comparable retail businesses."

Source: http://www.thisisplymouth.co.uk/Plymouth-gamblers-pump-86-5million-casino-style/story-17940031-detail/story.html

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Dot Earth Blog: Eyes Turn to Antarctica as Study Shows Greenland's Ice Has Endured Warmer Climates

An important discussion is developing among climate and polar researchers around the central point of a landmark?Nature paper on Greenland conditions?during Earth?s last (very warm) interval between ice ages. The paper, in which a critically important Greenland ice core is analyzed by 133 authors from a host of research centers, concludes that the vast ice sheet?largely endured over a period of 6,000 years that was warmer than what is forecast for coming decades.

The graph above, with the Eemian at the left and current period at the right, conveys the key points. The contribution of Greenland melting to the 12-24 foot rise in sea levels at that time must have been relatively small, which means the contribution from ice loss in West Antarctica, the other main zone of concern, must have been larger. (The big question for coastal communities remains the rate of coastal retreat, not the total rise over many centuries.)

I touched on the Nature paper yesterday in?a roundup of ice research, but it deserves front-and-center attention, particularly given its relevance to recent narratives about Greenland?s meltdown being the key worry if you live on a coast.?See Chris Mooney?s new Mother Jones profile of Ohio State ice researcher Jason Box for the latest example: ?Why Greenland?s Melting Could Be the Biggest Climate Disaster of All.? The article is part of the coordinated ?Climate Desk? collaborative journalism project that includes a live event in Washington next week asking, ?Can Greenland be Saved??

The new research suggests we need to be more concerned about Antarctica.

I hope they discuss these new findings at the event next week. My answer to their question is below. (Given how the new coring study meshes with analysis that I covered?in 2008?hinting that Greenland?s ice sheet has a reduced, but robust, warm-climate condition, you might be able to guess.

But first here?s more on this ice-core study and the broader context, including some great input from the wise and deeply experienced climate and ice researcher Richard Alley of Penn State.?

To review, the concerns about recent trends on Greenland?s giant ice mass have been warranted, given signs of extensive surface melting and the possibility, explored here, that meltwater gushing to the ice sheet?s base through natural ?drain pipes? called moulins could accelerate the flow of ice to the sea. The stunning documentary ?Chasing Ice? conveys the drama and mystery in all that melting, and the impact of warmer sea water on the areas where Greenland?s glaciers meet the sea.

I saw these dynamics up close in 2004, and it?s a thrilling, chilling experience (video).

But the new work puts all of this in the context of long stretches of time, which is vital if one?s goal is to avoid overreaction and to focus attention where real risks lie. I encourage you to read pieces by?Michael Lemonick at Climate Central and?Quirin Schiermeier in Nature?s news section?for more on the basics of the study.

The lead researcher, Dorthe Dahl-Jensen of the Niels Bohr Institute at the University of Copenhagen, offers useful insights in?a news release from the university:

The new results?show that the climate in Greenland was around 8 degrees C. [14.4 degrees F.] warmer than today during the last interglacial period, the Eemian period, 130,000 to 115,000 thousand years ago.

?Even though the warm Eemian period was a period when the oceans were four to eight meters higher than today, the ice sheet in northwest Greenland was only a few hundred meters lower than the current level, which indicates that the contribution from the Greenland ice sheet was less than half the total sea-level rise during that period,? says Dorthe Dahl-Jensen, Professor at the Niels Bohr Institute, University of Copenhagen?.

I turned to Richard Alley, who?s become a vital touchstone for me on such research, for some insights. Here?s his comment, followed by my closing thoughts:

I have three immediate responses: Satisfaction in the great success of the collaboration, concern that this slightly increases worries about future sea-level rise from human-caused warming, but technical questions that may leave us more-or-less where we were before on the biggest picture.

Taken in turn:

Having watched colleagues go to the immense effort of learning what information is desired by policymakers and other citizens, assemble the logistical and scientific abilities to supply that information, and actually do it over a lot of years, and knowing just how many of their kids? soccer games and recitals some of the scientist-parents missed, I have to smile when the team succeeds so well.

As to the big picture, there is strong evidence from the history of sea level on coasts from the Eemian that both Greenland and Antarctic ice sheets shrank notably, contributing to a globally averaged sea-level rise of very roughly 20 feet. This occurred primarily in response to a rearrangement of where sunshine reached the planet and when during the year, with more summer sunshine in the north but very little total change. And, some uncertainty has remained on the exact balance between Greenland and Antarctic contributions. The new paper suggests that the contribution from Greenland was on the low end of the prior estimates, but has little effect on the estimated total sea-level change, which points to a larger Antarctic source than the previous best estimate.

In my opinion (and I believe the opinions of many colleagues), we have greater understanding of Greenland?s ice than Antarctica?s, and we have greater confidence that Greenland will be ?well-behaved? ? we will more easily project changes in Greenland?s ice, with greater confidence that changes begun now will take centuries or longer to be mostly completed.

By shifting more of the sea-level rise into the less-understood ice, and thus into the ice with greater chance of doing something rapidly, I believe the new paper at least slightly increases the concerns for coastal planners, even if the chance of a rapid change from Antarctic ice remains small.

As to the technical parts, as described in many sources, we have lots of paleothermometers for the central Greenland ice cores over the last 100,000 years, providing multiple validation and high confidence that temperatures have been estimated accurately. The very changes in the ice sheet that are of greatest interest here also make the effort quite difficult. The melting of the Eemian interferes with gas-based paleothermometry, and with the total-gas technique that provides constraints on changes in surface elevation.

A U.S. government CCSP report on Arctic paleoclimates a few years ago (to which I contributed) [link] estimated changes in temperature and ice volume for this interval. The new estimates overlap with the older ones. Were I working on that report now, I would recommend expanding the uncertainties a little to include the new results. However, considering that ice shrinkage on Greenland has a feedback effect (exposing rocks allows more sun to be absorbed, causing more warming), considering the evidence of Eemian warmth from marine records around Greenland, considering climate model runs for that time, considering other studies of Greenland, and recalling the notable uncertainties associated with untangling the changes in total gas and in the ice sheet itself, I suspect that the estimates in that CCSP report will stand up pretty well, with the new work primarily confirming the prior understanding of climate changes and ice-sheet and sea-level response in the Eemian.

If anyone is thinking that this paper means we can crank up the temperature without worrying about sea level, they should seriously re-think. Overall, a great and successful scientific effort leaves us with the knowledge that warming does tend to melt ice, and that contributes to sea-level rise.

In a followup note to him, I said:

Beautifully articulated. but I do think [the new work] closes the case that Greenland, despite all of its drama (moulins, for example) ? drama that focused my attention for a few years too ? is a sideshow in the sea level question.

That?s not how it?s been cast. There?s been talk of regional geo-engineering to ?save? the ice sheet. The dramatic surface melting, while important to track and understand (as is being done by Jason Box and others) has little policy significance.

Alley replied:

I do think it has been clear for a while that interactions with the ocean provide the greatest potential for surprises and rapid changes, and that Greenland?s ice sheet would mostly pull out of the ocean before it lost most of its mass. The discussion in the attached, as well as in Ian Joughin?s and my [West Antarctic Ice Sheet] review in 2011, were pointing in that direction. The lack of huge danger from the lake drainages probably was argued (possibly for the first time) by Byron Parizek and I in Quaternary Science Reviews in 2004. There are dynamics issues, but the biggest ones go away once shrinkage pulls the ice out of the ocean. Then, a serious focused research effort should be able to produce (and indeed, is producing) quantified projections with useful uncertainties that can be narrowed by continuing effort on the established research path. We are still thinking about one or two interesting and possibly surprising things, but Greenland looks like it is mostly the known-unknown ice sheet.

Considering what I?ve learned in the nine years since I got to visit the frigid summit and eroding edges of Greenland?s amazing ice sheet, in a final note to Alley here?s how I described my reply to the Climate Desk?s ?Can We Save Greenland?? question:

My answer would be that Greenland doesn?t need ?saving,? Antarctica needs much more observation and analysis, and ? separately ? the long effort to slow greenhouse gas emissions needs to continue.

Source: http://dotearth.blogs.nytimes.com/2013/01/24/eyes-turn-to-antarctica-as-study-shows-greenlands-ice-has-endured-warmer-climates/?partner=rss&emc=rss

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