Crude oil whiplash? Blame the banks

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• CommenBy Colin Barr June 16, 2011: 6:37 AM ET Want to see the plump financial tail wag the scrawny economic dog? Look no further than the wild, wooly oil markets.

Crude futures for delivery next month tumbled $4 and change in New York Wednesday, marking their biggest decline in a month. The recession obsession being what it is, the selloff was taken as confirming poor prospects for U.S. growth and rising risks that Europe will melt down.

But why now?

But what Wednesday's plunge actually shows is how the bankers and their buddies are having their way with the economy yet again. Financial types – starting with the big banks that so graciously lean on our tax dollars, but also hedge funds and asset managers that sell index funds and the like – have spent the past half decade or so flooding into commodities. These markets are supposed to serve producers and consumers, but lately have served as much as anything as a profit center for deep-pocketed speculators.
That mismatch helps to explain why the price of crude oil, which is broadly driven by slow-moving global supply and demand trends, has been whipping around so viciously. Yes, demand is rising and supplies are on the tight side, but let's face it, the global economy looks more or less the same now as it did at this time last year.
Yet the price of London-traded Brent crude has risen by half in the meantime, to a recent $117. This is, needless to say, not a salutary development -- at least for those of us who buy our petroleum products by the gallon rather than the thousand-barrel contract.
Fundamentals? With the casino crowd in control, who needs 'em?
"What's going on in crude is just crazy," says Howard Simons, a strategist at Bianco Research in Chicago. "A 5% fall in the front-month futures contract in a day? How? Demand is certainly not going to fall that much between now and then, and supplycan't increase enough to justify it either."
The notion that the banks and other financial types have perverted commodity markets isn't a new one. A United Nations report released this month concludes that multiplying financial interests have pushed up prices and increased market volatility. The recent recovery differed from previous ones, the report says, in that the prices of oil and other goods rose in anticipation of, rather than in response to, rising demand.
This speculative shift exposes the global economy to false inflation shocks and overreacting central bankers (this means you, Jean-Claude Trichet).
The U.N. concludes that at the very least, regulators must enhance transparency in the markets for goods such as grains, metals and energy. They should also, needless to say, tighten regulation of big trading firms.
As it happens, the United States last year passed a law called the Dodd-Frank Act that aims to do these sorts of things, at least to some degree. But Americans like nothing better than stuff that is bad for us, so congressional Republicans are pushing back -- the banks have given us so much, after all! -- and regulators are putting off making the rules stand up.
Hey, why defuse the weapons of financial mass destruction when doing so would squeeze big political contributors' bottom lines?
"We have passed a 2,100-page law that can't even be enforced because no one can agree on how to do it," says Simons. "People are going to look at this and say, here's the gang that can't shoot straight."
The gang that may be able to shoot straight but chooses not to is the banks, which have spent the past year calling for big spikes and steep selloffs, often in the same breath. If you didn't know any better you might think this is the work of guys intent on goosing trading revenue at the expense of all else.
As always, the unshining example of this is Goldman Sachs (GS), whose commodities researchers have been freely revising their take on oil price trends much the way Sen. John Kerry used to change his vote on Iraq.
Goldman was telling clients to buy oil futures last fall as the Fed-fueled rally in riskier assets started. It then warned in April that the rally was overdone – before changing again in May with a call for a new spike.
This spin-like-a-top routine is particularly notable because Goldman is the E.F. Hutton of Wall Street oil desks. It can say practically anything and people will listen.
"It's just irresponsible to know you have that sort of influence and go throwing it around that way," says Dan Dicker, a longtime oil trader whose recent book, Oil's Endless Bid, shows how financial firms have changed the energy markets, and not for the better.
Dicker says the Pavlov's dog reaction to Goldman's many oil calls illustrates a concept that plays prominently in the U.N. report – the "intentional herding" that takes place when traders latch onto a new price trend. The herding tends to unmoor prices from fundamentals, giving producers and consumers false signals and distorting investment decisions. That means gains for traders who get in early enough -- at the expense of the rest of the economy. Your tax dollars at work.
This results in, among other things, gasoline at $3.80 a gallon at a time when "there is no good economic reason for the oil price to be as high as it is," Dicker says.
That arrangement is undeniably bad for you and me. But you could swear that what Congress cares about is what's good for the Goldman Sachs energy desk, and until we see oil at $180 a barrel or something who's going to argue?
"I don't see the political will to turn the tide on this," says Dicker. "The forces making money doing this are a lot stronger than the people trying to contain it."

Read More

Crude oil whiplash? Blame the banks

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By Colin Barr June 16, 2011: 6:37 AM ET Want to see the plump financial tail wag the scrawny economic dog? Look no further than the wild, wooly oil markets.
Crude futures for delivery next month tumbled $4 and change in New York Wednesday, marking their biggest decline in a month. The recession obsession being what it is, the selloff was taken as confirming poor prospects for U.S. growth and rising risks that Europe will melt down.

But why now?

But what Wednesday's plunge actually shows is how the bankers and their buddies are having their way with the economy yet again. Financial types – starting with the big banks that so graciously lean on our tax dollars, but also hedge funds and asset managers that sell index funds and the like – have spent the past half decade or so flooding into commodities. These markets are supposed to serve producers and consumers, but lately have served as much as anything as a profit center for deep-pocketed speculators.
That mismatch helps to explain why the price of crude oil, which is broadly driven by slow-moving global supply and demand trends, has been whipping around so viciously. Yes, demand is rising and supplies are on the tight side, but let's face it, the global economy looks more or less the same now as it did at this time last year.
Yet the price of London-traded Brent crude has risen by half in the meantime, to a recent $117. This is, needless to say, not a salutary development -- at least for those of us who buy our petroleum products by the gallon rather than the thousand-barrel contract.
Fundamentals? With the casino crowd in control, who needs 'em?
"What's going on in crude is just crazy," says Howard Simons, a strategist at Bianco Research in Chicago. "A 5% fall in the front-month futures contract in a day? How? Demand is certainly not going to fall that much between now and then, and supplycan't increase enough to justify it either."
The notion that the banks and other financial types have perverted commodity markets isn't a new one. A United Nations report released this month concludes that multiplying financial interests have pushed up prices and increased market volatility. The recent recovery differed from previous ones, the report says, in that the prices of oil and other goods rose in anticipation of, rather than in response to, rising demand.
This speculative shift exposes the global economy to false inflation shocks and overreacting central bankers (this means you, Jean-Claude Trichet).
The U.N. concludes that at the very least, regulators must enhance transparency in the markets for goods such as grains, metals and energy. They should also, needless to say, tighten regulation of big trading firms.
As it happens, the United States last year passed a law called the Dodd-Frank Act that aims to do these sorts of things, at least to some degree. But Americans like nothing better than stuff that is bad for us, so congressional Republicans are pushing back -- the banks have given us so much, after all! -- and regulators are putting off making the rules stand up.
Hey, why defuse the weapons of financial mass destruction when doing so would squeeze big political contributors' bottom lines?
"We have passed a 2,100-page law that can't even be enforced because no one can agree on how to do it," says Simons. "People are going to look at this and say, here's the gang that can't shoot straight."
The gang that may be able to shoot straight but chooses not to is the banks, which have spent the past year calling for big spikes and steep selloffs, often in the same breath. If you didn't know any better you might think this is the work of guys intent on goosing trading revenue at the expense of all else.
As always, the unshining example of this is Goldman Sachs (GS), whose commodities researchers have been freely revising their take on oil price trends much the way Sen. John Kerry used to change his vote on Iraq.
Goldman was telling clients to buy oil futures last fall as the Fed-fueled rally in riskier assets started. It then warned in April that the rally was overdone – before changing again in May with a call for a new spike.
This spin-like-a-top routine is particularly notable because Goldman is the E.F. Hutton of Wall Street oil desks. It can say practically anything and people will listen.
"It's just irresponsible to know you have that sort of influence and go throwing it around that way," says Dan Dicker, a longtime oil trader whose recent book, Oil's Endless Bid, shows how financial firms have changed the energy markets, and not for the better.
Dicker says the Pavlov's dog reaction to Goldman's many oil calls illustrates a concept that plays prominently in the U.N. report – the "intentional herding" that takes place when traders latch onto a new price trend. The herding tends to unmoor prices from fundamentals, giving producers and consumers false signals and distorting investment decisions. That means gains for traders who get in early enough -- at the expense of the rest of the economy. Your tax dollars at work.
This results in, among other things, gasoline at $3.80 a gallon at a time when "there is no good economic reason for the oil price to be as high as it is," Dicker says.
That arrangement is undeniably bad for you and me. But you could swear that what Congress cares about is what's good for the Goldman Sachs energy desk, and until we see oil at $180 a barrel or something who's going to argue?
"I don't see the political will to turn the tide on this," says Dicker. "The forces making money doing this are a lot stronger than the people trying to contain it."

Read More

Crude oil whiplash? Blame the banks

• 
  
• 
  
• 
  

• Print
• CommenBy Colin Barr June 16, 2011: 6:37 AM ET Want to see the plump financial tail wag the scrawny economic dog? Look no further than the wild, wooly oil markets.

Crude futures for delivery next month tumbled $4 and change in New York Wednesday, marking their biggest decline in a month. The recession obsession being what it is, the selloff was taken as confirming poor prospects for U.S. growth and rising risks that Europe will melt down.

But why now?

But what Wednesday's plunge actually shows is how the bankers and their buddies are having their way with the economy yet again. Financial types – starting with the big banks that so graciously lean on our tax dollars, but also hedge funds and asset managers that sell index funds and the like – have spent the past half decade or so flooding into commodities. These markets are supposed to serve producers and consumers, but lately have served as much as anything as a profit center for deep-pocketed speculators.
That mismatch helps to explain why the price of crude oil, which is broadly driven by slow-moving global supply and demand trends, has been whipping around so viciously. Yes, demand is rising and supplies are on the tight side, but let's face it, the global economy looks more or less the same now as it did at this time last year.
Yet the price of London-traded Brent crude has risen by half in the meantime, to a recent $117. This is, needless to say, not a salutary development -- at least for those of us who buy our petroleum products by the gallon rather than the thousand-barrel contract.
Fundamentals? With the casino crowd in control, who needs 'em?
"What's going on in crude is just crazy," says Howard Simons, a strategist at Bianco Research in Chicago. "A 5% fall in the front-month futures contract in a day? How? Demand is certainly not going to fall that much between now and then, and supplycan't increase enough to justify it either."
The notion that the banks and other financial types have perverted commodity markets isn't a new one. A United Nations report released this month concludes that multiplying financial interests have pushed up prices and increased market volatility. The recent recovery differed from previous ones, the report says, in that the prices of oil and other goods rose in anticipation of, rather than in response to, rising demand.
This speculative shift exposes the global economy to false inflation shocks and overreacting central bankers (this means you, Jean-Claude Trichet).
The U.N. concludes that at the very least, regulators must enhance transparency in the markets for goods such as grains, metals and energy. They should also, needless to say, tighten regulation of big trading firms.
As it happens, the United States last year passed a law called the Dodd-Frank Act that aims to do these sorts of things, at least to some degree. But Americans like nothing better than stuff that is bad for us, so congressional Republicans are pushing back -- the banks have given us so much, after all! -- and regulators are putting off making the rules stand up.
Hey, why defuse the weapons of financial mass destruction when doing so would squeeze big political contributors' bottom lines?
"We have passed a 2,100-page law that can't even be enforced because no one can agree on how to do it," says Simons. "People are going to look at this and say, here's the gang that can't shoot straight."
The gang that may be able to shoot straight but chooses not to is the banks, which have spent the past year calling for big spikes and steep selloffs, often in the same breath. If you didn't know any better you might think this is the work of guys intent on goosing trading revenue at the expense of all else.
As always, the unshining example of this is Goldman Sachs (GS), whose commodities researchers have been freely revising their take on oil price trends much the way Sen. John Kerry used to change his vote on Iraq.
Goldman was telling clients to buy oil futures last fall as the Fed-fueled rally in riskier assets started. It then warned in April that the rally was overdone – before changing again in May with a call for a new spike.
This spin-like-a-top routine is particularly notable because Goldman is the E.F. Hutton of Wall Street oil desks. It can say practically anything and people will listen.
"It's just irresponsible to know you have that sort of influence and go throwing it around that way," says Dan Dicker, a longtime oil trader whose recent book, Oil's Endless Bid, shows how financial firms have changed the energy markets, and not for the better.
Dicker says the Pavlov's dog reaction to Goldman's many oil calls illustrates a concept that plays prominently in the U.N. report – the "intentional herding" that takes place when traders latch onto a new price trend. The herding tends to unmoor prices from fundamentals, giving producers and consumers false signals and distorting investment decisions. That means gains for traders who get in early enough -- at the expense of the rest of the economy. Your tax dollars at work.
This results in, among other things, gasoline at $3.80 a gallon at a time when "there is no good economic reason for the oil price to be as high as it is," Dicker says.
That arrangement is undeniably bad for you and me. But you could swear that what Congress cares about is what's good for the Goldman Sachs energy desk, and until we see oil at $180 a barrel or something who's going to argue?
"I don't see the political will to turn the tide on this," says Dicker. "The forces making money doing this are a lot stronger than the people trying to contain it."

Read More

Crude oil whiplash? Blame the banks

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• 
  
• 
  

• Print
• Comment

By Colin Barr June 16, 2011: 6:37 AM ET Want to see the plump financial tail wag the scrawny economic dog? Look no further than the wild, wooly oil markets.
Crude futures for delivery next month tumbled $4 and change in New York Wednesday, marking their biggest decline in a month. The recession obsession being what it is, the selloff was taken as confirming poor prospects for U.S. growth and rising risks that Europe will melt down.

But why now?

But what Wednesday's plunge actually shows is how the bankers and their buddies are having their way with the economy yet again. Financial types – starting with the big banks that so graciously lean on our tax dollars, but also hedge funds and asset managers that sell index funds and the like – have spent the past half decade or so flooding into commodities. These markets are supposed to serve producers and consumers, but lately have served as much as anything as a profit center for deep-pocketed speculators.
That mismatch helps to explain why the price of crude oil, which is broadly driven by slow-moving global supply and demand trends, has been whipping around so viciously. Yes, demand is rising and supplies are on the tight side, but let's face it, the global economy looks more or less the same now as it did at this time last year.
Yet the price of London-traded Brent crude has risen by half in the meantime, to a recent $117. This is, needless to say, not a salutary development -- at least for those of us who buy our petroleum products by the gallon rather than the thousand-barrel contract.
Fundamentals? With the casino crowd in control, who needs 'em?
"What's going on in crude is just crazy," says Howard Simons, a strategist at Bianco Research in Chicago. "A 5% fall in the front-month futures contract in a day? How? Demand is certainly not going to fall that much between now and then, and supplycan't increase enough to justify it either."
The notion that the banks and other financial types have perverted commodity markets isn't a new one. A United Nations report released this month concludes that multiplying financial interests have pushed up prices and increased market volatility. The recent recovery differed from previous ones, the report says, in that the prices of oil and other goods rose in anticipation of, rather than in response to, rising demand.
This speculative shift exposes the global economy to false inflation shocks and overreacting central bankers (this means you, Jean-Claude Trichet).
The U.N. concludes that at the very least, regulators must enhance transparency in the markets for goods such as grains, metals and energy. They should also, needless to say, tighten regulation of big trading firms.
As it happens, the United States last year passed a law called the Dodd-Frank Act that aims to do these sorts of things, at least to some degree. But Americans like nothing better than stuff that is bad for us, so congressional Republicans are pushing back -- the banks have given us so much, after all! -- and regulators are putting off making the rules stand up.
Hey, why defuse the weapons of financial mass destruction when doing so would squeeze big political contributors' bottom lines?
"We have passed a 2,100-page law that can't even be enforced because no one can agree on how to do it," says Simons. "People are going to look at this and say, here's the gang that can't shoot straight."
The gang that may be able to shoot straight but chooses not to is the banks, which have spent the past year calling for big spikes and steep selloffs, often in the same breath. If you didn't know any better you might think this is the work of guys intent on goosing trading revenue at the expense of all else.
As always, the unshining example of this is Goldman Sachs (GS), whose commodities researchers have been freely revising their take on oil price trends much the way Sen. John Kerry used to change his vote on Iraq.
Goldman was telling clients to buy oil futures last fall as the Fed-fueled rally in riskier assets started. It then warned in April that the rally was overdone – before changing again in May with a call for a new spike.
This spin-like-a-top routine is particularly notable because Goldman is the E.F. Hutton of Wall Street oil desks. It can say practically anything and people will listen.
"It's just irresponsible to know you have that sort of influence and go throwing it around that way," says Dan Dicker, a longtime oil trader whose recent book, Oil's Endless Bid, shows how financial firms have changed the energy markets, and not for the better.
Dicker says the Pavlov's dog reaction to Goldman's many oil calls illustrates a concept that plays prominently in the U.N. report – the "intentional herding" that takes place when traders latch onto a new price trend. The herding tends to unmoor prices from fundamentals, giving producers and consumers false signals and distorting investment decisions. That means gains for traders who get in early enough -- at the expense of the rest of the economy. Your tax dollars at work.
This results in, among other things, gasoline at $3.80 a gallon at a time when "there is no good economic reason for the oil price to be as high as it is," Dicker says.
That arrangement is undeniably bad for you and me. But you could swear that what Congress cares about is what's good for the Goldman Sachs energy desk, and until we see oil at $180 a barrel or something who's going to argue?
"I don't see the political will to turn the tide on this," says Dicker. "The forces making money doing this are a lot stronger than the people trying to contain it."

Read More

Dollar and euro face summer of uncertainty

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By Charles Riley June 15, 2011: 2:12 PM ET

Click chart for more currencies data.

NEW YORK (CNNMoney) -- The euro sank to its lowest level against the dollar this month, as Greek protestors gathered in Athens and some hurled petrol bombs at the Ministry of Finance.
The unrest, and news that European governments had failed to agree on a bailout, pushed the euro to as low as $1.419 against the dollar in early trading Wednesday. Europe's currency had been trading as high as $1.47 against the dollar earlier this month.
But don't get too excited about a sustained rebound for the dollar. While the greenback did show signs of life Wednesday, it remains at very weak levels compared to currencies not called the euro.
The dollar index, which measures the U.S. dollar against a basket of currencies, has fallen 5% so far this year to around 75. That's down from a high near 87 in June of 2009.

Dollar rebounds. Thanks, Greece!

Among the factors driving the dollar's malaise at the moment is this summer's blockbuster debate over the debt ceiling, and concerns over the strength of the nation's economic recovery.
Michael Woolfolk, a senior currency strategist at Bank of New York Mellon (BNY), said currency markets on both sides of the Atlantic will be "volatile" this summer as long as Greece's financial crisis and the U.S. debt limit remain unresolved.

Last call for flight to safety

The uncertainty over the dual debt crises is driving investors to seek out the Swiss franc, a super safe-haven currency, and commodity-linked currencies like the Australian dollar, Woolfolk said.
All that uncertainty, and the political machinations that accompany it, are going to make for a long summer, said Marc Chandler, global head of currency strategy for Brown Brothers Harriman.
"They are using brinkmanship tactics," Chandler said. "Which means you have to wait for the very last moment to get a deal, something the markets don't like."
So how long will all this drag on? Lawmakers in the U.S. have accelerated the pace of their meetings on the debt ceiling, while facing a deadline of Aug. 2.
The arrival of a Greek bailout is harder to predict, Chandler said, but a series of meetings between European officials scheduled for the remainder of June may yield results. 

Read More

Kansas City Chiefs lose Matt Cassel to leg injury

Chiefs quarterback Matt Cassel grabs his left leg after he was sacked in the first quarter Saturday. (Dilip Vishwanat / Getty Images / August 29, 2009)

Matt Hasselbeck threw for 216 yards and two touchdowns with newly signed Edgerrin James watching on the sideline, leading the Seattle Seahawks to a 14-10 win over the Kansas City Chiefs on Saturday night in Kansas City, Mo., in a game in which the Chiefs lost quarterback Matt Cassel to a leg injury.

James, the NFL's active rushing leader, signed with Seattle on Tuesday but spent the game in sweats, pen and notepad in hand.



Hasselbeck put on a good show for his new teammate, leading the Seahawks on scoring drives to end the first half and open the second.

Kansas City had a woeful night on offense -- its only touchdown came on defense -- and lost two starters in the game's first three minutes: Cassel and cornerback Brandon Flowers (shoulder). Receiver Devard Darling also had to be helped off in the second quarter, favoring his left leg.

New York Jets 27, at New York Giants 25: Mark Sanchez, in his first game since being named the Jets' starting quarterback, completed a spectacular 31-yard touchdown pass play to Chansi Stuckey and put 20 points on the board in 2 1/2 quarters as the Jets took the annual New York braggin' rights game in East Rutherford, N.J. Sanchez overcame a slow start and a little early pressure to complete 13 of 20 for 149 yards for the Jets, who gave Rex Ryan his first victory as a head coach.

New Orleans 45, at Oakland 7: Drew Brees completed 14 of 17 passes for 179 yards and drove the Saints to touchdowns on all three drives he played.

San Francisco 20, at Dallas 13: Dallas rode Felix Jones and Marion Barber for most of a 94-yard touchdown drive, the highlight series during the first-half battle between the first-team units in a preseason game against the San Francisco 49ers.

at Pittsburgh 17, Buffalo 0: Ben Roethlisberger played a nearly flawless first half in his first game since injuring his right foot, James Farrior had a 22-yard interception for a touchdown and the Bills starting offense struggled yet again. Roethlisberger led two scoring drives while going 15 of 19 for 168 yards and 103.5 passer rating before sitting out the second half.

at Cleveland 23, Tennessee 17: Brady Quinn threw a 20-yard touchdown pass to Braylon Edwards and outplayed Derek Anderson in perhaps their final auditions for Coach Eric Mangini to be the Browns' starting quarterback.

at Detroit 18, Indianapolis 17: Third-string quarterback Drew Stanton threw a 21-yard pass to rookie Dan Gronkowski and a two-point conversion to John Standeford with 4:13 left to win it for the Lions.

at Atlanta 27, San Diego 24:

The Chargers' Philip Rivers led touchdown drip Rivers led touchdown drives in two of his three possessions in his first game since signing a contract extension, before the Falcons' backups rallied.

Baltimore 17, at Carolina 13: Joe Flacco threw for 247 yards and a touchdown and the Ravens' defense shut down Carolina's first unit.

Elsewhere

Byron Leftwich has won Tampa Bay's prolonged quarterback derby by beating out Luke McCown. Leftwich will start the team's regular-season opener against the Dallas Cowboys.

Buccaneers Coach Raheem Morris announced the selection after practice Saturday, saying Leftwich had an edge over McCown heading into training camp.

New England Patriots Coach Bill Belichick said Tom Brady left Friday night's exhibition game so the coaches could look at the backup -- not because of injury.

The team had announced at the game that Brady had a sore right shoulder.

Read More

Dollar and euro face summer of uncertainty

• 
  
• 
  
• 
  

• Print
• Comment

By Charles Riley June 15, 2011: 2:12 PM ET

Click chart for more currencies data.

NEW YORK (CNNMoney) -- The euro sank to its lowest level against the dollar this month, as Greek protestors gathered in Athens and some hurled petrol bombs at the Ministry of Finance.
The unrest, and news that European governments had failed to agree on a bailout, pushed the euro to as low as $1.419 against the dollar in early trading Wednesday. Europe's currency had been trading as high as $1.47 against the dollar earlier this month.
But don't get too excited about a sustained rebound for the dollar. While the greenback did show signs of life Wednesday, it remains at very weak levels compared to currencies not called the euro.
The dollar index, which measures the U.S. dollar against a basket of currencies, has fallen 5% so far this year to around 75. That's down from a high near 87 in June of 2009.

Dollar rebounds. Thanks, Greece!

Among the factors driving the dollar's malaise at the moment is this summer's blockbuster debate over the debt ceiling, and concerns over the strength of the nation's economic recovery.
Michael Woolfolk, a senior currency strategist at Bank of New York Mellon (BNY), said currency markets on both sides of the Atlantic will be "volatile" this summer as long as Greece's financial crisis and the U.S. debt limit remain unresolved.

Last call for flight to safety

The uncertainty over the dual debt crises is driving investors to seek out the Swiss franc, a super safe-haven currency, and commodity-linked currencies like the Australian dollar, Woolfolk said.
All that uncertainty, and the political machinations that accompany it, are going to make for a long summer, said Marc Chandler, global head of currency strategy for Brown Brothers Harriman.
"They are using brinkmanship tactics," Chandler said. "Which means you have to wait for the very last moment to get a deal, something the markets don't like."
So how long will all this drag on? Lawmakers in the U.S. have accelerated the pace of their meetings on the debt ceiling, while facing a deadline of Aug. 2.
The arrival of a Greek bailout is harder to predict, Chandler said, but a series of meetings between European officials scheduled for the remainder of June may yield results. 

Read More

Kansas City Chiefs lose Matt Cassel to leg injury

Chiefs quarterback Matt Cassel grabs his left leg after he was sacked in the first quarter Saturday. (Dilip Vishwanat / Getty Images / August 29, 2009)

Matt Hasselbeck threw for 216 yards and two touchdowns with newly signed Edgerrin James watching on the sideline, leading the Seattle Seahawks to a 14-10 win over the Kansas City Chiefs on Saturday night in Kansas City, Mo., in a game in which the Chiefs lost quarterback Matt Cassel to a leg injury.

James, the NFL's active rushing leader, signed with Seattle on Tuesday but spent the game in sweats, pen and notepad in hand.



Hasselbeck put on a good show for his new teammate, leading the Seahawks on scoring drives to end the first half and open the second.

Kansas City had a woeful night on offense -- its only touchdown came on defense -- and lost two starters in the game's first three minutes: Cassel and cornerback Brandon Flowers (shoulder). Receiver Devard Darling also had to be helped off in the second quarter, favoring his left leg.

New York Jets 27, at New York Giants 25: Mark Sanchez, in his first game since being named the Jets' starting quarterback, completed a spectacular 31-yard touchdown pass play to Chansi Stuckey and put 20 points on the board in 2 1/2 quarters as the Jets took the annual New York braggin' rights game in East Rutherford, N.J. Sanchez overcame a slow start and a little early pressure to complete 13 of 20 for 149 yards for the Jets, who gave Rex Ryan his first victory as a head coach.

New Orleans 45, at Oakland 7: Drew Brees completed 14 of 17 passes for 179 yards and drove the Saints to touchdowns on all three drives he played.

San Francisco 20, at Dallas 13: Dallas rode Felix Jones and Marion Barber for most of a 94-yard touchdown drive, the highlight series during the first-half battle between the first-team units in a preseason game against the San Francisco 49ers.

at Pittsburgh 17, Buffalo 0: Ben Roethlisberger played a nearly flawless first half in his first game since injuring his right foot, James Farrior had a 22-yard interception for a touchdown and the Bills starting offense struggled yet again. Roethlisberger led two scoring drives while going 15 of 19 for 168 yards and 103.5 passer rating before sitting out the second half.

at Cleveland 23, Tennessee 17: Brady Quinn threw a 20-yard touchdown pass to Braylon Edwards and outplayed Derek Anderson in perhaps their final auditions for Coach Eric Mangini to be the Browns' starting quarterback.

at Detroit 18, Indianapolis 17: Third-string quarterback Drew Stanton threw a 21-yard pass to rookie Dan Gronkowski and a two-point conversion to John Standeford with 4:13 left to win it for the Lions.

at Atlanta 27, San Diego 24:

The Chargers' Philip Rivers led touchdown drip Rivers led touchdown drives in two of his three possessions in his first game since signing a contract extension, before the Falcons' backups rallied.

Baltimore 17, at Carolina 13: Joe Flacco threw for 247 yards and a touchdown and the Ravens' defense shut down Carolina's first unit.

Elsewhere

Byron Leftwich has won Tampa Bay's prolonged quarterback derby by beating out Luke McCown. Leftwich will start the team's regular-season opener against the Dallas Cowboys.

Buccaneers Coach Raheem Morris announced the selection after practice Saturday, saying Leftwich had an edge over McCown heading into training camp.

New England Patriots Coach Bill Belichick said Tom Brady left Friday night's exhibition game so the coaches could look at the backup -- not because of injury.

The team had announced at the game that Brady had a sore right shoulder.

Read More

Premier League round-up

Chelsea and Tottenham both maintained their 100 per cent starts to the new season on an afternoon when Liverpool came from behind to beat Bolton.

Champions Manchester United also hit back in the evening game to defeat Arsenal 2-1 at Old Trafford.

The Gunners controlled much of the first half and took the lead through an excellent long-range strike from Andrey Arshavin five minutes before the interval.



United improved in the second period and Wayne Rooney equalised from the penalty spot in the 59th minute after being brought down by Manuel Almunia.

Abou Diaby then headed a Ryan Giggs free-kick into his own net five minutes later to put United ahead, while the game ended with Arsenal boss Arsene Wenger being sent off.

Chelsea were highly impressive as they chalked up a fourth successive league win via a 3-0 defeat of Burnley.

The Clarets will rue Martin Paterson's profligacy in front of goal with the scoreline blank, as once Nicolas Anelka broke the deadlock on the stroke of half-time there was no way back.

Michael Ballack stooped to double Chelsea's lead after the break before Ashley Cole's stunning angled drive capped another imperious display from Carlo Ancelotti's side.

Tottenham left it late at White Hart Lane as Aaron Lennon's last minute strike against Birmingham City secured a 2-1 victory.

Worryingly for Harry Redknapp, Ledley King and Luka Modric hobbled off injured before the latter's replacement, Peter Crouch, scored his first Spurs goal with a looping second-half header.

Lee Bowyer restored parity via the scruffiest of efforts as Christian Benitez appeared to push Alan Hutton in the build-up to the goal, much to the ire of Redknapp, and the delight of a travelling Blues faithful.

It was, though, Spurs who had the last laugh as Lennon's impressive drive won it at the death.

Rafa Benitez has experienced better weeks in his football career and he'll be thankful for Steven Gerrard after his captain scored a thumping winner as Liverpool won 3-2 at ten-man Bolton.

Following Monday night's defeat to Aston Villa, things got a whole lot worse for Liverpool just past the half-hour mark when Bolton striker Kevin Davies stabbed home after a scramble in the box.

Davies' opener had come against the run of play so it came as little surprise when the in-form Glen Johnson restored parity before half-time when he cut inside on the edge of Bolton's box, before firing a daisy cutter beyond Jussi Jaaskelainen.

It was, though, a frailty at the heart of Liverpool's defence that was exposed again after half-time as Davies' flick header from a set-piece fell invitingly for Tamir Cohen to ram home.

Sean Davis saw red for two bookable offences before Gerrard struck the bar and Fernando Torres levelled matters with a neat finish. The scene was set fonish. The scene was set for Gerrard to emerge as a hero and he did just that with seven minutes remaining, via a searing drive from range.

Hull City and Wolves both went for three points in a bright game at Molineux but had to settle for one apiece after a 1-1 draw.

Stephen Hunt continued an encouraging start to his Hull career as his powerful run and cross from the left was headed in by Geovanni past Wolves goalkeeper Wayne Hennessey.

Wolves struck back early in the second half when a free-kick from deep fell to Richard Stearman, who finished with aplomb for a centre-half.

Dave Kitson followed up his first ever Stoke goal in midweek, in the Carling Cup, with a debut league strike as his first-half effort was enough to give the Potters a 1-0 win at home to Sunderland following a scramble in the box.

Blackburn's game with West Ham at Ewood Park ended in a disappointing stalemate as neither club did enough to take the spoils.

Read More

Premier League round-up

Chelsea and Tottenham both maintained their 100 per cent starts to the new season on an afternoon when Liverpool came from behind to beat Bolton.

Champions Manchester United also hit back in the evening game to defeat Arsenal 2-1 at Old Trafford.

The Gunners controlled much of the first half and took the lead through an excellent long-range strike from Andrey Arshavin five minutes before the interval.



United improved in the second period and Wayne Rooney equalised from the penalty spot in the 59th minute after being brought down by Manuel Almunia.

Abou Diaby then headed a Ryan Giggs free-kick into his own net five minutes later to put United ahead, while the game ended with Arsenal boss Arsene Wenger being sent off.

Chelsea were highly impressive as they chalked up a fourth successive league win via a 3-0 defeat of Burnley.

The Clarets will rue Martin Paterson's profligacy in front of goal with the scoreline blank, as once Nicolas Anelka broke the deadlock on the stroke of half-time there was no way back.

Michael Ballack stooped to double Chelsea's lead after the break before Ashley Cole's stunning angled drive capped another imperious display from Carlo Ancelotti's side.

Tottenham left it late at White Hart Lane as Aaron Lennon's last minute strike against Birmingham City secured a 2-1 victory.

Worryingly for Harry Redknapp, Ledley King and Luka Modric hobbled off injured before the latter's replacement, Peter Crouch, scored his first Spurs goal with a looping second-half header.

Lee Bowyer restored parity via the scruffiest of efforts as Christian Benitez appeared to push Alan Hutton in the build-up to the goal, much to the ire of Redknapp, and the delight of a travelling Blues faithful.

It was, though, Spurs who had the last laugh as Lennon's impressive drive won it at the death.

Rafa Benitez has experienced better weeks in his football career and he'll be thankful for Steven Gerrard after his captain scored a thumping winner as Liverpool won 3-2 at ten-man Bolton.

Following Monday night's defeat to Aston Villa, things got a whole lot worse for Liverpool just past the half-hour mark when Bolton striker Kevin Davies stabbed home after a scramble in the box.

Davies' opener had come against the run of play so it came as little surprise when the in-form Glen Johnson restored parity before half-time when he cut inside on the edge of Bolton's box, before firing a daisy cutter beyond Jussi Jaaskelainen.

It was, though, a frailty at the heart of Liverpool's defence that was exposed again after half-time as Davies' flick header from a set-piece fell invitingly for Tamir Cohen to ram home.

Sean Davis saw red for two bookable offences before Gerrard struck the bar and Fernando Torres levelled matters with a neat finish. The scene was set fonish. The scene was set for Gerrard to emerge as a hero and he did just that with seven minutes remaining, via a searing drive from range.

Hull City and Wolves both went for three points in a bright game at Molineux but had to settle for one apiece after a 1-1 draw.

Stephen Hunt continued an encouraging start to his Hull career as his powerful run and cross from the left was headed in by Geovanni past Wolves goalkeeper Wayne Hennessey.

Wolves struck back early in the second half when a free-kick from deep fell to Richard Stearman, who finished with aplomb for a centre-half.

Dave Kitson followed up his first ever Stoke goal in midweek, in the Carling Cup, with a debut league strike as his first-half effort was enough to give the Potters a 1-0 win at home to Sunderland following a scramble in the box.

Blackburn's game with West Ham at Ewood Park ended in a disappointing stalemate as neither club did enough to take the spoils.

Read More

The 7 Irrefutable Rules Of Small Business Growth - Wiley

Throughout much of the 1980s and 1990s, I was president of three different fast-growth businesses. In each case, these businesses went from pretty small to considerably bigger (but still pretty small in the grand scheme of things). The biggest one reached more than $12 million in revenue and 100 employees, and all three went through significant growth phases.
At a relatively early age, I did learn a few things about what it takes to grow a small business.
I also learned that I liked talking about small business growth more than I liked actually doing it. I come from a long line of teachers and orators, and eventually the pull of that familial persuader gene proved more than I could resist. I decided in early 1998 (along with my inexplicably understanding spouse) to pursue a full-time career as an independent consultant and speaker, specializing in the area of business growth for the privately held business. So far, so good.
Soon after, people began to hire me. In almost every case, they hired me based on my experience growing smaller businesses into bigger ones. That’s what gave me credibility in their eyes.Whether it was as a speaker or a consultant, it was my past success that got their attention. I have now spoken directly with literally tens of thousands of owners and managers of private enterprises. To this day, people still usually hire me based on my real-world experience.

But here’s an interesting thing. As I said before, I did learn a few things about growing businesses while I was doing it.However, I’ve learnedmuch,muchmore about the concept of business growth since becoming a consultant, speaker, and“expert” in the field.What I’ve learned, combined with my experience growing small companies, is really what I bring to the table.
For years, I’ve immersed myself in the study of business growth.Who does it?Why do they do it?Why does this owner make it work and not that one? What do the academicians say on the subject? Successful entrepreneurs? Other selfproclaimed experts? The media? It’s a fascinating subject and one in which your sources of information are never exhausted.
So what have I learned? For one thing, I’ve learned that back when I thought I knew everything I could on the subject of growth, I actually knew very little. I’ve also learned that the more I know about my chosen field, the less definitive I can be. In other words, the more I see and hear and experience what it takes to grow a privately held business, the less able I am to make sweeping pronouncements and general statements of truth.
For every small business study that points in a specific direction, there’s invariably another that points in exactly the opposite direction. I can get consensus from one group of business owners on one idea, only to be shot down as irrelevant by the next. Even some of my own nuggets of wisdom, slowly unearthed during my many years of digging in the trenches, have proven to be nothing more than fool’s gold. But I have found a few concepts that seem to resonate with people in the know—people who have witnessed sustained, profitable growth. Through years of dedicated effort (aka trial and error), I’ve managed to hone in on a few big ideas that seem to make sense—ideas with which people I respect appear to agree. How do I know they agree? It has more to do with what they don’t say than what they do. On the whole, company leaders who’ve had even a modest amount of success become starkraving “experts.” (Believe me, as a former company president, I know.) They are never shy about shooting down anyone or anything that espouses ideas that are contrary to their own experience.
(Believe me, as a speaker and consultant, I know.) These seven rules of small business growth that I include in this book are not rules because anyone in particular agrees with them. Instead, it’s because I can’t find any credible individuals inclined to disagree with them. To me, that is exactly what makes them so gosh-darn ir-re-fu-ta-ble. It’s not that they’re scientifically proven. It’s that no one wants to disprove them, because almost everyone already agrees with them. Does that make sense? You’ll find that I like to make use of analogies, so here goes the first of many. Everyone seems to agree that a rose is beautiful. The notion that a rose is beautiful is irrefutable, despite the fact that it would be impossible to prove. Sure, I guess we could conduct some type of poll about attitudes toward rose beauty by various demographic groups, culminating in a statistical proof of general rose beauty across the human race. No one does this, though, because it’s silly. A rose is beautiful, and everyone knows it.
The rules I present here are important, and everyone “in the know” knows it. They are irrefutable.

Read More

The 7 Irrefutable Rules Of Small Business Growth - Wiley

Throughout much of the 1980s and 1990s, I was president of three different fast-growth businesses. In each case, these businesses went from pretty small to considerably bigger (but still pretty small in the grand scheme of things). The biggest one reached more than $12 million in revenue and 100 employees, and all three went through significant growth phases.
At a relatively early age, I did learn a few things about what it takes to grow a small business.
I also learned that I liked talking about small business growth more than I liked actually doing it. I come from a long line of teachers and orators, and eventually the pull of that familial persuader gene proved more than I could resist. I decided in early 1998 (along with my inexplicably understanding spouse) to pursue a full-time career as an independent consultant and speaker, specializing in the area of business growth for the privately held business. So far, so good.
Soon after, people began to hire me. In almost every case, they hired me based on my experience growing smaller businesses into bigger ones. That’s what gave me credibility in their eyes.Whether it was as a speaker or a consultant, it was my past success that got their attention. I have now spoken directly with literally tens of thousands of owners and managers of private enterprises. To this day, people still usually hire me based on my real-world experience.

But here’s an interesting thing. As I said before, I did learn a few things about growing businesses while I was doing it.However, I’ve learnedmuch,muchmore about the concept of business growth since becoming a consultant, speaker, and“expert” in the field.What I’ve learned, combined with my experience growing small companies, is really what I bring to the table.
For years, I’ve immersed myself in the study of business growth.Who does it?Why do they do it?Why does this owner make it work and not that one? What do the academicians say on the subject? Successful entrepreneurs? Other selfproclaimed experts? The media? It’s a fascinating subject and one in which your sources of information are never exhausted.
So what have I learned? For one thing, I’ve learned that back when I thought I knew everything I could on the subject of growth, I actually knew very little. I’ve also learned that the more I know about my chosen field, the less definitive I can be. In other words, the more I see and hear and experience what it takes to grow a privately held business, the less able I am to make sweeping pronouncements and general statements of truth.
For every small business study that points in a specific direction, there’s invariably another that points in exactly the opposite direction. I can get consensus from one group of business owners on one idea, only to be shot down as irrelevant by the next. Even some of my own nuggets of wisdom, slowly unearthed during my many years of digging in the trenches, have proven to be nothing more than fool’s gold. But I have found a few concepts that seem to resonate with people in the know—people who have witnessed sustained, profitable growth. Through years of dedicated effort (aka trial and error), I’ve managed to hone in on a few big ideas that seem to make sense—ideas with which people I respect appear to agree. How do I know they agree? It has more to do with what they don’t say than what they do. On the whole, company leaders who’ve had even a modest amount of success become starkraving “experts.” (Believe me, as a former company president, I know.) They are never shy about shooting down anyone or anything that espouses ideas that are contrary to their own experience.
(Believe me, as a speaker and consultant, I know.) These seven rules of small business growth that I include in this book are not rules because anyone in particular agrees with them. Instead, it’s because I can’t find any credible individuals inclined to disagree with them. To me, that is exactly what makes them so gosh-darn ir-re-fu-ta-ble. It’s not that they’re scientifically proven. It’s that no one wants to disprove them, because almost everyone already agrees with them. Does that make sense? You’ll find that I like to make use of analogies, so here goes the first of many. Everyone seems to agree that a rose is beautiful. The notion that a rose is beautiful is irrefutable, despite the fact that it would be impossible to prove. Sure, I guess we could conduct some type of poll about attitudes toward rose beauty by various demographic groups, culminating in a statistical proof of general rose beauty across the human race. No one does this, though, because it’s silly. A rose is beautiful, and everyone knows it.
The rules I present here are important, and everyone “in the know” knows it. They are irrefutable.

Read More

New York to Open Gay-Marriage Era as Lottery Winners Celebrate

By Esmé E. Deprez

July 22 (Bloomberg) -- Two grooms and two brides now adorn mugs, rubber duckies and snow globes in the souvenir shop of the City Clerk’s office in Manhattan as New York state prepares to allow same-sex couples to marry.

The city received 823 lottery entries from couples for 764 spots available for marriage at clerks’ offices July 24, said Marc LaVorgna, a spokesman for Mayor Michael Bloomberg. To accommodate all of the couples who applied, the city increased the number of slots in Manhattan to 459 from 400, he said.

Jo-Ann Shain and Mary Jo Kennedy of Brooklyn, who have been together 29 years, entered the 48-hour lottery after it was announced on July 19.

“At first we thought maybe it will be crazy, that it’ll be a zoo,” Shain, a 58-year old freelance medical editor, said in a telephone interview. “Then it occurred to us that we’ve waited so long, have fought so hard, it would be crazy not to be there on such a historic day.”

Shain said the couple plans to be married by a friend, who is a judge, outside the Manhattan clerk’s office as their 22- year old daughter, Aliya, looks on.

With 19.4 million residents, New York is the sixth and most populous U.S. state to grant same-sex couples the right to wed, a move championed by Governor Andrew Cuomo and approved by the Legislature in Albany on June 24, the last day of its session. The victory for gay-rights advocates, which made headlines around the world, more than doubled the number of Americans free to marry either gender to 35 million.

Record Day

The couples to be wed July 24 will mark the city’s most in one day, Bloomberg said this week. The previous record was set on Valentine’s Day in 2003, when 621 couples tied the knot.

As of yesterday, 3,145 couples had preregistered for marriage licenses, said Mark Botnick, a spokesman for the mayor. Of that, about 2,200 are estimated to be same-sex couples, he said.

Clerks’ offices in all five boroughs, which are normally closed on Sunday, will open from 8:30 a.m. to 4:30 p.m. at an additional estimated cost of $70,000, Botnick said. About 60 judges have volunteered to perform ceremonies, he said. The offices will remain open for two extra hours next week to handle the expected flood.

Three-Step Process

The Albany clerk’s office will provide licenses beginning at 12:01 a.m. on Sunday to 10 couples, according to the Empire State Pride Agenda. Clerks in Binghamton, Brighton, Brookhaven, Buffalo, Greenburgh, Ithaca, Niagara, North Hempstead, Oneonta, Rochester, Syracuse and Woodstock will also hold Sunday office hours, the Manhattan-based gay advocacy organization said.

All couples -- gay or straight -- face a three-step process to get married. They must obtain from a clerk a $35 marriage license, for which they can apply online or on site. Judges will be on hand to grant judicial waivers eliminating the state’s 24- hour waiting period. Couples may then have a clerk perform a civil marriage for $25 or hold a religious ceremony at another location.

Same-sex marriages in New York will be recognized in Connecticut, Iowa, Massachusetts, New Hampshire, Vermont and Washington, D.C., where the practice is legal, as well as in Maryland and Rhode Island, according to the mayor’s office.

Debate began at a U.S. Senate Judiciary Committee meeting on July 20 on the proposed Respect for Marriage Act, which would let the federal government extend benefits such as Social Security and health-insurance coverage to same-sex married couples. It would end the 1996 Defense of Marriage Act, which bans recognition of those unions. The proposal wouldn’t require states to legalize same-sex marriages.

Rabbi to Preside

Rabbi Sharon Kleinbaum of the Congregation Beth Simchat Torah in Manhattan’s Greenwich Village will marry people outside the Manhattan clerk’s office starting at 8:30 a.m. July 24. About 80 couples have signed up, with the final count depending on how many win the lottery, said Gabriel Blau, a congregation spokesman.

When Kleinbaum went to lobby for the marriage law’s passage in Albany, people pushed her and spat at her and said, “You are not a Jew,” Blau said.

Bloomberg plans to perform a marriage for John Feinblatt, his chief policy adviser, and Jonathan Mintz, the city’s commissioner for consumer affairs, at Gracie Mansion on July 24. The couple is the sole exception to the lottery.

The mayor is the founder and majority owner of Bloomberg News parent company Bloomberg LP.

--With assistance from Sarah Frier in New York and Victoria Pelham in Washington. Editors: Mark Schoifet, Stephen Merelman

To contact the reporter on this story: Esmé E. Deprez in New York at edeprez@bloomberg.net

To contact the editor responsible for this story: Mark Tannenbaum at mtannen@bloomberg.net

http://www.businessweek.com/news/2011-07-22/new-york-to-open-gay-marriage-era-as-lottery-winners-celebrate.html

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Management Tips from an 80-Year-Old Badass

Florida Marlins skipper Jack McKeon may not Twitter, but so what? This octogenarian knows his baseball and runs a tight ship

By Joel Stein

Illustration by John Ueland; McKeon: Otto Greule Jr/Getty Images; Field: Nick Laham/Getty Images

Not wearing a hearing aid is one of the many tricks Jack McKeon has learned during his six decades in baseball. “I used to be a very strong disciplinarian,” says McKeon, sitting in the Oakland Coliseum one recent afternoon as his players take batting practice. “Then I decided to back off a little bit. I don’t use the hearing aids because I don’t want to see a lot of things, and I don’t want to hear a lot of things.”

It may be too late for that. McKeon took over the last-place Florida Marlins on June 20, the day after then-manager Edwin Rodríguez quit. While Rodríguez wanted the Marlins to offer him a long-term contract, McKeon didn’t exactly need one. The 80-year-old’s appointment is almost without precedent in pro sports. In 2003 the Marlins hired a 72-year-old to take over a club filled with young, inexperienced players. That year, McKeon’s Marlins beat the New York Yankees in the World Series. Still, hiring a bona fide octogenarian is even harder to believe. The odds of McKeon winning the World Series this year (1 in 75, according to Vegas.com) are longer than the odds of him dying this year (1 in 15.5, according to Social Security’s actuarial tables).

While there are at least a dozen chief executive officers even older than McKeon—Hong Kong-based Run Run Shaw is, somewhat inexplicably, both a media mogul and 103 years old—none of them is running an outfit of men largely in their early 20s. Yet this management challenge doesn’t faze McKeon. “I got nine grandchildren, I’m in tune with what’s going on,” he says. “Maybe I’m not about to put my personal stuff on Facebook and all that crap, like the video stuff, whatever the hell they call it,” he explains, moving his thumbs as if he’s using a video-game console.

He doesn’t follow his players on Twitter, either. Marlins right fielder Logan Morrison recently posted, “McKeon asked me what I had going on tonite. Told him I was going home 2 play w/ Twitter. He replied ‘oh, what kind of dog is it?’ ” When I ask McKeon if he wants me to show him what his players are tweeting, he says: “No. I don’t care what they say. What do they say?” Then I show him Morrison’s tweets about his recent visit to Twitter headquarters, and McKeon makes a grumpy face. “I just want them to concentrate on baseball 100 percent once they enter that clubhouse. If he goes down to the minor leagues, he ain’t going to have any Twitter friends.”

Although affable, McKeon is known as a tough manager. During his first game this season, he benched his best player, shortstop Hanley Ramirez, for tardiness. He also pulled pitcher Randy Choate in the middle of a count. (“I’ve never had that happen before,” says Choate. “It worked.”) When he told his players they couldn’t hang out in the clubhouse during games, they knew he was serious; in 2003, McKeon locked the clubhouse doors and required players to hand him bathroom passes when they couldn’t hold it in any longer. He may be the only 80-year-old man who is willing and able to go three hours without peeing.

It’s taken McKeon decades to hone this management approach. “When you first start managing, you want the players to like you—so you let a lot of things slide,” he says. “You feel like these are veteran players and you need them on your side to help you.” However, McKeon eventually came to realize that “it doesn’t work that way. So when I come in, I try to establish me.” He’s learned that the best way to get personnel to buy into his detail-oriented program is by loosening them up—and playing to his own strengths. These days, one of McKeon’s signature bits is to call his players by the wrong name. When I ask him if this is really a bit, or if he actually has trouble telling Gaby Sanchez apart from Anibal Sanchez, he pauses and thinks. “They think, ‘He’s old. He forgot my name.’ So, s–t, I just go along with it.”

Read More

Britain’s Second-Quarter Economic Growth Probably Eased to 0.2%

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By Fergal O’Brien and Mark Evans

July 23 (Bloomberg) -- Britain’s second-quarter economic growth probably slowed as weak consumer spending continued to restrain the recovery, economists said.

Gross domestic product rose 0.2 percent compared with a 0.5 percent increase in the first quarter, according to the median of 32 forecasts in a Bloomberg News survey. The Office for National Statistics will publish the data at 9:30 a.m. on July 26 in London.

Output was hit in the second quarter by supply disruptions stemming from the earthquake in Japan, while plants shut down and workers booked vacations to take advantage of consecutive four-day weekends in April to mark Easter and the royal wedding. Bank of England policy makers left their benchmark interest rate at a record low this month and warned that the current economic weakness may persist “for longer than previously thought.”

“The economy is likely to have eked out marginal growth at best in the second quarter, and there is a very real danger that it could have contracted modestly,” said Howard Archer, an economist at IHS Global Insight in London, who forecasts 0.1 percent growth. “Activity clearly took a significant hit in April from the extra public holiday, but the softness of the economy runs deeper than this.”

Manufacturing growth slowed in June, while expansion among services companies remained “below trend,” Markit Economics Ltd. said in reports this month. Consumer confidence fell as Britons grew more pessimistic about the outlook for the economy, Nationwide Building Society said on July 21.

Demand is being hit by government spending cuts while high inflation is eroding household incomes at the fastest pace since the 1970s. The economy has effectively stagnated since September, with the first quarter’s growth leaving the level of GDP no higher than it was in the third quarter of last year.

Four of the economists surveyed forecast a contraction in the second quarter, with Hetal Mehta at Daiwa Capital Markets Europe Ltd. projecting a 0.3 percent drop in GDP. At the other end of the range is Azad Zangana at Schroders Plc, with a forecast for growth of 0.4 percent.

--Editors: Andrew Atkinson, Eddie Buckle

To contact the reporters on this story: Fergal O’Brien in London at fobrien@bloomberg.net; Mark Evans in London at mevans8@bloomberg.net

To contact the editor responsible for this story: Craig Stirling at cstirling1@bloomberg.net

Read More

New York to Open Gay-Marriage Era as Lottery Winners Celebrate

By Esmé E. Deprez

July 22 (Bloomberg) -- Two grooms and two brides now adorn mugs, rubber duckies and snow globes in the souvenir shop of the City Clerk’s office in Manhattan as New York state prepares to allow same-sex couples to marry.

The city received 823 lottery entries from couples for 764 spots available for marriage at clerks’ offices July 24, said Marc LaVorgna, a spokesman for Mayor Michael Bloomberg. To accommodate all of the couples who applied, the city increased the number of slots in Manhattan to 459 from 400, he said.

Jo-Ann Shain and Mary Jo Kennedy of Brooklyn, who have been together 29 years, entered the 48-hour lottery after it was announced on July 19.

“At first we thought maybe it will be crazy, that it’ll be a zoo,” Shain, a 58-year old freelance medical editor, said in a telephone interview. “Then it occurred to us that we’ve waited so long, have fought so hard, it would be crazy not to be there on such a historic day.”

Shain said the couple plans to be married by a friend, who is a judge, outside the Manhattan clerk’s office as their 22- year old daughter, Aliya, looks on.

With 19.4 million residents, New York is the sixth and most populous U.S. state to grant same-sex couples the right to wed, a move championed by Governor Andrew Cuomo and approved by the Legislature in Albany on June 24, the last day of its session. The victory for gay-rights advocates, which made headlines around the world, more than doubled the number of Americans free to marry either gender to 35 million.

Record Day

The couples to be wed July 24 will mark the city’s most in one day, Bloomberg said this week. The previous record was set on Valentine’s Day in 2003, when 621 couples tied the knot.

As of yesterday, 3,145 couples had preregistered for marriage licenses, said Mark Botnick, a spokesman for the mayor. Of that, about 2,200 are estimated to be same-sex couples, he said.

Clerks’ offices in all five boroughs, which are normally closed on Sunday, will open from 8:30 a.m. to 4:30 p.m. at an additional estimated cost of $70,000, Botnick said. About 60 judges have volunteered to perform ceremonies, he said. The offices will remain open for two extra hours next week to handle the expected flood.

Three-Step Process

The Albany clerk’s office will provide licenses beginning at 12:01 a.m. on Sunday to 10 couples, according to the Empire State Pride Agenda. Clerks in Binghamton, Brighton, Brookhaven, Buffalo, Greenburgh, Ithaca, Niagara, North Hempstead, Oneonta, Rochester, Syracuse and Woodstock will also hold Sunday office hours, the Manhattan-based gay advocacy organization said.

All couples -- gay or straight -- face a three-step process to get married. They must obtain from a clerk a $35 marriage license, for which they can apply online or on site. Judges will be on hand to grant judicial waivers eliminating the state’s 24- hour waiting period. Couples may then have a clerk perform a civil marriage for $25 or hold a religious ceremony at another location.

Same-sex marriages in New York will be recognized in Connecticut, Iowa, Massachusetts, New Hampshire, Vermont and Washington, D.C., where the practice is legal, as well as in Maryland and Rhode Island, according to the mayor’s office.

Debate began at a U.S. Senate Judiciary Committee meeting on July 20 on the proposed Respect for Marriage Act, which would let the federal government extend benefits such as Social Security and health-insurance coverage to same-sex married couples. It would end the 1996 Defense of Marriage Act, which bans recognition of those unions. The proposal wouldn’t require states to legalize same-sex marriages.

Rabbi to Preside

Rabbi Sharon Kleinbaum of the Congregation Beth Simchat Torah in Manhattan’s Greenwich Village will marry people outside the Manhattan clerk’s office starting at 8:30 a.m. July 24. About 80 couples have signed up, with the final count depending on how many win the lottery, said Gabriel Blau, a congregation spokesman.

When Kleinbaum went to lobby for the marriage law’s passage in Albany, people pushed her and spat at her and said, “You are not a Jew,” Blau said.

Bloomberg plans to perform a marriage for John Feinblatt, his chief policy adviser, and Jonathan Mintz, the city’s commissioner for consumer affairs, at Gracie Mansion on July 24. The couple is the sole exception to the lottery.

The mayor is the founder and majority owner of Bloomberg News parent company Bloomberg LP.

--With assistance from Sarah Frier in New York and Victoria Pelham in Washington. Editors: Mark Schoifet, Stephen Merelman

To contact the reporter on this story: Esmé E. Deprez in New York at edeprez@bloomberg.net

To contact the editor responsible for this story: Mark Tannenbaum at mtannen@bloomberg.net

http://www.businessweek.com/news/2011-07-22/new-york-to-open-gay-marriage-era-as-lottery-winners-celebrate.html

Read More

Management Tips from an 80-Year-Old Badass

Florida Marlins skipper Jack McKeon may not Twitter, but so what? This octogenarian knows his baseball and runs a tight ship

By Joel Stein

Illustration by John Ueland; McKeon: Otto Greule Jr/Getty Images; Field: Nick Laham/Getty Images

Not wearing a hearing aid is one of the many tricks Jack McKeon has learned during his six decades in baseball. “I used to be a very strong disciplinarian,” says McKeon, sitting in the Oakland Coliseum one recent afternoon as his players take batting practice. “Then I decided to back off a little bit. I don’t use the hearing aids because I don’t want to see a lot of things, and I don’t want to hear a lot of things.”

It may be too late for that. McKeon took over the last-place Florida Marlins on June 20, the day after then-manager Edwin Rodríguez quit. While Rodríguez wanted the Marlins to offer him a long-term contract, McKeon didn’t exactly need one. The 80-year-old’s appointment is almost without precedent in pro sports. In 2003 the Marlins hired a 72-year-old to take over a club filled with young, inexperienced players. That year, McKeon’s Marlins beat the New York Yankees in the World Series. Still, hiring a bona fide octogenarian is even harder to believe. The odds of McKeon winning the World Series this year (1 in 75, according to Vegas.com) are longer than the odds of him dying this year (1 in 15.5, according to Social Security’s actuarial tables).

While there are at least a dozen chief executive officers even older than McKeon—Hong Kong-based Run Run Shaw is, somewhat inexplicably, both a media mogul and 103 years old—none of them is running an outfit of men largely in their early 20s. Yet this management challenge doesn’t faze McKeon. “I got nine grandchildren, I’m in tune with what’s going on,” he says. “Maybe I’m not about to put my personal stuff on Facebook and all that crap, like the video stuff, whatever the hell they call it,” he explains, moving his thumbs as if he’s using a video-game console.

He doesn’t follow his players on Twitter, either. Marlins right fielder Logan Morrison recently posted, “McKeon asked me what I had going on tonite. Told him I was going home 2 play w/ Twitter. He replied ‘oh, what kind of dog is it?’ ” When I ask McKeon if he wants me to show him what his players are tweeting, he says: “No. I don’t care what they say. What do they say?” Then I show him Morrison’s tweets about his recent visit to Twitter headquarters, and McKeon makes a grumpy face. “I just want them to concentrate on baseball 100 percent once they enter that clubhouse. If he goes down to the minor leagues, he ain’t going to have any Twitter friends.”

Although affable, McKeon is known as a tough manager. During his first game this season, he benched his best player, shortstop Hanley Ramirez, for tardiness. He also pulled pitcher Randy Choate in the middle of a count. (“I’ve never had that happen before,” says Choate. “It worked.”) When he told his players they couldn’t hang out in the clubhouse during games, they knew he was serious; in 2003, McKeon locked the clubhouse doors and required players to hand him bathroom passes when they couldn’t hold it in any longer. He may be the only 80-year-old man who is willing and able to go three hours without peeing.

It’s taken McKeon decades to hone this management approach. “When you first start managing, you want the players to like you—so you let a lot of things slide,” he says. “You feel like these are veteran players and you need them on your side to help you.” However, McKeon eventually came to realize that “it doesn’t work that way. So when I come in, I try to establish me.” He’s learned that the best way to get personnel to buy into his detail-oriented program is by loosening them up—and playing to his own strengths. These days, one of McKeon’s signature bits is to call his players by the wrong name. When I ask him if this is really a bit, or if he actually has trouble telling Gaby Sanchez apart from Anibal Sanchez, he pauses and thinks. “They think, ‘He’s old. He forgot my name.’ So, s–t, I just go along with it.”

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