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Nikon Debuts Video Headset With Wi-Fi, 8GB of Storage, and a *Browser*[Wearable Computers]
Fri, 10/10/2008 - 11:38Shared by Andy
Our PC's and PDA's are already our external brains. Ones that we can misplace and then bemoan the fact that we don't know anyone's phone numbers.
A seriously odd announcement from camera maker Nikon, the Media Port UP300 and UP300x video headset approaches wearable PC territory. The device, which honestly looks like a pair of headphones with a small display tacked on, actually has a pretty impressive spec sheet: up to 8GB of flash memory for videos, audio and file storage, Wi-Fi connectivity, a full-featured internet browser and on the 300x model, even motion control. Browsing would have to be frustrating on a setup like this, but the Wi-Fi connection can also be used to download audio and video content directly to the device.
The UP300 sits in an interesting place, exceeding the hardware capability of simple video goggles from Zeiss and Myvu but falling short of the full-fledged PC glasses that we were taught to expect by that stupid Beyond 2000 show. There also may be some applications outside of the consumer space, like as audio/video tour guide replacements. Sorry, HUD-loving nerds — Japan only for now. Full presser below. [Akihabara]
The Media Port UP300x and UP300
October 7, 2008
Nikon Corporation (Michio Kariya, President) is pleased to announce the successful development of the Media Port UP ("UP" read as individual letters), a multimedia playback headset device that also supports Internet connection. This innovative product, which incorporates display, headphones, mobile A/V player, Wi-Fi capability, high-capacity memory, and power source in a single compact unit is the first of its type. The UP allows users to easily enjoy high-quality images, videos, and music anywhere. Two UP models will be available—the high-performance UP300x and the basic UP300. The Media Port UP will be available only in Japan through the Nikon Imaging Japan Inc. (Takao Nishioka, President) online UP Store (http://www.upstore.jp/).
* Multimedia playback device in headset form, according to Nikon survey as of October 7, 2008.
Major Functions
* The single, compact unit allows for simple enjoyment of videos and music anyplace and anytime, while leaving the hands free to do other things.
* Enjoy image and video viewing with a sensation equivalent to that of viewing of a 50-inch large screen from a distance of three meters.
* An extremely compact and lightweight display that offers excellent image quality achieved with optics made possible through development and adoption of a new adhesion double-layer diffractive optical element (DOE) lens.
* The high-performance UP300x is equipped with a built-in motion sensor that allows for hands free operation, including volume adjustment, by moving the head up or down, left or right.
* The UP300x is equipped with an 8 GB internal memory while the UP300 offers 4 GB of internal memory.
* Designed with a high eyepoint and diopter adjustment so that even those who wear glasses will find the display easy to view.
* In addition to Web browsing via Internet connection using the built-in Wi-Fi function, media contents can also be downloaded.
* A service for UP users that allows for the distribution of video contents will be initiated. Users will be able to easily select desired contents and download media files to their UP for viewing and listening enjoyment.
* As Windows Media Player (WMP) files are also supported, compatible media files saved to a computer can also be transferred to a UP for viewing and listening enjoyment.
Development background
Nikon has a long history of development of a variety of products that allow for the simple enjoyment of high-quality imaging, beginning of course, with digital cameras. In recent years, the digital wave has led to great changes in the ways in which images, videos and music are enjoyed. Nikon recognizes the fact that modern people are now able to increase the value of time with the ability to access and enjoy information available with today's imaging and audio capabilities using a few minutes of spare time. Sitting comfortably on the head, this product allows immediate access to a variety of information as a device that can accompany users in their everyday lives. The UP models developed by Nikon are the world's first products of this type to incorporate all of the features available with various mobile devices, such as image and audio playback, communications, built-in memory, and simple power source, in a single unit. What's more, these features have been incorporated into a product with the same size and weight as conventional sound-isolating headphones.
High-definition image and video playback was achieved with the development and adoption of Nikon's exclusive new optics technology for the UP display. In addition, this product was also designed with high-quality speakers and superior operation and feel. This is a new genre of product that combines the optics, human interface, and digital imaging technologies Nikon has spent decades accumulating with new audio and Internet technologies.
Origin of the UP name
Nikon has named this innovative product "UP". This name was taken from a number of word combinations that may be used to described the broad functionality and uses of this product, including "universal port", "ubiquitous player", "ultimate player", "U (your) partner", "U (your) pleasure", and "U (your) power". As the first product in a brand new genre, we chose the name "UP" for both its simplicity and its presence.
Primary Features
1. All-in-one, hands free enjoyment
An all-in-one design that offers display, headphones, mobile A/V player, Wi-Fi capability, and Internet connection in a single unit. An ergonomic design arch form that reflects basic Nikon characteristics such as simplicity and ease-of-use, while offering innovation and a high-quality feel.
2. Clear and easy-to-see high-quality display
The display incorporates a liquid crystal display, backlight, and newly developed optics that enable display zoom. This new technology is the result of the technologies and know how cultivated by Nikon with our development of SLR camera viewfinders and eyeglasses. Though extremely compact and lightweight, the UP allows users to enjoy clear and beautiful images, without distortion.
3. Adhesion double-layer DOE lens enables compact, lightweight, high-quality display
The optics adopted for UP display incorporate Nikon's exclusive adhesion double-layer DOE lens. While most common lenses use refraction to change the direction in which light moves, diffractive optical elements (DOE) use light diffraction. A diffraction grating, shaped like the teeth of a saw with separation of tens to hundreds of micrometers, suppresses chromatic aberration to reproduce crisp and clear VGA images. What's more, this allows for an optical system with a weight of approximately 1/7 that of conventional lens optics (comparison of Nikon designs).
4. Internet connection via built-in Wi-Fi capability
Internet connection* via a wireless LAN network is made possible with built-in Wi-Fi capability. Our original online service, UP Link, enables Web browsing and download of media contents for viewing and listening enjoyment.
*Registration with a supported Internet service provider required. All functions may not be supported with some network connections.
5. Integrated design allows for superior sound quality
The integration of amplifier and speakers in a single unit enables optimization of sound quality. As no external cable connection is required, noise is minimized for pure sound quality. The built-in driver unit is a highly magnetic 40 mm neodymium unit, which offers superior sound with realistic sensation. In addition, the large earpads are made of soft, viscoelastic urethane for a comfortable and secure fit.
6. Movie and music player with multi-codec support
WMV9 and MPEG-1, MPEG-2 movies, and MP3, AAC, and WMA9 audio files are supported.
7. High-capacity memory built in
The UP300x is equipped with an 8 GB internal memory and the UP300 offers 4 GB of internal memory. The UP300x can hold MPEG-2 data of up to 160 minutes in length or WMV9 data of up to 500 minutes in length (MPEG-2 files recorded at 6.5Mb/s, WMV files recorded at 2Mb/s).
8. Retracting mechanism for adjustment of display position to suit use
Depending upon whether you are viewing images or videos, or simply listening to music, the adjustable display arm can be lowered to eye level or kept in its storage position. Further, the display arm can be lowered below eye level when primarily listening to music with occasional viewing of images or videos.
9. Mechanisms for individual fit
The display incorporates two flexible joints and an extendable arm that allow for positioning adjustment suited to individual head shape and size, as well as eye level. This provides for comfortable viewing position and a secure fit for all users. What's more, the arm joint can be reversed for viewing images and videos with either the left or right eye.
10. "Fit Navigator" for usage guidance
This function assists users with correct viewing and listening positioning as well as operation. When the UP is turned on, users need simply to follow the instructions displayed to achieve optimum viewing and listening positioning and learn about button operations.
11. Automatic image brightness adjustment function
When viewing images or videos with just one eye with the UP, visibility with that eye is affected by external brightness visible with the opposite eye. Therefore, the UP has been equipped with a function that automatically adjusts image or video brightness according to ambient brightness.
12. Motion sensor for hands-free operation (UP300x only)
Hands free operation makes the UP a truly all-in-one device. The UP300x is equipped with a motion sensor that supports hands free operational control. With simple head movements up, down, left, or right, a variety of operations, including volume adjustment, can be controlled without using the hands.
13. Operational control concentrated with a multi selector
All operations and basic settings can be applied with one hand using the multi selector, a set of integrated controls on the outside of one speaker. The multi selector is comprised of a center dial surrounded by four buttons. When a button is pressed, function color in the display changes for simple control of the intended operation. The user interface is simple enough for anyone to master.
14. High eyepoint and diopter adjustment for comfortable viewing even while wearing glasses
The UP is designed with a high eyepoint for comfortable viewing while wearing glasses. It is also equipped with a diopter adjustment function. This allows for adjustment of optical power to suit individual vision.
In addition, when viewing images or videos with just one eye with the UP, the diopter adjustment function can be used to make the focusing distance of the eye viewing images or videos the same as the other eye, allowing for comfortable simultaneous viewing of the UP display and the surrounding environment.
15. A/V input (UP300x only)
The UP300x can be connected to portable A/V devices with an output terminal, including cellular telephones and audio players. This provides a new way to enjoy existing image, video, and music libraries. (The optional A/V cable is required for connection. Connection may not be possible depending upon the existence of an A/V output terminal, connector shape, and output specifications of the A/V device.)
16. Communication indicator
When operations are modified or volume is adjusted, built-in signs light on the display arm and on the front of the display. These signs can also be disabled.
17. Wiper switch warnings
When viewing images or videos with one eye with the UP and rapidly moving objects are visible with the other eye, attention may concentrate on the surrounding environment. The wiper function shows a white line in the display, which moves to help bring attention back to the display.
18. Hours of listening and viewing enjoyment with two AA batteries
The UP can be powered by two AA alkaline batteries. The UP comes with two Sanyo AA "eneloop" Ni-MH rechargeable batteries and dedicated quick charger. When the supplied batteries are used, uninterrupted video playback of up to 120 minutes1 or music playback of up to 270 minutes2 is possible.
1
With display brightness manually set to 3 and playback of WMV movie file at 2 Mb/s. Except contents protected by Windows Media DRM 10.
2
With backlight turned off and playback of WMA 9.2 audio file at 320 Kb/s. Except contents protected by Windows Media DRM 10.
Additional features
* The optional infrared remote control is convenient for times when reaching for the multi selector may be difficult.
* The size of the image/video displayed can be reduced (50% horizontally and vertically). This prevents missing any details when images or videos are viewed at the periphery of visual field when the display arm is positioned below eye level.
Media Port UP specifications
Type: Multimedia playback headset
Model: UP300, UP300x
Display: 0.44-in. transmissive LCOS with 640 x 480 x 3 dots and 16,770,000 colors
Lens: Adhesion double-layer DOE lens with a diagonal of approximately 24°
Speaker unit: Sealed dynamic type that supports playback frequencies of 3–25,000 Hz
Input terminal: Multi connector
Power source: Two AA alkaline batteries
Three AA Lithium batteries
Two AA rechargeable nickel hydride batteries
Storage medium: Built-in flash memory: 4 GB (UP300)/8 GB (UP300x)1
File formats:
Movie: MPEG-1, MPEG-2, WMV9 (DRM 10 compatible)
Audio: MP32, WMA9 (DRM 10 compatible), AAC2
Still image: JPEG
Other: SWF (Flash Player 7 compatible)
Interface Hi-Speed USB
Wireless LAN 802.11b/g protocols within a range of 20 m (line of sight)3
Video input(UP300x) Images: NTSC, 1 Vp-p/75Ω Audio: 500 mVrms/47 KΩ
Web browser HTML: HTML 4.01, frames supported, JavaScript
Flash: Version 7
Uninterrupted playback Movie: Approximately 120 minutes4
Audio: approx. 270 minutes5
Operating environment Ambient temperature: 0~40°C
Humidity: 85% or less (no condensation)
Weight 385 g (including supplied batteries)
Supplied accessories UC-UP1 USB cable, 2 Sanyo "eneloop" rechargeable batteries(HR-3UTG), NC-MDR02 battery charger, AL-UP1 angle limiter, Soft Pouch SC-UP1
1 50 MB used by the system.
2 Files protected by copyright cannot be played.
3 Effective range may be reduced by obstacles and inclement weather.
4 With display brightness manually set to 3 and playback of WMV movie file at 2 Mb/s.
Except contents protected by Windows Media DRM 10.
5 With backlight turned off and playback of WMA 9.2 audio file at 320 Kb/s.
Except contents protected by Windows Media DRM 10.
• Except where indicated, all specifications provided apply to use at an ambient temperature of 25°C with the supplied batteries fully charged.
Our PC's and PDA's are already our external brains. Ones that we can misplace and then bemoan the fact that we don't know anyone's phone numbers.
Categories: Andy
Discovery Channel's *Time Warp*: Slo-Mo Videos of Crazy Sh*t Go Primetime [TV]
Thu, 10/09/2008 - 14:08Shared by Andy
This is awesome, would you volunteer to get your face punched for a slow-mo camera?
Overheard in a recent Discovery Channel producer's meeting: "Hey—here's a crazy idea: you know how videos of things happening in slow motion tend to blow up the internet? Let's make that into a whole show. And in HD to boot. Face punches, raw chicken exploding, champagne blowing its top (the more latent sexuality the better!)—that kind of thing. We'll start it off next week, and yeah, we'll put some pretty great interactive slo-mo videos on our website that can be controlled frame-by-frame. I don't know about you guys but I'm sold!" [Discovery Channel]
This is awesome, would you volunteer to get your face punched for a slow-mo camera?
Categories: Andy
Palin Debate Prep Flowchart
Fri, 10/03/2008 - 18:12Shared by Andy
I have to admit I like Sarah Palin less and less by the day...
by Aden Renkai, via Political Wire (thanks Teresa Nielsen Hayden!).
I have to admit I like Sarah Palin less and less by the day...
Categories: Andy
Criminal Uses Craigslist to Escape From Armored Truck Robbery [Craiglist]
Fri, 10/03/2008 - 10:48Shared by Andy
He should have used Yahoo Mechanical Turk, it's cheaper.
A bank robber got away with a bag full of mucho money from an armored truck after successfully pulling out a perfect escape plan, straight out the final scene of the Thomas Crown Affair. The criminal—who was wearing a yellow vest, safety goggles, a respirator mask and a blue shirt—used Craigslist to hire a dozen of decoys to confuse the police and the public around the scene. Mike, one of the hired decoys, gave the full details:
I came across the ad that was for a prevailing wage job for $28.50 an hour. He said to meet near the Bank of America in Monroe at 11 a.m. Tuesday. (He also was told to wear a yellow vest, safety goggles, a respirator mask… and, if possible, a blue shirt).
I know, stealing is bad, but I wish all crimes were as amusing and non-violent as this one.
Gotta love Nina Simone to start up a Friday. [King5]
He should have used Yahoo Mechanical Turk, it's cheaper.
Categories: Andy
Criminal Uses Craigslist to Escape From Armored Truck Robbery [Craiglist]Gizmodo
Fri, 10/03/2008 - 10:47Categories: Andy
Netflix to Open API and Databases to the Public [NetFlix]
Wed, 10/01/2008 - 12:51Shared by Andy
Must. think. of. killer. app. for. this. API. Make money.
Netflix will introduce their API to the public tomorrow at the Experience AJAX conference, and according to ReadWriteWeb, it will allow free access to movie data and stats stored on their servers. This doesn't mean that anyone will be able to write a streaming video app for any random piece of open hardware. However, it does mean that people will be able to to integrate movie info (ratings, related films, etc.) into widgets, like the ones you'd see on TypePad or Facebook. Or more importantly, create apps that allow for queue management (yes, this API is read and write capable).
So potentially, non-PC gadgets that are running the Netflix streaming service could have the ability to directly add and reorder movies to the queue—saving the trouble of having to pull out your computer when you think of something you want to add on the fly.
Data will be accessible via REST and Javascript APIs (no JSON, though), plus ATOM feeds. The API will also be usable for commercial purposes, so if you have a Netflix killer app for the iPhone planned that you think could make you some money, you'd better get to work. Netflix's API will be available starting tomorrow at the Netflix developer site, which you will be able to sign up for by clicking here tomorrow, and not a moment earlier. [Netflix Developer via ReadWriteWeb]
Must. think. of. killer. app. for. this. API. Make money.
Categories: Andy
Fiction Rule of Thumb
Wed, 10/01/2008 - 10:57Shared by Andy
The last fantasy series I read, The Wayfarer Redemption, by Sarah Douglass suffered from this.
The last fantasy series I read, The Wayfarer Redemption, by Sarah Douglass suffered from this.
Categories: Andy
MySQL hacker needs $400K for his son's bone-marrow transplant
Mon, 09/29/2008 - 15:06Shared by Andy
If you use MySQL perhaps consider donating something to this guy. He makes our lives better, we should do the same for him.
The MySQL community -- who create, maintain and support the leading free database -- are raising funds for Andrii Nikitin, a MySQL support engineer in Ukraine whose little boy, Ivan, needs a $400,000 bone-barrow transplant.
"My family got bad news - doctors said allogenic bone marrow transplantation is the only chance for my son Ivan.
"8 months of heavy and expensive immune suppression brought some positive results so we hoped that recovering is just question of time.
"Ivan is very brave boy - not every human meets so much suffering during whole life, like Ivan already met in his 2,5 years. But long road is still in front of us to get full recover - we are ready to come it through.
"Ukrainian clinics have no technical possibility to do such complex operation, so we need 150-250K EUR for Israel or European or US clinic. The final decision will be made considering amount we able to find. Perhaps my family is able to get ~60% of that by selling the flat where parents leave and some other goods, but we still require external help."
Donate to help Andrii Nikitin's son Ivan
(Thanks, Danny!)
Categories: Andy
Nero LiquidTV Software Builds a Whole TiVo into Your PC [TiVo]
Mon, 09/29/2008 - 11:44Shared by Andy
I wonder how this will affect the new DirectTV/TiVo partnership? If I can just use my PC as my TiVo (tuner, dvr) then why do I need to buy a special box?
Possible-new-interface-haver TiVo and Nero, the old CD burning guys, have announced a new piece of software that will give your PC all of the capabilities of a TiVo box, allowing it to tune in to and record television through TiVo's familiar interface. The announcement was a long time coming, as TiVo and Nero announced their curious partnership almost a year ago.
New features seem pretty sparse, though there will be some limited video export capability to enable transfer of some video content to portable devices, like the PSP and iPod. There are two purchase options available: a software, tuner and remote package for the totally unequipped and a software-only package, retailing for $199 and $99, respectively. Each package comes with a year of TiVo service, after which renewal will be a flat fee of $99 a year. Nero LiquidTV/TiVo PC will be available from October 15th. [WSJ]
I wonder how this will affect the new DirectTV/TiVo partnership? If I can just use my PC as my TiVo (tuner, dvr) then why do I need to buy a special box?
Categories: Andy
Link vs. Gannon Print
Mon, 09/29/2008 - 11:41Shared by Andy
That's one of the coolest fan art pieces I've ever seen.
iam8bit is selling prints of some of the art from their show…
Link vs. Gannon Print - $100
That's one of the coolest fan art pieces I've ever seen.Categories: Andy
Muslim Massacre
Mon, 09/29/2008 - 11:14Shared by Andy
I'd play that Blackwater/NORTHCOM game if I got a chance to kill the Wall Street CEOs that created this mess of an economy.
The first thing I thought was "what are those, ninjas?" It turns out, there were not ninjas.
When I first heard of Muslim Massacre I figured I'd pass. It was only after Danny sent me a link, in light of his parley with the creator, that I decided to give it a serious look. The game is dank, addicting, well crafted in its Robotronic glee. If you re-skinned it with the usual aliens instead of terrestrial ones, it would still be a fun play. But this game is not just that.
Anecdote: I once hitched a ride with a Sheik, his hair was crumpled and sleek, I asked him to mind, "what's the role of the your kind?" and he said "to protect against the Muslims." Then I said, "shit man, you'll have to go global." That was years ago now, before I learned that the war on terror is a satirical MMO played on Pentagon mainframes and NewsCorp teleprompters.
The game puts you in the role of G.I. Joe, egged on by crisply haunting voice over from G.W. Bush. The whole thing is obviously satire, and like Super Columbine, was satire not just of the public perception of its featured issue, but also of certain tropes of game development. In this case, it's the fetishization of violence, the stupid power fantasies of over-muscled anglos with both blond and black hair, the plastic guns and beady pullets that plop out with a chirp, suggesting the whole abattoir is nothing more sinister than tea cups at Disneyland. You could say that by satirizing U.S. foreign policy and gung-ho game design in the same stroke, this game is making a broader meta-criticism. By making war into a game we can justify killing over a million Iraqis, lacing their surviving gene pool with depleted uranium, and then stealing their oil reserves. Why not? It's the American motherfucking way.
On the other hand, this game has been received with the most vehemence from the Muslim Community. Does anyone get irony? Perhaps the litmus test for representing a special interest or minority group in any official position is a demonstrated lack of understanding satire, sarcasm, irony, or hell, let's throw pathos in there. The rednecks and neo-Nazis play this game with glee, unaware that they're being lampooned reflexively, and the Muslims get upset about the exaggerated reflection of wrong-doing against their own people. The author had said that he wanted to destroy the stereotypical image of Muslims, like some sort of voodoo doll ritual on a cultural scale, and when the response to that is a genteel, litigious statement, rather than say, a suicide bombing, then the game has literally been successful in displacing the stereotype, if only a little.
Self-fulfilling prophecies and information warfare; look at little deeper and you'll see this game, in it's silly, pedantic, intellectually belligerent, little way, is scalar to the discrete macro-operations of the early 21st century. If Sigvatr really wants to drive the point home he should do a sequel where you play a Blackwater/NORTHCOM merc and slaughter American civilians after martial law is declared in a few weeks.
I'd play that Blackwater/NORTHCOM game if I got a chance to kill the Wall Street CEOs that created this mess of an economy.
Categories: Andy
We're in ur bank, bailin' it out.
Fri, 09/26/2008 - 16:00Shared by Andy
lol, this is a great take on the "were in ur" internet meme. Also, this is really probably sadly true.
lol, this is a great take on the "were in ur" internet meme. Also, this is really probably sadly true.
Categories: Andy
My Presidential Endorsement - P2
Wed, 09/24/2008 - 15:41This is what I wrote in my Presidential Endorsement Post:
In the meantime, because the economic future of this country depends on the funding of the plan Secretary Paulsen has proposed, I will set aside my campaigning and work with my colleagues in the Senate and across my party to quickly get this bill passed. The future of our economy depends on it”
The following has just been reported
SAN FRANCISCO (MarketWatch) – Republican presidential candidate John McCain said Wednesday he will suspend his campaign to return to Washington to deal with the current bailout debate. McCain also called for a delay of Friday’s debate with Barack Obama, the first of three scheduled debates, to focus on the current financial crisis.
Good for you Senator McCain. Thanks for reading my blog
Senator Obama ?
Categories: Andy
Understanding the Bailout
Tue, 09/23/2008 - 17:48Consumer mortgages sat on a wall. Consumer mortgages had a great fall. All the kings accountants and all the kings friends, couldn’t put Consumer mortgages back together again… or can they ?
After watching all the testimony on CNBC and Fox Business (and a little Bloomberg too), there was one comment from Hank Paulson that really clarified things for me. Or at least I think it did.
He said the process of the bailout was going to take place, asset class by asset class. Combine this with other testimony that talked about the important of getting participation from all banks, rather than dealing on a bank by bank basis, here is what I think I can conclude:
Every which kind of debt, from mortgages, to parts of mortgages, to corporate bonds to IOUs from your Uncle Fester have been packaged together in every possible permutation to create sell able assets that could then be used to package CDOs , CDSs to who knows what. Every investment bank then took these complex instruments and made a boat load of money selling them to anyone who would take them, including each other. Every one did it because everyone did it and they were making a ton of money from it.
Problem was, these products were complex, and, and its a VERY BIG AND, there was no real accounting of what products were sold, how many were sold, and what was in the products, individually and in aggregate. Bialystock & Bloom could have done a better job accounting for this than what exists today. Which is basically no accounting for all of this at all. None.
Because there is no transparency or centralized documentation of what the financial institutions have sold, what they own, or what the pieces involved are, the Fed really has no idea whatsoever what it is buying.
So what to do ? Exactly what Paulson is doing. You tell everyone to throw their junk into a big hole and then you send in the accountants and “experts” to untangle everything and put them in their “asset class bucket”
Figuratively, imagine a huge trash pile of contracts reaching to the sky. Some government accountant is going to start with the one at the top and start reading it to figure out what the hell is in each contract. Then they are going to extract the pieces and put them in asset class buckets. It will go something like this…:
This contract has 10k pieces of mortgages, so we are going to document which mortgages and put them in the mortgage bucket. This one is a CDS against XYZ corporation , put it in the corporate debt asset bucket for XYZ corporation. There is a bucket for each asset or debt class, mortgages, corporate and whatever else is possible.
Once they have deconstructed each contract into the lowest common denominator asset class bucket, they will start to reconstruct, if not each individual mortgage, packages of mortgages and how they are encumbered. They will construct each individual debt obligation and all the instruments that have been sold against that debt. They will do this over and over again, documenting all of it until they can come up with an accounting of what assets, debts and derivative instruments they actually have bought
Once they have done this, they can start the process of selling what they hope will be far simpler and easier to understand and document financial instruments. Which, by nature of the fact that they are simpler, will be easier to sell at a higher price.
One of the challenges they have is in having all the contracts required to identify all the pieces of the base asset class. To simplify, if a mortgage was split up into 100 pieces and they only were able to identify 90 of them, it will be harder to sell the underlying mortgage because its missing pieces. this is exactly why Paulson said that they are not going to punish each individual corporation and CEO. They dont want to disincent any holder from contributing every bit of these obligations. They need to find everything in order to put the pieces back together. They need full participation.
Once they identify all the pieces, then they can start selling all the pieces, asset class by asset class.
Once they get to this point, then I stand by my last post. They need 100pct transparency. They need to identify all the final products they were able to reassemble and all the pieces that the final products were assembled from, along with the companies they came from. Then they need to publicly list all these and create some form of auction market exchange from their sale.
if they can sell it, it means they have it documented. if its documented for the buyer, it can be documented for shareholders of USA Inc, you and I, to see and for private equity to possibly bid more and buy
And finally, they need to work with Congress to pass a law that revokes the Golden Parachutes of any officer of a company that contributed assets to the Bailout.
This is how I understand this whole thing. Tell me what I missed or where I am wrong
Categories: Andy
Plants make aspirin-like chemical
Fri, 09/19/2008 - 13:54When plants are stressed out, they generate aspirin-like chemicals. The aspirin isn't used to reduce headaches, primarily because plants don't have heads. Scientists from the National Center for Atmospheric Research detected significant quantities of methyl salicyate, a chemical form of aspirin, above a forest canopy. The capability of plants to emit the chemical had been known previously but only observed in a laboratory setting. From a press release:
(Lead researcher Thomas) Karl and his colleagues speculate that the methyl salicylate has two functions. One of these is to stimulate plants to begin a process known as systemic acquired resistance, which is analogous to an immune response in an animal. This helps a plant to both resist and recover from disease.
The methyl salicylate also may be a mechanism whereby a stressed plant communicates to neighboring plants, warning them of the threat. Researchers in laboratories have demonstrated that a plant may build up its defenses if it is linked in some way to another plant that is emitting the chemical. Now that the NCAR team has demonstrated that methyl salicylate can build up in the atmosphere above a stressed forest, scientists are speculating that plants may use the chemical to activate an ecosystem-wide immune response...
The discovery raises the possibility that farmers, forest managers, and others may eventually be able to start monitoring plants for early signs of a disease, an insect infestation, or other types of stress. At present, they often do not know if an ecosystem is unhealthy until there are visible indicators, such as dead leaves.
"A chemical signal is a very sensitive way to detect plant stress, and it can be an order of magnitude more effective than using visual inspections," Karl says.
"Plants in Forest Emit Aspirin Chemical to Deal with Stress" (UCAR)
Categories: Andy
Dumping Someone Is Hard, Even if That Someone Is a Sex Doll [Rubber Love]
Wed, 09/17/2008 - 11:10Here's a tip: when disposing of a very lifelike sex doll, leaving it in a shallow grave bound up and wrapped in a sleeping bag is not the best way to do so. You know, because someone might stumble upon a sleeping bag with hair coming out of one end and feet coming out of the other and jump to a conclusion other than that you got sick of humping an inanimate object. In fact, that's just what happened to a would-be silicone heartbreaker in Japan.
A 60-year-old man, having lived with his rubbery companion for a few years after his wife passed away, decided to move in with his kids and felt like it was time to move on. He was too attached to chop his former lover up into pieces and toss her out with the trash, so he did what any respectable guy would do: stuck her in a sleeping bag, brought her to a remote, wooded area and dumped her.
Then, of course, some hikers came upon his little bundle and called the police, who didn't realize that they didn't have a real corpse until they unwrapped her to start a post-mortem exam.
After being reported in the press, the poor guy came forward, and now he's facing charges for violating Japan's Waste Management Law. Oh, what a sordid tale of love and loss and gross, rubbery breasts! [Pink Tentacle via Boing Boing Gadgets]
Adam Frucci
Categories: Andy
The AIG - Lehman - Merrill Lynch Link
Tue, 09/16/2008 - 11:323 Companies facing cash crunch oblivion. A bankruptcy, an desperation sale and pure desperation. What do all 3 companies have in common ? Share buybacks. Billions and Billions and Billions in share buybacks over the last 18 months.
AIG
March 2, 2007
BOSTON (MarketWatch) — Shares of American International Group Inc. got an early lift Friday, gaining as the company reported higher fourth-quarter net income and said its board has approved a major stock-repurchase plan.Merrill Lynch
May 1, 2007The investment bank Merrill Lynch said yesterday that it would buy back as much as $6 billion of its common stock over time, as the firm looks to return capital that is building up on its balance sheet to investors.Merrill Lynch has generated strong earnings in recent quarters, helped by areas like trading and private equity.
Those results have allowed Merrill to return more money to investors. In February 2006, Merrill Lynch announced a $6 billion share buyback authorization, and in October of last year, a $5 billion authorization.
As of the end of the first quarter, Merrill Lynch had $1.2 billion still outstanding on the October authorization, the company said early this month.
Merrill Lynch has been buying back more than $2 billion of shares a quarter since the beginning of 2006. Before that, it was buying closer to $1 billion of shares a quarter.
Based on Friday’s close of $90.11, the most recent $6 billion authorization could buy back about 66.6 million shares, or nearly 8 percent of the average basic number of shares listed in its most recent quarterly results.
Lehman Brothers
NEW YORK, Jan 29 2008 (Reuters) - Lehman Brothers Holdings Inc, the Wall Street investment bank, on Tuesday raised its common stock dividend 13 percent and said its board of directors authorized the buyback of up to 100 million shares.
New York-based Lehman said the buyback program covers nearly 19 percent of its 530.6 million shares outstanding at year end, and supersedes a prior authorization.
The shares covered by the new program are worth about $6.25 billion, based on Lehman’s Tuesday closing price. Lehman shares rose $1.90, or 3.1 percent, on Tuesday to close at $62.53 on the New York Stock Exchange.
Can anyone say “financial engineering” ? think all 3 companies could have used that cash they spent trying to pump up their stock prices ? All that cash going to people who sold the stocks, huge losses going to those who held the stock. Thats why dividends are far better than share buybacks. At least in this case all shareholders could have gotten something back other than “the bag” remaining shareholders continue to hold.
Again, there is no risk to CEOs for playing these financial engineering games. All it does it pump up the stock. They sell into the rise and put money in the bank.
One last point, has the irony of 3 of largest companies in the country who make their money giving financial and insurance advice to companies and individuals, are facing ruin from the advice they gave themselves ? If this isnt a lesson to every individual who is taking advice from an investment firm, i dont know what is.
Categories: Andy
Stock Market Meltdowns - Why they will happen again and again and again
Mon, 09/15/2008 - 19:20There is one major problem on Wall Street, that until solved, will result in meltown after meltdown in future years. I can’t say if the meltdown monkey will hit every 2,3, 5 or 10 years. But I can say with certainty that it will happen again. Why ?
Because Risk and Reward have been decoupled for CEOs on Wall Street.
If you are the CEO of a major public company, once you qualify for your golden parachute there is absolutely no reason not to throw the Hail Mary pass, and do high risk deals every chance you get.
If you run a major hedge fund or fund of any kind, once you have put enough cash in the bank to get to your “F U Money Level” there is absolutely no reason not to throw the Hail Mary pass and make high risk investments every chance you get.
What is the down side ? Lets just say for example, you run Fannie May or Freddie Mac. You basically fuck up the entire housing economy. Your punishment ? You walk away with 9mm and 14mm dollars as severance. Would you take either of those jobs ?
Lets say you run Country Wide Insurance. You get the housing market plumped up, during which you sell $414mm dollars worth of stock, and then watch as it spirals out of control because you lent money to anyone with a pulse, and probably to some without. Your punishment ? A $110mm payday. Oh wait, he had to give some back. Sucks to be him doesn’t it.
Carly Fiorina got fired from HP and walked away with severance pay of $42mm in cash. Some people thought she was a good CEO. Some people thought she was horrible and her acquisition of Compaq was the final straw. Did she care what they thought ? Why should she ? She could do what she wanted, she had $42mm big ones waiting for her either way !
The list of CEOs who have walked away with huge severance packages is a long one. The problem however isnt how much they got paid.
There is zero downside to a CEO for taking chances beyond the embarassment of getting fired. Would you let someone fire and embarass you for a check for $20mm dollars ? So would CEOs.
Find me the one story where the headline is “CEO has to pay the company losses back for being an idiot ? ” or ” Risky moves cost CEO his lifetime savings” or “Hedge fund manager gives back bonuses and exits with $1500 dollars a month severance”
It doesn’t exist. Every public company CEO in the country knows it doesn’t exist.
Which is exactly why we need to re-establish a link between risk and reward in public companies. The first step should be the following law:
If the government must step in and provide any sort of financing or guarantees for any part of a public company’s business, then all officers and directors lose all rights to severance pay and all outstanding vested or unvested options or warrants immediately become canceled. In the event the CEO of such corporation is not fired, but instead chooses to step down voluntarily, then the last 12 months of earnings is considered to be an interest free loan which the CEO must pay back over no more than a 10 year period.
Honestly, i dont think it would have changed the actions of CEOs who have been bailed out. They would have thought it “couldnt happen to them”. But once it happened a couple of times to a couple of big company CEOs, it would be in the decision making process of every CEO running a huge financial company.
The 2nd option would be to prevent certain types of companies from being or going public. Law Firms can;t go public. Investment firms like Goldman Sachs used to not be able to go public. They were partnerships. Partners were paid for the most part in cash. If the partnership had money to pay, it got paid. If not, not. I promise you, their tolerance for risk was far lower than it is today for Goldman because there was a direct link between the risk and reward for partners. I also guarantee you that if the business makes sense, there will be other companies that step in to handle any business that a partnership cant grow to handle.
And what about the CEOs that just screw up companies, but not to the point of federal bailouts ? You cant protect against hiring a bad CEO. It happens. You can pass a law saying that officers and board members can’t be paid in stock. Let them take their cash earnings and go on the market and buy stock or options like everyone else. Putting their own cash money on the line will create a link between the risk and the reward. They will be in the same boat as every other shareholder . It’s their money on the line.
Crazy ? Some people might say that it would make it tougher to find CEOs for big companies. Companies couldn’t pay them enough. I say thats crazy. What are those potential CEOs going to do otherwise ? If the market for CEO pay isnt high enough for them, they can go out and start their own companies and take on the risk.
As long as we pay CEOs with lottery tickets, I mean stock, that they don’t have to pay for, risk and reward will be decoupled. As long as that is the case, you can count on many a future bubble and meltdown and there is absolutely nothing anyone can do to stop them.
Categories: Andy
NYC tap water in bottles
Sun, 09/14/2008 - 14:46Jay sez, "A new bottled water company is selling NY tap water in bottles and filling up people's empties as a way of spreading the word that tap is good, it's better for the environment than shipping bottles in from Fiji, it's fun, it's blablabla. You get the idea."
For my money, NYC tap water is delicious. Year after year, bottled water companies have told us that their water was somehow healthier or better for us than our own water. They spent billions of dollars on marketing to make us believe that we needed exotic water, in sleek packaging, from far away Arctic glaciers, tropical islands, and European volcanoes.
We fell for the fancy marketing gimmicks, too, and the brands we drank started to become status symbols.
But we're New Yorkers and are ready for an honest change. It's time for a better way of thinking drinking: A Tap'dNY Manifesto for the new age.
Categories: Andy
