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Friday, Jul 05th

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The Scholars Who Shill for Wall Street

Shilling for wall streetProfessor Todd Zywicki is vying to be the toughest critic of the Consumer Financial Protection Bureau, the new agency set up by the landmark Dodd-Frank financial reform law to monitor predatory lending practices. In research papers and speeches, Zywicki not only routinely slams the CFPB’s attempts to regulate bank overdraft fees and payday lenders; he depicts the agency as a “parochial” bureaucracy that is “guaranteed to run off the rails.”

He has also become one of the leading detractors of the CFPB’s primary architect, Elizabeth Warren, questioning her seminal research on medical bankruptcies and slamming her for once claiming Native American heritage to gain “an edge in hiring.”

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What’s in your smartphone? Blood electronics

Blood electronicsArming militias in a war-torn region of Africa? There’s an app for that.

By now, just about everyone has heard of blood diamonds, but you may not know their close cousins: “conflict minerals.” They include metals such as gold, tantalum, tungsten and tin, used to fuel your smartphone’s vibration mode or help maintain your camera’s battery life. In fact, they exist in just about every computer or electronic gadget you own.

They are heavily sourced from the Democratic Republic of the Congo, where warlords control mines and smuggling routes, profiting to the tune of more than $185 million annually by terrorizing locals into extracting the metals for little or no pay.

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Secret memos reveal explicit nature of U.S., Pakistan agreement on drones

drone agreementDespite repeatedly denouncing the CIA’s drone campaign, top officials in Pakistan’s government have for years secretly endorsed the program and routinely received classified briefings on strikes and casualty counts, according to top-secret CIA documents and Pakistani diplomatic memos obtained by The Washington Post.

The files describe dozens of drone attacks in Pakistan’s tribal region and include maps as well as before-and-after aerial photos of targeted compounds over a four-year stretch from 2008 to 2011 in which the campaign intensified dramatically.

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Injured vet loses battle over 'combat-related' benefits

National GuardA National Guard veteran injured while training for combat has lost her battle to obtain the enhanced benefits provided to those injured while engaged in combat.

In a decision potentially important for other training-injured vets as well, U.S. Court of Federal Claims Judge Edward J. Damich rejected the pleas of former New York National Guard soldier Tanya L. Towne.

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Nuclear officers napped with blast door left open

blast doorAir Force officers entrusted with the launch keys to long-range nuclear missiles have been caught twice this year leaving open a blast door that is intended to help prevent a terrorist or other intruder from entering their underground command post, Air Force officials said.

The blast doors are never to be left open if one of the crew members inside is asleep - as was the case in both these instances - out of concern for the trouble an intruder could cause, including the compromising of secret launch codes.

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US CEOs break pay record as top 10 earners take home at least $100m each

CEO salariesFor the first time ever, the 10 highest-paid chief executives in the US received more than $100m in compensation last year, and two took home billion-dollar paychecks, according to a leading annual survey of executive pay.

Mark Zuckerberg, Facebook's co-founder, was America's highest-paid boss in 2012, according to GMI Ratings annual poll of executive compensation, released on Tuesday. Zuckerberg's total compensation topped $2.27bn – more than $6m a day. His base salary was $503,205 but the vast majority of his enormous pay package came from exercising 60m Facebook share options when the company went public last year.

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Exoplanet tally soars above 1,000

ExoplanetsThe number of observed exoplanets - worlds circling distant stars - has passed 1,000.

Of these, 12 could be habitable - orbiting at a distance where it is neither "too hot" nor "too cold" for water to be liquid on the surface. The planets are given away by tiny dips in light as they pass in front of their stars or through gravitational "tugs" on the star from an orbiting world.

These new worlds are listed in the Extrasolar Planets Encyclopaedia.

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Food stamp cuts to affect millions ahead of holidays

Food stamp cutsMillions of Americans will see their Supplemental Nutritional Assistance Program (SNAP) benefits cut ahead of the holiday season, as food stamp stimulus spending is set to expire October 31.

The fiscal stimulus legislation of 2009, followed by further rounds of stimulus, increased the SNAP benefits, first by $20 to $25 per month to spur economic recovery. According to the USDA, the average monthly benefit is about $275 per household, or about $1.40 per meal.

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EPIC FOIA fails to get secret GW Bush cybersecurity order

FOIAA secret presidential directive on cybersecurity is going to stay secret, despite the best FOIA-filing efforts of the Electronic Privacy Information Center.

In a decision issued Monday, U.S. District Judge Beryl A. Howell rejected the long-running Freedom of Information Act request for the unredacted text of National Security Presidential Directive 54.

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