Fiscal cliff deal, approved by Senate, runs into opposition in House

WASHINGTON – A Senate-passed bill to keep the country from going off the fiscal cliff ran into trouble in the House today, as Majority Leader Rep. Eric Cantor came out against the deal.

"I do not support the bill,” Cantor said as he left a closed closed-door meeting of Republicans about the deal negotiated between Vice President Biden and Senate Minority Leader Mitch McConnell of Kentucky.

The Senate passed the deal by a wide margin just after 2 AM today, two hours after the country technically went over the fiscal cliff, when tax hikes and billions of spending cuts took effect.

With just hours left to try to act on the deal before financial markets open Wednesday morning, the House had yet to even schedule a vote.

“The Speaker and Leader laid out options to the members and listened to feedback,” said Boehner spokesman Brendan Buck. “The lack of spending cuts in the Senate bill was a universal concern amongst members in today’s meeting.”

“Conversations with members will continue throughout the afternoon on the path forward,” Buck said.

Rank and file Republicans complained about the deal’s lack of spending cuts.

“I’d be very surprised if the House passed what the Senate passed in the middle of the night – very surprised,” said Rep Steve King (R-Iowa) told the Post.

“I would be shocked if the bill doesn’t go back to the Senate” with spending cuts, said Rep. Spencer Bachus (R-Ala.).

Any changes made by the House would have to be matched by the Senate, and could scuttle the deal. But Republicans also cautioned against putting “poison pills” into the deal.

House Democratic Minority Leader Nancy Pelosi tried to hold House Republicans’ feet to the fire.

“Our Speaker has said when the Senate acts, we will have a vote in the House," she said. "That is what he said, that is what we expect, that is what the American people deserve…a straight up-or-down vote."

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Housing, jobs key to lifting S&P toward record

NEW YORK --
With it appearing that Washington lawmakers are working their way past the “fiscal cliff,” many analysts say that the outlook for stocks in 2013 is good, as a recovering housing market and an improving jobs outlook helps the economy maintain a slow, but steady recovery.

Reasonable returns in 2013 would send the S&P 500 toward, and possibly past, its record close of 1,565 reached in October 2007.

A mid-year rally in 2012 pushed stocks to their highest in more than four years. Both the Standard & Poor’s 500 and the Dow Jones industrial average posted strong gains in 2012. Those advances came despite uncertainty about the outcome of the presidential election and bouts of turmoil from Europe, where policy makers finally appear to be getting a grip on the region’s debt crisis.

“As you remove little bits of uncertainty, investors can then once again return to focusing on the fundamentals,” says Joseph Tanious, a global market strategist at J.P. Morgan Funds. “Corporate America is actually doing quite well.”

Although earnings growth of S&P 500 listed companies dipped as low as 0.8 percent in the summer, analysts are predicting that it will rebound to average 9.5 percent for 2013, according to data from S&P Capital IQ. Companies have also been hoarding cash. The amount of cash and cash-equivalents being held by companies listed in the S&P 500 climbed to an all-time high $1 trillion at the end of September, 65 percent more than five years ago, according to S&P Dow Jones Indices.

Assuming a budget deal is reached in a reasonable amount of time, investors will be more comfortable owning stocks in 2013, allowing valuations to rise, says Tanious.

Stocks in the S&P 500 index are currently trading on a price-to-earnings multiple of about 13.5, compared with the average of 17.9 since 1988, according to S&P Capital IQ data. The ratio rises when investors are willing to pay more for a stock’s future earnings potential.

The stock market will also likely face less drag from the European debt crisis this year, said Steven Bulko, the chief investment officer at Lombard Odier Investment Managers. While policy makers in Europe have yet to come up with a comprehensive solution to the region’s woes, they appear to have a better handle on the region’s problems than they have for quite some time.

Stocks fell in the second quarter of 2012 as investors fretted that the euro region’s government debt crisis was about to engulf Spain and possibly Italy, increasing the chances of a dramatic slowdown in global economic growth.

“There is still some heavy lifting that needs to be done in Europe,” said Bulko. Now, though, “we are dealing with much more manageable risk than we have had in the past few years.”

Next year may also see an increase in mergers and acquisitions as companies seeks to make use of the cash on their balance sheets, says Jarred Kessler, global head of equities at broker Cantor Fitzgerald.

While the number of M&A deals has gradually crept higher in the past four years, the dollar value of the deals remains well short of the total reached five years ago. U.S. targeted acquisitions totaled $964 billion through Dec. 27, according to data tracking firm Dealogic. That’s slightly down from last year’s total of $1 trillion and about 40 percent lower than in 2007, when deals worth $1.6 trillion were struck.

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Disbarred Miami lawyer charged with selling guns stolen from Iraq’s Hussein family

Federal prosecutors in New Jersey have charged a disbarred Miami-area lawyer and three other people with hatching a scheme to sell a cache of stolen guns that once belonged to the family of the late Iraqi dictator Saddam Hussein.

Prosecutors say David Ryan, 48, a one-time personal injury lawyer from Pinecrest, obtained at least seven guns that had been smuggled out of Iraq and then tried to sell them, with the help of others, through a New Jersey sporting goods store. Officials with Iraq’s embassy in Washington confirmed that the guns had been taken from Iraq, and that they are considered property of the Iraqi government, court records show.

Two of the pistols in the arsenal are stamped with the initials “Q.S,” believed to be the initials of Qusay Saddam Hussein al-Tikriti, the second son of Saddam Hussein and the one-time heir to Hussein’s seat. Qusay Hussein was killed by U.S. soldiers in a raid in Mosul, Iraq, in July 2003.

Also among the weapons: A Chinese-made pistol with the flag of Yemen on the grip, two German pistols with gold inlay and two Cosmi 12-gauge shotguns.

Ryan and three other men were arrested Dec. 19 on charges of conspiracy to transport stolen firearms and conspiracy to sell stolen property Ryan also was charged with unlawfully mailing firearms. He was released on $250,000 bail.

Ryan’s lawyer, Miami attorney Edward O’Donnell IV, said Ryan believed the guns had been obtained legally, and he believed his attempts to sell the guns were legitimate. O’Donnell said Ryan showed the guns to a licensed firearms dealer in Miami, and he shipped them to New Jersey through a licensed dealer.

“The people he got them from are not criminals,” O’Donnell said. O’Donnell would not say how Ryan obtained the guns, and the arrest report does not provide details about Ryan’s acquisition of the weapons.

Investigators with the federal Bureau of Alcohol, Tobacco and Firearms said Ryan first contacted a Pittsburgh man, Karlo Sauer, last spring seeking an appraisal of the guns and e-mailing Sauer photographs of the weapons, which were stored somewhere in Florida, court records show. Sauer then contacted two New Jersey men, Howard Blumenthal and Carlos Quirola, who in turn tried to find buyers for the weapons last summer.

ATF agents then learned of the scheme and used undercover informants to try to set up a deal to buy the guns for $160,000, court records show.

Ryan then shipped six of the guns by mail from Miami to the sporting goods store in Ridgefield., N.J., and flew to New York on July 17 to try to close the deal, investigators said. Ryan later told one of the informants that he was “100 percent, absolutely, completely and totally positive that these guns are from Iraq,” and Ryan said they had been appraised at more than $1 million, according to the arrest report.

According to the arrest report, Blumenthal and Quirola both acknowledged to ATF agents that they knew the guns had been stolen or taken out of Iraq without proper approval.

When ATF agents interviewed Ryan on Aug. 7, he gave them a seventh gun from the same weapons cache, which he retrieved from Security Arms International gun store, 13981 S. Dixie Hwy. in Palmetto Bay, according to the arrest report.

Ryan worked as an attorney for 13 years until 2010, when he was disbarred by the Florida Supreme Court after auditors found that he had misused money he held in a trust account for his clients, records show. Ryan also filed for bankruptcy protection in 2010, but his petition was dismissed after he failed to submit follow-up paperwork, court records show.

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Sony No Longer Shipping PlayStation 2 in Japan

You may have grown up with it. Your children may have, too.

Sony‘s PlayStation 2 home game console, released in 2000, was one of the most popular game consoles of all time, rivaled in sales only by the different kinds of Nintendo DS handheld console. It continued to be sold new on store shelves until just recently, even years after Sony launched its PlayStation 3 successor.

Now, however, Sony’s sent out its last shipment of new “PS2″ consoles for the Japanese market, according to Japanese gaming news site Famitsu (as reported by Polygon’s Emily Gera). Some other regions are continuing to receive shipments for now, but the heart of the PlayStation 2 phenomenon has finally stopped beating.

A gaming legend

Japanese PlayStation fans saw thousands more titles released in their language than English-speaking players. The PlayStation 2 was especially well-known for its role-playing games, such as the MMORPG Final Fantasy XI, which was designed so closely around the PS2′s capabilities that its Windows PC version uses almost entirely the same graphics and controller-based interface.

New PS2 games continue to ship; Final Fantasy XI is even getting a full-fledged, retail-boxed expansion pack this March. It’ll only support the PS2 in Japan, however, where dedicated players continue to use the original “fat” PS2 consoles with the hard drive expansion slot. Internationally, it will only support the PC and Xbox 360.

PS2 games in a post-PS2 world

The first PlayStation 3 consoles — infamous for the silence which ensued at the Sony event where their price at launch was announced to be “599 U.S. dollars” — were backwards-compatible with the vast majority of PlayStation 2 and original PSOne games. Sony achieved PS2 backwards compatibility, however, by including the PS2′s actual “Emotion Engine” and “Graphics Synthesizer” chips inside each PS3, essentially making it two game consoles in one (and helping to drive up that launch price).

A redesign bumped down the price some, but at the cost of removing the Emotion Engine chip, which caused the redesigned PS3 consoles to sometimes have bugs or fail to play certain games. Today’s PS3 consoles lack both chips, which means that while they play PSOne games just fine, they don’t support PS2 game discs at all and can’t be upgraded to do so.

The legend lives on?

Sony has made HD remakes of certain PS2 titles, and republished others for the PS3 under the “PlayStation 2 Classics” brand. Dozens of such titles have been re-released as digital downloads in the PlayStation Network store.

This method of playing a PS2 game on the PS3, however, involves essentially buying the game again (assuming that it’s even in the store), sort of like Sony’s method of playing PlayStation Portable games on the Vita. Even rebuying the games for the PS3 doesn’t ensure continued playability on modern Sony consoles; the upcoming “PlayStation 4″ (not its actual name) reportedly won’t be able to play games made for the PS3.

Jared Spurbeck is an open-source software enthusiast, who uses an Android phone and an Ubuntu laptop PC. He has been writing about technology and electronics since 2008.
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Somber farewell for man pushed to his death in subway

Friends of the hardworking, humble immigrant shoved to his death last week in front of the 7 train by a Muslim-hating madwoman today gathered for an emotional farewell in Queens at the Coppola-Migliore funeral home in Flushing.

Sunando Sen, 36, was remember as a man of “quiet strength” by Lorcan Otway, a lawyer and longtime friend, who noted that Sen years ago left Bangladesh to escape oppression, and was involved in human rights issues here, helping Hindus.

Sen’s mentally ill alleged killer, Erika Menendez, 31, has told cops she pushed Sen because she hates Muslims and Hindus.

Matthew McDermott

Farewell for subway push victim Sunando Sen.

“He didn’t have a hateful bone in his body,” Otway said of Sen. “He approached everything with a calmness. The remarkable man he was should teach us a lesson. I wish people could know the greater loss to the community.”

Sen’s body, wrapped in cloth and covered with flowers, lay in a blue-grey casket. Sarker and others recited traditional prayers, chanted and burned incense. They put bananas and rice in his casket, followed by yogurt and milk – a sendoff ritual meant to give Sen what he needs as he travels into the next world, friends said.

Sen had no family here, and his parents in India have died. But he fashioned a family from the friends he made in New York, said Bidyut Sarker Sen’s boss at the Manhattan print shop where he’d worked for 15 years.

"I feel like I lost a family member. The neighborhood, the shop, was his family,” said Sarker, who helped pay for Sen’s burial. “Customers are coming in and crying. "

Sen, whom friends said had recently opened his own printing shop on Amsterdam Avenue, was “a gentleman” and exceptionally smart. He got a scholarship to New York University and earned a master’s degree in economics, and was trying for a PhD at Columbia before dropping out because he couldn’t afford it, friends said.

Sen taught himself graphic design, Sarker said, and was “extraordinarily talented,” Otway noted.

“He was working well below his education,” Otway said.

Sen’s body was cremated at a cemetery after the ceremony.

Meanwhile yesterday, police said they were called by Erika Menendez’s family members at least five times prior to last Thursday’s train-shoving because Menendez had gone off her prescribed meds.

Menendez is being held without bail. She has replaced her court-appointed lawyer Queens lawyer Joseph DeFelice. He did not return calls.

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Florida colleges a bargain, says Kiplinger

Though Florida’s in-state tuition costs more than double what it did only a decade ago, many of the state’s public universities are still a good value, according to the latest annual “Best Values in Public Colleges” list compiled by Kiplinger’s Personal Finance.

Florida schools have long fared well in the magazine’s rankings, with this year being no exception. Six of Florida’s 12 state schools made the top 100, with two — the University of Florida and New College of Florida in Sarasota — keeping their place in the top 10, though both schools slipped slightly from their spots a year ago.

UF landed at No. 3 in this year’s rankings, down from No. 2 last year. New College, meanwhile, slipped two spots from No. 5 to No. 7.

In the case of both schools, Kiplinger’s praised what it described as a combination of strong academics and relative affordability. Though Florida’s price of tuition keeps rising, it is still among the lowest in the country — 40th out of 50 states, according to the College Board.

Kiplinger’s also noted UF’s strong retention rate.

“Students stick around, with only 5 percent leaving after freshman year,” the magazine wrote. “And although Florida is a big school — with 16 colleges, more than 150 research centers and institutes, and the largest undergraduate enrollment in our top 10 — it’s still selective, with a 43 percent admittance rate.”

New College is the complete opposite of UF in terms of size (it enrolls less than 850 students) but Kiplinger’s found it also offers “solid academics” along with the lowest total cost of attendance — $16,181 — of any of the top 10 schools. That figure combines the $6,783 annual tuition and fees with other college expenses such as room and board.

Lower in the Kiplinger’s rankings, four other Florida schools were also recognized. Florida State University came in at No. 26, the University of Central Florida landed at No. 42, the University of South Florida was No. 57 and the University of North Florida was No. 64.

Braulio Colón, executive director of the Florida College Access Network, said Florida families looking for a tuition bargain shouldn’t limit their search to state universities. Florida’s community colleges, Colón said, are high-quality, cost about half as much as state universities, and boast a guaranteed-transfer agreement that is the envy of many other parts of the country. Students who earn an associate in arts degree from a Florida community college are guaranteed admission to a state university, though it may not be to the student’s preferred school.

Long term, Colón said, Florida must overhaul its student financial aid system if it wants to maintain college affordability. The state’s largest college aid program is Bright Futures scholarships — some of which are awarded to affluent families who could afford to pay for college on their own. Helping students with demonstrated need must become more of a priority, Colón said, or college costs could eventually spiral out of reach for some families.

“We are at a turning point, right now, as a state,” Colón said.

To see the Kiplinger list go to: http://www.kiplinger.com/reports/best-college-values/

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Manhunt continues for Miami man suspected of killing ex-girlfriend

Miami police detectives on Sunday were still looking for the man suspected of killing his ex-girlfriend outside a Little Havana drugstore Friday afternoon.

Investigators said Ifrain Quintana is armed and extremely dangerous. Quintana is believed to be driving a 2001 Blue Ford Explorer with a Florida tag.

Quintana is wanted for questioning in the daylight shooting of Ariadna Gonzalez Campa, 42.

Police said Quintana confronted Gonzalez on Friday afternoon along Southwest Fifth Street and Eighth Avenue, taunted her then shot her multiple times in front of La Milagrosa drugstore.

Among those urging him to turn himself in is his mother, Katileydi Quintana, who on Saturday made an emotional plea on Miami Herald’s newspaper CBS4 for him to come forward.

“Turn yourself in,” she told him over the phone. “Call me.”

He said Quintana acted out of jealousy and Quintana’s mother agreed.

“You did it out for love. For love...” Katileydi Quintana said.

Quintana said her son needs psychiatric help.

Gonzalez’s 19-year-old son waited for word about his mother shortly after she was rushed to the Jackson Memorial Hospital. The young man broke down on the sidewalk when police told him his mom didn’t make it.

“I want justice for the man who did this,” he told CBS 4

Anyone who sees the suspect or has information about the shooting should call Crime Stoppers at 305- 471-8477.

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ET Flashback: Eddie Murphy Talks '48 HRS.'

"Roxaaaaanne!" After getting raves for his hilarious sketch comedy on Saturday Night Live in the early '80s, Eddie Murphy turned the spotlight on a movie career in 1982 with his first big-screen effort: 48 HRS. ET's Mary Hart sat down with the funnyman in the days before the movie broke big with a revealing interview in which he got candid about stepping out of his comfort zone and getting serious onscreen.

Video: Eddie Murphy's Funny Friends Honor Actor

"I'm looking forward to the movie coming out, and if my acting looks bad in the movie, which I don't think it will, I'm covered: It's like, 'Well, his forte is in comedy,'" he said with a laugh, adding faithfully, "If you're in a catatonic state, [director Walter Hill] can go in the editing room and make you win awards."

Released 30 years ago this month, the sidesplitting action-comedy finds Eddie in fine form as Reggie Hammond, a man doing time for a robbery who is plucked from behind bars to help hard-edged cop Jack Cates (played by Nick Nolte) nab a pair of vicious cop killers. The pair have 48 hours to get the bad guys -- if they don't kill each other first!

Comparing Nolte to a "big brother," Eddie complimented, "Nick's a great guy to work with and a real good actor, real intense actor -- he makes you act."

Video: Emmy Flashback: Eddie Murphy '83

Of course, Eddie's outdoor interview had its share of sidetracked comedic moments, not to mention his trademark laugh, and a few moments in which he poked fun at Mary. Distracted at one point, he observed, "You see those two butterflies just now, trying to get with it?" Watch and enjoy a slice of the veteran comedy star in his prime: humble and hilarious.

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MetroNorth train hits car, halting Connecticut service

REDDING, Conn. — Metro North train service has been suspended on the Danbury line following a train accident involving a car.

A Metro North spokesman said the train struck a car in Redding on Sunday afternoon. The train had no passengers and there was no information about whether there were injuries involving the car.

Bus service will ferry passengers between Danbury and South Norwalk.

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Week brings startup launches, social media advice for 2013

Jared Kleinert, a South Florida entrepreneur, plans to soon launch Synergist, a platform that allow social entrepreneurs to meet potential co-founders online, collaborate and crowdfund their new projects. He also just launched AliveNDead, a blog about risk-taking, and he interns for a Silicon Valley startup.

And when he’s not doing all that, he’s going to class — he’s a junior at Spanish River High School in Boca Raton.

Lester Mapp is CEO and founder of the new Miami-based startup called designed by m. His team has just designed a sleek, ultra-thin aluminum iPhone bumper and launched the project on Kickstarter. After just a few days, Mapp is already more than a third of the way to his $20,000 fund-raising goal.

Read about both these entrepreneurs on The Starting Gate blog, where there’s also a post on the most pressing issues facing small businesses in the coming year — taxes, healthcare, lending and a skilled worker shortage, for starters.

And as you are ringing in the New Year, you may be resolving to beef up your business’ social media strategy. Susan Linning's guest post offers five top tips for boosting your social media effectiveness. Among them: Go beyond retweets and make your posts original, fun and personal (but not too personal.) Use visuals, too. Find this and other news, views and tools for entrepreneurs on the blog, which is at the bottom of MiamiHerald.com /business.

Follow me on Twitter @ndahlberg and Happy New Year to all.

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