For Families Struggling with Mental Illness, Carolyn Wolf Is a Guide in the Darkness





When a life starts to unravel, where do you turn for help?




Melissa Klump began to slip in the eighth grade. She couldn’t focus in class, and in a moment of despair she swallowed 60 ibuprofen tablets. She was smart, pretty and ill: depression, attention deficit disorder, obsessive-compulsive disorder, either bipolar disorder or borderline personality disorder.


In her 20s, after a more serious suicide attempt, her parents sent her to a residential psychiatric treatment center, and from there to another. It was the treatment of last resort. When she was discharged from the second center last August after slapping another resident, her mother, Elisa Klump, was beside herself.


“I was banging my head against the wall,” the mother said. “What do I do next?” She frantically called support groups, therapy programs, suicide prevention lines, anybody, running down a list of names in a directory of mental health resources. “Finally,” she said, “somebody told me, ‘The person you need to talk to is Carolyn Wolf.’ ”


That call, she said, changed her life and her daughter’s. “Carolyn has given me hope,” she said. “I didn’t know there were people like her out there.”


Carolyn Reinach Wolf is not a psychiatrist or a mental health professional, but a lawyer who has carved out what she says is a unique niche, working with families like the Klumps.


One in 17 American adults suffers from a severe mental illness, and the systems into which they are plunged — hospitals, insurance companies, courts, social services — can be fragmented and overwhelming for families to manage. The recent shootings in Newtown, Conn., and Aurora, Colo., have brought attention to the need for intervention to prevent such extreme acts of violence, which are rare. But for the great majority of families watching their loved ones suffer, and often suffering themselves, the struggle can be boundless, with little guidance along the way.


“If you Google ‘mental health lawyer,’ ” said Ms. Wolf, a partner with Abrams & Fensterman, “I’m kinda the only game in town.”


On a recent afternoon, she described in her Midtown office the range of her practice.


“We have been known to pull people out of crack dens,” she said. “I have chased people around hotels all over the city with the N.Y.P.D. and my team to get them to a hospital. I had a case years ago where the person was on his way back from Europe, and the family was very concerned that he was symptomatic. I had security people meet him at J.F.K.”


Many lawyers work with mentally ill people or their families, but Ron Honberg, the national director of policy and legal affairs for the National Alliance on Mental Illness, said he did not know of another lawyer who did what Ms. Wolf does: providing families with a team of psychiatrists, social workers, case managers, life coaches, security guards and others, and then coordinating their services. It can be a lifeline — for people who can afford it, Mr. Honberg said. “Otherwise, families have to do this on their own,” he said. “It’s a 24-hour, 7-day-a-week job, and for some families it never ends.”


Many of Ms. Wolf’s clients declined to be interviewed for this article, but the few who spoke offered an unusual window on the arcane twists and turns of the mental health care system, even for families with money. Their stories illustrate how fraught and sometimes blind such a journey can be.


One rainy morning last month, Lance Sheena, 29, sat with his mother in the spacious family room of her Long Island home. Mr. Sheena was puffy-eyed and sporadically inattentive; the previous night, at the group home where he has been living since late last summer, another resident had been screaming incoherently and was taken away by the police. His mother, Susan Sheena, eased delicately into the family story.


“I don’t talk to a lot of people because they don’t get it,” Ms. Sheena said. “They mean well, but they don’t get it unless they’ve been through a similar experience. And anytime something comes up, like the shooting in Newtown, right away it goes to the mentally ill. And you think, maybe we shouldn’t be so public about this, because people are going to be afraid of us and Lance. It’s a big concern.”


Her son cut her off. “Are you comparing me to the guy that shot those people?”


“No, I’m saying that anytime there’s a shooting, like in Aurora, that’s when these things come out in the news.”


“Did you really just compare me to that guy?”


“No, I didn’t compare you.”


“Then what did you say?”


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American and US Airways Are Expected to Announce Merger This Week





After months of negotiations, American Airlines and US Airways are expected this week to announce a merger, which would create the nation’s biggest airline and concentrate even further a once-fragmented industry.




A merger would expand American’s domestic network, particularly in the Northeast and the Southwest, and create a more formidable competitor internationally. The combined airline would jump ahead of United Airlines and Delta Air Lines, both of which have grown through mergers of their own in recent years.


The combination would probably bring to an end the wave of consolidation that has swept the industry. Since 2001 there have been five large mergers, reducing the number of airlines to three main carriers, along with a handful of low-cost carriers like Southwest Airlines and JetBlue, and regional carriers.


These mergers have led to cuts in service to many smaller cities around the country. But they have also created healthier and more profitable airlines that are able to invest in new planes and products. Faced with rising fuel costs, and losing tens of billions of dollars in the last decade, airline executives argued that the only way to survive was to consolidate capacity.


American, which has been in bankruptcy protection since November 2011, is currently the nation’s third-largest airline with domestic and international flights; US Airways is the fourth.


The boards of both carriers are expected to meet on Monday to approve the combination, which then needs to be approved by a bankruptcy judge in New York. A tie-up also requires the approval of federal regulators and antitrust authorities. But analysts expect regulators to approve the deal since there is little overlap between the two networks and no hubs in the same cities.


Even if the deal clears all these hurdles, the merged airline still faces a range of challenges. Airline mergers are often rocky — involving complex technological systems, big reservation networks as well as large labor groups with different corporate cultures that all need to be combined seamlessly. United angered passengers last year after a series of merger-related computer and reservation mistakes, and late and delayed flights.


A deal would be a major victory for Doug Parker, the chairman of US Airways, who began pursuing a merger with the bigger carrier soon after American filed for bankruptcy. His argument — that American could succeed against bigger airlines only if it combined networks with US Airways — swayed American’s creditors who have a critical say in the company’s future.


The carriers have been discussing a deal for months. In recent days, both sides have moved much closer but were still trying to figure out how much the merged carrier would be worth and how management positions would be split.


Tom Horton, American’s chairman, who was opposed to a merger for much of the last year, was offered a position as nonexecutive chairman, said a person familiar with the matter but who asked not to be identified because the talks were still under way. US Airways shareholders could end up with about 28 percent of the new airline, and American’s creditors would have 72, this person said.


A merger could be structured to take effect as American exits bankruptcy. The airlines are pushing for a deal before Feb. 15, when some nondisclosure agreements with American bondholders are set to expire.


The new airline will be called American Airlines and based in Dallas. It will have a combined 94,000 employees, 950 planes, 6,500 daily flights, nine major hubs, and total sales of nearly $39 billion. It would be the market leader on the East Coast, the Southwest and South America. But it would remain a smaller player in the Pacific and Europe, where United and Delta are stronger.


Mr. Parker deftly outmaneuvered Mr. Horton by lobbying American’s employees. He gained an important edge last April when he won the public support of American’s three main labor groups. More recently, pilots from both airlines agreed on how they would work together if the merger succeeded.


The success of these labor discussions, even before the merger was formally discussed, helped persuade American’s creditors to follow Mr. Parker’s strategy.


Mr. Horton, and American’s management team, had argued that they should complete the carrier’s reorganization and emerge from bankruptcy as an independent airline before considering any mergers.


But under pressure from Mr. Parker, the management of American Airlines was eventually forced by its creditors to talk to Mr. Parker about a merger. All that was left then was to figure out who was going to lead the merged airline and how much it would be worth.


Mr. Parker, more than anyone in the business, knows the difficulty of integrating two airlines. In 2005, he orchestrated the merger of the airline he was then running, America West, with a larger carrier, US Airways. But pilots from each of these two original airline have yet to agree to a common contract and seniority rules, and, to this day, cannot fly together.


The difficulty is likely to be compounded at American. In bankruptcy, American cut thousands of jobs, reduced benefits, froze pensions, and sought higher productivity rules from its employees.


Before the US Airways-American deal, the last major combination was the acquisition of AirTran by Southwest, completed in 2011. That followed the merger of United and Continental Airlines in 2010, which created the current leader, and before that Delta with Northwest.


American has major hubs in Dallas, Miami, Chicago, Los Angeles and New York. But it has been steadily losing ground to its rivals over the last decade while racking up losses that have totaled more than $12 billion in over 10 years.


US Airways has hubs in Phoenix, Philadelphia and Charlotte, and has a big presence at Washington’s National Airport.


Its shareholders will have to vote on the proposed merger.


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Email hacker reveals Bush family photos, addresses






(Reuters) – The Secret Service is investigating the hacking of email accounts belonging to members of the Bush family that divulged correspondence, addresses, phone numbers and a picture of a self-portrait painted by former President George W. Bush standing in a shower.


A report on the Smoking Gun website, said the pilfered emails provided a rare glimpse into the private lives of one of America’s most powerful political dynasties. The Bushes are only the second family in U.S. history to send a father and son to the White House.






The website said a hacker known as Guccifer raided the email accounts and posted the photos online. The pictures include an image of former President George H.W. Bush, who was released from a Houston hospital last month after seven weeks of treatment for bronchitis and related ailments, in a hospital bed.


Another photo showed the elder Bush, 88, posing outside a home with Bill Clinton, who was president between the two Bushes.


The intercepted photos also featured a portrait painted by George W. Bush of himself showering. It shows a gray-headed man, nude from the waist up, regarding the viewer with Bush-like features from the reflection in a shaving mirror. Another painting in the same style shows a pair of legs in a bathtub.


“I really like the paintings of George W. Bush,” New York magazine art critic Jerry Saltz wrote Friday.


Saltz, who normally reserves his criticism for the likes of French painter Henri Matisse, found the president’s portraiture “wonderful, unself-conscious, intense.”


Other photos showed Bush painting a picture of a house and posing with a cut-out of himself in an artist’s smock, beret and mustache.


SIX EMAIL ACCOUNTS HIT


The Smoking Gun site, known for posting legal documents and arrest records related to celebrities, said the hacker invaded six email accounts, including one belonging to Dorothy Bush Koch, daughter of George H.W. Bush, as well as other Bush family members and friends.


The U.S. Secret Service is investigating whether former President George H.W. Bush‘s email was hacked as well, the agency said on Friday. A Bush family spokesman declined to comment.


Among the material that was lifted were an October 2012 list of home addresses, cell phone numbers and email addresses for the former presidents and other relatives, according to the Smoking Gun.


The site said the emails revealed that when the elder Bush was in poor health, George W. Bush wrote his siblings the day after Christmas to say he was “thinking about eulogy.”


“Hopefully I’m jumping the gun,” he said, “but since the feeling is that you all would rather me speak than bubba, please help.”


“Bubba” is a well-known sobriquet for Clinton.


Since leaving office in 2009, Bush has taken up painting portraits of Texas landscapes and dogs. He has live a reserved life, largely hidden from view, with his wife, Laura, in Dallas.


Bush is likely to make a more sustained return to the spotlight when his presidential library, located at Southern Methodist University in Dallas, is completed and dedicated in April.


(Reporting by Daniel Trotta and Samuel P. Jacobs; Editing by Paul Thomasch, Doina Chiacu and Bill Trott)


Internet News Headlines – Yahoo! News





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Venezuela, Despite Myriad Problems, Seizes On a Hat


Carlos Garcia Rawlins/Reuters


Vice President Nicolás Maduro of Venezuela wore a patriotic cap to a parade Monday in Caracas.







CARACAS, Venezuela — Venezuela seems to lurch from one crisis to another. President Hugo Chávez has virtually disappeared since going to Cuba for cancer surgery more than eight weeks ago. Last month, 58 people were killed in a prison when inmates clashed with soldiers. Inflation is spiking, the government just announced a currency devaluation and lurid murders are the stuff of daily headlines.




But high on the list of government priorities last week was an unexpected item: baseball caps.


Even in a country where political theater of the absurd is commonplace, the great cap kerfuffle took many Venezuelans by surprise.


It all started over the summer, when a young state governor, Henrique Capriles, ran for president against Mr. Chávez. Mr. Capriles started wearing a baseball cap decorated with the national colors — yellow, blue and red — and the stars of the Venezuelan flag.


In response, the electoral council, dominated by Chávez loyalists, threatened to sanction Mr. Capriles for violating a rule against using national symbols in the campaign. The move struck many people as patently partisan because Mr. Chávez regularly wore clothes made up of the national colors and patterned on the flag and used vast amounts of government resources to promote his re-election.


Suddenly, the tricolor cap became a symbol of Mr. Capriles’s underdog campaign, and soon it could be seen everywhere, on the noggins of his supporters.


But Mr. Capriles lost the election in October, and the cap was mostly forgotten. Until now.


At a rally on Monday to celebrate the anniversary of a failed 1992 coup led by Mr. Chávez, a host of government officials unexpectedly pulled out caps like the one Mr. Capriles had made famous and put them on.


Had Mr. Chávez’s top cadre switched sides? Nothing of the sort.


“It is the cap of the revolution,” Vice President Nicolás Maduro said from the stage. “They can’t steal it like they’re accustomed to stealing it.”


He held up the hat, which had a small emblem commemorating the coup’s anniversary, and shouted, “Cap in hand! Tricolor in hand, everyone!”


A day later, at a session of the National Assembly, legislators on both sides of the aisle showed up wearing caps. The chamber looked like the stands at a baseball game.


All of this has given rise to plenty of jokes.


“The cap — expropriate it!” said one wag on Twitter, referring to a famous episode when Mr. Chávez, a socialist, in what seemed like a spontaneous act, ordered the nationalization of several buildings in the center of Caracas.


Then came a new twist on Thursday night, when the government interrupted regular television and radio programming with a special broadcast. Anxious Venezuelans worried about Mr. Chávez’s long absence might have wondered if they were about to get an update on the president’s health.


Nope. The two-minute broadcast consisted of images of Mr. Chávez, at various points of his 14-year presidency, wearing the tricolor cap.


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Wisconsin beats No. 3 Michigan 65-62 in OT


MADISON, Wis. (AP) — When Ben Brust tied the game at the end of regulation with a shot just from just inside midcourt, his teammate Mike Bruesewitz looked over at Wisconsin coach Bo Ryan and saw something unusual.


His coach had both his arms in the air.


"You know when he shows some emotion, you've done something pretty special," Bruesewitz said.


Brust hit a tie-breaking 3-pointer with less than 40 seconds left in overtime as Wisconsin beat No. 3 Michigan 65-62 on Saturday.


"It was awesome, something I'll remember forever, and I'm sure a lot of people will," Brust said of the game, which ended with students storming the court and Bruesewitz taking the public address announcer's microphone to thank the crowd as students celebrated around him.


The Wolverines became the third top three team to lose this week as No. 1 Indiana lost to Illinois and No. 2 Florida was beaten by Arkansas. This should be the sixth straight week with a different No. 1 in The Associated Press' Top 25.


Brust's shot at the end of regulation was a dramatic turn of events for Wisconsin (17-7, 8-3 Big Ten) and a soul crusher for Michigan (21-3, 8-3).


Just moments earlier, Tim Hardaway Jr. hit a contested 3-pointer to put the Wolverines up 65-52 with less than 3 seconds left in regulation.


Following a timeout, Bruesewitz passed up his first option in the inbounds play and hit Brust in stride. The guard took one dribble across halfcourt and launched the shot, which hit nothing but net.


Ryan said the play was drawn up to see how Michigan defended the first cutter, Brust read the defense and reacted.


"The best thing was Mike's pass on the dime on the run, didn't have to reach back for it, able to catch it all in one motion," Ryan said.


Michigan still had fouls to give before the shot, and coach John Beilein said the order coming out of the timeout was to foul. He also put Caris LeVert on Brust to bolster the defense.


"We were definitely fouling, wanted to keep everyone in front of us and (Brust) turned the corner on (LeVert) just enough that he couldn't foul him," Beilein said. "I thought we had them once they couldn't get their initial guy.


"With Caris' quickness, we thought he could get there, but he didn't."


For all the fireworks in the final 3 seconds, the teams only managed seven points in overtime, including Brust's winning 3-pointer.


Following Brust's shot, Hardaway couldn't connect on his drive to the hoop on the next Michigan possession, and Glenn Robinson III fouled Jared Berggren on the rebound.


The Wolverines went to a full-court press with two more fouls to give. But the Badgers broke the press, and Michigan had to foul twice more to finally put Ryan Evans on the free throw line.


Evans, who shoots less than 43 percent from the line, missed the front end of a 1-and-1, and Burke couldn't connect in a rushed final possession for the Wolverines.


It was another grinding win for the Badgers keyed by their defense. Michigan came in as one of the top scoring teams in the country at almost 78 points per game. But Wisconsin held Michigan to less than 40 percent shooting from the field, including 5 of 18 from beyond the 3-point line.


Michigan was 1 for 7 from the field in overtime, and the offensive futility was highlighted by one sequence in which Mitch McGary stole the ball outside the 3-point line and drove the other way only to miss the layup with Berggren defending the rim.


Beilein said the Wolverines missed out on 14 points thanks to missed layups.


"I'm not talking about when they're really contesting," Beilein said. "I'm talking about we had the ball, the basket and us, and it didn't go in."


Brust scored 14 points for the Badgers, while Berggren added 13 and eight rebounds. Sam Dekker scored 12 points, while Evans finished with 11 points and nine rebounds.


Burke scored 19 points to lead Michigan, but needed 21 shots to do it. Hardaway added 18, and McGary had 12 points and eight rebounds.


It was the second straight game for both teams to go past regulation after the Badgers beat Iowa 74-70 in double overtime on Wednesday and Michigan downed Ohio State 76-74 in overtime on Tuesday.


Several Wisconsin players said consecutive overtime games exemplified their will to win even as critics contend they're not talented enough, not fast enough and, as Bruesewitz said he's seen on Twitter, not good-looking enough.


"We have a group of guys in that locker room that believe and is going to fight until the end until you tell us we can't play any more basketball," Berggren said. "We just find a way to get it done."


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In Nigeria, Polio Vaccine Workers Are Killed by Gunmen





At least nine polio immunization workers were shot to death in northern Nigeria on Friday by gunmen who attacked two clinics, officials said.




The killings, with eerie echoes of attacks that killed nine female polio workers in Pakistan in December, represented another serious setback for the global effort to eradicate polio.


Most of the victims were women and were shot in the back of the head, local reports said.


A four-day vaccination drive had just ended in Kano State, where the killings took place, and the vaccinators were in a “mop-up” phase, looking for children who had been missed, said Sarah Crowe, a spokeswoman for the United Nations Children’s Fund, one of the agencies running the eradication campaign.


Dr. Mohammad Ali Pate, Nigeria’s minister of state for health, said in a telephone interview that it was not entirely clear whether the gunmen were specifically targeting polio workers or just attacking the health centers where vaccinators happened to be gathering early in the morning. “Health workers are soft targets,” he said.


No one immediately took responsibility, but suspicion fell on Boko Haram, a militant Islamist group that has attacked police stations, government offices and even a religious leader’s convoy.


Polio, which once paralyzed millions of children, is now down to fewer than 1,000 known cases around the world, and is endemic in only three countries: Nigeria, Pakistan and Afghanistan.


Since September — when a new polio operations center was opened in the capital and Nigeria’s president, Goodluck Jonathan, appointed a special adviser for polio — the country had been improving, said Dr. Bruce Aylward, chief of polio eradication for the World Health Organization. There have been no new cases since Dec. 3.


While vaccinators have not previously been killed in the country, there is a long history of Nigerian Muslims shunning the vaccine.


Ten years ago, immunization was suspended for 11 months as local governors waited for local scientists to investigate rumors that it caused AIDS or was a Western plot to sterilize Muslim girls. That hiatus let cases spread across Africa. The Nigerian strain of the virus even reached Saudi Arabia when a Nigerian child living in hills outside Mecca was paralyzed.


Heidi Larson, an anthropologist at the London School of Hygiene and Tropical Medicine who tracks vaccine issues, said the newest killings “are kind of mimicking what’s going on in Pakistan, and I feel it’s very much prompted by that.”


In a roundabout way, the C.I.A. has been blamed for the Pakistan killings. In its effort to track Osama bin Laden, the agency paid a Pakistani doctor to seek entry to Bin Laden’s compound on the pretext of vaccinating the children — presumably to get DNA samples as evidence that it was the right family. That enraged some Taliban factions in Pakistan, which outlawed vaccination in their areas and threatened vaccinators.


Nigerian police officials said the first shootings were of eight workers early in the morning at a clinic in the Tarauni neighborhood of Kano, the state capital; two or three died. A survivor said the two gunmen then set fire to a curtain, locked the doors and left.


“We summoned our courage and broke the door because we realized they wanted to burn us alive,” the survivor said from her bed at Aminu Kano Teaching Hospital.


About an hour later, six men on three-wheeled motorcycles stormed a clinic in the Haye neighborhood, a few miles away. They killed seven women waiting to collect vaccine.


Ten years ago, Dr. Larson said, she joined a door-to-door vaccination drive in northern Nigeria as a Unicef communications officer, “and even then we were trying to calm rumors that the C.I.A. was involved,” she said. The Iraq and Afghanistan wars had convinced poor Muslims in many countries that Americans hated them, and some believed the American-made vaccine was a plot by Western drug companies and intelligence agencies.


Since the vaccine ruse in Pakistan, she said, “Frankly, now, I can’t go to them and say, ‘The C.I.A. isn’t involved.’ ”


Dr. Pate said the attack would not stop the newly reinvigorated eradication drive, adding, “This isn’t going to deter us from getting everyone vaccinated to save the lives of our children.”


Aminu Abubakar contributed reported from Kano, Nigeria.



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Degrees of Debt: College Costs, Battled a Paycheck at a Time


If Steve Boedefeld graduates from Appalachian State University without any student loan debt, it will be because of the money he earned fighting in Iraq and Afghanistan and the money he now saves by eating what he grows or kills.


Zack Tolmie managed to escape New York University with no debt — and a degree — by landing a job at Bubby’s, the brunch institution in TriBeCa, where he made $1,000 a week. And he had entered N.Y.U. with sophomore standing, thanks to Advanced Placement credits. All that hard work also yielded a $25,000 annual merit scholarship.


The two are part of a rare species on college campuses these days, as the nation’s collective student loan balance hits $1 trillion and continues to rise. While many students are trying to defray some of the costs, few can actually work their way through college in a normal amount of time without debt and little or no need-based financial aid unless they have an unusual combination of bravery, luck and discipline.


“I literally never went out,” Mr. Tolmie says. “There just was not time to do that.”


Plenty of influential people assume that teenagers can ask parents for loans if all else fails, as Mitt Romney suggested during the 2012 presidential campaign. Others recall working their way through college themselves, including Representative Virginia Foxx, a Republican from North Carolina who heads a House subcommittee on higher education and work force training. “I spent seven years getting my undergraduate degree and didn’t borrow a dime of money,” she once said at a subcommittee meeting, adding that she was bewildered, given her own experience, by tales of woe she had heard from people with $80,000 in debt.


But students nowadays who try to work their way through college without parental support or loans face a financial challenge of a different order than the one that Ms. Foxx, 69, confronted as a University of North Carolina undergraduate more than 40 years ago. Today, a bachelor’s degree from Appalachian State, the largest university in her district, can easily cost $80,000 for a state resident, including tuition, room, board and other costs. Back in her day, the total was about $550 a year. Even with inflation, that would translate to just over $4,000 for each year it takes to earn a degree.


And the paychecks that Mr. Tolmie managed in the big city are only a dream in towns like Boone, where employers have their pick of thousands of Appalachian State undergraduates. Even the most industrious, like Kelsey Manuel, a junior who drives 10 miles each way to a job in a resort where she earns $10 to $11 an hour, often cannot work enough to finish college debt-free.


No one tracks how many students are trying to work their way through without parental assistance or debt, but plenty work long hours while also attending classes full time. As of 2010, some 17 percent of full-time undergraduates of traditional age worked 20 to 34 hours a week, according to the National Center for Education Statistics. About 6 percent worked 35 hours or more.


Students who work fewer than 30 hours a week (excluding federal work-study jobs) while in college were 1.4 times more likely to graduate within six years than students who spent more than 30 hours a week in a job, according to an article by Pilar Mendoza, an assistant professor of higher education administration at the University of Florida, in The Journal of Student Financial Aid last year. Their grades are likely to be better, too, since they have more time to study.


But working less has financial consequences. “You have two choices,” Ms. Mendoza says of students whose families could not or would not contribute to their college costs. “You either work, or you acquire debt.”


Banking on Brunch


Zack Tolmie chose to work. He first caught sight of New York University on television when he was a freshman in high school in Altamont, N.Y., outside Albany. While his parents wanted him to attend college, their savings suffered in the 2001 recession.


So Mr. Tolmie got a job at a Johnny Rockets restaurant. By the time he started college in 2007, he had saved $8,000, four times as much as his parents had accumulated for him.


Impressed by the pluck he had demonstrated in passing so many Advanced Placement tests, N.Y.U. guaranteed Mr. Tolmie $25,000 in merit scholarships each year, which left him with about $75,000 that he needed to earn over three years. “I had a chart on my desk so that every time I sat down I would need to look at it,” he says. “Every two weeks I needed X amount. That first year, it would have been around $600 after taxes.”


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Dell’s largest investor opposes buyout as too low






(Reuters) – Dell Inc’s largest independent shareholder Southeastern Asset Management said it plans to oppose the buyout of the personal computer maker, setting up a battle for founder Michael Dell who is leading the effort to operate the company away from public scrutiny.


Southeastern sent a letter to Dell’s board expressing its “extreme disappointment” in the offer price of $ 13.65 a share, it said in a regulatory filing.






It said it “currently intends to avail itself of all options at its disposal to oppose proposed transaction.”


Reuters had reported earlier that the Southeastern was unhappy with the offer.


The Memphis, Tennessee-based fund, which owns a 8.5 percent stake in Dell, said it values the entire company at about $ 24.00 per share.


The fund said it believes Dell board had several alternatives that would have produced far better outcome for public shareholders, including breaking up the company and selling the unit separately.


“Selling multiple business units to strategic buyers could easily exceed $ 13.65 per share,” it said.


A representative of Silver Lake declined to comment.


With Southeastern’s objections, shareholders representing 11 percent of the Dell shares not held by Michael Dell have now said they will vote against the deal.


Under the buyout’s terms, a majority of shares not held by Michael Dell must be voted in favor of the deal for it to proceed.


(Reporting by Poornima Gupta; Editing by Steve Orlofsky)


Tech News Headlines – Yahoo! News





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European Union Leaders Agree to Slimmer Budget


BRUSSELS — As European Union leaders began their 14th hour of budget negotiations after a sleepless night, Valdis Dombrovskis, the prime minister of Latvia, took the floor early Friday to address what, for his Baltic nation of around just two million people, is a vital question: Why should a Latvian cow deserve less money than a French, Dutch and even Romanian one?


In a system that requires unanimous approval of budget decisions, what Latvia wants for its dairy farmers — or Estonia for its railways, Hungary for its poorer regions and Spain for its fishermen — is no small matter. It is this cacophony of local concerns that explains why, despite the outsize role in decision-making of Germany, the European Union has such trouble reaching an agreement on something as basic as a budget.


And if simply agreeing to a basic budget — the first decrease in its history — is so daunting to member countries, it also raised serious questions about the limits of political and economic integration that have long been the master plan for champions of European unity.


After a failed attempt to fix spending targets at the summit meeting in November and a 24-hour marathon of talks this week, European leaders finally agreed late Friday to a common budget for the next seven years. Slightly smaller than its predecessor, the new budget plan reflects the climate of austerity across a continent still struggling to emerge from a crippling debt crisis.


The colossal effort that was required to agree to a sum amounting to about €960 billion, or $1.28 trillion, or a mere 1 percent of the bloc’s gross domestic product, again exposed the stubborn attachment to national priorities that have made reaching agreements on how to save the euro so painful in recent years.


“We need to agree and to agree we need to take into account all countries,” said Mr. Dombrovskis in an interview. The Latvian leader, who rushed to his hotel for a shave, shower and change of shirt in the middle of the night, described the ordeal as “not a pleasant experience,” but said “it only happens every seven years so we can tolerate it.”


But toleration is not the same thing as cooperation.


“What we’re seeing is that European integration is very important to European leaders as long as it doesn’t imply that someone has to be paying for someone else,” said Daniel Gros, director for the Center for European Policy Studies, a research organization in Brussels.


“Sharing a European budget is not going to be the essence of the E.U., but crafting the rule books for open borders and stable banking systems will be,” said Mr. Gros.


For other observers, the spectacle of European leaders haggling through the night over amounts of money representing rounding errors in their national accounts once again demonstrated their reluctance to make policies together that erode their nations’ sovereignty.


“The budget negotiations are most visible sign of member states winning and losing from the European Union,” said Hugo Brady, a senior research fellow at the Center for European Reform, a research organization. “The result is a totally parochial budget that is poorly adapted to rapidly changing times,” he said.


The deal faces yet another hurdle before it becomes law at the European Parliament, which has the power to veto the budget.


Some of the most influential figures in Parliament have already signaled that they are prepared to reject a budget that foresees spending less on Europe in the years ahead.


Martin Schulz, the president of the Parliament, said this week he would not approve a budget that ended up widening the overall gap between the cash paid up-front by governments and the somewhat higher amounts, known as commitments, which make up the overall budget.


Britain, Sweden and the Netherlands were among the Northern European nations that fought hard to squeeze agricultural subsidies and increase spending on research and development to boost the bloc’s global competitiveness.


This article has been revised to reflect the following correction:

Correction: February 8, 2013

An earlier version of this article misspelled, on one reference, the last name of the Latvian prime minister. It is Dombrovskis, not Domobrovskis.



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AP Source: Hernandez on verge of new deal with M's


SEATTLE (AP) — Felix Hernandez and the Seattle Mariners are working on a $175 million, seven-year contract that would make him the highest-paid pitcher in baseball, according to a person with knowledge of the deal's details.


The person spoke to The Associated Press Thursday on condition of anonymity because the agreement has not been completed. USA Today first reported the deal.


Seattle would add $134.5 million of guaranteed money over five years to the contract of the 2010 AL Cy Young Award winner, whose current agreement calls for him to receive $40.5 million over the next two seasons.


Hernandez's total dollars would top CC Sabathia's original $161 million, seven-year contract with the New York Yankees and his $25 million average would surpass Zack Greinke's $24.5 million under his new contract with the Los Angeles Dodgers and tie him for the second-highest in baseball with Josh Hamilton and Ryan Howard behind Alex Rodriguez ($27.5 million). Hernandez's new money would average $26.9 million over five years.


Hernandez agreed to a $78 million, five-year contract in January 2010 and has earned an additional $2.5 million in escalators and $300,000 in bonuses. He is due $20 million this year and $20.5 million in 2014, which would be superseded by the new deal.


Seattle general manager Jack Zduriencik said he could not comment when reached on Thursday, and Hernandez's representatives didn't immediately return messages.


If the deal is finalized, it would leave Detroit's Justin Verlander and the Dodgers' Clayton Kershaw as the most attractive pitchers eligible for free agency after the 2014 season. Tampa Bay's David Price is eligible after the 2015 season.


Hernandez has become the face of Seattle's struggling franchise, transforming from a curly haired 19-year-old who wore his hat crooked to one of the most dominant and exciting pitchers in baseball. Known as "King Felix," he became the first Seattle pitcher to throw a perfect game in a 1-0 win over Tampa Bay last August.


His fiery enthusiasm on the mound and his willingness to first sign a long-term deal in 2010 have endeared him to fans in the Pacific Northwest who have gone more than a decade without seeing postseason baseball.


Hernandez, who will turn 27 on April 8, is 98-76 with a 3.22 ERA in eight seasons with the Mariners. He won a career-high 19 games in 2009 when he finished second in the Cy Young voting then won the award a year later when he went just 13-12 but had a 2.27 ERA and 232 strikeouts.


Hernandez appeared to be making another Cy Young push last year before going 0-4 in his last six starts, which left him at 13-9 with 223 strikeouts.


His career record would be even better if he didn't play with one of baseball's worst offenses. Seattle had the lowest batting average in the major leagues in each of the last three seasons. Hernandez has taken 10 losses during that span when he's given up two earned runs or less.


For his career, Hernandez has allowed two earned runs or less in 141 of 238 starts, but the team is only 99-42 in those games due to the offensive problems.


Locking up Hernandez long-term won't solve all of the problems that have left Seattle looking up at Texas, Oakland and the Los Angeles Angles in the AL West for most of the last 10 years. The Mariners have tried to address some of those issues this offseason by trading for Kendrys Morales and Michael Morse to provide more punch to go along with young prospects Dustin Ackley, Kyle Seager and Jesus Montero, who have all shown flashes early in their careers.


But should the deal be finalized, the Mariners at least have the security of knowing who'll be at the top of their rotation for most of this decade.


___


AP Sports Writer Ronald Blum contributed to this report.


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