The UN's World Health Organization has raised the alert over the spread of swine flu to level five - one short of a full-blown pandemic.
A phase five alert means human-to-human transmission in at least two countries.
The move comes after a 23-month-old Mexican child died in Texas - the first death from swine flu outside Mexico, where the outbreak originated.
In Spain, officials confirmed the first case of swine flu in a person who has not travelled to Mexico.
Announcing the increased alert level, WHO Director General Margaret Chan urged all countries to activate their pandemic plans - including heightened surveillance and infection control measures.
She said action should be undertaken with "increased urgency".
Wednesday, April 29, 2009
WARNING: Facebook Scam On the Loose, FBAction.net, Steals Passwords
by Pete Cashmore
Facebook is falling prey to a widespread phishing attack today that tries to steal your login and spam your friends.
I’ve got a number of messages in my Facebook inbox with links to “FBAction.net”, a site that displays a fake Facebook login. Enter your details there, and it will spam all your friends with the same message and link. More worrying: you might get locked out of your account for a time until Facebook sorts out this mess.
There is no malicious payload with the attack, it seems: no virus is downloaded or any other nasties: it’s simply a huge nuisance for Facebook users.
As always, don’t enter your Facebook password if the URL is not Facebook.com, and contact Facebook if you’re no longer able to access your account.
Facebook is falling prey to a widespread phishing attack today that tries to steal your login and spam your friends.
I’ve got a number of messages in my Facebook inbox with links to “FBAction.net”, a site that displays a fake Facebook login. Enter your details there, and it will spam all your friends with the same message and link. More worrying: you might get locked out of your account for a time until Facebook sorts out this mess.
There is no malicious payload with the attack, it seems: no virus is downloaded or any other nasties: it’s simply a huge nuisance for Facebook users.
As always, don’t enter your Facebook password if the URL is not Facebook.com, and contact Facebook if you’re no longer able to access your account.
Swine flu confirmed in Massachusetts, Maine
Posted by Christine Chinlund
Governor Deval Patrick (left) spoke today about the two swine flu cases in Lowell at a news conference with Dr.JudyAnn Bigby, Secretary of Health & Human Services, and Commissioner John Auerbach of the Department of Public Health.
By Stephen Smith and Kay Lazar, Globe Staff
Disease trackers in Massachusetts and Maine confirmed today that swine flu has arrived in New England, with two boys from Lowell recovering from the viral illness after being exposed while on vacation in Mexico.
Three adults in Maine have tested positive, authorities there said.
Massachusetts Governor Deval Patrick and state health authorities said there is no evidence that the Lowell children, whose names and ages were not disclosed because of patient confidentiality laws, have transmitted the virus.
]Massachusetts disease trackers confirmed today that swine flu has arrived in New England, with two boys from
"None of the contact cases, zero of the contact cases have been symptomatic," Patrick said, emphatically.
Dozens of people who might have had contact with the pair -- relatives, neighbors, playmates -- have either tested negative for swine flu, or shown no symptoms of the respiratory disease. Still, as a precautionary measure, those considered at high risk of flu complications because of underlying medical conditions have been given anti-flu medication.
Lowell's health director, Frank Singleton, said that the boys attend separate private schools but that neither attended classes after returning from Mexico a week ago. One child fell ill Thursday, while the other became sick Sunday, Singleton said. A third sibling is not ill and has returned to school, Singleton said. The boys' parents do not have symptoms either, but both opted to not go back to work.
"They recovering," Singleton said. "They are not very happy because it's not very pleasant to have the flu."
The state Department of Public Health received conclusive word from federal authorities at midmorning that the boys were indeed infected with swine flu, a disease that has stoked widespread fear because humans have no immunity against the ailment.
Patrick's presence at a late morning press conference, flanked by his top health officials, underscored both the concern about the disease and a desire to present a united front against the virus and public anxiety.
"We want the public to know we are prepared," the governor said, "and we want the public to be prepared."
Patrick urged precautions: "If you are sick, stay home from work, and I would ask special sensitivity from employers."
So far, theDepartment of Public Health has tested about 40 samples that doctors sent to the state laboratory because patients had flu-like symptoms and had traveled to regions with reported cases of swine flu. After preliminary testing, only three samples raised red flags and were sent to the US Centers for Disease Control and Prevention in Atlanta. Two of those samples were from the Lowell students; results are pending on the third sample, according to Dr. Alfred DeMaria, the state's epidemiologist.
State health authorities pledged to move swiftly to investigate potential cases and to prevent transmission through measures similar to the contact-tracing that was used in Lowell.
"Our major goal is for swine flu to not spread in Massachusetts," said Dr. JudyAnn Bigby, the state's secretary of health and human services. "We've already had two cases here and it's spread in the United States. So we know there's a chance it can spread here."
In Lowell, parents expressed concern about their own children's health as word spread about the two boys infected with swine flu.
Samantha Frazier, five months pregnant and with a 14-month-old in a stroller, said the viral illness left her "terrified. My kids are my life. I would absolutely lose it if one of them got sick."
Meanwhile, scores of families in the central Massachusetts town of Spencer kept children home from school today after reports that two elementary students were suspected of having swine flu. School officials decided to keep the Lake Street School open despite parents' concerns, as officials awaited definitive lab test results. The students -- believed to be a first grade girl and a third grade boy -- were not identified.
And in Brockton, a hospital spokeswoman said samples from two adults who exhibited flu-like symptoms were sent for testing. One had come to the Brockton Hospital emergency room. The other visited a doctor affiliated with the hospital. Their names, gender and ages were withheld, but hospital spokeswoman Rachel Labas (cq) said both patients had recently been to Mexico.
"At this point, that travel is the differentiating fact," Labas said. "We aren't taking samples for suspected swine flu if they are just exhibiting flu-like symptoms, at this point."
Lou Tartaglia, (cq) director of Brockton's health department, confirmed the two adults are the only suspected cases in the city at this point.
Governor Deval Patrick (left) spoke today about the two swine flu cases in Lowell at a news conference with Dr.JudyAnn Bigby, Secretary of Health & Human Services, and Commissioner John Auerbach of the Department of Public Health.
By Stephen Smith and Kay Lazar, Globe Staff
Disease trackers in Massachusetts and Maine confirmed today that swine flu has arrived in New England, with two boys from Lowell recovering from the viral illness after being exposed while on vacation in Mexico.
Three adults in Maine have tested positive, authorities there said.
Massachusetts Governor Deval Patrick and state health authorities said there is no evidence that the Lowell children, whose names and ages were not disclosed because of patient confidentiality laws, have transmitted the virus.
]Massachusetts disease trackers confirmed today that swine flu has arrived in New England, with two boys from
"None of the contact cases, zero of the contact cases have been symptomatic," Patrick said, emphatically.
Dozens of people who might have had contact with the pair -- relatives, neighbors, playmates -- have either tested negative for swine flu, or shown no symptoms of the respiratory disease. Still, as a precautionary measure, those considered at high risk of flu complications because of underlying medical conditions have been given anti-flu medication.
Lowell's health director, Frank Singleton, said that the boys attend separate private schools but that neither attended classes after returning from Mexico a week ago. One child fell ill Thursday, while the other became sick Sunday, Singleton said. A third sibling is not ill and has returned to school, Singleton said. The boys' parents do not have symptoms either, but both opted to not go back to work.
"They recovering," Singleton said. "They are not very happy because it's not very pleasant to have the flu."
The state Department of Public Health received conclusive word from federal authorities at midmorning that the boys were indeed infected with swine flu, a disease that has stoked widespread fear because humans have no immunity against the ailment.
Patrick's presence at a late morning press conference, flanked by his top health officials, underscored both the concern about the disease and a desire to present a united front against the virus and public anxiety.
"We want the public to know we are prepared," the governor said, "and we want the public to be prepared."
Patrick urged precautions: "If you are sick, stay home from work, and I would ask special sensitivity from employers."
So far, theDepartment of Public Health has tested about 40 samples that doctors sent to the state laboratory because patients had flu-like symptoms and had traveled to regions with reported cases of swine flu. After preliminary testing, only three samples raised red flags and were sent to the US Centers for Disease Control and Prevention in Atlanta. Two of those samples were from the Lowell students; results are pending on the third sample, according to Dr. Alfred DeMaria, the state's epidemiologist.
State health authorities pledged to move swiftly to investigate potential cases and to prevent transmission through measures similar to the contact-tracing that was used in Lowell.
"Our major goal is for swine flu to not spread in Massachusetts," said Dr. JudyAnn Bigby, the state's secretary of health and human services. "We've already had two cases here and it's spread in the United States. So we know there's a chance it can spread here."
In Lowell, parents expressed concern about their own children's health as word spread about the two boys infected with swine flu.
Samantha Frazier, five months pregnant and with a 14-month-old in a stroller, said the viral illness left her "terrified. My kids are my life. I would absolutely lose it if one of them got sick."
Meanwhile, scores of families in the central Massachusetts town of Spencer kept children home from school today after reports that two elementary students were suspected of having swine flu. School officials decided to keep the Lake Street School open despite parents' concerns, as officials awaited definitive lab test results. The students -- believed to be a first grade girl and a third grade boy -- were not identified.
And in Brockton, a hospital spokeswoman said samples from two adults who exhibited flu-like symptoms were sent for testing. One had come to the Brockton Hospital emergency room. The other visited a doctor affiliated with the hospital. Their names, gender and ages were withheld, but hospital spokeswoman Rachel Labas (cq) said both patients had recently been to Mexico.
"At this point, that travel is the differentiating fact," Labas said. "We aren't taking samples for suspected swine flu if they are just exhibiting flu-like symptoms, at this point."
Lou Tartaglia, (cq) director of Brockton's health department, confirmed the two adults are the only suspected cases in the city at this point.
Toddler in Texas becomes 1st swine flu death in US
HOUSTON (AP) — A 23-month-old toddler in Texas became the first confirmed swine flu death outside of Mexico as authorities around the world struggled to contain a growing global health menace that has also swept Germany onto the roster of afflicted nations. Officials say the death was in Houston.
Kathy Barton, a spokeswoman for the Houston Health and Human Services Department, said Wednesday that the child had traveled with family from Mexico to Brownsville in South Texas. The child became ill in Brownsville and was taken to a Houston hospital and died Monday night, she said.
"Even though we've been expecting this, it is very, very sad," Dr. Richard Besser, acting chief of the Centers for Disease Control and Prevention, said Wednesday of the infant's death. "As a pediatrician and a parent, my heart goes out to the family."
President Barack Obama said this morning that Americans should know the government is doing all it can to control virus. Obama also says schools should consider closing if the spread of the swine flu virus worsens.
Canada, Austria, New Zealand, Israel, Spain, Britain and Germany also have reported cases of swine flu sickness. Deaths reported so far have been limited to Mexico, and now the U.S.
As the United States grappled with this widening health crisis, Besser went from network to network Wednesday morning to give an update on what the Obama administration is doing. He said authorities essentially are still "trying to learn more about this strain of the flu." His appearances as Germany reported its first cases of swine flu infection, with three victims.
"It's very important that people take their concern and channel it into action," Besser said, adding that "it is crucial that people understand what they need to do if symptoms appear.
"I don't think it (the reported death in Texas) indicates any change in the strain," he said. "We see with any flu virus a spectrum of disease symptoms."
Asked why the problem seems so much more severe in Mexico, Besser said U.S. officials "have teams on the ground, a tri-national team in Mexico, working with Canada and Mexico, to try and understand those differences, because they can be helpful as we plan and implement our control strategies."
Sixty-six infections had been reported in the United States before the report of the toddler's death in Texas.
The world has no vaccine to prevent infection but U.S. health officials aim to have a key ingredient for one ready in early May, the big step that vaccine manufacturers are awaiting. But even if the World Health Organization ordered up emergency vaccine supplies — and that decision hasn't been made yet — it would take at least two more months to produce the initial shots needed for human safety testing.
"We're working together at 100 miles an hour to get material that will be useful," Dr. Jesse Goodman, who oversees the Food and Drug Administration's swine flu work, told The Associated Press.
The U.S. is shipping to states not only enough anti-flu medication for 11 million people, but also masks, hospital supplies and flu test kits. President Barack Obama asked Congress for $1.5 billion in emergency funds to help build more drug stockpiles and monitor future cases, as well as help international efforts to avoid a full-fledged pandemic.
"It's a very serious possibility, but it is still too early to say that this is inevitable," the WHO's flu chief, Dr. Keiji Fukuda, told a telephone news conference.
Cuba and Argentina banned flights to Mexico, where swine flu is suspected of killing more than 150 people and sickening well over 2,000. In a bit of good news, Mexico's health secretary, Jose Cordova, late Tuesday called the death toll there "more or less stable."
Mexico City, one of the world's largest cities, has taken drastic steps to curb the virus' spread, starting with shutting down schools and on Tuesday expanding closures to gyms and swimming pools and even telling restaurants to limit service to takeout. People who venture out tend to wear masks in hopes of protection.
The number of confirmed swine flu cases in the United States rose to 66 in six states, with 45 in New York, 11 in California, six in Texas, two in Kansas and one each in Indiana and Ohio, but cities and states suspected more. In New York, the city's health commissioner said "many hundreds" of schoolchildren were ill at a school where some students had confirmed cases.
The WHO argues against closing borders to stem the spread, and the U.S. — although checking arriving travelers for the ill who may need care — agrees it's too late for that tactic.
"Sealing a border as an approach to containment is something that has been discussed and it was our planning assumption should an outbreak of a new strain of influenza occur overseas. We had plans for trying to swoop in and knockout or quench an outbreak if it were occurring far from our borders. That's not the case here," Besser told a telephone briefing of Nevada-based health providers and reporters. "The idea of trying to limit the spread to Mexico is not realistic or at all possible."
"Border controls do not work. Travel restrictions do not work," WHO spokesman Gregory Hartl said in Geneva, recalling the SARS epidemic earlier in the decade that killed 774 people, mostly in Asia, and slowed the global economy.
Authorities sought to keep the crisis in context: Flu deaths are common around the world. In the U.S. alone, the CDC says about 36,000 people a year die of flu-related causes. Still, the CDC calls the new strain a combination of pig, bird and human viruses for which people may have limited natural immunity.
Hence the need for a vaccine. Using samples of the flu taken from people who fell ill in Mexico and the U.S., scientists are engineering a strain that could trigger the immune system without causing illness. The hope is to get that ingredient — called a "reference strain" in vaccine jargon — to manufacturers around the second week of May, so they can begin their own laborious production work, said CDC's Dr. Ruben Donis, who is leading that effort.
Vaccine manufacturers are just beginning production for next winter's regular influenza vaccine, which protects against three human flu strains. The WHO wants them to stay with that course for now — it won't call for mass production of a swine flu vaccine unless the outbreak worsens globally. But sometimes new flu strains pop up briefly at the end of one flu season and go away only to re-emerge the next fall, and at the very least there should be a vaccine in time for next winter's flu season, Dr. Anthony Fauci, the National Institutes of Health's infectious diseases chief, said Tuesday.
"Right now it's moving very rapidly," he said of the vaccine development.
Besser appeared on NBC's "Meet the Press," CNN and CBS's "The Early Show."
Kathy Barton, a spokeswoman for the Houston Health and Human Services Department, said Wednesday that the child had traveled with family from Mexico to Brownsville in South Texas. The child became ill in Brownsville and was taken to a Houston hospital and died Monday night, she said.
"Even though we've been expecting this, it is very, very sad," Dr. Richard Besser, acting chief of the Centers for Disease Control and Prevention, said Wednesday of the infant's death. "As a pediatrician and a parent, my heart goes out to the family."
President Barack Obama said this morning that Americans should know the government is doing all it can to control virus. Obama also says schools should consider closing if the spread of the swine flu virus worsens.
Canada, Austria, New Zealand, Israel, Spain, Britain and Germany also have reported cases of swine flu sickness. Deaths reported so far have been limited to Mexico, and now the U.S.
As the United States grappled with this widening health crisis, Besser went from network to network Wednesday morning to give an update on what the Obama administration is doing. He said authorities essentially are still "trying to learn more about this strain of the flu." His appearances as Germany reported its first cases of swine flu infection, with three victims.
"It's very important that people take their concern and channel it into action," Besser said, adding that "it is crucial that people understand what they need to do if symptoms appear.
"I don't think it (the reported death in Texas) indicates any change in the strain," he said. "We see with any flu virus a spectrum of disease symptoms."
Asked why the problem seems so much more severe in Mexico, Besser said U.S. officials "have teams on the ground, a tri-national team in Mexico, working with Canada and Mexico, to try and understand those differences, because they can be helpful as we plan and implement our control strategies."
Sixty-six infections had been reported in the United States before the report of the toddler's death in Texas.
The world has no vaccine to prevent infection but U.S. health officials aim to have a key ingredient for one ready in early May, the big step that vaccine manufacturers are awaiting. But even if the World Health Organization ordered up emergency vaccine supplies — and that decision hasn't been made yet — it would take at least two more months to produce the initial shots needed for human safety testing.
"We're working together at 100 miles an hour to get material that will be useful," Dr. Jesse Goodman, who oversees the Food and Drug Administration's swine flu work, told The Associated Press.
The U.S. is shipping to states not only enough anti-flu medication for 11 million people, but also masks, hospital supplies and flu test kits. President Barack Obama asked Congress for $1.5 billion in emergency funds to help build more drug stockpiles and monitor future cases, as well as help international efforts to avoid a full-fledged pandemic.
"It's a very serious possibility, but it is still too early to say that this is inevitable," the WHO's flu chief, Dr. Keiji Fukuda, told a telephone news conference.
Cuba and Argentina banned flights to Mexico, where swine flu is suspected of killing more than 150 people and sickening well over 2,000. In a bit of good news, Mexico's health secretary, Jose Cordova, late Tuesday called the death toll there "more or less stable."
Mexico City, one of the world's largest cities, has taken drastic steps to curb the virus' spread, starting with shutting down schools and on Tuesday expanding closures to gyms and swimming pools and even telling restaurants to limit service to takeout. People who venture out tend to wear masks in hopes of protection.
The number of confirmed swine flu cases in the United States rose to 66 in six states, with 45 in New York, 11 in California, six in Texas, two in Kansas and one each in Indiana and Ohio, but cities and states suspected more. In New York, the city's health commissioner said "many hundreds" of schoolchildren were ill at a school where some students had confirmed cases.
The WHO argues against closing borders to stem the spread, and the U.S. — although checking arriving travelers for the ill who may need care — agrees it's too late for that tactic.
"Sealing a border as an approach to containment is something that has been discussed and it was our planning assumption should an outbreak of a new strain of influenza occur overseas. We had plans for trying to swoop in and knockout or quench an outbreak if it were occurring far from our borders. That's not the case here," Besser told a telephone briefing of Nevada-based health providers and reporters. "The idea of trying to limit the spread to Mexico is not realistic or at all possible."
"Border controls do not work. Travel restrictions do not work," WHO spokesman Gregory Hartl said in Geneva, recalling the SARS epidemic earlier in the decade that killed 774 people, mostly in Asia, and slowed the global economy.
Authorities sought to keep the crisis in context: Flu deaths are common around the world. In the U.S. alone, the CDC says about 36,000 people a year die of flu-related causes. Still, the CDC calls the new strain a combination of pig, bird and human viruses for which people may have limited natural immunity.
Hence the need for a vaccine. Using samples of the flu taken from people who fell ill in Mexico and the U.S., scientists are engineering a strain that could trigger the immune system without causing illness. The hope is to get that ingredient — called a "reference strain" in vaccine jargon — to manufacturers around the second week of May, so they can begin their own laborious production work, said CDC's Dr. Ruben Donis, who is leading that effort.
Vaccine manufacturers are just beginning production for next winter's regular influenza vaccine, which protects against three human flu strains. The WHO wants them to stay with that course for now — it won't call for mass production of a swine flu vaccine unless the outbreak worsens globally. But sometimes new flu strains pop up briefly at the end of one flu season and go away only to re-emerge the next fall, and at the very least there should be a vaccine in time for next winter's flu season, Dr. Anthony Fauci, the National Institutes of Health's infectious diseases chief, said Tuesday.
"Right now it's moving very rapidly," he said of the vaccine development.
Besser appeared on NBC's "Meet the Press," CNN and CBS's "The Early Show."
Monday, April 27, 2009
CDC: How to Protect Yourself Against Swine Flu
WASHINGTON — The acting head of the Centers for Disease Control said Monday that people can best protect themselves against the swine flu threat by taking precautions they were taught as kids, like frequently washing their hands.
Asked what individual steps should be taken, Richard Besser replied: "The things that we learned when we were little, covering a cough ... staying home when you have a fever, frequent hand-washing. If people do these things, it will decrease the spread in our communities."
Besser also said the U.S. government is being "extremely aggressive" in the steps it has taken, or is considering, to protect the American public. He said he didn't think he would personally recommend traveling to parts of Mexico where the new virus has taken hold, but noted that no decision has been made on a possible travel ban.
Besser said he was not reassured by the fact that so far in the U.S., no one has died from the disease.
"From what we understand in Mexico, I think people need to be ready for the idea that we could see more severe cases in this country and possibly deaths," Besser said. "That's something people have to be ready for and we're looking for that. So far, thankfully, we haven't seen that. But we're very concerned and that's why we're taking very aggressive measures."
Besser said there can be no one-size-fits-all approach when the severity of the problem varies from area to area. "You cannot see an outbreak occur at the same level in all places," he said.
He also said the government has worked hard to have the necessary medications in place in such a scenario and already has begun distributing them to states.
Asked in one interview why the United States was not issuing travel bans and quarantining passengers at airports, as some countries have done, Besser said: "We are being extremely aggressive in our approach to this outbreak and each day we're evaluating what we're undertaking and we'll make additional measures as necessary. What you're going to see in an outbreak like this is different things taking place in different parts of the country based on what's going on there."
"What we're going to be doing at the borders, and that will be taking place starting today, is doing passive screening, asking people about fever and illness, looking for people who are ill and handing out cards that let people know what's going on in Mexico and what's going on here so people can take action to protect and prepare," Besser said.
The CDC was posting guidelines on its Web site Monday for health departments and members of the public to decide what to do in the event of illness.
Besser appeared on NBC's "Today" show, CBS's "The Early Show," and ABC's "Good Morning America."
Asked what individual steps should be taken, Richard Besser replied: "The things that we learned when we were little, covering a cough ... staying home when you have a fever, frequent hand-washing. If people do these things, it will decrease the spread in our communities."
Besser also said the U.S. government is being "extremely aggressive" in the steps it has taken, or is considering, to protect the American public. He said he didn't think he would personally recommend traveling to parts of Mexico where the new virus has taken hold, but noted that no decision has been made on a possible travel ban.
Besser said he was not reassured by the fact that so far in the U.S., no one has died from the disease.
"From what we understand in Mexico, I think people need to be ready for the idea that we could see more severe cases in this country and possibly deaths," Besser said. "That's something people have to be ready for and we're looking for that. So far, thankfully, we haven't seen that. But we're very concerned and that's why we're taking very aggressive measures."
Besser said there can be no one-size-fits-all approach when the severity of the problem varies from area to area. "You cannot see an outbreak occur at the same level in all places," he said.
He also said the government has worked hard to have the necessary medications in place in such a scenario and already has begun distributing them to states.
Asked in one interview why the United States was not issuing travel bans and quarantining passengers at airports, as some countries have done, Besser said: "We are being extremely aggressive in our approach to this outbreak and each day we're evaluating what we're undertaking and we'll make additional measures as necessary. What you're going to see in an outbreak like this is different things taking place in different parts of the country based on what's going on there."
"What we're going to be doing at the borders, and that will be taking place starting today, is doing passive screening, asking people about fever and illness, looking for people who are ill and handing out cards that let people know what's going on in Mexico and what's going on here so people can take action to protect and prepare," Besser said.
The CDC was posting guidelines on its Web site Monday for health departments and members of the public to decide what to do in the event of illness.
Besser appeared on NBC's "Today" show, CBS's "The Early Show," and ABC's "Good Morning America."
Wednesday, April 22, 2009
Freddie Mac CFO David Kellermann found dead
Police say there are no signs of 'foul play' in the death of David Kellermann.
NEW YORK (CNN) -- The acting chief financial officer of mortgage financier Freddie Mac, David Kellermann, was found dead Wednesday morning, police said.
Eileen Fitzpatrick, a spokeswoman for Freddie Mac, confirmed the death.
Police are investigating the death as an apparent suicide, WTOP-FM reported, quoting Mary Anne Jennings, a spokeswoman for police in Fairfax County, Virginia.
Authorities said there were no signs of foul play when officers were called to Kellermann's home on Raleigh Hill Road shortly before 5 a.m., according to Fairfax County police spokeswoman Lucy Caldwell.
"At this point there are no signs of foul play," Caldwell said. "It's under investigation. I don't believe we have categorized it yet at this point."
Kellermann, 41, who also served as the company's senior vice president, had been with the company for more than 16 years.
He was named to those positions in September 2008, and was responsible for the company's financial controls. This included overseeing the company's financial reporting, compliance with tax requirements and regulations, and annual budgeting and financial planning.
Kellerman reported to former CEO David Moffett.
Before assuming his current posts, Kellerman was senior vice president, corporate controller and principal accounting officer.
Kellerman held a master's degree in finance from George Washington University and a bachelor's in political science and accounting from the University of Michigan. He has served as a volunteer board member of the District of Columbia Coalition for the Homeless.
Freddie Mac (FRE, Fortune 500) was established by Congress in 1970 to provide liquidity, stability and affordability to the nation's residential mortgage markets. Freddie Mac supports communities across the nation by providing mortgage capital to lenders.
NEW YORK (CNN) -- The acting chief financial officer of mortgage financier Freddie Mac, David Kellermann, was found dead Wednesday morning, police said.
Eileen Fitzpatrick, a spokeswoman for Freddie Mac, confirmed the death.
Police are investigating the death as an apparent suicide, WTOP-FM reported, quoting Mary Anne Jennings, a spokeswoman for police in Fairfax County, Virginia.
Authorities said there were no signs of foul play when officers were called to Kellermann's home on Raleigh Hill Road shortly before 5 a.m., according to Fairfax County police spokeswoman Lucy Caldwell.
"At this point there are no signs of foul play," Caldwell said. "It's under investigation. I don't believe we have categorized it yet at this point."
Kellermann, 41, who also served as the company's senior vice president, had been with the company for more than 16 years.
He was named to those positions in September 2008, and was responsible for the company's financial controls. This included overseeing the company's financial reporting, compliance with tax requirements and regulations, and annual budgeting and financial planning.
Kellerman reported to former CEO David Moffett.
Before assuming his current posts, Kellerman was senior vice president, corporate controller and principal accounting officer.
Kellerman held a master's degree in finance from George Washington University and a bachelor's in political science and accounting from the University of Michigan. He has served as a volunteer board member of the District of Columbia Coalition for the Homeless.
Freddie Mac (FRE, Fortune 500) was established by Congress in 1970 to provide liquidity, stability and affordability to the nation's residential mortgage markets. Freddie Mac supports communities across the nation by providing mortgage capital to lenders.
Tuesday, April 21, 2009
Cars for $1,000, carsforagrand.com
JACKSONVILLE, FL -- One company says it's possible to have a safe, reliable car that won't cost you an arm and a leg.
The young entrepreneurs behind carsforagrand.com drove a clunker into Jacksonville for a little show-and-tell.
The "show" isn't much to look at: a white, beat up, 1974 Pontiac LeMans.
But the businessmen say the car "tells" a good story.
"We were two weeks removed from a $19 billion bailout of GM and here we bought a General Motors car 35 years old for $900 that's made it 3300 miles and feels honestly like it can make it another 3300 no problem," said Chris Hedgecock.
The two men bought the car off the web site, pumped in about $200 worth of maintenance before driving the car from California to Jacksonville to prove their point.
Despite losing a window frame in Texas, and sitting through shaky air conditioning, the guys say the car held up during the adventure.
The men say the web site matches people with cheap rides in their area. All you do is enter your zip code and the web site comes up with a list of budget-mobiles in your area.
NEW ORLEANS -- A man driving across the country to prove that cheap, used cars are reliable made a stop in New Orleans to share his message.
Chris Hedgecock stopped for a break on a long road trip in his 1974 Pontiac LeMans. He bought the car for just under $900 through a Web site he created two years ago, CarsForAGrand.com.
"It just grew in popularity and we were really impressed with the response we got," Hedgecock said.
He said the Web site generates about five sales a day nationwide -- all of used cars under $1,000.
"We don't make any guarantees," he said. "We're basically a tool for people to find other people who are selling cars."
The used cars don't come without challenges.
"When we got it, the battery was bad," Hedgecock said about the car he bought. "We went ahead and got a new battery from Wal-Mart. We did a little homemade ducting work on the air intake. We replaced all the fluids, replaced the belts."
But he said after $200 in repairs, the car was ready to hit the road from San Diego to Miami. He said it hasn't had any problems along the way.
Hedgecock said when he gets home, he won't have to make car payments.
"You might have to learn how to fix a car yourself, but at the end you're going to have a car and no debt," he said.
The Better Business Bureau said anyone looking for a used car should make sure the make, model, options and warranty are clearly defined, and be sure to read and understand the terms of the contract before signing.
The young entrepreneurs behind carsforagrand.com drove a clunker into Jacksonville for a little show-and-tell.
The "show" isn't much to look at: a white, beat up, 1974 Pontiac LeMans.
But the businessmen say the car "tells" a good story.
"We were two weeks removed from a $19 billion bailout of GM and here we bought a General Motors car 35 years old for $900 that's made it 3300 miles and feels honestly like it can make it another 3300 no problem," said Chris Hedgecock.
The two men bought the car off the web site, pumped in about $200 worth of maintenance before driving the car from California to Jacksonville to prove their point.
Despite losing a window frame in Texas, and sitting through shaky air conditioning, the guys say the car held up during the adventure.
The men say the web site matches people with cheap rides in their area. All you do is enter your zip code and the web site comes up with a list of budget-mobiles in your area.
NEW ORLEANS -- A man driving across the country to prove that cheap, used cars are reliable made a stop in New Orleans to share his message.
Chris Hedgecock stopped for a break on a long road trip in his 1974 Pontiac LeMans. He bought the car for just under $900 through a Web site he created two years ago, CarsForAGrand.com.
"It just grew in popularity and we were really impressed with the response we got," Hedgecock said.
He said the Web site generates about five sales a day nationwide -- all of used cars under $1,000.
"We don't make any guarantees," he said. "We're basically a tool for people to find other people who are selling cars."
The used cars don't come without challenges.
"When we got it, the battery was bad," Hedgecock said about the car he bought. "We went ahead and got a new battery from Wal-Mart. We did a little homemade ducting work on the air intake. We replaced all the fluids, replaced the belts."
But he said after $200 in repairs, the car was ready to hit the road from San Diego to Miami. He said it hasn't had any problems along the way.
Hedgecock said when he gets home, he won't have to make car payments.
"You might have to learn how to fix a car yourself, but at the end you're going to have a car and no debt," he said.
The Better Business Bureau said anyone looking for a used car should make sure the make, model, options and warranty are clearly defined, and be sure to read and understand the terms of the contract before signing.
Monday, April 13, 2009
Obama girls name their new puppy 'Bo'
By PHILIP ELLIOTT, Associated Press Writer
WASHINGTON – Bo? No jest. The first family has settled on a first pet — a 6-month-old Portuguese water dog that the Obama girls are naming Bo.
The selection was one of the White House's most tightly kept secrets.
President Barack Obama's daughters, 10-year-old Malia and 7-year-old Sasha, picked a black and white pup, a White House official speaking on the condition of anonymity told The Associated Press Saturday night.
The dog is a gift from Sen. Edward M. Kennedy, D-Mass., who owns several Portuguese water dogs himself.
"We couldnt be happier to see the joy that Bo is bringing to Malia and Sasha," Kennedy said in a statement. "We love our Portuguese water dogs and know that the girls — and their parents — will love theirs, too."
The Washington Post reported in its online editions Saturday night that Obama's daughters chose the name Bo for the pup because first lady Michelle Obama's father was nicknamed Diddley. The name for the dog was an apparent reference to the singer "Bo" Diddley.
White House aides told the AP that the office of the first lady arranged an exclusive deal on the dog story with the Post. The officials, who demanded anonymity because of the deal with the Post on exclusive details, said the dog was not in the White House as of Saturday evening.
Throughout the day Saturday, celebrity Web sites and bloggers were abuzz with rumors of the first family's selection of a Portuguese water dog; one site even claimed it had pictures of the future first pet.
The president had embraced the frenzy: "Oh, man, now, that's top secret," Obama joked Friday to reporters.
Obama promised his daughters a puppy during the campaign.
"This is Washington. That was a campaign promise," Obama said when he appeared on Jay Leno's talk show last month, as the audience roared with laughter. "No, I'm teasing. The dog will be there shortly."
The president and first lady had said their choice was down to either a Portuguese water dog or a Labradoodle because they were considered good pets for children who have allergies, as Malia does.
WASHINGTON – Bo? No jest. The first family has settled on a first pet — a 6-month-old Portuguese water dog that the Obama girls are naming Bo.
The selection was one of the White House's most tightly kept secrets.
President Barack Obama's daughters, 10-year-old Malia and 7-year-old Sasha, picked a black and white pup, a White House official speaking on the condition of anonymity told The Associated Press Saturday night.
The dog is a gift from Sen. Edward M. Kennedy, D-Mass., who owns several Portuguese water dogs himself.
"We couldnt be happier to see the joy that Bo is bringing to Malia and Sasha," Kennedy said in a statement. "We love our Portuguese water dogs and know that the girls — and their parents — will love theirs, too."
The Washington Post reported in its online editions Saturday night that Obama's daughters chose the name Bo for the pup because first lady Michelle Obama's father was nicknamed Diddley. The name for the dog was an apparent reference to the singer "Bo" Diddley.
White House aides told the AP that the office of the first lady arranged an exclusive deal on the dog story with the Post. The officials, who demanded anonymity because of the deal with the Post on exclusive details, said the dog was not in the White House as of Saturday evening.
Throughout the day Saturday, celebrity Web sites and bloggers were abuzz with rumors of the first family's selection of a Portuguese water dog; one site even claimed it had pictures of the future first pet.
The president had embraced the frenzy: "Oh, man, now, that's top secret," Obama joked Friday to reporters.
Obama promised his daughters a puppy during the campaign.
"This is Washington. That was a campaign promise," Obama said when he appeared on Jay Leno's talk show last month, as the audience roared with laughter. "No, I'm teasing. The dog will be there shortly."
The president and first lady had said their choice was down to either a Portuguese water dog or a Labradoodle because they were considered good pets for children who have allergies, as Malia does.
Friday, April 3, 2009
At least 12 killed at immigration center in NY
By WILLIAM KATES, Associated Press Writer – 2 mins ago
BINGHAMTON, N.Y. – A gunman opened fire on a room where immigrants were taking a citizenship exam in downtown Binghamton on Friday, killing as many as 13 people before committing suicide, officials said.
Gov. David Paterson said at a news conference that 12 or 13 people had been killed. The suspected gunman carried identification with the name of 42-year-old Jiverly Voong of nearby Johnson City, N.Y., a law enforcement official said.
The suspect's body was found with a self-inflicted gunshot wound in an office of the American Civic Association building, said the official, who was not authorized to speak publicly and was talking on condition of anonymity.
The gunman barricaded the rear door of the building with his car before entering through the front door, firing his weapon, the official said.
Vice President Joe Biden, speaking at an event in New York, told the crowd that someone entered a room where an examination was being given from immigrants to become U.S. citizens, then shot and killed 12 or 13 people.
The Binghamton SWAT team responded, and the Bureau of Alcohol, Tobacco, Firearms and Explosives was also sending agents to Binghamton.
The American Civic Association helps immigrants in the Binghamton area with naturalization applications, according to U.S. Citizenship and Immigration Services.
The association describes itself as helping immigrants and refugees with counseling, resettlement, citizenship, family reunification and translators.
The association's president, Angela Leach, "is very upset right now," said Mike Chanecka, a friend who answered a call at her home as Leach wept in the background.
"She doesn't know anything; she's as shocked as anyone," Chanecka said. "For some reason, she had the day off today. And she's very worried about her secretary."
Two women and a man suffering gunshot wounds were being treated at Wilson Medical Center in Johnson City, said hospital spokeswoman Christina Boyd. One was stable, one was serious and one was critical. Their ages ranged from 20s to 50s, she said.
Linda Miller, a spokeswoman at Our Lady of Lourdes Hospital in Binghamton, said a student from Binghamton University was being treated there.
The shooting occurred in a mixed neighborhood of homes and small businesses in the center of Binghamton, a city of about 47,000 located 140 miles northwest of New York City.
College student Leslie Shrager told the AP that she and her five housemates were sleeping when police pounded on the front door of their house next door to the shooting scene.
Officers escorted the six Binghamton University students outside, she said, and that's when they learned of the shooting.
"One of our housemates thought they heard banging of some kind. But when you're living in downtown Binghamton, it's always noisy," said Shrager, of Slingerlands, an Albany suburb. "Literally two minutes later the cops came and got us out."
At the junction of the Susquehanna and the Chenango rivers, the Binghamton area was the home to Endicott-Johnson shoe company and the birthplace of IBM, which between them employed tens of thousands of workers before the shoe company closed a decade ago and IBM downsized in recent years.
___
Contributing to this report were Associated Press writers George M. Walsh and Chris Carola in Albany and Devlin Barrett in Washington.
BINGHAMTON, N.Y. – A gunman opened fire on a room where immigrants were taking a citizenship exam in downtown Binghamton on Friday, killing as many as 13 people before committing suicide, officials said.
Gov. David Paterson said at a news conference that 12 or 13 people had been killed. The suspected gunman carried identification with the name of 42-year-old Jiverly Voong of nearby Johnson City, N.Y., a law enforcement official said.
The suspect's body was found with a self-inflicted gunshot wound in an office of the American Civic Association building, said the official, who was not authorized to speak publicly and was talking on condition of anonymity.
The gunman barricaded the rear door of the building with his car before entering through the front door, firing his weapon, the official said.
Vice President Joe Biden, speaking at an event in New York, told the crowd that someone entered a room where an examination was being given from immigrants to become U.S. citizens, then shot and killed 12 or 13 people.
The Binghamton SWAT team responded, and the Bureau of Alcohol, Tobacco, Firearms and Explosives was also sending agents to Binghamton.
The American Civic Association helps immigrants in the Binghamton area with naturalization applications, according to U.S. Citizenship and Immigration Services.
The association describes itself as helping immigrants and refugees with counseling, resettlement, citizenship, family reunification and translators.
The association's president, Angela Leach, "is very upset right now," said Mike Chanecka, a friend who answered a call at her home as Leach wept in the background.
"She doesn't know anything; she's as shocked as anyone," Chanecka said. "For some reason, she had the day off today. And she's very worried about her secretary."
Two women and a man suffering gunshot wounds were being treated at Wilson Medical Center in Johnson City, said hospital spokeswoman Christina Boyd. One was stable, one was serious and one was critical. Their ages ranged from 20s to 50s, she said.
Linda Miller, a spokeswoman at Our Lady of Lourdes Hospital in Binghamton, said a student from Binghamton University was being treated there.
The shooting occurred in a mixed neighborhood of homes and small businesses in the center of Binghamton, a city of about 47,000 located 140 miles northwest of New York City.
College student Leslie Shrager told the AP that she and her five housemates were sleeping when police pounded on the front door of their house next door to the shooting scene.
Officers escorted the six Binghamton University students outside, she said, and that's when they learned of the shooting.
"One of our housemates thought they heard banging of some kind. But when you're living in downtown Binghamton, it's always noisy," said Shrager, of Slingerlands, an Albany suburb. "Literally two minutes later the cops came and got us out."
At the junction of the Susquehanna and the Chenango rivers, the Binghamton area was the home to Endicott-Johnson shoe company and the birthplace of IBM, which between them employed tens of thousands of workers before the shoe company closed a decade ago and IBM downsized in recent years.
___
Contributing to this report were Associated Press writers George M. Walsh and Chris Carola in Albany and Devlin Barrett in Washington.
Source: 4 die, up to 40 held hostage in Binghamton shootings
(CNN) -- At least four people were killed Friday when a man opened fire in a building in Binghamton, New York, a law enforcement source close to the situation said.
Armed law enforcement officers gather at the scene of Friday's shootings in Binghamton, New York.
The source said more than a dozen were wounded.
The man began shooting in the American Civic Association, which helps immigrants and refugees, during a citizenship test, the source said.
The source said there may be 20 to 40 people who have been taken hostage.
The local newspaper, the Press & Sun-Bulletin, said on its Web site that at least four people were shot and 41 people had been taken hostage.
It said sharpshooters from the city's SWAT team were poised outside the building.
Video from the scene showed a person on a stretcher being taken to an ambulance.
FBI spokesman Richard Kolko said the FBI is sending hostage negotiators and an evidence response team to the scene. The agency has an office in Binghamton, and agents are being sent from offices in Albany and Syracuse as well.
The newspaper said the incident began around 10:30 a.m. ET. Nearby apartments were being evacuated and Binghamton High School is on lockdown, it said.
"Within minutes [the situation] turned into one just flooded with police," Bob Joseph, news director of WNBF Radio, told CNN.
The American Civic Association helps immigrants and refugees with a number of issues, including personal counseling, resettlement, citizenship and reunification, and provides interpreters and translators, according to a United Way of Broome County Web site, which is affiliated with the association.
Binghamton is about 140 miles northwest of New York City.
Armed law enforcement officers gather at the scene of Friday's shootings in Binghamton, New York.
The source said more than a dozen were wounded.
The man began shooting in the American Civic Association, which helps immigrants and refugees, during a citizenship test, the source said.
The source said there may be 20 to 40 people who have been taken hostage.
The local newspaper, the Press & Sun-Bulletin, said on its Web site that at least four people were shot and 41 people had been taken hostage.
It said sharpshooters from the city's SWAT team were poised outside the building.
Video from the scene showed a person on a stretcher being taken to an ambulance.
FBI spokesman Richard Kolko said the FBI is sending hostage negotiators and an evidence response team to the scene. The agency has an office in Binghamton, and agents are being sent from offices in Albany and Syracuse as well.
The newspaper said the incident began around 10:30 a.m. ET. Nearby apartments were being evacuated and Binghamton High School is on lockdown, it said.
"Within minutes [the situation] turned into one just flooded with police," Bob Joseph, news director of WNBF Radio, told CNN.
The American Civic Association helps immigrants and refugees with a number of issues, including personal counseling, resettlement, citizenship and reunification, and provides interpreters and translators, according to a United Way of Broome County Web site, which is affiliated with the association.
Binghamton is about 140 miles northwest of New York City.
Thursday, April 2, 2009
Jock Friedly's LegiStorm.com Makes Hill Salaries Easy To Search -- and Debate
Go ahead. Hate him. I don't.
By Manuel Roig-Franzia
Jock Friedly couldn't care less. This is a man who counts being burned in effigy among his career highlights. So he's hardly going to be bothered by all these congressional staffers who think he's pretty much the Devil incarnate.
Friedly became the scourge of Capitol Hill by creating LegiStorm.com, a Web site that makes it super-easy to look up the annual salaries and financial disclosures of congressional staffers. All this stuff is public information, mind you. But it used to be a pain to find: Hike up to Capitol Hill, descend into the bowels of a House office building and thumb through books filled with tiny type.
Friedly brought it all into mouse-click range. His site offers a trove to keep the snoopiest snoop occupied for hours -- bank accounts, investment portfolios, trust funds, even information about spouses. Wondering why so-and-so cruises to work in a Beemer? Aha, that's why: His wife's a big-shot partner at a law firm. It's all there in the reports.
Often, the site is one of the first things that pops up in a Google search of a staffer. It's enough to make many of them -- especially the most senior and highest-paid -- supremely cranky.
Jeff Loveng, chief of staff to Pennsylvania Republican congressman Bill Shuster, shot off an e-mail to Friedly calling him a "peeping Tom."
"I hope you savor this time in your life where you feel you have other people at your mercy while you conduct your witch hunt," wrote Loveng, who worries about identity theft and pesky sales calls from stockbrokers.
Others have taken the preferred Capitol Hill route -- trashing Friedly anonymously because their bosses frown on them speaking publicly about, well, almost anything. Internet chat rooms swell with outrage.
Friedly chuckles about all the fuss he's wrought with the site he's nicknamed "transparency's sidekick." In person, the scourge does not appear particularly menacing. He's a self-effacing, youngish-looking 40-year-old with thick, somewhat dowdy glasses, a nascent bald spot at the crown of his head and soft features. Nothing about him screams "bird of prey."
He's matter-of-fact, and utterly unmoved, by all these people who despise him and his site.
"I've never found it to be a problem to be a hated person," Friedly said one recent afternoon. "I'm perfectly happy when people are yelling at me."
By Manuel Roig-Franzia
Jock Friedly couldn't care less. This is a man who counts being burned in effigy among his career highlights. So he's hardly going to be bothered by all these congressional staffers who think he's pretty much the Devil incarnate.
Friedly became the scourge of Capitol Hill by creating LegiStorm.com, a Web site that makes it super-easy to look up the annual salaries and financial disclosures of congressional staffers. All this stuff is public information, mind you. But it used to be a pain to find: Hike up to Capitol Hill, descend into the bowels of a House office building and thumb through books filled with tiny type.
Friedly brought it all into mouse-click range. His site offers a trove to keep the snoopiest snoop occupied for hours -- bank accounts, investment portfolios, trust funds, even information about spouses. Wondering why so-and-so cruises to work in a Beemer? Aha, that's why: His wife's a big-shot partner at a law firm. It's all there in the reports.
Often, the site is one of the first things that pops up in a Google search of a staffer. It's enough to make many of them -- especially the most senior and highest-paid -- supremely cranky.
Jeff Loveng, chief of staff to Pennsylvania Republican congressman Bill Shuster, shot off an e-mail to Friedly calling him a "peeping Tom."
"I hope you savor this time in your life where you feel you have other people at your mercy while you conduct your witch hunt," wrote Loveng, who worries about identity theft and pesky sales calls from stockbrokers.
Others have taken the preferred Capitol Hill route -- trashing Friedly anonymously because their bosses frown on them speaking publicly about, well, almost anything. Internet chat rooms swell with outrage.
Friedly chuckles about all the fuss he's wrought with the site he's nicknamed "transparency's sidekick." In person, the scourge does not appear particularly menacing. He's a self-effacing, youngish-looking 40-year-old with thick, somewhat dowdy glasses, a nascent bald spot at the crown of his head and soft features. Nothing about him screams "bird of prey."
He's matter-of-fact, and utterly unmoved, by all these people who despise him and his site.
"I've never found it to be a problem to be a hated person," Friedly said one recent afternoon. "I'm perfectly happy when people are yelling at me."
Wednesday, April 1, 2009
American Eagle to cut 75 pilot jobs
American Airlines’ regional affiliate American Eagle will be laying off 75 pilots, said Andrea Huguely, a spokeswoman for AMR Corp., the parent company of American.
In addition to the 75 pilots, American Eagle said that 45 more management positions will be cut in 2009.
Fort Worth-based American (NYSE: AMR) says those 45 jobs are in addition to 30 management positions that already were scheduled to be eliminated in 2009.
The pilot job cuts are slated for two rounds: one to begin on May 1 and the other on June 1, American confirmed.
In addition to the 75 pilots, American Eagle said that 45 more management positions will be cut in 2009.
Fort Worth-based American (NYSE: AMR) says those 45 jobs are in addition to 30 management positions that already were scheduled to be eliminated in 2009.
The pilot job cuts are slated for two rounds: one to begin on May 1 and the other on June 1, American confirmed.
Metavante to be acquired by Fidelity National
Financial technology provider Metavante Technologies Inc. of Brown Deer has agreed to be purchased by Fidelity National Information Services Inc., a Jacksonville, Fla., provider of core and transaction processing services, in exchange for nearly $3 billion in Fidelity stock.
The transaction also includes equity investments from by affiliates of Thomas H. Lee Partners LP and Fidelity National Financial Inc. in Fidelity common stock which will result in approximately 16 million additional newly issued shares.
Together, the combined company will provide one of the most comprehensive ranges of integrated products and services, across more markets and more geographies worldwide than any other provider in the industry, Fidelity said in a press release.
Fidelity National (NYSE: FIS) is a major provider of core and transaction processing services, card issuer solutions and outsourcing services to more than 14,000 financial institutions worldwide. Metavante (NYSE: MV) provides banking and payments technologies to approximately 8,000 financial services firms and businesses.
The two companies serve complementary customer bases and have highly diversified and recurring revenue streams. In 2008, the companies generated pro forma combined revenue of $5.2 billion, adjusted earnings before expenses of $1.3 billion and free cash flow of more than $500 million. As a result of the combination, Fidelity anticipates it can cut approximately $260 million in costs. The increased global scale and expected cost savings are expected to generate significant margin expansion. The transaction is expected to boost adjusted earnings per share in 2010.
As of Dec. 31, 2008, Metavante employed approximately 5,900 employees, including approximately 2,100 in financial solutions group, 2,100 in payment solutions group, 1,200 in shared services such as operations and conversions, and 500 in corporate functions. The Milwaukee-area offices include the corporate headquarters at 4900 W. Brown Deer Road in Brown Deer and offices on Milwaukee’s far northwest side.
Metavante chairman and CEO Frank Martire will become president and CEO of Fidelity after the merger. Fidelity president and CEO Lee Kennedy will be named chairman of the board. The board will consist of six Fidelity National board members and three Metavante board members. The business will be based at Fidelity's current headquarters in Jacksonville, Fla.
Other Metavante executives to remain with the combined company include Michael Hayford, Metavante's current president and chief operating officer. He will become Fidelity's chief financial officer.
Under the terms of the agreement, Metavante shareholders will receive a fixed exchange ratio of 1.35 shares of Fidelity common stock for each share of Metavante common stock they own. At Fidelity's Tuesday closing price of $18.20 per share, the stock transaction is worth about $2.95 billion.
The exchange rate would give Metavante's shareholders a 23 percent premium over Tuesday's closing price of $19.96 a share.
Metavante's largest shareholder, an affiliate of private equity firm Warburg Pincus that owns 25 percent of Metavante's outstanding shares, has agreed to support the transaction. Warburg Pincus is expected to own 11 percent of the combined company.
The transaction is subject to approval by shareholders of both Fidelity and Metavante. The deal also requires regulatory approvals and the satisfaction of customary closing conditions. The firms expect to complete the transaction during the third quarter of 2009.
At closing, the combined company would have approximately 374 million shares outstanding. Metavante's lenders have agreed to waive change of control provision, allowing the merger to proceed. After giving effect to the transaction, the combined company is projected to have approximately $3.8 billion of debt outstanding at closing, including $1.45 billion of debt to be incurred and assumed in connection with the acquisition.
The transaction also includes equity investments from by affiliates of Thomas H. Lee Partners LP and Fidelity National Financial Inc. in Fidelity common stock which will result in approximately 16 million additional newly issued shares.
Together, the combined company will provide one of the most comprehensive ranges of integrated products and services, across more markets and more geographies worldwide than any other provider in the industry, Fidelity said in a press release.
Fidelity National (NYSE: FIS) is a major provider of core and transaction processing services, card issuer solutions and outsourcing services to more than 14,000 financial institutions worldwide. Metavante (NYSE: MV) provides banking and payments technologies to approximately 8,000 financial services firms and businesses.
The two companies serve complementary customer bases and have highly diversified and recurring revenue streams. In 2008, the companies generated pro forma combined revenue of $5.2 billion, adjusted earnings before expenses of $1.3 billion and free cash flow of more than $500 million. As a result of the combination, Fidelity anticipates it can cut approximately $260 million in costs. The increased global scale and expected cost savings are expected to generate significant margin expansion. The transaction is expected to boost adjusted earnings per share in 2010.
As of Dec. 31, 2008, Metavante employed approximately 5,900 employees, including approximately 2,100 in financial solutions group, 2,100 in payment solutions group, 1,200 in shared services such as operations and conversions, and 500 in corporate functions. The Milwaukee-area offices include the corporate headquarters at 4900 W. Brown Deer Road in Brown Deer and offices on Milwaukee’s far northwest side.
Metavante chairman and CEO Frank Martire will become president and CEO of Fidelity after the merger. Fidelity president and CEO Lee Kennedy will be named chairman of the board. The board will consist of six Fidelity National board members and three Metavante board members. The business will be based at Fidelity's current headquarters in Jacksonville, Fla.
Other Metavante executives to remain with the combined company include Michael Hayford, Metavante's current president and chief operating officer. He will become Fidelity's chief financial officer.
Under the terms of the agreement, Metavante shareholders will receive a fixed exchange ratio of 1.35 shares of Fidelity common stock for each share of Metavante common stock they own. At Fidelity's Tuesday closing price of $18.20 per share, the stock transaction is worth about $2.95 billion.
The exchange rate would give Metavante's shareholders a 23 percent premium over Tuesday's closing price of $19.96 a share.
Metavante's largest shareholder, an affiliate of private equity firm Warburg Pincus that owns 25 percent of Metavante's outstanding shares, has agreed to support the transaction. Warburg Pincus is expected to own 11 percent of the combined company.
The transaction is subject to approval by shareholders of both Fidelity and Metavante. The deal also requires regulatory approvals and the satisfaction of customary closing conditions. The firms expect to complete the transaction during the third quarter of 2009.
At closing, the combined company would have approximately 374 million shares outstanding. Metavante's lenders have agreed to waive change of control provision, allowing the merger to proceed. After giving effect to the transaction, the combined company is projected to have approximately $3.8 billion of debt outstanding at closing, including $1.45 billion of debt to be incurred and assumed in connection with the acquisition.
G-20 protesters break into Royal Bank of Scotland
Hopefully we will get the peoples out there and it will say "stop handing out our money to your friends" The banks who knew they were screwing people over in the long run with bad debts. We will see what G20 has come out to say. And if they will think twice now that they see the people trying to get to them that they need police escorts and bodyguards.
By RAPHAEL G. SATTER
LONDON – G-20 protesters in downtown London have smashed windows and entered the Royal Bank of Scotland building. They have also tried to storm the Bank of England.
At least 4,000 protesters have jammed into London's financial district for demonstrations Wednesday. Protesters broke windows and scrawled the word "thieves" on the side of the Royal Bank of Scotland building.
Protesters were also pelting riot police with eggs and fruit and confronting them at barricades.
Earlier Wednesday, Prime Minister Gordon Brown and President Barack Obama held a news conference in London ahead of the Group of 20 summit being held Thursday. World leaders are gathering with hopes of resolving the global financial crisis.
Eight people have been arrested in the G-20 demonstrations so far. There have been no reports of injuries.
THIS IS A BREAKING NEWS UPDATE. Check back soon for further information. AP's earlier story is below.
LONDON (AP) — Thousands of G-20 protesters jammed downtown London on Wednesday and some tried to storm the Bank of England, pelting police with eggs and fruit and rocking the barricades designed to control them.
Demonstrators shouted "Abolish Money!" and clogged streets in the financial district known as "The City" even as Prime Minister Gordon Brown and President Barack Obama held a news conference elsewhere in the British capital.
Protesters had branded the day "Financial Fool's Day" ahead of Thursday's summit of world leaders who are gathering in hopes of resolving the global financial crisis that has lashed nations and workers worldwide.
"Every job I apply for there's already 150 people who have also applied," said protester Nathan Dean, 35, who lost his information technology job three weeks ago. "I have had to sign on to the dole (welfare) for the first time in my life. You end up having to pay your mortgage on your credit card and you fall into debt twice over."
Demonstrators hoisted effigies of the "four horsemen of the apocalypse," representing war, climate chaos, financial crimes and homelessness.
"The greed that is driving people is tearing us apart," said Steve Lamont, 45, flanked by his family and protesters who were banging on bells, playing drums and blowing whistles.
At least eight people were reportedly arrested for having police uniforms. One police officer lost his helmet and demonstrators tossed it around like a trophy and chanted slogans.
Helicopters hovered above the protests and some buildings were boarded up in case the protests turned ugly. Many banks had extra security and hundreds of police officers lined the streets.
Despite the pushing and shoving along the police barricades, there were no reported injuries.
Fearing they would be targeted by protesters, some bankers swapped their pinstripe suits for casual wear and others stayed home. Bolder financial workers leaned out their office windows Wednesday, taunting demonstrators and waving 10 pound notes at them.
Especially in Britain, bankers have been lambasted as being greedy and blamed for the recession that is making jobless ranks soar.
"It seems like everything is in a mess," said protester Steve Johnson, 49, an unemployed construction worker. "You get bankers getting massive bonuses, and the MPs (British lawmakers) are lining their own pockets."
Musician and political activist Billy Bragg said the time was now to make a difference.
"It's better than sitting down shouting at the television at these bankers," he said. "We cannot go back to the way things were before to the million-dollar bonus culture."
Protesters included anarchists, anti-capitalists, environmentalists, students, unionized workers, unemployed workers and others hurt by the global financial crisis.
One protester dressed as the Easter bunny managed to hop through the police cordon but was stopped before he could reach the Bank of England. Another black-clad demonstrator waved a fake light saber at officers.
By RAPHAEL G. SATTER
LONDON – G-20 protesters in downtown London have smashed windows and entered the Royal Bank of Scotland building. They have also tried to storm the Bank of England.
At least 4,000 protesters have jammed into London's financial district for demonstrations Wednesday. Protesters broke windows and scrawled the word "thieves" on the side of the Royal Bank of Scotland building.
Protesters were also pelting riot police with eggs and fruit and confronting them at barricades.
Earlier Wednesday, Prime Minister Gordon Brown and President Barack Obama held a news conference in London ahead of the Group of 20 summit being held Thursday. World leaders are gathering with hopes of resolving the global financial crisis.
Eight people have been arrested in the G-20 demonstrations so far. There have been no reports of injuries.
THIS IS A BREAKING NEWS UPDATE. Check back soon for further information. AP's earlier story is below.
LONDON (AP) — Thousands of G-20 protesters jammed downtown London on Wednesday and some tried to storm the Bank of England, pelting police with eggs and fruit and rocking the barricades designed to control them.
Demonstrators shouted "Abolish Money!" and clogged streets in the financial district known as "The City" even as Prime Minister Gordon Brown and President Barack Obama held a news conference elsewhere in the British capital.
Protesters had branded the day "Financial Fool's Day" ahead of Thursday's summit of world leaders who are gathering in hopes of resolving the global financial crisis that has lashed nations and workers worldwide.
"Every job I apply for there's already 150 people who have also applied," said protester Nathan Dean, 35, who lost his information technology job three weeks ago. "I have had to sign on to the dole (welfare) for the first time in my life. You end up having to pay your mortgage on your credit card and you fall into debt twice over."
Demonstrators hoisted effigies of the "four horsemen of the apocalypse," representing war, climate chaos, financial crimes and homelessness.
"The greed that is driving people is tearing us apart," said Steve Lamont, 45, flanked by his family and protesters who were banging on bells, playing drums and blowing whistles.
At least eight people were reportedly arrested for having police uniforms. One police officer lost his helmet and demonstrators tossed it around like a trophy and chanted slogans.
Helicopters hovered above the protests and some buildings were boarded up in case the protests turned ugly. Many banks had extra security and hundreds of police officers lined the streets.
Despite the pushing and shoving along the police barricades, there were no reported injuries.
Fearing they would be targeted by protesters, some bankers swapped their pinstripe suits for casual wear and others stayed home. Bolder financial workers leaned out their office windows Wednesday, taunting demonstrators and waving 10 pound notes at them.
Especially in Britain, bankers have been lambasted as being greedy and blamed for the recession that is making jobless ranks soar.
"It seems like everything is in a mess," said protester Steve Johnson, 49, an unemployed construction worker. "You get bankers getting massive bonuses, and the MPs (British lawmakers) are lining their own pockets."
Musician and political activist Billy Bragg said the time was now to make a difference.
"It's better than sitting down shouting at the television at these bankers," he said. "We cannot go back to the way things were before to the million-dollar bonus culture."
Protesters included anarchists, anti-capitalists, environmentalists, students, unionized workers, unemployed workers and others hurt by the global financial crisis.
One protester dressed as the Easter bunny managed to hop through the police cordon but was stopped before he could reach the Bank of England. Another black-clad demonstrator waved a fake light saber at officers.
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