LBN – Special Report – Wednesday

5 BIG BANKS FAIL U.S. REGULATORS’ TEST

More than half of America’s biggest banks don’t have legitimate “living will” plans in the event of a crisis, federal regulators said Wednesday. Five out of eight top banks failed a test designed to track how successfully they would wind down operations without public money in the event of a financial emergency, including Bank of America, J.P. Morgan Chase, and Wells Fargo. The emergency plans are required as part of the new Dodd-Frank financial overhaul legislation, after the federal government agreed to spend billions of dollars in bailouts to keep those same banks from pulling down the U.S. economy during the 2007-2008 financial meltdown. “Today’s action is a significant step toward achieving that goal,” FDIC Chairman Martin Gruenberg said in a statement. “The FDIC and Federal Reserve are committed to carrying out the statutory mandate that systemically important financial institutions demonstrate a clear path to an orderly failure under bankruptcy at no cost to taxpayers.”

*LBN-DID YOU KNOW? Did you know that LBN is read in 26 foreign countries daily including: China, India, Brazil, Russia, Germany, Japan, France, Israel, Korea, Greece, England, Mexico, Cuba, Iraq, Australia, South Africa among others.

*ISIS Expands Reach Despite Military and Financial Setbacks

American airstrikes have killed 25,000 Islamic State fighters in Iraq and Syria and incinerated millions of dollars plundered by the militants, according to Pentagon officials.Iraqi and Kurdish forces have taken back 40 percent of the militant group’s land in Iraq, the officials say, and forces backed by the West have seized a sizable amount of territory in Syria that had been controlled by the Islamic State, also known as ISIS or ISIL.But the battlefield successes enjoyed by Western-backed forces in the Islamic State’s heartland have done little to stop the expansion of the militants to Europe, North Africa and Afghanistan. The attacks this year in Brussels, Istanbul and other cities only reinforced the sense of a terrorist group on the march, and among American officials and military experts, there is renewed caution in predicting progress in a fight that they say is likely to go on for years.

*WHO READS LBN? Columnist and best-selling author Tom Friedman

*LBN-INVESTIGATES: Apple Inc. 

1. Apple was founded as a partnership on April Fool’s Day 1976 by three people who originally worked at Atari: Steven Gary Wozniak (1950- ), Steven Paul Jobs (1955-2011), and Ronald Gerald Wayne (1934- ). Apple was incorporated on January 3, 1977, without Wayne, who sold his shares back for $800. Wayne wrote the Apple I manual, drafted the partnership agreement, and drew the first Apple logo.

2. To raise capital for their new company, Steve Jobs sold his Volkswagen van and Steve Wozniak sold his Hewlett-Packard scientific calculator for $500.

3. Steve Wozniak credits entrepreneur and investor Mike Markkula (1942- ) for the success of Apple. He provided initial funding and managerial support, and he served as chairman for Apple from 1985 to 1997. He wrote several early software programs for the Apple II and freely distributed them under the alias “Johnny Appleseed.”

3. For the first 30 years, Apple was called Apple Computer, Inc. On January 9, 2007, it removed the word “Computer” to reflect its expanding electronic market.

4. Steve Jobs set the list price of the original 4K Apple 1 at $666.66 ($2,572 in 2011 dollars), doubling the cost of manufacturing. Fundamentalist Christians were quick to complain that 666 was the “mark of the beast.”

5. Apple’s first computer, the Apple 1 (1976), did not include a keyboard, monitor, or case and was basically an assembled circuit board. The Apple II was introduced on April 16, 1977, and has been widely credited with popularizing the home computer.

6. In 2010, Apple surpassed Microsoft to become the most valuable technology company in the world. In 2010, Apple was valued at $222.12 billion, while Microsoft was valued at $219.18 billion. In August 2011, Apple pushed past Exxon as the most valuable public company in the world.

7. In July 2011, the U.S. Treasury had an operating cash balance of $73.7 billion. Apple, however, reported its reserves higher than the government, at $76.4 billion. While the U.S. is spending around $200 billion more than it collects in revenue every month, Apple, on the other hand, is making money.

8. Ronald Wayne, one of the original founders of Apple Inc., designed the first logo for Apple, which was a pen-and-ink drawing of Sir Isaac Newton leaning against an apple tree with a portion of a William Wordsworth poem: “Newton . . . . A mind forever voyaging though strange seas of thought . . . alone.” Jobs thought the logo was “too cerebral” and a single apple was chosen with a bite (byte), partly to prevent it from looking like a cherry tomato.

9. Jean-Louise Gassee (1944- ), former executive of Apple Computer, suggested that the Apple logo is a symbol of lust and knowledge, “bitten into, all crossed with the colors of the rainbow in the wrong order. You couldn’t dream of a more appropriate logo: lust, knowledge, hope, and anarchy.” In 1997, Jobs replaced the rainbow color of the apple logo with solid white.

10. Apple generated approximately $625 of revenue from each of the 40 million iPhones it sold in 2009. It generated $164 of revenue for every iPod sold, $1,279 for every Mac, and $665 for every iPad.

11. Most of Apple’s annual revenue (approximately $65 billion) is generated from the products Apple has invented during the last 10 years, such as iPods, iPhones, iPads, and iTunes. Almost half of its annual revenue, or $30 billion, comes from products invented in the past 4 years.

12. At the time, Apple’s initial public offering on December 12, 1980, was the largest IPO since the Ford Motor Company went public in 1956. It sold out in minutes. Apples shares rose 32%, making 40 Apple employees instant millionaires.

13. iTunes, Apple’s online music, video, and app store, generated sales of $4 billion in 2010. That’s over $1 billion more than one of the world’s largest music companies, Warner Music Group.

14. In 1983, Apple entered the Fortune 500 at #411 after being in existence for only five years, making it the fastest growing company in history.

*THINK FREELY – READ LBN

*LBN-NOTICED:   ***Elton John dining at Polo Bar in NYC with two big bodyguards.   ***Ice Cube having brunch at Irvington in NYC.    with Denver Bronco T.J. Ward.   ****Leo DiCaprio, Kevin Connolly and Lukas Haas in the Barclays Center’s West End Club at the Islanders game.   ***Whitesnake rocker David Coverdale at Mozzarella & Vino in NYC on Saturday night, rocking “a full head of rock-god hair”.   ***Adrienne Bailon checking out the Haute Brush gifting suite at the MTV Movie Awards.   ***Trevor Noah and 12 friends feasting on curry goat stew at Pearl’s Caribbean in Williamsburg in NYC.   ***Lindsay Lohan really rocked the night away – wearing a massive emerald ring Tuesday night while boogieing to Duran Duran at the Barclays Center. The 29-year-old “Mean Girls” star hung out with her folks, Michael and Dina, sister, Ali, and her boyfriend, Egor Tarabasov, a 22-year-old Russian real estate agent.

*UNIQUELY, LBN: Ricki, an LBN reader from Montreal, Canada.

*LBN-SPOTLIGHT: When planning your path to success, it’s important to start with a focused target. But even a target without a written plan can leave you high and dry. Is your plan floating in your head, is it complacent, or is it waiting to be executed? If you don’t have a plan, the universe will create one for you, although you may or may not like that plan. —–https://youtu.be/vmTR_4rR8Mc

*LBN-A DIFFERENT VIEW:….

*LBN-OVERHEARD:   ***A nasty child support case is brewing between Charlie Sheen and ex-wife Brooke Mueller. Mueller, 38, is accusing the troubled star, 50, of owing $89,000 in back child support, according to People. She claims he’s only paid $21,000 for both March and April and is seeking the remaining balance.

LBN E-Lert Edited By Marcelle Luna

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