Monthly Archives: January 2012

Romney and Gingrich policy ideas mirror their personalities: Pragmatic vs. epic

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And Romney would build more Navy shipsto project American influence into the Middle East. Gingrich would build a moon colony, projecting it into outer space.

In dozens of campaign promises, the two GOP front-runners have provided a kind of aspirational self-portrait. These are the ideas that got them in the race and that would guide them in the day-to-day work of governing.

Romney’s big ideas, while sometimes at odds with those of past GOP nominees, are largely within tinkering distance of the status quo. They mirror the man who came up with them: wonky and technical, but generally tailored for real-world application.

Gingrich’s proposals go much further, requiring massive overhauls of the tax code, Social Security and the judicial branch — all at the same time. They are something like the candidate: epic, crowd-pleasing and ultimately a long shot.

Last week, Gingrich told a Florida audience that he would establish a lunar colony by the end of his second term in office. Some scientists say that might be possible; it would require mining ice at the moon’s poles and using it to make drinking water, oxygen and hydrogen-based rocket fuel.

“You could have a sustainable moon colony with a dozen folks who were there and doing scientific research, engineering, planning, building roads,” said Jack O. Burns, a professor at the University of Colorado.

Could this colony’s population reach 13,000? Gingrich gave that number as the threshold for the moon to petition for statehood.

“Sorry, did you say 13,000? Wow,” Burns said, laughing. “No. Certainly, that’s not going to be true by 2020.”

By now, Romney and Gingrich have piled up dozens of promises. They are still coming: With Florida’s Republican primary happening Tuesday, Gingrich has vowed to overthrow the communist government in Cuba and ban embryonic stem-cell research.

In some areas, the two men actually agree.

Both want to repeal two key laws passed under President Obama: the health-care overhauland the Dodd-Frank financial regulations. Both want to repeal the estate tax (the “death tax,” they call it) and get tougher with Iran. And both would amend the Constitution to ban same-sex marriage.

All of these are GOP orthodoxy: For a mainstream candidate, they are choices as obvious as getting out of the rain.

But in the differences between Romney and Gingrich, it is possible to see the gulf between the pragmatic and ideological wings of the Republican Party — and between two very unlike minds.

It starts with taxes, a subject dear to both men.

“With Romney’s plan, it’s much more a plan that works within the confines of the existing tax systems,” said Curtis Dubay, a tax specialist at the Heritage Foundation. “Gingrich’s, to work, would have to blow the whole thing up and start from scratch.”

 

Arne Ruhnau Peyton Manning and the Colts: Is this the end of the road?

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As the New England Patriots and New York Giants and their fans arrive in Indianapolis this week for Super Bowl XLVI, the attention of the home fans remains firmly fixed on the developing drama involving the Colts, their owner and their franchise quarterback. Speculation is swirling that Peyton Manning will not be wearing the familiar horseshoe helmet next fall, driving further speculation about where — if healthy — he will end up. AsMike Jones and Mark Maske report:

It seems as if every day produces some type of Peyton Manning news, and with it comes more debate over whether the Washington Redskins, Miami Dolphins, New York Jets, or some other team will pursue him this offseason.

Colts owner Jim Irsay and Manning had some back-and-forth through the media last week, and it’s clear the relationship is deteriorating. The Colts – who hold the first pick in April’s draft and are expected to take Stanford quarterback Andrew Luck – must decide before March 8 whether to pick up the option on Manning’s contract, which would pay the quarterback a $28 million bonus, or release him.

Manning missed all of the 2011 season while recovering from a pair of neck surgeries, and still is waiting for nerves to regenerate. Sports Illustrated’s Peter King reported Sunday that Manning still is struggling to get healthy, and that because of that, it’s more likely that the Colts will release the future Hall of Fame quarterback.

“No. 1, is he going to be released? No. 2, is he going to be healthy? No. 3, at the end of the day, is he willing to come back and play in the NFL. We don’t know those questions,” said the official, who spoke on the condition of anonymity. “I think everybody would want Peyton Manning, if he was healthy. You’d be crazy not to want Peyton Manning if he was healthy. Nobody knows now if he’s going to be cleared to play. And if he is cleared to play, wouldn’t the Colts either want him, or [pick up his option] and then try to trade him?”

The Redskins find themselves in dire need of a quarterback and are expected to address the position either through the draft or free agency this offseason.

 

On Monday, Irsay did his best to divert questions from the uncertainty in his organization to the game his stadium is set to host on Sunday when the Patriots take on the Giants in Super Bowl XLVI. That effort did not go over too well, as the AP reported:

Jim Irsay did his own politicking Monday.

Instead of talking about Peyton Manning and the franchise quarterback’s future in Indianapolis, the Colts owner quickly tossed the football to a real politician.

“When I was asked about Peyton, I was going to say why don’t you ask Mitch (Daniels) about his presidential run? Any comments Mitch?” Irsay said drawing laughter as he turned to the Indiana governor.

Irsay’s diversionary tactic didn’t work.

With the Manning-Irsay spat still dominating talk around town, Irsay tried to deflect attention away from this week’s biggest distraction and put the focus squarely back on the Super Bowl matching the New York Giants against the New England Patriots.

I’m not talking about Peyton this week,” Irsay said as more than a dozen reporters followed him through the media center’s hallways. “When Peyton and I talked (last week), we both thought the focus should be on the Super Bowl. We want to focus on the Super Bowl.”

Good luck.

 

Yes, getting the game in Indy was a major coup for Irsay, who pushed the city to bid twice for the big game and lobbied fellow owners to give his home city its first Super Bowl.

But as the world turns in Indianapolis, Super Bowl week just happens to come at the most tumultuous time in Indy’s ongoing soap opera.

 

Fans of other NFL franchises are doing there best to capi­tal­ize on the messy situation in Indianapolis, and one team’s fans have resolved to openly woo Manning back to his home state. Sure, the Tennessee Titans already have three quarterbacks on their roster — including first-round draft pick Jake Locker — but if Manning becomes a free agent, as many expect he will, fans who watched his rise with the Tennessee Volunteers would love to lure him home. As the AP reports:

“It’s kind of evident to the sports world they’re going to let Peyton go, they’re not going to pay him the money that he’s due and he’s going to be a free agent,” Todd Mayo said Monday. “All the sports talk guys are saying he could go to Arizona and Washington and every place but Tennessee. We’ve got a young quarterback here at the Titans.

“If you could upgrade your team with the caliber of Peyton, why would you not?”

Mayo said he and his brother, Griffin, spent the weekend designing the website www.comehomepeyton.com and recorded a couple parody songs, including one to the Eminem hit “Lose Yourself.”

The site went live Monday and had generated $700 in donations by midday. A 30-second commercial is planned for an Indianapolis radio station during the Super Bowl.

“Call it fan-vertising if you will, but kind of a concept to put the power in the fans’ hands and let Peyton know how much he’s wanted in the state of Tennessee for the Titans,” Mayo said. “Of course, he played at Tennessee. I’m from Memphis, went to school at Tennessee in Knoxville and live in Nashville … I love Tennessee, and it’s kind of one of those things you would like to affect positive change from the power of fans coming together.”

Mayo works at a Nashville advertising agency and already has priced billboards and ads. He hopes to solicit enough donations to place eight digital billboards in Indianapolis along with ads on TV and radio and in the local newspaper. If enough money comes in, Mayo said billboards and ads in Houston where Titans owner Bud Adams lives are a possibility to help persuade him to make a move for Manning.

 

Syria bloodshed continues as U.N. talks loom

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(AP)

BEIRUT – Syrian forces pushed dissident troops back from the edge of Damascus in heavy fighting Monday, escalating efforts to take back control of the capital’s eastern doorstep ahead of key U.N. talks over a draft resolution demanding that President Bashar Assad step aside.

 

Gunfire and the boom of shelling rang out in several suburbs on Damascus’ outskirts that had come under the domination of anti-regime fighters. Gunmen — apparently army defectors — were shown firing back in amateur videos posted online by activists. In one video, a government tank on the snow-dusted mountain plateau towering over the capital fired at one of the suburbs below.

 

While it was unclear to what extent any fighting in the suburbs continued Tuesday morning, CBS News’ George Baghdadi reports that Syria’s government was declaring victory.

 

A written statement by the Interior Ministry said state forces had, “chased the elements of armed terrorist groups that committed the worst crimes of murder and kidnapping against the citizens and had planted mines on public roads and terrorized people, including children and women” from a long list of suburbs which have been battle grounds in recent days.

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Arne Ruhnau Facebook Readies IPO Filing

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Morgan Stanley Seen Leading Deal Valuing Giant at $75 Billion to $100 Billion

Facebook Inc. could file papers for its initial public offering as early as this coming week, people familiar with the matter said, as anticipation mounts for what is likely to be one of the biggest debuts for a U.S. company.

The deal, seen as defining moment for the latest Web investing boom, could raise as much as $10 billion and value the social network between $75 billion and $100 billion, said people familiar with the matter. A valuation of $75 billion would be below earlier expectations.

The website, which in less than eight years has attracted more than 800 million members, has changed the way people across the globe communicate, from organizing political protests to sharing baby pictures.

The Internet giant is close to picking Morgan Stanley to lead the deal, these people said. Wall Street banks, many of them struggling amid a crimp in trading profits, have been jostling for a leading role in the deal, which could yield them tens of millions of dollars in banker fees, potential new business and bragging rights.

A nod for Morgan Stanley would mark a disappointment for rival Goldman Sachs GroupInc., which a year ago was viewed as having an edge to lead the deal. One person familiar with the matter said that while Morgan Stanley would likely land the coveted “lead-left” spot on an IPO financial filing, Goldman would also likely play a significant role.

Spokespeople for Facebook, Morgan Stanley and Goldman Sachs declined to comment.

Facebook could file IPO paperwork as early as Wednesday of next week, and Morgan Stanley is close to winning the “lead left” position in the IPO. Facebook has been valued between $75 and $100 Billion dollars.

Facebook could file documents with the Securities and Exchange Commission as early as this coming Wednesday, said one person familiar with the matter. But that timing is just one scenario Facebook executives are considering, the person said. Executives are also considering filing a few weeks later, the person said.

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People familiar with the matter have said the company is targeting an IPO sometime between April and June.

A $10 billion Facebook offering would rank fourth among IPOs for U.S. companies, behind Visa Inc., General Motors Co. and AT&T Wireless, according to Dealogic. It would rank Facebook as the biggest U.S. Internet offering ever, replacing Google Inc., which raised $1.9 billion in 2004 at a $23 billion valuation.

At a $100 billion valuation, Facebook would be worth about the same asMcDonald’s Corp. and nearly half of Google.

Facebook’s revenue is driven by its advertising business, as big brands rush to the site to interact with consumers through display ads and fan pages. Facebook has been able to increase its world-wide advertising revenue from $738 million in 2009 to $3.8 billion in 2011, according to estimates from research firm eMarketer. It isn’t known if Facebook is profitable.

Facebook’s final valuation will be determined by a variety of factors, people familiar with the matter said, such as investor demand for social media, the IPO market and the health of the European economy.

[FBOOK]

The IPO will mint a new generation of Silicon Valley millionaires on the level not seen since Google’s offering. Some 3,000 people work at Facebook.

An IPO will also test the ability of Chief Executive Mark Zuckerberg, age 27, to manage a global company whose financial performance will be scrutinized every three months by investors. Mr. Zuckerberg started the company in 2004 out of his Harvard University dorm room. Overall, about 500 million users now log into the site daily, according to Facebook.

Mr. Zuckerberg had been reluctant to push forward with an IPO. People familiar with his thinking said he has been fearful of the damage an IPO could do to the company’s culture. He wants employees focused on making great products, not the stock price, they said.

But outside forces are partly pushing his hand. Facebook executives began to realize in 2010 that Facebook would have more than 500 shareholders by the end of 2011, which would trigger a regulatory requirement that Facebook start publicly reporting financial information.

Mr. Zuckerberg decided it made more sense for Facebook to go public and reap some financial benefit from an IPO, rather than stay private but have to release its financial information, said people familiar with his thinking.

Leading the Facebook sale would be a huge win for Morgan Stanley, which last year cemented its position as the top Internet stock underwriter by leading the IPOs of LinkedIn Corp., Groupon Inc., andZynga Inc. The bank’s global tech banking team, led by Michael Grimes and Paul Chamberlain, is also based in Menlo Park.

Facebook would cap a recent wave of Web IPOs, some of which have struggled amid growing investor scrutiny of the new Internet companies. But investors and analysts said now could be a good time for a Facebook offering.

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This year, the overall market has risen, and on Friday other Internet stocks rallied on news that Facebook would soon file for a deal. “The excitement around Facebook is still enormous,” said Max Wolff, an analyst at GreenCrest Capital, which researches companies going public.

The recent IPO climate “hasn’t been particularly strong,” said Peter Falvey, co-head of the technology banking group at Morgan Keegan & Co. But Mr. Falvey added that with “the recent stock market strength and maybe some green shoots in the economy, there could be a fortuitous window for Facebook.”