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Ricky Robinson

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Ricky is a computer enthusiast, his passion is contagious. He’s the one who spends almost all day searching the internet for the latest and most interesting news around the world. He likes computer gaming and animated design. He’s also the manager of BelleNews.

A plane of Chile Air Force, having 21 people aboard, including a popular local television host, crashed in the Juan Fernandez Islands off the country’s Pacific coast, authorities said.

Leopoldo Gonzalez, Juan Fernandez’s mayor said the plane tried without success to land at the islands’ airport, which is 515 miles from Chile’s coast.

A Chilean air force plane with 21 people aboard, including a popular local television host, crashed in the Juan Fernandez Islands off the country's Pacific coast

A Chilean air force plane with 21 people aboard, including a popular local television host, crashed in the Juan Fernandez Islands off the country's Pacific coast

“The accident must be accepted as a fact,” Gonzalez said in an interview with Television Nacional de Chile.

Rescuers were searching for the wreckage of the plane but so far they have only found some equipment, the mayor said.

Andres Allamand, defence minister said searchers faced “particularly adverse” conditions, adding that the plane’s status was still listed as missing.

Felipe Camiroaga, one of Chile’s most popular television presenters, was on the flight, Mayor Gonzalez said.

Felipe Camiroaga, 44, worked for the state TV channel’s Good Morning Everyone programme, and was travelling to the islands for a story on the reconstruction following the 27 February magnitude-8.8 earthquake and tsunami that wiped out its main town.

Felipe Camiroaga, one of Chile's most popular television presenters, was on the flight

Felipe Camiroaga, one of Chile's most popular television presenters, was on the flight

Also on board was businessman Felipe Cubillos, who had been working on post-earthquake reconstruction efforts.

The Chilean air force plane took off from the capital, Santiago, at 2:00 p.m. local time and lost contact with air control almost four hours later, according to a statement from aviation authorities.

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Not very long ago not one person had actually heard of a “Global Positioning System” (GPS).

 

Today you can scarcely buy a car that doesn’t have one. Not surprisingly, developments in technology never stop, and GPS’s today are substantially smaller and more powerful than ever before. You can bring your GPS everywhere you go, be it boating, driving a car or walking. You will discover only a couple of GPS manufacturers with as much prominence in the industry as Garmin. We have now taken a good, close look at the Garmin 1450LMTGPS, a very small unit, in hope of aiding you with your purchasing decision.

 

One thing that has been inconvenient years ago was initially having to update your GPS database each and every year. With the introduction of the Garmin 1450LMT, that difficulty is solved. It features no cost map and traffic revisions for the life of the unit. This means you are going to save a ton of hard earned cash on updates, which are not inexpensive. Better yet, you’ll receive Garmin’s “ecoRoute” system updates integrated as well. The ecoRoute system enables you to choose a route that could offer the best gasoline savings. You spend less time And also cash!

 

Garmin’s 1450LMT features a gorgeous, good sized touchscreen display (5″ diagonal).

 

Garmin 1450 LMT - Free Maps/Traffic

Garmin 1450 LMT - Free Maps/Traffic

You can quickly check out your travel directions at many numerous map levels. And you should not worry, urban direction-finding is also well designed and integrated. The 1450LMT features street-to-street and also door-to-door navigation so you can get around the city with full confidence. With the stroke of a finger you will find where your stops are for community transport like buses and subways, and exactly where crosswalks are if you’re walking. You’re going to be real glad you have this product the next time you’re in a unexpected new city trying to determine how best to get around.

1450LMT GPS Garmin

My 1450LMT frequently had this problem. You have the option of using a "via point" to tell the GPS to route you via a certain highway. However, if you use a highway intersection as your "via point", the software invariably dumps you off the highway for some random maneuvers before putting you back on your way. I though this one was kinda funny (magenta is my route).

Any getaway can be made far more pleasant simply via proper and effective planning. Garmin’s 1450LMT offers you features for route arranging. The unit enables you to plan (and save) as many as 10 various routes, showing excellent previews and important points along the way for all. Should you be considering on a lot of stops, it’s easy to sort out and save the most suitable routes to accomplish this. When you plan a long journey, there are wonderful tools to take care of that too. There is certainly enough capacity to retain up to 10,000 sights, all of which will be stored instantly. You’ll have a log of your gasoline consumption for further research and future planning.

 

Garmin Free Lifetime Maps And Traffic

Garmin 1450LMT - Free Lifetime Maps And Traffic

This targeted article is meant to be concise and to the point, so we cannot go into all the other wonderful features of the 1450LMY.

 

EcoRoute, as an example, will give you quite possibly the most fuel-efficient recommendations to any destination. Better yet, it keeps gas usage records, as well as other crucial information. This 1450LMT GPS by Garmin can be as flexible and handy as they come, and can be a enormously useful and fun tool for vacationing anywhere. Crossing time zones is taken care of with computerized updates and modifications. Obviously, this product comes highly recommended mostly because of its numerous benefits and features. It’s a great one!

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As the years have progressed, a number of the characteristics of online shopping actions have changed. It is no longer true that people don’t think about buying furniture off the web. Quite a bit of weight is on the amount that a person believes in the website they are buying from.

 

This is the explanation as to why people spending money on sites like Home Decorators Collection are able to find some excellent furniture and decorations for their home at nice prices. This isn’t the sort of retailer that sells things such as computer and telephone accessories which everybody wants to buy. Despite the fact they have more than hundreds of products available on their site, they are still directing all their attention to home furnishings and décor. We want to give you an honest review of an Internet ecommerce website called HomeDecorators.com.

Buying Furniture Online - HomeDecorators.com

Buying Furniture Online - HomeDecorators.com

 

There are countless times throughout the year in which people need to purchase gifts.

 

Home Decorators Collection has sub-sections with names such as Gifts for a Couple, Gifts for Him, Gifts for the Traveler and some more. They divide the give options into particular price ranges, for example below $50 and $100 and over $100. Naturally, there are some individuals who take pride in customization, for instance having things personalized and monogrammed gifts, and you can see thing in this category.

 

There is a category called Last Chance which is found in the Outlet category. The products in this sub-category are almost completely sold out with very few remaining. Actually, they are set up in accordance with the number remaining. You can select from links such as 10, 5, 3 or less and 1 product left. Sure enough the Price Cuts and this sub-category are not much different as they both offer a multitude of merchandise. It is not surprising, that with nobody being able to have command over the array of merchandise that is offered and sold, you will obviously be able to see a mishmash of various merchandise that is about to be sold out. Because you will be totally unaware of what to expect in the category, this is an extra pleasurable part to encounter with this site.

 

Creating an account at HomeDecorators.com is easy and convenient.

With an account, you will have access to all your shopping history. All of this information is readily available at the bottom of each page under the Customer Service heading. If you are the type of person who likes to stay on top of your orders, rest assured that with click of the mouse, you will be able to track all your orders. Since even the best of products may have recalls, the site also has a link where you may see all the product recalls. While there aren’t many home decor recalls, for the safety of your family, it’s nice to know you have a place to go to find the recalls.

Outdoor Furniture

Outdoor Furniture

If you happen to live nearby a Home Decorators Collection physical store, then that would be the best situation. There is a real habit many online shoppers have of finding information online, and then going to a store to get a look at it. Albeit it there is expedience in online shopping and it is a really wonderful thing, it is just not the same as seeing a product in person and being able to touch it.

This morning, a massive quake strikes off Aleutian Islands, South West of Alaska, threatening a devastating tsunami.

The quake, which struck at 6:55 a.m. EDT, was 22.1 miles deep and had 7.1 magnitude, the U.S. Geological Survey reported.

This morning, a massive quake strikes off Aleutian Islands, south west of Alaska

This morning, a massive quake strikes off Aleutian Islands, South West of Alaska

 

People living in coastal areas have been told to leave their homes immediately and flee inland to higher ground after the 7.1 magnitude quake struck close to the Aleutian Islands, 1,031 miles away from Anchorage.

Widespread damage is feared across the West Coast – from British Columbia, Canada, to Washington – as towns brace themselves for the oncoming waves.

 

The National Oceanic and Atmospheric Administration issued a warning stating that residents should flee their homes immediately.

“Those feeling the earth shake, seeing unusual wave action, or the water level rising or receding may have only a few minutes before the tsunami arrival and should move immediately.

“Homes and small buildings are not designed to withstand tsunami impacts. Do not stay in these structures.

“Earthquakes of this magnitude are known to generate tsunamis,” the warning said.

People in Pacific coastal regions outside California, Oregon, Washington, British Columbia, and Alaska have also been told to check updates for fear of widespread damage.

It is predicted that the tsunami will hit mainland Alaska by about 9 a.m., local time, just after midday on the East Coast.

Last week, terrifying tremors were felt in New York, Washington D.C. and as far north as Toronto when America’s East Coast was struck by the biggest earthquake in over a century.

Major buildings, including the Pentagon and the White House had to be evacuated and several top tourist attractions in Washington have been closed for safety reasons after the city was shaken by a 5.8-magnitude quake, which originated in Virginia.

As a reaction to the investigations into his alleged crimes and misdemeanors, Silvio Berlusconi said in July he wanted to leave Italy, which he described as a “shitty country” that “sickened” him.

Silvio Berlusconi‘s astonishing remarks are contained in the transcript of a telephone conversation secretly recorded by police investigating claims he was being blackmailed about his sex life.

Early in the morning on Thursday, police descended to a flat near Via Veneto, one of Rome’s most expensive streets, to arrest Giampaolo Tarantini, a central figure in a scandal that threatened to bring down the Italian PM two years ago.

Giampaolo Tarantini’s wife, Angela Devenuto, was also taken into custody and a search launched for a third person. The arrest warrant shows that the three are accused of extorting at least €500,000 (about $700,000) “as well as other benefits of economic significance”. Silvio Berlusconi has admitted paying the couple, but said he did so voluntarily.

Silvio Berlusconi said in July he wanted to leave Italy, which he described as a "shitty" country that "sickened" him

Silvio Berlusconi said in July he wanted to leave Italy, which he described as a "shitty" country that "sickened" him

Two years ago, Giampaolo Tarantini, a businessman from Bari in southern Italy, said he supplied 30 women for parties at the Silvio Berlusconi’s Roman palazzo. He told police at least six women spent the night there.

According to the judicial arrest warrant issued on Thursday, a third person – Valter Lavitola, the editor of a small newspaper – maintained direct contact with Silvio Berlusconi and received the cash in monthly installments from the prime minister’s personal secretary.

It was in a phone conversation with Valter Lavitola late on 13 July that Silvio Berlusconi was said by the judge to have erupted in anger.

“They can say about me that I screw. It’s the only thing they can say about me. Is that clear?” he said to the man allegedly blackmailing him.

“They can put listening devices where they like. They can tap my telephone calls. I don’t give a f**k. I … In a few months, I’m getting out to mind my own f***ing business, from somewhere else, and so I’m leaving this shitty country of which I’m sickened.”

The Italian prime minister was speaking 4 days after a court in Milan dealt him the heaviest blow he has suffered in his long and intensely controversial business career. The court ruled that the firm at the core of his group of companies should pay €560 million to his bitterest commercial rival as compensation for bribing a judge in order to win control of Mondadori, Italy’s biggest publisher.

The conversation took place at the height of a crisis on the financial markets, and in the midst of frantic efforts in parliament to approve a package of measures designed to eliminate Italy’s budget deficit.

Silvio Berlusconi’s public silence during this period attracted comment at the time, particularly in the financial media.

The sex scandal at the origin of the latest allegations was one of several involving Silvio Berlusconi in the past three years. The prime minister is on trial in Milan charged with paying an underage prostitute and then using his position to cover up the alleged offence, but that case is not related to the one that has now come back to haunt him.

Details of the latest investigation were leaked last month in a news magazine belonging to Berlusconi. The magazine, Panorama, claimed the prosecutors believed Giampaolo Tarantini was being paid to stop him contradicting Silvio Berlusconi’s claim that he was unaware that some of the women who visited his home were prostitutes.

According to Panorama, Tarantini had repeatedly confirmed in wiretapped conversations that Silvio Berlusconi was indeed oblivious of the payments the women were receiving.

Silvio Berlusconi, 75, has made much over the years of his talents as a playboy and has insisted he would never pay for sex.

Panorama claimed the main reason Silvio Berlusconi was passing money to Tarantini was to ensure he did a deal with the prosecutors to avoid a trial and the disclosure of “telephone wiretaps held to be embarrassing”. The Italian prime minister told the magazine:

“I helped someone and a family with children who found themselves and continue to find themselves in very serious financial difficulty. I didn’t do anything illegal. I limited myself to helping a desperate man without asking for anything in exchange. That’s the way I am and nothing will change that.”

After declaring that they’re killing the line of tablets, seeing the enormous success it’s price strike-down had, Hewlett Packard Co are planning to produce “one last run” of TouchPads.

 

 HP Tablet in STOCK UPDATES

 

A day after the chief of HP’s personal devices division told Reuters the TouchPad might get a second lease on life, HP announced a temporary about-face on the gadget after being “pleasantly surprised” by the outsized demand generated by a weekend fire-sale.

 

HP TouchPad Tablet in STOCK

HP TouchPad Tablet

HP slashed the price of its tablet to $99 from $399 and $499 the weekend after announcing the TouchPad’s demise on August 18, part of a raft of decisions intended to move HP away from the consumer and focus on enterprise clientele.

 

That ignited an online frenzy and long lines at retailers as bargain-hunters chased down a gadget that had been on store shelves just six weeks.

 

“The speed at which it disappeared from inventory has been stunning,” the company said. “We have decided to produce one last run of TouchPads to meet unfulfilled demand.”

 

HP may lose money on every TouchPad in its final production run. According to IHS iSuppli’s preliminary estimates, the 32GB version carries a bill of materials of $318.

 

“We don’t know exactly when these units will be available or how many we’ll get, and we can’t promise we’ll have enough for everyone. We do know that it will be at least a few weeks before you can purchase,” HP said in a blogpost.

 

Critics have blasted HP for wavering on pivotal decisions, such as its original stated intention to integrate its webOS software into every device it makes, followed by a decision to stop making webOS gadgets, including the TouchPad.

 

HP TouchPad Tablet

HP TouchPad Tablet

The storied Silicon Valley giant is struggling to shore up margins as smartphones and tablets eat away at its core PC business, the world’s largest. On August 18, HP said it was also considering spinning off the PC division.

 

CEO Leo Apotheker is under immense pressure from investors unhappy with HP’s back-and-forth on strategy. The former SAP chief has also been forced to slash HP’s sales estimates three times since he took over last November.

 

In a resounding rejection of his grand vision, shareholders sent HP shares down almost 20 percent the day it announced its sweeping moves, which included a pricey acquisition of software player Autonomy. That wiped out $16 billion of value from HP in the stock’s worst single-day fall since the Black Monday stock market crash of October 1987.

 

HP declined to comment beyond the blogpost. Shares in the company were down marginally in after-hours trade on Tuesday.

[Reuters]

“I finally have some solid news to share about TouchPad availability.”

Mark Budgell, the Social Media Strategist on the HP PR team told us on the HP blog. He is @markathp on Twitter.

 

HP Tablet in STOCK UPDATES

 

Read below for his comments on the HP TouchPad ressurection

 

Before I share, let me first say thank you for enthusiasm for this product. Since we announced the price drop, the number of inquiries about the product and the speed at which it disappeared from inventory has been stunning. I think it’s safe to say we were pleasantly surprised by the response.

HP TouchPad Tablet

HP TouchPad Tablet

Despite announcing an end to manufacturing webOS hardware, we have decided to produce one last run of TouchPads to meet unfulfilled demand. We don’t know exactly when these units will be available or how many we’ll get, and we can’t promise we’ll have enough for everyone. We do know that it will be at least a few weeks before you can purchase.  See more information in the updated FAQs below.

 

Bryna (@BrynaatHP) and I (@MarkatHP) will update you here and on Twitter on the status of the new batch of systems. Please continue to share your thoughts and questions with us. Although we can’t respond to every one directly, we are sharing your feedback with teams inside HP.

 

Please note that many of the questions below address concern about orders previously placed on our HP Home & Home Office and HP Small & Medium Business online stores. It’s important to note that these are separate stores with slightly different procedures. We also know that we’re sparse on information about availability outside the US. We will share updates on regional availability as the information comes in.

  

Updated TouchPad Availability & Pricing…

 

Q: When is HP getting more HP TouchPads?  One week, two weeks, a month?

A limited supply are coming and it will be a few weeks before they are available.  As we know more about how, when, and where TouchPads will be available, we will communicate that here and through email to those who requested notification.  We can tell you that HP’s Small and Medium Business team has sold out of HP TouchPads and will not have more inventory.

 

Q: Can you comment on whether HP had to manufacture more to meet the recent demand?

HP will be manufacturing a limited quantity of TouchPads with webOS during our fourth fiscal quarter 2011, which ends October 31.

 

Q: Will HP continue to make more TouchPads with webOS to meet the demand?

HP is discontinuing the development of webOS devices and is winding down device operations within our fourth fiscal quarter 2011.

 

Q: Will the notification/alert emails go out all at once so everyone has a fair shot?

All those who requested notification have been notified today that more are coming in the future, and will be notified again when more specifics are known.

 

Q: How does HP plan to address disappointed customers?

All those who requested notification have received a one-time exclusive offer along with their email as our thanks for their patience and loyalty throughout this situation.

  

Q: What about retailers?  Some retailers won’t price match or drop their price to $99.

Each retailer will manage their own policy and process regarding pricing and price matching.  Please contact the local retailer of your choice to see what their current position is.

 

Q: Please limit stock to 1 per person: some people are getting 20 and then selling them on craigslist and eBay for a major profit.

If more inventory is available in the future, there will be an order limit.

 

Q: What if you already own a TouchPad but want to get $99 pricing?

Please contact the retailer or the specific HP store where you originally purchased for their policy on this question.

 

Q: What about other regions, such as hp.ca, etc.?

At this time, other regions have limited to no inventory available.  Please check with your chosen retailer or your local hp.com web site for more information.

 

Q: Any news on discounted TouchPad accessories or Pre2 or Veer phones or accessories?

Limited inventory remains on TouchPad and smartphone accessories.  Please visit HP Home & Home Office or your chosen retailer for current availability as this situation is changing rapidly.

 

Information about Online Orders…

 

Q: What does ‘your order has been captured’ mean?

If you received this message when placing an order, it means the order itself was captured.  Because of the fast pace of orders being received, that order may not have been fulfilled once processed.  If it was not you should have received a cancelation notice.

 

Q: The website had issues, so I couldn’t place an order.  Can I still order a TouchPad?

More information will be available in the next few days about whether HP’s Home & Home Office Store will have more units available in the future or not.  HP’s Small and Medium Business team has sold out of HP TouchPads.

 

Q: Does my TouchPad order qualify for free shipping?

No other discounts or promotions can be applied to the TouchPad promotion.  However, because a Free Shipping offer was on the website for a portion of the promotional period and some customers received Free Shipping as a result, we are waiving ground shipping charges for all customers who ordered the TouchPad after the reduced promotional pricing was announced on Saturday August 20.  Ground shipping charges are being manually removed from all orders that had ground shipping.  However, for those orders that have already shipped and invoiced, a credit will be applied for the standard ground freight charges and a revised invoice sent.

 

Regretfully, expedited shipping is not available on the TouchPad promotion orders.  If you requested and were charged for expedited shipping, you will receive a credit for those charges.  If your order has already shipped and invoiced, a credit will be applied and a revised invoice sent.

 

Q: Can I use an eCoupon or HP corporate discount to my TouchPad order?

No other discounts or promotions can be applied with the TouchPad promotion. 

 

Q: What if your order status says approved but you haven’t received an email yet?

You should have received either an email confirming your order, or an email canceling your order if we were unable to fulfill it.  If you received no follow-up emails after placing your order online, please contact us at www.hpdirect.com/shop/liveassistance

 

Q: Can I return my HP TouchPad?

No. Any HP TouchPad purchased at the price promotion of $99 and $149 is not eligible for a return. 

 

If you are having technical difficulties with your product or it was damaged during deliver, please contact HP Technical Support at 1-800-474-6836.

 

Q: What is the process for withdrawing my cancel request?

Unfortunately, if you requested to have your TouchPad order canceled, it is already in process and cannot be stopped.  We are not able to reprocess the order due to lack of TouchPad inventory.

 

More Information about Online Orders from HP’s Home & Home Office store…

 

Q: I placed my order online with HP’s Home & Home Office Store. How can I check the status of my order from HP?

For Home & Home Office customers you can check your order status here.  Once you follow the steps to either enter order number and phone number or sign into the site, you will be shown your order status:

 

  • If it shows Shipped, then your order has already shipped.
  • If it shows Item being processed, then your order is in queue to be shipped and all shipments should be complete by Wednesday August 24, 2011.
  • If it shows Order Pending, then your order is in review and we ask you to please check your order status again the next business day.
  • For all other order statuses, please contact our call center at 1-888-476-3988.

 

Q: Why was my order canceled from HP Home & Home Office Store?

Because of the fast pace of order volume over the weekend, some customers placed orders which we were unable to fulfill.  Those customers received cancelation emails informing them that we were unable to fulfill their order and that their credit would appear on their bank statements within 3-5 business days.  If you have not received an email notification and are still uncertain, please visit www.hpdirect.com/shop/liveassistance for more details.

 

More Information about Online Orders from HP’s Small & Medium Business store…

  

Q: I ordered from the HP SMB Store during the promotion but the discounted price was not reflected in my cart/order confirmation page/invoice.  Is HP honoring the discount price?

Yes, some of our SMB customers may have experienced a pricing error while purchasing on August 20th and 21st. We are in the process of ensuring every order is honored at the discounted price.  Most orders are being manually updated to reflect accurate pricing, prior to invoicing being sent.  However, for those orders that have already shipped and invoiced, a credit will be applied for the difference and a revised invoice sent.

 

Q: I placed my order online with HP’s SMB Store.  How do I confirm that it was received?

For orders placed after 4am CT on Monday 22nd August, US SMB had already sold out of HP TouchPad. We are unable to fulfill these orders and they have been cancelled.  If you saw a reserve hold for the amount of your order on your credit card, no actual charges have been made and this reserve hold will be released now that the order has been cancelled.

 

If you placed an order prior to 4am CT Monday, August 22, we are working through the large volume of orders, verifying payment details and seeking to source inventory for fulfillment.  This process is taking longer than first anticipated. At this time, we cannot guarantee supply to all these orders but are working to supply as many orders as possible. If you saw a reserve hold for the amount of your order on your credit card and your order cannot be fulfilled, no actual charges have been made, and this reserve hold will be released if the order is cancelled.

 

You can check your order status here.  If your order is not recognized, please check your order status again the next business day. When inventory has been allocated the status will change to “shipped.”   Please note that planned ship and delivery dates on the order status page are not accurate for TouchPad orders. You can only be certain that we have identified a unit to fulfill your order once the order status shows a shipment tracking number.

 

Q: Why was my order canceled from HP Small & Medium Business Store?

If you placed an order for a HP TouchPad on Monday, August 22nd – Wednesday, August 24th this was after a Sold Out message was posted on our webstore. All of these orders are being cancelled.  If you saw a reserve hold for the amount of your order on your credit card, no actual charges have been made and this reserve hold will be released as soon as the order is canceled.

 

There are several reasons that your order would have been canceled if you placed it on Saturday, August 20th or Sunday, August 21st, such as a duplicate order found or billing issues on the account.  If you believe your order was canceled in error, please contact an HP Customer Service Representative at 1-866-625-0242 (Dial option #3) or via Email Customer Service option who will be happy to assist you. Please be aware that we are experiencing significant call volumes with extended wait times, so we ask for your patience.

Omaha, NE (NYSE: BRK.A; BRK.B)—An editorial in today’s Wall Street Journal says that “Berkshire Hathaway will enjoy an effective tax rate of 10.5% on the $300 million in dividends it will receive each year from Bank of America.” That statement is incorrect.

Warren Buffet Bank of America
Warren Buffet saves Bank of America

Virtually all of the stocks that Berkshire owns are held in its property-casualty subsidiaries, and that will be the case with the Bank of America preferred.

 

The tax treatment for dividends paid by U.S. corporations to property-casualty insurance companies was materially changed by a law passed in 1986. The changes were described in detail in the chairman’s letter included in Berkshire’s 1986 annual report. A minor change in rate was made in 1993. Since that time dividends that insurers receive from U.S. companies incur an effective tax rate of 14.175%. For Berkshire, that rate will apply to dividends it receives from Bank of America.

 

Warren Buffet injects 5 billion in Bank of America

These moves are great news for the bank’s workers and shareholders, also as for the U.S. taxpayer, which will probably be around the hook if Bank of America’s management flies the business into a mountain. But numerous analysts think that Bank of America will require to raise a great deal much more capital prior to it gets back on sound footing. These analysts think that Bank of America is nonetheless overstating the worth of a few of the assets on its balance sheet. When the business is lastly forced to understand the actual values of those assets, this theory goes, the bank will as soon as once more need to fill a significant capital hole.

 

Warning: Why You Shouldn’t Follow Buffett Into purchasing Bank of America’s Stock

 

Why would a big bank like Bank of America, which is can get money from the Fed at an interest of no more than 0.25%, pay 6% to get cash from Buffett? The first plus is that it strengthens the balance sheet, but the tangible common equity is $128 billion, so what will $5 billion do? The bank just had to settle for over $8 billion a mortgage pushback situation, which is still not resolved. Buffett’s $5 billion will be used up quickly.

On September 24th, 2008, Buffett assisted Goldman Sachs (GS) by purchasing GS preferred stock at a 10% discount along with warrants for $5 billion. The warrants can be exercised at $115. The stock was around $110 a week ago. So, the warrants are below price.

Precisely how ended up being the actual moment for that? It turned out merely twenty days into the economic crisis, that didn’t conclude right up until five months later, on March 6th, 2009.

One week afterwards, on October 1st, 2008 he invested $3 billion in General Electric (GE), which required the money because the business paper market was frozen. The GE stock had a discount of 10% interest, similar to the GS investment. He obtained warrants to acquire $3 billion of stock options at $22.50. The stock was trading at $15 one week ago. The warrants are underwater.

Lets draw some conclusions: Two big companies, which in fact had divisions or subsidiaries in the business of funding companies, were happy to shell out 10% interest to acquire funds from Buffett. Wasn’t that a reasonable forewarning for the crisis? The warrants have become basically worthless. Therefore, it appears like Mr. Buffett has made a great interest rate, however otherwise absolutely no gain on the investments. Additionally, he still had to go through the deepening financial crisis in 2008-2009 that presented us to “within 10 minutes of shutting down the entire banking system,” according to Senator Chris Dodd.

 

Berkshire Hathaway business activities

 

Berkshire Hathaway and its subsidiaries engage in diverse business activities including property and casualty insurance and reinsurance, utilities and energy, freight rail transportation, finance, manufacturing, retailing and services. Common stock of the company is listed on the New York Stock Exchange, trading symbols BRK.A and BRK.B.

Viewing the tidal bore has become an annual tradition for people living by the mouth of the Qiantang River and a popular attraction for visitors as well.

 

Hundreds of people came at the banks of the Qiantang River in Haining, in east China’s Zhejiang province to see what is considered to be one of Mother Nature’s more unusual spectacles.

Viewing the tidal bore has become an annual tradition for people living by the mouth of the Qiantang River and a popular attraction for visitors as well

Viewing the tidal bore has become an annual tradition for people living by the mouth of the Qiantang River and a popular attraction for visitors as well

However, the spectators unwittingly became part of the show when a huge tidal bore burst through a dam and spilled over the riverbank, sweeping scores of tourists off their feet.

The next moment people were running to save their lives as the huge wave came crashing towards them, engulfing the crowd.

There were no fatalities reported, but more than 20 people were injured after the wave swept through the throng, and some had to receive medical attention.

The astonishing natural phenomenon, which is an abrupt uprising of river water, happens when the moon’s gravity influence tides from the sea, moving them upstream, resulting in the mesmerizing bore.

More than 20 people were injured after the wave swept through the throng

More than 20 people were injured after the wave swept through the throng

Every year hundreds of people come in Haining to celebrate the Mid-Autumn Festival of Qiantang River Tidal Bore Watching by eating moon cake and watching the tide

Yanguan Town in Haining, Hangzhou has been regarded as the best place to watch. The annual International Qiantang River Tidal Bore Watching Festival is held here on 18th day of the eighth lunar month.

Authorities advise public to watch the tide in the designated areas, as the tide height may changes quickly and swept the visitors away without notice. Each year, few people die from tide watching, since most of them go beyond the designated tide watching areas.

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Bores only occur in a few locations throughout the world, usually in areas with a large tidal range and where incoming tides are funneled into a shallow, narrowing lake or river.

China’s Qiantang River boasts the largest bore, 8.93 metres (about 30 feet) high and travelling up to 25mph. When the tide approaches, its mighty surging tidal waves look like ten thousand horses galloping ahead. Its earthshaking sound rumbles like muffled thunder. Its force seems to stem from the momentum of an avalanche.

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Hurricane names: how and why scientists named hurricanes?

 

Hurricane Irene, which became tropical storm travelled along 1,100 miles of US coastline leaving a trail of destruction as reaching far inland. Irene remnants began to dissipate over Canada while storm left behind at least 44 deaths, widespread flooding and millions of houses and buildings without power.

People started to get back to work as officials tried to clear the roads from fallen trees and train tracks and clear flooded tunnels. Airports have started to operate again but had to deal with around 9,000 flights cancelled as Irene struck.

Over 250 roads were closed in Vermont as the state experienced its worst floods for 75 years. Governor Peter Shumlin declared the state a federal disaster area as hundreds of people received evacuation orders.

“We prepared for the worst and we got the worst in central and southern Vermont,” Governor Shumlin said.

“We have extraordinary infrastructure damage.”

Hurricane Irene travelled along 1,100 miles of US coastline leaving a trail of destruction as reaching far inland

Hurricane Irene travelled along 1,100 miles of US coastline leaving a trail of destruction as reaching far inland

 

New York City escaped from the predicted flooding. Most of the New York subway lines were running by Monday morning.

The New York Stock Exchange opened as normal, though many employees faced problems getting into work.

But flooding was reported in all five boroughs, with the suburbs hardest hit and roads washed out in the Hudson River valley.

Flooding was expected in New Jersey along the Passaic and Ramapo rivers until Tuesday, according to authorities.

“The inland flooding … has been almost as much of a concern of mine as the coastal flooding,” said New Jersey Governor Chris Christie.

Atlantic surge and rainfall has caused severe flooding in the state. Governor Christie said the damage could reach tens of billions of dollars.

More than 1 million power outages in New Jersey and Pennsylvania as Irene swept through with hundreds of thousands still being without power on Monday.

The same situation was in Rhode Island, where 500,000 of residents, about half of state population, were without electricity on Sunday but most had it restored by Monday.

North Carolina was the most affected region, as it suffered the biggest blow, with at least 7 people killed in the state and 444,000 households left without power.

“Overall, the destruction is not as severe as I was worried it might be,” said North Carolina Governor Beverly Perdue.

“But there’s still lots and lots of destruction, and people’s lives have been turned upside down.”

Hurricane Irene’s remnants dissipate over Canada. At least 44 deaths in US.

 

Hurricane names: how and why scientists named hurricanes?

 

On Sunday, hurricane Irene passed over New York without major damage to the city, but the storm still caused deaths, serious floods and power blackouts affecting more than a million people as it swept up the US north-eastern seaboard.

 

Hurricane Irene weakened quickly after making landfall near Atlantic City, New Jersey, at about 5:30 a.m., local time. Four hours later, it made landfall again at Coney Island.

Meanwhile Irene had been downgraded by the National Hurricane Center to a tropical storm with winds at around 65mph – much weaker than the 85mph that was forecast late on Saturday.

Irene’s biggest impact was felt on Sunday night in upstate New York and New England where many communities suffered devastating floods after rivers burst their banks and torrential rains fell on ground already saturated by unusually high downpours earlier this month.

Irene had been downgraded by the National Hurricane Center to a tropical storm with winds at around 65mph

Irene had been downgraded by the National Hurricane Center to a tropical storm with winds at around 65mph

In the Catskills mountain town of Windham, where Irene dropped 10 inches of rain starting on Saturday night, the downtown area was “wiped out” by flood water.

In nearby Prattsville, National Guard soldiers rescued 21 people who had been trapped in a motel by fast-moving water that blew out bridges and roads all over the county, according to Reuters.

Vermont was also experiencing its worst flooding in almost 40 years, according to local reports. Many towns, including Brattleboro, Wilmington, Rutland and Grafton, were under water on Sunday night.

President Barack Obama warned over the storm and its aftermath:

“This is a storm that has claimed lives. Our thoughts and prayers are with those who have lost loved ones,” Barak Obama said.

“Many Americans are still at serious risk of power outages and flooding which could get worse in the coming days. I want people to understand that this is not over.”

 

Irene killed 3 people as it passed over the north-eastern seaboard.

In New Jersey a young woman was found dead in her car on a flooded rural road. The woman, 20 year-old, who has not yet been identified, had earlier called police after she and her car were washed away by a flash flood.

“She left her house, went in her car and was swept away,” said New Jersey Governor Chris Christie.

About 30 miles (48km) north-west of Manhattan, in New York’s Rockland County, a man was electrocuted by a downed power line after he tried to save a child who had gone out into a flooded street that had live wires, officials said. The child is now in hospital in a serious condition.

In Prospect, Connecticut, another person was killed in a fire that investigators believe was sparked by fallen wires.

Irene death toll now stands at more than 15 with lives lost all along the storm’s track from the Carolinas to Virginia and up through Pennsylvania, where a man was killed in his tent by a falling tree, to New York and beyond.

A nuclear reactor in Maryland was shut down after it was damaged by wind. Others were taken offline or were operating at reduced capacity as precautionary measures.

More than 6 million homes and businesses lost power as the storm passed up the east coast. 2 million people were warned or received evacuation orders.

Flooding is likely to be the major problem this week. Parts of Philadelphia were heavily flooded, with water reaching street-sign levels in some areas. Flash flood warnings were issued up and down eastern and central Pennsylvania.

Tom Corbett, Pennsylvania governor said on Sunday: “The rivers may not crest until Tuesday or Wednesday. This isn’t just a 24-hour event.”

New York’s public transport system is likely to be disrupted next week. On Sunday, transport workers waited for winds to die down before they were able to inspect train and subway lines.

New York Governor Andrew Cuomo said it was too early to say when normal service would be resumed.

The region’s major airports were closed on Sunday and were likely to be closed for at least part of Monday as airlines waited for transport systems to be restored so passengers could reach them.

Hurricane Irene: death toll more than 15 and 6 million power outages.

 

Hurricane names: how and why scientists named hurricanes?

 

North Carolina: hurricane Irene hit Atlantic beach and killed one person.

 

New York: 370,000 residents get evacuation order ahead of Irene.

 

Hurricane Irene killed last night at least ten people, including two children, as the storm hit North Carolina and Virginia. More than 2 million people from South Carolina to Maryland were without power as the giant 580-mile-wide storm brought widespread flooding and high winds that knocked down power lines.

 

Meanwhile Irene’s power was downgraded to category 1, but as it approached New York, forecasts warned it would hit the city at or near hurricane strength.

According to the National Weather Service, conditions were ripe for tornadoes in the city, Long Island and southern Connecticut, as twisters were reported touching down in Delaware and Maryland.

In Maryland, officials warned of a potential dam failure late on Saturday, they warned “may cause significant flooding that could threaten people, homes and roads downstream from the St. Mary’s Lake Dam”.

Hurricane Irene path along East Coast

Hurricane Irene path along East Coast

 

St Mary’s County Government urged residents in the immediate downstream area to move family and pets upstairs or to a high place with a means of escape.

 

Deaths due to hurricane Irene included two children, an 11-year-old boy in Virginia, killed when a tree crashed through his roof and another child from North Carolina, who died in a crash at an intersection where traffic lights were out.

Another man in Onslow County, North Carolina, suffered a heart attack and died while boarding up his windows, according to the Charlotte Observer.

Hurricane Irene killed last night at least ten people, including two children, as the storm hit North Carolina and Virginia, and more than 2 million people from South Carolina to Maryland were without power

Hurricane Irene killed last night at least ten people, including two children, as the storm hit North Carolina and Virginia, and more than 2 million people from South Carolina to Maryland were without power

A man in Nash County was killed outside his house after he was struck by a tree limb picked up by the strong winds.

An identified man, who went to feed his animals outside his Nashville, North Carolina home, was killed by a tree or branch which fell on him.

In Florida, a surfer was killed when he was knocked off his board at New Smyrna Beach, where surfers had flocked to take advantage of 10-foot waves.

Other two people died in car accidents in North Carolina on Saturday night as a result of the hurricane.

Another man died in Chesterfield County, Virginia, after a tree fell on his home.

In Queenstown, Maryland, a woman died after a tree knocked a chimney through the roof of her home, crushing her.

Sandbags laid down in Manhattan which will be used to control possible floods

Sandbags laid down in Manhattan which will be used to control possible floods

 

Tornadoes were reported touching down in Delaware and Maryland.

In Lewes, Delaware, Governor Jack Markell said at least 17 homes had been damaged by a twister. In total, up to 40 houses were damaged in the town because of the storm.

The National Weather Service reported a tornado touching down in Nassau Station, Delaware, and Maryland State Police said there was an apparent tornado on the lower Eastern Shore of the state.

Andrew Cuomo, the New York Governor raised the number of National Guard soldiers deployed to New York City to 1,900.

The soldiers, who have been mobilized from across the state, will assist with traffic control on bridges and tunnels, sandbagging operations at the World Trade Center site, evacuation shelter operations in New York, the construction of barriers for railway yards and train tunnels, and other hurricane emergency efforts.

Hurricane Irene came ashore near North Carolina’s Cape Lookout around 7:30am EDT, and then chugged up the coast on a north-northeast track.

Irene stirred up 7 feet waves, and forecasts warned of storm-surge danger on the coasts of Virginia and Delaware, along the Jersey Shore and in New York Harbor and Long Island Sound.

Hurricane Irene: 10 deaths and millions of power outages.

 

Hurricane names: how and why scientists named hurricanes?

 

New York: 370,000 residents get evacuation order ahead of Irene.

 

Hurricane Irene hit Atlantic beach of North Carolina and one man was killed outside his home this morning.

 

The man was hit by a tree limb that blew down while he was walking around his house this morning in a rural area of Nash County, where winds were roaring at more than 60 mph, county Emergency Management Director Brian Brantley told the Associated Press.

Hurricane Irene hit Atlantic Beach, Cape Fear and the Outer Banks of North Carolina with Category 1 winds and rain and made landfall in Nags Head, North Carolina.

Hurricane Irene hit Atlantic Beach, Cape Fear and the Outer Banks of North Carolina with Category 1 winds and rain and made landfall in Nags Head

Hurricane Irene hit Atlantic Beach, Cape Fear and the Outer Banks of North Carolina with Category 1 winds and rain and made landfall in Nags Head

The center of hurricane hit the coast of North Carolina near Cape Lookout with Category 1-force winds of 85 mph.

Hurricane warnings for the next 48 hours have been issued for North Carolina, Virginia, Washington, D.C., Maryland, Delaware, New York, Pennsylvania, New Jersey, coastal Connecticut, Rhode Island and Massachusetts.

Until now, eastern North Carolina has already seen three tornadoes in the past few days, and the majority of the state and areas of Maryland and Virginia are under tornado watches through Sunday.

Stacy town, on the coast of North Carolina, is seeing 93 mph wind gusts this morning.

The far end of the fishing pier in Atlantic Beach, North Carolina collapsed overnight.

The 100-foot long pier is still standing, but its end has disappeared into the ocean.

About 200,000 homes in North Carolina are experiencing power outages, according to Power Energy.

Winds up to 85 mph have ripped power lines from their poles, causing many of the shortages.

“Our crews are restoring service as quickly as possible, where it is safe to do so,” Power Energy tweeted.

The hardest hit areas were Wilmington and Wrightsville Beach, North Carolina.

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Hurricane names: how and why scientists named hurricanes?

 

North Carolina: hurricane Irene hit Atlantic beach and killed one person.

 

New York City authorities issued an unprecedented order on Friday for the evacuation of about 370,000 residents of low-lying areas at the city’s edges ahead of hurricane Irene.

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New York residents will be evacuated from the expensive apartments in Battery Park City to the roller coaster in Coney Island to the dilapidated boardwalk in the Rockaways, as evacuation order warnings that Hurricane Irene was such a threat that people living there simply had to get out.

New York officials also announced plans to shut down the city’s entire transit system Saturday — all 468 subway stations and 840 miles of tracks, and the rest of the nation’s largest mass transit network: thousands of buses in the city, as well as the buses and commuter trains that reach from Midtown Manhattan to the suburbs.

President Barak Obama approved a request from Governor Andrew M. Cuomo of New York to declare a federal emergency in the state while the hurricane was still several hundred miles away.

“The hurricane, 290 miles of fury dancing angrily across the Atlantic Ocean toward the coast, was actually advancing more slowly than most late-summer storms,” the National Weather Service said.

New York City hurricane evacuation zones.

New York City hurricane evacuation zones.

 

[googlead tip=”patrat_mic” aliniat=”dreapta”]Friday night Weather Service forecast said rain associated with the storm would begin in Manhattan after 11 a.m. Saturday with conditions worsening into Sunday.

“You only have to look at the weather maps to understand how big this storm is and how unique it is,” New York mayor Michael Bloomberg said at a news conference on Friday at City Hall.

The increasingly ominous announcements from officials — and the wall-to-wall coverage — sent New Yorkers hurrying to buy staples like canned food and candles.

Shoppers in places found that the shelves had been cleaned out. In shore towns in New Jersey and on Long Island, touristss waited in lines at gas stations and watched as bulldozers built berms on low-lying beach roads.

The announcement about the transit shutdown and the evacuation of what the city called Zone A low-lying areas prompted a cascade of cancellations for Saturday and Sunday: Broadway shows, the Mets’ games against the Atlanta Braves at Citi Field, the performances by the Dave Matthews Band on Governors Island and the outdoor showing of opera movies at Lincoln Center, among others. Even the New York Aquarium and the Bronx, Central Park and Prospect Park Zoos closed for the weekend.

[googlead tip=”lista_mare” aliniat=”stanga”]Starting at noon Saturday, all three major airports in the New York region will be closed to arriving flights.

 They will remain open for departures, pending changes in the weather, but most of those scheduled departures have already been canceled, according to Steve Coleman, a Port Authority spokesman.

Authorities announced the subway shutdown was prompted mainly by wind estimates that suggested the hurricane could rock subway cars in places where they run above ground. The commuter rail lines that serve Long Island, Westchester County and Connecticut will also be shut down, as will New Jersey Transit operations. New Jersey Transit will suspend train service at noon Saturday and will stop bus service six hours later.

New York mayor Michael Bloomberg announced that 91 evacuation centers and shelters opened on Friday for people who could not stay in their homes. The Nassau County executive, Edward P. Mangano, said 20 shelters would be open by the time the storm hit.

Consolidated Edison warned that it would have to cut off power to some customers if underground pipes and cables became submerged in water. To be ready for repairs, Consolidated Edison said it was bringing in 800 additional workers from as far away as Texas.

Mayor Bloomberg said no one would be fined for violating the city’s evacuation orders. “Nobody’s going to go to jail,” he said, but he warned that the storm’s consequences could be fatal.

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Yoshihiko Noda, the Japan’s new prime minister.

 

[googlead tip=”patrat_mare”]Naoto Kan, Japan’s Prime Minister resigned on Friday, fulfilling a promise to critics who blasted what they called his befuddled response to the nation’s dual economic and nuclear calamities triggered by the March 11 earthquake and tsunami.

 

In a nationally televised speech, Japanese PM Naoto Kan announced on Friday that he resigned from his position as leader of the ruling Democratic Party of Japan (DPJ) after only 15 months.

After Naoto Kan long-anticipated resignation, DPJ has to select a new leader until Monday — with the winner almost certainly to become Japan’s prime minister.

Naoto Kan‘s departure, after assuming his post in June 2011 following another Japanese power shakeup, means that his successor will become the Japan’s 6th prime minister since 2006.

PM Naoto Kan had promised he would quit once lawmakers passed three key pieces of post-tsunami recovery legislation, the last two of which cleared parliament Friday.

 

Naoto Kan, 64, is the former finance minister who entered politics after laboring as a Tokyo civic activist.

PM Naoto Kan announced on Friday that he resigned from his position as leader of the ruling Democratic Party of Japan

PM Naoto Kan announced on Friday that he resigned from his position as leader of the ruling Democratic Party of Japan

He initially held the appeal of an outsider who rose up the political ladder on his own merit, rather than merely inheriting political favor as the son or grandson of an outgoing politician.

PM’s approval rating, already near a historic low, plummeted further after what critics call several blunders following the March 11 earthquake that crippled the Fukushima Daiichi nuclear power plant.

The natural disaster led to the release of deadly radiation into the atmosphere and prompted the evacuation of tens of thousands of nearby residents, many of whom have yet to return to their homes.

 

A recent poll by Japan’s Kyodo News Agency showed that Naoto Kan’s popularity rating among voters had dropped to just 15.8%.[googlead tip=”vertical_mare” aliniat=”dreapta”]

 

In the weeks following the meltdown at several reactors at the Fukushima Daiichi plant, critics lambasted Naoto Kan for failing to take charge of the disaster response and leaving too much power in the hands of the Tokyo Electric Power Co., the utility that runs the plant.

Only after the catastrophe Naoto Kan called for alternatives to Japan’s nuclear power policies. While the Kyodo poll showed that 75% of respondents favored a plan to phase out nuclear power, most were determined to be rid of Naoto Kan as well.

Akiko Domoto, a former governor of Chiba Prefecture who worked closely with Naoto Kan within the party said:

“He just didn’t have what it took to be Japan’s top leader.”

“In the party, he did a good job, but as prime minister, he couldn’t talk with the bureaucrats and had little control. Especially after the earthquake, he tried to do everything by himself. We needed a strong leader, and his leadership just wasn’t strong enough.”

[googlead tip=”lista_mare” aliniat=”stanga”]Possible successors for PM position include former Foreign Minister Seji Maehara, Finance Minister Yoshihiko Noda and Trade Minister Banri Kaieda.

The winner will face challenges that include rebuilding from the March catastrophe, forging a new nuclear policy and curbing a public debt that’s already twice the size of Japan’s $5 trillion economy. The new PM will also need to mend fences with the U.S. over the relocation of an American military base on Okinawa. Naoto Kan had recently cancelled talks with President Barack Obama over uncertainty about the Japanese leader’s political future.

While many outside experts say that Seji Maehara remains the one to beat, they admit that Japan’s politics are nearly impossible to predict.

Bank of America Logo

Bank of America Corporation announced today that it reached an agreement to sell 50,000 shares of Cumulative Perpetual Preferred Stock with a liquidation value of $100,000 per share to Berkshire Hathaway, Inc. in a private offering. The preferred stock has a dividend of 6 percent per annum, payable in equal quarterly installments, and is redeemable by the company at any time at a 5 percent premium.

 

 

Bank of America saved by Warren Buffet
Bank of America, Bryant Park, New York

In conjunction with this agreement, Berkshire Hathaway will also receive warrants to purchase 700,000,000 shares of Bank of America common stock at an exercise price of $7.142857 per share. The warrants may be exercised in whole or in part at any time, and from time to time, during the 10-year period following the closing date of the transaction. The aggregate purchase price to be received by Bank of America for the preferred stock and warrants is $5 billion in cash.

This apparently much-needed injection has reassured Bank of America’s clobbered shareholders, and the stock is up 25% on the news.

 

For his $5 billion, Buffett can also be obtaining the proper to purchase a staggering 700 million Bank of America typical shares at $7.14 a share–options which are currently within the cash. This signifies 7% dilution to Bank of America’s typical stockholders.

Put simply, Buffett is obtaining a favored safety having to pay 6% a 12 months that’s safeguarded from dilution from long term funds raises AND a choice to purchase 7% with the company–all for $5 billion. That is costly cash. But offered that Bank of America waited as well lengthy to increase funds, it is also obviously the very best offer they could get.

 

“We are building the best franchise in financial services and we have laid out a clear plan to deliver long-term shareholder value,” said Bank of America Chief Executive Officer Brian Moynihan. “I remain confident that we have the capital and liquidity we need to run our business. At the same time, I also recognize that a large investment by Warren Buffett is a strong endorsement in our vision and our strategy.”

 Warren Buffett, Berkshire Hathaway Chairman and Chief Executive Officer commented:

“Bank of America is a strong, well-led company, and I called Brian to tell him I wanted to invest in it. I am impressed with the profit-generating abilities of this franchise, and that they are acting aggressively to put their challenges behind them. Bank of America is focused on their customers and on serving them well. That’s what customers want, and that’s the company’s strategy.”

 

Bank of America

 

Bank of America is one of the world’s largest financial institutions, serving individual consumers, small- and middle-market businesses and large corporations with a full range of banking, investing, asset management and other financial and risk management products and services. The company provides unmatched convenience in the United States, serving approximately 58 million consumer and small business relationships with approximately 5,700 retail banking offices and approximately 17,800 ATMs and award-winning online banking with 30 million active users.

Bank of America is among the world’s leading wealth management companies and is a global leader in corporate and investment banking and trading across a broad range of asset classes, serving corporations, governments, institutions and individuals around the world. Bank of America offers industry-leading support to approximately 4 million small business owners through a suite of innovative, easy-to-use online products and services. The company serves clients through operations in more than 40 countries. Bank of America Corporation stock (NYSE: BAC) is a component of the Dow Jones Industrial Average and is listed on the New York Stock Exchange.

 

Forward-Looking Statements

 

Certain statements in this press release represent the current expectations, plans or forecasts of Bank of America and are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements can be identified by the fact that they do not relate strictly to historical or current facts. These statements often use words like “expects,” “anticipates,” “believes,” “estimates,” “targets,” “intends,” “plans,” “predict,” “goal” and other similar expressions or future or conditional verbs such as “will,” “may,” “might,” “should,” “would” and “could.”

The forward-looking statements made in this press release include, without limitation, statements concerning:the closing of the agreement with Berkshire Hathaway Inc. to sell preferred stock and warrants (the “sale agreement”) and the receipt of the aggregate purchase price in the transaction.Forward-looking statements speak only as of the date they are made, and Bank of America undertakes no obligation to update any forward-looking statement to reflect the impact of circumstances or events that arise after the date the forward-looking statement was made.

 

These statements are not guarantees of future results

 

These statements are not guarantees of future results or performance and involve certain risks, uncertainties and assumptions that are difficult to predict and are often beyond Bank of America’s control. Actual outcomes and results may differ materially from those expressed in, or implied by, any of these forward-looking statements. You should not place undue reliance on any forward-looking statement and should consider all of the following uncertainties and risks, as well as those more fully discussed under Item 1A. “Risk Factors” of Bank of America’s Quarterly Report on Form 10-Q for the quarterly period ended June 30, 2011, Item 1A. “Risk Factors” of Bank of America’s Annual Report on Form 10-K for the year ended December 31, 2010 and in any of Bank of America’s other subsequent Securities and Exchange Commission filings: the satisfaction of the closing conditions for the sale agreement, including obtaining any necessary regulatory or other approvals.

Hurricane Irene: 10 deaths and millions of power outages.

 

Hurricane names: how and why scientists named hurricanes?

 

Kenny Chesney’s Foxboro Show rescheduled due to hurricane.

 

Tourists on 16-mile-long Ocracoke Island off the coast of North Carolina have been evacuated ahead of Hurricane Irene.

 

Residents were asked to leave their homes Thursday morning as Hurricane Irene strengthened to a major Category 3 storm over the Bahamas with the East Coast in its sights. North Carolina Governor, Beverly Perdue said today at a news conference.

 

“It’s a standard precaution.”

“We want folks [in eastern North Carolina] to take this storm seriously and to get prepared.”

 

Perdue also urged coastal residents to be prepared and fill up their gas tanks, collect their prescription drugs and have cash in case the region is without power or other basics. Hurricane kits also should include water, canned food and other supplies.

[googlead tip=”patrat_mic” aliniat=”stanga”] However, Governor Perdue tried not to discourage tourists from visiting North Carolina’s coast, saying at this point the state’s southern beaches would avoid the brunt of the storm and predicted Irene would pass the state by Sunday morning – leaving intact the week leading up to the Labor Day holiday.

Governor defended comments she made Tuesday asking the media not to scare away tourists and urging tourists to keep visiting North Carolina.

“You will never endanger your tourists, but you also don’t want to overinflate the sense of urgency about the storm. And so let’s just hang on,” she said.

Tourists on 16 mile long Ocracoke Island off the coast of North Carolina have been evacuated ahead of Hurricane Irene

Tourists on 16 mile long Ocracoke Island off the coast of North Carolina have been evacuated ahead of Hurricane Irene

 

The today’s Ocracoke Island evacuation served as a “test” to see whether people would leave when faced with the possibility of a hurricane, according to the Associated Press.

 

The North Carolina Department of Transportation said in a tweet that ferries leaving the barrier island, part of the popular Outer Banks, are only half-full and traffic is moderate. They expect traffic to increase as the day goes on.

Hurricane Irene has passed through Puerto Rico and other parts of the Caribbean, and is headed for the East Coast, the Capital Weather Gang reports.

Hurricane current trajectory suggests that it will hit North Carolina directly, but nothing is certain. Should Irene stay on its current path, the National Hurricane Center’s forecast predicts that it will make landfall Saturday.

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In Ocracoke Island cars were lined up at gas pumps to fill tanks before leaving ahead of Irene, which had winds near 120 mph (193 kph) as of Wednesday afternoon.

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Irene is expected to get stronger over warm ocean waters and could become a Category 4 storm with winds of at least 131 mph (211 km/h) by Thursday.

As Irene churned in the Caribbean, tourists scurried from hotels in the Bahamian capital of Nassau to catch flights off the island before the airport’s expected afternoon closure.

The first ferry to leave Ocracoke Island in North Carolina arrived just before 5:30 a.m. in nearby Hatteras with around a dozen cars on board.

The 16-mile-long barrier island is accessible only by boats that can carry no more than 50 cars at a time.

Ocracoke Island is home to about 800 year-round residents and a tourist population that swells into the thousands when vacationers rent rooms and cottages.

It wasn’t clear how many people on the first arriving ferry Wednesday morning were tourists, but the first two cars to drive off had New York and New Jersey plates.

State workers questioned people who tried taking the ferry to the island and turned a few cars around. In addition to the ferry line to Hatteras, there were two other ferry lines that went to and from the island.

Ocracoke is part of North Carolina’s Outer Banks, a roughly 200-mile stretch of fragile barrier islands off the state’s coast. Pristine beaches and wild mustangs attract thousands of tourists each year. Aside from Ocracoke, the other islands are accessible by bridges to the mainland and ferries. The limited access can make the evacuation particularly tense. Officials in counties covering the rest of the Outer Banks were to decide later Wednesday or Thursday whether to evacuate.

[googlead tip=”lista_mare” aliniat=”stanga”] All the barrier islands have the geographic weakness of jutting out into the Atlantic like the side-view mirror of a car, a location that’s frequently been in the path of destructive storms over the decades. In 1999, Hurricane Floyd made landfall as a Category 2 storm and caused a storm surge that wiped out scores of houses and other properties on the Outer Banks.

It’s been more than seven years since a major hurricane, considered a Category 3 with winds of at least 111 mph (179 km/h), hit the East Coast. Hurricane Jeanne came ashore on Florida’s east coast in 2004.

Wednesday, at 2 p.m. EDT, Irene was centered about 250 miles (402 km) southeast of Nassau in the Bahamas and was moving northwest near 12 mph (19 km/h).

[youtube yFKdkGHO7os]

A 5.9 magnitude earthquake, which lasted 45 seconds, rocked the US East Coast Tuesday afternoon, hitting areas from North Carolina to as far north as Ottawa, Canada.

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The earthquake, which hit at about 1:51 p.m. ET, measured a preliminary 5.9 and lasted up to 45 seconds, according to the US Geological Survey. It shook office buildings and homes and rattled residents.

The US Geological Survey (USGS) warned of aftershocks.

 

Earthquake epicenter was reported about 4 miles southwest of Mineral, Virginia, near Richmond, Virginia, and about 80 miles south of Washington, D.C.

The earthquake in Virginia felt in Washington, New York City, North Carolina.

Witnesses reported a low rumble that grew to distinct and sustained shaking, rattling windows and fraying nerves.

Earthquake epicenter was reported about 4 miles southwest of Mineral, Virginia, near Richmond and about 80 miles south of Washington D.C.

Earthquake epicenter was reported about 4 miles southwest of Mineral, Virginia, near Richmond and about 80 miles south of Washington D.C.

No people injured were reported after earthquake hit.

Federal officials say two nuclear reactors at the North Anna Power Station in Louisa County, Virginia, were automatically taken offline by safety systems around the time of the earthquake.

Verizon Wireless, AT&T and Sprint say their networks were congested as the quake sent people scrambling for the phones. Twitter lit up with personal earthquake reports up and down the East Coast.

 

The earthquake was one of the largest ever recorded in the Washington, D.C., area. [googlead tip=”vertical_mare” aliniat=”dreapta”]

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The depth of the quake was only 0.6 miles which partly explains the widely felt shaking.

“On the East Coast you have this old, hard, cold crust that does a lovely job of transmitting the waves … the energy. … This large of an eathquake could definitely have been felt hundreds of miles away,” said Lucy Jones, a seismologist at the USGS.

“Central Virginia does get its share of minor earthquakes, but an earthquake of this size on the East Coast is certainly very unusual,” said seismologist Karen Fischer of Brown University.

 

“Virginia is not on an active earthquake fault and is roughly in the middle of the North American continental crustal plate. But it has residual fault scars left over from 200 million to 300 million years ago, when it was an earthquake zone, at the time when the Atlantic Ocean rifted apart from Europe. An earthquake that registered 3.9 hit in 2003 was followed by a 4.5 that same year,” she said.

“We are just seeing pressure build up and release on those scars. There is a lot of debate on exactly what is going on down there and exactly how quakes this big happen in this kind of crustal zone.”

“Because the crust under the East Coast is colder and firmer than the West Coast, shocks travel more efficiently through it, accounting for the widely felt shaking.”

 

[googlead tip=”lista_mare” aliniat=”stanga”] Karen Fischer said the shallow depth of the Virginia quake is only a first estimate and will likely be revised.

“One lesson of this quake is that building codes will likely need to be revisited on the East Coast,” Fischer said.

“Because we are not as conscious of earthquakes here as the West Coast, we will have to see about structural damage to buildings, although I have not heard any damage reports so far.”

 

David Oppenheimer, a seismologist for the USGS at the Earthquake Science Center in Meno Park, California, said Tuesday’s temblor was not expected “in fact, we don’t even know about the faults in that part of the world.”

David Oppenheimer also said the earthquake is a big concern because the infrastructure in the region is not build to handle the shaking.

 

“This is the kind of thing that we worry about, infrequent large earthquakes in highly population areas with an old inventory of brick buildings, structures built before there were earthquake codes,” he said.

“You put this earthquake under a more urban area you would have had perhaps loss of life and more damage.”

 

Officials in the region scrambled to evacuate buildings.

The control towers at John F. Kennedy and Newark Liberty airports were evacuated by the Federal Aviation Administration as a precaution, an FAA spokesman said. Flights out of both airports were canceled.

People from the State Department building in the Foggy Bottom area of Washington were evacuated too.

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Todd Green, a Silver Wings Wingwalking Team stuntman, has died after falling about 60 metres (200 feet) at the Selfridge Air National Guard Base Air Show in Harrison Charter Township, about 32 km (20 miles) northeast of Detroit, Michigan.

 

[googlead tip=”vertical_mare” aliniat=”stanga”] Wing walker, Todd Green was trying to move from a plane to a helicopter when he fell at the Selfridge Air National Guard Base Air Show, according to the air base spokesman, Technical Sergeant Dan Heaton.

The horrible accident happened while wing walker Todd Green was flying on John Mohr’s Stearman aircraft during a stunt at the air show. An ambulance brought stuntman Todd Green to Mount Clemens Regional Medical Centre.

Diane Kish, Mount Clemens Regional Medical Centre spokeswoman said the stuntman died from lethal injuries during accident. [googlead tip=”patrat_mare” aliniat=”stanga”]

Wing walker Todd Green fell 200 feet to death at the Selfridge Air National Guard Base Air Show in Harrison Charter Township, Michigan.

Wing walker Todd Green fell 200 feet to death at the Selfridge Air National Guard Base Air Show in Harrison Charter Township, Michigan.

 

Few minutes before wing walker Todd Green’s fall, the air show announcer told the public address system mentioned winds were becoming a factor in the performance, reminding the audience about the inherent risk of danger in the stunt manoeuvres.

 

Some people from the audience, who saw the stuntman’s fall thought it was part of the show, but quickly learned from the announcer that something had gone wrong, The Macomb Daily of Mount Clemens reported.

Jennifer Bradley from Linden attended the show accompanied by her sons, ages 7 and 11, when the fall happened.

 

“There were lots of tears,” Jennifer Bradley told the newspaper.

“We sat and prayed together.”

 

Republican Candice Miller, who lives in Harrison Township, also was watching as Todd Green fell and told the newspaper she watched the stuntman perform on Saturday, the day before his death.

 

“It was very surreal,” Candice Miller said of the fall.

“It takes a moment to get your mind around what just happened. I know he was a big part of this show, a lot of people came just to see him.”

 

Wing walker Todd Green was a Michigan native, started performing aerial stunts over 25 years ago. Todd was the son of prominent aerial stuntman Eddie Green. He left behind his wife, Dawn, his son Tyler and his stepson Derrick.

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“During his 45 year career as a stuntman, Eddie performed with pilots Harold Krier, Bill Barber, Bob Barden and Jimmy Franklin,” the Silver Wings Wingwalking Team posted on its website, adding that Todd Green “continues the tradition his father founded.”

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London: “Red Arrows” (British Royal Air Force) pilot died in a plane crash

[googlead tip=”patrat_mic” aliniat=”dreapta”]Acording to Ministry of Defense the plane of Flight Lieutenant Jon Egging, 33, crashed near an airport some 100 miles from London. The plane apparently suffered a failure after performing at the Bournemouth Air Festival. Flight Lieutenant Jon Egging was flying under the call sign RED 4 and it seemed to have tried to eject only after guiding the RAF jet towards a field to avoid crashing over the houses. He was the first Red Arrows pilot to die in a crash for 33 years.

It is with sadness that the MOD must confirm the death of Flight Lieutenant Jon Egging of the Royal Air Force Aerobatics Team (The Red Arrows).

Jon Egging Red Arrows
Flight Lt. Jon Egging – Red Arrows Brittish Royal Air Force

[googlead tip=”lista_mica” aliniat=”stanga”]Flight Lieutenant Egging was killed when his Hawk T1 aircraft – Red 4 – crashed around 1km South East of Bournemouth Airport at 1350 on Saturday 20 August 2011.

A full Service Inquiry into the details of the crash has been initiated. It would be inappropriate to speculate on the causes of the incident at this time.

Dr Emma Egging, the wife of Flt Lt Jon Egging, said:

“Jon was everything to those that knew him, and he was the best friend and husband I could ever have wished for. I know that he would have wanted me to say something from the heart at this time. There was nothing bad about Jon. He loved his job and was an exemplary pilot. Watching him today, I was the proudest I’ve ever been. I loved everything about him, and he will be missed.”

 Group Captain Simon Blake, the Commandant of the RAF’s Central Flying School, said:

“Flight Lieutenant Jon Egging, known as ‘Eggman’, joined the Team as Red 4 in the Autumn of 2010. A gifted aviator, he was chosen to fly in the Red 4 slot, on the right hand outside of the famous Diamond Nine formation – an accolade in itself being the most demanding position allocated to a first year pilot. Throughout his winter training and the display season to date, his professionalism, skill and humility have shone through.”

“A true team player, his good nature and constant smile will be sorely missed by all. In such a close knit team, this tragedy will be keenly felt by his fellow team members, the Reds and all of the engineering and support staff, the Blues.”

 

Air Vice Marshal Mark Green, Air Officer Commanding 22 (Training) Group, said:

“I first met Flt Lt Jon Egging in 2003 when I became his Station Commander. Even at that early stage in his career, Jon’s professionalism, competence and ever present smile made him stand out from the crowd. Hence, his eventual selection for duties with the Red Arrows came as no surprise. His time with the Team was typified by the characteristics that were Jon’s trademark: professionalism, enthusiasm for life and a willingness to help others that transcended all boundaries. Jon will be sorely missed by all those that had the privilege to know him; our thoughts and prayers are with Jon’s family and friends at this tragic time.”

Flight Lieutenant Egging, aged 33 from Rutland, flew the Harrier GR9 before joining the Royal Air Force Aerobatic Team. Jon became interested in flying at an early age, inspired by his airline pilot father who used to take him ‘down route’, allowing him into the cockpit for take off and landing. Jon is survived by his wife, Emma.

[googlead tip=”vertical_mic”]He attended Southam School in Warwickshire gaining A-Levels in Mathematics, Physics and Chemistry. He was a member of 2028 (Southam) Sqn Air Training Corps from age 13. During the sixth form he was awarded a Royal Air Force Flying Scholarship and had his first solo flight in a Cessna 152 flying from Wellesbourne Mountford Aerodrome. Following a gap year spent working in the UK and travelling around Australia, Jon went on to read a BSc in Environmental Science at Southampton University. He joined Southampton University Air Squadron and was awarded a Royal Air Force Bursary in his second year.

Whilst at University Jon completed Elementary Flying Training with the University Air Squadron, flying the Bulldog; he went on to join the Royal Air Force in 2000. Selected for fast jet training Jon flew the Tucano and Hawk before becoming a ‘Creamie’ Qualified Flying Instructor on the Hawk at Royal Air Force Valley, teaching both students and instructors. Jon went on to serve with IV(AC) Squadron – ‘Happy IV’ – based at Royal Air Force Cottesmore, flying the Harrier GR9.

 During his time on the front line Jon was proud to support coalition ground forces when flying operational missions in Afghanistan. He has also taken part in exercises in the United Kingdom and America. As part of Joint Force Harrier, Jon served with IV(AC) Squadron on HMS Illustrious, flying training missions off the UK coastline. He became the Squadron Qualified Flying Instructor during his last year on ‘Happy IV’, making the transition to teach on the Harrier Operational Conversion Unit, based at Royal Air Force Wittering, in April 2010.

Defence Secretary, Dr Liam Fox, said:

“It was with great sadness that I heard of the death of Flight Lieutenant Jon Egging whilst performing with the Red Arrows today. He was a gifted aviator who was selected for one of the most demanding flying jobs in the RAF. Joining the Red Arrows was his lifetime ambition and he performed with great skill whilst on the team. My thoughts and prayers are with his wife Emma and his family and friends at this terrible time.”

Chicago: Delay because of the weather at Chicago Air and Water Show

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On Saturday, severe weather changes in the area made Chicago Air and Water Show to be delayed. Mary May from City Department of Cultural Affairs and Special Events said the event started on time, at 10 a.m., but as the storm hit, it was delayed. It was scheduled to resume at 1:00 pm. The highlights of the Air & Water Show can be watch on ABC7 on Sunday. “Chicago’s Top Guns: A Wet and Wild Weekend” airs at 10:35 p.m. It’s hosted by Jerry Taft and Tracy Butler.

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2011 Chicago Air and Water Show

2011 Chicago Air and Water Show

The Chicago Air and Water Show presented by the City of Chicago and Shell Oil Products U.S is the the largest FREE show of its kind in the United States. The show can be viewed along the lakefront from Fullerton to Oak Street, with North Avenue Beach as the focal point.

[googlead tip=”patrat_mic” aliniat=”dreapta”]2011 Chicago Air & Water Show

 

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New Chicago Fire Boat

 

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New York: Verizon strike update[googlead tip=”patrat_mic” aliniat=”dreapta”]

The end of the two-week strike was announced Saturday by Verizon Communications Inc. and union leaders. According to Verizon press release, the 45,000 unionized employees will return to work Monday night, although the two parties have not yet agreed to a contract.

Verizon’s Striking Union-Represented Employees to Return to Work[googlead tip=”lista_mica” aliniat=”stanga”]

 

New York: Verizon strike
Bay Area union workers in San Francisco marched in solidarity with striking Verizon workers on the East Coast.

Verizon Communications today announced that its 45,000 wireline employees in nine Northeastern states and the District of Columbia who are represented by the CWA and IBEW will return to work beginning Monday night, Aug. 22, without new collective bargaining agreements.

Verizon and the unions have made headway in negotiating a number of local and regional issues, and the parties have agreed on a process for moving forward to negotiate the major issues regarding benefits, cost structure, work flexibility and job security.

 

Verizon said the wireline employees now on strike would be working under the terms of the contracts that expired on Saturday, Aug. 6. The contracts will be extended with no specific deadline for achieving new collective bargaining agreements so that the parties can take the time required to resolve the critical issues.

 

Marc Reed, Verizon’s executive vice president of human resources, said, “We agreed to end the strike because we believe that is in the best interest of our customers and our employees. We remain committed to our objectives, and we look forward to negotiating the important issues that are integral to the future health of Verizon’s wireline business.”

 

He added: “We are grateful to our management team for their leadership during the past 14 days in so ably meeting the needs of our customers. The team’s competence, dedication and hard work enabled us to withstand the strike without significant disruption to customer service, and to convince the unions to begin bargaining with us in good faith. The fortitude and efforts of our managers have proven to be our strongest point of leverage in bargaining. We are pleased that during this stressful economic period our union-represented employees will be back at work earning good wages and benefits while serving our customers.”

 

With its union-represented employees back at work, Verizon plans to quickly address any backlog in repairs and unfulfilled requests for service.

 

[googlead tip=”vertical_mic”]

Verizon Communications Inc. (NYSE, NASDAQ:VZ), headquartered in New York, is a global leader in delivering broadband and other wireless and wireline communications services to consumer, business, government and wholesale customers. Verizon Wireless operates America’s most reliable wireless network, with more than 106 million total connections nationwide. Verizon also provides converged communications, information and entertainment services over America’s most advanced fiber-optic network, and delivers integrated business solutions to customers in more than 150 countries, including all of the Fortune 500. A Dow 30 company, Verizon employs a diverse workforce of nearly 196,000 and last year generated consolidated revenues of $106.6 billion. For more information, visit www.verizon.com.

Libya News: The rebels take control of Tripoli.

 

The battles are around Tripoli (Libya) and it seems that “Operation Mermaid Dawn” has begun, according to a military commander in Benghazi, colonel Fadlallah Haroun.[googlead tip=”vertical_mic”]

Tripoli

The time of freedom arrived with the rebels closing to Tripoli

 

“The fighters in Tripoli are rising up in two places at the moment – some are in the Tajoura neighbourhood and the other is near the Matiga (international) airport,” he told Al-Jazeera.

Tajoura is the Tripoli neighborhood most openly opposed to Gaddafi. Heavy fights has been in Souq al-Jomaa, Fashloum and Tajoura, a rebel representative told the AP.

While Tripoli seems to be besieged, Abdessalam Jalloud, former prime minister, left for Italy via Tunisia on Saturday. [googlead tip=”patrat_mic” aliniat=”dreapta”]

The government official told AFP “Jalloud left Djerba airport for Italy at dawn on a Maltese plane with his family”.

“We are verifying this information,” said Maurizio Massari from the Italian Foreign Ministry.

Early on Sunday morning Muammar al Gaddafi  congratulated his men for repelling an attack upon Tripoli.

[googlead tip=”lista_medie” aliniat=”stanga”]Live audio on state television, Gaddafi expressed congratulation to his supporters for repelling a rebels attack. He called the rebels “rats”.

Moammar Gadhafi said Nicolas Sarkozy wants to steal the country’s oil and the rebels were “bent on the destruction of the Libyan people”.

Gaddafi impeled his supporters to “march by the millions” and put an end to a  rebellion, that he called a “masquerade”.

Meanwhile, the rebels said the Gaddafi’s regime is heading to an end.

“The zero hour has started. The rebels in Tripoli have risen up,” said Abdel Hafiz Ghoga, vice-chairman of the National Transitional Council (NTC), in the eastern city of Benghazi.

On Sunday an official in the rebel NTC said that operations in Tripoli were co-ordinated between opponents of Gaddafi in the city and the rebels in the east.

“There is co-ordination with the rebels in Tripoli. This was a pre-set plan. They’ve been preparing for a while. There’s co-ordination with the rebels approaching from the east, west and south,” he said.

Abdel Hafiz Ghoga said NATO warplanes were sending air strikes to distract Gaddafi’s forces.

“The next hours are crucial. Many of their (pro-Gaddafi) brigades and their commanders have fled.” he said

 Apparentely,  there is just a matter of time for the rebels until they will take Tripoli.

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Severe storms hit Pittsburgh on Friday, cutting electricity to hospitals and universities and submerging vehicles on the main road, on Allegheny River’s valley and killing four people.

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The severe storm that hit Pittsburgh, Pennsylvania, on Friday cut electricity to hospitals and universities and submerged many vehicles in a flash flood that killed a woman and two children. Another person,  a 70-year-old woman, was disappeared and  found dead Saturday after a search by about 40 rescue workers.

According to officials, along Washington Boulevard, the main road that parallels the Allegheny River in the city’s Highland Park section, water rose up to 9 feet (about 2.7 meters) in some places, making the drivers unable to use their cars.

 

Severe storms hit Pittsburgh on Friday submerging cars and cutting

Severe storms hit Pittsburgh on Friday submerging cars and cutting electricity.

 

Inflatable boats were used by Pittsburgh’s rescue crews to reach and help drivers, though some swam to safety on their own. Rhodearland “Bob” Bailey of Penn Hills, who is about 80, was rescued from the roof of his car.

 

“I can swim a little bit and was looking at a tree branch,” Bailey told the Pittsburgh Tribune-Review.

“I heard one woman yelling for help, but the water was coming down so fast, I couldn’t see. … I’ve never seen nothing like this in my life. Lord have mercy.”

 

Rihaan Gangat, a meteorologist for the National Weather Service said the area received 2.1 inches of rain in an hour (about 53 liters/square meter). But an earlier storm that hit the region came with 3 (about 76 liters/square meter) to 4 (about 102 liters/square meter) inches of rain overall on Friday.

[googlead tip=”vertical_mare” aliniat=”stanga”] Michael Huss, Pittsburgh public safety director said at a news conference the victims, one woman and two children, identified by the medical examiner as 45-year-old Kimberly Griffith of Plum, 12-year-old Brenna Griffith and 8-year-old Mikaela Griffith , were unable to escape their car, which was completely submerged and pinned to a tree and the rescue crews floated over the car without knowing it was below.

“The bottom of the boat didn’t even scrape against the top of the car,” said Raymond DeMichiei, deputy director of the city Office of Emergency Management.

“A fourth person, a 70-year-old woman, disappeared and was found dead Saturday after a search by about 40 rescue workers” Police Chief Nate Harper said. He declined to identify her or give the circumstances of her death.

Nate Harper said the rescuers found 18 vehicles stranded in the high water and saved 11 people. One woman, who was rescued, required hospitalization.

Flood had receded by evening, but the road remained closed through Saturday, as emergency crews work to clear the mud and all the stranded cars.

Tara Howes, 34, from Gibsonia, told the Tribune-Review that “manhole covers started popping up and it looked like the road exploded and the waters came up really fast. I saw people swimming on the sides of the road. It was pretty scary.”

 

Pittsburgh flash floods hit a city area that experienced serious flooding last month. The main road, Washington Boulevard, is parallel to the river and situated in a valley. Rushing water from a July 18 storm stranded motorists and caused a section of the road to buckle.

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Claudia Gallagher, 55, from West Mifflin, was driving north on Washington Boulevard at the height of the rainfall Friday and tried to get off the road as the water rose.

“We tried to drive up onto the curb, but the water had other ideas,” she told the Post-Gazette.

The car began to float, and she opened the window and climbed onto the roof.

“Many other drivers nearby were sitting atop their cars, too,” she said.

Friday morning, another storm cut electricity to University of Pittsburgh, which interrupted activity for the day. Parts of Carlow and Carnegie Mellon Universities also encountered power outages.

“Flights at Pittsburgh International Airport were grounded because of lightning just after 3 p.m.,” spokeswoman JoAnn Jenny said.

Two hospitals worked on emergency power after rains flooded a substation in the city’s Oakland neighborhood.

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