Tuesday, June 28, 2011

pixar up logo

images makeup 2010 Disney·Pixar UP pixar up logo. pixar up wallpaper dug. disney
  • pixar up wallpaper dug. disney


  • nojoke
    05-04 02:13 PM
    House...forget it......


    It will never reach those highs again...

    In US..RE is done.

    Not 485...look at the number of foreclosures.....and inflation.....

    untill the war is over...forget...

    I saw a news article that says Bangalore real estate is down 20% this year. And another one that says Delhi is down 20%. What happened in India is also a part ponzi scheme. All the NRIs buying at whatever prices. How can any local guy afford at those prices:confused: Unless inflation goes sky high and wages multiplying to catch up with the inflation.
    If I buy a flat in Bangalore at 50 lakhs and expect 15 thousand for the rent, it comes to 2 lakhs approx. a year return. If I do a fixed deposit in the bank at 10% interest, I get 5 lakhs return. I can rent for 15 thousand and invest the 3 lakhs back into a fixed deposit. Over the years, flats depriciate and in 20-25 years it will be close to valued at nothing. Where as a wise investment in the bank would have multiplyied by 4 times. :(




    wallpaper pixar up wallpaper dug. disney pixar up logo. hairstyles pixar-up-logo-large
  • hairstyles pixar-up-logo-large


  • bfadlia
    01-08 10:43 AM
    I have use the word bastard after you used for Jews. You have said, your war will end till Jews are defeated. So get my reply. Don't cry!!!!! foul !!!

    read your comments:

    Quote:
    Originally Posted by bfadlia
    I agree, the conflict discussed here is a political conflict. It could have been resolved much easier if all sides stopped looking at it with the religious-end-of-times lens (jews: nile-to-euphrates empire belonged to us 3000 years ago, christians: jews from all over the world must be transfered back there for the messiah to return.. and muslims: end of times won't come until jews fight the muslims and we beat them)..

    Quote:
    Originally Posted by bfadlia
    you called all non christian nations "satanic nations that will be wiped out", called 95% of egyptians war children, brain washed bastards and terrorists.. u r right, u don't use vulgar language, only racist hate speech..



    you have serious language comprehension issues.. I used bastards on palestinians not jews in a post where i was defending palestinians, so i was being sarcastic
    and in the other post you refer to, i was criticizing jews, cristians and muslims for taking the end of time scenarios too seriously and applying it now.. no ones knows we are the the end of times anyway.. and even if that in some way offends you, that doesn't make name-calling all egyptians any less racist




    pixar up logo. Pixar+up
  • Pixar+up


  • bkarnik
    08-05 05:26 PM
    A lady tells her husband to go to the store to buy some cigarettes.He walks down to the store only to find it closed. So he goes into a nearby bar to use the vending machine.

    At the bar he sees a beautiful woman and starts talking to her.They have a couple of beers and one thing leads to another and they end up in her apartment. After they've had their fun, he realizes its 3AM and says, "Oh no, its so late, my wife's going to kill me. Have you got any talcum powder?" She gives him some talcum powder, which he proceeds to rub on his hands and then he goes home.

    His wife is waiting for him in the doorway and she is pretty angry.Where the hell have you been?". Well, honey, it's like this. I went to the store like you asked, but they were closed. So I Went to the bar to use the vending machine. I saw this great looking girl there and we had a few drinks and one thing led to another and I ended up in Bed with her.

    "Oh yeah? Let me see your hands!"

    She sees his hands are Covered with powder and says...
    "You God damn liar!!! You were playing pool again!!!"

    Moral of the story:

    Always tell your wife the truth. She won't believe you anyway. At least your conscience is clear




    2011 hairstyles pixar-up-logo-large pixar up logo. quot;Disney•Pixar Up + Partly
  • quot;Disney•Pixar Up + Partly


  • saveimmigration
    08-05 10:41 PM
    Totally agree. This letter is factually incorrect.
    If you did not like EB3 and felt you are worthy of EB2, they why did you not fight with your HR and Lawyer?
    Why do you want to accuse DOL for the mistakes of your HR and Lawyer. Why don't you write this 'from your heart' letter to your HR and lawyer first? and sue them?


    Agree. Qualifying in a particular category is an individual problem. It cannot be generalized or taken for granted. It is your responsibility to take up the issue individually if you think you are EB2 OR EB1



    more...

    pixar up logo. As Pixar animator Chris Chua
  • As Pixar animator Chris Chua


  • unitednations
    08-02 06:35 PM
    Welcome back and Thanks very much for your valuable suggestions.

    I have an important question for you and would request your suggestion:

    Here's my situation: I am working for my current employer from last 6 years. My I-485 has been filed last week through my employer's attorney. My EB3 I-140 approved and I am on 9th year of h1-B. My H1-B expires in January next year. I have 3 other dependants on H4.

    Now my current employer is trying to either fire me off or reduce my work hours to about 8 hrs / week.

    What would be my best option to take decision?

    1. Should I :
    a. Stay home untill the expiry of 6 months and invoke AC21 after that? or
    b. transfer my H1-B to some other employer and start working on H1-B and just wait for 6 months to invoke AC21?

    2. Can my current employer reduce my hours legally? Meaning if they have to alter my H1-B to 8 hrs per week what will happen to my H1-B? Can i still able to transfer my H1-B to new emploer to work for 40Hrs/week if I want to?

    The problem is- if they can't reduce my hours legally, I may be fired. And, if I get fired, they will revoke my H1-B on the same day but won't revoke my I-140 untill 6 months.

    What do you suggest to help both me and my employer?

    Thanks a lot for your valuabale suggestion and helping me out.


    Once 485 is filed then you are authorized to stay in USA. If you want to work then you can use EAD; if you want to go in/out of USA then you need advance parole.

    At the same time you can have h-1b.

    Both things allow you to stay here.

    Now; once 485 is filed; you do not need to comply with the terms and conditions of your non immigrant status. However; you shouldn't start working with another employer until you have EAD.

    Technically; you could sit at home and do nothing; as long as you have intent to work with the employer until 485 is pending for more then six months and employer doesn't pull the plug before 180 days then you would be fine.

    You could try to convert the h-1b to part time or transfer to another company.

    I only know of one case where person was doing future base employment and invoked ac21 at his local office interview (law says you can do this) and stated he was going to work with someone else.

    USCIS adjudicator asked for a letter from the company that they had intent to hire him up until the 485 had been pending for more then six months. Company would not give the letter and his case was denied.




    pixar up logo. pixar-up-logo-large
  • pixar-up-logo-large


  • amulchandra
    04-07 12:34 AM
    onething I understand is that totally opposing this measure may create a wrong impression on IV because the people who introduced this bill are trying to stop some companies from exploiting the system. The best thing is to work towards introduction of some measures into this bill that will eliminate any hardship for the people who are already here as consultants (such as H1b transfers and extensions of people who are already here should be exempt).



    more...

    pixar up logo. Up Logo PSP Wallpaper
  • Up Logo PSP Wallpaper


  • hopefulgc
    08-07 12:59 PM
    All monkeys also interfiled and became lions


    hilarious!




    2010 Pixar+up pixar up logo. makeup 2010 Disney·Pixar UP
  • makeup 2010 Disney·Pixar UP


  • dartkid31
    05-17 07:56 PM
    Qualified_trash,

    IV core members have only 24 hours a day to do IV work and their full time jobs. As such, we have to channel our resources in the most productive way possible. Lou Dobbs is the media equivalent of FAIR, NumbersUSA, Tom Tancredo and company [Do get on to Lexis-Nexis and find out more about him.] We are civil in our encounters with the representatives of these groups, but it is not a productive use of our time to engage with them more than this.

    As for dealing with lawmakers -- there too we spend our time productively. We haven't been hanging out with Jeff Sessions and James Sensenbrenner. We use other more reasonable lawmakers to work out deals with the anti-immigrant wing.

    best,
    Berkeleybee

    I agree 100 percent. Anyone who believes Lou Dobbs is a friend of LEGAL immigrants probably also believes Tom Tancredo and NumbersUsa Sympathize with legal immigrants. It always ticks me off whenever Tancredo is waxing poetic in the press about how legalizing illegals would be "sending the wrong message to those trying to do it the right way"; when he is actively trying to end all legal immigration. What a tool and hypocrite. Lou Dobbs falls in the same boat. Dont believe their tripe for one second.



    more...

    pixar up logo. 2010 File:Up logo.png - Pixar
  • 2010 File:Up logo.png - Pixar


  • rajuseattle
    07-15 01:58 AM
    Rajuram,

    The petition you are asking us to sign doesnt have legal standings. It doesnt have any strong argument to change USCIS's interpretation of allocating the spill over VISA numbers.

    Instead we should all focus our enrgy in getting Rep Lofgren's bill for recapturing the wasted VISA numbers.

    IV has launched the initiative by sending the Petition/letter to your local US congress reps and senators.

    IV petition is urging US congress and senate to consider Rep Lofgren's imigration relief bills for the legal immigrants, which will recapture the wasted VISA numbers and they are in the range of about 200,000, this will be good to retrogressed countries. Apart from IV their are other pro legal immigrant lobbiests who are working hard to get these pro legal immigration relief bills passed this year, but due to slowing economy anything US congress wants to do for immigration relief comes under scrutiny by anti-immigration forces and they try to kill these relief bills, on the other hand their are some groups in US congress and senate who wants the amnesty for all illegal immigrants and they are strongly opposing any kind of relief just to legal immigrants.

    Its a long battle ahead of us, and hope staying together and working with IV will help us rather than having war of words between EB-3 I and EB-2 I.

    Current letter writen by pani is inappropriate and it doesnt make our case strong.

    For Pani too, I am perosnally not against him, we all are frustrated with this GC situation, but unless USCIS gets more VISA numbers from congress, they can not do anything.

    I guess illegal immigrant lobby and some of the anti immigrant forces in Washington DC are strong enough and at this time they are influencing the law makers to not pass any pro legal immgrant relief.

    Our only hope is if IV succeed in getting some relief from US congress...or at some point the nurses from india and phillipines stop consuming the EB-3 quota. Remember when we were all stuck in the state employment agencies and DOL backlog centres, they were allowed to file I-140 without labor certifications and they were the major beneficary for some of the recaptured VISA numbers and the July 2007 VB fiasco when USCIS approved some unprecedented EB-3 India VISA numbers.




    hair quot;Disney•Pixar Up + Partly pixar up logo. walt disney pixar logo.
  • walt disney pixar logo.


  • overseas
    12-21 03:45 PM
    It is one of the obvious facts that D-Company has financed and supported(ing) lot of terror activities in India. I'm not able to understand why the Indian government is not taking steps to crackdown their illegal empire in Bombay. If the funding is stopped there will be a huge decrease in terrorist activities.

    Yes, India may not be able to go to war and catch Dawood in Pakistan but they can definitely start taking action against all the business and people supporting Dawood in Mumbai. I was surprised why nobody has talked or taken any action about this. Up to the time government start taking some sincere actions Indian people have to suffer like this.



    more...

    pixar up logo. The bear and the bow logo.jpg
  • The bear and the bow logo.jpg


  • mbawa2574
    03-25 11:12 PM
    Ok, so everytime I see a rent vs buy discussion I see apartment living compared with living in a house. This may not apply to a lot of other places but here's how it goes in SF Bay Area:

    Rental
    Apartment: Decent sized 2 Bed/2 Bath --- $1600 pm
    House : Decent sized 3 bed/2.5 bath --- $2000 pm

    Mortgage:
    House : Decent sized 3 bed/2.5 bath --- $3500 pm

    So, is additional 1500 pm worth the money? Why not rent a house? What's the point of trying to get into a sliding market when even Greenspan can't say where the bottom is?

    I am in a decent sized apartment right now and if I have to upgrade its a rental house. Buying in a sliding real estate market doesn't make sense to me.
    Dude you are missing on the tax savings part of the game. U need to take it into account. Specially if you are making 100k + . Buying a house will save you big on taxes for first couple of years since interest is tax deductible. For couple of years interest is the major part of your payment.

    Also people suggesting that this is not a great time to buy, then what would be ?There are bargains in the market. A Good investor never buys a property when prices touch the roof. U wanna buy right on the bottom. Also risk factors depends on markets and geography where u are looking. NY metro,CA (San Fran & LA), New England area are the best places to buy as job markets are diversified and markets have potential to sustain ups and downs. Property prices have tanked just 10 points and have already corrected pretty much in good neighborhoods and there is inventory sitting on the market with great deals . U cannot compare apples with oranges. Hence Detroit,Ohio etc have no comparison to these progressive markets I mentioned earlier. Also governments don't cut new lots at the same rate in these states as compared to other US markets keeping the prices more or less stable.

    On NJ- I have not seen a single Native born American liking the state. It is considered most corrupt state in the union but still pretty much rich people live in NJ including our friend Lou Dobbs :-) He curses NJ almost once in a month on his show and lives in a 300 acre farm house in the same state. So I will rather ignore the comments posted about NJ in earlier post.




    hot As Pixar animator Chris Chua pixar up logo. pictures pixar up logo,
  • pictures pixar up logo,


  • vactorboy29
    08-26 10:34 PM
    This is hilarious........


    http://odeo.com/episodes/7076453



    more...

    house 2011 pixar logo png. pixar pixar up logo. scene from Pixar#39;s #39;Up#39;
  • scene from Pixar#39;s #39;Up#39;


  • Macaca
    09-29 04:06 PM
    A Day in the Life: Restaurateurs Hit the Hill (http://rollcall.com/issues/53_34/news/20220-1.html) By Anna Palmer | ROLL CALL, September 27, 2007

    Like hundreds of Washington, D.C., trade associations that shuttle their members to town every year for a bit of precious face time with lawmakers and staff, the National Restaurant Association has its once-a-year shot at putting a live face on its most pressing concerns.

    On Wednesday, the NRA was ready. Its 700 delegates, who had spent the day before at the Grand Hyatt prepping their talking points, fanned out over the Capitol for 332 meetings, including some 284 lawmakers.

    That may seem like an extraordinary show of force. But restaurant owners, like real estate agents and bankers and even florists, all share something in common: a powerful membership presence in every Congressional district.

    Still, the results of the day, like many constituent experiences, were decidedly mixed, as the restaurateurs touched on some of Congress' most sensitive subjects: comprehensive immigration reform, food safety and lowering the number of years it takes to depreciate their buildings.

    Members arrived by state associations and tended to concentrate on their state delegations.

    For the Pennsylvania group, 8 a.m. Wednesday was go time. With 20 restaurateurs swarming the Capitol, they were meeting once again with Sen. Arlen Specter (R-Pa.), whom they see as an ally on immigration reform, and freshman Sen. Bob Casey (D-Pa.), a first for many of them. That's in addition to 14 of the 19 Members of the Pennsylvania Congressional delegation.

    Arming themselves with the facts that restaurants are the second-largest private-sector employer, the 2,100-member association wanted answers, mainly about immigration and what Congress is going to do.

    As the lobbyists mingled outside Casey's office, for many it was a time to reacquaint themselves with old friends and competitors. Most were loose; they weren't novices on Capitol Hill. They've been here before and were ready to get right to the point.

    Led by state President James Flanigan, an intense, impeccably dressed man who has spent his entire career in the food service industry, the group was realistic about their role in national politics.

    "The NRA is like the NFL. [The state restaurant associations] are all the backups of the NFL," said Joseph DiSalvo, owner of DiSalvo's Station Restaurant and incoming president of the state association, as they waited in the hallway to meet with Casey.

    But while lobbying here is important, the Pennsylvania association, which is headquartered in in the state capital, Harrisburg, sees its role as more intimately involved in state-level politicking than federal.

    "Our mission is Harrisburg," said Flanigan. "They can do a lot more damage to us."

    Currently, for example, the city of Philadelphia is deciding whether to require trans-fat labeling on menus, which Flanigan describes as "feel-good legislation" that doesn't really work, and Allegheny County, which includes Pittsburgh, which is considering a 10 percent drink tax.

    "More and more issues are driven down from the federal to the state and now the local level" Patrick Conway, the state association's top staffer, said.

    The group also is dealing with a proposed statewide smoking ban, which it favors. But, the restaurant industry hit a roadblock earlier this year after the tavern association and casinos lobbied heavily for exemptions.

    "My own opinion is I hate the government telling me what to do," said Flanigan, of the smoking ban. "But exemptions put us at a competitive disadvantage. It's the old story of leveling the playing field."

    After filing into the office adjacent to Casey's main entrance in the Russell building, the group settled in around a long boardroom table, with others perched around the walls.

    But there's no Casey. Instead, the lobbyists had to make due with a staffer who works on many of the issues, including immigration reform.

    The group has been prepped by lobbyists from the D.C. office of the National Restaurant Association to stay on their talking points: immigration reform, food safety and the restaurant depreciation tax.

    "For immigration the primary goal is to express our frustration with the inability of Congress to tackle this obviously significant issue," said Brendan Flanagan, the NRA's vice president of federal relations, in an interview.

    Bill Baker, an NRA board member and Pennsylvania restaurateur, led off the discussion, pointing to how comprehensive immigration reform is important not only to their bottom line, but also in making sure employers are on the right side of the law.

    He followed up with horror stories of under-staffed restaurants that can only seat half the restaurant because there aren't enough workers.

    Baker's frustration is echoed by fellow association members, including Michael Passalacqua, former state association president and owner of Angelo's Italian restaurant in Washington, Pa.

    "We are not document experts," Passalacqua said. "The only way the restaurant industry is going to be staffed is a matter of stealing each other's employees."

    With just minutes left before the staffer had to exit for another meeting, the delegates had little time to address food safety and depreciation.

    As the lobbyists left Casey's office, many are frustrated about not getting more specific answers about when immigration reform is going to happen. But, they held out hope for Specter, whom they see as a real advocate on immigration reform.

    After trucking to the Hart Senate Office Building, the delegation was led into Specter's office for the much-anticipated meeting. For many of the delegates who have been attending the national conference for many years, it wasn't the first time they've met with the Senator.

    Less than 10 minutes after Specter joined them, they exited the meeting and frustration from some of the members mounted.

    Even Conway, the state association chief executive who so far has kept a stiff upper lip all morning helping coordinate the delegates and keep everyone on message, diplomatically explained that Specter "didn't have much time."

    But with the meeting so short, and no one from the delegation given the opportunity to ask a single question, others are slightly more frazzled.

    "The time frame was just so small, we couldn't get any information. I'm disappointed because I had a lot questions. There's no time with only 10 minutes," Passalacqua said.




    tattoo pixar-up-logo-large pixar up logo. logo wallpaper. pixar up
  • logo wallpaper. pixar up


  • learning01
    05-24 02:09 PM
    threads and postings. Since he is challenging and throwing baby tantrums on a forum, of all things, let's have it.
    Here, I quote from his first troll post in this thread:
    wages have been stagnated for the last five years.
    Now, my friend Communique can you back this up with reliable references and links. Also, can you rebut, point by point on what I said about Lou Dobbs.
    Even in the commentary in the link given by this thread's starter, there is all kinds of rants from Lou and not one, I repeat not one senctence, let alone one paragraph on issues affecting legal immigration.
    I have said earlier: we have to stay focussed on the retrogression and backlog issues. That's what I have been urging Communique and others in this thread. Increase or decrease of H1 is not our goal here. In fact, I should not discussing this. I was trying to bring all folks here to our focussed goals and action on hand.

    I've said this before: I usually dont like casting aspersions, but take a look at a lot of Communique's posts. Some look like they were copied and pasted word for word from the NumbersUsa or FAIR site. And now he's defending Lou Dobbs. Using terms like "mass migration" "unchecked immigration", etc. He claims to be an H1B, and he's trolling Lou Dobbs. I think most people on this site can see through the facade.



    more...

    pictures Up Logo PSP Wallpaper pixar up logo. quot;Cars 2quot; Logo From Walt Disney
  • quot;Cars 2quot; Logo From Walt Disney


  • GCapplicant
    07-13 09:53 AM
    The EB3 situation is really bad...I have the calling part too...and its stressful to see EB3I not having any good hopes though.

    I am in signing this letter.

    its worth a try.Atleast they will come know there is Eb3 stuck for many years beacause of the backlog.the old applications have not been considered at all.

    I request even EB2 to support this cause and help.




    dresses pictures pixar up logo, pixar up logo. pixar up wallpaper dug.
  • pixar up wallpaper dug.


  • gg_ny
    02-21 09:07 PM
    I am no fan of Dobbs and haven't watched his show longer than 15 min. in total. I didn't want to eloborate on something in that posting but would rather do now: by fanning of the mass hysteria, you do get attention- let it be Dobbs or Tancredo. Last year, because of the media and the politicians, many normally centric Americans listened to anti immigration propaganda, in particular, Dobbsian ones. No/not much American tears were shed when CIR was stalled in the Congress last year. The reason: people would tune to anyone-sentinent or nonsense persons- if those creatures speak what those people want to hear at that time. Now the Congress seems to be centric or stuck at the center due to gridlock but how long this will last?
    I believe that the average American civic sense is moving towards what is seen in European countries - discourage immigration in any form. Dobbs may not be an agent but definitely an instrument that keeps this feeling alive. It sells CNN and also keeps the base happy. How else would you explain a plain propaganda being catered via a network like CNN which claims to be different from - for example right-oriented Fox. Dobbs does it, there would be more louder Dobbsians in the future if anti immigration gets established inteh general psyche of Americans as it has already in many, many, many european nations.

    He is not questioned, ridiculed or targeted because he is a nobody. His viewership is not in millions but in hundred thousands. 762,000 to be precise. With such viewership numbers nobody targets him because its not worth it. Even "SpongeBob SquarePants" a carton show on Nickelodeon manages to get higher viewership than Lou Dobbs even though "SpongeBob SquarePants" is targeted at children.

    we are targeting him because he is saying things which are inaccurate if not ludicrous regarding immigration. He is similar to tancredo. Did anybody know there was a xenophobe called tancredo before he started riling against CIR. Lou Dobbs and Tancredo realized they have stuck gold with there diatribe against immigration and they are riding this xenophobic wave for it full worth.



    more...

    makeup 2010 File:Up logo.png - Pixar pixar up logo. 2011 pixar logo png. pixar
  • 2011 pixar logo png. pixar


  • pappu
    08-11 08:46 AM
    http://www.flcdatacenter.com/CaseH1B.aspx

    maybe we can do an official press release showing how dumb these people are. as far as i know all this information can be downloaded directly from the flc datacenter. we need to start writing op eds against people like lou dobbs who keep skewing the debate
    great find yabadaba. Thanks. I have sent this link to someone who can do some data analysis in our favor. However we are looking for EB GC data.

    do you/anyone know of any data sources for EB greencard applications on USCIS site/someone has already done stat research based on uscis data? We would be able to get independent analysis of that data by experts to our advantage. This analysis can be used by media when they interview us and also can be given to lawmakers to win their favor. you can PM me or post any such information on this forum and I can send it to experts I know.




    girlfriend logo wallpaper. pixar up pixar up logo. 2010 File:Up logo.png - Pixar
  • 2010 File:Up logo.png - Pixar


  • Macaca
    05-27 06:05 PM
    The Audacity of Chinese Frauds (http://www.nytimes.com/2011/05/27/business/27norris.html) By FLOYD NORRIS | The New York Times

    To pull off a fraud that humiliates the cream of the global financial elite, you need to have some friends. And where better to have them than at the local bank?

    The fraud at Longtop Financial Technologies, a Chinese financial software company, was exposed this week in an amazing letter from its auditors, Deloitte Touche Tohmatsu. It appears to be a tale of corrupt bankers and their threats to auditors who had learned of the lies.

    Deloitte, which had given clean audit opinions to Longtop for six consecutive years, apparently was well on its way to providing a seventh, for the fiscal year that ended March 31. But for some reason � Deloitte did not say why �the auditor went back to Longtop�s banks last week to again seek confirmation of cash balances.

    It appears Deloitte sought confirmations from bank headquarters, rather than the local branches that had previously verified that Longtop�s cash really was on deposit. And that set off panic at the software firm.

    �Within hours� of beginning the new round of confirmations on May 17, the confirmation process was stopped, Deloitte stated in its letter of resignation, the result of �intervention by the company�s officials including the chief operating officer, the confirmation process was stopped.�

    The company told banks that Deloitte was not really the auditor. It seized documents, Deloitte wrote, and made �threats to stop our staff leaving the company premises unless they allowed the company to retain our audit files.�

    Despite the company�s efforts, Deloitte learned Longtop did not have the cash it claimed and that there were �significant bank borrowings� not reflected in the company�s books.

    A few days later, Deloitte said, Longtop�s chairman, Jia Xiao Gong, told a Deloitte partner that there was �fake cash recorded on the books� because there had been �fake revenue in the past.�

    The stock has not traded since that confrontation. The final trade on the New York Stock Exchange was for $18.93, a price that valued the company at $1.1 billion. At its peak in November, it had a market capitalization of $2.4 billion.

    It now seems likely that the stock is worthless. It is a real company, but its revenue and profits probably were a small fraction of the amounts reported. The existence of the �significant� debt means that whatever assets are left are likely to be owned by the banks, not the investors.

    Deloitte may have decided to check the numbers again because it knew a growing group of bears on the stock had been challenging the Longtop story as too good to be true, questioning both its financial statements and the claims it made for its software. A month earlier, Deloitte resigned as the auditor of another Chinese company, China MediaExpress, in part because of questions about bank confirmations.

    It is never good for an auditor to have certified a fraud, but Deloitte seems to have acted properly. It got bank confirmations, and it got them directly from the banks rather than relying on the company to provide them, as PricewaterhouseCoopers had done when it failed to notice a huge fraud at Satyam, an Indian technology company.

    But the confirmations were lies.

    �This means the Chinese banks were in on the fraud, at least at branch level,� says John Hempton, the chief investment officer of Bronte Capital, an Australian hedge fund. He was one of the bears who questioned Longtop�s claims and now stands to profit from the stock�s collapse.

    �This is no longer a story about Longtop, and it is not a story about Deloitte,� he added. �Given the centrality of Chinese banks to the global economy, it�s a story much bigger than Deloitte or Longtop.�

    The Securities and Exchange Commission has started an investigation, and no doubt more details will emerge, including the names of the banks involved. Just what, if anything, Chinese officials choose to do could provide an indication about whether defrauding foreign investors is deemed to be a serious crime in China.

    Fraud in Chinese stocks is not new. But it had seemed that the worst problems were in small companies without Wall Street pedigrees. Many of the fraudulent companies went public in the United States by the reverse-merger shell route, a course long favored by shady stock promoters. That route allowed companies to start trading without going though a formal underwriting process or having its prospectus reviewed by the S.E.C. And many used tiny audit firms based in the United States that seemingly did little if any work.

    What is stunning about Longtop and some other recent disasters is the list of smart people who were fooled.

    Longtop did not go public through a reverse merger. Its initial public offering, in 2007, was underwritten by Goldman Sachs and Deutsche Bank. Morgan Stanley was a lead manager in a 2009 offering of more shares. Major owners of the stock included hedge funds run by people known as �tiger cubs� because they got their start at Julian Robertson�s Tiger Fund.

    On May 4, only a couple of weeks before the fateful struggle at Longtop offices, an analyst for Morgan Stanley, Carol Wang, wrote:

    �Longtop�s stock price has been very volatile in recent days amid fraud allegations that management has denied. Our analysis of margins and cash flow gives us confidence in its accounting methods. We believe market misconceptions provide a good entry point for long-term investors.�

    By then, Longtop officials had begun to scramble. According to its last audited balance sheet, cash accounted for more than half of Longtop�s $606 million in assets. Bears were asking why the company needed all that cash and were questioning whether it existed.

    In mid-March, just after the fraud at China MediaExpress was exposed, Longtop announced plans to put some of the cash to use by spending up to $50 million to repurchase its own shares. On April 28, the company tried to assure analysts that the fraud claims were bogus. Derek Palaschuk, a Canadian accountant who served as the company�s chief financial officer, wrapped himself in Deloitte�s prestige, saying that those who questioned Longtop were �criticizing the integrity of one of the top accounting firms in the world.�

    �For me,� he said, �the most important relations I have other than with my family, my C.E.O., and then the next on the list is Deloitte as our auditor, because their trust and support is extremely important.�

    Mr. Palaschuk had an explanation for why the company had not repurchased any shares. It had some very good news that it had not yet released, and �we were advised by our securities counsel that we should not be in the market purchasing our own shares in the event that this would be considered insider trading.�

    Longtop is not the only Chinese fraud that caught prominent Americans. Starr International, an investment company run by Hank Greenberg, the former chairman of American International Group, invested $43.5 million in China MediaExpress and had a representative on the company�s board. Starr has filed suit in Delaware against the company and Deloitte.

    Goldman Sachs was not the underwriter of ShengdaTech, a Chinese chemical company traded on Nasdaq, but its investment arm, Goldman Sachs Investment Management, had accumulated a 7.6 percent stake in the company before its auditor, KPMG, refused to sign off on the company�s 2010 annual report and then resigned in late April. KPMG cited �serious discrepancies� regarding bank balances and �discrepancies between KPMG�s direct calls to customers and confirmations returned by mail.� Just as at Longtop, it appeared that auditors had been given false confirmation letters.

    In each of those three cases � Longtop, China MediaExpress and ShengdaTech � the auditors discovered discrepancies, but only after signing off on financial statements. That was not the case in this year�s other � and perhaps most embarrassing � resignation by a Big Four auditing firm.




    hairstyles The bear and the bow logo.jpg pixar up logo. Disney#39;s Pixar#39;s UP Cool NEW
  • Disney#39;s Pixar#39;s UP Cool NEW


  • ghost
    07-15 10:48 AM
    Then we say, if we go back the American economy will go to hell.

    The bottom line is every soul in this world wants to have a better living. We took an extra effort, to travel overseas and make a better living.

    All the countries, including US, want to prosper in the global economy. So they put in policies (like H-1B/GC) in place to meet their global needs. These temporary visa programs for legal immigrants are based on their present needs.

    For example, their current need for teachers and nurses. They are currently working to address these needs through temporary visa programs. What will happen if they decide not to address these needs through temporary visa programs? My guess is that they will be on a path of decline, economically.

    It is a two way street, if they close the road for H-1B/GC then we may weigh in other options, like going back home or going to other countries. But at the same time, US needs to address the need of math and science specialists (american citizens). Again, if they do not address this issue, they will be on a path of decline, economically.

    To put it in perspective, our group has 2 H-1B workers and 7 american citizens. BTW, we are overpaid:D according to DOL statistics. So we are not lowering their wages. Our group will not survive without the existence of the 2 H-1B workers. For reasons like, competition and skillset.

    So, do not ever think that they are doing us a favor by this H-1B/GC program. We need each other and that's how the world works.




    langagadu
    03-29 03:47 PM
    ...




    diptam
    09-26 04:37 PM
    Just Kidding - reading your post i was feeling like I'm reading a comment from Fox News. However i do respect your opinion and thanks for expressing it.

    My Point is more long term - in the shorter term no major change can happen to economy even if Barack wins but eventually Economy would be stronger under Barack's leadership. He also stressed that he would stop "JOBS BEING SHIPPED OVERSEAS" which means companies like TATA or INFY or some Chinese company taking my Job ( or any American's Job ) away from US to INDIA or CHINA. If you are planning a future in US - you would not want your US job taken away by your brother at INDIA or CHINA and Barack will make sure that doesn't happen.

    The Bottonline is he will create tons of Jobs at US , so unemployment will be very low , average peoples will be happy and however loud ANTI-IMMIGRANTS scream and shout no AMERICAN will pay attention. Our EB reforms will Pass much easily and we will be able to able to lead a much happier and content life with GREEN CARD.

    Once again my Point is definitely Long Term - in the shorter duration Barack has to first fix the Mortgage Mess and do something with Iran by taking help from EUROPE.

    For arguments sake :)
    if Barak wins the skies will part, unemployment will disappear, GCs will rain from the sky. Americans will hug Iran and peace will prevail....it is insane arguments like the one below that obamaphiles make, scares me about what will happen when he becomes the president. No legislative experience that is ok for him but not ok for Republican VP choice. Trashy ads from him are ok but no..no from the republicans. not a single major newspaper talks about his dealings with rezko or the 100k allocated to be spent on the garden. No major deatails on a single concrete proposal...reason being that public is not interested in the finer details. In the tank with major unions, look at the promises being made to them...anyways i dont get to vote i can look at all this dispassionately and watch it from far. He has a slick marketing campaing and the media loves him. Either ways my EB is so screwed i dont think either can help us out.
    as you say 'lets take it EZ'



    No comments:

    Post a Comment