Terms of Greek Bond Buyback Top Expectations

LONDON — In a bold bid to reduce its debt burden, Greece offered on Monday to spend as much as 10 billion euros to buy back 30 billion euros of its bonds from investors and banks.

While the buyback had been expected, the prices offered by the government were above what the market had forecast, with a minimum price of 30 euro cents and a maximum of 40 cents, for a discount of 60 percent to 70 percent.

Analysts said they expected that the average price would ultimately be 32 to 34 euro cents, a premium of about 4 cents above where the bonds traded at the end of last week.

Pierre Moscovici, the French finance minister, played down concerns that the Greek debt buyback might not go as planned.

“I have no particular anxiety about this,” Mr. Moscovici said Monday at the European Parliament ahead of the meeting in Brussels of euro zone finance ministers to discuss Greece. “It just has to be very quick.”

A successful buyback is critical for Greece. The International Monetary Fund has said that it will lend more money to Greece only if it is reasonably able to show that it is on target to achieve a ratio of debt to annual gross domestic product of less than 110 percent by 2022.

Greece will have at its disposal 10 billion euros, or $13 billion, in borrowed money from Europe. Investors who agree to trade in their Greek bonds will receive six-month treasury bills issued by Europe’s rescue vehicle, the European Financial Stability Facility. The offer will close Friday.

If successful, the exchange will retire about half of Greece’s 62 billion euros in debt owed to the private sector. The country still owes about 200 billion euros to European governments and the I.M.F.

Analysts said that Greek, Cypriot and other government-controlled European banks, which have as much as 20 billion euros worth of bonds, were expected to agree to the deal at a price in the low 30s. That would mean that to complete the transaction, hedge-fund holdings of 8 billion to 10 billion euros in bonds would have to be tendered at a price below 35 cents. Any higher price would mean that Greece would have to ask its European creditors for extra money — an unlikely outcome at this stage.

Even though Greece is so close to bankruptcy, its bonds have become one of the hot investments in Europe. Large hedge funds, like Third Point and Brevan Howard, have accumulated significant stakes, starting this summer when the bonds were trading in the low teens. Shorter-term traders have been snapping up bonds at around 29 cents to make a quick profit by participating in the buyback.

In a research note published Monday, analysts at Nomura in London said it was “reasonable and likely” that enough hedge funds — especially those that might be more risk-averse and or have a shorter perspective — would agree to the deal at a price below 35 cents.

But there are also foreign investors looking to the longer term who may decide to hold onto most of their holdings in the hope that the bonds rally even more after a successful buyback.

“I think the bonds could go to as high as 40 cents in a nonexit scenario,” said Gabriel Sterne, an analyst at Exotix in London, referring to the consensus view that Greece will not leave the euro zone anytime soon.

Bondholders were encouraged by comments from Chancellor Angela Merkel of Germany, reported in the German news media over the weekend, that raised the possibility that European governments might offer Greece debt relief in the future. A number of bondholders expect Greek bond yields to trade more in line with those of Portugal in the coming years, but without the prospect of a future buyback to push up the prices of Greek government bonds, the risk to such an approach is substantial.

Jean-Claude Juncker, the president of the group of finance ministers whose countries use the euro, told a news conference late Monday in Brussels that ministers would meet again on the morning of Dec. 13 to make a final decision on aid disbursement to Greece.

Mr. Juncker said he was confident that Greece would receive its money on that date, but he declined to comment on the prospects for success of the buyback program because it was a sensitive matter for the financial markets.

Mr. Juncker has been the president of the group of ministers since 2005, and the post gives him significant power over what is discussed at the group’s meetings.

Mr. Juncker reiterated at the news conference that he would step down at the end of this year or at the beginning of next year. But he declined to signal his preference for any particular successor.

“I don’t have to endorse anyone,” Mr. Juncker said. “I was asking my colleagues to provide for my succession,” he said, referring to discussions held with ministers earlier in the evening.

Separately, Spain, which is also seeking to overcome crippling debt problems, began the process Monday of formally requesting 39.5 billion euros in emergency aid to recapitalize its banks. It also announced that a tax amnesty had yielded only 1.2 billion euros, less than half what the government had expected.

The request for emergency aid was being sent to authorities managing the euro zone bailout funds, according to Spanish officials, who added that no further approval would be needed from ministers meeting in Brussels.

The request follows the European Commission’s approval last week of a plan to make the granting of the aid conditional on thousands of layoffs and office closings at four Spanish banks: Bankia, Catalunya Banc, NCG Banco and Banco de Valencia.

James Kanter contributed reporting from Brussels.

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Coast Guardsman is killed after suspected smugglers ram his boat

A veteran U.S. Coast Guard chief petty officer was killed Sunday after suspected smugglers rammed his vessel near Santa Cruz Island, casting him into the ocean with a fatal head wound.

Chief Petty Officer Terrell Horne III, 34, of Redondo Beach was second in command of the Halibut, an 87-foot patrol cutter based in Marina del Rey. Authorities said they could not recall a Coast Guard chief petty officer being killed in such a manner off the coast of California.

Early Sunday morning, the Halibut was dispatched to investigate a boat operating near Santa Cruz Island, the largest of California's eight Channel Islands. The island is roughly 25 miles southwest of Oxnard.

The boat, first detected by a patrol plane, had fallen under suspicion because it was operating in the middle of the night without lights and was a "panga"-style vessel, an open-hulled boat that has become "the choice of smugglers operating off the coast of California," said Coast Guard spokesman Adam Eggers.

The Coast Guard cutter contains a smaller boat — a rigid-hull inflatable used routinely for search-and-rescue operations and missions that require a nimble approach. When Horne and his team approached in the inflatable, the suspect boat gunned its engine, maneuvered directly toward the Coast Guard inflatable, rammed it and fled.

The impact knocked Horne and another Coast Guardsman into the water. Both were quickly plucked from the sea. Horne had suffered a traumatic head injury. While receiving medical care, he was raced to shore aboard the Halibut. Paramedics met the Halibut at the pier in Port Hueneme and declared Horne dead at 2:21 a.m.

"We are deeply saddened by the loss of our shipmate," said Adm. Robert J. Papp, the Coast Guard commandant. "Our fallen shipmate stood the watch on the front lines protecting our nation, and we are all indebted to him for his service and sacrifice."

The second crew member knocked into the water suffered minor injuries and was treated and released from a hospital later Sunday. He was not identified.

Using a helicopter and a 45-foot boat stationed in Los Angeles, the Coast Guard later found the panga and stopped it.

Two men were detained. The Coast Guard declined to identify them or say whether drugs were found aboard the boat. A second suspicious vessel was believed to have been traveling alongside the panga before the incident.

"We are actively working to ensure that all of the individuals involved in this illegal activity are brought to justice," said Coast Guard Capt. James Jenkins.

The Coast Guard was unable to provide a detailed account of Horne's service.

He had been heralded by the agency on several occasions.

He appears to have arrived in Southern California last summer after serving for two years as an executive petty officer in Emerald Isle, N.C. There, he received a Coast Guard Commendation Medal for his leadership in 63 search-and-rescue cases, in which 38 lives were saved.

According to an account of the medal ceremony, the most notable of those operations involved a boat that capsized in a North Carolina inlet in 2010. The account said he coached his team through "treacherous" sea conditions to rescue five people.

The Coast Guard also noted Horne's involvement in a January operation in which the Halibut found and stopped two boats operating at midnight with

no lights. The boats contained 2,000 pounds of marijuana.

In the last five years, as U.S. authorities have become increasingly successful at blocking traditional land routes, smugglers have taken increasingly to the sea — ferrying both drugs and immigrants. Authorities believe a smuggling vessel is launched toward California every three days; the number of immigrants and smugglers arrested at sea or along the coast more than doubled to 867 in 2010 from the previous year.

Drug runners and human smugglers have run ashore at a dog beach in Del Mar, at Crystal Cove in Orange County and next to the San Onofre nuclear power plant. Border Patrol agents have been diverted from land to sea, and an agency supervisor recently called the ocean "the front line."

The eruption in sea-based smuggling has created the same cat-and-mouse game in the ocean that has long existed along the U.S.-Mexico border. Smuggling boats often travel without lights and at a slow speed to limit their wakes. When U.S. agents began disrupting routes into San Diego beaches, smugglers began conducting counter-surveillance, using radios to direct boat pilots to unguarded beaches.

scott.gold@latimes.com

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A Google-a-Day Puzzle for Dec. 3

Our good friends at Google run a daily puzzle challenge and asked us to help get them out to the geeky masses. Each day’s puzzle will task your googling skills a little more, leading you to Google mastery. Each morning at 12:01 a.m. Eastern time you’ll see a new puzzle posted here.

SPOILER WARNING:
We leave the comments on so people can work together to find the answer. As such, if you want to figure it out all by yourself, DON’T READ THE COMMENTS!

Also, with the knowledge that because others may publish their answers before you do, if you want to be able to search for information without accidentally seeing the answer somewhere, you can use the Google-a-Day site’s search tool, which will automatically filter out published answers, to give you a spoiler-free experience.

And now, without further ado, we give you…

TODAY’S PUZZLE:

Note: Ad-blocking software may prevent display of the puzzle widget.

Ken is a husband and father from the San Francisco Bay Area, where he works as a civil engineer. He also wrote the NYT bestselling book "Geek Dad: Awesomely Geeky Projects for Dads and Kids to Share."

Read more by Ken Denmead

Follow @fitzwillie and @wiredgeekdad on Twitter.

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Olly Murs tops UK single and album charts

LONDON (Reuters) – Singer Olly Murs‘s single “Troublemaker“, featuring U.S. rapper Flo Rida, retained the No. 1 spot in Britain’s pop charts for a second week in a row on Sunday, the Official Charts Company said.

“Troublemaker” is Murs’s fourth No. 1 single in the British charts.

The former contestant on the British version of television talent show ‘The X Factor’ also nabbed the top spot in the album charts with ‘Right Place Right Time’, leaving popular boy band One Direction in second place.

(Reporting by Alessandra Prentice; Editing by Louise Ireland)

Music News Headlines – Yahoo! News

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Vietnam Veterans, Claiming PTSD, Sue for Better Discharges

NEW HAVEN — In the summer of 1968, John Shepherd Jr. enlisted in the Army, figuring that the draft would get him anyway. By January 1969, he was in the Mekong Delta, fighting with the Ninth Infantry Division.

Within a month, his patrol was ambushed, and Mr. Shepherd responded by tossing a hand grenade into a bunker that killed several enemy soldiers. The Army awarded him a Bronze Star with a valor device, one of its highest decorations.

Yet the medal did little to assuage Mr. Shepherd’s sense of anxiousness and futility about the war. A few weeks after his act of heroism, he said, his platoon leader was killed by a sniper as he tried to help Mr. Shepherd out of a canal. It was a breaking point: his behavior became erratic, and at some point he simply refused to go on patrol.

“I never felt fear like I felt when he got shot,” Mr. Shepherd said last week.

After a court-martial, the Army discharged Mr. Shepherd under other-than-honorable conditions, then known as an undesirable discharge. At the time, he was happy just to be a civilian again. But he came to rue that discharge, particularly after his claim for veterans benefits was denied because of it.

Today, Mr. Shepherd, 65, is part of a class-action lawsuit against the armed forces arguing that he and other Vietnam veterans had post-traumatic stress disorder when they were issued other-than-honorable discharges. The suit, filed in Federal District Court, demands that their discharges be upgraded.

The suit raises two thorny issues that could affect thousands of Vietnam veterans: Can they be given a diagnosis of PTSD retroactively, to their time in service, though the disorder was not identified until 1980? And if they can, should recently instituted policies intended to protect troops with PTSD be applied retroactively to their cases?

Mr. Shepherd’s legal team, students with the Yale Law School veterans legal clinic, argues yes on both counts. In court papers, they assert that it is reasonable to assume that Mr. Shepherd and other veterans who were later given PTSD diagnoses began exhibiting troublesome symptoms while in service.

Moreover, under rules put in place during the Iraq war, troops who say they have PTSD must be given medical examinations before they are forced out of the military, to ensure that problematic behavior is not linked to the disorder. If they are given a PTSD diagnosis, service members may still receive an honorable discharge.

“Vietnam War-era veterans, in contrast, have been denied this opportunity for appropriate consideration of the PTSD,” the students said in the complaint.

But the Army says no. In a rejection of an earlier request by Mr. Shepherd to upgrade his discharge, the Army tersely rejected evidence that his misconduct 43 years ago was linked to PTSD and raised questions about whether his platoon leader was actually killed.

A spokesman for the Army said the military has a policy of not discussing pending litigation.

The details of Mr. Shepherd’s case aside, the suit could have a wide impact. The Yale team says that its review of records from 2003 to 2012 shows that 154 Vietnam-era veterans petitioned the Army to upgrade discharges because of PTSD, but that only two were successful. Yet the Army Board of Corrections for Military Records granted upgrades nearly half of the time for other cases.

The students estimate that more than a quarter million Vietnam-era veterans were discharged under other-than-honorable conditions, and that thousands of those probably had PTSD. Their suit names as defendants the secretaries for the Army, Air Force and Navy. Vietnam Veterans of America, the veterans service organization, is joining the case as a plaintiff on Monday.

Discharges that are other than honorable can make it harder for veterans to find work and also disqualify them for veterans benefits.

In Mr. Shepherd’s case, a Department of Veterans Affairs doctor in 2004 gave him a diagnosis of service-connected PTSD. As a result, the department will provide health care for his PTSD. But it will not provide him general medical care, unless he is found to have other health problems related to his service.

Veterans disability compensation is also a problem. Mr. Shepherd’s undesirable discharge was actually upgraded to a general discharge in the 1970s under a special Carter administration program. That upgrade should have made it easier for him to apply for disability compensation. But subsequent legislation enacted by Congress said that clemency upgrades like Mr. Shepherd’s did not automatically qualify veterans for benefits. Mr. Shepherd’s compensation claim was ultimately rejected.

Mr. Shepherd, who has been divorced twice and battled through alcoholism and drug abuse, lives in New Haven, getting by on Social Security and a Teamsters pension. (He drove trucks for years.) He could use the extra money from disability compensation, but what matters as much, he says, is removing the stain of his discharge.

“I want that honorable,” he said. “I did do my part, until I really felt it wasn’t worth getting killed for.”

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Advertising: Ford Plan to Revive Lincoln Hinges on a New Brand

An unusual ad campaign features Abraham Lincoln, the president for whom the car brand is named.

DEARBORN, Mich. — In the fiercely competitive world of luxury cars, the Ford Motor Company’s Lincoln brand has long been stuck in the slow lane, with stodgy models, older buyers and a distinct lack of pizazz.

But Ford is determined to change that. On Monday, the company will announce upgraded customer service initiatives, a new brand name for Lincoln that plays down the Ford connection and an unusual advertising campaign that features Abraham Lincoln, the president for whom the brand is named.

Ford’s chief executive, Alan R. Mulally, will begin the rebranding effort at an event outside Lincoln Center in Manhattan — the first in a series of moves meant to reverse Lincoln’s seemingly perpetual state of decline.

Ford will formally rechristen the brand as the Lincoln Motor Company and introduce a television spot that begins with an image of Lincoln, stovepipe hat and all. The brand’s first Super Bowl commercial is in the works, as is a revamped Web site that links consumers to a Lincoln “concierge” who can arrange test drives or set up appointments at dealerships.

Mr. Mulally will also announce the on-sale date in early 2013 for the radically redesigned Lincoln MKZ sedan, as well as plans for three new vehicles down the road.

If it seems like an all-out grab for attention, well, that’s exactly the point, said James D. Farley Jr., Ford’s head of global sales and marketing and the newly named chief of the Lincoln revival effort.

“The most important thing is for people to be aware that there is a transition going on,” Mr. Farley said. “We have to shake them up.”

The shake-up is long overdue and critically important to Ford, the nation’s second-largest car company behind General Motors.

As recently as the 1990s, Lincoln was the top-selling luxury automotive brand in the United States. Its large Town Car sedan and hulking Navigator S.U.V. defined the brand, and sales topped more than 230,000 vehicles a year.

But since then, Lincoln has been left in the dust by the German category leaders BMW and Mercedes-Benz, and Toyota’s Lexus division. This year, Lincoln ranks eighth in the American luxury segment, with sales down 2 percent, to 69,000, vehicles in the first 10 months of the year.

Its crosstown rival G.M. has had much better success reviving its Cadillac brand.

“Cadillac has been stabilized, but Lincoln is still muddling about,” said Jack Trout, president of the marketing firm Trout and Partners. “The big question is, how can Lincoln convince people it is more than just a gussied-up Ford?”

That task has now fallen to Mr. Farley, who left Toyota five years ago to join Ford just as Mr. Mulally’s transformation of the company was under way. Since then, Ford has introduced a succession of sleeker, more fuel-efficient and technology-laden models that have lifted sales and made it among the most profitable car companies in the world.

Lincoln, however, has not benefited from the turnaround. It accounts for only 3 percent of Ford’s total sales, down from 8 percent during the brand’s heyday. And since Ford has sold off foreign luxury divisions like Volvo and Jaguar, Lincoln is the sole upscale brand in the company.

“There is nothing more frustrating for us than to have someone who loves their Ford car and S.U.V., but goes out to buy a luxury model from another brand because we don’t have one,” Mr. Farley said.

The Lincoln comeback effort starts with the midsize MKZ, which has been redesigned with a sweeping grille, tapered body style and an all-glass retractable roof. It will be followed by three other new models, including a larger sedan and S.U.V.

But the brand’s image needs much more than better cars. Under Mr. Farley’s direction, a newly formed team of 200 people is intent on establishing the Lincoln Motor Company as a boutique luxury line known for personalized service.

Every customer who reserves an MKZ, for example, will be presented with an elegant gift upon receiving the car. Choices include a selection of wines and Champagne, custom-made jewelry or sunglasses, or a one-night stay at a Ritz-Carlton hotel.

Lincoln’s Web site will also have a consultant available 24 hours a day for live discussions about the products and to streamline the buying process. Prospective buyers will be given an opportunity for a “date night” with Lincoln, which includes a two-day test drive and a free meal at a restaurant.

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A father's long battle for his daughters

Luis Ernesto Rodriguez eyed the metal door as he waited for his little girls. Now 6 and 5 years old, they were his only children, inseparable, with thick black hair and mischievous smiles that reminded people of little mermaids.

More than two years had passed since he had last seen them. What would they be like now? Would they recognize him? He had shed 20 pounds during the long journey north.

The door opened and his girls bounded into the tiny room. They shouted and laughed the same way they did when he used to carry one in each arm on the way to day care.

PHOTOS: The case of Luis Ernesto Rodriguez

But their smiles melted away when they saw the thick wall of Plexiglas between them and their father, clothed in an orange jumpsuit worn by detainees at an immigration detention center in California's Imperial Valley. There would be no hugs, no kisses.

The girls pressed their palms to the barrier. Rodriguez did the same. His older daughter showed him how to shape a heart with her hands. Rodriguez did the same.

"Be patient," Rodriguez said. "I promise I'll be with you again."

::

Rodriguez last caressed his daughters in the predawn darkness of their cluttered apartment in South Los Angeles. The girls were asleep under the pink sheets of their shared bed when he kissed them and then rushed out to seek day laborer work at the Home Depot store on Slauson Avenue.

FULL COVERAGE: Without a country

It was there, on that morning in November 2008, where police converged on Rodriguez, weapons drawn, and arrested him on suspicion of armed robbery. A short man with a bristly mustache, Rodriguez, then 39, fit the description of a man who had swiped three gold rings from a woman.

It was an apparent case of mistaken identity. No charges were filed, but Rodriguez wasn't going back to his girls.

An immigrant from El Salvador with a troubled past, he had a deportation order dating to 1991. He spent the next two months in jails.

The girls ended up with their maternal grandmother, who was destitute and suffered from memory lapses, so social workers took them away. They joined the thousands of children nationwide who are under custody of child protection agencies after their parents have been placed in deportation proceedings or deported. An estimated 5,000 such children are in foster care, about 1,000 of them in Los Angeles County, according to juvenile court attorneys and the Applied Research Center, a nonprofit racial justice think tank.

Many follow their deported mothers and fathers, if the parents can convince U.S. agencies that they can provide a stable life in their home countries. In such cases, social workers from Los Angeles escort the children to parents at joyous airport reunions, usually in Mexico and El Salvador.

But sometimes parents fail. Their children either languish in foster care or they're adopted by American couples. Some never see their biological parents again.

::

In January 2009, Rodriguez was placed on a flight to El Salvador, a nation he had fled as a teen, when it was rife with war.

He had hours to agonize over his girls' fate. "Being away from them was tearing me apart," he recalled.

Rodriguez had been through such a separation before. In 2007, social workers had taken his daughters from Rodriguez's dirty, near-empty apartment in South Los Angeles. Rodriguez and his wife, Blanca, were cocaine users.

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Geek Culture's 26 Most Awesome Female Ass-Kickers

Angelina Jolie extends her reputation as filmdom’s most compelling ass-kicker, Female Division, when Salt opens Friday. Midway through a summer freighted with testosterone, Jolie’s lithe Agent Salt is a potent reminder of the power of feminine fighters.

A minority presence in sci-fi and action realms even in 2010, women warriors remain the exception to the guy-centric rule in film, TV, videogames and comic books. But that’s changing, according to Action Flick Chick blogger Katrina Hill, who moderates the "Where Are the Action Chicks?" panel Friday at San Diego’s Comic-Con International.

"Compare the original Predator to this summer’s Predators," she said in an e-mail interview with Wired.com. "The original film was a complete boy’s club, with the only woman in the movie being a hostage. Today, Predators has a kick-ass chick mixed in as an equal amongst these other badass men. So there are steps being taken in the right direction. It just takes time."

The rise of the female fighter will be addressed at no fewer than three other female-dominated panels at this year’s Comic-Con (Thursday’s “Divas and Golden Lassoes: The LGBT Obsession with Super Heroines” and Friday’s “Girls Gone Genre: Movies, TV, Comics, Web” and “Women Who Kick Ass: A New Generation of Heroines,” which features Fringe’s Anna Torv and V’s Elizabeth Mitchell.)

Here’s a look at 26 sexy-fierce female ass-kickers who’ve relied on biceps and brains to periodically kick-start geek culture.

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Strauss-Kahn in preliminary deal to settle case with maid

NEW YORK/PARIS (Reuters) – Former IMF head Dominique Strauss-Kahn has reached a preliminary agreement to settle a civil lawsuit brought against him by a hotel maid who accused him of sexual assault last year, sources familiar with the case said.

U.S. and France-based lawyers for Strauss-Kahn, who was once tipped to become French president, on Friday acknowledged a deal was under discussion, but said it had not yet been finalized.

They also denied as “flatly false” and “fanciful” a report that he agreed on a $ 6 million settlement.

“The parties have discussed a resolution but there has been no settlement. Mr. Strauss-Kahn will continue to defend the charges if no resolution can be reached,” Strauss-Kahn’s U.S. lawyers, William Taylor and Amit Mehta, said in a statement.

“Media reports that Dominique Strauss-Kahn has agreed to pay six million dollars to settle the civil case are flatly false.”

French daily Le Monde, citing people close to Strauss-Kahn, said he and the maid Nafissatou Diallo would meet a judge in New York on December 7 to sign a $ 6 million settlement and close an affair that ended the Frenchman’s International Monetary Fund career and wrecked his presidential ambitions.

“The discussions have been going on for weeks, months. The agreement should be confirmed at the start of next week,” Michele Saban, a friend of Strauss-Kahn who saw him recently, told Reuters in Paris. She could not confirm the sum involved.

“We are moving towards the end of a tragedy,” she said, adding that Diallo had always been open to negotiating a settlement despite reticence from her lawyers.

Le Monde said 63-year-old Strauss-Kahn planned to take out a bank loan for $ 3 million and would be lent the other $ 3 million by his wife Anne Sinclair, despite the fact the couple separated in the summer and now live on different sides of Paris.

Strauss-Kahn’s Paris-based legal team declined to comment on whether a deal had been reached with Diallo, but denied Le Monde’s report of the sum involved.

“Neither Dominique Strauss-Kahn nor his lawyers will comment on proceedings in the United States. That said, however, they strenuously deny the erroneous and fanciful information relayed by Le Monde,” said a statement from the Paris lawyers.

The New York Times, which first reported the development, also said the pair would appear before a judge in New York next week. It said the settlement sum could not be determined.

END OF THE AFFAIR

News of the U.S. deal comes as Strauss-Kahn is awaiting a decision by a French court on December 19 on whether to call off a sex offence inquiry involving parties in Lille attended by prostitutes, where he risks trial on a charge of “aggravated pimping”.

If that case is dropped and Diallo ends her civil case, Strauss-Kahn would have a freer rein to pursue his consultancy work and could even consider a tentative return to public life in France, where he has been shunned since the Diallo scandal.

Images of the then IMF chief paraded before TV cameras in handcuffs before being charged with attempted rape shocked the world and led to French media raking over smutty details of the former finance minister’s private life.

“That’s the end, not only of this affair, but of any potential affair because one of the reasons for signing this kind of agreement is that both parties agree that they will never again bring a lawsuit,” Christopher Mesnooh, a U.S. lawyer who practices in France, said of the Diallo agreement.

“There will always be people who wonder about what happened in New York and in Lille, but from a legal standpoint if he gets all this behind him, he’s a free man,” he added.

Diallo alleged that Strauss-Kahn forced her to perform oral sex on May 14, 2011, in his suite at the Manhattan Sofitel.

The criminal prosecution fell apart after doubts emerged concerning Diallo’s credibility as a witness and the attempted rape charges against Strauss-Kahn were eventually dropped.

Strauss-Kahn, who in May 2011 was days from entering this year’s French presidential election, has maintained that the sexual encounter was consensual, although he said in a TV interview after his return to France that he regretted his “moral error”.

He filed his own countersuit against the maid earlier this year, claiming that Diallo’s accusations had destroyed his career and harmed his reputation.

In recent months, Strauss-Kahn has been making a comeback under-the-radar with a handful of speaking engagements at private conferences and by setting up a business consultancy firm in Paris.

(Reporting by Noeleen Walder in New York and Emmanuel Jarry, Johnny Cotton and Thierry Leveque in Paris; Writing by Catherine Bremer and Brian Love; Editing by Jon Hemming)

Celebrity News Headlines – Yahoo! News

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Opinion: A Health Insurance Detective Story

I’VE had a long career as a business journalist, beginning at Forbes and including eight years as the editor of Money, a personal finance magazine. But I’ve never faced a more confounding reporting challenge than the one I’m engaged in now: What will I pay next year for the pill that controls my blood cancer?

After making more than 70 phone calls to 16 organizations over the past few weeks, I’m still not totally sure what I will owe for my Revlimid, a derivative of thalidomide that is keeping my multiple myeloma in check. The drug is extremely expensive — about $11,000 retail for a four-week supply, $132,000 a year, $524 a pill. Time Warner, my former employer, has covered me for years under its Supplementary Medicare Program, a plan for retirees that included a special Writers Guild benefit capping my out-of-pocket prescription costs at $1,000 a year. That out-of-pocket limit is scheduled to expire on Jan. 1. So what will my Revlimid cost me next year?

The answers I got ranged from $20 a month to $17,000 a year. One of the first people I phoned said that no matter what I heard, I wouldn’t know the cost until I filed a claim in January. Seventy phone calls later, that may still be the most reliable thing anyone has told me.

Like around 47 million other Medicare beneficiaries, I have until this Friday, Dec. 7, when open enrollment ends, to choose my 2013 Medicare coverage, either through traditional Medicare or a private insurer, as well as my drug coverage — or I will risk all sorts of complications and potential late penalties.

But if a seasoned personal-finance journalist can’t get a straight answer to a simple question, what chance do most people have of picking the right health insurance option?

A study published in the journal Health Affairs in October estimated that a mere 5.2 percent of Medicare Part D beneficiaries chose the cheapest coverage that met their needs. All in all, consumers appear to be wasting roughly $11 billion a year on their Part D coverage, partly, I think, because they don’t get reliable answers to straightforward questions.

Here’s a snapshot of my surreal experience:

NOV. 7 A packet from Time Warner informs me that the company’s new 2013 Retiree Health Care Plan has “no out-of-pocket limit on your expenses.” But Erin, the person who answers at the company’s Benefits Service Center, tells me that the new plan will have “no practical effect” on me. What about the $1,000-a-year cap on drug costs? Is that really being eliminated? “Yes,” she says, “there’s no limit on out-of-pocket expenses in 2013.” I tell her I think that could have a major effect on me.

Next I talk to David at CVS/Caremark, Time Warner’s new drug insurance provider. He thinks my out-of-pocket cost for Revlimid next year will be $6,900. He says, “I know I’m scaring you.”

I call back Erin at Time Warner. She mentions something about $10,000 and says she’ll get an estimate for me in two business days.

NOV. 8 I phone Medicare. Jay says that if I switch to Medicare’s Part D prescription coverage, with a new provider, Revlimid’s cost will drive me into Medicare’s “catastrophic coverage.” I’d pay $2,819 the first month, and 5 percent of the cost of the drug thereafter — $563 a month or maybe $561. Anyway, roughly $9,000 for the year. Jay says AARP’s Part D plan may be a good option.

NOV. 9 Erin at Time Warner tells me that the company’s policy bundles United Healthcare medical coverage with CVS/Caremark’s drug coverage. I can’t accept the medical plan and cherry-pick prescription coverage elsewhere. It’s take it or leave it. Then she puts CVS’s Michele on the line to get me a Revlimid quote. Michele says Time Warner hasn’t transferred my insurance information. She can’t give me a quote without it. Erin says she will not call me with an update. I’ll have to call her.

My oncologist’s assistant steers me to Celgene, Revlimid’s manufacturer. Jennifer in “patient support” says premium assistance grants can cut the cost of Revlimid to $20 or $30 a month. She says, “You’re going to be O.K.” If my income is low enough to qualify for assistance.

NOV. 12 I try CVS again. Christine says my insurance records still have not been transferred, but she thinks my Revlimid might cost $17,000 a year.

Adriana at Medicare warns me that AARP and other Part D providers will require “prior authorization” to cover my Revlimid, so it’s probably best to stick with Time Warner no matter what the cost.

But Brooke at AARP insists that I don’t need prior authorization for my Revlimid, and so does her supervisor Brian — until he spots a footnote. Then he assures me that it will be easy to get prior authorization. All I need is a doctor’s note. My out-of-pocket cost for 2013: roughly $7,000.

NOV. 13 Linda at CVS says her company still doesn’t have my file, but from what she can see about Time Warner’s insurance plans my cost will be $60 a month — $720 for the year.

CVS assigns my case to Rebecca. She says she’s “sure all will be fine.” Well, “pretty sure.” She’s excited. She’s been with the company only a few months. This will be her first quote.

NOV. 14 Giddens at Time Warner puts in an “emergency update request” to get my files transferred to CVS.

Frank Lalli is an editorial consultant on retirement issues and a former senior executive editor at Time Warner’s Time Inc.

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