Reuters blog archive

from Alex Dobuzinskis:

Ex-Los Angeles schools chief says resignation came in polarized atmosphere

LOS ANGELES (Reuters) - Former Los Angeles public schools Superintendent John Deasy said on Friday, a day after resigning from his post, that his testimony in a landmark case on tenure rules for teachers created a polarizing atmosphere over his leadership.

The former top official of the second-largest school district in the nation, who has been praised by reform groups seeking to hold teachers to more stringent standards, also told reporters in a conference call that he might eventually run for office.

Deasy, who led the school district since 2011 and oversaw a problem-plagued $1.3 billion effort to equip students in the district with iPads, announced his resignation on Thursday in a joint statement with the school board.

Former Superintendent Ramon Cortines will replace Deasy on a temporary basis, starting on Monday. Deasy will stay on in a new role for the rest of the year to aid the leadership transition.

from Alison Frankel:

HP shareholder wants scrutiny of Wachtell role in controversial settlement

If you are the most profitable corporate law firm in recorded history, with a habit of loudly defending the business judgment of corporate boards, you have to expect to take more than your share of shots. Wachtell Lipton Rosen & Katz is the Goldman Sachs of the law biz: When someone claims the firm has done something wrong, it's news.

I offer that observation as context for the allegations in a brief filed this week by a plaintiffs' lawyer whose client opposes Hewlett-Packard's controversial settlement of shareholder derivative claims stemming from the company's disastrous $11 billion acquisition in 2012 of the British software company Autonomy. Wachtell negotiated the settlement, which called for shareholders to release all claims against HP's directors and officers but also for plaintiffs' lawyers from Cotchett Pitre & McCarthy and Robbins Geller Rudman & Dowd to team up with HP in litigation against former Autonomy officers. (Plaintiffs' lawyers were originally slated to be paid $18 million for their efforts.) HP is Wachtell's client. It does not represent HP's directors, who have their own lawyers. But according to dissenting shareholder A.J. Copeland and his lead lawyer, Richard Greenfield of Greenfield & Goodman, Wachtell was actually acting in the interest of HP's board members, not the company itself, when it made a deal to release shareholder claims against HP directors.

from Sharon Begley:

Analysis – U.S. health agency chief faulted over confusing Ebola messages

NEW YORK (Reuters) - The widening circle of people potentially exposed to Ebola in the United States is calling into question how well Dr. Thomas Frieden, the lead U.S. public health advisor, has communicated the risks of the deadly virus, according to crisis management and infectious disease experts.

    When the first diagnosis of Ebola on U.S. soil was confirmed on Sept. 30, Frieden, director of the U.S. Centers for Disease Control and Prevention (CDC), clearly stated that additional cases were possible among contacts of the patient, Liberian Thomas Eric Duncan. Two nurses who cared for Duncan in Dallas have since been diagnosed with the disease.

from India Insight:

Movie Review: ‘Sonali Cable’

(Any opinions expressed here are those of the author and not of Thomson Reuters)

Handout picture from the movie "Sonali Cable"Charudutt Acharya’s “Sonali Cable” telegraphs its intention in the title: it’s a communications movie, focusing on the Internet, that part of Indian urban life that has become indispensable to the growing ranks of India’s middle class. Grandparents use it to speak to their grandchildren living a continent away, bored housewives surf for erotica, and pot-bellied businessmen use it to run their businesses from home.

The growing need for Internet service is one well met by our baudy hero Sonali (Rhea Chakraborty), owner of a small cable service business. She is super-charged like the Energizer Bunny, jumping between buildings, flinging cable wires as enthusiastically as her dialogue, and zooming in and out of the screen with a perpetual grin plastered across her face. She’s a whiz with wires and definitely not the cable guy that the company usually sends out to hook up your service.

from Breakingviews:

Review: The worst of both Mao and markets

By Edward Chancellor

The author is a financial historian, journalist and investment strategist. The opinions expressed are his own.

Has the impetus for economic reform in China ground to a halt? Many China-watchers think so, citing state banks’ favouritism of state-owned enterprises (SOEs), the continuing monopoly power of state-owned “national champions,” and the effects of the massive fiscal and credit stimulus launched after the 2008 collapse of Lehman Brothers. Nicholas Lardy will have none of this.

from Photographers' Blog:

Decline of the Catskills

Catskills, New York

By Carlo Allegri

Dubbed the "Borscht Belt," in its heyday the Catskills was a bustling vacation resort region popular with middle and working-class New Yorkers of Jewish origin. Situated about 100 miles north of New York City, people flocked to the area to escape the stifling summer heat of the city. Many families would relocate to the area for several months, with men visiting their wives and children on the weekends.

An abandoned house is pictured in the Catskills region of New York

Thousands of people were drawn to the area by hotels like Grossinger's and the Concord, once the largest resort in the United States, which along with hundreds of other smaller resorts, hotels and colonies dotted the landscape.

from Photographers' Blog:

Living on minimum wage

Delores Leonard is a 28 year-old single mother raising two daughters Erin, 6, and Emmarie, 8, on the South Side of Chicago. She’s been a fast food worker at a McDonald's restaurant for 7 years and makes $8.25 an hour. It’s her only source of work income and she’s never made more than minimum wage working at the drive-thru window.

Delores Leonard helps her daughter Erin with her homework at the breakfast table.  REUTERS/Jim Young

I have covered several organized protests by fast food workers over the last year in Chicago, but wanted to take a closer look at how people balance their lives and finances as a worker living on minimum wage. I arrive at her house before sunrise and she is already up getting breakfast for her two girls, helping daughter Erin with her homework and getting them dressed for school.

from Data Dive:

Should bankers get bigger bonuses?

As F. Scott Fitzgerald was famously kind-of quoted, "The rich are different than you and me."

Morgan Stanley reported strong third-quarter earnings today, up 12 percent to $8.91 billion in quarterly revenue, while rival Goldman Sachs yesterday reported an increase of 25 percent to $8.39 billion.

from Mark Jones:

Should bankers get bigger bonuses?

Should bankers get bigger bonuses?

from Mark Jones:

GamerGate: We now know what evil lurks in the heart of man – or trolls

GamerGate: We now know what evil lurks in the heart of man – or trolls