Italy PM meets unions ahead of crisis plan approval (Reuters)

ROME (Reuters) ? Prime Minister Mario Monti met unions on Sunday to build support before the cabinet approves a 20-billion-euro package of austerity measures aimed at shoring up Italy's strained finances and stemming a crisis that threatens to overwhelm the euro zone.

Ministers are scheduled to sign off on the package of tax increases and spending cuts on Monday, though sources in the prime minister's office said the cabinet meeting may be brought forward to Sunday afternoon.

Expected measures include an increase in the retirement age for many workers, liberalization of professional services, a hike in income tax for higher income brackets and new taxes on private assets and housing.

The measures come at the start of one of the most crucial weeks since the creation of the single currency more than a decade ago with European leaders due to meet on Thursday in Brussels to try to agree a broader rescue plan for the bloc.

Italy, with a public debt of around 120 percent of gross domestic product, has been at the centre of Europe's debt crisis since yields on its 10-year bonds shot up to around 7 percent, similar to levels seen when countries such as Greece and Ireland were forced to seek a bailout.

Adoption of the package is seen as vital for re-establishing Italy's shattered credibility with financial markets after a series of unfulfilled promises by the previous centre-right government of former Prime Minister Silvio Berlusconi.

Unions said the cuts will hit poorer workers and pensioners hard but there was broad political support for Monti's plan, which is expected to be approved in parliament before Christmas.

"The choice isn't between a light package and a tough package, it's between a tough package today and the risk of bankruptcy for the country tomorrow," Angelino Alfano, secretary of the centre-right PDL party told SkyTG24 television.

With Italy, the euro zone's third-largest economy, close to a debt emergency that would destroy Europe's financial defenses, EU leaders will meet in Brussels this week hoping to agree steps to bind the bloc more closely with tougher fiscal rules.

SEVERE

Sources present at discussions on the new fiscal measures said they would total around 20 billion euros ($27 billion).

An extra 4 billion euros would come from automatic cuts to tax breaks and welfare measures outlined but not clearly identified in the austerity package presented by the previous government.

Monti will have to balance the competing needs of showing budget rigor while not choking off growth, without which it will be impossible to reduce a 1.8-trillion-euro debt mountain.

About half of the overall package will be used to cut the budget deficit and help balance the budget by 2013 despite the economic downturn and rising borrowing costs.

The other half will free up resources to try to regenerate Italy's chronically stagnant economy, which is widely expected to go into recession next year.

Changes to pensions will be key in the new reform plan, with eligibility requirements toughened up for so-called seniority pensions which are based on a combination of workers' age and the years for which they have paid contributions.

Programmed cuts to the national health service budget are expected to be accelerated by one year, to reduce spending by 2.5 billion euros in 2012 and 5 billion euros from 2013, a local government source said.

A local housing tax (ICI) may also be reintroduced, bringing in estimated revenue of at least 3.5 billion euros per year, although this total could increase depending on possible adjustments to the assessment basis on which the tax is raised.

Other expected measures include further increases in value added tax rates and a ban on cash transactions above 500 euros in an effort to tackle tax evasion.

But the package will contain no reform of job contracts which hinder companies from laying off workers, a measure seen as key to overhauling the labor market but which is bitterly opposed by unions.

($1 = 0.7446 euros)

(Writing By Catherine Hornby and James Mackenzie; Editing by Sophie Hares)

Source: http://us.rd.yahoo.com/dailynews/rss/eurobiz/*http%3A//news.yahoo.com/s/nm/20111204/bs_nm/us_italy

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Michael Jackson doctor files appeal notice in LA

The doctor sentenced to four years in prison for causing Michael Jackson's death has filed a notice that he intends to appeal the conviction.

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Conrad Murray signed the notice that was filed in Los Angeles on Friday seeking all records and transcripts from the case. The filing does not indicate the basis on which Murray will argue to overturn his conviction or sentence.

Murray was sentenced Tuesday for his involuntary manslaughter conviction, but the term will be automatically cut in half.

Superior Court Judge Michael Pastor criticized Murray's conduct, calling him a disgrace to the medical profession.

Murray's challenge would be heard by a state appeals court in Los Angeles.

Source: http://today.msnbc.msn.com/id/45530847/ns/today-entertainment/

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Insight: Tables turned as SEC watchdog comes under attack (Reuters)

WASHINGTON (Reuters) ? David Kotz, the top watchdog of the Securities and Exchange Commission, is facing mounting criticism over some of the investigative techniques that have won him plaudits on Capitol Hill.

This year, two SEC employees filed formal complaints against Kotz, alleging the 45-year-old inspector general bullied witnesses and twisted facts to build a case against them.

The two employees say Kotz sometimes smears reputations, according to copies of the complaints filed with a government council that monitors the work of 73 federal inspectors general.

One of those employees, Nancy McGinley, an enforcement attorney accused by Kotz in 2009 of possibly using confidential information before trading in shares of Citigroup and Schlumberger, says the Office of the Inspector General engaged in "abusive investigative practices." Reuters has confirmed federal prosecutors declined to act on a criminal referral Kotz sent them about McGinley's trading.

In her complaint, a copy of which was reviewed by Reuters, McGinley says Kotz's tactics "have caused SEC employees to fear the OIG's false allegations and retaliations."

Current and former SEC employees and outside lawyers say Kotz's quest to uncover waste, fraud and abuse at the nation's top securities agency has gone overboard. They say Kotz's over-zealousness has led some talented lawyers to leave the agency and others to worry about being second-guessed in making decisions about enforcement actions.

Some SEC lawyers have said they are fearful of putting their thoughts into government email, knowing that Kotz's office has made great use of old emails in his investigations.

"I believe in an affirmative and aggressive IG," said former SEC Chairman Harvey Pitt, who has defended several SEC employees investigated by Kotz. "The process that I am seeing is one that is designed to bully, intimidate and basically make people very fearful."

Kotz dismisses the criticisms as the kind of carping that comes from people working for an organization that is getting looked at closely for the first time in years. He says the allegations in the complaints are false, and he denies doing anything to instill fear in SEC employees.

He noted that the number of formal complaints lodged against him is small given his nearly four-year tenure at the SEC.

In fiscal 2010, 44 complaints were filed against the inspector generals working for the federal government, according to the committee that monitors their work.

"I think employees who have dealt with my staff or me personally realize that we are just doing our job," Kotz said. "I would say to employees that if you have not done anything wrong, you have no reason to be concerned."

Both of the current SEC employees who filed the recent formal complaints against Kotz declined to comment.

Kotz, a former inspector general at the Peace Corps, came to the agency in late 2007, with little expertise in securities law. But in the wake of the financial crisis, he was quickly thrust into the spotlight, as he was called on to investigate several major enforcement lapses at the agency.

In particular, he and his staff worked to uncover why Bernard Madoff's $65 billion Ponzi scheme went undetected for decades despite numerous red flags and whistleblowers.

Since then he has investigated everything from instances of SEC lawyers watching porn on government computers to allegations of regulators mishandling investigations and abuses of federal contracting rules. In all, Kotz and his team have conducted 144 investigations and 52 audits. Kotz's predecessor completed roughly half the number of investigations over a similar four year period.

To be sure, Kotz's aggressiveness has produced results and he has some fans within the SEC.

His exhaustive 477-page report on Madoff prodded the SEC to be more aggressive in implementing a new database to help track tips from informants. His reports have also led to numerous changes surrounding ethical practices at the agency.

Julie Preuitt, an assistant regional director in the SEC's Fort Worth office, says Kotz is "trying to shine a light" on an agency that previously had not received intense scrutiny.

But some in the legal community say they believe Kotz has been motivated by a desire to raise his profile so he can get a job with a high-powered law firm. A little over a year ago, a headhunter was circulating his resume to top firms in New York, but there was little interest, legal sources say.

Kotz, a Canadian native who graduated from Cornell Law School in 1990, worked at three different law firms in New York and Washington before moving into a government service job with the U.S. Agency for International Development. He worked for the Peace Corp for nearly five years as an attorney and then an inspector general.

Kotz denies he is a publicity seeker or has interest in moving on to a job with a major law firm.

"I enjoy my current position," says the married father of three, whose wife Deborah is a health reporter with the Boston Globe.

"TRUMPED UP RETALIATION"

Linda Baier, acting branch chief of acquisition policy, is one of Kotz's critics within the agency.

In August, she filed a wide-ranging complaint against Kotz with the Council of Inspectors General on Integrity and Efficiency, or CIGIE, alleging improprieties with audits and investigations into the leasing, contracting and acquisition functions of the agency.

Some of the allegations in her complaint involve other SEC colleagues who she says unfairly became targets of Kotz. She also contends that she too unwittingly became a target of an investigation after she criticized Kotz for not aggressively pursuing allegations against another SEC employee.

According to the complaint, Baier and another staffer told Kotz they felt one of his reports did not go far enough in investigating potential misconduct by an employee in her division. The pair decided to investigate further and their findings ultimately led the agency's human resources department to discipline the employee.

Shortly after that, Baier says Kotz was investigating her activities.

"I was told by people who had experienced it firsthand that he does not like anyone disagreeing in any way with his reports. He considers it an insult," Baier wrote. "But I didn't heed their warning."

Baier claims that Kotz honed in on a grammatical error she made in an e-mail where she was discussing the kinds of contractors that could be selected for a potential job. She said the error made it appear she had already settled on hiring a certain contractor when in fact she hadn't. She says Kotz tried to get her disciplined, but that her managers decided to take no action.

"I made a common mistake," she wrote in her complaint. "But I did nothing improper and felt like this was solely trumped up retaliation."

She also alleges that Kotz, on at least two occasions, may have tried to circumvent competitive bidding rules so he could hire certain former colleagues to work in his office .

Kotz in an interview vigorously denied all of Baier's allegations.

"The findings of our review were based on substantial evidence showing that competition was limited in order for a particular individual to be selected," he said.

REPUTATION-DAMNING REFERRALS?

In April, enforcement attorney veteran McGinley filed a complaint with CIGIE against Kotz and two other SEC offices after she and another colleague were accused of possible insider-trading in a 2009 investigative report.

When the report became public, their names were redacted, but many juicy details remained, making it easy for their names to get leaked to the press. The matter was widely publicized.

But the Justice Department decided not to prosecute McGinley or her colleague, according to McGinley's lawyer and people familiar with the matter. No one at the SEC, including Kotz, has publicly acknowledged that the entire matter was dropped.

McGinley's complaint details how the SEC's ethics office had assured her there were no problems with her stock trades. The complaint also alleges that Kotz tried to get prosecutors to pursue obstruction of justice charges against her - another referral that her complaint says went nowhere.

In the complaint, she says that Kotz's investigation "was a mock process undertaken at taxpayer expense to justify a predetermined finding."

Kotz wouldn't comment on the Justice Department decision, but said his office played no part in leaking McGinley's name to the media. He says his office in general is not responsible for deciding which information from his investigative reports becomes public.

"If there has been a criminal referral, I would certainly prefer that the names of the individuals who have been referred not be publicly released," he said.

This is not the first time employees have filed complaints about Kotz. In 2009, Craig Phillips, an auditor who once worked with Kotz, tried to raise concerns about some of the inspector general's audits. But an outside committee that looked into Phillips' allegations rejected them, say two people familiar with the matter.

Mary Schapiro, the SEC's chairman, declined to discuss the controversy surrounding Kotz. Some say Schapiro is in a tough position because any criticism of Kotz might look self-serving, especially with the agency still coming under fire for not being tough enough on Wall Street banks.

"With the intense crisis-era debate over financial services regulation, anything that happens at the SEC quickly becomes political," said Stephen J. Crimmins, a former deputy chief litigation counsel in the SEC's enforcement division who now works as a partner at K&L Gates.

(Reporting by Sarah N. Lynch; Editing by Matthew Goldstein, Michael Williams and Chris Kaufman)

Source: http://us.rd.yahoo.com/dailynews/rss/business/*http%3A//news.yahoo.com/s/nm/20111202/bs_nm/us_sec_kotz

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Economy improving, but job growth is still weak

In this Nov. 16, 2011, photo, Nicklos Frank loads a pallet of Nintendo 3DS handheld gaming systems at the Nintendo of America Inc. distribution center in North Bend, Wash. More people sought unemployment benefits last week for the second straight week, a sign layoffs have increased. (AP Photo/Ted S. Warren)

In this Nov. 16, 2011, photo, Nicklos Frank loads a pallet of Nintendo 3DS handheld gaming systems at the Nintendo of America Inc. distribution center in North Bend, Wash. More people sought unemployment benefits last week for the second straight week, a sign layoffs have increased. (AP Photo/Ted S. Warren)

In this Nov. 16, 2011 photo, Angel Garcia, works on a Jeep on the assembly line at the Chrysler Toledo Assembly complex, in Toledo, Ohio. More people sought unemployment benefits last week for the second straight week, a sign layoffs have increased. (AP Photo/Madalyn Ruggiero)

In this Nov. 16, 2011 photo, Kent Displays/Improv Electronics communications director Kevin Oswald shows off the company's flexible plastic LCD screen at the Kent, Ohio company. The small firm makes LCD tablets for writing, and earlier this month released the Boogie Board Rip model which they say could replace notebooks by letting users write on the screen, save the images to the tablets internal storage chip, and then transfer those images to their computers. U.S. factories grew last month at the fastest pace since June, helped by a jump in new orders and production. (AP Photo/Amy Sancetta)

In this photo taken Nov. 16, 2011, Kent Displays/Improv Electronics communications director Kevin Oswald shows off the company's new Boogie Board Rip eWriter, in Kent, Ohio. The small firm makes LCD tablets for writing. U.S. factories grew last month at the fastest pace since June, helped by a jump in new orders and production.(AP Photo/Amy Sancetta)

In this Nov. 22, 2011 photo, construction worker Will Capper works on a new house in Palo Alto, Calif. U.S. builders spent more in October on new homes, offices and shopping centers, pushing construction spending up for a third straight month. (AP Photo/Paul Sakuma)

(AP) ? Factories are producing more. Construction is growing. People are buying more cars. The holiday shopping season is off to a strong start.

Normally, all that would suggest a bright outlook for the economy. Problem is, employers still aren't hiring much, the number of people seeking unemployment benefits remains high and Europe's debt crisis poses a grave threat to the future.

Thursday's mixed economic picture came a day before the government will report on unemployment and job growth for November. That report is expected to show a modest net gain of 125,000 jobs, scarcely enough to keep up with population growth. The unemployment rate is projected to remain 9 percent.

Analysts say the economy remains locked in a good-but-hardly-good-enough position: It's growing consistently, yet too weakly to induce employers to hire aggressively.

"The economy is picking up momentum as we close out 2011," said Neil Dutta, an economist at Bank of America Merrill Lynch. At the same time, it faces "an ongoing flu in Europe" and other challenges, such as uncertainty about future taxes and spending in the United States, Dutta said.

For now, factories are expanding. The Institute for Supply Management, a trade group of purchasing managers, says its manufacturing index rose to 52.7 in November, up from 50.8 in October. Any reading above 50 indicates expansion. Factories have grown for 28 straight months.

Manufacturers are slightly more hopeful about the next few months because of cheaper raw materials and healthy demand, said Bradley Holcomb, head of the ISM's survey committee.

Still, he said, companies have tempered their outlook because of concerns about whether the economy will grow consistently, uncertainty about federal taxes and regulation and fear that Europe's debt crisis may trigger a global economic panic.

Mark Vitner, an economist at Wells Fargo, suggested that employers are reluctant to hire freely because the U.S. economy's future appears hazy.

For one thing, a Social Security tax cut that provided an average $1,000 in extra cash this year for about 160 million Americans could expire at year's end. Republican lawmakers did take steps Thursday to extend the cut, along with emergency unemployment benefits. But it's still uncertain whether the money will be renewed.

In addition, the Obama administration's health care reform could slow hiring next year, Vitner said, because it will require companies to provide coverage by 2013 or pay a fine.

And any worsening of Europe's financial crisis could cause U.S. and European banks to cut back on lending and hoard cash. That would slow the economy.

Concerns about a credit crunch led the Federal Reserve and five other central banks to take coordinated action this week to lower the cost of dollar loans in Europe and elsewhere.

Vitner said he thinks employers want to see stronger customer demand and economic growth before they step up hiring ? rather than hire in anticipation of it.

That could turn into a vicious circle. Without more jobs and higher incomes, consumers won't spend more. Yet without more spending, companies won't increase their payrolls.

Vitner expects growth to pick up to 3.1 percent in the current October-December quarter, but then fall back to about 2 percent in 2012. A recession in Europe could cut up to 0.4 percentage point off next year's growth, he said.

The manufacturing survey also showed that new orders and production rose to a seven-month high, but a measure of employment fell as factory hiring slowed from the previous month.

"Manufacturers are trying to meet demand without significantly increasing their workforce," said Ryan Wang, an economist at HSBC Securities.

Worker productivity rose in the July-September quarter by the most in 18 months, while labor costs fell. A more productive and cheaper workforce can boost corporate profits.

But unless companies see more demand, they're unlikely to step up hiring. And manufacturers could soon suffer declining demand overseas. About 20 percent of U.S. exports are shipped to Europe. And most economists expect Europe's financial crisis to tip that region into recession next year.

China, the world's second-largest economy, is also slowing. Manufacturing in China contracted in November for the first time in nearly three years, according to business surveys released Thursday.

Separately, the government said the number of people who applied for unemployment benefits rose last week. It also said U.S. builders spent more in October on new homes, offices and shopping centers. Despite the gains, overall construction spending remains depressed.

The projected job growth in November would mark a slight gain from the previous month, when the economy added just 80,000 jobs.

Some economists are more optimistic after ADP, a payroll provider, estimated Wednesday that companies added 206,000 workers last month. That survey did not include government agencies, which have been cutting jobs.

Other data reinforce the outlook for an improving economy. Retailers reported a strong start to holiday sales over the Thanksgiving weekend, consumer confidence surged in November to the highest level since July, and Americans' pay rose in October by the most in seven months.

Those reports have caused many economists to forecast a pickup in growth in the final three months of the year, to about a 3 percent annual rate. That would be up from 2 percent in the July-September period.

Associated Press

Source: http://hosted2.ap.org/APDEFAULT/f70471f764144b2fab526d39972d37b3/Article_2011-12-01-Economy/id-5c1243f2e1d84855bd89cd6770ee7b79

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Cyber Monday sales hit record $1.25 billion (Reuters)

(Reuters) ? Cyber Monday online sales set a record, led by department stores and home goods retailers, according to U.S. data released on Tuesday.

Online sales reached $1.251 billion on Monday, up 22 percent from the same day last year, said comScore Inc, a closely watched Web tracking firm.

IBM Benchmark, a unit of International Business Machines Corp, put the increase at 33 percent compared with Cyber Monday in 2010.

Department stores saw online sales surge 60 percent this Cyber Monday, compared with last year, while sales of home goods rose 68 percent, IBM Benchmark added.

Cyber Monday is traditionally the first Monday after Thanksgiving when employees return to offices and purchase items with their work computers.

In 2010, Cyber Monday sales topped $1 billion, making it the heaviest day of online spending ever, according to comScore Inc. This year was expected to top that comfortably as more people shop online and with mobile devices.

"Cyber Monday was the biggest day of the year and the biggest day ever for online retailing in the U.S.," said John Squire of IBM's Smarter Commerce initiative.

Department store operators, including Nordstrom Inc, Macy's Inc and J.C. Penney Co Inc, have spent a lot of money personalizing their websites, online advertising and e-mails to customers, which paid off this year, Squire said.

Department stores have collected more data on which brands and products shoppers browse online. Combined with geographic information, the effort has helped companies recommend more relevant products, he added.

J.C. Penney and Macy's saw the biggest increases in Web traffic among retailers in the past month, according to FreePriceAlerts, which tracks consumer goods prices online.

A major source of online traffic to J.C. Penney this Cyber Monday came from the company's mobile website. Consumers could buy on the mobile site this year, while they could not last year, according to a spokeswoman.

J.C. Penney and other department stores, including Kohl's Corp and Macy's, used Facebook a lot more this year to attract online shoppers.

J.C. Penney released its Black Friday deals on Facebook, allowing customers to browse the promotions, create shareable wish lists and send tips to friends.

Source: http://us.rd.yahoo.com/dailynews/rss/tech/*http%3A//news.yahoo.com/s/nm/20111129/wr_nm/us_usa_retail_departmentstores

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Occupy movements nationwide celebrate Thanksgiving (AP)

SAN FRANCISCO ? Anti-Wall Street demonstrators in encampments around the country spent Thanksgiving serving turkey, donating time in solidarity with the protest movement and, in some cases, confronting police.

In San Francisco, 400 occupiers at a plaza in the financial district were served traditional Thanksgiving fixings sent by the renowned Glide Memorial Church to volunteers and supporters of the movement fighting social and economic inequality.

"We are thankful that we are, first and foremost, in a country where we can protest," said the Rev. Cecil Williams, the founder of Glide and a fixture in the city's activist community. "And we are thankful that we believe that there are things that could be worked out and that we have a sense of hope. But we know that hope only comes when you make a stand."

While thing were peaceful in San Francisco, the situation became heated in Oakland when police say a truck driver tried to deliver portable rest room to protesters at Frank Ogawa Plaza.

When officers ordered the driver to leave because he had no permit, police and about 150 protesters squared off, according to police spokeswoman Johnna Watson.

One person was arrested, Watson said.

In New York, a squabble erupted when police ordered a halt to drumming by protesters at an otherwise traditional holiday meal.

About 500 protesters were digging into donated turkey and trimmings at lower Manhattan's Zuccotti Park when police told a drummer to drop playing.

About 200 protesters surrounded a group of about 30 officers and began shouting in the park where the Occupy movement was launched Sept. 17.

"Why don't you arrest the drummers in the Thanksgiving parade?" a protester hollered.

A van rolled up with more officers, but they stayed back as protesters eventually decided to call off the drumming and return to their food. Tensions have run high at the park since campers were evicted Nov. 15.

In San Diego, four Occupy protesters were arrested between midnight and 2 a.m. Thursday at an encampment at the City's Civic Center Plaza, said Officer David Stafford. Three were taken into custody for sleeping overnight in public, while the fourth was arrested for spitting on an officer, Stafford said.

Demonstrators nationwide say they are protesting corporate greed and the concentration of wealth in the upper 1 percent of the American population.

The movement was triggered by the high rate of unemployment and foreclosures, as well as the growing perception that big banks and corporations are not paying their fair share of taxes, yet are taking in huge bonuses while most Americans have seen their incomes drop.

In upstate New York, Danny Cashman, 25, an Afghanistan war veteran who works for a company that resells cellphones, said he sleeps at least three nights a week at an encampment in Rochester to show his solidarity with the movement.

"For today, this is my family," Cashman said as he dug into a chicken dinner at the 35-tent encampment in tiny Washington Square Park. "We have a great brotherhood, great friends, a great community."

In Los Angeles, where more than 480 tents have been erected on the lawns of City Hall, activist Teri Adaju, 46, said she typically serves dinner to homeless people on Thanksgiving and knows that many at the Los Angeles encampment were just that.

Still, she added, "Everybody's in good cheer."

In Las Vegas, Occupy protesters had a potluck meal at their campsite near the University of Nevada, Las Vegas. Organizer Sebring Frehner said he was happy to skip his traditional meal at home.

"Instead of hunkering down with five or six close individuals in your home, people you probably see all of the time anyway, you are celebrating Thanksgiving with many different families ? kind of like the original Thanksgiving," Frehner said.

Trisha Carr, 35, spent her holiday at the Occupy encampment at City Hall in Philadelphia. She has been out of work for more than two years and lost her car and home. She's been living in an Occupy tent for two weeks.

"Some days are harder than others," she said.

The sunny, crisp weather Thursday put her in a good mood, and she watched the annual Thanksgiving parade before coming back to the encampment for a plate full of turkey and fixings.

Carr said her job search has been fruitless, and the government needs to do more to help people like her.

"I had the benefits, I had money in my pocket, I had health care ? I had it all," Carr said. "There should be no reason why people aren't working."

___

Associated Press writers Kathy Matheson in Philadelphia; Chris Hawley in New York; Ben Dobbin in Rochester, N.Y; Alicia Chang in Los Angeles; and Cristina Silva in Las Vegas contributed to this report.

Source: http://us.rd.yahoo.com/dailynews/rss/us/*http%3A//news.yahoo.com/s/ap/20111125/ap_on_re_us/us_occupy_thanksgiving

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Revenge of the Electric Car (2011) DvDRip xvid-MAX for free 1 link

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