Thai Dйtente at Risk Over Constitution

BANGKOK—A delicate détente between Thailand's powerful armed forces and a populist government led by the younger sister of ousted leader Thaksin Shinawatra is looking increasingly fragile after the country's parliament Saturday began moves to change the country's military-backed constitution.

Agence France-Presse/Getty Images

Thailand Prime Minister Yingluck Shinawatra on Feb. 20.

Lawmakers voted 399 to 199 to take steps toward creating a constitutional drafting assembly, which could potentially undo laws protecting army leaders who organized a 2006 coup that forced Mr. Thaksin from power. Government supporters argue that the changes are needed to help rebalance Thailand's democracy after Mr. Thaksin's sister, Yingluck Shinawatra, was elected prime minister in a landslide last July.

Mr. Thaksin's critics, though, contend that changing the constitution is also a way to enable the former leader back into the country from his bolt-hole in Dubai, where he lives to avoid imprisonment on a corruption conviction that he says is politically motivated. Some opponents also allege that Ms. Yingluck's government intends to use the charter-change process to remove laws that criminalize criticism of the country's revered monarch—an allegation her government denies.

Analysts say the dispute over what to do with the constitution could prove explosive. It could also potentially derail the country's recovery from its worst-ever floods last year, which led the economy to contract more than 10% in the final quarter of the year and raised persistent questions about whether foreign businesses will continue to invest in the country.

"The military is increasingly alarmed over moves by the government to reduce its role, trim its influence and seed the senior command structure with Thaksin loyalists," risk consultancy PSA Asia wrote in a client note. "The civilian government in turn remains chronically fearful of a coup that could occur suddenly and perhaps violently to remove it from power. The chances for miscalculation remain alarmingly high." Thai military officials have repeatedly denied coup rumors in recent years.

Thailand, one of Asia's main manufacturing hubs and a key supplier of electronics and auto parts to the global market, has a seen a series of upheavals over the past several years. In 2008, anti-Thaksin protesters shut down Bangkok's international airport in a bid to prevent a previous government from changing the military-backed charter, which was introduced after a public referendum the year before. In 2010, more than 90 people were killed in clashes between security forces and pro-Thaksin protesters.

After Ms. Yingluck's election, it had appeared that her government and the armed forces were cooperating, notably working together to alleviate the worst of last year's flood crisis.

Tensions have escalated sharply this year, however.

Army chief Gen. Prayuth Chan-ocha has waged a high-profile campaign to prevent any changes to the laws protecting King Bhumibol Adulyadej, while members of the opposition Democrat Party have questioned the government's moves to bypass parliament and use executive decrees to speed up its bid to recover from last year's flood.

Mr. Thaksin's supporters, meanwhile, have launched a series of rallies designed to create a show of force in support of the former leader and deter any plans that might be under way to unseat his sister's government.

Thousands of red-shirt supporters, so named for their choice of clothing, gathered in Khao Yai national park northeast of Bangkok on Saturday, where they applauded speeches in favor of constitutional change and sang along to entertainers calling for Mr. Thaksin's safe return.

It remained unclear over the weekend when a constitutional drafting assembly might begin.

Write to James Hookway at james.hookway@wsj.com

Thaksin Shinawatra, Thaksin, Prime Minister Yingluck Shinawatra, Yingluck Shinawatra, Thailand, government, constitution, Government supporters, online

Europe.wsj.com

Talacre Sunset

Talacre Sunset

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Reflection on the flower bud

Reflection on the flower bud

Taken with a Canon EF-S 60mm f2.8 USM 1:1 Macro Lens

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Eveleigh Farmers' Market

Eveleigh Farmers' Market

Last one in this series, shot last weekend. Please check out Toofstups take on this location. Sydney, February 2012.

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U.S. Sets Money-Market Plan

Regulators are completing a controversial proposal to shore up the $2.7 trillion money-market fund industry, more than three years after the collapse of Lehman Brothers Holdings Inc. sparked a panic that threatened the savings of millions of investors and forced the federal government to intervene.

The SECurities and Exchange Commission in the coming weeks will unveil a two-part plan to stabilize money funds, which invest in short-term debt instruments and are designed to be safe and readily accessible to investors, according to people familiar with the matter. At least three of five SEC commissioners would need to approve the proposals to submit them for public comment.

Reuters

SEC Chairman Mary Schapiro

The SEC's aim is to minimize any losses for shareholders in the event of another financial panic. Investors for months have fretted over how a Greek government-bond default might affect U.S. money-market funds. In recent months, these funds have moved to reduce their exposure to European banks, especially French ones, amid fears over their financial health.

But fund-industry executives say the rules could damp returns for millions of investors, prevent them from getting all their money out during a crisis and reduce confidence instead of bolstering it.

Money-market funds are an important source of credit for companies and tighter rules on their capital and liquidity might affect the funds' ability to lend to corporations, critics warn.

The proposal, which is set to draw stiff opposition from financial groups and could create internal tensions at the SEC, would affect both fund firms and investors. Firms would have to set aside capital reserves using one of three new methods. Investors who wish to sell all of their holdings at once would be able to get only about 95% of their money back immediately, with the remaining 5% returned to them after 30 days.

"Money-market funds remain susceptible to runs and to a sudden deterioration in quality of holdings, and we need to move forward with some concrete ideas for proposals to address these structural risks," SEC Chairman Mary Schapiro said in an interview last week.

J. Christopher Donahue, president and chief executive of Pittsburgh-based Federated Investors Inc., which manages $255.9 billion of money-fund assets, said he plans to sue the SEC if the new regulation interferes with his firm's ability to do business.

"We're going to do everything in our power to attack it," Mr. Donahue said of the possible regulations.

Unlike U.S. bank deposits, money-market funds, which invest in short-term debt instruments, aren't guaranteed by the government.

When Lehman collapsed in September 2008, it triggered losses in a money-market fund called Reserve Primary, which held Lehman debt. When investors learned that the fund had "broken the buck" by falling under the $1 per share value it sought to maintain, investors fled Reserve Primary and other funds. The panic eased only after the U.S. government and Federal Reserve vowed to backstop the funds.

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The SEC implemented sweeping changes in 2010 designed to make the industry more resilient, including tighter standards on the kinds of securities funds could hold and a new requirement that funds keep enough cash on hand to meet "reasonably foreseeable redemption requests."

Ms. Schapiro, joined by Federal Reserve and Treasury Department officials, repeatedly has warned that additional reforms are needed, despite hesitation from some SEC commissioners and stiff resistance from the money-fund industry.

Under the proposal, funds could boost their capital in one of three ways: by injecting more cash from corporate coffers; issuing stock or debt securities; or collecting more money from shareholders.

The SEC also plans to propose scrapping money funds' fixed $1 net-asset value and make it floatable like other mutual funds. However, the industry remains staunchly opposed to the idea. The bulk of the SEC's energies are devoted to developing a workable capital buffer, people familiar with the matter said.

Industry experts warned that the capital plan would be onerous for many funds. Investors have been exiting money funds since 2008, in part because of the Reserve Primary panic and in part because returns have plummeted along with short-term interest rates. With profits being squeezed, experts say, some funds might have no choice but to collect the capital from shareholders, in the form of an upfront fee. That could dent returns more, they say.

"The generosity of giving you the choice of which way to die is really not much of a choice," said Mr. Donahue of Federated.

The 30-day rule, referred to as a "liquidity fee," is just as controversial.

Holding a percentage of clients' accounts for 30 days would make it challenging for investors to make trades, said Marie Chandoha, president of Charles Schwab Investment Management, a subsidiary of Charles Schwab Corp., which manages about $160 billion of money-market fund assets. "The clients are doing trades in their accounts and sweeping money in and out continuously, so you can imagine what those kind of computations look like," she said.

Regulators say holding back a small amount of customer cash would decrease the amount of capital that firms would have to hold in reserve and compare the idea to a minimum account balance required by banks.

Paul Schott Stevens, president of the Investment Company Institute, an industry group, said the ideas under consideration by the SEC could "force an enormous number of sponsors out of the business and leave those that remain with a product that nobody will want to invest in or make available to investors."

Three out of five of Ms. Schapiro's fellow commissioners have expressed reluctance to support additional reforms for money-market funds. Those commissioners haven't yet had a chance to carefully look at the staff's approach, she said.

"I understand why very few in the industry support changing the current structure," Ms. Schapiro said. "At the end of the day, the taxpayer simply can't be on the hook for failure, and the tools to ameliorate a run that existed in 2008 when Reserve broke the buck don't exist anymore."

Write to Andrew Ackerman at Andrew.Ackerman@dowjones.com and Kirsten Grind at Kirsten.Grind@wsj.com

Lehman Brothers Holdings Inc., SEC, SEC, Federal Reserve, Mary Schapiro, money funds, money funds, Federated Investors Inc., Christopher Donahue, mutual funds, Charles Schwab Investment Management, Charles Schwab Corp.

Online.wsj.com

Basiliscus vittatus (male)

Basiliscus vittatus (male)

NAME: Basiliscus vittatus
COMMON NAME: Brown Basilisk (male)
IUCN REDLIST: n/a
LOCATION: Wild, in natural environment. Cayo Menor, Cayos Cochinos Islands, Honduras.
WHEN: July 6, 2009.
CAMERA: Canon EOS 400D SLR
LENS: Sigma 70-300mm f/4-5.6 APO DG Macro
APERTURE: f/5.6
SPEED: 1/60
FLASH: yes, internal

Photographed while on an animal conservation and biodiversity monitoring trip, with Operation Wallacea, in Honduras. This guy was the perfect poser! And nobody spotted him just sitting there, watching us all wash our hands on the beach before climbing all the steps up to the eating area. I spotted him at the last minute and proceeded to take this photograph of him, while he just sat there, letting me get rather close to him! No other reptile let me get as close as this guy did - not even the iguanas which were everywhere and were used to human contact but liek a sensible distance kept between them and us. This basilisk lizard on the other hand, not as acclimated to humans as the iguana (this was the only one we saw) but let me extremely close to him! (part of the reason for this with the animals here isn't exactly due to being acclimated to humans as such, but more so due to the presence of very few natural predators on the island) AWESOME! Need more animals to be like that towards me :D

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Basiliscus vittatus, Brown Basilisk, Cayos Cochinos Islands, natural environment, Canon EOS 400D, conservation and biodiversity, Honduras, IUCN

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Morning Dance

Morning Dance

+2 in comments. :) Once again I'm horrible at decisions....

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Snowman

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Planning a Parade in Secret

Getty Images

Defensive end Michael Strahan and quarterback Eli Manning during the Giants' ticker-tape parade through the Canyon of Heroes on Feb. 5, 2008.

The New England Patriots may be slight favorites going into the Super Bowl, but Joe Timpone has spent all week acting as if the Giants have already won it. It isn't just forceful optimism—he's actually a Jets fan. It is his job.

Timpone is the senior vice president for operations at the Alliance for Downtown New York, which maintains the stretch of Broadway known as the Canyon of Heroes. And whether or not the Giants earn a ticker-tape parade there next week, Timpone has been getting ready since the moment they booked their spot in the Super Bowl.

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Eli Manning in the Canyon of Heroes during the Super Bowl XLII victory parade in February 2008.

"Uh oh, here we go again," Timpone remembered thinking after the Giants beat the San Francisco 49ers. "We love it, but the other part of it means a lot of preparation."

And a lot of secrets. Few people were comfortable talking about the celebration this week, as if planning it might somehow cause Eli Manning to throw a critical interception or poke holes in the Giants' defense 600 miles away. No one wants to be a jinx.

The Office of the Mayor, which organizes the parade, declined to comment without denying that the wheels were already in motion. The city also held a logistics meeting on Friday afternoon for a possible parade Tuesday, according to a person in attendance.

Photos: The New York Giants, Game by Game

Bilder ansehen

Reuters

The Giants again saved their season with a 29-14 win against the New York Jets punctuated by a 99-yard touchdown reception by Victor Cruz. Here Cruz celebrates his record-tying score.

Giants officials were also reluctant to discuss it, although defensive end Chris Canty did tell fans this week to "get ready for a parade on Tuesday." Of course, the team has very little to do with the planning. All the Giants are really required to do is win the Super Bowl and show up on time.

When they beat the Patriots in Super Bowl XLII four years ago, no one even mentioned parade plans until the flight home from Arizona. Once they arrived, the city notified them of the day's schedule. They turned up at Battery Park, mounted the floats, and the rest was confetti up Broadway.

The route this time around would be nearly identical, running from Battery Park to roughly Chambers Street at the northern end of City Hall Park. But not everyone is thrilled with the idea. New Jersey Gov. Chris Christie, a well-known Jets fan, has argued that the parade route is entirely in the wrong state. Since the Giants play and train in New Jersey, he believes Jersey has a rightful claim on the celebration.

The sentiment is not a new one. After the Giants 1987 Super Bowl victory, Mayor Ed Koch famously declared that he would not want them honored with a parade in his town. After all, they had spurned the city by moving across the Hudson from the Bronx in 1976, making them a "foreign team," in the mayor's eyes.

"Let them have a parade in Moonachie," Koch said at the time.

New Yorkers, along with Mayor Michael Bloomberg, do not hold the same grudge. According to a poll released Friday by Quinnipiac University, 84% of them would prefer a parade in the city.

If the Giants do win, it would be the third Canyon of Heroes celebration for a sports team in four years after the Giants' success in 2008 and the Yankees' World Series victory in 2009. So for many agencies, organizing it is only a matter of dusting off the plans from the last parade and tweaking them as necessary.

Interactive: NFL Playoff 2012 Dossiers

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Jim Long, a spokesman for the Fire Department, explained that the procedure is "pretty much cookie-cutter" at this point. Ticker-tape parades have been held in New York for dignitaries and conquering athletes for over a century. During the Yankees' dynasty years from 1996 to 2000, they were nearly annual occurrences.

"You know how many championships we have under our belt?" said Long, who agreed to speak as long as the football gods were not listening. "You know how many times we've been to the rodeo? We're familiar with the process."

So are the people in buildings along the hallowed three-quarter mile of Broadway. At the law firm of Kenyon & Kenyon, which occupies 1 Broadway across the street from Battery Park, ticker-tape parade parties have taken on a life of their own.

Gwen Bey, the firm's chief administrative officer, has organized the last two and is quietly picking out the menu for the possible festivities next week. She said the firm would be expecting between 850 and 950 guests in the building—employees, friends, clients and even a few former Giants who have already received invitations.

Kenyon & Kenyon did the same with the Yankees in 2009 and cannot wait to party for any local bunch proceeding past their windows.

"We like to see any New York team," she said.

Timpone, a veteran of more than a dozen parades in his time with the Downtown Alliance and 31 years at the Department of Sanitation, has seen it all before. As the resident experts on that stretch of Broadway, he and the Alliance are aware of every pothole, construction project and trash can along the parade route, information that Timpone passes along to the Department of Transportation and the Department of Buildings.

The Alliance's division of 50 street cleaners then deploys for a curb-to-curb cleaning of Broadway for the morning of the parade, Timpone said, to remove "anything that can be used as missiles or anything that people could stand on and put themselves in danger as well as other people." He also has to remind people in the Broadway buildings not to throw heavier objects like toilet paper or phone books.

"A lot of security issues have changed," Timpone said. "A lot of the windows are now locked shut and they don't allow people to open them. They don't allow people out on the ledges anymore or on the roof, like in the old days."

For those who do have windows that open, the Alliance has free confetti by the bale. Timpone has already compiled a list of the buildings that will claim a share of one ton of recycled paper shreddings, provided by a materials company in Brooklyn. (Although it is only a small fraction of the total paper that the Department of Sanitation can expect to clean up—after the 2008 parade, it dealt with some 36 tons.)

On Tuesday morning, if all goes according to plan, an Alliance truck will make its massive confetti run at the crack of dawn, delivering huge bundles of paper before the roads are closed. But if the unthinkable happens and the Giants lose, then the confetti will stay in Brooklyn and next week will simply revert to business as usual on lower Broadway.

"The city's great about going on with their normal responsibilities. Everybody just forgets it," Timpone said. "Just listen to the game on Sunday and you'll know what you're doing on Monday."

Printed in The Wall Street Journal, page A17
Wallstreetjournal.de

ilusiones truncadas

ilusiones truncadas

Maybe if you press L and listen to the music:

Comme des enfants

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Skerries Seal "Bob"

Skerries Seal "Bob"

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volunteers from the ‘Imagine It! Children's Museum of Atlanta’

volunteers from the ‘Imagine It! Children's Museum of Atlanta’

These are images of the staff and volunteers from the ‘Imagine It! Children's Museum of Atlanta’ working out in their community with schools and groups.
Thanks everyone for all of your hard work and giving these students an opportunity to participate in The Dream Rocket Project!!!!

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