NASA – Stars are forming in Henize 2-10, a dwarf starburst galaxy located about 30 million light years from Earth, at a prodigious rate, giving the star clusters in this galaxy their blue appearance. This combination of a burst of star formation and a massive black hole is analogous to conditions in the early Universe. Since Henize 2-10 does not contain a significant bulge of stars in its center, these results show that supermassive black hole growth may precede the growth of bulges in galaxies. This differs from the relatively nearby universe where the growth of galaxy bulges and supermassive black holes appears to occur in parallel.
The combined observations from multiple telescopes has provided astronomers with a detailed new look at how galaxy and black hole formation may have occurred in the early universe. This image shows optical data from the Hubble Space Telescope in red, green and blue, X-ray data from NASA’s Chandra X-ray Observatory in purple, and radio data from the National Radio Astronomy Observatory’s Very Large Array in yellow. A compact X-ray source at the center of the galaxy coincides with a radio source, giving evidence for an actively growing supermassive black hole with a mass of about one million times that of the sun. more> http://tinyurl.com/4esgmp3
Image Credit: X-ray (NASA/CXC/Virginia/A.Reines et al); Radio (NRAO/AUI/NSF); Optical (NASA/STScI)
By Dominic Rushe – The 545-page Financial Crisis Inquiry Commission (FCIC) report reads like a financial thriller in which there are very few heroes. One chapter on the boom and bust fiasco is entitled “The Madness”.
The commission concludes that the crisis was avoidable and was caused by:
- Widespread failures in financial regulation, including the Federal Reserve’s failure to stem the “tide of toxic mortgages”.
- Dramatic breakdowns in corporate governance, with too many firms acting recklessly and taking on too much risk.
- An explosive mix of excessive borrowing and risk by households and Wall Street.
- Policymakers who were ill-prepared for the crisis and lacked a “full understanding of the financial system they oversaw”.
- Systemic breaches of accountability and ethics at all levels. Mortgage-holders took out loans they never intended to pay; lenders made loans they knew the borrowers could not afford.
“As this report goes to print, there are 26 million Americans who are out of work … Nearly $11tn in household wealth has vanished … The collateral damage of this crisis has been real people and real communities. The impacts of this crisis are likely to be felt for a generation.” more> http://tinyurl.com/6bmqrum
- Financial crisis was avoidable: FCIC, Ben Rooney, CNN http://tinyurl.com/4vu4blb
- Government blames both regulators and financial institutions for economic collapse, Zachary A. Goldfarb and Brady Dennis, Washington Post http://tinyurl.com/45r9poz
- FCIC final report: ‘Financial crisis was avoidable’, Ezra Klein, Washington Post http://tinyurl.com/6fgz2e9
- Panel says financial crisis avoidable, Dave Clarke, Reuters http://tinyurl.com/4o4xhwv
- FCIC report: So why did U.S. have a financial crisis? James Pethokoukis, Reuters http://tinyurl.com/6dvve89
- Split US crisis panel blames Greenspan, Wall St, Dave Clarke and Kevin Drawbaugh, Reuters http://tinyurl.com/6dvve89
- GOP report cites 10 causes for financial crisis, Kevin Drawbaugh and Dave Clarke, Reuters http://tinyurl.com/47vbm32
- Crisis Panel Report Blames Wall Street, Washington; Robert Schmidt and Phil Mattingly, Bloomberg http://tinyurl.com/5vzey29
- Infighting, Investigations Overshadow FCIC Report, Robert Schmidt and Phil Mattingly, Bloomberg http://tinyurl.com/4o3khcw
- U.S. federal inquiry concludes financial crisis was “avoidable”, Daniel Hofmann, Zurich Financial Services http://tinyurl.com/6ao6kzs
Posted in Banking, Business, Economy, Leadership, Regulations
Tagged Banking reform, Capital, Credit, Currency, Debt, Deficit, Financial crisis, Government, Monetary policy, Organization
Design News – “The wave is coming,” noted Robert Martin, director of engine electrical engineering at Denso International America. “Using start/stop, we can boost fuel economy by three to five percent, and that’s what the manufacturers want.”
Start/stop, which involves stopping a car’s engine at traffic lights as a means of saving fuel, is being viewed as a key technology in the North American automotive market because of pending 35-mpg fuel economy requirements, which must be met by 2016. Moreover, the National Highway Traffic Safety Administration says that Americans annually burn about 3 billion gallons of gas while sitting idly in traffic, which wastes money and adds CO2 to the environment. Start/stop can help solve those problems. more> http://tinyurl.com/4gf6hca