Financial News 9/28/12 – Netanyahu United Nations Speech, Tim Cook Apologizes, BoA pays out


Financial News 9/28/12 – Netanyahu United Nations Speech, Tim Cook Apologizes, BoA pays out

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    In yesterday’s UN General Assembly Speech, Israeli Prime Minister Benjamin Netanyahu, made some very clear statements on his stance towards Iran. Mr. Netanyahu said, Iran was on its way to build an atomic bomb by the summer of 2013 and insisted, that the U.S. and other global powers should set a strict limit on Tehran’s nuclear fuel production, with a clear “red line” that would trigger military strikes. The speech at the U.N. General Assembly marked Mr. Netanyahu’s latest public challenge to President Barack Obama to more aggressively confront Tehran. With regards to a pre-emptive strike against Iran, Mr. Netanyahu implied that Israel wouldn’t consider attacking Iran at least until the spring, by which time he argued, Iran will have amassed enough enriched uranium, to convert into fuel for a nuclear bomb. Mr. Netanyahu said “I believe that, faced with a clear red line, Iran will back down.” What do you guys out there think? Do you agree with Mr. Netanyahu? Post your comments!

    Bank of America is cashing out like the good piggy that it is, and will pay $2.43 billion to settle a class action lawsuit with investors, who were holding its securities at the time the company announced plans to acquire Merrill Lynch. Bank of America and certain of its officers, were accused of making false and misleading claims, about the financial health of Bank of America and Merrill Lynch. Bank of America denied the allegations and said it was settling to eliminate the uncertainty and potential cost of a long drawn-out lawsuit. The current lawsuit expenses for Bank of America together with a U.K. tax charge are expected to hurt the bank’s third-quarter earnings by about 28 cents per share. Shares this morning are slightly down this morning on the back of these news.

    Well it was about time wasn’t it? Apple’s Chief Executive Tim Cook, issues an official apology today for the poor quality of the company’s new map app, which replaced our beloved google maps. And now I keep getting this request to upgrade the software on my i-Phone, and no way am I going to do it until I have my google maps ready and available to me. The only reason I got the iPhone initially is for Google Maps! I mean my friends who have a Blackberry, call me to give them directions, because the Blackberry map app is not so good, to say it mildly. And now you are telling me I should upgrade to a new software, that will put me in the same position as my Blackberry friends? Apparently Mr. Cook added, that the company is “extremely sorry for the frustration this has caused its customers” and is working to improve the app. Thank you but no thank you. I am staying put until Apple makes a deal with Google Maps and gives it back to us!

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