Daily Archives: June 23, 2017

Donald Trump may finally have gone too far – MarketWatch

Posted: June 23, 2017 at 6:47 am

To almost half of America, Donald Trump apparently can do no wrong. But tolerance has its limits, and the presidents latest offense is pushing them.

During a recent round reportedly at his club in Bedminster, N.J., Trump sent shivers through the golf community when he gasp! drove his cart on the putting green. He might as well put ketchup on a well-done steak or eat pizza with a knife and fork.

But hey, when youre a star, they let you do it. You can do anything.

A video of this dastardly deed was posted on Twitter:

In Trumps defense, he does own the course, and he can drive wherever he damn well pleases. And to his credit, he was rather chummy with the guests, joking (maybe) that hes got the best security in the history of golf.

While the guy taking the video was able to look past Trumps transgression and bask in the glow of his presidential presence, Twitter was much less forgiving.

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Will Ferrell on Donald Trump, Michelle Obama and His New Movie – New York Times

Posted: at 6:47 am

The question that inevitably gets asked for every comedy is: How much is improv in the movie? And how much is scripted? And its really hard not to mess with people. Ill just say, On this movie, 14 percent is improvised. And theyll go, Oh! How do you know? and Ill say, We have a logarithm or We run it through a computer that analyzes it. [laughs]

A preview of the film.

What appealed to you about playing a nice guy who transforms into a thuggish casino boss?

One thing I thought was great was getting to play a couple who are both equally committed to the premise. Usually in a movie, one of them the wife, the husband is in on the plan and the other is, like, Whats going on? But here, for better or for worse, theyre both like, O.K., lets just do it. They get to be funny together. I liked that.

You and Amy Poehler will both do whatever it takes for a laugh.

Shooting the scene where were walking home drunk and she urinates in the front yard? There was all this talk about [in a sincere, worried voice] How do we shoot this? and being very professional. And Amy goes, Ill just pull my pants down! and I thought: Oh, my god. This is great!

One of your first successes on Saturday Night Live was playing a dad who toggles between grilling hamburgers and shouting at his kids to get off the shed.

The Get Off the Shed sketch, I did that at the Groundlings, and it worked right away. Just the combination of regular backyard barbecue conversation Hows your golf game? juxtaposed with flying off the handle, screaming at your kids for a benign reason. That was such a delicious combination to me. It was also always inherently funny to me to play a dad who thought he had a high-stakes position, but its really very low stakes. Sort of like the comedy version of Willy Loman. Playing the befuddled father whos just earnestly trying his best has always struck me as funny. I dont know why. I cant say thats who my dad was.

Was gambling a part of your parents lives?

My dads a musician. He had his own lounge acts, then played with the Righteous Brothers on and off for 20, 25 years. He played a lot in Vegas. I have a nostalgic view of Vegas because as kids wed go stay with him for a week at the Riviera and see the Strip with all the lights. Then combined with that were the cautionary tales wed hear of people losing all their money and thinking, Thats not for me.

Is it true that Michelle Obama is a fan of your and Adam McKays Funny or Die sketch The Landlord?

Yes. We were invited to come to the White House for a Christmas party that is only for the cabinet, the executive branch, their spouses and family. The invite was first for me to come dressed as Buddy the Elf. And I was like, Um, yeah, I dont have that costume. So then they said, Come and read The Grinch. Which was interesting because there were no kids. Im reading it to, like, Defense Secretary Robert Gates. [laughs] But afterward, we got to sit at the first ladys table. Michelle Obama, one of the nicest people, said, Ive got to tell you, my staff and I watched The Landlord all the time. Then she just started doing lines, like, Give me my money, bitch! The Landlord helped launch our site and shut down all our servers. So the fact that she was a fan? That was high praise.

Speaking of viral videos, the recent speech you gave at U.S.C., your alma mater, has more than two million YouTube views. Did that surprise you?

I didnt realize that itd get that much reaction. Im used to writing things that are sarcastic, not things that are supposed to be funny, but also insightful and earnest. So it was an interesting challenge to find that middle ground. But also my family was there, my parents were there, and I got to sing a Whitney Houston song.

Did you ever get a reaction from our 43rd president to your eerily spot-on impression of him?

I happened to call Jimmy Kimmel on the day when [President George W. Bush] was going to be on promoting his book. And Jimmy said: Its so funny youre calling. Im having W on, and Im going to ask him about how he felt about your impersonation.

How did he respond?

He said: I loved it. Thats part of the gig. Youre going to get made fun of. Thats freedom of speech. And at that moment, he really looked like the adult in the room compared to the current guy [in office]. I get the narcissism because I feel like every president has an element of that, whether they hide it or not. But the thin skin part? Thats amazing. Youre kind of like: Really? Cant you just go with it? When [President Trump] wasnt going to have any part of the correspondents dinner you wanted to go: Do you realize that at that dinner you get to make fun of people too? Theyll make fun of you, but you get to punch back. I think it hurts so much so even the allure of getting to punch back isnt enough.

If you were back on S.N.L., who in the current administration would you want to send up?

I would have loved to have done Jared Kushner. Or Reince Priebus. No one really knows what that guy does. This is more of a sketch, but Amy and I were talking about the bizarre cabinet meeting where they had to compliment [President Trump]. It would be fun to do a sketch where you have a bunch of empty chairs, but Trump doesnt notice, and Im the one guy who pops from chair to chair, maybe with different wigs, and keeps complimenting him.

Hollywood makes few dramatic movies about middle-class worries now. So can comedies fill that gap?

I love comedies where we get to either make very direct satirical comments about whats going on or indirect. I think its great when we can slide that stuff in. But is that the only way were going to get people to listen? It seems to be more and more that way. When you feel like you get more real news by watching The Daily Show or Samantha Bee, thats saying something.

A version of this article appears in print on June 25, 2017, on Page AR1 of the New York edition with the headline: Now Its Time to Wield an Ax.

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Will Ferrell on Donald Trump, Michelle Obama and His New Movie - New York Times

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Sears Canada files for bankruptcy – CNNMoney

Posted: at 6:46 am

Sears Canada, which has more than 200 stores and about 17,000 employees, was spun-off as an independent company in 2012. But the filing is still bad news for Sears Holdings (SHLD), which owns both the Sears and Kmart brands in the United States. Sears Holdings still owns 12% of its shares.

Sears Holdings CEO and principal shareholder Eddie Lampert, who has been struggling to keep the company afloat amid its own mounting losses, owns a total of 45% of Sears Canada both personally and through his hedge fund.

The bankruptcy filing was not a surprise. Sears Canada said a week ago that it was in danger of running out of the cash it needed to fund operations. Thursday's filing said that it expects to remain in business.

Related: Retail bloodbath - Bankruptcy filings are up

Sears Canada said that recent changes to its stores are starting to resonate with consumers, but it had to file for bankruptcy to give it the time it needed to let those changes take hold. In the last quarter alone, Sears Canada burned through about 30% of its cash and maxed out its existing credit lines. It said it had planned to borrow 175 million Canadian dollars to fund operations, but after negotiations with lenders it found it could only secure only C$109 million in additional loans.

Sears Canada said it hoped to be able to restructure and emerge from bankruptcy later this year. It did not give any details about store closing plans or staff cuts it might make as part of its restructuring.

In March, Sears Holdings also issued a warning about there being "substantial doubt" it could stay in business. But that warning, as serious as it was, did not paint the dire picture of a company running out of cash in the near term as did Sears Canada's warning last week.

Sears and Sears Canada are hardly the only struggling retailers. In the United States, retail bankruptcies are up about 30% so far this year, according to BankruptcyData.com. Well known names including RadioShack, Gymboree, Sports Authority and Payless Shoes have all filed for bankruptcy within the last year. Total store closings across the U.S. are likely to reach record levels this year.

By some estimates, 25% of U.S. malls could close within the next five years. Department stores have shed 46% of their workers since 2001, a greater percentage of their jobs than coal mines or factories have lost over the same period.

CNNMoney (New York) First published June 22, 2017: 8:41 AM ET

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Puerto Rico Bankruptcy: Uncertainty But Also Stock Profit Opportunity – Seeking Alpha

Posted: at 6:46 am

Puerto Rico opened a new "chapter" in distressed securities investing when it filed for court protection in early May. However, in this case it is not a chapter of the bankruptcy code such as Chapter 11 (which generally applies to companies) or Chapter 9 (which applies to municipalities). Because Puerto Rico is an unincorporated territory of the U.S., it was not eligible for traditional bankruptcy protection. Instead it filed under a new statute that was passed last year by Congress primarily to deal with the island's problems.

After years of economic decline, Puerto Rico is now in default on an estimated $74 billion of bond debt. On top of that, the Commonwealth has approximately $49 billion of pension obligations and an ongoing need for funds to provide basic government services. Because of special tax law provisions that exempt the territory's debt from not only federal taxes but also state taxes in every state, the bonds are widely held by investors across the country. Since the legal action is under a new law that has never been tested, there is tremendous uncertainty about how much creditors will recover and how long the process will take.

Distressed bond investors seem to be favoring either the territory's general obligation (or "GO") bonds or its bonds backed by sales tax revenues (known as "COFINAs") both currently trading around 50 cents on the dollar, and there are many other Puerto Rican bonds trading at even lower levels. But there may be opportunities for stock investors to profit from the island's restructuring as well, perhaps with less downside risk than in many of the bonds.

Our most recent newsletter details four public companies based in Puerto Rico that could benefit from stabilization in the island's finances. Those companies are detailed below, and an additional three three major insurance companies with exposure to Puerto Rican debt can be found in The Turnaround Letter. Learn more about these contrarian Puerto Rico investing opportunities.

Closing prices on May 31, 2017

Ambac (NASDAQ:AMBC) - At the most strategic level, the Ambac story is straightforward: an insurer of municipal bonds with an impressive new CEO that is strengthening the company's balance sheet, working off its obligations following its 2010 bankruptcy, reducing risks and building book value. Underneath is a highly complicated financial and legal structure that even most of Wall Street avoids as only a few analysts cover the stock. The shares trade at 63% of adjusted book value, and near their post-emergence lows. Much of the concern is related to Ambac's $276 million of exposure to the Puerto Rico General Fund debt and $2.1 billion in current exposure to Puerto Rican municipal debt. While the eventual costs to Ambac are unknowable, the company has established reserves that would cover the most likely outcomes. There could be an interesting opportunity developing in Ambac.

Assured Guaranty (NYSE:AGO) - Assured Guaranty is probably the strongest player in the bond insurance business. Its exposure to Puerto Rico is relatively modest, and it could buy up competitors if they falter. Management has been aggressively working to boost shareholder value through stock buybacks. The stock has performed well over the last few years, but it could rise a lot further.

Evertec (NYSE:EVTC) - Evertec, with sales of nearly $400 million, is a full-service transaction processing business similar to Turnaround Letter recommendation First Data Corporation (NYSE:FDC), with operations in 18 countries across Latin America. The company was created in 2004 as a unit inside of Popular, Inc. (the Puerto Rico bank), which still owns a 16% stake. Apollo Management bought a 51% stake in 2010, and then exited following Evertec's IPO in 2013. Despite the weak local economy, Evertec continues to grow its revenues and profits through both organic expansion and acquisitions. The company's debt is moderately elevated at 3.3x EBITDA, but management is committed to reducing this. Management appears capable and brings considerable experience from larger industry peers. At an attractive 9.7x EBITDA, this under-followed stock is worth a closer look.

First Bancorp (NYSE:FBP) - With $12 billion in assets, First Bancorp is Puerto Rico's second-largest local bank. Loan quality is a struggle, as non-performing loans are over 5% of its loan book, but this is largely offset by a high level of capital (its Tier 1 common equity ratio is 18.2%). First Bancorp's net interest margin is wide, at nearly 4.5%, compared to less than 2.5% at most U.S. banks. Several major shareholders have been selling, including the U.S. Treasury, which completed its sale under the TARP program as well as private equity firms Oaktree and Thomas H. Lee, and this has been weighing on the stock price. While there are definitely risks here, the stock's valuation at 67% of tangible book value (many banks trade at 100-200%) and 11.9x this year's expected earnings appears to be a bargain.

Disclosure: I am/we are long AMBC.

I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it. I have no business relationship with any company whose stock is mentioned in this article.

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Foundation Healthcare Chapter 11 Bankruptcy – Bankrupt Company News (press release) (blog)

Posted: at 6:46 am

Foundation Healthcare (f/k/a Graymark Healthcare) and subsidiary University General Hospital (UGH) filed for Chapter 11 protection with the U.S. Bankruptcy Court in the Northern District of Texas, lead case number 17-42571. The Company, which owns and operates surgical hospitals, is represented by Vickie L. Driver of Husch Blackwell.

According to documents filed with the Court, As of June 30, 2016, FHI had extensive accumulated and working capital deficits.FHI was unable to address the cash flow shortage either through the sale of assets, increase in revenues, decrease in expenses, or by reaching additional modifications or extension agreements with the Senior Lenders.

The Company also notes, Without access to the funds provided for in the proposed cash collateral and DIP budget, the Debtors will be unable to continue with the orderly wind-down and liquidation process, including the Debtors proposed joint liquidating plan, which seeks to appoint a liquidating trustee to administer various assets to creditors as appropriate through a liquidating trust.

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Implant Sciences Bankruptcy Objections Filed – Bankrupt Company News (press release) (blog)

Posted: at 6:46 am

Implant Sciences and the U.S. Trustee assigned to the case filed with the U.S. Bankruptcy Court separate objections to the official committee of equity security holders motion to retain D.F. King & Co. to provide plan solicitation services.

The Company asserts, Simply put, the retention of D.F. King & Co. is unnecessary and not in the best of the Debtors estates, shareholders or other parties in interest.Prior to this (self-created and purported) emergency filing, the Equity Committee made no effort to discuss with the Debtors either the necessity of D.F. Kings proposed retention, or the nature and scope of services it seeks to have D.F. King provide in light of the services that KCC, who is the Debtors previously engaged noticing and claims agent, would be providing in connection with solicitation of the Plan.

In addition, The Application lays bare the fallacy of the Equity Committees supposed concern for the administrative burn in these chapter 11 cases it proposes an entirely unnecessary and unreasonable expense to be borne by the Debtors estates and ultimately the common shareholders, which is fraught with the potential to create even more unnecessary costs in the future. The Debtors cannot agree to for the needless expenditure of estate resources for a superfluous, targeted campaign that, as demonstrated by the Equity Committees proposed Plan Support Letter, could potentially be rife with misstatements and mischaracterizations of fact, as well as unfounded, irresponsible personal attacks against the Debtors management team.

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South Africa’s central bank row points to dangerous levels of intolerance – eNCA (satire)

Posted: at 6:46 am

File: The recommendation by South Africas Public Protector that the Reserve Banks mandate change, says much about Busisiwe Mkhwebane, none of it flattering.

Steven Friedman, University of Johannesburg

What kind of financial system is sure to collapse if the central bank cares about peoples well-being?

The recommendation by South Africas Public Protector that the Reserve Banks mandate change, says much about Busisiwe Mkhwebane, none of it flattering. It says just as much about mainstream economic debate -- and none of that is flattering either.

Mkhwebane recommended that the central banks constitutional mandate, which makes protecting the currency its primary goal, be changed to one which requires it to promote balanced and sustainable economic growth while ensuring that the socio-economic well-being of the citizens are protected. She also said the constitution should require the bank to achieve meaningful socio-economic transformation.

This triggered a wave of protests, as well as an announcement from the South African Reserve Bank that it would take the matter to court. The Reserve Bank had no option. The constitutional court has ruled that the Public Protectors findings are binding unless they are challenged in court. Her recommendation wildly exceeded what she is allowed to do by the constitution or democratic good sense - and the Reserve Bank could not allow it to stand.

Democratic constitutions are changed by large majorities of the people or their elected representatives not by individuals. By making a binding recommendation that the constitution be changed, Mkhwebane signalled that she either doesnt understand or does not care for democracy.

Her report is also very useful to a faction of the governing party which wants to deflect charges of state capture by claiming that white monopoly capital already controls the state. There are real questions about the fitness for office of a Public Protector whose report seems more interested in protecting connected politicians and business people than with taking the peoples will seriously.

But the reaction did not stop at insisting that Mkhwebane has no business telling the people what the constitution should say. Much of it objected not only to her saying what the Reserve Banks mandate should be, but to anyone at all doing that.

An important debate

The prize for the wildest reaction went to the commentator who declared that Mkhwebanes ideas on the Banks mandate were inspired by someone who denied that the Nazi genocide happened. Others stopped short of tarring constitutional change with the same brush as mass murder but were united in claiming that to suggest that the Reserve Banks mandate be broadened is economically illiterate and deeply damaging.

Absa, who was the subject of a separate finding by the public protector on the issue of a controversial bailout, asked a court to rule that her proposed change posed a serious risk to the financial system. For its part the rating agency Standard & Poors, happy as ever to police the boundaries of economic correctness, warned that any interference with the Reserve Banks independence could trigger new downgrades.

To insist that anyone who proposes changing the Reserve Banks mandate is economically damaging and stupid is as contemptuous of democracy and dangerous to the economy as Mkhwebanes excess. It is undemocratic because it seeks to close down policy debate by declaring that only one view of the Reserve Banks mandate can ensure a healthy economy. It is dangerous because it blocks the search for economic remedies by seeking to bully even those who propose only mild changes to what the country now has.

The idea that the Reserve Bank should have a broader mandate is neither radical nor dangerous. The most famous central bank, the US Federal Reserve, has a broader mandate. Its dual mandate requires it to seek maximum employment as well as price stability.

The Australian equivalents mandate includes maintenance of full employment and economic prosperity and welfare of the people. The European Central Bank, famed for its love of austerity, has a mandate to seek sustainable growth.

And the the Bank of Englands website says that, subject to its goal of price stability, it aims to support the governments economic objectives.

In South Africa, not only has the view that the central banks mandate is too restrictive been repeated periodically but it may well have been implemented for a while. In 2010, then finance minister Pravin Gordhan wrote to then Reserve Bank governor, Gill Marcus, proposing a mandate which included growth and employment. Marcus reacted positively, which suggests that the bank acted on Gordhans letter. The financial system survived.

The US, European and Australian financial systems have also not collapsed. Their mandates have not triggered a downgrade and no one has accused these societies of economic illiteracy.

So either double standards are being applied or we are being told that restrictive central bank mandates are essential only if countries are in particular parts of the world (such as Africa) and governed by particular types of people (Africans).

And why does a change in the Banks mandate undermine its independence? A central bank loses its independence if politicians (or anyone else) can tell it what to do, not if its mandate changes.

For all its flaws, the Public Protectors proposal would retain the Reserve Banks independence, leaving it to the bank to decide what promotes the well-being of the people or transformation.

Closing down debate is common

None of this means that the Reserve Banks mandate must change. Or that central bank independence must go. But it does mean that no one should be discouraged from debating the issue, as people routinely do in other democracies and market economies. What, besides that prejudice which we prettify by the term Afropessimism, explains the insistence that we may not debate what is freely discussed in most other places?

Closing down debate in this way is common in South Africa. It also lies behind complaints of policy uncertainty which does not mean, as it does elsewhere, that government keeps changing its mind and sending mixed messages the macro-economic framework has been stable for more than two decades. It means, rather, that some people who some others may take seriously raise policy ideas the economic mainstream does not like.

This demand that people can say anything they like about economic policy as long as the mainstream likes it too offers a misleading view of the economy. It says that there is nothing wrong with it except political interference and that it will flourish if politicians simply leave alone what is done now.

The contrary evidence is offered by mainstream organisations such as the International Monetary Fund and the South African Reserve Bank itself which have shown that the current economic rut is a product of problems in the private economy as well as what government does.

This means that the economy must change. This, in turn, requires new ideas. They will not emerge unless everything is up for debate and ideas are not silenced because they trigger the fears and prejudices of a few.

Steven Friedman, Professor of Political Studies, University of Johannesburg

This article was originally published on The Conversation. Read the original article.

21 June 2017

Analysts said the inflation outlook for the rest of year meant the Reserve Bank may now contemplate cutting rates or easing monetary policy to boost growth.

21 June 2017

Malikane, a former Wits University professor well known for his radical views, said on Tuesday he could not comment due to his role as Finance Minister Malusi Gigabas adviser.

20 June 2017

'Amending the constitution is something different because it means all chapter nine institutions...may feel they want to amend the constitution,' said ANC Spokesperson Zizi Kodwa.

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Collapsed bridge cut off over 5000 residents in llorin – National Accord

Posted: at 6:46 am

From KEHINDE AKINPELU, Ilorin Over 5,000 residents including school children of Alagbado community in llorin South Local Government of Kwara have been cut off with other communities following the collapse of the only bridge linking them.

Alhaji Mustapha AbdulHameed, the Chairman Joint Associations for the community gave the figure of the affected residents during an interview with National Accord.

He lamented since the bridge. Collapsed about a month ago, it had virtually paralysed the social and Economic activities of the affected residents.

The collapsed bridged. He added affected the acquisition of both western and lslamic educations of their children as. The school buses that normally convey the children had stopped coming.

AbdulHameed appealed to the state Government to assist in the construction of the bridge to improve the socio-economic life of the affected residents.

A commercial motorcyclist, lshola Aremu plying the route who spoke with NATIONAL ACCORD, said most residents were unable to pay for the alternative which is a long distance to other communities.

In a swift reaction, the state Commissioner for. Works and Transport, Alhaji Aro Yahaya said the state Government had awarded contract for the construction of real concrete bridge that can last longer than the collapsed one.

He appealed to the affected residents to exercise patience, sitting that the construction will commence in august when rain break.

The Commissioner advised residents of the state to always ensure clean drainaged system to curb cases of collapsed bridges.

Accord re called that Alagbado bridge collapsed on Saturday 26th May after heavy downpour which listed over five hours .

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Leave monuments choice up to local governments – Times Daily

Posted: at 6:45 am

More than 150 years after Gen. Robert E. Lees surrender at Appomattox Court House, we are still fighting the Civil War, highlighting that more than states rights and maybe even more than slavery, the War Between the States was a clash of cultures.

How else can one describe how people look at monuments to the Confederacy today and see such radically different things? To some, they are monuments to bravery and heroism in the face of inevitable defeat. To others, they are monuments to a political system built on oppression oppression not only of blacks held captive in chattel slavery but of poor whites held down by the plantation aristocracy.

Just as the Civil War was a cultural battle between a rapidly industrializing, mercantile North and an agriculture-dependent, feudal South, so, too, the modern battle over Confederate monuments often comes down to culture.

On the one hand, there is the Old Souths preoccupation with tradition, honor and all the sorts of aristocratic, upper-class virtues one finds in old Arthurian romances. On the other, there is the New Souths hard-nosed pragmatism, which focuses on the commercial values of the middle class.

Perhaps no one has ever understood this divide better than Mark Twain, a man of the South who ultimately sided with and moved to the North. The Adventures of Huckleberry Finn and A Connecticut Yankee in King Arthurs Court both take the side of common-sense pragmatism over what Twain saw as aristocratic hypocrisy.

The debate over Confederate monuments isnt just about race. Its about one side that wants to honor its past, and another that fears scaring away business and tourists. And now the divide isnt North vs. South, but between different groups within the South.

That is why the most sensible compromise in dealing with Confederate monuments is to leave the matter to the local governments whose taxpayers ultimately foot the bill for the monuments upkeep.

New Orleans decided to take its Confederate monuments down. Agree with the decision or disagree with it, it was the citys decision to make, and no other level of government stopped them.

The same, however, cannot be said in Alabama. Here, the state Legislature has stepped in where it is not needed, forbidding the removal or renaming of monuments and buildings without first going through a cumbersome review and approval process. The new laws backers say theyre protecting history, but none of this would be an issue were not other states and cities re-evaluating their Confederate memorials, many of which were erected during the height of the civil rights era and with, at best, dubious motives.

That is why Hanceville Mayor Kenneth Nail might ought to be careful what he wishes for.

Nail has written the mayor of New Orleans a letter asking to take New Orleans unwanted Confederate statues off its hands.

New Orleans leaders have other plans for the monuments and are unlikely to say the least to gift them to Hanceville. So, Hanceville may have dodged a bullet.

Once erected, the monuments would be subject to Alabamas new law, and who is to say that in a few years the people and leaders of Hanceville would feel the same about maintaining Confederate monuments and unwanted hand-me-downs from another state at that?

South Carolina lowered its Confederate flag for good when it threatened to cost the state business.

The spirit of Twains Connecticut Yankee prevailed even in the sharpened edge of the Confederacy. It might someday prevail in Hanceville and other Alabama cities and towns, too.

Thats the real reason the modern-day aristocrats in Montgomery took the decision out of local hands and into their own.

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The Yoke of Oppression – The Morung Express | The Morung Express – Morung Express

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June 23, 2017

Panger Aonok, Advocate

The idea to forge a Pan Naga Organisation was first visualized by the men of the Naga Labour Corps amidst the First World War. They were recruited by the Imperial British Government and deployed in France and Asia Minor to assist the British and its allies in logistics as non-combatant soldiers in their war against the Central power led by Germany. It was during the said foreign sojourn that they came in contact with people of the civilised world and were fascinated by their lifestyle which was built on the modern concept of liberty, equality and fraternity. Besides, they realized that they were neither European nor Indian. Awakened by the above ideals coupled with bitter experiences in the theatre of war they eventually realised the need to have unity, brotherhood and the urgency to inculcate the spirit of comradeship amongst the Naga tribesmen. After the end of the war, back home in the Naga Hills, the remnants of the Labour Corps along with some politically conscious Naga tribesmen formed the Naga Club, a socio-politico organisation with a view to pursue certain goals of common interest. Meanwhile the Indian Statutory Commission, popularly known as the Simon Commission, which was appointed under the Government of India Act, 1919 came to India and also visited Kohima on 10th January, 1929. The Naga Club submitted a memorandum stating inter alia their opposition to include the Naga Hills from the purview of the proposed reform scheme and further raised a demand for self-rule in the event of the British relinquishing power in India. They told the said Commission member Mr. Atlee and Mr. Cadogan that you are the only people who have ever conquered us and when you go we should be as we were.

Pursuant to the recommendations of the Commission, the Government of India Act, 1935 was passed and a part of the demand of the Nagas was conceded. Accordingly on 1st April, 1937 the Naga Hill District became an Excluded Area within the province of Assam. This meant that no Act of Central or Provincial legislature would apply to the Naga Hills without the concurrence of the Governor of Assam and the power to administer the Naga Hills was placed directly under the jurisdiction of the Governor of Assam. It is in the fitness of things that the government of Nagaland has erected a monolith and is set to build a memorial park to commemorate the contribution and sacrifice of the Naga Labour Corps. In Garo Hills, the Garo Labour Corps who went to France are remembered every year and it appears that no such day is organised to remember the Naga Labour Corps. The writers would suggest that June 28th ought to be chosen as the day for remembering the Naga Labour Corps since the treaty of Versailles was signed on that day in the year 1919 that brought the World War I to an end.

The next important landmark political development in the history of Nagas is the formation of the Naga National Council (NNC) in March, 1946. The initial objective of NNC was to achieve maximum autonomy within the province of Assam, however the temperament of the NNC began to change rather quickly and under its banner the Nagas started to demand complete independence. Following the demand of the NNC in January, 1947, the then Governor of Assam Sir Akbar Hydari held political negotiation with the top leaders of NNC which culminated in the signing of the historic Nine Point Agreement, however the agreement failed to see the light of the day. Apparently it was drafted hurriedly as the clauses were worded with ambiguous and equivocal language which eventually resulted in both sides interpreting them to suit ones own purpose. The chief point of conflict was Clause -9 which according to the Nagas was the crux of the agreement. The Nagas interpreted Clause-9 to infer right to secede and to opt out of the union at the end of ten years. But Sir Hydari Ali took a diametrically opposite stand and warned the Nagas that India would use force against them in the event the people of Naga Hills refused to join the Union of India. In view of the contradictory interpretation of Clause -9, the agreement was destined to die a natural death and was soon pushed into historical oblivion.

Shortly a delegation went to Delhi to call Mahatma Gandhi to apprise him of the resolve of the NNC to declare Naga independence on 14th August, 1947. Gandhiji gave them a patient hearing and told the members of the delegate that they have every right to be independent and assured his willingness to stand by the Nagas in their fight for independence. But as destiny would have it, Gandhiji was soon assassinated by the cruel hand of an assassin Shri NathuramVinayak Godse on 30th January, 1948. In the wake of the failure to implement the Nine Point Agreement, the extremists within the NNC who favoured complete independence gained control of the organization and toyed with the idea of armed struggle. The moderates who denounced the cult of violence resigned en masse from NNC. Over the years the persistent demand of NNC for self-rule was put into cold storage by the Central Government of Nehru on the ground that the desire for independence was held by a handful of educated Nagas and to disprove such a notion, the NNC held a plebiscite in the year 1951, in which ninety nine per cent of the people voted for a separate Naga country. With the overwhelming mandate of the people, the NNC supremo and others met Prime Minister Nehru as many as three times between 1951-1953 and put forth the desire of the Nagas for self-rule as evident from the result of the plebiscite but to no avail due to the indifferent and unrelenting attitude of Nehru. The Nagas boycotted the First General Elections held in 1952. A.Z. Phizo was all set to internationalise the Naga issue and many Naga tribesmen flocked to take on the armed might of the Indian Government. They formed the Home Guards and many joined the fledgling fighting force. Womens wing was organised to perform the duties of nurses, cooks, tailors and were assigned as couriers in the espionage game. The Naga youth movement came into being and the members became the auxiliary forces of the Home Guards.

The arms and ammunitions dumped after the Second World War were collected. More weapons were captured during raids on police station and a good number of Assam Police Personnel were either captured or killed and their arms were snatched and taken away. Home Guards volunteers were trained in the art of handling modern weaponry. Arson, looting, murder, intimidation became the order of the day. The Assam Police and limited numbers of Assam Rifles failed to contain the uprising and thus the Indian Army was called in to assist the civil administration. The Naga Hills and Tuensang Frontier were declared as disturbed areas and subsequently the Armed Forces Special Power Act, 1958 (AFSPA) was promulgated in the year 1958. The said Act provides a wide range of power to the Indian Army such as to shoot, to arrest, to search without warrant etc. The Armed forces operating in disturbed area enjoy full legal immunity. Under the protection of AFSPA, 1958, the Indian Army let loose a reign of terror and violated the human rights of innocent civilians with impunity. In the wake of the imposition of AFSPA fierce encounter ensued in regular interval. Skirmishes took place on a daily basis and many innocent civilians were killed in crossfire thereby causing large scale collateral damages to both public and private properties. The following is the lists of heinous crime perpetrated by the Indian Army with impunity: (1) Murder and extra judicial killings; (2) physical assault leading to maiming of limbs; (3) sexual assault and rape; (4) outraging the modesty of women; (5) detention without legal defence; (6) desecration of churches; (7) grouping of villagers; and (8) acts of arson such as burning down of dwelling houses, granaries, church buildings etc.

There are innumerable instances of crime committed by the Indian Army but owing to constraint of space, it is pertinent to mention one deplorable incident which shocked the conscience of the Naga people. The said incident occurred on 11th July, 1971, a Sunday, in which incident a unit of the 1st Maratha Regiment led by the Commanding Officer swooped down on Yankeli Village in Wokha District and picked up four minor girls; the eldest amongst whom was a girl of 17 years. They were forcibly dragged inside the church precincts and were sexually assaulted and raped by the Commanding Officer and his subordinates taking turns in the pulpit, which is the sanctum sanctorum (holiest of the holy) of a Christian church. The Indian Army not only committed this heinous crime against humanity in the most perverted and revolting manner but also desecrated the sanctity of the church with impunity.

Waging a war against India had broken many a Naga home. Hundreds of young women were widowed, thousands of young patriots perished in one of the most inhospitable terrains and jungles of India and Burma (now Myanmar) in their fight against the mighty Indian Armys crack Mountain Division on one side and the fighting-fit and ruthless Burmese army under the Junta regime on the other. As a result of this senseless ethnic conflicts and internecine rivalries many children became orphans and homeless, who struggled and fought hard against all odds to survive.

Another milestone in the Indo-Naga political conflict is the signing of the cease fire agreement on 25th July, 1997, between the Government of India and the Naga leaders. The said Agreement was followed by several rounds of political talks which was instrumental in recognising the unique history of the Nagas by the Government of India in July 11th, 2002. Subsequently, in the year 2003, the then Prime Minister of India Shri Atal Bihari Vajpayee in exercise of his sovereign power publicly declared the Government of Indias recognition of the unique historical past of the Nagas. The declaration is a turning point in the long and chequered history of the Nagas struggle for the right of self-determination and thereafter the balance of power and convenience is leaning in favour of the Nagas vis--vis the Government of India to amicably settle the long drawn Indo-Naga political conflict through peaceful means.

The recognition is in no way the magnanimous gesture of the Government of India but owes its origin to the distinctive historical background, socio-cultural diversity, legal and constitutional framework being inherited from the British era Government which has been zealously guarded and upheld by the Nagas under the leadership of A.Z. Phizo and a galaxy of stalwarts who joined the movement and played stellar roles at different relevant points of time. The political acumen, statesmanship and tenacity of the Naga leaders coupled with the fighting prowess, perseverance and will power of the underground fighters is yielding dividend as evident from the signing of the Framework Agreement. However, factional feud, egoism and schism has become endemic in the current Naga political scenario which is the Achilles heel that comes in the way to further carry forward the peace process to its logical end. Uncertainty still looms greatly over the fate of the Indo-Naga peace talk chiefly due to the mushrooming of political groups. After decades of violence and oppression, the Naga people are now yearning to restore peace and harmony. To this end, it would be prudent for all leaders of diverse group to reconcile themselves in the Christian spirit to forgive and forget and come together under one platform for political negotiation with the Government of India and resolve the issue amicably through peaceful means.

The Rev. LongriAo, Apostle of Peace, and Naga conscience keeper, as Chief of Liaison Committee of Naga Peace Council had once said that in reconciliation there is no victor or vanquished and there is no humiliation involved. The Bible says, Blessed are the Peace maker, for they shall be called the Children of God.

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