Mystery surrounds Idaho winner of $190 million

By NICHOLAS K. GERANIOS, Associated Press Nicholas K. Geranios, Associated Press – Sat Jan 22,2011

AP – In this undated photo provided
by the Idaho Sheriff's Office,
Holly Lahti is shown…

RATHDRUM, Idaho – Holly Lahti burst into the spotlight a week ago in a feel-good story about a single mother who won a $190 million Mega Millions jackpot. Then came the mugshot: a thin young woman with disheveled brown hair, sporting a black eye and cuts and bruises on her face and neck.

It turned out she was separated from a man who court records indicated had abused her, and now has a possible claim to some of the money through a quirk in Idaho law.

Lahti, 29, went underground with her two daughters immediately after learning she had won half of a $380 million jackpot in the Jan. 4 drawing. She has not been seen or heard in public since.

The mugshot was taken after Lahti and her husband, Josh Lahti, both were arrested during a domestic dispute in 2003. The charges were later dropped, and the couple has long been separated.

Josh Lahti said he did not know Holly had won the lottery until told by a reporter from The Associated Press last week.

"That's awesome! I won't have to pay child support!" he said upon learning his wife was rich.

As it turns out, the husband could be entitled to a chunk of the winnings because he and Lahti never divorced and were never legally separated for that matter. Idaho's murky law on the issue requires a divorce filing to grant separation, which is a key factor in splitting up assets between spouses.

While the lawyers sort out the issue in the months ahead, Holly Lahti can rejoice in the fact that her troubled past has given way to riches beyond her wildest dreams.

She quit her job as a customer service representative for a bank after winning the jackpot, then she asked family and friends not to talk with reporters. She did not appear at the Jan. 12 press conference in Boise in which her good fortune was revealed.

In a brief telephone interview, Josh Lahti said the two started dating in high school and got married in 2001.

Holly Lahti still lives in the couple's home in Rathdrum, a town in the Idaho Panhandle. Josh Lahti said he sees his daughters, age 12 and 10, most days.

Her friends are upset at all the attention paid to the decade-old mugshot, and say it does not reflect the devoted and hardworking young mother who has moved on from a troubled marriage.

"She is kind. She is friendly. She is shy," said Jennifer Mayberry, who has lived in the same neighborhood for a decade. "My children play with her children."

Lahti opted Friday to collect her jackpot in a lump-sum payment, instead of annual payments over 25 years. She will get $120 million, which will be reduced to $80.6 million by federal and state taxes.

It will be a dramatic change for a woman who by all indications appeared to be of limited means.

A search of public records revealed that she grew up in California and moved with her parents to Rathdrum, where she graduated from high school. Her marriage appears to have included some violence.

Holly Lahti was arrested and charged with battery in 2003 in Kootenai County, but the prosecutor eventually dismissed the charges. Her husband was arrested on the same charge the same day, and those charges were also dismissed.

In 2003, Josh Lahti was arrested for violating a no-contact order, and that charge was dismissed. He was also charged with second-degree kidnapping, possession of drug paraphernalia, domestic abuse, battery and false imprisonment. All but the kidnapping were dismissed. He was sentenced to 180 days in jail and three years probation.

In 2000, he was charged with domestic violence, but the charge was reduced to disturbing the peace. He was also cited in 2001 for failing to make child support payments.

Does Josh Lahti have a claim to some of the money? A University of Idaho law professor said it is unclear.

Nearly all other states except Idaho have laws that differentiate between separation and divorce, with division of assets clearly defined in each case, said Elizabeth Brandt, professor of family law. The Idaho statute muddles the concept of legal separation, and there is no clear case law on the issue.

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But while the lottery winnings are almost certainly community property, Josh Lahti should not expect a huge windfall, Brandt said.

Holly Lahti can still file for divorce, and contend the winnings are all hers because the couple do not live together and do not support each other, Brandt said. A divorce does not automatically produce a 50-50 split of assets.

Holly Lahti could also negotiate a settlement with her husband, she said.

"I can't imagine he will have a significant claim to these earnings in the end," Brandt said.

Why did Olberman leave NBC so abruptly ?

Olbermann and MSNBC: a failing relationship
By DAVID BAUDER, AP Television Writer David Bauder, Ap Television Writer – Sat Jan 22, 2011 6:17 pm ET
NEW YORK – Keith Olbermann's exit from MSNBC appeared abrupt to viewers of his show, but the talk-show host and his network were involved "in a relationship that's been failing for a long time," an NBC Universal executive said Saturday.

Olbermann's announcement at the end of Friday's "Countdown" that it would be his last show quiets, at least for the moment, the most dominant liberal voice in a cable-television world where opinionated talk has been the most bankable trend over the past several years.

As Olbermann read from a James Thurber short story during a three-minute exit statement Friday night, MSNBC simultaneously e-mailed a statement to reporters that the network and host "have ended their contract." Neither indicated a reason nor addressed whether Olbermann quit or was fired.

But the NBC Universal executive characterized it as a mutual parting of the ways, with Olbermann taking the first step. The executive spoke on condition of anonymity because settlement talks were kept confidential.

Olbermann was nearly fired in November but instead was suspended for two days without pay for violating an NBC News policy by donating to three political campaigns, including the congressional campaign of Arizona Rep. Gabrielle Giffords. He returned and apologized to his fans, but not the network.

Last fall, Olbermann saw his role on NBC's `Sunday Night Football" eliminated. Olbermann, a former sports anchor, had willingly worked six days a week to be involved with the highly rated football telecast. NBC said he was removed so he could concentrate on his MSNBC job.

MSNBC spokesman Jeremy Gaines insisted Olbermann's exit had nothing to do with the acquisition of parent company NBC Universal by Comcast, which received regulatory approval Tuesday. That deal marks the exit of NBC Universal chief Jeff Zucker, who saw Olbermann's value in turning around a once-unprofitable network, despite headaches the mercurial personality sometimes caused his bosses.

Olbermann and his manager did not immediately respond to requests for comment on Saturday.

One clue Olbermann offered in his goodbye statement was that he'd "been told" that Friday was his last show. But Olbermann also said that "there were many occasions, particularly in the last 2 1/2 years, where all that surrounded the show — but never the show itself — was just too much for me. But your support and loyalty and, if I may use the word, insistence, ultimately required that I keep going. My gratitude to you is boundless."

"He did more than anybody to establish the credibility of progressive views through market-driven success," said David Brock, founder and CEO of the left-wing media watchdog Media Matters for America.

Olbermann's show was also an incubator for left-wing talent on the air, he said. Two-thirds of MSNBC's prime-time lineup, Rachel Maddow and Lawrence O'Donnell, got their own shows after successfully subbing for Olbermann. His show also gave platforms to bloggers like Josh Marshall and Markos Moulitsas, as well as his own organization and the Center for American Progress, Brock said.

"Countdown" took off at a time when there was a large imbalance toward conservatives in radio and television political talk, Brock said.

"Keith led the way in correcting that," he said. "Now we're back to some degree of the balance going the other way."

After Giffords was shot in the head on Jan. 8, Olbermann came into the studio and took to the air on his day off with an emotional editorial saying politicians and talk-show personalities — including himself — need to swear off any kind of violent imagery so as not to incite anybody into acts like the Giffords shooting. He said on Jan. 10 that he was ending his "Worst Person in the World" feature because some viewers took literally a feature that was "born in humor."

The aftermath of the Giffords shooting led to a discussion about the need for more civility in political talk, but Olbermann made no mention of that issue on Friday night. MSNBC is replacing him with O'Donnell and moving anchor Ed Schultz into the 10 p.m. time slot and, along with Maddow, all of them swing left politically.

Phil Griffin, MSNBC's chief executive, expressed confidence in his new lineup Saturday while declining to talk about what happened with Olbermann.

"They're tested," he said. "We didn't have to bring anyone here who is new. We brought in people we know and who will succeed and that's why we're confident going forward."

Anyone who expects the volume of political rhetoric on MSNBC will go down will be "rudely surprised" in about a week, said Brent Bozell, founder of the conservative watchdog Media Research Center.

O'Donnell "is every bit as mean-spirited (as Olbermann), but not as creative," Bozell said. "I don't think the philosophy of MSNBC will change one iota."

While he disagreed with most everything Olbermann said, "he had probably the best-produced show on television," Bozell said. That's the danger for MSNBC and liberals — Olbermann may be replaced by someone who has the same viewpoints, but not necessarily with a show people are as eager to watch.

"I'm not in the slightest bit surprised" by Olbermann's exit, Bozell said. "I've been expecting this to happen for a long time. But I was expecting a more spectacular blow-up."

Olbermann's peripatetic career landed him at MSNBC eight years ago — his second prime-time stint on the network — with a humorous show counting down the day's top stories. That changed on Aug. 30, 2006, when Olbermann aired the first of a series of densely worded and blistering "special comments," this time expressing anger at then-Defense Secretary Donald Rumsfeld's criticism of opponents to the war in Iraq.

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More anti-Bush administration commentary followed. Olbermann dropped any pretense of journalistic objectivity, and he became a hero to liberals battered by the popularity of Fox News Channel and its conservative commentators. Olbermann openly feuded with Fox, often naming personalities like Bill O'Reilly and Glenn Beck "worst persons in the world" for some of their statements.

"Countdown" became MSNBC's most popular show. Instantly, a network that had often floundered in seeking a direction molded itself after Olbermann.

The Cornell graduate first became known for his work on ESPN's "Sportscenter," where he also cultivated a reputation for being talented but difficult to work with. His first MSNBC stint ended in the late 1990s when he quit, complaining his bosses were telling him to talk too much about President Bill Clinton's impeachment scandal.

Olbermann's plans are unclear. He signed a four-year contract with MSNBC two years ago; contract buyouts typically include noncompete clauses that keep a personality off TV for a period of time.

Obama's economic agenda: Boost US competitiveness

By JULIE PACE, Associated Press Julie Pace, Associated Press – Sun Jan 23, 2011 6:47 am ET

WASHINGTON – Under pressure to energize the economy, President Barack Obama said Saturday he will use his State of the Union address to outline an agenda to create jobs now and boost American competitiveness over the long term.

Heading quickly into re-election mode, Obama is expected to use Tuesday's prime-time speech to promote spending on innovation while also promising to reduce the national debt and cooperate with emboldened Republicans.

"I'm focused on making sure the economy is working for everybody, for the entire American family," Obama said Saturday in an uncommon preview of his speech, offered up in an online video to his supporters late Saturday afternoon. The president announced that the economy would be the main topic of his speech, a nod to how important that issue is to the country's standing and his own as well.

At the halfway point of his term, Obama said the economy is on firmer footing than it was two years ago: it is growing again, albeit slowly, while the stock market is rising, and corporate profits are climbing. But with the unemployment rate stubbornly stuck above 9 percent, Obama will signal a shift Tuesday from short-term stabilization policies toward ones focused on job creation and longer-term growth.

Obama offered no details on specific proposals he will call for in his address, though he has offered hints in recent weeks.

Perhaps the clearest came in an overlooked speech in North Carolina last month, one that will likely serve as a template of what the nation is about to hear. Obama said then that making the U.S. more competitive means investing in a more educated work force, committing more to research and technology, and improving everything from highways and airports to high-speed Internet.

In his weekly radio and Internet address Saturday, Obama also highlighted free trade as a way to increase U.S. exports and put Americans to work.

"That's how we'll create jobs today," Obama said. "That's how we'll make America more competitive tomorrow. And that's how we'll win the future."

Obama's challenge will be to find the money and political will to spend it, at a time when he's pledged to reduce spending and tackle the mountainous debt. In his preview to supporters Saturday, Obama said he would emphasize fiscal restraint Tuesday, but didn't go into detail, saying only that any spending cuts should be done in a "responsible way."

The president is under growing pressure to tackle the debt from the public and lawmakers, particularly some newly elected Republicans who ran on pledges to cut spending. Obama, too, has made spending cuts a priority, setting up a bipartisan fiscal commission which recommended tax hikes and cuts to entitlement programs — both efforts that would likely be a hard sell with the American people.

Obama will speak Tuesday to a Congress changed both by Republican wins in the November election and the attempted assassination of one of its own. Democratic Rep. Gabrielle Giffords was shot in the head two weeks ago during an event in her district in Tucson, Ariz.

Since then, the president has appealed for more civility in politics, and in a nod to that ideal, some Democrats and Republicans will break with tradition and sit alongside each other in the House chamber Tuesday night. Obama hinted Saturday that he would build on that theme during the State of the Union, tying the country's economic success to bipartisan cooperation.

"We're up to it, as long as we come together as a people_Republicans, Democrats, Independents_as long as we focus on what binds us together as a people, as long as we're willing to find common ground even as we're having some very vigorous debates," Obama said.

The White House sees competitiveness as a framework Republicans could support. GOP lawmakers traditionally have backed the types of trade deals and research-and-development efforts that Obama is promoting. Senate Minority Leader Mitch McConnell, R-Ky., appeared to give the president an opening when he said last week in a speech that "my advice to my colleagues is if the president is willing to do what we would do anyway, then we should say yes."

Yet for all the talk of bipartisanship, Obama will deliver Tuesday's address at a time when his White House is shifting into re-election mode. Obama plans to file papers to formally run for re-election around March, and several aides are moving to Chicago to run the 2012 campaign. Saturday's video preview to supporters signaled a return to the campaign-style outreach Obama's team mastered in 2008, and underscored his need to rally his base around his agenda.

The White House is keenly aware that Obama's re-election prospects likely hinge on the state of the economy. More than half of those questioned in a new Associated Press-GfK poll disapproved of how he's handled the economy, and just 35 percent said it's improved on his watch. Three-quarters of those surveyed did say it's unrealistic to expect noticeable improvements after two years. They said it will take longer.

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Obama's preview Saturday focused exclusively on his domestic agenda, with no mention of foreign policy. Obama is, however, expected to frame his call for competitiveness in global terms, calling for a new Sputnik moment — a reference to the Soviet Union's 1957 launch of the first satellite, ahead of the U.S. He intends to say the U.S. is again facing challenges from abroad, this time from fast-growing economies in China, India and throughout Southeast Asia.

In his travels to Asia and during Chinese President Hu Jintao's recent trip to Washington, Obama has said he's been struck by the rapid rise of that region and the laser-like focus on competing in the global economy.

"They are thinking each and every day about how to educate their work force, rebuild their infrastructure, enter into new markets," Obama said in November, after wrapping up a 10-day Asia trip. "We should feel confident about our ability to compete, but we are going to have to step up our game."

China Bank Moves to Buy U.S. Branches

Source: Wall Street Journal
ICBC Signs a Deal for Bank of East Asia's Retail Outlets
By LINGLING WEI
CHICAGO—China's biggest bank signed an agreement that would make it the first Beijing-controlled financial institution to acquire retail bank branches in the U.S., though regulators could still block the deal.

Under the deal, Industrial & Commercial Bank of China Ltd., by some measures the world's largest bank, agreed to acquire a majority stake in Bank of East Asia Ltd.'s U.S. subsidiary. ICBC will pay $140 million for an 80% stake. Bank of East Asia, which is a publicly traded company based in Hong Kong, has a total of 13 branches in New York and California. ICBC and Bank of East Asia have talked to U.S. regulators about the deal, these people said.

The move represents what could be the start of big expansions by Chinese financial institutions in the U.S.

Signed in Chicago on the last day of Chinese President Hu Jintao's state visit to the U.S., the move, comes as both Beijing and Washington are calling for greater commercial ties between the two countries.

Both Beijing and Washington are eager to showcase their willingness to strengthen the business ties between the two countries, despite the many issues that will continue to hinder the relations. China is prodding the U.S. to ease its export controls, especially those involving high-technology products, aimed at its biggest economic rival. The U.S. is asking for more Chinese purchases of made-in-America goods and services.

The transaction is expected to be carefully scrutinized by U.S. regulators, including the Committee on Foreign Investment in the U.S., known as CFIUS, because of the state-controlled nature of the Chinese bank. A previous deal by a Chinese bank to acquire a bank in the U.S. was rejected by regulators. "It is going to be a long process," a person familiar with the matter said.

If ICBC's deal to acquire Bank of East Asia's U.S. subsidiary goes through, Americans could walk into the retail branches, open check and savings accounts and, most significantly for many investors, open yuan accounts to trade the currency.

ICBC, as the bank is known, is based in Beijing and is 70% owned by the Chinese government. It has become increasingly comfortable venturing outside its home markets, which still account for the bulk of its profit. Last year, ICBC got into the broker-dealer business in the U.S. with a symbolic $1 purchase of the U.S. brokerage unit of Fortis Securities, controlled by France's BNP Paribas SA. That deal didn't subject ICBC to tight U.S. regulatory restrictions on foreign purchases of retail-banking operations.

U.S. regulators often demand that foreign banks prove they are adequately supervised in their home markets and have proper antimoney-laundering procedures in place before allowing them to set up retail operations, legal experts say.

The agreement was signed at the Hilton Chicago as part of a slew of pacts announced by roughly 60 U.S. and Chinese companies at a giant "signing ceremony" organized on Friday by China's Commerce Ministry and its U.S. counterpart.

Both Beijing and Washington are eager to showcase their willingness to strengthen the business ties between the two countries, despite the many issues that will continue to hinder the relations. China is prodding the U.S. to ease its export controls, especially those involving high-technology products, aimed at its biggest economic rival while the U.S. is asking for more Chinese purchases of made-in-America goods and services. The contract-signing event in Chicago was hailed as "the most important event" in conjunction with President Hu's visit, according to officials in the Chinese delegation.

The move by ICBC underscores the desire by Chinese banking executives to transform their strength into a greater presence globally, as Chinese banks have emerged from the global financial crisis largely unscathed. Their hope is to better support Chinese companies and guard against losing customers to U.S. and European banks that already have networks world-wide. Meantime, Beijing has encouraged Chinese companies to expand overseas in recent years. In light of the huge foreign-exchange reserves China has, Beijing has encouraged its banks to invest more overseas.

In a speech at the event Friday, Chen Deming, China's Commerce Minister, said one of the priorities for the Commerce Ministry is to "encourage our companies to go out." He pointed to the vast foreign-exchange reserves held by China, saying that "we should turn those reserves into capital and assets." Otherwise, the reserves could decline in value because of inflation, Mr. Chen said.

While China's resource and construction companies have moved aggressively into new markets, its financial institutions generally have been slow to follow.

Bank of East Asia is led by prominent Asian banker Sir David Li. Mr. Li drew unwanted attention to himself in the U.S. and Hong Kong in 2007 when the former board member of Dow Jones became the target of an insider-trading case involving News Corp.'s buyout bid for Dow Jones. Mr. Li later agreed to pay $8.1 million to settle the civil charges. Mr. Li couldn't be reached for comment.

So far, most Chinese investments in the U.S. financial sector have involved the Chinese taking passive, minority stakes in firms such as Blackstone Group LP and Morgan Stanley. Taking a majority stake in Bank of East Asia is a change of tactic for ICBC

At the same time, Bank of East Asia is no stranger to ICBC. It sold a 70% stake in its Canadian operations to ICBC last year and all of its six branches in Canada have since been rebranded ICBC Canada. Bank of East Asia has 13 branches in the U.S., concentrating in New York and California—two states that boast the largest numbers of Chinese immigrants. The bank formed its U.S. banking subsidiary in 2001 through the acquisition of Grand National Bank, of Alhambra, Calif.

The deal, if approved by U.S. regulators, would allow ICBC to gain relatively quick access to American depositors. Right now, ICBC has one branch in New York, but it isn't involved in the retail-banking business. Bank of China Ltd. is the only mainland Chinese bank that has a retail license in the U.S. market. The bank, also state owned, has two branches in New York and one in Los Angeles. It recently has started allowing American customers to buy and sell the Chinese currency through its U.S. branches.

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The decision by Bank of China is the latest move by China to allow the yuan, whose value is still tightly controlled by the government, to become an international currency that can be used for trade and investment.

Chinese banks have encountered uphill battles to gain access to the U.S. market in the past. For instance, it took almost two years for ICBC to get the approval from the Federal Reserve to open its New York branch, which has so far focused on commercial lending. That green light was given shortly before President George W. Bush's trip to Beijing for the Summer Olympics in 2008.

Some Chinese banks' bids to acquire U.S. counterparts have been rejected. A case in point is China Minsheng Banking Corp. In 2008, Minsheng, China's first private bank and a midsize lender, agreed to take a 9.9% stake in San Francisco lender UCBH Holdings Inc., the holding company for United Commercial Bank. When the bank ran into trouble during the financial crisis over bad loans and accounting errors, Minsheng tried to buy it. U.S. regulators rejected the move because of restrictions on foreign investment in U.S. banks, according to people familiar with the matter. Regulators in late 2009 shut down United Commercial Bank and Minsheng had to write off its $130 million investment.

The 2 main ingredients for succesful investing

Source: Hometownlife.com
Assessing risk, diversifying portfolio keys to investing
January 23, 2011
Q: Dear Rick: I just had a $100,000 Certificate of Deposit come due. I am a conservative investor, so I was just going to buy another CD, but the rate is very low so I decided not to do anything. What should I do with the money? I am in my early 50s with a decent job. I plan to retire in about 15 years. I am conservative and don't like volatile investments. The money from the CD is the money I have saved for retirement. Any ideas?

A:The first issue to explore is risk. You are a conservative investor and that is why you like investing in CDs. However, in your situation, CDs are not conservative. My reasoning has nothing to do with where interest rates are today, but rather, where interest rates are historically. For short-term needs, CDs are a very good investment. However, they don't keep up when you look long term.

When looking at risk, most people only consider principal fluctuation. I suggest that a risk too many investors forget about, and one that is just as important as principal risk, is the risk of not keeping up with the increased cost of living.

In regards to your $100,000 CD, the key is to make it grow in real dollar terms. After all, we know $100,000 today is not worth $100,000 five years from now. Therefore, in establishing a portfolio, the key is to factor in a variety of risks such as purchasing power risk, and risk of principal.

There are a number of different investment options. The first is to set up a conservative growth portfolio. My recommendation is to initially allocate 55-60 percent in equities, the rest in bonds. The 55-60 percent in equities does not get invested in one fund or one investment, but rather is spread out into a variety of different investment vehicles. At the same time, the remaining 40-45 percent of the portfolio would be invested in fixed-income investments such as U.S. Treasuries and investment-grade corporate bonds.

If you have a portfolio that is investing in equities, there will be principal fluctuations. Stock funds go up and down. However, don't look day to day, or even year to year — focus on 15 years down the road. I have no doubt that equities will be higher in the future.

In addition, the only way to have a rising income throughout your lifetime is to have a portion of the portfolio invested in stocks.

I don't have the space to list all the funds I would use. However, there are probably 10-15 different funds and, of course, they would all be commission-free.

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In making your decision, keep in mind that the goal in saving for retirement is to make sure that the purchasing power of your money grows into the future. When you factor taxes and increased costs of living into the mix, the very low rates of return you receive at a bank just don't make it. Purchasing power risk is important to consider. Investors that play it too close to the vest, particularly long-term investors who fail to take purchasing power risk into consideration, generally get burned.

Good luck!

Rick Bloom is a fee-only financial adviser. Observer & Eccentric readers can submit questions at moneymatters@hometownlife.com. For more information, visit Rick's Web site at www.bloomassetmanagement.com.

Investing should not be complicated

Source: Herald Sun
Keeping it simple when investing
National Features
January 24, 2011 12:00AM
MATT Baxby, the managing director of Virgin Money Australia and father of two daughters and twin boys, prefers the safety of investing in cash.

What was your first investment and how did it go?

When I was 11, I bought an old bike so I could do a paper round each morning. I was paid about $3 an hour so it was a long payback.

What is your favourite type of investment and why?

Equity markets remain turbulent so I prefer investing in cash at the moment.

What is the best investment advice you have received?

My grandfather's sound advice was to always keep it simple don't invest in something you don't understand.

How do you approach investment risk?

I think about the worst possible thing that can happen and go from there.

Where do you get your information about investing?

I like to know what I'm buying into, so I start my own research on the net and go from there.

What has been your best-performing investment?

I bought an old Queenslander when I first left university getting on to the property ladder was daunting at the time but I'm glad I did.

And the worst?

I bought a painting by an Australian artist, Robert Dickerson. I knew nothing about art and I think I paid way over the odds. Nice picture but a bad investment.

How would you invest $25,000 if you were given it tomorrow?

I'd deposit the bulk of it into an online savings account and the rest in a managed fund that gives some domestic and international equities exposure.

How do you feel about investing overseas?

I was fortunate enough to live overseas for seven years with Virgin and have retained some investments in Britain. Key is understanding the market and being aware of the risks such as fluctuating currencies.

Do you make extra repayments off your mortgage?

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We try our best but four kids under four means there's not a lot left at the end of the month.

How well do you treat your credit card?

I commute from Brisbane to Sydney with Virgin Blue each week and so I'm a bit of a points junkie. If used the right way, credit cards are a great way to accelerate your rewards points accumulation.

How do you feel about life and disability insurance?

We recently doubled our family with twin boys. That was my trigger for taking out life insurance. I wanted some peace of mind that my family would be protected if I wasn't here.

What's the most extravagant purchase you have made?

I bought a new Scott road bike the lightest bike on the market apparently. For the second year I'm joining the Tour de Kids, a cycling event from Adelaide to Melbourne that raises money for the Starlight Foundation.

Facebook raises $1B more from non US investors

By BARBARA ORTUTAY, AP Technology Writer
Fri Jan 21, 2011 7:58 pm ET

NEW YORK – Facebook said Friday it has raised $1 billion from non-U.S. investors, which combined with an infusion from Goldman Sachs and Russia's Digital Sky Technologies in December, brings the haul from its latest round of funding to $1.5 billion.

The investments value the social networking site at $50 billion, more than the current market values of Yahoo Inc. or eBay Inc., but below those of Amazon.com Inc. and Google Inc.

Facebook did not say Friday how it plans to spend the $1.5 billion.

The company, which is based in Palo Alto, Calif., had the option to raise up to $1.5 billion from non-U.S. investors through Goldman, but limited the offering to $1 billion. Spokesman Jonny Thaw declined to comment further on the decision to limit the offering, which was oversubscribed — meaning more people wanted in than got in.

Earlier this week, Goldman said it was barring U.S. investors from taking part in the Facebook offering, citing widespread media coverage that could have violated securities guidelines that govern private placements.

The investments are in Facebook's Class A shares. The company's Class B shares, held by executives and early employees hold 10 times the voting power of the Class A stock. Facebook created its dual-class stock structure in 2009 to give CEO Mark Zuckerberg and other executives control over the company. Google has a similar structure.

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As anticipated, Facebook also said it will start filing public financial reports by April 30, 2012. While that doesn't technically mean an initial public stock offering, that is the most likely outcome because Facebook will have to make many of the same disclosures of a publicly traded company anyway.

The specific date for filing financial reports comes because the company expects to have more than 500 shareholders by the end of April this year. Once that happens, the Securities and Exchange Commission requires it to disclose its financial results and other details on a quarterly basis so that its investors are adequately informed.

That requirement kicks in 120 days after the first fiscal year in which a company exceeds the 500 shareholder threshold. Since Facebook's fiscal year ends Dec. 31, the latest possible date would be April 30, 2012.

It was the 500-shareholder rule that prompted Google Inc. to go public in the summer of 2004. If Facebook follows a similar timeline, its IPO could come during the summer of 2012.