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Facebook Readies IPO Filing

beats by dre Facebook Inc. could file papers for its initial public offering as early as this coming week, people familiar with the matter said, as anticipation mounts for what is likely to be one of the biggest debuts for a U.S. company.

The deal, seen as defining moment for the latest Web investing boom, could raise as much as $10 billion and value the social network between $75 billion and $100 billion, said people familiar with the matter. A valuation of $75 billion would be below earlier expectations.

The website, which in less than eight years has attracted more than 800 million members, has changed the way people across the globe communicate, from organizing political protests to sharing baby pictures.

The Internet giant is close to picking Morgan Stanley to lead the deal, these people said. Wall Street banks, many of them struggling amid a crimp in trading profits, have been jostling for a leading role in the deal, which could yield them tens of millions of dollars in banker fees, potential new business and bragging rights.

beats by dr dre A nod for Morgan Stanley would mark a disappointment for rival Goldman Sachs Group Inc., which a year ago was viewed as having an edge to lead the deal. One person familiar with the matter said that while Morgan Stanley would likely land the coveted "lead-left" spot on an IPO financial filing, Goldman would also likely play a significant role.

Spokespeople for Facebook, Morgan Stanley and Goldman Sachs declined to comment.

Facebook could file documents with the Securities and Exchange Commission as early as this coming Wednesday, said one person familiar with the matter. But that timing is just one scenario Facebook executives are considering, the person said. Executives are also considering filing a few weeks later, the person said.

People familiar with the matter have said the company is targeting an IPO sometime between April and June.

A $10 billion Facebook offering would rank fourth among IPOs for U.S. companies, behind Visa Inc., General Motors Co. and AT&T Wireless, according to Dealogic. It would rank Facebook as the biggest U.S. Internet offering ever, replacing Google Inc., which raised $1.9 billion in 2004 at a $23 billion valuation.

At a $100 billion valuation, Facebook would be worth about the same as McDonald's Corp. and nearly half of Google.

dre beats Facebook's revenue is driven by its advertising business, as big brands rush to the site to interact with consumers through display ads and fan pages. Facebook has been able to increase its world-wide advertising revenue from $738 million in 2009 to $3.8 billion in 2011, according to estimates from research firm eMarketer. It isn't known if Facebook is profitable.

Facebook's final valuation will be determined by a variety of factors, people familiar with the matter said, such as investor demand for social media, the IPO market and the health of the European economy.

[FBOOK]

The IPO will mint a new generation of Silicon Valley millionaires on the level not seen since Google's offering. Some 3,000 people work at Facebook.

An IPO will also test the ability of Chief Executive Mark Zuckerberg, age 27, to manage a global company whose financial performance will be scrutinized every three months by investors. Mr.

beats by dre studio Zuckerberg started the company in 2004 out of his Harvard University dorm room. Overall, about 500 million users now log into the site daily, according to Facebook.

Mr. Zuckerberg had been reluctant to push forward with an IPO. People familiar with his thinking said he has been fearful of the damage an IPO could do to the company's culture. He wants employees focused on making great products, not the stock price, they said.

But outside forces are partly pushing his hand. Facebook executives began to realize in 2010 that Facebook would have more than 500 shareholders by the end of 2011, which would trigger a regulatory requirement that Facebook start publicly reporting financial information.

beats solo Mr. Zuckerberg decided it made more sense for Facebook to go public and reap some financial benefit from an IPO, rather than stay private but have to release its financial information, said people familiar with his thinking.

Leading the Facebook sale would be a huge win for Morgan Stanley, which last year cemented its position as the top Internet stock underwriter by leading the IPOs of LinkedIn Corp., Groupon Inc., and Zynga Inc. The bank's global tech banking team, led by Michael Grimes and Paul Chamberlain, is also based in Menlo Park.

Facebook would cap a recent wave of Web IPOs, some of which have struggled amid growing investor scrutiny of the new Internet companies. But investors and analysts said now could be a good time for a Facebook offering.

This year, the overall market has risen, and on Friday other Internet stocks rallied on news that Facebook would soon file for a deal. "The excitement around Facebook is still enormous," said Max Wolff, an analyst at GreenCrest Capital, which researches companies going public.

cheap beats by dre The recent IPO climate "hasn't been particularly strong," said Peter Falvey, co-head of the technology banking group at Morgan Keegan & Co. But Mr. Falvey added that with "the recent stock market strength and maybe some green shoots in the economy, there could be a fortuitous window for Facebook."

Europe Forges Closer Fiscal Ties

cheap hollister clothes BRUSSELS—Leaders of 25 European Union governments agreed Monday night on what some billed as a historic pact to move to closer fiscal union and signed off on the details of a permanent bailout fund for the euro zone—yet Greece's looming debt restructuring threw a shadow over the summit.

The leaders discussed Greece but provided no further clarity on the eventual outcome of an issue that was creating increasing nervousness in financial markets Monday.

European stocks fell Monday and the euro lost ground against the dollar, while Portugal's borrowing costs surged, with the 10-year government bond yield reaching euro-era highs. News of the fiscal pact was announced after markets closed in the U.S.

In a joint summit statement, the leaders noted "tentative signs" of economic stabilization in Europe but said financial-market tensions continue to weigh on the economy.

The final shape of the deal to reduce Greece's debt is still unknown after months of wrangling between the Greek government, representatives of bondholders, and officials from the EU, the International Monetary Fund and the European Central Bank.

hollister kids After Monday's meeting, senior officials said they expected a debt-restructuring accord in "coming days," in time to launch a bond-exchange offer to private investors by mid-February.

After the summit, Greek Prime Minister Lucas Papademos met with other senior European officials, including Jörg Asmussen, the German representative on the board of the European Central Bank. Officials said the talks likely concerned conditions to be imposed on Greece so it can receive its new loans.

Even if an agreement is reached to cut the face value of Greek bonds in private hands by half, Greece is still likely to need close to €150 billion of new bailout funding from other euro-zone governments and the IMF.One question the summit didn't address: whether official creditors, such as the ECB, will also be needed to reduce Greece's debt to levels that it is likely to be able to sustain in the long term.

The uncertainty about the debt agreement—and whether it will be forced on unwilling bondholders—is raising questions particularly about Portugal, whose €78 billion bailout agreed last year is now looking inadequate to some investors.

hollister clothing Yields on two-year Portuguese bonds rose over 21%, indicating investors see a significant risk of default. Portugal Prime Minister Pedro Passos Coelho said holders of Portuguese bonds will never face the writeoffs that will be suffered by investors in Greece. "Portugal's debt is perfectly sustainable," he said after the meeting.

The fiscal pact agreed Monday is a German-sponsored treaty among the 17 euro-zone nations and eight other EU countries that imposes tighter budget discipline on members and is aimed to prevent a repeat of the Greek debt disaster. Britain and the Czech Republic are the only two EU countries not to join.

"Considering the time frame, this was a real masterpiece," German Chancellor Angela Merkel said. The pact was first mooted in December.

While the euro members share a central bank and monetary policy, absence of strong budget coordination has been one of the weaknesses that led to the crisis.

hollister sale The leaders agreed that the European Court of Justice will be empowered to impose fines on countries running excessive deficits. The fines will be capped at 0.1% of gross domestic product. For Italy, for example, that could mean fines as high as $2 billion.

It will require governments to keep their budget deficits to an average of 0.5% of GDP over the economic cycle—and to reduce their total government debt toward 60% of GDP over time.

The EU has long-standing rules that are supposed to limit budget deficits in any year to 3% of GDP, and limiting government debt to 60% of GDP, but they have never been enforced.

Critics of the pact say it fails to address the current crisis or capture the problem of private debt, which lay at the root of the economic travails of countries such as Ireland and Spain. They also question whether it makes sense to impose big fines on governments struggling with budget shortfalls.

hollister jeans Critics also say the pact biases the euro zone toward recession. Not only does it limit the ability of governments to use budgetary policy to avert an economic downturn, but the long-term requirement to bring government debt down over time would make it even harder for countries with high debts, such as Italy, to grow their way out of their economic problems.

However, supporters say the pact is not as rigid as depicted and offers flexibility in the face of an unusual crisis.

The pact "offers little in the way of economic substance and does nothing to tackle the problems at hand," said Sony Kapoor, managing director of the Re-Define think tank. Instead, he said, its purpose is "to assure skeptical German voters and the ECB that troubled euro countries would be fiscally virtuous."

While the leaders were expected to endorse a treaty creating the €500 billion ($660 billion) permanent bailout fund expected to come into operation at mid-year, known as the European Stability Mechanism, officials said a proposal to boost the bailout resources would be delayed until the leaders' next scheduled summit on March 1.

Germany has been resisting a proposal that would lift the €500-billion cap on the combined total resources of the new fund and the temporary fund. That would provide a total commitment of about €750 billion.

hollister shirts Euro-zone governments have been pressing for more international support for the euro zone to be provided through bilateral loans to the IMF. EU member states have pledged about a third of the $600 billion of these extra resources, but the U.S. and other governments say they won't support an expansion of these funds unless Europe sharply expands its own bailout funds.

With most of the measures so far aimed at dealing with the crisis focusing on austerity, the leaders did turn their attention to measures to support economic growth and reducing the numbers of unemployed.

The proposals include redirecting unused EU funds, totaling around €82 billion, toward job creation. Critics say such funding, even if used, is insufficient to provide an antidote for austerity.

Complicating the discussions over cutting Greece's debts to private investors by €100 billion are new demands by Germany for greater oversight over Greece's budget affairs and growing concerns that Greece's funding needs might be bigger than originally thought.

A German proposal was circulated last week among euro-zone finance ministry officials calling for Athens to cede some control over its budget decisions to a special EU commissioner appointed by the euro zone as the price for the new bailout—Greece's second in two years.

hollister outlet The proposal reflects German concerns that Greece isn't carrying through on austerity promises, and worries that approving a new bailout for Greece will meet strong resistance in the German parliament.

Germany is not alone in its frustration at Greece. On his way into Monday's talks, Swedish Prime Minister Fredrik Reinfeldt said: "They've repeatedly not delivered on their promises."

But officials said that Ms. Merkel didn't push the proposal, and it didn't appear to have much chance of success.

"Greece's recovery plan can be implemented only by the Greeks," French President Nicolas Sarkozy said after the summit. "No country can possibly be placed in trusteeship. It would not be reasonable, democratic and efficient."

The leaders agreed that any country that wants to tap the ESM after March 2013 must first ratify the fiscal compact.

hollister clothes Both the fiscal pact and the treaty creating the ESM must be ratified by national parliaments.

Democrats slam Tea Party ties in Oregon special election

hollister shirts (Reuters) - An Oregon special election in which national Democrats have sought to paint the Republican congressional candidate as a Tea Party radical foreshadows a tactic the party will employ in its quest to take back Congress seats lost in the 2010 election.

The Democratic Congressional Campaign Committee has spent about $1.3 million in the race, half of it opposing Republican businessman Rob Cornilles in Tuesday's election to replace Democratic ex-Representative David Wu.

Television advertising and a website run by the committee, which supports Democrats in House of Representatives races, slam Cornilles for referring to himself as "the original Tea Party candidate" during a previous congressional run.

The race between Cornilles and Democratic state Senator Suzanne Bonamici is a preview of an already heated election year when outside groups are pumping money into opposition advertising, and Democrats plan to attack conservatives who have curried favor with the Tea Party.

hollister clothing "There is no doubt that races across the country will be about a contrast between Tea Party extremism that protects the ultra-wealthy versus defenders of the middle class and Medicare," said Jesse Ferguson, a spokesman for DCCC.

"But in each district, the message will fit the district, the local values of the community and the candidates running."

The race has attracted an unusual level of interest for a traditionally safe Democratic seat. Obama easily won the Portland-area district in 2008, and Wu beat Cornilles in a 2010 election year that heavily favored Republicans elsewhere in the country.

Wu, who was in his seventh term, in July announced he would resign after a sex scandal. The race to replace him will wrap up on Tuesday, when Oregon's vote-by-mail ballots are due.

The election has drawn almost $2 million in independent expenditures since November despite the fact that early polling showed Bonamici, a former Federal Trade Commission lawyer who has served in the Oregon Senate since 2008, with a considerable lead.

CYBER ATTACKS

hollister uk Democrats have made Cornilles' Tea Party statement, made at a May 2010 event, a central part of their attack on the Republican, who runs a sports-consulting business.

Teapartycornilles.com, a website paid for by the DCCC, features the quote, raps Cornilles for his "extreme" opposition to abortion and claims he supports ending tax cuts for middle-class families.

A fake Twitter account, @TPartyCornilles, sends out comments such as, "Will Republican Rob Cornilles try to run from his extreme Tea Party anti-choice record in tonight's debate?"

Many Republican candidates attended Tea Party events and sought endorsements from local chapters in 2010 to fend off primary challenges or third-party candidates as support for the Tea Party's small-government mantra swelled.

hollister sale But public sentiment has since shifted, with Tea Party-sanctioned Republican freshmen in the House of Representatives taking much of the blame for standoffs over the extending debt ceiling, extending payroll taxes and other issues in 2011.

Oregon Republicans say all the Democratic-aligned money is proof Democrats are worried about losing more seats in 2012. Cornilles' campaign recently released an internal poll showing him within four points of Bonamici.

"I think the DCCC has kind of hit the panic button here...the more they've spent, the closer the numbers have gotten," said Greg Leo, chief of staff for the Oregon Republican Party.

"I don't think it's really an accurate referendum on the Tea Party, nor is it an accurate description of Rob Cornilles," Leo said, pointing to the candidate's refusal to sign Grover Norquist's no-tax pledge as evidence Cornilles is not driven by the Tea Party.

hollister The multi-media approach to attacking Tea Party-aligned candidates could be employed in other districts leading up to the November general election when all House seats and a third of the Senate are up for re-election.

"If somebody comes out as a Tea Partier, we're going there," said Trent Lutz, executive director of the Oregon Democratic Party. "If they drape themselves in the Tea Party banner, then absolutely it's something that we will discuss."

Democrats also have run sharp ads in Oregon claiming Cornilles has overstated the number of jobs created by his consulting business. A coalition of women's groups paid for ads and mailers criticizing the Republican for his pro-life views.

The National Republican Congressional Committee pitched in on a coordinated ad buy with the Cornilles campaign, but nearly all of the outside spending reported in the race came from Democratic groups.

hollister hoodies Republican ads say Bonamici lacks experience creating private sector jobs and that she has voted to raise taxes while in the state Senate. One Cornilles ad tries to hurt her image by linking her to Wu, also a Democrat.

Why Gingrich's Tax Plan Beats Romney's

dr dre headphones If we judge both leading contenders in the Republican primary, Newt Gingrich and Mitt Romney, by what they've done in life and by what they propose to do if elected, either one could be an excellent president. But when it comes to the election's core issue—restoring a healthy economy—the key is a good tax plan and the ability to implement it.

Mr. Gingrich has a significantly better plan than does Mr. Romney, and he has twice before been instrumental in implementing a successful tax plan on a national level—once when he served in Congress as a Reagan supporter in the 1980s and again when he was President Clinton's partner as speaker of the House of Representatives in the 1990s. During both of these periods the economy prospered incredibly—in good part because of Mr. Gingrich.

Jobs and wealth are created by those who are taxed, not by those who do the taxing. Government, by its very nature, doesn't create resources but redistributes resources.

beats by dre headphones To minimize the damages taxes cause the economy, the best way for government to raise revenue is a broad-based, low-rate flat tax that provides people and businesses with the fewest incentives to avoid or otherwise not report taxable income, and the least number of places where they can escape taxation. On these counts it doesn't get any better than Mr. Gingrich's optional 15% flat tax for individuals and his 12.5% flat tax for business. Each of these taxes has been tried and tested and found to be enormously successful.

Hong Kong, where there has been a 15% flat income tax on individuals since 1947, is truly a shining city on the hill and one of the most prosperous cities in history. Ireland's 12.5% flat business income tax propelled the Emerald Isle out of two and a half centuries of poverty. Mr. Romney's tax proposals—including eliminating the death tax, reducing the corporate tax rate to 25%, and extending the current tax rates on personal income, interest, dividends and capital gains—would be an improvement over those of President Obama, but they don't have the boldness or internal integrity of Mr. Gingrich's personal and business flat taxes.

beats headphones Imagine what would happen to international capital flows if the U.S. went from the second highest business tax country in the world to one of the lowest. Low taxes along with all of America's other great attributes would precipitate a flood of new investment in this country as well as a quick repatriation of American funds held abroad. We would create more jobs than you could shake a stick at. And those jobs would be productive jobs, not make-work jobs like so many of Mr. Obama's stimulus jobs.

Tax codes, in order to work well, require widespread voluntary compliance from taxpayers. And for taxpayers to voluntarily comply with a tax code they have to believe that it is both fair and efficient.

Fairness in taxation means that people and businesses in like circumstances have similar tax burdens. A flat tax, whether on business or individuals, achieves fairness in spades.

monster beats A person who makes 10 times as much as another person should pay 10 times more in taxes. It is also patently obvious that it is unfair to tax some people's income twice, three times or more after it has been earned, as is the case with the death tax.

The current administration's notion of fairness—taxing high-income earners at high rates and not taxing other income earners at all—is totally unfair. It is also anathema to prosperity and ultimately leads to the situation we have in our nation today.

In 2012, those least capable of navigating complex government-created economic environments find themselves in their worst economic circumstances in generations. And the reason minority, lesser-educated and younger members of our society are struggling so greatly is not because we have too few redistributionist, class-warfare policies but because we have too many. Overtaxing people who work and overpaying people not to work has its consequences.

monster headphones On a bipartisan basis, government has enacted the very policies that have created the current extremely uneven distribution of income. And then in turn they have used the very desperation they created as their rationale for even more antibusiness and antirich policies. As my friend Jack Kemp used to say, "You can't love jobs and hate job creators." Economic growth achieved through a flat tax in conjunction with a pro-growth safety net is the only way to raise incomes of those on the bottom rungs of our economic ladder.

When it comes to economic efficiency, nothing holds a candle to a low-rate, simple flat tax. As I explained in a op-ed on this page last spring ("The 30-Cent Tax Premium," April 18), for every dollar of net income tax collected by the Internal Revenue Service, there is an additional 30¢ paid out of pocket by the taxpayers to maintain compliance with the tax code. Such inefficiency is outrageous. Mr. Gingrich's flat taxes would go a lot further toward reducing these additional expenses than would Mr. Romney's proposals.

beats by dr dre headphones Mr. Gingrich's tax proposal is not revenue-neutral, nor should it be. If there's one truism in fiscal policy, it's this: Wasteful spending will always rise to the level of revenues. Whether you're in Greece, Washington, D.C., or California, overspending is a prosperity killer of the first order. Mr. Gingrich's flat tax proposals—along with his proposed balanced budget amendment—would put a quick stop to overspending and return America to fiscal soundness. No other candidate comes close to doing this.

In Victory for the West, W.T.O. Orders China to Stop Export Taxes on Minerals

abercrombie and fitch sale HONG KONG — The appeals panel of the World Trade Organization ruled on Monday that China must dismantle its system of export taxes and quotas for nine widely used industrial materials.

The legal setback for Beijing could set a precedent for the West to challenge China’s export restrictions on other natural resources, including rare earth metals that are crucial to many modern technologies, trade experts said.

In the closely watched case, the trade organization’s Appellate Body, its highest tribunal, ruled that China distorted international trade through dozens of export policies it maintains for bauxite, zinc, yellow phosphorus and six other industrial minerals.

The Appellate Body, reviewing an earlier decision by a W.T.O. dispute settlement panel, said the panel had gone too far in defining why more than three dozen Chinese policies violated free trade rules. But the appeals group said on Monday that the overall effect of China’s export restrictions was harming international trade and the policies would have to be scrapped.

abercrombie sale uk The case was filed in 2009 against China by the United States, the European Union and Mexico.

 “This is a major win for the United States,” said James Bacchus, a former chairman and longtime member of the Appellate Body, who now helps lead the global trade practice in the Washington office of the law firm Greenberg Traurig.

Mr. Bacchus predicted that China would comply with the World Trade Organization ruling. Beijing has a strong record of adhering to adverse W.T.O. decisions, recognizing that it needs the access to foreign markets that the trade organization provides.

China’s commerce ministry said in a statement on its Web site that it regretted the ruling but appeared to indicate it would accept it, saying that it would act in accordance with W.T.O. rules to “achieve sustainable development.”

abercrombie and fitch outlet Ron Kirk, the United States trade representative, said in a statement that the ruling was “a tremendous victory” for the United States. “Today’s decision,” he said, “ensures that core manufacturing industries in this country can get the materials they need to produce and compete on a level playing field.”

The case has been one of the most widely watched trade disputes in many years because of the precedents it could set for other, even more crucial natural resources. Those will almost certainly include China’s export quotas on rare earth metals, for which Chinese policies appear to have raised similar legal concerns.

Rare earths, however, were not part of the trade case on which the trade organization ruled Monday. Besides bauxite, zinc and yellow phosphorus, the other six industrial minerals are coke, fluorspar, magnesium, manganese, silicon carbide and silicon metal.

abercrombie sale China is the largest or among the largest producers of each of these. The United States, European Union and Mexico accused China of using export taxes and quotas to force international chemical companies and other businesses to move their factories to China to tap these resources.

Those sorts of forced migrations are the reason international trade rules bar export quotas in many cases. Many non-Chinese companies have already been setting up factories in China, for example, to gain access to the crucial rare earth metals used in a wide range of modern technologies, since China began clamping down on rare earth exports in recent years.

China produces over 90 percent of the world’s rare earths, which are used in products including computers, cellphones, hybrid cars and wind turbines.

In defense of those rare earth quotas, China had cited a decades-old legal exception to the W.T.O.’s predecessor, the General Agreement on Tariffs and Trade, known as GATT. That exception let countries levy export taxes and restrict exports if the limits were aimed at conserving a scarce natural resource or protecting the environment.

abercrombie outlet But when China joined the World Trade Organization in 2001, it agreed to dismantle virtually all export restrictions, including on industrial raw materials. That agreement superseded the GATT provisions, the appeals group ruled on Monday.

China’s agreement to join the W.T.O. also bars it from imposing export restrictions on rare earths. Yet China has done so anyway for the last five years, invoking the same GATT exception.

While Appellate Body rulings do not form legally binding precedents under international trade law, Mr. Bacchus said it was very unlikely that the trade organization would let China use the environmental argument on rare earths after disallowing the same argument for industrial raw materials.

abercrombie and fitch uk Indeed, a European Union trade official signaled that Europe might apply Monday’s ruling to pressure China to lift its export restrictions on rare earth metals.  

 “China now must comply by removing these export restrictions swiftly, and furthermore I expect China to bring its overall export regime — including for rare earths — in line with W.T.O. rules,” said Karel De Gucht, the European Union’s trade commissioner.

International trade officials have said little on the record about why rare earth metals were not included when the United States and European Union filed the original trade case in June 2009. Mexico joined the case on the American and European side in August of that year.

Some of the explanations offered on background included the view that the United States was not worried because it had plans to reopen a rare earth mine in the Southern California desert, and that the European Union was not worried because its companies planned to depend on a mine under construction in Australia.

abercrombie outlet uk There was also a Western perception in mid-2009 that rare earths were not controversial because they were relatively cheap.

But rare earth prices began climbing sharply less than two months after the filing of the W.T.O. case, after word began to spread in August 2009 that China’s commerce ministry had considered a plan to halt exports entirely for some of the rarest of the rare earths — the so-called heavy rare earths — and to curtail exports for other rare earth metals.

Rare earth prices spiked in the autumn of 2010, after China suspended exports of the metals to Japan for two months as part of a territorial dispute over an uninhabited island. And China’s commerce ministry ended up sharply reducing its annual export quotas for 2010 and 2011.

Western governments have periodically considered filing an international trade case against nations in the Organization of the Petroleum Exporting Countries for limiting oil exports.

abercrombie and fitch uk But they have refrained from filing, having concluded that even an adverse ruling would be unlikely to prompt heavily oil-dependent countries to change their policies.

Romney ridicules Gingrich on eve of Florida vote

abercrombie and fitch uk DUNEDIN, Florida (Reuters) - A confident Mitt Romney solidified his lead in Florida polls and ridiculed Republican rival Newt Gingrich on Monday, calling his opponent's attacks "sad" and "painfully revealing" the day before the state's crucial presidential primary.

Romney's self-assurance was on full display during a campaign tour that felt at times like a victory lap, with the front-runner telling a crowd of about 2,000 in Dunedin, Florida: "With a turnout like this I got a feeling we might win tomorrow."

Romney has a double-digit lead in most polls in the state. He said voters have responded to his more aggressive criticism over the past week of Gingrich's work for mortgage giant Freddie Mac, his ethics probe and his resignation as House of Representatives speaker.

"There's no question that politics ain't bean bags, and we have made sure that our message is out loud and clear," Romney said on NBC's "Today" show.

Gingrich, hit hard by the more aggressive Romney strategy, branded his rival as a party insider and elite friend of Wall Street while pledging to stay in the presidential race for the long haul no matter what the outcome in Florida.

abercrombie outlet "On big philosophical issues, he is for all practical purposes a liberal and I am a conservative and that's what this fight is going to be about all the way to the convention," Gingrich said of Romney on "CBS This Morning."

Romney shrugged off the attacks, drawing cheers from the crowd when he said Gingrich was not doing too well and had been "flailing about."

"I know, it's sad isn't it?" Romney said, calling it "painfully revealing" and adding: "You've just gotta shake your head."

The bitter back-and-forth in Florida was hardly surprising after two turbulent weeks in what is widely considered the most volatile Republican race for the White House in recent memory.

Just 10 days ago, Romney was limping out of South Carolina, where he came in second. Now Florida is his for the taking after prominent conservatives and party leaders threw their weight behind him, worried a Gingrich nomination would doom Republicans in November's general election against President Barack Obama.

abercrombie sale Gingrich said heavy spending by Romney, a former Massachusetts governor, and the Super PAC that supports Romney had killed the momentum Gingrich built with a double-digit win over Romney on January 21 in South Carolina.

"He can bury me for a very short amount of time with four or five or six times as much money, most of it raised in Wall Street from the guys who got bailouts from the government," Gingrich said on ABC's "Good Morning America."

A Reuters/Ipsos poll released late on Monday showed Romney had edged up to 43 percent among likely voters in Florida's primary, from 42 percent on Sunday.

Support for Gingrich slipped to 28 percent from 30 percent a day earlier, 32 percent on Saturday and 33 percent on Friday.

Other polls also have shown Romney opening up a double-digit lead on Gingrich, although a few suggest the result could be more of a nail-biter than expected on Tuesday night.

'JUST GETTING STARTED'

cheap abercrombie clothes The Gingrich campaign worked to spread the idea that he was staying in the race long-term. "Our capacity to tell the truth about Romney's record is limitless. We will challenge Mitt Romney and his lies in every state in every contest," said Gingrich spokesman R. C. Hammond.

At least 1,114 delegates are needed to secure the Republican nomination in August. Florida is the largest state to hold a presidential primary so far this year, and 50 delegates are at stake in a winner-take-all format that will decide who faces Obama.

Baker said even if Romney wins in Florida it will give him just 7 percent of the delegates needed to claim the nomination. The next contest after Florida will be Nevada on Saturday, followed by Minnesota, Colorado and Missouri on February 7.

"There is a long way to go before either candidate clinches the nomination, and this campaign will continue for months," he said. "The campaign is shifting to a new phase where opportunities are not limited to a single state."

abercrombie and fitch kids Talking to reporters on Monday, Romney noted Gingrich's growing interest in the campaign's long haul.

"That's usually an indication that you think you're gonna lose. When you say 'I'm gonna go on no matter what happens,' that's usually not a good sign," Romney said.

Gingrich said opposition to his candidacy by Republican Party insiders was a badge of honor and a sign of how threatening his candidacy was to the elite.

"They recognize I'm a genuine outsider. I know a lot about Washington having served as speaker but have none of the establishment ties and I will shake the system up. They don't want to be shaken up," he said on CBS.

Both candidates crisscrossed Florida in a final hunt for votes on Monday. The two other remaining Republican contenders, former U.S. Senator Rick Santorum and U.S. Representative Ron Paul, are looking beyond Florida to the next races in Nevada, Minnesota, Colorado and Missouri.

Gingrich was introduced at an afternoon event in Tampa by former presidential rival Herman Cain, who dropped out of the race in November after allegations of sexual harassment and marital infidelity. Cain endorsed Gingrich on Saturday.

"He's the only candidate that talks about and supports the idea of throwing out the tax code in order to get jobs going in this country. Throw it out!" Cain told the crowd.

abercrombie and fitch sale When Gingrich took the stage, he prompted the crowd to chant "9-9-9" - Cain's frequently cited plan to reform the tax code. "You just made his entire day," Gingrich said.

Banks set to double crisis loans from ECB

louis vuitton outlet European banks are preparing to tap the European Central Bank’s emergency funding scheme for up to twice as much as the ECB supplied in its debut €489bn auction last month, providing further evidence of the sector’s liquidity squeeze.

Several of the eurozone’s biggest banks have told the Financial Times that they could well double or triple their request for funds in the ECB’s three-year money auction on February 29.

“Banks are not going to be as shy second time round,” said the head of one eurozone bank at last week’s World Economic Forum in Davos. “We should have done more first time.”

Three bank chief executives, all of whom asked to remain anonymous, said they were planning to increase their participation twofold or threefold.

Goldman Sachs has told clients that banks could ask for twice as much in the February auction as in December when more than 500 lenders raised €489bn. “They could do another €1tn easily in February,” said one senior banker. “It could be way more than that if things get worse in the markets.”

The ECB, under new president Mario Draghi, launched its funding facility in December to avert a looming credit crunch, with €230bn of bank bonds coming due for repayment in the first quarter of 2012 while bond markets remained largely closed to new issuance.

www.louisvuittonoutletjan.com Bankers credit Mr Draghi with helping to destigmatise the ECB’s funding operation by persuading as many institutions as possible to participate. Previously, banks had shied away from such support schemes for fear of appearing weak.

Bankers expect many more banks to take part in the February auction, encouraged by the widespread participation last time, as well as the promise of unlimited cheap money – the funds attract an interest rate of only 1 per cent.

Analysts suggest banks have used some of this money to invest in higher-yielding eurozone sovereign bonds, helping to drive down borrowing costs for several hard-pressed eurozone governments, including Italy, Spain, Ireland, and Greece.

But on Monday yields were mostly higher across the eurozone periphery amid concerns over the Greek rescue plan. Portuguese 10-year bond yields leapt more than 2 percentage points to 17.26 per cent, as investors increasingly expect the country to default.

The ECB’s decision to broaden the pool of collateral that banks can use to obtain its funds is also expected to encourage higher bidding. Mr Draghi has said he expects “substantial” appetite for the February allotment of three-year loans.

If demand extends anywhere near the €1tn figure, the scheme would be far bigger than the market broadly expects. A poll of traders by Reuters, published on Monday, predicted the ECB would allot a total of €325bn.

Italian banks dominated demand for the December money, according to data collated by Morgan Stanley.

louis vuitton outlet Bankers at Spanish, French and German institutions said they were also big takers. Even Royal Bank of Scotland tapped the scheme for €5bn of liquidity, using its Dutch subsidiary as a conduit.

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