Actual finance blog

If Mitt Romney is elected president, he will have to make some tough choices about what to do with his personal fortune.

In order to avoid conflicts of interest and satisfy ethics watchdogs, soon-to-be presidents often sell assets or relinquish control of their investments to a trustee.

Romney, who has spent the better part of a month answering questions about his massive investment portfolio, would be one of the wealthiest presidents in history.

The former Massachusetts governor has a few options.

He could put his investments in a government-approved blind trust, convert some or all of his assets to cash, or possibly take advantage of an obscure tax break for executive branch officials.

Blind trust: Romney is no stranger to the concept of blind trusts.

After becoming governor of Massachusetts, Romney created a trust managed by Boston lawyer Bradford Malt. That’s where most of his assets, estimated to be between $85 and $264 million, are today.

But between federally required disclosure forms and the tax returns released by his campaign, the contents of Romney’s trust are easily accessible and have been widely scrutinized by the media.

It’s now far from blind.

As president, Romney would likely have to dissolve his current trust and create a new one. And this one, approved by the Office of Government Ethics, would require a truly independent trustee.

"Federal ethics guidelines for blind trusts are extremely strict," said Robert Kelner, a partner at Covington & Burling who has advised candidates and appointees on ethics. "Typically they are much stricter than what you find at the state level."

Rich, Gingrich and crazy rich

If Romney establishes a new trust, his communication with the trustee would be extremely limited, and he would not be informed of changes to his portfolio.

"He might learn the overall performance of his portfolio," Kelner said. "But he would not know anything about its particular holdings."

It’s a popular tactic.

Bill Clinton, both Bushes and Ronald Reagan put their money into a blind trust.

President George W. Bush told CNN at the end of his second term that he had "no earthly idea" what had become of his assets.

"I met the trustees eight years ago and I haven’t talked to them since," Bush said.

Unlike his immediate predecessors, Barack Obama does not have a government-approved blind trust.

Most of his assets are invested in U.S. Treasury bonds and bills, mutual funds and education savings plans for his children — hardly the kind of assets that present conflicts of interest.

Establishing blind trusts is not just popular with presidents. Other wealthy executive branch appointees have followed suit — sometimes with a little unease. Hank Paulson, who left the top job at Goldman Sachs to become Treasury Secretary, was one of them.

"Have you heard the joke, how do you make a small fortune?" Paulson quipped in 2009. "Give a large fortune to someone in a blind trust."

For Romney, who made his money by making savvy investments, relinquishing control might be particularly difficult.

"You’re turning your assets over to someone who is essentially a stranger," said Kenneth Gross, a partner at Skadden Arps Slate Meagher & Flom. "I think some people would not be entirely happy with that situation."

The Romney campaign would not elaborate on the candidate’s plans for his wealth, but said in a statement that his "assets will be arranged in a manner that comports with all rules" should he become president.

Move to cash: Perhaps the simplest option would be for Romney to liquidate his holdings.

The Clintons converted their assets to cash in June 2007 as Hillary’s campaign for president entered its final stretch, according to the New York Times.

The family’s holdings had been in a blind trust, but — like Romney — those assets were disclosed in campaign filings required by the Federal Election Commission.

Instead of creating a new blind trust, the Clintons chose to liquidate.

Romney made $42.7 million in 2 years

There is a substantial downside to taking this route. The Clinton’s likely owed huge sums of money in capital gains.

A fire sale of Romney’s assets would likely create a similar tax burden.

It’s also possible Romney could choose to divest — or sell — a targeted group of assets that are likely to cause conflicts.

But that would be difficult considering the breadth of decisions the president makes, and the vast diversification of Romney’s holdings.

"Practically everything the president does could affect individual companies," Kelner said. "Romney might find that difficult to do."

A tax benefit? Members of the executive branch who have to sell specific assets to avoid conflicts of interest are sometimes granted what is called a "certificate of divestiture" by the Office of Government Ethics.

Obtaining the certificate allows appointees to divest while deferring the payment of capital gains, provided they invest the proceeds in an approved asset like a diversified mutual fund or government bond.

The provision is designed to incentivize wealthy individuals to accept posts in the executive branch without forcing them to take a tax hit.

A president has never applied for the tax break, but law experts consulted by CNNMoney said it is conceivable the Office of Government Ethics would grant one to a president with a portfolio like Romney’s.

"It would be unprecedented," Gross said. "But I don’t know why a president wouldn’t be entitled to the same deferral of tax if he felt there was a conflict."

The tax benefit for Romney would be huge.

"Oh my god," said Robert Willens, a tax expert and professor at Columbia Business School. "He’d be right in the sweet spot. This would save him millions or tens of millions." 

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Consumers are demanding better service in unprecedented ways.

In the past several months, public outrage has helped beat back efforts by Bank of America, Netflix and Verizon to raise fees or significantly alter services. The victories come at a time when money is tight all around and consumers are tapping into social media to air their frustrations with like-minded individuals.

“In the past people would be angry, but they’d be all over the country talking to their neighbors,” said Kit Yarrow a professor of consumer psychology at Golden Gate University. “Now they can connect online and they have power.”

For example, petitions on Change.org were instrumental in convincing Bank of America and Verizon to drop plans for new fees. “Bank Transfer Day,” which sprang to life after Bank of America’s announcement, called on Facebook supporters to move their money to a credit union or community bank.

Not every issue demands a mass call to action. But consumers basking in their newfound sense of empowerment should keep their expectations high going into 2012. Here are some strategies for making sure you get the service you deserve.

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Work the chain of command

Before you switch into outrage mode, give a company a fair chance to right any wrongs. It may be that the issue can be easily resolved with a simple email or phone call to customer service.

But if the customary means aren’t helpful, one strategy is to reach out to the company CEO or another high-ranking officer. Most major companies have “executive resolution teams” that field correspondence from customers who take their complaints to the top, says Edgar Dworsky, founder of ConsumerWorld.org, which features news and tips on deals. And these teams generally have a lot more leeway to appease customers.

To get your message in the right hands, start by searching under the “About” section on the company’s website. Even if executive contact information isn’t listed, you can usually figure out their email addresses based on the contact information listed for other employees. Otherwise, try mailing a letter to the corporate headquarters.

“Really boil it down,” Dworsky said. “If it goes on and on, they’re not going to have the time or patience to read it. Put yourself in the shoes of the recipient of the letter.”

Make it easy for the company by quickly spelling out the resolution that you’re seeking. And don’t forget to include any relevant information, such as order numbers or purchase dates.

Reach out and tweet

You don’t have to be Alec Baldwin to have your complaints heard on Twitter.

Most major companies have a social media presence by now. And since they don’t want negative mentions turning up in search results, any reasonable question or complaint is likely to get a response.

Even if you don’t hear back from anyone, it’s likely that companies are taking note of any comments about them.

At JetBlue, for example, a few customers recently tweeted about a crowded gate that only had one agent. That triggered the airline’s social media team to contact staff at the airport to find out if any additional agents were available to help out, said Morgan Johnston, JetBlue’s social media strategist.

But he noted that Twitter is more commonly used to request time-sensitive information that can be conveyed in 140 characters _ such as connecting flight or gate numbers. The company monitors its Twitter account around the clock and tries to respond within a few minutes.

“It’s more of an information booth than a traditional customer service channel,” Johnston said.

Twitter isn’t only for basic information requests, however. Citibank also monitors the site and tries to respond to any questions within an hour, said Frank Eliason, who heads the bank’s social media strategy. If customers need to share personal account information, they’re sent a link to a private page on the bank’s website where they can continue the exchange in the same Twitter-like format.

Call for backup

If you’re not getting anywhere and feel your complaints are being brushed off, it can help to get a third-party involved.

If you paid with your credit card, you can always file a claim to have a charge removed from your account. Keep in mind that you need a concrete reason _ such as a product defect or missed delivery _ to make such claims. Your card issuer isn’t going to investigate a dispute just because you were unhappy with a rude waiter.

Another option is to file a complaint with the Better Business Bureau at www.bbb.org/complaint. The local BBB office will contact the company within two days and ask for a response to the complaint on your behalf. The vast majority of complaints are resolved this way, said spokeswoman Katherine Hutt. That’s because businesses know their ratings are affected by whether they respond to complaints.

For more serious situations where you suspect fraud or feel your rights were violated, consider filing a complaint with the Federal Trade Commission or your state attorney general’s office. You likely won’t get a speedy resolution but at least those agencies will be on notice in case other customers are reporting similar abuses.

Stay connected online

In rare situations, you may feel a company policy calls for a broader action. In the case of Bank of America and Verizon, online petitions were key in quantifying the public’s widespread distaste for new fees.

“It’s an incredibly efficient means of customer feedback that’s not controlled by the company,” said Ben Rattray, founder of the Change.org, which hosted the petitions against both companies. “It’s customer feedback that’s controlled by customers.”

Your issues don’t necessarily have to be with a big national company either. Change.org plans to roll out localized versions so users can voice concerns about businesses in their communities.

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China’s sovereign wealth fund wants to invest in improving neglected U.S. and European roads and other infrastructure to spur global growth, the fund’s chairman said in comments published Monday.

The announcement reflects a shift in strategy for the $410 billion fund, which was created in 2007. Until now, it has limited its investments mostly to small stakes in publicly traded companies to avoid stirring political opposition overseas.

China Investment Corp. wants to begin in Britain by teaming up with fund managers or investing directly in infrastructure projects, Lou Jiwei said in a commentary in London’s Financial Times newspaper.

“China is keen to get involved” in improving U.S. and European infrastructure, which “badly needs more investment,” Lou wrote. He cited energy, water, transport, digital communications and waste disposal but gave no indication of possible projects or the size of Chinese investment.

Some commentators in both Europe and China have suggested Beijing might use its $3.2 trillion in foreign reserves to gain leverage on political or trade issues at a time when other governments urgently want investment.

CIC was created to invest abroad in hopes of earning a better return on China’s foreign reserves, the bulk of which are in U.S. and European government bonds. It says investments are made on commercial rather than political grounds.

The move into infrastructure probably reflects CIC’s commercial views, rather than those of the government, said Citigroup economist Minggao Shen. He said it could help CIC earn a more stable profit and reduce Beijing’s exposure to U.S. and European government bonds amid volatile markets.

Some Chinese commentators have called for Beijing to reduce its exposure to the financial woes of Western governments by buying fewer bonds. China is Washington’s biggest foreign bondholder, with $1.15 trillion in Treasury debt as of September.

“There is a general thought that maybe China should not invest in U.S. Treasurys or European sovereign bonds. Instead, why can’t we hold direct assets in the economy?” Shen said.

By investing in individual projects, he said, “you don’t have to depend on government guarantees and it should be affected less by the sovereign debt crisis.”

CIC faced criticism over the performance of investments made just as the financial crisis was developing. But its results have improved and the fund reported an 11.7 percent return on assets last year.

Lou stressed that CIC is a commercial investor and wants to make a profit.

“CIC believes that such an investment, guided by commercial principles, offers the chance of a win-win solution for all,” he wrote.

Lou gave no indication in which other countries the CIC might invest but cited an estimate that the United States needs to spend at least $2.2 trillion in infrastructure repairs or rebuilding.

“Free of the inflationary pressure that afflicts many emerging economies, the U.S. and Europe should make substantial investment,” he said. “We cannot count on developing countries to deliver a stable economic recovery on their own.”

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Asian stocks fell Wednesday after the U.S. government revised its economic growth estimate downward and climbing yields on Spanish bonds magnified worries over Europe’s debt load.

Hong Kong’s Hang Seng index fell 1.7 percent to 17,941.62. South Korea’s Kospi lost 1.7 percent to 1,795.81 and Australia’s S&P ASX 200 index lost 1.2 percent to 4,082.40.

Japanese stock markets were closed for a public holiday.

Stocks on Wall Street slipped Tuesday after a government report showed the U.S. economy grew at a 2 percent annual rate from July through September, down from an initial estimate of 2.5 percent. Economists had expected the figure to remain the same.

The Dow Jones industrial average lost 0.5 percent to close at 11,493.72. The Standard & Poor’s 500 fell 0.4 percent to 1,188.04. The Nasdaq composite fell 0.1 percent to 2,521.28.

Higher borrowing costs for Spain, meanwhile, renewed worries about Europe’s debt crisis. The higher rates suggest that investors are still skeptical that the country will get its budget under control despite a new government coming to power this week.

Investors have been worried that Spain could become the next country to need financial support from its European neighbors if its borrowing rates climb to unsustainable levels.

Greece was forced to seek relief from its lenders after its long-term borrowing rates rose above 7 percent on the bond market. The rate on Spain’s own benchmark 10-year bond is dangerously close to that level, 6.58 percent.

But fears of the debt crisis spreading elsewhere in Europe were allayed somewhat after the International Monetary Fund announced a plan to provide quick cash on flexible terms to countries facing sudden financial stress.

Concerns remain that Europe’s debt crisis is pushing the region toward recession, which would slow industrial activity in Europe and in countries around the world that export to Europe.

Benchmark oil for January delivery fell 65 cents to $97.36 per barrel on the New York Mercantile Exchange. The contract rose $1.09 to finish at $98.01 per barrel on the Nymex on Tuesday.

In currency trading, the euro fell to $1.3466 from $1.3509 late Tuesday in New York. The dollar rose slightly to 76.99 yen from 76.97 yen.

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Olympus Corp. said Thursday it is postponing an earnings announcement set for next week amid an accounting scandal that has wiped out about four-fifths of its stock price and tarnished Japan’s corporate image.

The Japanese camera and medical equipment maker said in a statement Thursday that it cannot submit its earnings report for the April-September period on Nov. 14 as planned due to an ongoing review by a company-appointed investigation panel.

In response, the Tokyo Stock Exchange placed Olympus stock on supervisory status, warning that it could be removed from the stock exchange if it fails to release its earnings within a month, or by Dec. 14.

Olympus has been battered by a scandal over a $687 million payment for financial advice and expensive acquisitions of companies unrelated to its mainstay businesses.

On Tuesday, the company said top executives used the payment and acquisitions to hide massive losses, reversing denials of any wrongdoing. Its British CEO Michael Woodford first raised the concerns last month, calling for Olympus executives to resign _ and was then promptly fired by the board.

Olympus said it will do its “utmost” to submit the earnings report by Dec. 14, and said it was cooperating with the “strict and thorough investigation” being conducted by the independent committee. Results of the probe are expected in early December.

“We deeply apologize for causing trouble to our shareholders, investors, customers and anyone else who are affected by the matter,” Olympus said online pay day loans.

The company’s shares have plunged to 484 yen Thursday from 2,482 yen on Oct. 13, the day before Woodford’s dismissal.

Olympus dismissed Executive Vice President Hisashi Mori on Tuesday, saying he was involved in the cover-up along with Tsuyoshi Kikukawa, who abruptly resigned as chairman last month in an attempt to placate angry shareholders.

Shuichi Takayama, who took over as president in late October, has said he can not disclose the size of the losses or any other detail because all data had been handed over to the independent panel.

The Tokyo-based company had denied wrongdoing over the $687 million payment to the Wall Street financial adviser as part of a $2 billion purchase of U.K.-based Gyrus Group Plc. The payment represented more than a third of the acquisition price. Fees for advisers are normally 1 to 2 percent of the deal value.

Business groups and analysts have said the scandal reflects weaknesses in Japan’s corporate governance including too few independent directors on company boards.

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Stocks rose sharply Thursday amid mounting expectations that a Greek referendum on a European bailout plan will be abandoned and a surprise rate cut from the European Central Bank.

In Athens, Greek Prime Minister George Papandreou came under intense pressure from his own party and opposition lawmakers to resign and let a coalition government approve a European bailout plan instead of holding a risky referendum on it.

Papandreou’s unexpected announcement Monday that he intended to put the hard-fought bailout package to a referendum horrified Greece’s international partners and creditors, triggering turmoil in financial markets as investors fretted over the prospect of a disorderly default and the country’s exit from the 17-nation eurozone.

“Markets have rallied …. on the expectation that the referendum will be cancelled,” said Louise Cooper, markets analyst at BGC Partners.

In Europe, Britain’s FTSE 100 was up 1.1 percent at 5,546. France’s CAC-40 rose 3 percent 3,204 while Germany’s DAX was also 3 percent higher at 6,144.

In the U.S., the Dow Jones industrial average rose 1.2 percent, to 11,974 while the broader S&P 500 index rose 1 percent to 1,251.

Despite Thursday’s recovery, markets remain jittery about how Europe will resolve its debt crisis, especially now that it’s been openly admitted that a country can actually leave the euro.

This week’s instability in Greece has sent immediate ripples throughout Europe. Premier Silvio Berlusconi’s government in Italy was teetering as well after it failed to come up with a credible plan to deal with its dangerously high debts, and Portugal demanded more flexible terms for its own bailout.

Markets were thrown into turmoil on Monday after Papandreou’s referendum proposal. It horrified Greece’s international partners and creditors, triggering market worries that Greece may default on its debts and exit the eurozone.

This week’s turmoil was also a clear factor in the European Central Bank’s surprise decision Thursday to cut interest rates by a quarter of a percentage point to 1.25 percent. That helped shore up stock markets too.

The move, which comes earlier than expected by many economists, takes the bank’s benchmark rate to 1.25 percent.

European growth is expected to slow to near or below zero in the last three months of the year.

Uncertainty from Europe’s debt crisis is a factor. Business and consumers are reluctant to spend and investors because they fear more financial turmoil if Greece defaults on its debts.

The euro suffered a bout of selling after Draghi signaled that the ECB’s bond purchases, which have been keeping down borrowing rates for financially weak countries like Italy, are temporary and limited.

However, the retreat was short-lived as investors breathed a sigh of relief over the apparent scrapping of the referendum pledge. The euro was up 0.6 percent at $1.3771.

Though Greece’s political developments were the main point of interest in the markets, investors are keeping a close watch on the French resort of Cannes where the Group of 20 leaders from the industrial and developing world are meeting.

In Cannes, President Barack Obama pledged world leaders would flesh out details of a plan to resolve the European financial crisis.

Earlier in Asia, Hong Kong’s Hang Seng retreated 2.5 percent to close at 19,242.50. South Korea’s Kospi lost 1.5 percent to 1,869.96 and Australia’s S&P/ASX 200 shed 0.3 percent to 4,171.80.

Japanese markets were closed for a national holiday. Mainland Chinese shares rose, with the benchmark Shanghai Composite Index gaining 0.2 percent to 2,508.09.

Benchmark crude for December delivery was up $1.16 at $92.67 a barrel in electronic trading on the New York Mercantile Exchange.

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It’s the plane that is supposed to change the experience of flying.

No more stuffy noses, dry throats or severe fatigue. Larger windows to provide a stronger connection to the world outside. And mood lighting that can either ease jet lag or turn the plane into a nightclub at 40,000 feet.

And for the most part, Boeing’s 787 succeeds. Flying it is more enjoyable. But it’s still flying. Just because the plane is new doesn’t mean the food will taste better or you won’t be stuck in front of a kicking kid.

There has been plenty of hype surrounding the 787, a long-range plane marketed as The Dreamliner that carried its first passengers Wednesday on a four-hour flight from Tokyo to Hong Kong. It has been called “revolutionary” and “a game-changer.”

And, indeed, a sleek design makes the plane stand out the moment you step on board. A higher ceiling _ at least the perception of one _ reduces claustrophobia. And natural light pours in, creating a welcoming feeling.

Maybe that 10-hour flight won’t be so bad after all. Maybe.

The biggest benefit should come from features that fight jet lag. Those couldn’t really be experienced by the 240 reporters and aviation enthusiasts who made the relatively short inaugural flight.

They include a doubling of the humidity, to 16 percent, and bringing the cabin’s pressure closer to what it feels like on the ground. Planes are normally pressurized to 8,000 feet, higher than any point on the East Coast. Air inside the 787 is made to feel the equivalent of 6,000, slightly higher than Denver. The pressure and humidity changes should lead to fewer headaches and leave passengers with more energy after long trips.

The short flight also didn’t provide for a test of the full impact of LED lights that slowly change color, another feature designed to fight fatigue. The impact was felt when the cabin lit up in a funky rainbow display, turning the plane into something out of “Saturday Night Fever.” Add some loud music and it’s not too hard to imagine a bachelor or bachelorette party at 40,000 feet.

The lighting concept is being rolled out on other aircraft, including new models of the narrow-body 737. European aircraft maker Airbus also offers something similar on new A320s.

Another feature a passenger should notice on the 787 is the windows. The plane’s strong carbon-fiber frame, which allows for the humidity and pressure improvements, enables windows 30 percent larger than those on traditional aluminum-body planes small personal loans.

Just don’t expect window shades. Boeing replaced them with an electronic tinting feature. Click a button below the window and it slowly starts to darken. The window never becomes completely blacked out _ you can still see out _ but enough light is blocked to make sleeping possible. Not that anybody was trying to sleep during the boisterous inaugural flight. At the very least, you can picture little kids playing with the windows for hours.

Boeing also tackles the problem of crowded overhead bins. Getting bags into the bins, and opening and closing them when they are heavy and full, was easier than on any other plane.

The plane’s manufacturer says they are the largest bins on any plane, with enough room for one carry-on bag per passenger. While the bins are much larger, the only way that seemed feasible was with identically rectangular bags stacked in optimal order.

The plane is also supposed to be much quieter, both for passengers inside and people on the ground. Engines with a wave pattern in the metal lower the roar, although Boeing won’t say by how much.

And a lighter plane allows for more padding to protect passengers from noise and vibration. Wednesday’s flight seemed quieter, but a handheld sound meter registered noise levels similar to Boeing’s 777. (Maybe those soothing lights were playing tricks on the mind.)

The most-promising feature of the 787 will come on later models: a turbulence-dampening system. Accelerometers in the plane’s nose will register a sudden drop and sent a signal through fiber-optic cables to the wings. What would have been a 9-foot drop is cut to 3. No other plane has this technology.

Airlines have already purchased almost 800 of the original 787 because of promised fuel savings and the ability to open up new routes. Japan’s All Nippon Airways is the first to fly it. United Continental will be the first in the U.S. sometime late next year.

There are some features that Boeing can’t control. Individual airlines determine how much legroom passengers get. They also pick between a roomy eight-across seating arrangement or a more cramped nine-across layout.

All Nippon has eight seats in each row and installed a double armrest for the middle seats, providing a few extra inches of personal space.

And in the end, isn’t that all we want?

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Thailand’s flood crisis deepened Tuesday after floodwaters breached barriers protecting Bangkok’s second airport, effectively forcing a halt to commercial flights there after airlines using it suspended operations.

It was not immediately clear how much water had entered Don Muang airport. But the news was sure to further erode the credibility of a government that has repeatedly sent mixed signals about its ability to defend the heart of an increasingly anxious capital from the worst floods to hit Thailand in nearly 60 years.

Bangkok’s Suvarnabhumi Airport, the country’s main international gateway, has yet to be affected by flooding and flights there were operating normally. Most of the city has been spared inundation so far.

Budget airline Nok Air suspended operations at Don Muang until Nov. 1 “because water has entered the north side of the airport already,” the company’s CEO Patee Sarasin told The Associated Press. He said all airborne aircraft would be diverted to Suvarnabhumi.

The only other main carrier using Don Muang, Orient Thai Airlines, also said it was suspending flights and would transfer domestic operations to Suvarnabhumi.

An airport official confirmed water had crept inside the airport compound, but he said runways were unaffected. An Associated Press reporter at the airport was not immediately allowed to inspect the area where water had entered.

Don Muang has come to symbolize the gravity of Thailand’s catastrophic floods, which have swamped a third of the country’s provinces and killed 366 people over three months. It houses the government’s emergency Flood Relief Operations Center, and one of its terminals is home to thousands of people who have been forced to flee their homes.

Floodwaters have been pouring into the Don Muang district, located on Bangkok’s northernmost outskirts, for several days payday loans. The waist-high water has entered homes and blocked streets running to the airport.

Don Muang is among seven of the capital’s 50 districts that the government has declared at risk. Those zones, located in the north and northwest, are all experiencing minor flooding.

The latest to be added to the list was the northwestern district of Bang Phlat. Late Monday, Gov. Suhumbhand Paribatra warned residents there to move their belongings to higher ground after water from the Chao Phraya River crept in through a subway construction site.

Also Tuesday, Prime Minister Yingluck Shinawatra’s administration declared Oct. 27-31 public holidays in affected areas, including Bangkok, government spokesman Thitima Chaisaeng said.

Last week, Yingluck ordered key floodgates opened to help drain runoff through urban canals to the sea, but there is great concern that rising tides in the Gulf of Thailand this weekend could slow critical outflows and flood the city.

Late Monday, the flood relief center said water levels in the worst-hit parts of the country _ the submerged provinces north of Bangkok _ were stable or subsiding. But the massive runoff was still bearing down on the city as it flowed south toward the Gulf of Thailand.

While neighborhoods just across Bangkok’s boundaries are underwater, most of Bangkok is dry and has not been directly affected by deluge.

Anxious Bangkokians, though, have been raiding stores to stock up on emergency supplies, and many have been protecting homes and businesses with sandbags. Some have even erected sealed cement barriers across shop-fronts.

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Several thousand Occupy Wall Street protesters have marched to New York City’s Washington Square Park for a peaceful general assembly.

Demonstrators marched Saturday from Manhattan’s Zuccotti Park, the group’s unofficial headquarters where protesters have been camped out for the last 22 days. The trek was peaceful and orderly.

On Wednesday, dozens were arrested when thousands marched on Wall Street in their biggest show of support yet. Last Saturday, 700 people were arrested after they spilled onto the roadway while crossing the Brooklyn Bridge.

Protesters are speaking out against corporate greed and the gap between the rich and poor. They say they have no leaders and are making decisions by consensus.

Supporters have donated food, clothing and medical supplies. Some drop off their offerings, while others have mailed them.

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Lawyers say interior designer Kelly Hoppen has accepted 60,000 pounds ($93,000) in damages for phone hacking from the publisher of the News of the World.

Hoppen, former stepmother of actress Sienna Miller, is one of scores of people accusing the tabloid of eavesdropping on cell phone voicemails. Her case was due to go to court in January.

Her lawyer, Mark Thomson, told a hearing Friday that the paper’s publisher had agreed to pay Hoppen damages and legal costs low fee payday loans.

He said that between 2004 and 2006, Hoppen was the subject of numerous articles in the paper “which contained intrusive and private information.”

More than 60 people have filed court papers alleging their phones were hacked by the News of the World, which was shut down by owner Rupert Murdoch in July.

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