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JP Morgan’s $2 Billion Deal Backfires

JP Morgan's bank strategy has come under fire (AP Photo/Gregory Bull, File)

J.P. Morgan Chase made it through the financial crisis relatively unscathed. And its CEO, Jamie Dimon [dye-mon] was supposed to be untouchable.

But yesterday, the firm announced that it had taken a two-billion dollar loss on a massive trade that backfired.

Dimon called the bank’s strategy “poorly executed and poorly monitored.”

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Is There Any Hope for the Knicks?

(AP Photo/Kathy Willens)

The New York Knicks haven’t won a post-season game since 2001 and they are not doing any better this year. They are losing the series 3-0 against the Miami Heat. Ben Osborne is the editor in chief of the basketball monthly, SLAM Magazine. He told me the Knicks don’t stand a chance. And forward center Amare Stoudemire is not the solution.

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Fencers Prepare for Olympic Games


The Summer Olympics will begin in London in 90 days, and athletes are training harder than ever. Hristina Tisheva found several members of one team that’s bound for London in Manhattan, and has this report.

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Members of the US National team will be competing in London from July 28th until August 5th

HOST INTRO: The Summer Olympics will begin in London in 90 days. In the past week millionaires super stars in the NBA complained that they don’t get paid for their participation.

But for sports like fencing which doesn’t rake in the same cash as basketball, athletes have to eek out living while pursuing their gold. This includes juggling full-time jobs and grueling training sessions. Hristina Tisheva reports.–

We don’t normally think of Olympic athletes training in an office building near Times Square. And yet, four of the fencers on the U.S. team and their coach — do that every day.

On a recent afternoon, two of the fencers warmed up at the gym on the second floor.

SOUND:

The fencers running on a strip in the gym


Dagmara Wozniak showed up just in time to start practice.

 

WOZNIAK1:

“Ready to go?”

(0:03)

They’re all specialists in the sabre, one of three Olympic fencing events, And three days a week, they practice twice a day. The four of them and their coach start with the run of entire gym.

There are 14 strips where fencers can face off and eight targets where they can practice solo. Yury Gelman, the coach of the Olympic men’s team, starts by giving the athletes their instructions.

 

GELMAN:

“You have six minutes. Non-stop. Target work. Start now for like one minute and then using footwork, use lunges. Let’s go. Double-touches, triples touches, lunge…Non-stop, six minutes.”

(0:14)

SOUND:

Fencers hitting the targets.

Gelman owns this gym — the Manhattan Fencing Center. He’s also the personal coach of four of the fencers.

He gives them 20-minute one-on-one lessons every day. When other fencers show up for his regular class at 6:30, the Olympians usually join them.

 

SOUND:

Gelman, instructing the class to do certain moves, fencers move in  unison, fading out.


The U.S. is producing more Olympic medalists in fencing than ever. Over a century, US fencers won only two medals. Then, in 2004 and 2008, they won a total of eight.

Keeth Smart is one of them. He won a silver medal four years ago as part of the Men’s saber team event.

In Bryant park on a break from his job in finance, Smart says the mentality of U.S. fencers has changed.

 

SMART1:

Prior to 1992, the expectation of Olympic fencers was to go to the Olympics and take a lot of pictures. Have a lot of fun at the Olympic games. Then after that, beginning in 1996, the goal was ‘We should be Olympics medals. Today, we expect to win medals.’”

(0:20)


Smart says the reason for the change is geo politics.

 

SMART2:

“Literally, one the Soviet Union collapsed in 1991, we had this influx of coaches and that was the start of the great renaissance of American fencing. Because we have all these coaches coming from Ukraine, Russia, Poland.”

(0:16)


As a result, Smart says, U.S. fencers have been learning the same secrets and techniques as former Soviet Bloc athletes.

But even with that coaching, becoming a world-class fencer isn’t easy. The athletes spend amost all of their time preparing for the Games.

Coach Yury Gelman says sacrifices are part of the training for the fencers.

 

GELMAN:

They basically don’t have time for friends. For girlfriend, boyfriends. Definitely no time for video games and stuff like this because it’s practice, practice, practice and a lot of traveling also.”

(0:16)


The athletes travel every other week to World Cup events in different countries. That leaves no time for regular jobs or school.

And there is little money in fencing. At most, the athletes get a stipend of 2,000 dollars a month. Some of them work part-time jobs.

Tim Morehouse was on the team that won the silver medal in Beijing and is on the team now. He says it’s difficult to find the balance between fencing and earning a living.

 

MOREHOUSE1:

“Sometimes it gets a little but crazy and I have a lot going on like now but most of the time I find it very rewarding. I feel like I live my days with a sense of a good urgency that I’m doing things that I care about.”

(0:10)

Like any sport on the Olympic level, fencing puts a strain on athletes’ bodies.

In the gym, fencers practice hard despite injuries. Dagmara Wozniak has tendinitis in her left wrist. It’s normally taped in order to keep it from moving.

 

WOZNIAK2:

Not today. I didn’t make it to physical therapy.

(0:04)

She has microtears in her muscle tissue. It always hurts when she’s fencing.

 

WOZNIAK3:

“It could be better. Just trying to keep the pain level down. It’s been ok but I wish it could be better.”

(0:05)


The key to winning a medal in London, according to Coach Yury Gelman, will be dealing with the pressure.

So, for the next 90 days, Gelman and the Olympic team will be working on building their confidence.

 

SOUND:

Tim and Wozniak fencing and talking. (joking) You know it’s impossible to hit me know, my parry is so good. You can’t get me…You think you’re about to and then…(shouts when lost the point)

As Tim Morehouse gets ready for a practice bout, he says fencers are not motivated by the perks that high-profile Olympic athletes can get.

 

MOREHOUSE2:

“I mean it’s a sport you do, because you love it. I’m not doing the sport because I was expecting to get media attention or have million dollar contracts.”

(0:08)


The opening day of the Olympics is July 27. The men’s individual fencing competition starts two days later – on Morehouse’s birthday.

Hristina Tisheva, Columbia Radio News.

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Newscast: Half Hour

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Hristina Tisheva brings us the news at 4:30 p.m.

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A Possible New Soccer Stadium on the West Side

Pier 40, a potential location for a new soccer stadium in New York. (AP Photo/Seth Wenig)

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It looks like New York City may finally be getting a second professional soccer team. Officials of Major League Soccer say they are focusing on the city as a location for the league’s 20th team. But that’s about all they’re giving away.  Last Thursday, the League bosses met with the owners of a potential stadium location in Manhattan. Hristina Tisheva reports from the waterfront.

Pier 40 on the Hudson River at the West end of Houston Street is already a popular soccer venue. Youth teams train here. Vincent Grady is the coach of the Downtown United soccer club. His young players work out here a lot.

GRADY:
I practice three times a week.  And with my girls’ team I practice three times a week.

The New York Metro area already has a professional soccer team. It’s called the New York Red Bulls and plays in Harrison, New Jersey.

But Major League Soccer Commissioner Don Garber is focusing on New York as a location for the 20th team in the league because of the city’s soccer history.

In the 1970’s, the New York Cosmos were the biggest name in the sport with German great Franz Beckenbauer and Brazilian soccer legend Pele.  

SOUND:
“Pele scored. The New York Cosmos have just scored…” Crowd cheering.
Time: 0:05

Daily News reporter Filip Bondy covered the team during its heyday in the early 1980’s. He says before the Cosmos and the North American Soccer League it played in folded, the team frequently filled up Giants stadium.

BONDY:
You would go there and there would be 77,000 fans screaming in the seats at Giants stadium. So, it was an amazing time for them. It really was this amazing sense of ‘This is our chance to see real soccer,’ so it was quiet an event.
TIME: 0:17

Bondy says it was an event that helped raise the visibility of soccer and attracted many younger players. He thinks the Cosmos helped to make the United States a more competitive national team.

BONDY:
There is no doubt about it, in my mind, the the U.S. national team would not be where it is right now, and certainly would not have qualified for the World Cup in 1990 because it was really a New York – New Jersey team.
TIME: 0:17

Ever since then, soccer has been getting more popular across the country. Last year, attendance at M.L.S games went up about 6 percent.  Here in the New York Metro area, the Red Bulls drew a little over 18,000 fans to home games. That’s about 2,000 more than the season before.

Dennis Coates teaches sports economics at the University of Maryland. He sees no reason why the greater New York area can’t support a second team.

COATES:
If the Red Bulls playing in New Jersey draw lots of fans from New Jersey and Staten Island and so on, and nobody from out on Long Island, nobody from Brooklyn and the Bronx and so on, then it’s very possible that if you put a team in downtown New York, it will attract a completely different set of fans than the team in New Jersey.
TIME: 0:22

A new Cosmos club might be that team.

A group of investors revived the old name in 2010. The team made Pele the honorary president, put former French superstar Eric Cantona in charge of development and made the late Italian player and Cosmos legend Georgio Chinaglia the team’s ambassador.

Chairman and CEO Paul Kemsley said that he was confident the Cosmos would become the 20th team in Major League Soccer.

But new owners took over the team last fall and Kemsley resigned. All that’s known about the new owners is that they are from Saudi Arabia. Whoever starts a new team in New York, is going to need a lot of money. MLS has said the new  franchise will cost 100 million dollars.

Meanwhile,  New York soccer fans know no more about what’s going to happen than they did before.

There is going to be a new stadium and it will probably be at Pier 40. But Daily News reporter Filip Bondy says the rumors have been going on for too long,

BONDY: Show me the stadium and then I’ll believe.
TIME: 0:03

The amateur soccer players who were playing there on a recent afternoon, see putting a field at Pier 40 as a mixed blessing.

CASTRO:
Can I ask you something? Will we be able to play in the professional stadium?
TIME: 0:03

That is Kevin Castro. He goes to high school in Queens and plays for Downtown United. He and about 10 of his friends, dressed in Barcelona and Manchester United t-shirts and shorts, pick one goal and start passing to each other. They come to Pier 40 five times a week. Castro says building a stadium at the location would mean they would lose their practice ground.

CASTRO:
To be honest with you, I don’t really think it’s…It’s nice to have a stadium around, close, to come and watch the games. But it will take everybody’s playtime. This is a field where everybody’s been coming here for a really long time. It wouldn’t be a good thing.
TIME: 0:14

There are still a lot of questions about Pier 40 as a stadium venue. Within a month, The Hudson River Trust, which operates Pier 40, expects a report  compiled by consultants suggesting what commercial opportunities may be possible at the field.
Meanwhile, the new Cosmos organization says it is continuing to meet with M.L.S officials.

Hristina Tisheva, Columbia Radio News.

Posted in City Life, Sports0 Comments

Mega Excitement over Historic Mega Millions Jackpot

A customer at a convenience store holds her Mega Millions lottery tickets Friday, March 30, 2012, in Portland, Ore. Lottery ticket lines across the U.S. swelled Friday as players drawn by a record $640 million Mega Millions jackpot took a chance at becoming an overnight millionaire. The jackpot odds were at 1 in 176 million. (AP Photo/Rick Bowmer)

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The biggest jackpot in Mega Millions history is up for grabs tonight. The multi-state lottery will draw numbers for its six-hundred and forty million dollar pot. Plenty of New Yorkers are ponying up to put their lucky numbers in the mix. Hristina Tisheva went to a convenience store in Bay Ridge, Brooklyn, that’s doing a roaring business selling the chance to win a fortune.

In one hour this morning Lucky Lotto took in about 500 dollars selling Mega Millions Lottery tickets. Luck is not just part of the store’s name. It was here in 2010 Mary Shammas won 64 million. And just last Tuesday someone else won 250,000 dollars on a ticket bought at the store. A new customer comes in every minute.

SOUND: Several people talking: “Second prize would be good, right?”Third price! 10,000 will be good.”  “3, 19, 20, 32, 43.” “This is for today, right?” “2, 22, 25, 54, 56, 30.” “306. Combo. For tonight, the evening.”

Jagdish Patel works at the store.

PATEL: “Now everybody feel like here is the lucky store, so, that’s why people come in.”

The customers in Lucky Lotto this morning think the big wins are a sign. Tony Maruna spent 200 dollars buying tickets at different stores.

TISHEVA: “Do you know that this store has won a few times before?”
MARUNA: “Yes, I do, that’s why I just came in and bought 40 dollars worth.”

Not everyone is that big of a spender. The average price people paid was between 10 and 15 dollars.

SOUND: Getting money back, cash register closing.  

PARK: “5? Oh, I need another 5. Just give me 5 Quick pick. 10 dollars.”

Mary Park already made plans how to use the money. Even if she wins, as she put it, “just 100,000.” She’ll buy a house first.

Leslie Bright and her mother Cheryl plan to go to Paris. She doesn’t play Quick pick where a machine automatically selects the numbers. Bright says they have a system to pick them.

BRIGHT: “We had some personal numbers and then we had some quick picks. But mostly I did a combination of my birthday and my mom’s birthday. I’m being very superstitious.”

To win the 640 million dollars you have to correctly guess all six wining numbers in one drawing. The odds of this happening are 1 in 176 million. Char Turigiano doesn’t care.

TURIGIANO: “Two dollars Quick Picks for Mega Millions tonight. I don’t know how lucky I’m feeling but I did my taxes so I’m happy.”

There are other winning options as well. You can win 150 dollars by guessing a combination of 3 or 4 numbers from 1 to 56 and the Megaball – a number from 1 to 46. Steven Vislocky bought 20 dollars worth of tickets today. He says he’s happy just to win.

VISLOCKY: “I’m not greedy I’d be happy with anything. Give some to the kids and payoff come bills.”

Vislocky says he’ll save some for his four kids’ education. If he wins, he said he will send them to Princeton University. 640 million will pay the tuition for Vislocky’s kids and for about 500 of their closest friends.

And now the bad news. If the winner happens to live in New York, he or she will have to pay 25 percent federal tax and nearly 9 percent state tax.

The drawing is tonight at 11. You have until 10:45 to buy a ticket. Hristina Tisheva, Columbia Radio News.

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Brooklynites Gradually Accept Barclays Sports Arena

Barclays Sports Center in Brooklyn will open on Sept. 28 with a Jay-Z concert. Photo by Hristina Tisheva

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BY HRISTINA TISHEVA

HOST INTRO: The Barclays Sports Center in Brooklyn is the future home of the New Jersey Nets. Many Brooklynites–even sports fans–have complained about the project since it was first announced in 2003. But now that it’s opening in September, some of the arena’s neighbors are looking forward to the jobs it will create. Hristina Tisheva reports.

Tony Delpino just finished basketball practice in a park at Bergen and 6th Avenue… around the corner from the sports center. Bouncing the ball, he passes the construction site but doesn’t even look at it. Delpino doesn’t think it should be there.

SOUND: Basketball bouncing

DELPINO: You move so many people out of the area who lived there their whole lives, so maybe they don’t know anything besides that section of Brooklyn. I can imagine it was hard for them.

Delpino is referring to hundreds of people that the developers, Forest City Ratner, relocated. They got the support of New York’s Supreme Court, which ruled Ratner could use eminent domain — that’s seizing private property without owners’ consent, but compensating them. Even Delpino’s aunt was moved to a neighborhood of her choice – Bensonhurst. He says she was unhappy in the beginning but got over it. Elizabeth Gold is not over it.

GOLD: There also wasn’t even the slightest effort made to think about making this into something special and just another ugly thing.

Gold wasn’t relocated. But she’s lived nearby for 15 years. She hated the way the developers just built whatever they wanted.

GOLD: Some attention to the make up of the neighborhood would have been nice.

A lot of people share Gold’s view. A series of documentaries called The Battle for Brooklyn followed residents’ efforts to stop the project.

DOCUMENTARY: This fight gets ugly at times because you have a community that is at war with itself and you have no adults in the room. It’s left to a corporate entity and a community.

But all the movie did was delay construction for six years. Now rent in the area is up. And some business can’t afford it. One of them is Triangle Sports across the street from the venue at 5th and Flatbush avenues. Ashante Brulan has worked there for 8 years. But he’s not worried about finding new work.

BRULAN: Once they build it, they’re going to need to staff it. So it’s going to create jobs that way. I heard they’re going t hire Brooklyn residents. So, that’s a good thing.

Right now, about 650 people work daily in and around the arena.

SOUND: Fading up and down sound of construction work going on.

Barclays says it will have about 1,000 jobs to fill when it opens at the end of September. It’s not clear how many will go to Brooklyn residents says Barclays vice president of marketing, Elisa Pedilla..

PEDILLA: I can tell you that Barclays center will be an equal opportunity employer so there will be jobs for anyone who is qualified for the positions that we’re going to be posting.

But Brooklyn food vendors will get special treatment. Barclays is already accepting applications online. Some people are still wondering what the fuss is about– including David Philip, who’s been a Brooklyn resident for 25 years.

PHILIP: The space’s been there. It’s been a train yard for years. Nobody complained about a train yard being there. Now because it’s a building, everybody has a problem with that. But it’s a big thing for Brooklyn. It puts Brooklyn back on the map.

Philip says he’s planning to go see a game. And so is everyone interviewed for this story. Even Elizabeth Gold, who resents the project.

SOUND: People playing basketball.

They say they’ll watch the Nets because…they’re right in their backyard. Hristina Tisheva. Columbia Radio News.

Posted in City Life, Sports1 Comment

What’s in Store for Baseball Fans

The Tampa Bay Rays play the New York Yankees at Steinbrenner Field on March 7. Photo by Kathy Willens, AP.

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BY HRISTINA TISHEVA

Baseball spring training started last Saturday. It’s really just a tease of what the regular season will bring. But before that, the Mets’ owners are going to trial. A federal judge ruled on Monday they must pay as much as $83.3 million to the trustee managing the losses in Bernard Madoff’s Ponzi scheme. Tyler Kepner is the national baseball writer for the New York Times. The Yankees are troubled with injuries, the Mets’ financial problems are getting worse, but Kepner says, baseball is safe.

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For New York’s Skiers, No Snow is No Problem

Cross-country skiers practice in Central Park despite the lack of snow. Photo by Hristina Tisheva.

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BY HRISTINA TISHEVA

HOST: Cross-country skiing is an international sport, with many devotees in the U.S. There hasn’t been much snow this year, which might discourage recreational skiers. But not competitive skiers in New York, who are used to training without it. Hristina Tisheva reports that one of the best places to train, snow or not, is right in the center of Manhattan.

NARRATION: On a recent afternoon, Timothy Donahue and Sproule Love are in Central Park getting ready for a workout.

SOUND: Putting gloves on.

SKIERS: “Let’s head out and hit the trails.”

NARRATION: They are wearing black bindings and grey ski-suits. The initials M-N-S-C… for Manhattan Nordic Ski Club… look like the letters on subway trains. These two have been skiing for more than 20 years—and they train here in the park three or four days a week.

SOUND: Skating on asphalt pavement, them talking to each other

But they say they only ski on snow about 8 times a year -when they compete. The rest of the time, they are on roller skis. They are twice as short as normal Nordic skis, with two wheels each.

SOUND: Skating on wheels

Donahue says in a colder climate he would put the roller skis away in November:

DONAHUE: “But if you live in Manhattan, your rollers skis are probably 90 to 95 percent of your skiing. Like I, for instance, I just wore my skis out and I had to get new ones ‘cause I use them too much.”

NARRATION: But Donahue doesn’t mind He says they will still work out in the city even if it snows.

DONAHUE: “Would we drive an hour and a half to go to the nearest ski place and ski for an hour or would we  ski here for three hours? For sure we’d ski here because it’s just as good. Pretty much.”

NARRATION: Donahue has convinced others too. Based on an essay he wrote, the website Fasterskier.com voted Central park the best roller skiing training cite in the U.S. and Europe. Another fan of the park is Caitlin Gregg. She is a 2010 Winter Olympian, originally from New York City, but now lives in Minneapolis. She trained in Central Park 12 years ago.

GREGG: You don’t have the very long sustained climbs but you definitely have a number of climbs on the North side that give you a good workout.”

NARRATION: Gregg finished in the top 5 at the U-S Cross Country Nationals the year she trained in Central Park. Sproule Love argues roller skiing actually benefits the skier because the pavement is a less forgiving surface.

LOVE: “When you’re on a snow, you can slide a little bit on a ski. But when you have rubber wheels on a ski, if you don’t have good technique, you’re not going to move forward.”

NARRATION: But training on snow — even manmade — allows for a lot of subtle muscle movements for better balance. It also lets skiers know how their skis perform. Six years ago, ski club member Bryan Mazlish approached the city about a snow trail in Van Cortlandt Park in the Bronx. Mazlish and park employees analyzed snowfall and temperatures data. He sent a proposal to the Parks Department but, he says, it didn’t go far.

MAZLISH: “Imagine if you tried to talk to Mayor Bloomberg about a pothole on your street, how far you’d get. And that’s what it was like.”

NARRATION: Some skiers argue snow — manmade or natural — is a necessity. Darwin Roosa runs the New York State Ski Race Association, which manages cross-country skiing events. Roosa says the lack of snow this winter has been a problem, and only manmade snow has made some of the races possible. He doesn’t approve of training only on asphalt.

ROOSA: “If someone, a skier, who trains in the New York Metropolitan area only on roller skis and they just don’t have the opportunity to get to manmade snow for training, they could be at a disadvantage.”

NARRATION: But Timothy Donahue and Sproule Love disagree. They think they’ve done very well without snow. Donahue finished second at a race in January in Vermont against skiers from across the country. Love came in 18th in a field of more than 400 skiers in Canada last month. Next weekend, they’ll both competing in the Lake Placid ski marathon. Hristina Tisheva, Columbia Radio News.

Posted in City Life, Sports3 Comments

Riding Out a Soccer Riot in Bulgaria

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The riot in Egypt during a soccer game killed more than 70 people earlier this month and  brought global attention to fan vandalism. But violence in the stands is almost taken for granted in many countries.

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