By Nate Raymond

NEW YORK May 17 (Reuters) – A former chief executive of a
financial firm who pleaded guilty to charges stemming from a
probe into bid-rigging in the municipal bond market was
sentenced to two years probation on Friday by a judge who cited
his cooperation with U.S. investigators.

Martin Kanefsky, who was the chief of the now-defunct Kane
Capital Strategies Inc, pleaded guilty in April 2010 to fraud
and conspiracy charges related to his role in a scheme to
manipulate bids for investment agreements and municipal finance
contracts.

Kanefsky is the only individual out of eight sentenced so
far in a broad government investigation of the $3.7 trillion
U.S. municipal bond market not to receive jail time.

At least 19 people have been convicted or pleaded guilty in
connection with the probe, which centered on rigging returns
paid on short-term investments made with bond proceeds. Among
those convicted were bankers who worked at General Electric Co
, UBS AG, JPMorgan Chase & Co
.

Five financial institutions including Bank of America Corp
, UBS, GE, JPMorgan and Wachovia N.A., now owned by Wells
Fargo & Co, agreed to pay about $743 million to settle
the investigations.

In handing down the sentence, U.S. District Judge Robert
Patterson in Manhattan said to Kanefsky, “It’s not often
defendants come before me who have cooperated as fully as you
have.”

Kane Capital, which was based in Great Neck, New York, had
been hired by municipalities to run bidding for the investment
products they bought through bond offerings.

Prosecutors said Kanefsky engaged in two conspiracies, the
earliest of which dated to 1999, in which he gave employees at
other firms information about prices or considerations for their
competitors’ bids in violation of U.S. Treasury regulations.

“I had no right to substitute my judgment for the rules,”
Kanefsky, 63, told the court on Friday. “Nothing excuses this.”

Kanefsky had been providing information to prosecutors since
August 2008, a year and a half before his guilty plea,
prosecutor Steven Tugander said at the hearing.

Among the cases Kanefsky assisted with was the prosecution
of three former executives at GE affiliates, who were convicted
following a trial in May 2012, Peter Chavkin, Kanefsky’s lawyer,
said after the hearing.

In addition to probation, Patterson ordered Kanefsky to pay
a $30,000 fine and perform 200 hours of community service.

Kanefsky had agreed in 2011 to pay $250,000 to settle a
related investigation into municipal bid rigging by attorneys
general in 24 states and the District of Columbia.

The case is United States v. Kanefsky, U.S. District Court,
Southern District of New York, No. 10-cr-00721.

The Bank of England has upgraded its economic growth forecast and said that inflation should fall faster than previously predicted.

"That's the first time I've been able to say that since before the financial crisis.

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Terms and conditions

LONDON (Reuters) – Bayer’s acne pill Diane 35 and its generic versions are safe to use in certain women when other options have failed, the European Medicines Agency said on Friday.

Following a formal safety review, conducted at the request of French authorities, the agency concluded that the benefits outweighed the risks – provided measures were taken to minimize the chance of blood clots forming in veins and arteries.

The medicines should be used solely in the treatment of moderate to severe acne in women of reproductive age and only when alternative treatments, such as topical therapy and oral antibiotic treatment, have failed.

French authorities suspended sales of drugs in January after four deaths over the past 25 years were linked to their use. Bayer said at the time it was “surprised” by the suspension.

Diane 35 reduces acne by regulating hormones and blocking ovulation, and is often prescribed as a contraceptive even though it is not approved for this use.

(Reporting by Ben Hirschler; editing by Kate Kelland)

MIAMI (Reuters) – David Beckham’s impact on soccer always went well beyond his performances on the field and nowhere was that more evident than in the United States where he became the sport’s first household name since Pele.

Beckham’s two Major League Soccer titles are unlikely to feature near the top of his career achievements but he was brought to L.A. Galaxy from Real Madrid in 2007 on a $6 million a year deal for a much bigger task.

The former England midfielder was charged with helping popularize soccer – and more specifically MLS – in a country where the game has traditionally struggled to get mainstream attention.

Across MLS, the consensus is that Beckham, who played with the Galaxy until last December, did just that.

The former Manchester United player appeared on popular late night talk shows, in the pages of glossy magazines and broke into sports media empires normally the preserve of NFL and NBA stars.

His former Galaxy team mate Landon Donovan felt the ‘Beckham effect’ more than most.

“I obviously had a lot of interaction with him personally and he greatly helped my career and the success of our team but on a bigger scale, it’s what he’s meant for the game of soccer generally in the world and specifically what he’s meant for the game of soccer here in America and our team,” Donovan told Reuters on Thursday.

“Before David came and someone walked down the street and you said ‘I played for LA Galaxy, they would say who’s that? And after David left, if you say you play for LA Galaxy, people say: ‘that’s amazing’.

“The level of awareness he has brought has been priceless for us, and we’re very proud to have spent a few years with him,” added Donovan.

Brazilian Pele with the New York Cosmos led an impressive but short-lived burst of attention for the game in the old North American Soccer League (NASL) in the 1970′s but after that league collapsed, the game struggled until MLS began in 1996.

Since 2006, the league has expanded from 12 teams to 19 and average attendance grew by more than 3,000 during the Beckham era with teams investing in new purpose built soccer stadiums, rather than playing, as Pele was forced to, in huge NFL arenas often with artificial turf.

Galaxy head coach Bruce Arena said he had no doubts Beckham had given a major boost to the league and to his club in particular.

“The measurement is pretty clear from 2007 on – how the league has grown, with the number of franchises, how attendance has grown, how the league has been recognized around the world,” he said.

“Locally the Galaxy have grown our brand, we have won championships, what more can you say? Those are pretty impressive credentials for anyone,” added the former U.S. national team coach.

Not everyone was impressed with Beckham, particularly in the early part of his time in MLS when, seeking to prolong his England career, he skipped Galaxy games to play on loan with AC Milan in Italy.

Those moves led to angry protests against him from some Galaxy fans and plenty of criticism from the soccer media in the States but winning titles in both his last two seasons ensured he bowed out hailed as a success.

Beckham may yet have further involvement with MLS given that his contract with the league included an option on a future, ‘expansion’ team.

In the past the Englishman has always said he intends to exercise that option but a spokesman for the player said it was too early to say whether he would now look to create a club.

But even if Beckham’s chooses to focus on his various ‘ambassador’ roles internationally rather than turn his hand to MLS club ownership, he will go down as a key figure in the growth of the global game in the States.

(Writing by Simon Evans, additional reporting by Julian Linden in New York; editing by Martyn Herman)

‘A Delicate Truth’ by John le Carre



To many fans of spy fiction, le Carre is king. Over the past 50 years, he’s elevated the espionage genre to an art form in classics like “The Spy Who Came in from the Cold,” and “Tinker, Tailor, Soldier, Spy.”

Now 81, the British-born author has written his 23rd novel, “A Delicate Truth,” which addresses the war on terror.

The book begins with a top-secret mission, codenamed Wildfire. British and American agents are in Gibraltar to capture a jihadist arms dealer, but the covert op ends in “an utter cock-up.” A conspiracy and attempt at a coverup soon follow.

Longtime fans will already know that le Carre was a member of the British Foreign Service from 1959 to 1964, and writes with absolute authenticity about the kinds of spy tradecraft his characters employ. “A Delicate Truth” seems ready-made for the movies and not surprisingly, filmmakers are already working on a big screen adaptation. Le Carre himself appears in a stylized trailer for his novel that feels like a short film unto itself.

Watch the trailer and read an excerpt from “A Delicate Truth.”

‘Red Moon’ by Benjamin Percy



When it comes to horror fiction, vampires are so last year. The zombie craze is losing steam. Witches? Please.

Werewolves are where it’s at.

Benjamin Percy, a contributing editor at Esquire magazine, takes lycanthropes to another literary level in his new novel, “Red Moon,” turning the monster mythology on its ear. The story takes place in an alternate version of reality where being a werewolf is considered a disease, spread by a mysterious virus. While doctors search for a cure, the infected live alongside the general population, only as second-class citizens. They’re shunned, segregated and treated with mind-numbing drugs to keep from turning into monsters, full moon no longer needed.

There’s a guerrilla war being fought overseas in the ancestral home of the beasts, not unlike recent history in Iraq and Afghanistan. Percy draws a pretty direct parallel with the war on terror, which comes to a head when a werewolf terrorist unleashes a bloody attack on a passenger plane. The sole survivor of the flight becomes one of several main characters readers follow throughout the book.

There’s also a rebellious teen who’s the daughter of hippie werewolf parents, an Oregon politician running a rabid anti-werewolf campaign and an underground network of werewolf insurgents with plans to carve out their own corner of the country. If you enjoyed Justin Cronin’s apocalyptic vampire tale, “The Passage,” then check out “Red Moon.” It has a similar vibe and will appeal to readers looking for a tense, thrilling tale with some good grisly fun.

Read an excerpt from “Red Moon.”

‘The Baker Street Translation’ by Michael Robertson



I’ll admit it. I’m a sucker for a good Sherlock Holmes story. Count me among the fans of the recent resurgence in Arthur Conan Doyle’s iconic detective — Robert Downey Jr.’s Hollywood action-hero version, as well as the character’s modern re-imagining in the BBC’s “Sherlock” and CBS’s “Elementary.”

That said, any Holmes fan would enjoy Michael Robertson’s fresh new take on the Holmes stories in “The Baker Street Translation,” the latest in his series of books about the brothers of Baker Street. The concept is clever, Reggie and Nigel Heath are siblings who lease law offices at London’s 221B Baker Street, where they get mail addressed to the building’s best known, albeit fictional resident.

There are fan letters and then a few pieces of correspondence from people who believe Holmes is real and need his help. By answering the more persuasive sounding appeals, Reggie and Nigel can’t help but get pulled into their own cases, including a potential plot against a member of Britain’s royal family and a mystery that would even confound the famous fictional sleuth. Robertson’s characters are appealing, the story is light, fast-paced and thoroughly entertaining.

For any Sherlockian, it’s elementary — this series is not to be missed.

Read an excerpt from “The Baker Street Translation.”

‘Angel’s Gate’ by P.G. Sturges



Dick Henry, aka the Shortcut Man, is back in P.G. Sturges’ latest noir novel, “Angel’s Gate,” a romp through the seamy underside of Los Angeles.

For the uninitiated, Henry is an ex-cop turned fixer. If you have an unusual, even criminal problem, and you need to cut through the red tape, fast, call Dick. His solution may not always be moral, ethical, or legal but he gets the job done. That’s why he’s called the Shortcut Man.

Sturges is the son of Hollywood legend Preston Sturges, the moviemaker behind such classics as “Sullivan’s Travels.” Like father, son shares a love of quirky characters and screwball plots.

Case in point — in the book, Henry is hired by the sister of a young actress who disappeared years ago in Hollywood. His search for the missing girl takes him to the door of an aging and amorous movie mogul, who keeps a stable of starlets for some altogether unwholesome activity. The mystery goes even deeper with a fading movie star who has a dark secret, a missing screenplay, and a mysterious death on a yacht.

There’s also a running gag about a foul-smelling ficus being passed around the characters in the story. While the subject matter is definitely adult, Sturges breaks the dark mood with some welcome humor. For readers who haven’t yet met him, take advantage of this entertaining introduction to the Shortcut Man.

Read an excerpt from “Angel’s Gate.”

‘Frozen in Time’ by Mitchell Zuckoff



When it comes to riveting nonfiction, author Mitchell Zuckoff has a knack for finding fascinating but forgotten stories from World War II. His last book, “Lost in Shangri-La,” recounted the true-life story of a U.S. military plane crash in the rainforests of New Guinea and how a small group of survivors, caught between enemy Japanese troops and a tribe of man-eating headhunters, were able to stay alive and are eventually rescued.

Now in “Frozen in Time,” Zuckoff takes readers to a much colder clime, Greenland’s Ice Cap, the scene of another crash and another amazing rescue. There’s plenty of bad luck to go around and three plane crashes in the new book. First, a U.S. Skytrooper cargo plane goes down in 1942 over Greenland, then a B-17 bomber crashes during the subsequent search and rescue mission and then a “Duck,” a small amphibious plane also disappears looking for the downed airmen.

That’s just the beginning of the story. The real struggle here is the nearly five months the crash survivors spent stranded on the ice, battling blizzards and sub-zero temperatures. Adding to the narrative, there’s also a connection to the present woven into the harrowing WWII tale. Nearly 70 years after the crash, Zuckoff, members of the U.S. Coast Guard and a group of polar explorers go back to Greenland looking for one of the original crash sites and a plane still believed to be buried under the ice. In both time periods, this is a truly suspenseful and thrilling American story of perseverance with a worthwhile payoff in the final pages.

Read an excerpt from “Frozen in Time.”

The head of the US tax agency has quit after it emerged his staff singled out conservative groups for extra scrutiny, President Barack Obama has announced.

"Americans are right to be angry about it, and I am angry about it," he said. "I will not tolerate this kind of behaviour in any agency, but especially in the IRS, given the power that it has and the reach that it has into all of our lives."

On Tuesday, the Treasury Inspector General for Tax Administration's report on the scandal placed the blame on "ineffective management".

It found IRS managers had allowed "inappropriate criteria" to be developed and stay in place for more than 18 months, resulting in "substantial delays" in processing applications for tax-exempt status, and requests for "unnecessary information", such as lists of donors.

Among the criteria used by the IRS Determinations Unit to flag groups for review, the TIGTA said, were having words like "Tea Party", "Patriots" and "9/12" in their names; or manifestos that focused on the government's fiscal policy and educating the public to "make America a better place to live", or criticised how the country was being run.

Senior IRS officials told the watchdog that the decision to focus on conservative groups had not been influenced by any individual or organisation outside the agency.

Some Republicans, including two high-profile governors, have called for a special prosecutor to investigate.

House Speaker John Boehner told reporters earlier on Wednesday: "My question is, who's going to jail over this scandal?"

At least three Congressional panels are planning hearings, and House oversight committee chairman Representative Darrell Issa said he had asked five mid-level IRS employees be made available for questioning.