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After an international tribunal invalidated Beijing's claims to the South China Sea, Chinese authorities have declared in no uncertain terms that they will be ignoring the ruling.

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The unassuming hero of Jonas Karlsson's clever, Kafkaesque parable is the opposite of a malcontent. Despite scant education, a limited social life, and no prospects for success as it is usually defined, he's that rarity, a most happy fella with an amazing ability to content himself with very little. But one day, returning to his barebones flat from his dead-end, part-time job at a video store, he finds an astronomical bill from an entity called W.R.D. He assumes it's a scam. Actually, it is more sinister-- and it forces him to take a good hard look at his life and values.

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Donald Trump picked a military town, Virginia Beach, Va., to give a speech Tuesday on how he would go about reforming the Department of Veterans Affairs if elected.

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The season for blueberries used to be short. You'd find fresh berries in the store just during a couple of months in the middle of summer.

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But in any one location, the season is still short. And this means that workers follow the blueberry harvest, never staying in one place for long.

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Corzine Apologizes, Defends Actions Of MF Global, May Invoke Fifth

Dec 8, 2011
Originally published on December 8, 2011 1:11 pm

Former New Jersey senator and governor Jon Corzine, who led MF Global as it spectacularly collapsed in a bankruptcy that has left $1.2 billion in client money missing, is due at a House Agriculture Committee hearing this morning to face questions about what happened.

While he has submitted a statement, The Associated Press says Corzine is also expected to invoke the Fifth Amendment and decline to answer any potentially damaging questions that could be used against him in court. Still, his statement is an extensive defense of his actions.

In Corzine's statement, which is posted here, he begins by saying:

"Recognizing the enormous impact on many peoples' lives resulting from the events surrounding the MF Global bankruptcy, I appear at today's hearing with great sadness. My sadness, of course, pales in comparison to the losses and hardships that customers, employees and investors have suffered as a result of MF Global's bankruptcy. Their plight weighs on my mind every day – every hour. And, as the chief executive officer of MF Global at the time of its bankruptcy, I apologize to all those affected."

He also defends the investment firm's decision to invest in European government debt and says MF Global actually reduced its level of risk under his leadership:

"One of the recurrent themes in the media has been that MF Global took on too much risk during my tenure, in particular the amount of leverage that MF Global bore at the time of its bankruptcy. In fact, MF Global reduced leverage. In the quarter ended March 31, 2010, MF Global's leverage was 37.3. During my tenure, it was consistently around 30.7."

In his statement Corzine, a Democrat, also disputes suggestions that he tried to influence regulators who were pushing companies such as MF Global to reduce their risk exposures. He spoke, for instance, "on only limited occasions" with Chairman Gary Gensler of the Commodity Futures Trading Commission, Corzine says, and "no private discussions about the CFTC's regulation or oversight of MF Global."

As for the missing funds, Corzine says "I simply do not know where the money is, or why the accounts have not been reconciled to date."

Corzine resigned from MF Global in November.

The hearing is scheduled to begin at 9:30 a.m. ET. It will be webcast by C-SPAN.org.

Update at 1:10 p.m. ET. Corzine Has Begun Speaking:

He's now reading his prepared statement.

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