As reported on  http://smokingsection.uproxx.com/TSS/2012/02/derrick-rose-adidas-ink-a-reported-260-million-deal

“Two months after signing a five-year, $95 million contract extension with the Bulls, Derrick Rose has really struck it rich. Rose said he signed a “lifetime” contract with Adidas, which a source confirmed is for 14 years and $260 million. CSNChicago.com first reported that figure.

“Man, it’s definitely a blessing,” Rose said. “They’ve been with me since the beginning and stuck with me and I’m happy I’m a part of them for the rest of my life. They’ve been doing everything promotional-wise to make sure they put me out there, marketing me great all over the world. That’s all I needed from them.”

“A source close to Rose said the deal actually was agreed to in principle in December. However, Rose signed the deal Friday in Orlando.”

Read the full story at Chicago Tribune.

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Whitney Houston and Stevie Wonder Interview on The Arsenio Hall Show

The bad news is, if you already lost your home you’re not gonna get more than two stacks for your sorrows… The good news is, if your loan is bigger than what your house is worth, the bank has to restructure your loan and help you out!

Here’s the details:

Federal officials announced Thursday that 49 states have accepted a $25 billion foreclosure-abuse settlement with the five largest mortgage lenders — a deal that primarily helps underwater homeowners but pays just $2,000 to those already wrongly foreclosed upon.

The bulk of the deal requires the banks to reduce some loans and refinance mortgages for underwater borrowers. Oklahoma was the lone holdout to the agreement.

President Obama described the deal as a “landmark settlement” that would “begin to turn the page on an era of recklessness” while speeding relief to hard-hit homeowners.

It is the biggest settlement involving a single industry since a 1998 multistate tobacco deal. Under the agreement, five major banks — Bank of America, JPMorgan Chase, Wells Fargo, Citigroup and Ally Financial — will reduce loans for nearly 1 million households.

Those who lost their homes to foreclosure are unlikely to get their homes back or benefit much financially from the settlement. For those improperly foreclosed upon, the banks will cough up checks of $2,000 to about 750,000 Americans. The banks will have three years to fulfill the terms of the deal.

The deal was geared more toward homeowners who are struggling to make payments now, yet still have possession of their homes. The agreement requires the banks to commit a staggering amount of money toward changing loan terms. At least $10 billion will go toward reducing the principal for borrowers who are delinquent or underwater borrowers at risk of default. At least $3 billion will go toward refinancing. Other payments will go toward state governments, and the federal government, to “repay public funds lost as a result of servicer misconduct,” according to the Justice Department.

Obama, noting the damage the housing bubble did to the broader U.S. economy, said no single action would heal the housing market. But he described the settlement as an important step, one which would address alleged abuses by mortgage lenders — like using fake signatures in the foreclosure process.

“These practices were plainly irresponsible, and we refused to let them go unanswered,” Obama said.

All but one of the 50 states agreed to the deal. Oklahoma, the lone holdout, will receive no money. That state’s attorney general had opposed the massive fine included in the settlement, and reportedly was concerned the penalty went beyond the scope of the original investigation.

Attorney General Eric Holder said the deal would “hold mortgage servicers accountable for abusive practices.”

The conditions will be overseen by Joseph A. Smith Jr., North Carolina’s banking commissioner. Lenders that violate the deal could face $1 million penalties per violation and up to $5 million for repeat violators.

During the financial and housing crisis, home values sank and millions edged toward foreclosure. Many companies processed foreclosures without verifying documents. Some employees signed papers they hadn’t read or used fake signatures to speed foreclosures — an action known as robo-signing.

Under the deal, the 49 states have said they won’t pursue civil charges related to these types of abuses. Homeowners can still sue lenders in civil court on their own, and federal and state authorities can pursue criminal charges.

Bank of America will pay the most to borrowers as part of the deal — nearly $8.6 billion. Wells Fargo will pay about $4.3 billion, JPMorgan Chase will pay roughly $4.2 billion, Citigroup will pay about $1.8 billion and Ally Financial will pay $200 million. This does not include $5.5 billion in federal and state payments.

The deal also ends a separate investigation into Bank of America and Countrywide for inflating appraisals of loans from 2003 through most of 2009. Bank of America acquired Countrywide in 2008.

The banks and U.S. state attorneys general agreed to the deal late Wednesday after 16 months of contentious negotiations.

New York and California came on board late Wednesday. California has more than 2 million “underwater” borrowers, whose homes are worth less than their mortgages. New York has some 118,000 homeowners who are underwater.

In addition to the payments and mortgage write-downs, the deal promises to reshape long-standing mortgage lending guidelines. It will make it easier for those at risk of foreclosure to make their payments and keep their homes.

The settlement would apply only to privately held mortgages issued from 2008 through 2011. Banks own about half of all U.S. mortgages — roughly 30 million loans.

$WEEP$TAKE$ NEW 2012 (IN MY ROOM)

Jay-Z Performs NEW SONG Glory For The First Time At Carnegie Hall

(CNN) – The Green Party welcomed comedian Roseanne Barr as a presidential candidate Friday, following her Twitter announcement.

A spokesman for the grassroots movement said she completed the party's requirements to run under the Green banner and will promote their platform ahead of the 2012 election.

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Scott McLarty, national media coordinator for the party, said Barr and Jill Stein, the other candidate that met the qualifications, are committed to ending the influence of corporate money on politics and elections and served as active participants in the Occupy Wall Street movement.

"She's showing that she really is understanding what the Green Party is about and support our positions and our values," McLarty said of Barr. "It's great that someone who is so well known is campaigning not just in the party but for the party."

Barr, who previously supported President Barack Obama, announced her bid Thursday via Twitter.

"I am running for Green Party nominee for POTUS. I am an official candidate. I am4 the Greening of America&theworld. Green=peace/justice," she wrote.

The former star of "Roseanne," the sitcom that ran from 1988 to 1997, has flirted with a run in the past, telling Jay Leno over the summer, perhaps jokingly that she intended to campaign for the White House. She briefly starred in the Lifetime series "Roseanne's Nuts" in 2011 that documented her life on a macadamia nut and livestock farm in Hawaii and has since appeared at Occupy events.

Stein, a medical doctor and environmental and health advocate, ran for Massachusetts state representative in 2004 and secretary of state in 2006 as a member of the Green-Rainbow Party.

Six individuals, including Barr and Stein, filed with the Federal Election Commission to register as 2012 Green Party presidential candidates. However, the party is currently only recognizing Barr and Stein due to internal rules that include requiring the submission of a financial report and a list of supporters.

Greens typically emphasize environmentalism, participatory democracy, free speech and social justice and have achieved some electoral success at the local level. Ralph Nader most notably ran for president in 1996 and 2000 as a Green, capturing nearly 3 million votes in the later contest.

The party's national convention ahead of the 2012 race will take place in Baltimore between July 12 and July 15 and McLarty said the Green nomination will offer welcome relief from the GOP battle and dissatisfaction with Obama.

"We have a pair of candidates who are running for working Americans," McLarty said.

And of course, he added, "the publicity is great."

Barr did not return a request for comment from CNN.

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