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Friday, December 12, 2008

Top broker and Wall Street adviser Bernard L. Madoff, aged 70, was arrested and charged by the FBI on Thursday with a single count of securities fraud, also known as stock fraud and investment fraud. He allegedly told senior employees of his firm on Wednesday that his $50 billion business “is all just one big lie” and that it was “basically, a giant Ponzi scheme (since at least 2005).” Mr. Madoff faces up to 20 years imprisonment and a fine of up to $5 million. FBI agent Theodore Cacioppi said Mr. Madoff’s investment advisory business had “deceived investors by operating a securities business in which he traded and lost investor money, and then paid certain investors purported returns on investment with the principal received from other, different investors, which resulted in investors’ losses of approximately $50 billion dollars.”

The former chairman of the Nasdaq Stock Market is also the founder and primary owner of Bernard L. Madoff Investment Securities LLC, the closely-held market-making firm he launched in 1960. The firm is one of the top market maker firms on Wall Street. He founded his family firm with an initial investment of $5,000, after attending Hofstra University Law School. He saved the money earned from a job lifeguarding at Rockaway Beach in Queens and a part time job installing underground sprinkler systems.

A force in Wall Street trading for nearly 50 years, he has been active in the National Association of Securities Dealers (NASD), a self-regulatory organization for the U.S. securities industry. His firm was one of the five most active firms in the development of the NASDAQ, having been known for “paying for order flow,” in other word paying a broker to execute a customer’s order through Madoff. He argued that the payment to the broker did not alter the price that the customer received. He ran the investment advisory as a secretive business, however.

Dan Horwitz, counsel of Mr. Madoff, in an interview, said that “he is a longstanding leader in the financial-services industry with an unblemished record; he is a person of integrity; he intends to fight to get through this unfortunate event.” Mr. Madoff was released on his own recognizance on the same day of his arrest, after his 2 sons turned him in, and posting $10 million bail secured by his Manhattan apartment. Without entering any plea, the Court set the preliminary hearing for January 12.

Madoff’s hedge fund scheme may rank among the biggest fraud in history. When former energy trading giant Enron filed for bankruptcy in 2001, one of the largest at the time, it had $63.4 billion in assets. The scheme would dwarf past Ponzis, and it would further be nearly five times the telecommunication company WorldCom fraud and bankruptcy proceedings in 2002.

The Securities and Exchange Commission filed a separate civil suit on Thursday against Bernard L. Madoff Investment Securities and its eponymous founder Mr. Madoff. It was docketed as “U.S. v. Madoff,” 08-MAG-02735, by the U.S. District Court for the Southern District of New York (Manhattan). SEC, New York associate director of enforcement, Andrew M. Calamari, asked the judge to issue seizure orders on the firm and its assets, and appoint a receiver. The SEC pleads, among others, that “it was an ongoing $50 billion swindle; our complaint alleges a stunning fraud that appears to be of epic proportions.” It further accused the defendant of “paying returns to certain investors out of the principal received from other, different investors” for years. Madoff’s hedge fund business had previously claimed to have served between 11 and 25 clients and had $17.1 billion in assets under management. But virtually all of the assets were missing.

United States District Court for the Southern District of New York Louis L. Stanton on Thursday appointed Lee Richards, a Manhattan lawyer, as the firm’s receiver. A hearing is set for Friday, for a ruling on the SEC’s petition to grant plenary powers to the receiver over the entire firm, and an absolute asset sequestration.

Doug Kass, president of hedge fund Seabreeze Partners Management said that “this is a major blow to confidence that is already shattered — anyone on the fence will probably try to take their money out.”

Tuesday, May 22, 2007

Speaking in Washington Tuesday at the conclusion of the China-U.S. trade summit, Chinese Vice Premier Wu Yi warned the U.S. not to pursue a ‘blame game’ in continued trade negotiations. “We should not easily blame the other side for our own domestic problems,” Wu said, speaking through an interpreter. “Confrontation does no good at all to problem-solving.”

The valuation of the Chinese Yuan has been closely tied to the U.S. Dollar for years. Critics charge that this resulted in a relatively low value, making Chinese goods cheaper in the U.S., contributing to the current trade imbalance that favours China.

Although the Chinese government expanded the band in which the Yuan can float (relative to the U.S. Dollar) from 0.3 percent to 0.5 percent last Friday, critics say the measure doesn’t go far enough to address the U.S. trade deficit. Members of the U.S. Congress have blamed China’s policy of currency manipulation for the rising trade imbalance and a 16 percent drop in manufacturing jobs since 2000. In 2006, U.S. imports from China exceeded exports by US$232.5 billion, almost one third of the total trade deficit of US$765.3 billion.

In April, the U.S. Department of Commerce filed a WTO piracy complaint against China. Subsequently, China has agreed to talks and has issued some internal guidelines to address the issue. Wu said that both sides should “firmly oppose trade protectionism.” She said that any effort to “politicize” the economic relationship between the two nations would be “absolutely unacceptable.”

“The Chinese government will agree to U.S. demands” on piracy, predicted Albert Louie, in April, about the upcoming talks. Louie is the managing partner of A. Louie Associates, an anti-piracy company in based in China. “There is no question the government wants to crack down on counterfeiters. What remains in question is the consistency of enforcement,” he added.

The U.S. delegation also highlighted food safety as a concern with imports from China. The example of melamine-tainted pet food ingredients imported from China recently was used as an example of weak health and environmental controls in China. U.S. trade delegate Susan Schwab said the issue of food safety was raised by Agriculture Secretary Mike Johanns and Health and Human Services Secretary Michael Leavitt. “This is not necessarily reflective of more protectionism or anti-Chinese sentiment, but rather that there are concerns there and we need to be responsive,” said Schwab.

It is hoped that breakthroughs will be reached on issues such as U.S. complaints of high Chinese import duties on U.S. energy technology products and the restriction on U.S. airline flights to China.

In the US Congress, a number of potential bills that would impose trade restrictions on China, are being pursued. Recently, a trade panel voted to impose a 44.3 percent tariff on polyester imports. Meanwhile, the Bush administration increased duties on certain types of glossy paper from China. A bill imposing 27 percent tariff on all Chinese goods has been proposed in Congress but hasn’t yet passed.

“The frustration that I and many of my colleagues in the Senate feel is that China is not satisfying its obligations as a member of the WTO and as a major beneficiary of open trade,” wrote Charles Grassley, chairman of the Senate Finance Committee, in a letter sent to Wu in advance of the summit.

Friday, August 25, 2006

The bodies of a Canadian soldier killed in a suicide bombing in Kandahar, Afghanistan has been returned to Canada, Wednesday, the same day that the remains of a child killed by Canadian troops in the aftermath of the car bomb was returned to his family.

The soldier was killed in a suicide car bombing outside a military base two hours before the shooting took place. The 10-year old Afghan boy was riding on the back of a motorcycle when he and a teenaged driver sped to the scene of the attack, crossing a security perimeter that had been set up.

The boy’s death has angered Afghans in the area and military officials are concerned of a backlash from the incident.

The casket of Corporal David Braun, 27, was flown from Kandahar in a C-130 Hercules aircraft. He was the eighth Canadian soldier killed in Afghanistan this August and the 27th Canadian killed in Afghanistan since troops were deployed there in early 2002. Three other soldiers were injured in the suicide attack on the NATO convoy but are reported to be in good condition.

See the discussion page for instructions on adding schools to this list and for an alphabetically arranged listing of schools.

Due to the damage by Hurricane Katrina and subsequent flooding, a number of colleges and universities in the New Orleans metropolitan area will not be able to hold classes for the fall 2005 semester. It is estimated that 75,000 to 100,000 students have been displaced. [1]. In response, institutions across the United States and Canada are offering late registration for displaced students so that their academic progress is not unduly delayed. Some are offering free or reduced admission to displaced students. At some universities, especially state universities, this offer is limited to residents of the area.

Friday, July 17, 2009

According to the Pew Research Center, a non-advocacy organization that evaluates issues, attitudes and trends shaping the political landscape of the United States, centrism is on the rise in America. According to Pew, the number of Americans identifying themselves as independents has reached the highest level in 70 years.

Recently 36% of Americans say they are independents, 35% identify as Democrats, while 23% see themselves as Republicans. Some people are abandoning the major parties, re-registering as independent or joining third parties.

One of these third parties are the Modern Whig Party (MWP), who have enjoyed phenomenal growth over the past year; from just 3,000 members last summer to 30,000 now. With the Party’s commitment to “fiscal responsibility” and “bold social progression”, several conservative Democrats and centrist Republicans have been attracted to it.

Wikinews reporter Joseph Ford recently spoke with the Modern Whig Party’s chairman, Mike Lebowitz, about the MWP’s history, present state and future prospects. “Our membership is comprised of people from all parts of the mainstream political spectrum,” Lebowitz explains. He says that the MWP has “pragmatic, realistic, and mainstream” approaches to the numerous issues facing America today.

“A number of print and broadcast media outlets have even gone so far as to proclaim that the Modern Whig Party is “potentially viable,” and “makes sense”,” Lebowitz points out. “We are building this organization realistically, methodically and gradually in an effort to get this right.”

He went on to say much more — including why he thinks you should consider leaving the GOP or the Dems for the MWP — in the interview below.

Sunday, October 1, 2006

An overpass has collapsed in Laval, a suburb of the Montreal area of Quebec, Canada. Three lanes of the Concorde Boulevard overpass collapsed into Highway 19. At least 5 people are dead, 6 others injured, 2 critically and least 3 cars are reported to be trapped underneath the overpass. Authorities have stated that 3 cars and a motorcycle were on the overpass when it collapsed.

Rescue workers and construction engineers have brought in heavy equipment, cranes and drills to break up the overpass into roughly a dozen smaller segments for removal. At the time of the collapse, authorities reported that 2 vehicles were trapped under the debris. Around midnight, the two vehicles were removed from the debris, and the five occupants of both vehicles were pronounced dead on the site.

Transport Quebec and Sûreté du Québec have reported that around 9:30 a.m. local time, people called 911, reporting that small chunks of concrete had fallen from the Boulevard de la Concorde (Concorde Boulevard) overpass over Autoroute 19, and Transport Quebec sent a crew to inspect. At around 11:55 a.m., Transport’s Québec patrol arrived at the overpass confirming the facts. The patroller moved the chunks off the highway and produced a report, sent to the Transports Quebec branch responsible for Laval.

The incident happened at approximately 12:30 p.m. local time, local residents described what sounded like “an earthquake”. It is not known at this time how the collapse occurred, or when it might be repaired. It is currently assumed that the cement bondings to the steel rods which held the overpass to its approaches gave way, and with nothing to hold the overpass’ central span up, it collapsed.

This isn’t the first overpass collapse in Laval. In 2000, a section of the Highway 15 overpass collapsed, killing one and injuring two others. It was later determined that the collapse in 2000 was caused by a manufacturing defect.

Friday, March 23, 2007

In a press release earlier today, New York State Agriculture Commissioner Patrick Hooker, along with Dean of Cornell University’s College of Veterinary Medicine Donald F. Smith, confirmed that scientists at the New York State Food Laboratory identified Aminopterin as a toxin present in cat food samples from Menu Foods.

Menu Foods is the manufacturer of several brands of cat and dog food subject to a March 16, 2007 recall.

Aminopterin is a drug used in chemotherapy for its immunosuppressive properties and, in some areas outside the US, as a rat poison. Earlier reports stated that wheat gluten was a factor being investigated, and officials now state that the toxin would have come from Chinese wheat used in the pet food, where it is used for pest control. Investigators will not say that this is the only contaminant found in the recalled food, but knowing the identity of the toxin should assist veterinarians treating affected animals.

The Food Laboratory tested samples of cat food received from a toxicologist at the New York State Animal Health Diagnostic Center at Cornell University. The samples were found to contain the rodenticide at levels of at least 40 parts per million.

Commissioner Hooker stated, “We are pleased that the expertise of our New York State Food Laboratory was able to contribute to identifying the agent that caused numerous illnesses and deaths in dogs and cats across the nation.”

The press release suggests Aminopterin, a derivative of folic acid, can cause cancer and birth defects in humans and can cause kidney damage in dogs and cats. Aminopterin is not permitted for use in the United States.

The New York State Food Laboratory is part of the Federal Food Emergency Response Network (FERN) and as such, is capable of running a number of unique poison/toxin tests on food, including the test that identified Aminopterin.