Sunday, October 15, 2006

A magnitude 6.7 earthquake shook the Hawaiian islands at 17:07:49 UTC (07:07:49 local time) October 15, 2006. The quake, centered approximately 6 miles southwest of Puak? on the west side of Hawai`i Island (the Big Island), was felt throughout the entire state, causing a statewide power outage.

No tsunami warning was issued as a result of the quake; however, a tsunami measuring around 0.1 meters (four inches) was recorded. There were 50 aftershocks reported after the quake, the strongest being a 5.8 tremor reported at about 17:14 UTC (7:14 a.m. local time).

There were no fatalities reported and only scattered reports of minor injuries.

Electric power was lost statewide shortly after the quake. As of about 8:00 p.m. HST, power was restored to all the neighbor islands, but Hawaiian Electric personnel still had work to go on Oahu, the island with the highest population. Power was eventually restored to most areas of Oahu by midnight.

Structural damage occurred at Kona Hospital, where ceiling tiles fell and electricity was lost, forcing an evacuation of patients to Hilo Medical Center on the other side of the island. Damage was also reported at the Honokaa Long-term Care Facility and the Royal Kona Resort.

Hawaii Governor Linda Lingle, who was in Kona at the time of the earthquake, issued an emergency declaration for the entire state of Hawaii at about 11:00 a.m. local time (2300 UTC Sunday).

Air service in Hawaii was temporarily suspended shortly after the quake as airports were forced to operate on emergency power. The power outage caused delays to incoming and outgoing flights, as TSA agents had to conduct manual searches of all bags. Airlines have canceled numerous flights scheduled to depart Honolulu International Airport Sunday evening.

Communication links are problematic. Most radio stations lost power and stopped broadcasting immediately after the quake. (Metroblogging Hawaii) Honolulu radio station KSSK, operating on emergency generators, became a central information source for Oahu residents. A landslide has blocked at least one major highway from a section of a cliff at Kealakekua Bay.

USGS Volcano Observatory equipment has not been significantly damaged. Monitoring stations report “no significant changes in the past 24 hours” of the eruption of the K?lauea volcano.

According to USGS records, this earthquake is the fourth largest Hawaiian earthquake in the last 100 years. Previous earthquakes include a magnitude 7.2 quake in 1975, a magnitude 6.9 quake in 1951, and a magnitude 6.8 quake in 1938. The last magnitude 6.7 quake was in 1983.

Friday, April 23, 2010

Minas, one of the largest states of Brazil, has stopped the sale of the Toyota Corolla over safety concerns.

The move was made after nine Corolla customers reported that their cars automatically accelerated. The state public prosecutor’s office said in an online statement on Tuesday that the problem is blamed on accelerator pedals sticking underneath floor mats. Local government said the issue was “putting in danger the lives of occupants”.

According to the prosecutor’s office, sales of Corollas may resume when Toyota alters the floormats in its current models. Toyota has recalled over eight million vehicles worldwide due to acceleration problems.

Friday, June 17, 2011

Anthony Weiner announced his resignation yesterday afternoon as a Democratic representative from New York to the U.S. House of Representatives, a position he has filled for twelve years. He has been under pressure from politicians within his own party after a sex scandal engulfed his life and that of the Democratic party.

Weiner told reporters it was “impossible” to continue in his role after the events of the last few weeks, including revelations that he was involved in sexual relationships with a number of young women over the internet, including sending lewd photos of himself, and then lying about his actions to reporters.

He announced his resignation at a press conference in a Brooklyn senior center where 20 years ago he began his political career and apologized for his “personal mistakes”. His wife, Huma Abedin, did not accompany him, but Weiner apologized to her in his speech, saying that he hopes “most importantly, that my wife and I can continue to heal from the damage that I’ve caused.” He took no questions from reporters.

On June 6, Weiner had admitted to corresponding with women he met on the internet, including exchanging lewd photos. But on June 11 he declared in an emotional interview he would not resign. Under pressure from Democrats, Weiner requested a two-week leave of absence from his position in order to obtain treatment to become “a better husband and healthier person.”

However, Democratic politicians became increasingly anxious to put the growing scandal behind them, as it distracted members from more important issues such as problems with Medicare and the need for more jobs. As the scandal gained momentum, a variety of politicians, including Nancy Pelosi, the House Minority Leader, called on him to resign. President Barack Obama said he would resign if he were in Weiner’s place in an interview with ABC News.

“Weiner exercised poor judgment in his actions and poor judgment in his reaction to the revelations,” Pelosi said in a statement after Weiner announced his resignation. “Today, he made the right judgment in resigning.”

The scandal came to light May 27 after Weiner accidentally sent a photograph of his crotch on his public stream on the social networking website Twitter, and then tried to cover it up by blaming hackers for posting the picture, denying all responsibility.

Weiner later admitted sending online messages to other women, including to a 17-year-old high school student in Delaware, though a police investigation uncovered nothing illegal. On Wednesday, a former porn actress revealed that she had engaged in an online relationship with Weiner and that Weiner had asked her to lie about the nature of their contact.

More photos have continued to emerge, including one showing his nude genitals, and others showing him half naked. On Wednesday, the National Enquirer published images of Weiner cross-dressing while he was a college student at the State University of New York at Plattsburgh. In one photo, he is seen wearing a bra and pantyhose, while in another he is oiled and wearing swimming trunks.

Congressman Weiner exercised poor judgment in his actions and poor judgment in his reaction to the revelations. Today, he made the right judgment in resigning.

Colleagues said Weiner wanted to wait for the return home of his wife, Abedin, before making a final career decision. He has been married for almost a year to Abedin, who is pregnant with the couple’s first child. She is a top aide to Hillary Clinton, the Secretary of State, and the couple’s wedding was presided over by former President Bill Clinton. She returned home to Washington, D.C. on Wednesday morning after having traveled with Clinton in the Middle East and Africa since June 8.

Weiner’s district covers parts of Brooklyn and Queens, boroughs of New York City. He ran an unsuccessful campaign for mayor of New York City in 2005, and he was considered a potential candidate for future races. Known to be an outspoken supporter of liberal causes, he has irked conservatives and Democratic leaders. In 2009, he pushed for government-run health care, even though Obama had opposed the idea.

Monday, April 6, 2009

Over 1,600 volunteers registered to help build approximately 65,000 of the 500,000 sandbags to create dikes 20.5 feet (6.2 meters) high to protect the City of Winnipeg, Manitoba in the war against the Red River of the North flood.

700 volunteers answered at the rural municipality of St. Andrews alone. Once sandbags are filled for West St. Paul, St. Andrews, and Selkirk, then frozen culverts must be cleared.

The height of the river is expected to be Thursday, and predictions are that it will be less than Flood of the Century of 1997. There is no precipitation in the forecast, and snow in the province should be melted by the end of the week.

“The fear right now is we have to get that ice out of the river. The Amphibex [Excavators] are still working and breaking the ice apart, and everyday we buy with the warm weather and the current, it is thinning the ice down a bit, so when it does start to move, the better chance it’ll move right out into the lake,” said Paul Guyder, the emergency coordinator for the RMs of St. Andrews and St. Clements.

“I feel that we’ve done everything humanly possible to get ready,” said Gary Doer, Premier of Manitoba, “But … there are fallibilities with human behaviour. We can take every preventative measure as human beings possible and we can still get Mother Nature proving again she is superior.”

Communities with ring diking will partially or fully close their dikes at the beginning of the week. Provincial officials are considering opening the Red River Floodway gates around mid-week before ice is fully melted.

Ice jams could cause flooding within the city, however opening the gates could spare neighbourhood flooding when the river rises to the estimated 6.3 meters (20.7 feet) height. The province does have back up plans for dealing with ice jams within the city if they do occur. The unpredictability of ice jams and the ensuing water level rise may cause neighbourhood flooding. The city is raising dikes where the river has jammed with ice in the past such as on tight curves and past bridges. Likewise there are excavators and backhoes positioned at these points.

Vulnerable neighbourhoods on the river banks have been reinforced with sandbag dikes at vulnerable areas from the massive volunteer effort over the weekend. Guyader feels no more extra volunteers are needed, however volunteers are still being asked to leave their names and number in case of unpredicted need. Existing personnel will assess roads, and help with clean up.

Approximately 400 of the 800 people who evacuated the Roseau River Anishinabe First Nation have returned to their homes.

Former Premier, Dufferin Roblin, brought forward the floodway as a protection for Winnipeg residents and economy following the 1950 Red River Flood. The Red River floodway, “Duff’s Ditch” was finally finished in 1968, and its floodway gates have been opened 20 times saving Winnipeg from an estimated CA$10 billion in damages. The floodway expansion began in 2005 at a price of $665 million.

Polish and Chinese experts have come to survey the Red River Floodway, and Dennis Walaker, mayor of Fargo, North Dakota recognises the need for Red River flood defences down river. “Every town that you drive by from the Canadian line up to Winnipeg is either elevated or ring-diked,” said Walaker.

The need for prayer retreats by Todd DawsonOur world has been seized by violence and unrest. There is no portion of land on this earth where there arent people and individuals suffering for their right to lead a respectable life. Millions die regularly for causes that defy logic. There are individuals, organizations and governments that kill, prosecute and oppress in the name of power, authority and religion. If a planet seized by anarchy wasnt enough, there are millions of seemingly privileged individuals who lead lives of abject misery and alienation. People are disconnected from each other from their families, friends, colleagues, communities, etc. Individuals are divided against each other based on difference and diversity. The common man cannot rest easy because of a sense of imminent danger to his personal security. Life has never been more nightmarish. In such anxious and stressful times, retreating from the general flux of life can be rejuvenating. Retreat: what does it mean?The Oxford dictionary defines the word retreat as an act of moving back or withdrawing. This withdrawal is usually understood to be to a quiet and isolated location. In religious history through the ages, spiritual leaders, prophets, messengers of god have been known to retreat or withdraw to a secluded and silent place during times of tribulation and stress. The purpose of such a retreat was to spend time in communion with God, to meditate on his presence and creations and gain a better understanding of their purpose in life that is acceptable in the eyes of God. A prayer retreat allows you to move away from the daily pressures and anxieties of life, to adopt new perspectives, change focus and return a reborn individual. A retreat spent in prayer is about forgetting your regular life and opening yourself up to the presence of God when there are no distractions. The importance of prayerPrayer at a retreat isnt simply about interceding and confessing. Most believers and church leaders will tell you that prayer is a way of life. What they are basically trying to say is that prayer is a consciousness of the presence of God at every moment of your life. Leading a life of prayer implies living every moment as if God is privy to your every move, thought, word and action. It is also about living a life in accordance with the divine will of God. Living a life of prayerBefore you can live a fruitful life of prayer, it is necessary to get a little practice and get an idea of how to go about it. Prayer retreats are the ideal place to learn the importance of God in your life and live a worthy and spiritual life. The solace and rest that comes with prayer can ground you and bring focus back into your life. So, begin with attending prayer retreats where you are taught to meditate on God and make him a part of your daily routine. You are provided with tools and guidelines that can transform your life into a living prayer.Prayer retreats are available at Franciscan Friar Retreat Center at Oceanside, California every weekend, schedule your retreat and register at sanluisrey.org/Article Source: eArticlesOnline.com

Wednesday, September 6, 2006

The American Academy of Pediatrics (AAP), in the September 2006 issue of its journal Pediatrics, supports the use of dairy by lactose intolerant children.

Dr. Melvin B. Heyman, author of the article, says that just because a child is lactose intolerant, does not mean that they should avoid dairy altogether. Many lactose intolerant people can consume small amounts of dairy.

Heyman says that dairy consumption is important, especially for children, because of its high calcium content. The calcium is, in turn, important for stengthening growing bones. “If dairy products are eliminated,” the article says, “other dietary sources of calcium or calcium supplements need to be provided.”

Lactose intolerance is a condition, present in the majority of human population above the age of infancy, due to which the body cannot tolerate lactose, a sugar present in milk and other dairy products. Lactose intolerance causes a range of unpleasant abdominal symptoms, including stomach cramps, bloating, flatulence and diarrhea.

As lactose intolerance is inherent, its prevalence varies by ethnic group. For example, while only 12% of American Caucasians have it, its prevalence is 75% among African Americans, 93% among Chinese, 60%-80% among Ashkenazi Jews,and 100% among American Indians. Many people do not realize that they have this condition simply because they have eaten dairy all their lives and view the symptoms of lactose intolerance as “normal”.

Physicians Committee for Responsible Medicine (PCRM) has long stated that the risks of consuming dairy far outweigh the benefits. According to PRCM’s fact sheet, called “Parents’ Guide to Building Better Bones”, there are many healthy ways of getting enough calcium and promoting bone health. Many foods contain calcium, not just dairy. Also, it is important to consider the amount of calcium absorbed, not just the amount of calcium present in a food. For example, more than three times as much calcium is absorbed from one serving of Total Plus cereal as from one serving of 2% milk.

PCRM promotes a strictly vegetarian diet. Despite its name, it claims only 5 percent of its members as physicians. PCRM has also been accused of having links with animal rights “extremists”, in particular Jerry Vlasak, a former PCRM spokesman who called for the murder of scientists who use animals in research.

The report in News-Medical.Net says that Ann Marie Krautheim, with the National Dairy Council, a dairy lobbying group, says

she hopes the report will educate parents on how to continue to include dairy in the diets of children sensitive to lactose and also help improve their nutrient intake. Krautheim says calcium-fortified beverages and other foods which seek to provide an alternative source of calcium, do not provide an equivalent nutrient package to dairy foods such as milk, cheese and yogurt.

This last statement, however, that dairy products are superior to calcium-fortified foods, is not supported by the article in Pediatrics.

Wikinews accredited reporter Killing Vector traveled to the G-20 2009 summit protests in London with a group of protesters. This is his personal account.

Friday, April 3, 2009

London – “Protest”, says Ross Saunders, “is basically theatre”.

It’s seven a.m. and I’m on a mini-bus heading east on the M4 motorway from Cardiff toward London. I’m riding with seventeen members of the Cardiff Socialist Party, of which Saunders is branch secretary for the Cardiff West branch; they’re going to participate in a march that’s part of the protests against the G-20 meeting.

Before we boarded the minibus Saunders made a speech outlining the reasons for the march. He said they were “fighting for jobs for young people, fighting for free education, fighting for our share of the wealth, which we create.” His anger is directed at the government’s response to the economic downturn: “Now that the recession is underway, they’ve been trying to shoulder more of the burden onto the people, and onto the young people…they’re expecting us to pay for it.” He compared the protest to the Jarrow March and to the miners’ strikes which were hugely influential in the history of the British labour movement. The people assembled, though, aren’t miners or industrial workers — they’re university students or recent graduates, and the march they’re going to participate in is the Youth Fight For Jobs.

The Socialist Party was formerly part of the Labour Party, which has ruled the United Kingdom since 1997 and remains a member of the Socialist International. On the bus, Saunders and some of his cohorts — they occasionally, especially the older members, address each other as “comrade” — explains their view on how the split with Labour came about. As the Third Way became the dominant voice in the Labour Party, culminating with the replacement of Neil Kinnock with Tony Blair as party leader, the Socialist cadre became increasingly disaffected. “There used to be democratic structures, political meetings” within the party, they say. The branch meetings still exist but “now, they passed a resolution calling for renationalisation of the railways, and they [the party leadership] just ignored it.” They claim that the disaffection with New Labour has caused the party to lose “half its membership” and that people are seeking alternatives. Since the economic crisis began, Cardiff West’s membership has doubled, to 25 members, and the RMT has organized itself as a political movement running candidates in the 2009 EU Parliament election. The right-wing British National Party or BNP is making gains as well, though.

Talk on the bus is mostly political and the news of yesterday’s violence at the G-20 demonstrations, where a bank was stormed by protesters and 87 were arrested, is thick in the air. One member comments on the invasion of a RBS building in which phone lines were cut and furniture was destroyed: “It’s not very constructive but it does make you smile.” Another, reading about developments at the conference which have set France and Germany opposing the UK and the United States, says sardonically, “we’re going to stop all the squabbles — they’re going to unite against us. That’s what happens.” She recounts how, in her native Sweden during the Second World War, a national unity government was formed among all major parties, and Swedish communists were interned in camps, while Nazi-leaning parties were left unmolested.

In London around 11am the march assembles on Camberwell Green. About 250 people are here, from many parts of Britain; I meet marchers from Newcastle, Manchester, Leicester, and especially organized-labor stronghold Sheffield. The sky is grey but the atmosphere is convivial; five members of London’s Metropolitan Police are present, and they’re all smiling. Most marchers are young, some as young as high school age, but a few are older; some teachers, including members of the Lewisham and Sheffield chapters of the National Union of Teachers, are carrying banners in support of their students.

Gordon Brown’s a Tory/He wears a Tory hat/And when he saw our uni fees/He said ‘I’ll double that!’

Stewards hand out sheets of paper with the words to call-and-response chants on them. Some are youth-oriented and education-oriented, like the jaunty “Gordon Brown‘s a Tory/He wears a Tory hat/And when he saw our uni fees/He said ‘I’ll double that!'” (sung to the tune of the Lonnie Donegan song “My Old Man’s a Dustman“); but many are standbys of organized labour, including the infamous “workers of the world, unite!“. It also outlines the goals of the protest, as “demands”: “The right to a decent job for all, with a living wage of at least £8 and hour. No to cheap labour apprenticeships! for all apprenticeships to pay at least the minimum wage, with a job guaranteed at the end. No to university fees. support the campaign to defeat fees.” Another steward with a megaphone and a bright red t-shirt talks the assembled protesters through the basics of call-and-response chanting.

Finally the march gets underway, traveling through the London boroughs of Camberwell and Southwark. Along the route of the march more police follow along, escorting and guiding the march and watching it carefully, while a police van with flashing lights clears the route in front of it. On the surface the atmosphere is enthusiastic, but everyone freezes for a second as a siren is heard behind them; it turns out to be a passing ambulance.

Crossing Southwark Bridge, the march enters the City of London, the comparably small but dense area containing London’s financial and economic heart. Although one recipient of the protesters’ anger is the Bank of England, the march does not stop in the City, only passing through the streets by the London Exchange. Tourists on buses and businessmen in pinstripe suits record snippets of the march on their mobile phones as it passes them; as it goes past a branch of HSBC the employees gather at the glass store front and watch nervously. The time in the City is brief; rather than continue into the very centre of London the march turns east and, passing the Tower of London, proceeds into the poor, largely immigrant neighbourhoods of the Tower Hamlets.

The sun has come out, and the spirits of the protesters have remained high. But few people, only occasional faces at windows in the blocks of apartments, are here to see the march and it is in Wapping High Street that I hear my first complaint from the marchers. Peter, a steward, complains that the police have taken the march off its original route and onto back streets where “there’s nobody to protest to”. I ask how he feels about the possibility of violence, noting the incidents the day before, and he replies that it was “justified aggression”. “We don’t condone it but people have only got certain limitations.”

There’s nobody to protest to!

A policeman I ask is very polite but noncommittal about the change in route. “The students are getting the message out”, he says, so there’s no problem. “Everyone’s very well behaved” in his assessment and the atmosphere is “very positive”. Another protestor, a sign-carrying university student from Sheffield, half-heartedly returns the compliment: today, she says, “the police have been surprisingly unridiculous.”

The march pauses just before it enters Cable Street. Here, in 1936, was the site of the Battle of Cable Street, and the march leader, addressing the protesters through her megaphone, marks the moment. She draws a parallel between the British Union of Fascists of the 1930s and the much smaller BNP today, and as the protesters follow the East London street their chant becomes “The BNP tell racist lies/We fight back and organise!”

In Victoria Park — “The People’s Park” as it was sometimes known — the march stops for lunch. The trade unions of East London have organized and paid for a lunch of hamburgers, hot dogs, french fries and tea, and, picnic-style, the marchers enjoy their meals as organized labor veterans give brief speeches about industrial actions from a small raised platform.

A demonstration is always a means to and end.

During the rally I have the opportunity to speak with Neil Cafferky, a Galway-born Londoner and the London organizer of the Youth Fight For Jobs march. I ask him first about why, despite being surrounded by red banners and quotes from Karl Marx, I haven’t once heard the word “communism” used all day. He explains that, while he considers himself a Marxist and a Trotskyist, the word communism has negative connotations that would “act as a barrier” to getting people involved: the Socialist Party wants to avoid the discussion of its position on the USSR and disassociate itself from Stalinism. What the Socialists favor, he says, is “democratic planned production” with “the working class, the youths brought into the heart of decision making.”

On the subject of the police’s re-routing of the march, he says the new route is actually the synthesis of two proposals. Originally the march was to have gone from Camberwell Green to the Houses of Parliament, then across the sites of the 2012 Olympics and finally to the ExCel Centre. The police, meanwhile, wanted there to be no march at all.

The Metropolitan Police had argued that, with only 650 trained traffic officers on the force and most of those providing security at the ExCel Centre itself, there simply wasn’t the manpower available to close main streets, so a route along back streets was necessary if the march was to go ahead at all. Cafferky is sceptical of the police explanation. “It’s all very well having concern for health and safety,” he responds. “Our concern is using planning to block protest.”

He accuses the police and the government of having used legal, bureaucratic and even violent means to block protests. Talking about marches having to defend themselves, he says “if the police set out with the intention of assaulting marches then violence is unavoidable.” He says the police have been known to insert “provocateurs” into marches, which have to be isolated. He also asserts the right of marches to defend themselves when attacked, although this “must be done in a disciplined manner”.

He says he wasn’t present at yesterday’s demonstrations and so can’t comment on the accusations of violence against police. But, he says, there is often provocative behavior on both sides. Rather than reject violence outright, Cafferky argues that there needs to be “clear political understanding of the role of violence” and calls it “counter-productive”.

Demonstration overall, though, he says, is always a useful tool, although “a demonstration is always a means to an end” rather than an end in itself. He mentions other ongoing industrial actions such as the occupation of the Visteon plant in Enfield; 200 fired workers at the factory have been occupying the plant since April 1, and states the solidarity between the youth marchers and the industrial workers.

I also speak briefly with members of the International Bolshevik Tendency, a small group of left-wing activists who have brought some signs to the rally. The Bolsheviks say that, like the Socialists, they’re Trotskyists, but have differences with them on the idea of organization; the International Bolshevik Tendency believes that control of the party representing the working class should be less democratic and instead be in the hands of a team of experts in history and politics. Relations between the two groups are “chilly”, says one.

At 2:30 the march resumes. Rather than proceeding to the ExCel Centre itself, though, it makes its way to a station of London’s Docklands Light Railway; on the way, several of East London’s school-aged youths join the march, and on reaching Canning Town the group is some 300 strong. Proceeding on foot through the borough, the Youth Fight For Jobs reaches the protest site outside the G-20 meeting.

It’s impossible to legally get too close to the conference itself. Police are guarding every approach, and have formed a double cordon between the protest area and the route that motorcades take into and out of the conference venue. Most are un-armed, in the tradition of London police; only a few even carry truncheons. Closer to the building, though, a few machine gun-armed riot police are present, standing out sharply in their black uniforms against the high-visibility yellow vests of the Metropolitan Police. The G-20 conference itself, which started a few hours before the march began, is already winding down, and about a thousand protesters are present.

I see three large groups: the Youth Fight For Jobs avoids going into the center of the protest area, instead staying in their own group at the admonition of the stewards and listening to a series of guest speakers who tell them about current industrial actions and the organization of the Youth Fight’s upcoming rally at UCL. A second group carries the Ogaden National Liberation Front‘s flag and is campaigning for recognition of an autonomous homeland in eastern Ethiopia. Others protesting the Ethiopian government make up the third group; waving old Ethiopian flags, including the Lion of Judah standard of emperor Haile Selassie, they demand that foreign aid to Ethiopia be tied to democratization in that country: “No recovery without democracy”.

A set of abandoned signs tied to bollards indicate that the CND has been here, but has already gone home; they were demanding the abandonment of nuclear weapons. But apart from a handful of individuals with handmade, cardboard signs I see no groups addressing the G-20 meeting itself, other than the Youth Fight For Jobs’ slogans concerning the bailout. But when a motorcade passes, catcalls and jeers are heard.

It’s now 5pm and, after four hours of driving, five hours marching and one hour at the G-20, Cardiff’s Socialists are returning home. I board the bus with them and, navigating slowly through the snarled London traffic, we listen to BBC Radio 4. The news is reporting on the closure of the G-20 conference; while they take time out to mention that Canadian Prime Minister Stephen Harper delayed the traditional group photograph of the G-20’s world leaders because “he was on the loo“, no mention is made of today’s protests. Those listening in the bus are disappointed by the lack of coverage.

Most people on the return trip are tired. Many sleep. Others read the latest issue of The Socialist, the Socialist Party’s newspaper. Mia quietly sings “The Internationale” in Swedish.

Due to the traffic, the journey back to Cardiff will be even longer than the journey to London. Over the objections of a few of its members, the South Welsh participants in the Youth Fight For Jobs stop at a McDonald’s before returning to the M4 and home.

 Correction — January 10, 2009 This article incorrectly states that Mr Madoff attended Hofstra University Law School. His education was actually with Hofstra College, which he graduated from in 1960. 

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.”

Saturday, July 15, 2017

On Wednesday, Italian football club Juventus announced an agreement with German club Bayern Munich for a one-year loan of Brazilian winger Douglas Costa for a fee of €6 million, to run until June 30, 2018.

26-year-old Douglas Costa joined Bayern in 2015 under Pep Guardiola’s management from Ukrainian club Shakhtar Donetsk. In two seasons at the Allianz Arena, Costa has scored fourteen goals and provided 27 assists, making 77 appearances in total. He won two consecutive Bundesliga titles, a DFB Pokal, and a DFL-Supercup. Before joining the Bavarian club, the left-footed winger won five consecutive Ukrainian Premier League trophies.

In the agreement with Bayern, Juventus can exercise an option to buy the player for €40 million before July 1, 2018. Bayern may receive an additional €1 million subject to conditions in the contract. Bayern Munich’s chairman Karl-Heinz Rummenigge said, “We had serious and constructive talks with Juventus’ representatives. All of FC Bayern’s financial demands have been met”.

Upon asking why he joined Juventus, Costa told the Juventus’ interviewer that he “had always dreamed of playing” with the Old Lady and said he was “delighted to be part of” Juventus’ team.