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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, February 5, 2013

Following the introduction of a “Do Not Track” feature in modern browsers at the end of last year, Wikinews interviewed several companies and groups about the feature.

Saturday, March 5, 2005The US military is funding the research and development of a weapon that could be used to inflict excruciating pain from up to 2 kilometres away, but is meant to otherwise leave victims unharmed. Pain researchers have been left furious after work aimed at controlling pain has been used to develop technology aimed at maximising it.

Intended for use against protesters and rioters, the research focuses on the effect electromagnetic pulses can have on pain reception. Due to be ready by 2007, the Pulsed Energy Projectile (PEP) weapon will fire a burst of electrically charged gas, or plasma, which will generate an electromagnetic pulse on impact. It is this pulse which will trigger impulses in nerve cells causing extreme pain.

A review of the non-lethal weapon by the US Naval Studies Board in 2003 concluded that PEPs produced “pain and temporary paralysis” in animal test subjects. Studies ongoing at the University of Central Florida in Orlando aim at optimising this effect. The ultimate aim is to generate a pulse which will trigger optimum pain in the subject without damaging tissues. Studies due to be carried out on lab grown cells aim at identifying the threshold of pain that can be inflicted on someone without causing death. There is some concern that the studies will fall short of demonstrating a safe level for a plasma burst.

The work came to light after documents were released under the US’s Freedom of Information Act to the Sunshine Project, an organisation who aims to expose biological weapons research. One document entitled “Sensory consequences of electromagnetic pulses emitted by laser induced plasmas” concerned the generation and firing of PEPs. Pain researchers have condemned the research, claiming that it could be put to use as a means of torture and that it is unethical.

“I am deeply concerned about the ethical aspects of this research,” said Andrew Rice, a consultant in pain medicine at Chelsea and Westminster Hospital in London. “Even if the use of temporary pain can be justified as a restraining measure, which I do not believe it can, the long-term physical and psychological effects are unknown.”

Clinical psychologist at University College London, Amanda Williams expressed concern that victims risk long term harm. “Persistent pain can result in a range supposedly non-destructive stimuli which nevertheless change the functioning of the nervous system,” she says. Studies “cannot tell us about the pain and psychological consequences of such painful experience,” she said.

Friday, March 11, 2011

File:Fukushima-1.JPG

Japan’s government has declared its first ever “nuclear emergency” after pressure rises in the No. 1 reactor at the Fukushima Daiichi power plant, combined with a minor radiation leak, caused a 10 km radius around the plant to be evacuated. An attempt to relieve the pressure inside the containment vessels of the plant has been delayed.

The Tokyo Electric Power Company’s 40-year old nuclear facility, 270 km NE of Tokyo, reported mechanical difficulties with its cooling system, although the automated shutdown systems worked correctly. With the core reaction shut down the plant is no longer actively generating heat, but the fuel rods continue to generate excess heat and radiation and need constant cooling.

The cooling system runs a constant flow of water to take the heat away from the submerged fuel rods, but the pumping system requires electricity to operate even after the plant is no longer producing electricity itself—generally from back-up diesel or natural gas generators.

Tuesday, February 26, 2008

Neverland Valley Ranch, owned by Michael Jackson, is to be sold at auction on March 19, 2008, unless Jackson pays over US$24 million.

Financial Title Company, the trustee of his Santa Barbara County, California, home and amusement park, has foreclosed on the property. They notified Jackson of the foreclosure and sale on Monday. Jackson had only just recently paid an overdue property tax bill of $600,000.

The court filing, addressed to Jackson, says, “You are in default of a deed of trust … Unless you take action to protect your property it may be sold at a public sale.” Fox News published the filing.

The foreclosure includes the ranch and all possessions on the property, inside or out.

The foreclosure auction will take place in front of the Santa Barbara County Courthouse in Santa Barbara. Jackson has until then to pay $24,525,906.61 he owes the title company.

In 2006, Jackson refinanced previous loans that had been bought up by Fortress Investment Group. The $300-million loan was secured with the aid of Sony Music Entertainment. However, the Neverland property was not part of that deal.

Jackson has not lived at Neverland since June 30, 2005, when he moved to Bahrain after a rape charge and subsequent acquittal.

Friday, August 12, 2011

A car fatally crashed into three individuals in the British city of Birmingham, England. The three men, aged 31, 30, and 21, died during a second consecutive night of violent events in Birmingham.

The incident occurred at approximately 0100 BST (0000 UTC) Wednesday morning in the Birmingham inner-city region of Winson Green. The men were attempting to protect property from nearby riots. Witness reports say that the vehicle contained as many as three passengers and drove at a speed of fifty miles per hour without stopping after the crash.

Police have since recovered a vehicle and arrested a 32-year-old male in association with the incident, on a charge of murder. According to Chief Constable Chris Sims, the details of the incident West Midlands Police have would indicate that “the car was deliberately driven”.

Tariq Jahan, the father of one of those killed, said his son, 21-year-old Haroon Jahan, was attempting to protect the area from nearby violence and unrest. Jahan said he had attempted to perform CPR at the scene of the incident. Jahan said his son was “a very good lad, a good man starting at the beginning of his life and had his whole life ahead of him. I’ve got no words to describe why he was taken and why this has happened and what’s happening to the whole of England.” Jahan said violent acts like this which killed innocent bystanders made “no sense”.

A statement released from West Midlands Police says that “detectives are treating [this incident] as murder. Three men were taken to hospital where two later died from their injuries. A third man was in a critical condition but confirmed dead at around 6:30AM. West Midlands Police have launched a murder inquiry, arrested one man in connection with the incident and recovered a vehicle nearby which will be examined by forensics experts,” the force stated. Police have requested that individuals contact them if they have any information about the incident. About 200 people from the Asian community have gathered at the hospital where the victims were transported after the crash. Two of the victims were known to be brothers. All three of them were reported to be Pakistani Muslims.

The West Midlands has seen other instances of violent behavior. Thefts have taken place in the city centre of Birmingham, West Bromwich and in Wolverhampton. The charges being brought against suspects on remand for court appearances include public disorder offences, such as violent disorder and aggravated burglary. Six police officers have experienced minor injuries as a result of the violence.

According to police, a scrapyard fire which occurred in Birmingham is unrelated to recent violence. Two ambulances were attacked in two separate incidents with objects being thrown at the vehicles. Ambulance staff were left uninjured in both cases. Ambulances have appeared on thirty-five occasions in West Bromwich, Wolverhampton and various parts of Birmingham. Thirty-one individuals were given ambulance staff treatment, with nineteen receiving hospital treatment, albeit for practically minor assaults in most cases.

In Wolverhampton and West Bromwich, there have been reports of roads and streets being closed. Wolverhampton and Birmingham have experienced significant travel disruption, with buses not entering city centres last night. One vehicle in Birmingham and two in West Bromwich have been set alight amongst the violence. Various businesses have also been targeted, such as M&S and a high fidelity shop in Birmingham. A jewelry business in Wolverhampton has been robbed of ornaments, watches and money.

Yesterday, British Deputy Prime Minister Nick Clegg condemned the violent actions of individuals, claiming there was “simply no excuse whatsoever for the violence, looting and destruction”. Below is a picture gallery of the damage caused by public disorder in Birmingham Tuesday night:

Tuesday, August 30, 2005File:Katrina damage.jpg

Thirty people died in the Gulf of Mexico resort of Biloxi when Hurricane Katrina demolished a water-side apartment block, Harrison County emergency operations center spokesman Jim Pollard told AP. However, the Mississippi Emergency Management Agency has yet to confirm the news.

At least another twenty have died across the rest of Harrison County; this number is expected to rise. The Governor of the state of Mississippi has asked people to stay away from the area for several days. The towns of Biloxi and Gulfport took the brunt of the hurricane’s 140mph+ winds after it veered away from New Orleans as it made landfall.

Three more people have been killed by falling trees and at least two died in traffic accidents resulting from the hurricane. Hundreds of people have been rescued by boat and helicopter from the roofs of houses cut off by flood water.

The hurricane has caused a storm-surge — the force of the winds has piled the waters of the Gulf of Mexico against the coastline, causing widespread flooding reaching at least a mile inland in places.

A levee on the Lake Pontchartrain canal has broken in two places, causing massive flooding. Some parts of New Orleans are now under 20 feet of water. Flooding seems to have reduced to increasing at a rate of one inch an hour and Army Corps of Engineers are on the scene of the breaks. At aproximately 10:00 PM Central city officials confirmed that a major floodpump has failed, which could result in an additional nine feet of floodwaters.

The western part of New Orleans has been flooded after a two-block long stretch of the 17th Street Levee gave way on Monday afternoon. Much of the city lies below sea level and depends on flood defences to keep it safe. One hospital — that has 1,000 patients inside — has been surrounded by the water. The vice-president of the center has described seeing whitecaps on the waves of the water in a street outside.

A water main pipe has failed, meaning that tap water has been contaminated with flood water, and is no longer safe to drink.

The mayor of the city has described seeing “bodies floating in the water.”

Some 10,000 people remain in the Superdome stadium, despite the electricity supply failing leaving the indoor stadium in darkness. The coverings of the concrete roof of the structure have been stripped away by the wind.

Electricity supplies to 1.3 million people across the south eastern parts of the US have been damaged, and it could be months before power is restored to all affected.

Two oil rigs have broken free of their moorings in the Gulf of Mexico, and a third drifted into a bridge in Mobile Bay, Alabama.

Katrina has now been downgraded to tropical storm status as it moves northwards across the US, and wind speeds have dropped to 60mph. The current death toll does not include the 11 killed in Florida when Katrina struck there last week.