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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.”

Wednesday, April 23, 2008

Catherine McGuigan, a resident in South Mimms, Hertfordshire, UK, found skeletons from over a century ago buried under her dining room.

She had hired builders for an extension for her cottage, where she has lived for eleven years, and at the beginning of April they found human bones in the ground.

Her cottage was built over a burial ground; from 1697 to 1820 the land was owned by the Religious Society of Friends. In the 1600s, members of the society, better known as Quakers, were persecuted for their beliefs and so were not allowed to be buried in consecrated church grounds. Instead burials, which were also sometimes for others not recognised as parishioners – such as homeless people, often took place in the countryside.

The Daily Mail states in its April article that the Religious Society of Friends have advised McGuigan that she “must cremate” the bodies, however Quakers have written an open letter to the Daily Mail, informing that for Quakers, there is “no specific advice on the disposal of bodies”, and that they had never expressed an opinion on how the discovered skeletons should be buried.

The cremation was rumoured to cost up to £32,000 – an £800 quote for cremation of a single body multiplied by 40, however as yet only ten bodies have been discovered.

The builders originally thought the bones were pieces of pipe, and McGuigan has now ordered coffins and is looking to holding a mass cremation or a burial in a nearby field.

Thursday, August 25, 2005

In Ireland, RTÉ’s new “Rip Off Republic” TV series has attracted a record audience of 667,000 for its second show, making it one of Ireland’s top TV programs. The second show broadcast on Monday 15th August captured 50.5% of all TV viewers in Ireland.

The series which contains four shows broadcast from Dublin City University’s “Helix” centre, aims to expose over pricing and the exploitation of consumers in Ireland. Hosted by financial advisor Eddie Hobbs, the show has attracted huge media commentry, particularly as it has attracted the attention of the governments main party, Fianna Fail.

The main argument against the show has been that it generalises issues and makes exaggerated claims – for example it claimed that restaurants make a 300%+ profit on a typical bottle of wine, leading the viewer to believe that all businesses are making such a profit. This claim has since come under attack by restaurant owners nationwide. Other arguments against the show have stated that while inflation is less than 3%, wage growth is over 6% meaning people are still better off.

The third show will be broadcast on 29th August at 9.30pm on RTÉ One. It will focus on the transport sector in Ireland.

Monday, September 20, 2010

An event attended by thousands of people, called “Handkerchiefs in the air” (Spanish: Pañuelos al Aire), took place on Monday morning at Pichilemu, in Daniel Ortúzar Avenue. The event was organized by Loreto Puebla, former Governor of {{w|Cardenal Caro Province||, coordinated with Mayor of Pichilemu Roberto Córdova Carreño.

Fernando Urzúa, who also works as newsreader on a local radio, conducted the event. The event was broadcasted by Radio Somos Pichilemu (We Are Pichilemu), owned by former Mayor Jorge Vargas González, who also attended the event.

The event started by giving handkerchiefs with the logo pictured at the left to all the attendants, at around 11:40 local time (15:40 UTC). Then, they proceeded to take the official photograph, which will be officially published on the website of the Municipality of Pichilemu on Tuesday.

Urzúa, and two Pichileminian folk music groups played several cuecas, Chile’s national dance, and people were invited to dance. The event ended with the Mayor Córdova giving diplomas and Chilean wine bottles to large families who were dancing, a group of elderly from Recoleta and two policemen of Pichilemu. The parish priest of Pichilemu said that “the celebrations were quite stupendous” and that “Pichilemu is an example of unity of the people.”

Friday, July 31, 2009

Vestas Wind Systems, whose closing wind turbine blade manufacturing centre in Newport, Isle of Wight, England remains the site of a occupation now in its 11th day, has suddenly announced that the consultation period preceding the closure of the plant has been extended, and that the plant will remain open until mid-August.

The announcement, which was reported not by Vestas but by the RMT, was described by RMT General Secretary Bob Crow as “another significant milestone in the fight to save the factory and 625 skilled manufacturing jobs in green energy.” The plant had been due to close today.

News of the delay comes hours after confused reports that Vestas was withholding redundancy payment for at least 525 of the workers whose jobs were lost. According to a report by the local newspaper the Isle of Wight County Press, cheques which employees had been expecting today did not arrive; instead, workers who contacted Vestas management were told they would not receive payment until an interview process had been completed, and that if they began new jobs before the interview process was over they would not receive their money. However, according to Ventnorblog, a local Isle of Wight blog which has been following the Vestas closure closely, the layoff process was being delayed because a majority of the Vestas employees were refusing to agree to the management’s redundancy plan.

The delay of the closure allows more time for the negotiation of potential solutions for the Newport plant to remain open. The Vestas occupiers and labour groups continue to favour nationalisation of the plant, with Socialist Party spokesman Nick Chaffey saying:

In addition to the Vestas occupiers’ proposal that the factory be nationalised, Caroline Lucas, the MEP for South East England and a member of the Green Party, has proposed that Vestas employees should form a workers’ co-operative with government aid in order to keep the plant running. The Tory-dominated Isle of Wight Council has unanimously endorsed a resolution saying that the plant should stay open, and has called for new investors to take the Vestas plant over, as was done at a smaller Vestas plant in Scotland recently.

The news of the delay comes as workers at the plant accused Vestas management of harassing the families of the 24 remaining occupiers of the plant. Families of some occupiers were served with legal papers at their homes. One of the occupiers, Luke Paxton, left the factory on Thursday night in order to be re-united with his family; Paxton was checked for malnutrition and low blood sugar by paramedics but was not hospitalized, instead opting to go home. Paxton complained that Vestas management, while now providing hot food to the occupiers, were still under-feeding them; the RMT, which is providing legal aid to the Vestas workers, has accused Vestas management of violating the Human Rights Act by attempting to “starve the workers at Vestas into submission”.

Protesters in fancy dress were successful in sending food into the plant yesterday. Protesters dressed as a fantasy wizard and can-can dancers distracted police and company security guarding the fence which has been erected around the site while other protesters flung a bag of food and an electric kettle onto the balcony outside the office which has served as the occupiers’ home base inside the factory. No arrests were made but the protesters were removed from the factory grounds.

Requests for comment from Vestas management received no reply.

Wednesday, March 28, 2007

The head of a day care centre in Manila, Philippines, has boarded a bus containing 32 children and 2 teachers from the centre and is holding them hostage, demanding better education rights and better housing for them.

Jun Ducat and one other armed individual took the party hostage while they were going out on a trip with the day care centre.

The bus has been surrounded by armed Filipino police, and through negotiation, the hostage takers agreed to release all the remaining children on the bus at 11:00am BST (10:00am GMT), but the deadline for this has now passed with no sign of the remaining children being released as per the agreement.

One child has been released from the bus and taken away by police and emergency medical services suffering from a high fever.

Mr Ducat said that he had no intention of harming the people aboard the bus in any way, and indeed, the siege has ended with his surrender.

“I accept that I should be jailed because what I did was against the law,” Ducat said in an interview with Associated Press. No child was reported physically injured, but they are undergoing medical checkups and psychological debriefings.

Monday, November 21, 2016

UK Prime Minister Theresa May and opposition leader Jeremy Corbyn both spoke at the annual Confederation of British Industry conference today, talking about Britain after its planned ‘Brexit’ from the European Union, and future plans for business.

May formally announced plans to cut corporation tax from 20%, without giving details, in order to discourage businesses from leaving the UK post-Brexit. Corbyn said in his speech he believes investment by the government on things such as infrastructure improvements is shared ground between Labour and businesses but “businesses will need to contribute” meaning “some increase in corporation tax” under his administration.

Theresa May also toned down plans to put ordinary workers on corporate boards, a campaign promise from running to become leader of the ruling Conservative Party. She said she is working to create a “model that works for everyone” after consulting firms and the general public, with possible plans including panels or advisory committees. The General Secretary of the Trades Union Congress responded by saying “Theresa May made a clear promise to have workers represented on company boards […] This is not the way to show that you want to govern for ordinary working people.” Jeremy Corbyn also criticised this announcement saying “we need to see genuine employee representation at board level, which the prime minister promised, but I see is already backing away from.”

Theresa May also announced she wishes to spend £2Bn annually in research and development, as well as plans to start a small business research initiative to look into helping innovators get ahead. Jeremy Corbyn however said he plans to spend 3% of the UK’s GDP on R&D, significantly more than specified by May.

Jeremy Corbyn’s plans for the UK’s economy focussed on investment. Speaking at the conference he said “First and foremost, a Labour government will prioritise investing in our economy.” As well as the investment in research, Corbyn also promised funds for areas including house building and infrastructure. This would be controlled by the proposed “National Investment Bank”. Corbyn said “Our National Investment Bank will deliver long term strategic investment in our under-powered infrastructure and provide the patient finance that our businesses need across the country.”

May told the conference she would not give “a running commentary on every twist and turn” of the Brexit negotiations. This comes after allegation in the press that she she has no plan to keep under wraps, a claim that has been backed up by an alleged leaked internal government memo that talks about a “lack of overall negotiation strategy” within government.

Sunday, February 21, 2016

A growing number of cities in the Indian state Haryana have been under curfew since Friday. At least eight people are reported dead, with government offices, property, dozens of buses, and eight railway stations burned after protests over job quotas for the Jat caste turned violent in several cities including Rohtak, Bhiwani, and Jhajjar. Reportedly some protesters broke into an armory in Rohtak, stealing arms and ammunition.

Shoot-at-sight was ordered for Rohtak, Bhiwani, Sonipat, Panipat, Jhajjar, Jind and Hisar. Shops, hotels, and restaurants were set afire by protesters. Thirteen national army columns were called, and helicopters were used to reach various places in the state. Internet was disabled in affected districts, and the state government ordered blocks of all social networking websites.

Chief Minister Manohar Lal Khattar held a meeting to decide if Jats should also gain the reservation rights for government jobs and colleges by classifying them under Other Backwards Castes.

Burning of stations and uprooting of tracks affected 810 scheduled trains, according to The Indian Express. Police said protesters torched Finance Minister Captain Abhimanyu’s house. The state might face water crises. Central Board of Secondary Education (CBSE) was to hold the Haryana Central Teacher Eligibility Test today, but cited “administrative difficulties” for suspending it.

Back in 2014, the UPA government appealed for a Jat quota which was rejected by the Supreme Court. This morning, Manohar Khattar tweeted “I appeal to all my fellow Haryanvis to maintain law & order in the State, and ensure that harmony is maintained in society.”

Last year, similar protest took place in Gujarat as Patels protested for reservation led by Hardik Patel.