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Monday, June 21, 2010

Sweden’s first royal wedding since 1976 took place Saturday when Crown Princess Victoria, 32, married her long-time boyfriend and former personal trainer, Daniel Westling, 36. The ceremony took place at Stockholm Cathedral.

Over 1,200 guests, including many rulers, politicians, royals and other dignitaries from across the world, attended the wedding, which cost an estimated 20 million Swedish kronor. Victoria wore a wedding dress with five-metre long train designed by Pär Engsheden. She wore the same crown that her mother, Queen Silvia, wore on her wedding day 34 years previously, also on June 19. Victoria’s father, King Carl XVI Gustaf, walked Victoria down the aisle, which was deemed untraditional by many. In Sweden, the bride and groom usually walk down the aisle together, emphasising the country’s views on equality. Victoria met with Daniel half-way to the altar, where they exchanged brief kisses, and, to the sounds of the wedding march, made their way to the the silver altar. She was followed by ten bridesmaids. The couple both had tears in their eyes as they said their vows, and apart from fumbling when they exchanged rings, the ceremony went smoothly.

Following the ceremony, the couple headed a fast-paced procession through central Stockholm on a horse-drawn carriage, flanked by police and security. Up to 500,000 people are thought to have lined the streets. They then boarded the Vasaorden, the same royal barge Victoria’s parents used in their wedding, and traveled through Stockholm’s waters, accompanied by flyover of 18 fighter jets near the end of the procession. A wedding banquet followed in the in the Hall of State of the Royal Palace.

Controversy has surrounded the engagement and wedding between the Crown Princess and Westling, a “commoner”. Victoria met Westling as she was recovering from bulemia in 2002. He owned a chain of gymnasiums and was brought in to help bring Victoria back to full health. Westling was raised in a middle-class family in Ockelbo, in central Sweden. His father managed a social services centre, and his mother worked in a post office. When the relationship was made public, Westling was mocked as an outsider and the king was reportedly horrified at the thought of his daughter marrying a “commoner”, even though he did so when he married Silvia. Last year, Westling underwent transplant surgery for a congenital kidney disorder. The Swedish public have been assured that he will be able to have children and that his illness will not be passed on to his offspring.

Westling underwent years of training to prepare for his new role in the royal family, including lessons in etiquette, elocution, and multi-lingual small talk; and a makeover that saw his hair being cropped short, and his plain-looking glasses and clothes being replaced by designer-wear.

Upon marrying the Crown Princess, Westling took his wife’s ducal title and is granted the style “His Royal Highness”. He is now known as HRH Prince Daniel, Duke of Västergötland. He also has his own coat-of-arms and monogram. When Victoria assumes the throne and becomes Queen, Daniel will not become King, but assume a supportive role, similar to that of Prince Phillip, the husband of the United Kingdom’s Queen Elizabeth II.

Tuesday, January 30, 2007

Scientists have uncovered the largest Neolithic settlement in the United Kingdom at the Durrington Walls and believe that the village was inhabited by the people who built the Stonehenge monument.

Scientists say that the village was built around 2,600 B.C., roughly when Stonehenge was believed to have been constructed, and housed over 100 people.

Inside the areas which would have been the interior of houses at the time, scientists also found outlines of what they think were beds and cupboards or dressers. Pieces of pottery and “filthy” rubbish around the site. Animal bones, arrowheads, stone tools and other relics were also discovered.

“We’ve never seen such quantities of pottery and animal bone and flint. In what were houses, we have excavated the outlines on the floors of box beds and wooden dressers or cupboards,” said Sheffield University archaeologist Mike Parker Pearson.

So far, the dig has revealed at least 8 houses roughly 14-16 feet square, but scientists say that they think there may have been at least 25 altogether.

The site was likely to have been occupied only seasonally rather than year-round and evidence suggests that a lot of “partying” went on at the location.

“The animal bones are being thrown away half-eaten. It’s what we call a feasting assemblage. This is where they went to party – you could say it was the first free festival. The rubbish isn’t your average domestic debris. There’s a lack of craft-working equipment for cleaning animal hides and no evidence for crop-processing,” added Pearson.

The Durrington Walls are approximately 2 miles from the Stonehenge site.

Sunday, October 5, 2008

Despite the passage of a 700 billion USD bill by the United States House of Representatives on Friday and the Senate on Wednesday, two U.S. states may need loans totaling over 14 billion dollars.

California and Massachusetts are seeking at least 7 billion dollars each from the federal government as loans. Officials and lawmakers in both states say that the loans would be temporary.

According to Massachusetts’ state treasurer, Timothy P. Cahill, the state was unable to borrow money last week on a short term loan. He also states that the state can afford to pay its bills and debts for the next few weeks, but not beyond that without a short-term loan from the government. Cahill has asked the federal government for a loan similar to the recent one passed by Congress and the Senate.

“That’s all we would ask them to do: Treat us like the investment banks,” said Cahill to the Associated Press.

Officials in California say they need an emergency loan, or they will run out of money by the end of October. California’s governor, Arnold Schwarzenegger said the state is “not out of the woods” and needs a short term loan from the government.

“California and other states may be unable to obtain the necessary level of financing to maintain government operations and may be forced to turn to the federal treasury for short-term financing,” said Schwarzenegger in a letter to the Treasury Department, which is taking the letter under consideration.

On Friday, the U.S. House of Representative voted to pass a revised bailout bill which included raising the FDIC insurance cap to $250,000, a move designed to please progressives. However, the $110 billion in tax breaks, earmarks and what has been called pork barrel spending is not offset by any increases in revenues and has added opposition to the bill from some Representatives in the House. Earmarks added into the bailout bill included $192 million in tax rebates for the Virgin Islands rum industry, $148 million in tax cuts for the wool industry, $100 million tax cuts to the auto racing industry, and $48 million in Hollywood tax incentives, among others.

Tuesday, April 24, 2007

The Liberal Party of Canada have put forward a motion to re-ensure Canadian soldiers will be pulled out of Afghanistan two years from now in February.

Liberal defence critic Denis Coderre says the Liberals “just don’t believe them [the Conservatives] when they say the deadline is February 2009” and if Canadian soldiers were to be pulled out they “will still be there for development and diplomacy.”

The NDP, who support an immediate withdrawal, say they will not support the motion. The Bloc Québécois are expected to support the motion.

In May of 2006, the Conservative government received approval by parliament to extend the mission in Afghanistan until February 2009, by a slim margin of four votes. Thirty Liberals supported the extension but the majority of them opposed. The NDP and Bloc Québécois ordered their members to vote against the extension.

The Conservatives argue that the length of the Afghanistan mission is not within the purview of Parliament in any case.

Coderre also states the government have been buying military equipment and that could mean extending the mission. The Conservative government have recently said they want to stay in the country until the job is done and that could mean a longer extension.

The Liberal motion was defeated in parliament, Tuesday afternoon, by a vote of 150 to 134, with both the Conservatives and NDP voting against.

Thursday, June 25, 2015

Live music venues in Edinburgh, Scotland are awaiting a review later this year on the 2005 licensing policy, which places limitations on the volume of amplified music in the city. Investigating into how the policy is affecting the Edinburgh music scene, a group of Wikinews writers interviewed venue owners, academics, the City of Edinburgh Council, and local band The Mean Reds to get different perspectives on the issue.

Since the clause was introduced by the government of the city of Edinburgh, licensed venues have been prohibited from allowing music to be amplified to the extent it is audible to nearby residential properties. This has affected the live music scene, with several venues discontinuing regular events such as open mic nights, and hosting bands and artists.

Currently, the licensing policy allows licensing standards officers to order a venue to cease live music on any particular night, based on a single noise complaint from the public. The volume is not electronically measured to determine if it breaches a decibel volume level. Over roughly the past year there have been 56 separate noise complaints made against 18 venues throughout the city.

A petition to amend the clause has garnered over 3,000 signatures, including the support of bar owners, musicians, and members of the general public.

On November 17, 2014, the government’s Culture and Sport Committee hosted an open forum meeting at Usher Hall. Musicians, venue owners and industry professionals were encouraged to provide their thoughts on how the council could improve live music in the city. Ways to promote live music as a key cultural aspect of Edinburgh were discussed and it was suggested that it could be beneficial to try and replicate the management system of live music of other global cities renowned for their live music scenes. However, the suggestion which prevailed above all others was simply to review the existing licensing policy.

Councillor (Cllr) Norma Austin-Hart, Vice Convenor of the Culture and Sport Committee, is responsible for the working group Music is Audible. The group is comprised of local music professionals, and councillors and officials from Edinburgh Council. A document circulated to the Music is Audible group stated the council aims “to achieve a balance between protecting residents and supporting venues”.

Following standard procedure, when a complaint is made, a Licensing Standards Officer (LSO) is dispatched to investigate the venue and evaluate the level of noise. If deemed to be too loud, the LSO asks the venue to lower the noise level. According to a document provided by the City of Edinburgh Council, “not one single business has lost its license or been closed down because of a breach to the noise condition in Edinburgh.”

In the Scotland Licensing Policy (2005), Clause 6.2 states, “where the operating plan indicates that music is to be played in a premises, the board will consider the imposition of a condition requiring amplified music from those premises to be inaudible in residential property.” According to Cllr Austin-Hart, the high volume of tenement housing in the city centre makes it difficult for music to be inaudible.

During the Edinburgh Festival Fringe during the summer, venues are given temporary licences that allow them to operate for the duration of the festival and under the condition that “all amplified music and vocals are controlled to the satisfaction of the Director of Services for Communities”, as stated in a document from the council. During the festival, there is an 11 p.m. noise restriction on amplified music, and noise may be measured by Environmental Health staff using sophisticated equipment. Noise is restricted to 65dB(A) from the facades of residential properties; however, complaints from residents still occur. In the document from the council, they note these conditions and limitations for temporary venues would not necessarily be appropriate for permanent licensed premises.

In a phone interview, Cllr Austin-Hart expressed her concern about the unsettlement in Edinburgh regarding live music. She referenced the closure of the well-known Picture House, a venue that has provided entertainment for over half a century, and the community’s opposition to commercial public bar chain Wetherspoon buying the venue. “[It] is a well-known pub that does not play any form of music”, Cllr Austin-Hart said. “[T]hey feel as if it is another blow to Edinburgh’s live music”. “[We] cannot stop Wetherspoon’s from buying this venue; we have no control over this.”

The venue has operated under different names, including the Caley Palais which hosted bands such as Queen and AC/DC. The Picture House opened in 2008.

One of the venues which has been significantly affected by the licensing laws is the Phoenix Bar, on Broughton Street. The bar’s owner, Sam Roberts, was induced to cease live music gigs in March, following a number of noise complaints against the venue. As a result, Ms Roberts was inspired to start the aforementioned petition to have Clause 6.2 of the licensing policy reviewed, in an effort to remove the ‘inaudibility’ statement that is affecting venues and the music scene.

“I think we not only encourage it, but actively support the Edinburgh music scene,” Ms Roberts says of the Phoenix Bar and other venues, “the problem is that it is a dying scene.”

When Ms Roberts purchased the venue in 2013, she continued the existing 30-year legacy established by the previous owners of hosting live acts. Representative of Edinburgh’s colourful music scene, a diverse range of genres have been hosted at the venue. Ms Roberts described the atmosphere when live music acts perform at her venue as “electric”. “The whole community comes together singing, dancing and having a party. Letting their hair down and forgetting their troubles. People go home happy after a brilliant night out. All the staff usually join in; the pub comes alive”. However licensing restrictions have seen a majority of the acts shut down due to noise complaints. “We have put on jazz, blues, rock, rockabilly, folk, celtic and pop live acts and have had to close everything down.” “Residents in Edinburgh unfortunately know that the Council policy gives them all the rights in the world, and the pubs and clubs none”, Ms Roberts clarified.

Discussing how inaudibility has affected venues and musicians alike, Ms Roberts stated many pubs have lost profit through the absence of gigs, and trying to soundproof their venue. “It has put many musicians out of work and it has had an enormous effect on earnings in the pub. […] Many clubs and bars have been forced to invest in thousands of pounds worth of soundproofing equipment which has nearly bankrupted them, only to find that even the tiniest bit of noise can still force a closure. It is a ridiculously one-sided situation.” Ms Roberts feels inaudibility is an unfair clause for venues. “I think it very clearly favours residents in Edinburgh and not business. […] Nothing is being done to support local business, and closing down all the live music venues in Edinburgh has hurt financially in so many ways. Not only do you lose money, you lose new faces, you lose the respect of the local musicians, and you begin to lose all hope in a ‘fair go’.”

With the petition holding a considerable number of signatures, Ms Roberts states she is still sceptical of any change occurring. “Over three thousand people have signed the petition and still the council is not moving. They have taken action on petitions with far fewer signatures.” Ms Roberts also added, “Right now I don’t think Edinburgh has much hope of positive change”.

Ms Roberts seems to have lost all hope for positive change in relation to Edinburgh’s music scene, and argues Glasgow is now the regional choice for live music and venues. “[E]veryone in the business knows they have to go to Glasgow for a decent scene. Glasgow City Council get behind their city.”

Ms Martina Cannon, member of local band The Mean Reds, said a regular ‘Open Mic Night’ she hosted at The Parlour on Duke Street has ceased after a number of complaints were made against the venue. “It was a shame because it had built up some momentum over the months it had been running”. She described financial loss to the venue from cancelling the event, as well as loss to her as organiser of the event.

Sneaky Pete’s music bar and club, owned by Nick Stewart, is described on its website as “open and busy every night”.”Many clubs could be defined as bars that host music, but we really are a music venue that serves drinks”, Mr Stewart says. He sees the live music scene as essential for maintaining nightlife in Edinburgh not only because of the economic benefit but more importantly because of the cultural significance. “Music is one of the important things in life. […] it’s emotionally and intellectually engaging, and it adds to the quality of life that people lead.”

Sneaky Pete’s has not been immune to the inaudibility clause. The business has spent about 20,000 pounds on multiple soundproofing fixes designed to quell complaints from neighboring residents. “The business suffered a great deal in between losing the option to do gigs for fear of complaints, and finishing the soundproofing. As I mentioned, we are a music business that serves drinks, not a bar that also has music, so when we lose shows, we lose a great deal of trade”, said Mr Stewart.

He believes there is a better way to go about handling complaints and fixing public nuisances. “The local mandatory condition requiring ‘amplified music and vocals’ to be ‘inaudible’ should be struck from all licenses. The requirement presupposes that nuisance is caused by music venues, when this may not reasonably be said to be the case. […] Nuisance is not defined in the Licensing Act nor is it defined in the Public Health Act (Scotland) 2008. However, The Consultation on Guidance to accompany the Statutory Nuisance Provisions of the Public Health etc (Scotland) Act 2008 states that ‘There are eight key issues to consider when evaluating whether a nuisance exists[…]'”.

The eight key factors are impact, locality, time, frequency, duration, convention, importance, and avoidability. Stewart believes it is these factors that should be taken into consideration by LSOs responding to complaints instead of the sole factor of “audibility”.He believes multiple steps should be taken before considering revocation of licenses. Firstly, LSOs should determine whether a venue is a nuisance based on the eight factors. Then, the venue should have the opportunity to comply by using methods such as changing the nature of their live performances (e.g. from hard rock to acoustic rock), changing their hours of operation, or soundproofing. If the venue still fails to comply, then a board can review their license with the goal of finding more ways to bring them into compliance as opposed to revoking their license.

Nick Stewart has discussed his proposal at length with Music is Audible and said he means to present his proposal to the City of Edinburgh Council.

Dr Adam Behr, a music academic and research associate at the University of Edinburgh who has conducted research on the cultural value of live music, says live music significantly contributes to the economic performance of cities. He said studies have shown revenue creation and the provision of employment are significant factors which come about as a result of live music. A 2014 report by UK Music showed the economic value generated by live music in the UK in 2013 was £789 million and provided the equivalent of 21,600 full time jobs.

As the music industry is international by nature, Behr says this complicates the way revenue is allocated, “For instance, if an American artist plays a venue owned by a British company at a gig which is promoted by a company that is part British owned but majority owned by, say, Live Nation (a major international entertainment company) — then the flow of revenues might not be as straightforward as it seems [at] first.”

Despite these complexities, Behr highlighted the broader advantages, “There are, of course, ancillary benefits, especially for big gigs […] Obviously other local businesses like bars, restaurants and carparks benefit from increased trade”, he added.

Behr criticised the idea of making music inaudible and called it “unrealistic”. He said it could limit what kind of music can be played at venues and could force vendors to spend a large amount of money on equipment that enables them to meet noise cancelling requirements. He also mentioned the consequences this has for grassroots music venues as more ‘established’ venues within the city would be the only ones able to afford these changes.

Alongside the inaudibility dispute has been the number of sites that have been closing for the past number of years. According to Dr Behr, this has brought attention to the issue of retaining live music venues in the city and has caused the council to re-evaluate its music strategy and overall cultural policy.

This month, Dr Behr said he is to work on a live music census for Edinburgh’s Council which aims to find out what types of music is played, where, and what exactly it brings to the city. This is in an effort to get the Edinburgh city council to see any opportunities it has with live music and the importance of grassroots venues. The census is similar to one conducted in Victoria, Australia in 2012 on the extent of live music in the state and its economic benefit.

As for the solution to the inaudibility clause, Behr says the initial step is dialogue, and this has already begun. “Having forum discussion, though, is a start — and an improvement”, he said. “There won’t be an overnight solution, but work is ongoing to try to find one that can stick in the long term.”

Beverley Whitrick, Strategic Director of Music Venue Trust, said she is unable to comment on her work with the City of Edinburgh Council or on potential changes to the inaudibility clause in the Licensing Policy. However, she says, “I have been asked to assess the situation and make recommendations in September”.

According to The Scotsman, the Council is working toward helping Edinburgh’s cultural and entertainment scene. Deputy Council Leader Sandy Howat said views of the entertainment industry needs to change and the Council will no longer consider the scene as a “sideline”.

Senior members of the Council, The Scotsman reported, aim to review the planning of the city to make culture more of a priority. Howat said, “If you’re trying to harness a living community and are creating facilities for people living, working and playing then culture should form part of that.”

The review of the inaudibility clause in the Licensing Policy is set to be reviewed near the end of 2016 but the concept of bringing it forward to this year is still under discussion.

Friday, September 14, 2007

The Kennedy Center announced that its 30th presentation of the Kennedy Center Honors would go to pianist Leon Fleisher, comedian Steve Martin, singer Diana Ross, director Martin Scorsese and musician Brian Wilson. The Center was opened to the public in 1971 and was envisioned as part of the National Cultural Center Act, which mandated that the independent, privately-funded institution would present a wide variety of both classical and contemporary performances, commission the creation of new artistic works, and undertake a variety of educational missions to increase awareness of the arts.

In a statement, Kennedy Center Chairman Stephen A. Schwarzman said that “with their extraordinary talent, creativity and perseverance, the five 2007 honorees have transformed the way we, as Americans, see, hear and feel the performing arts.”

Fleisher, 79, a member of the Peabody Institute‘s music faculty, is a pianist who lost use of his right hand in 1965 due to a neurological condition. He became an accomplished musician and conductor through the use of his left hand. At 67, he regained the use of his right hand. With the advent of Botox therapy, he was once more able to undertake two-hand performances in 2004, his first in four decades. “I’m very gratified by the fact that it’s an apolitical honor,” Fleisher said. “It is given by colleagues and professional people who are aware of what [an artist] has done, so it really is apolitical — and that much more of an honor.”

Martin, 62, a comedian who has written books and essays in addition to his acting and stand-up comedy career, rose to fame during his work on the American television program Saturday Night Live in the 1970’s. Schwarzman praised his work as that of a “renaissance comic whose talents wipe out the boundaries between artistic disciplines.” Martin responded to the honor saying, “I am grateful to the Kennedy Center for finally alleviating in me years of covetousness and trophy envy.”

Ross, 63, was a product of Detroit‘s Brewster-Douglass Projects when as a teeager she and friends Mary Wilson and Florence Ballardis formed The Supremes, a ground-breaking Motown act. She portrayed singer Billie Holiday in the 1972 film Lady Sings the Blues, which earned her an Oscar nomination and a Golden Globe award. “Diana Ross’ singular, instantly recognizable voice has spread romance and joy throughout the world,” said Schwarzman. Ross said she was “taken aback. It is a huge, huge honor and I am excited to be in this class of people.”

Scorsese, 64, is one of the most accomplished directors the United States ever produced, whose work includes Mean Streets, Taxi Driver, GoodFellas, Cape Fear, The Last Temptation of Christ and The Departed, for which he won a 2006 Academy Award for Best Director after being nominated eight times. Scorsese said, “I’m very honored to be receiving this recognition from the Kennedy Center and proud to be joining the company of the very distinguished individuals who have received this honor in years past.”

Wilson, 65, along with his brothers Dennis and Carl, formed the Beach Boys in 1961. They had a series of hits that included “Surfin’ U.S.A.” and “Wouldn’t It Be Nice.” Their 1966 album Pet Sounds is considered one of the most influential recordings in American music. “This is something so unexpected and I feel extremely fortunate to be in the company of such great artists,” said Wilson, who is currently on tour.

The Kennedy Center’s board of trustees is responsible for selecting honorees for “lifetime contributions to American culture through the performing arts.” Previous honorees, including Elton John and Steven Spielberg, also submitted recommendations. A wide variety of people were under consideration, including Emanuel Ax, Evgeny Kissin, Renee Fleming, Laurence Fishburne, Francis Ford Coppola, Melissa Etheridge and Kenny Chesney.

President Bush and first lady Laura Bush will attend the center’s presentation at its opera house on December 2, 2007, which will broadcast on December 26 on CBS.

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.”