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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, June 2, 2009

American Secretary of Energy Steven Chu is cutting US$100 million dollars from hydrogen fuel cell vehicle research and diverting the remaining $69 million to hydrogen fuel cell research for household current.

Former president George W. Bush advocated the zero-emission vehicles and launched $1.2 billion for hydrogen fuel cell research over a number of years.

President Barack Obama is proposing a “corporate average fuel economy,” or CAFÉ, placing standards for gas mileage at 39 miles per gallon for cars and light trucks at 30 mpg.

“The probability of deploying hydrogen-fuel-cell vehicles in the next 10 to 20 years is low.” said Tom Welch of the U.S. Department of Energy. “We asked ourselves, ‘Is it likely in the next 10 or 15, 20 years that we will convert to a hydrogen car economy?’ The answer, we felt, was ‘no,'” said Chu.

In response, the U.S. Fuel Cell Council and the National Hydrogen Association said, “The cuts proposed in the DOE hydrogen and fuel-cell program threaten to disrupt commercialization of a family of technologies that are showing exceptional promise and beginning to gain market traction. Fuel-cell vehicles are not a science experiment. These are real vehicles with real marketability and real benefits. Hundreds of fuel-cell vehicles have collectively logged millions of miles.”

“I just got the Clarity, which is a wonderful hydrogen vehicle,” said Governor Arnold Schwarzenegger. He lent his car to The Hydrogen Road Tour.

On Tuesday, The Hydrogen Road Tour began in Chula Vista, California. Twelve hydrogen fuel cell cars by seven auto makers will arrive in Vancouver, British Columbia June 3 for the Hydrogen + Fuel Cells 2009 conference, a global hydrogen and fuel cell event. “The point really is to raise awareness about fuel celled vehicles and hydrogen, their benefits both to energy efficiency and the environment as well as to consumers because we really believe these vehicles are going to be a market winner,” said Catherine Dunwoody, the Executive Director of the California Fuel Cell Partnership.

The Hydrogen Fuel Cells 2009 conference began June 1. “Our global environmental challenges, such as climate change, do not stop at the border,” ” said John Tak, conference Chair, “I am pleased that scientists, engineers, government representatives and businesspeople from more than 35 countries are coming to Vancouver, an active hub for hydrogen and fuel cell development, to help create solutions to these challenges.”

The Ohio Fuel Cell Symposium was held in North Canton, Ohio on Wednesday and Thursday. “The hydrogen and fuel cell industries are at a stage where they have the momentum and energy to accomplish some truly revolutionary things in terms of how they apply their technologies,” said William Whittenberger, president of Catacel Corp. These fuel cells produce electricity and exhaust carbon dioxide and water.

A hydrogen powered municipal street cleaning vehicle is currently being tested for the next year and half in Basel, Switzerland. “Our aim is to take fuel cell technology from the laboratory onto the street,” said Empa’s Internal Combustion Engines Laboratory Project Leader Christian Bach.

Dan Lutz, the fleet manager for the Beloit, Wisconsin public works department, experimented with retro-fitting his personal truck. The department now has a large pickup truck, a garbage truck, a recycling truck, a police squad car and a small pickup truck using hydrogen technology increasing gas mileage from 14 to 22 and 31 mpg. “We know the basic technology works, but the issue is, is it practical,” said City Manager Larry Arft, “Can it be used realistically?”

The drawback is that the technology may rely on platinum, a rare metal, or palladium. Infrastructure would need to be changed to supply hydrogen fueling stations. Critics are also concerned about hydrogen fuel storage and the costs of retro-fitting existing vehicles.

Thursday, May 13, 2010

Wikinews reporter Iain Macdonald has performed an interview with Dr Isabella Margara, a London-based member of the Communist Party of Greece (KKE). In the interview Margara sets out the communist response to current events in Greece as well as discussing the viability of a communist economy for the nation. She also hit back at Petros Tzomakas, a member of another Greek far-left party which criticised KKE in a previous interview.

The interview comes amid tensions in cash-strapped Greece, where the government is introducing controversial austerity measures to try to ease the nation’s debt-problem. An international rescue package has been prepared by European Union member states and the International Monetary Fund – should Greece require a bailout; protests have been held against government attempts to manage the economic situation.

Thursday, May 13, 2010

Wikinews reporter Iain Macdonald has performed an interview with Dr Isabella Margara, a London-based member of the Communist Party of Greece (KKE). In the interview Margara sets out the communist response to current events in Greece as well as discussing the viability of a communist economy for the nation. She also hit back at Petros Tzomakas, a member of another Greek far-left party which criticised KKE in a previous interview.

The interview comes amid tensions in cash-strapped Greece, where the government is introducing controversial austerity measures to try to ease the nation’s debt-problem. An international rescue package has been prepared by European Union member states and the International Monetary Fund – should Greece require a bailout; protests have been held against government attempts to manage the economic situation.

Monday, December 20, 2010

Poland has rejected a Russian investigative report into the air crash that killed Polish President Lech Kaczy?ski earlier this year. Poland’s first couple and other senior officials were among the 96 killed when their aircraft went down near Smolensk, Russia. On Friday, Polish Prime Minister Donald Tusk called an unreleased draft he has seen “unacceptable” and its conclusions “without foundation”.

Tusk’s televised remarks to the press did not reveal what the report contains, but claimed it to be in breach of the Chicago Convention, an international regulatory document on air travel. “From the Polish point of view, the draft report from the Russian side as it has been sent is without question unacceptable. This negligence and mistakes or lack of positive reaction to what Poland has been asking for, all these things allow us to say that some of the report’s conclusions are without foundation,” he said.

Edmund Klich, who heads the Polish air accident investigatory body, has seen the report and blamed elements in both Russia and Poland. Klich said the Polish military pilots had been insufficiently trained and ignored safety, and that Russian air traffic controllers should have diverted the aircraft elsewhere. Visibility had deteriorated at Smolensk’s airport prior to the crash, but the Tupolev Tu-154’s pilots were determined to get the President through the fog so he could attend a ceremony commemorating the Katyn massacre. Stalin had ordered Polish prisoners there to be killed during the Second World War.

“I believe the Polish side bears more responsibility,” Klich commented, “but of course the Russians had their shortcomings.” He has previously criticised Russia’s failure to provide air traffic control transcripts from the disaster, which left no survivors. Also on Friday, a Russian foreign ministry spokesman told Ekho Moskvy Russia is ready to answer Polish questions. He reiterated a need to co-operate and added it is “important not to politicize the situation.” Russian President Dmitry Medvedev also repeated calls for co-operation on a visit to Poland last week.

The comments follow the delivery of the draft to Poland by the Interstate Aviation Committee last month following complaints Russia should speed up the investigation. The crash has caused political controversy in Poland, with the newly-elected President and first lady belonging to Civic Platform, who were Kaczy?ski’s opposition.

The Wall Street Journal suggests Tusk’s remarks may damage improving relations between the countries. Conservative elements within Poland already doubted the veracity of improved relations and have formed conspiracy theories around the crash, citing a perception the Polish government will blindly accept whatever Russian investigators say.

Saturday, October 6, 2007

Brett McKenzie is running for the Green Party of Ontario in the Ontario provincial election, in the London North Centre riding. Wikinews’ Nick Moreau interviewed him regarding his values, his experience, and his campaign.

Stay tuned for further interviews; every candidate from every party is eligible, and will be contacted. Expect interviews from Liberals, Progressive Conservatives, New Democratic Party members, Ontario Greens, as well as members from the Family Coalition, Freedom, Communist, Libertarian, and Confederation of Regions parties, as well as independents.

Monday, January 14, 2019

An individual has been arrested after Pawe? Adamowicz, mayor of the Polish city of Gda?sk, was stabbed last night whilst on stage at a fundraising event. He died today.

Reports on the implement used vary between a knife and a “sharp tool”. The attacker is reported to have jumped on stage during the Great Orchestra of Christmas Charity and claimed he was wrongfully imprisoned under Adamowicz’s former party Civic Platform’s time in government. Adamowicz was an early supporter of democracy, and has been mayor since 1998.

Ex-Prime Minister Donald Tusk, the current President of the European Council, wrote “Let’s all pray for Mayor Adamowicz. Pawe?, we are with you.” Tusk, a founding Civic Platform member, is from Gda?sk. Interior Minister Joachim Brudzi?ski called the stabbing “an act of inexplicable barbarity.” He said “I can’t find the words, an explanation, for this kind of act. Especially since the finale of the Great Orchestra of Christmas Charity has for the last 27 years always been associated with good, with something joyful, positive.”

The fundraiser was intending this year to obtain money for children’s hospitals to buy equipment. It raises money annually to assist the nation’s medical services.

Brudzi?ski said Adamowicz required resuscitation, and was in a “serious” condition; TVN24 reported he received surgery. Prime Minister Mateusz Morawiecki tweeted “We are with Mayor Adamowicz in our thoughts and prayers.” President Andrzej Duda remarked, “Today I am unconditionally with him and his loved ones, just as I hope all of us compatriots are. I pray for his return to health and full strength.”

Duda told local media Adamowicz’s heart was restarted by doctors “and there is hope, but his condition is very difficult.” Police spokesman Mariusz Ciarka said a press badge was used by the assailant, reported by The Guardian as convicted of assaults and by Associated Press of bank robberies, to gain entry. The detained suspect’s identity is restricted to ‘Stefan W’ owing to Polish privacy legislation.

Adamowicz was taken to the Medical University of Gda?sk, where Dr. Tomasz Stefaniak was met with applause early today upon announcing to journalists Adamowicz remained alive. “The next hours will decide everything,” Stefaniak said. Politicians and the Archbishop of Gda?sk, S?awoj Leszek G?ód?, were reported by local media to have visited the hospital while Adamowicz received emergency surgery.

Adamowicz subsequently was announced to have died. Health Minister ?ukasz Szumowski said “We couldn’t win,” and the city flag is at half-mast. Gda?sk residents donated blood by the hundreds today in a bid to assist. Vigils nationwide this evening were attended by thousands.

Adamowicz, 53, has supported LGBT rights and and the inclusion of minority groups. He recently condemned anti-semitism after vandalism against a synagogue in the city. Adamowicz was at the event after collecting money for the organisation in Gda?sk’s streets alongside volunteers nationwide.

A potential charge of murder against Stefan W carries a possible life sentence. Prosecutor Krzysztof Sierak told reporters today psychiatric assessments will be carried out to confirm if Stefan W is fit for trial.