Displaying 11 - 20 of 1447 entries.

Reform Party of the United States nominates fitness model Andre Barnett for president

  • Posted on May 9, 2019 at 1:41 am

Tuesday, August 14, 2012

Fitness model Andre Barnett of Poughkeepsie, New York won the presidential nomination of the Reform Party of the United States at its national convention in Philadelphia last weekend. Consultant Kenneth Cross was selected as his running mate.

Barnett, who founded the company WiseDome, became a fitness model after suffering an injury in a 2000 helicopter incident while serving in the U.S. Army. He participated in last January’s Wikinews Reform Party USA presidential candidates forum, along with then-candidates former Savannah State football coach Robby Wells and Earth Intelligence Network CEO Robert David Steele.

Both Wells and Steele withdrew long before the convention as did others who later announced their candidacies, notably former Louisiana governor Buddy Roemer and former Council of Economic Advisers Senior Economist Laurence Kotlikoff. As Wikinews reported in June, historian Darcy Richardson also sought the nomination, but he tells Wikinews that he did not attend the convention and withdrew from the race in July, “once it became clear the party wasn’t going to qualify for the ballot in Arkansas, New Jersey and a few of the other relatively easy states.”

Two other candidates — Cross, who later won the vice presidential nomination, and Dow Chemical worker Edward Chlapowski — attended the convention, where they debated Barnett before the delegate vote.

In his acceptance speech, Barnett referred to the Reform Party as “the microcosm of America”, and proclaimed that as the party’s nominee, he would not focus on social issues that “[belong] outside of politics”, but instead would center his campaign on the economy, defense, and education.

The Reform Party currently has ballot access in four states: Florida, Louisiana, Mississippi, and Kansas; but in June, the disaffiliated Kansas Reform Party chose to nominate 2008 Constitution Party presidential nominee Chuck Baldwin.

Reform Party of the United States nominates fitness model Andre Barnett for president
»

  • Filed under:
    • Uncategorized

Too Grimm? Mother Goose cartoonist sued by Colombian coffee growers

  • Posted on May 9, 2019 at 1:16 am

Sunday, January 11, 2009

While it was just a joke, the Federación Nacional de Cafeteros de Colombia doesn’t find a recent “Mother Goose and Grimm” comic terribly funny.

In what the coffee growers association calls “an attack on national dignity and the reputation of Colombian coffee,” the characters in a comic strip by Pulitzer Prize-winning cartoonist Mike Peters call into question the relationship of Colombian coffee growers and the crime syndicates of Columbia.

The cartoonist is being sued not only for “damages [to] the intellectual heritage” of the coffee, but also “moral compensation. A public manifestation,” to the tune of $20 million.

At the start of a week-long series of strips, a dog character named “Ralph” finds out that part of chemist and food storage technician Fred Baur‘s remains was buried in a Pringles can, upon his last wishes. Baur’s best known innovation, among multiple, was the patented can and packing method for the Pringles potato chip. The character theorizes what other remains might be interred in their food packaging. Eventually, the dog states that “when they say there’s a little bit of Juan Valdez in every can, maybe they’re not kidding.”This play on an old advertising slogan refers to fictional character Juan Valdez, created by the Federación Nacional.

In a statement Peters says:

I had no more thought to insult Colombia and Juan Valdez than I did Pringles, Betty Crocker, Col. Sanders, Dr. Pepper and Bartles & Jaymes. The cartoon is meant to be read along with the rest of the week as a series of which the theme is based on the fact that the inventor of the Pringles can had his ashes buried in one.

I thought this was a humorous subject and all of my Mother Goose & Grimm cartoons are meant to make people laugh. I truly intended no insult.

Julio Cesar Gonzalez, El Tiempo newspaper’s famous cartoonist, told the BBC that the lawsuit is “a real waste of time.”

In 2006, the Federación Nacional sued Café Britt over their advertising campaign titled “Juan Valdez drinks Costa Rican coffee. In a counter-suit, Britt presented an affidavit from a Costa Rican man named “Juan Valdez”, acknowledging that he drinks Costa Rican coffee, and that the name is too generic to be exclusive. A variety of legal challenges and charges from both sides were eventually dropped. The phrase was actually first used in a 1999 speech by Jaime Daremblum, then-Costa Rican ambassador to the United States.

Mother Goose and Grimm appears in over 800 newspapers worldwide; Peters has won the Pulitzer for his editorial cartoons for the Dayton Daily News. Thirty years ago, his editorial cartoon about electricity prices featured Reddy Kilowatt, an electricity generation spokescharacter. The Daily News defended that comic image in the United States Supreme Court, winning on the basis that “the symbol was not selling a product”, and thus the satire was legally permissible.

Peters drinks Colombian coffee.

Too Grimm? Mother Goose cartoonist sued by Colombian coffee growers
»

  • Filed under:
    • Uncategorized

Florida highway pileup, fire kills five children, two truck drivers

  • Posted on May 9, 2019 at 1:14 am

Saturday, January 5, 2019

A road accident followed by a fire on a Florida highway near Gainesville on Thursday killed five children in a church bus and two truck drivers. One semi truck and a car broke through the center guardrail before colliding with other vehicles; around 50 gallons of diesel fuel, officials said, spilled and ignited.

The children were all from Marksville, Louisiana. The Avoyelles House of Mercy, a Pentecostal church, had been travelling 700 miles from Louisiana to Walt Disney World and was within an hour of its destination. One truck driver was from West Palm Beach, Florida, the other from Albuquerque, New Mexico.

The deceased were aged nine, ten, thirteen, two aged fourteen, 49, and 59. At least eight more people were hospitalized.

The accident sequence began, Florida Highway Patrol described, in the northbound lanes of Interstate 75 close to Alachua when the initial collision between the car and truck occurred. After crossing the center divider, the out-of-control vehicles collided with the church bus and a second semi truck in the southbound lanes. The bus overturned, with occupants ejected; a southbound fifth vehicle was unable to prevent itself running through the debris. Reports indicate this vehicle may have struck victims lying on the roadway.

According to eyewitness Vinnie DeVita, “within probably 15 to 20 seconds of it all, it exploded. I mean, just a ball of flames.” DeVita narrowly avoided being caught up in the accident. The Alachua Sheriff’s Office tweeted the response “required all hands on deck.” Authorities stated the road was damaged by the fire’s ferocity. Emergency workers have indicated a homicide probe is ongoing.

Guardrails can only take so much

Another eyewitness, Nicole Towarek, described extensive tire marks and “insane” heat. Florida Department of Transportation official Troy Roberts said yesterday morning the road itself, which is straight in the vicinity, will be examined as part of investigations. He said “Guardrails can only take so much.” The guardrail would be examined, Roberts said, to determine if it had performed as designed. The state had lanes closed last night as it worked to repair the damaged surface.

Also investigating is the Florida Highway Patrol, which is attempting to ascertain who, if anyone, is to blame. Meanwhile the National Transportation Safety Board, commonly involved in major highway accident probes, was absent. It is presently unable to operate due to a shutdown of much of the Federal government in a budget dispute; however, its website notes that its operations center is still accepting accident notifications without specifying if this resource is operating 24/7 as it usually does.

Florida highway pileup, fire kills five children, two truck drivers
»

  • Filed under:
    • Uncategorized

University study finds U.S. defense contract information in ‘electronic waste’ in Africa

  • Posted on May 8, 2019 at 1:33 am

Friday, June 26, 2009

According to a documentary about journalism students at the University of British Columbia tracking electronic waste (e-waste), details of United States defense contracts and confidential military data were left on a donated hard drive which was purchased for US$35 in Ghana.

The purchased hard drive was a donation by Northrop Grumman Corporation, an American aerospace and defense technology company.

The PBS investigative documentary, Ghana: Digital Dumping Ground, tracked what happened to donated or discarded electronics. The journalism students randomly purchased seven hard drives in Tema, Africa. “We plugged them and in and started reading files … They were just sitting there,” said Klein.

As part of the international reporting course the students then submitted the hard drives to Enoch Kwesi Messiah, a computer scientist at Regent University to see if any of the previous owners had erased the data on their hard drives before disposal.

Messiah stated, “I can get your bank numbers and I retrieve all your money from your accounts. If ever somebody gets your hard drive, he can get every information about you from the drive, no matter where it is hidden.”

The graduate journalism students under Professor Peter Klein travelled to the Korle Lagoon in Accra the capital of Ghana. Beside the polluted waters is Agbogbloshie, the largest collection of e-waste, useless electronic donations.

“Life is really difficult; they eat here, surrounded by e-waste,” said Mike Anane, a local journalist, “They basically are here to earn a living. But you can imagine the health implications.” The e-waste is burned and rendered down for copper, iron, or gold from the components.

“It’s essentially this charred toxic wasteland,” said Blake Sifton, one of the students. “It’s incredibly difficult to breathe because there’s usually between five and six and seven fires going at any time .… and there’s tons and tons of this black, sticky, acrid smoke coming out of them.”

University study finds U.S. defense contract information in ‘electronic waste’ in Africa
»

  • Filed under:
    • Uncategorized

A portrait of Scotland: Gallery reopens after £17.6 million renovation

  • Posted on May 8, 2019 at 1:09 am

Thursday, December 1, 2011

Today saw Edinburgh’s Scottish National Portrait Gallery reopen following a two-and-a-half-year, £17.6m (US$27.4m) refurbishment. Conversion of office and storage areas sees 60% more space available for displays, and the world’s first purpose-built portrait space is redefining what a portrait gallery should contain; amongst the displays are photographs of the Scottish landscape—portraits of the country itself.

First opened in 1889, Sir Robert Rowand Anderson’s red sandstone building was gifted to the nation by John Ritchie Findlay, then-owner of The Scotsman newspaper and, a well-known philanthropist. The original cost of construction between 1885 and 1890 is estimated at over 70,000 pounds sterling. Up until 1954, the building also housed the Society of Antiquaries of Scotland who moved to the National Museum of Scotland buildings on Chambers Street. The society’s original meeting table now sits in the public part of the portrait gallery’s library, stared down on by an array of busts and phrenological artefacts.

Wikinewsie Brian McNeil, with other members of the press, received a guided tour of the gallery last Monday from Deputy Director Nicola Kalinsky. What Kalinsky described as an introduction to the gallery that previously took around 40 minutes, now takes in excess of an hour-and-a-half; with little in the way of questions asked, a more inquisitive tour group could readily take well over two hours to be guided round the seventeen exhibitions currently housed in the gallery.

A substantial amount of the 60% additional exhibition space is readily apparent on the ground floor. On your left as you enter the gallery is the newly-fitted giant glass elevator, and the “Hot Scots” photographic portrait gallery. This exhibit is intended to show well-known Scottish faces, and will change over time as people fall out of favour, and others take their place. A substantial number of the people now being highlighted are current, and recent, cast members from the BBC’s Doctor Who series.

The new elevator (left) is the most visible change to improve disabled access to the gallery. Prior to the renovation work, access was only ‘on request’ through staff using a wooden ramp to allow wheelchair access. The entire Queen Street front of the building is reworked with sloping access in addition to the original steps. Whilst a lift was previously available within the gallery, it was only large enough for two people; when used for a wheelchair, it was so cramped that any disabled person’s helper had to go up or down separately from them.

The gallery expects that the renovation work will see visitor numbers double from before the 2009 closure to around 300,000 each year. As with many of Edinburgh’s museums and galleries, access is free to the public.

HAVE YOUR SAY
Would you visit the Portrait Gallery if in Edinburgh? What do you think of efforts to improve accessibility?
Add or view comments

The expected significant increase in numbers has seen them working closely with the National Museum of Scotland, which was itself reopened earlier this year after extensive refurbishment work; improved access for wheelchair users also makes it far easier for mothers with baby buggies to access the gallery – prompting more thought on issues as seemingly small as nappy-changing – as Patricia Convery, the gallery’s Head of Press, told Wikinews, a great deal of thought went into the practicalities of increased visitor numbers, and what is needed to ensure as many visitors as possible have a good experience at the gallery.

Press access to the gallery on Monday was from around 11:30am, with refreshments and an opportunity to catch some of the staff in the Grand Hall before a brief welcoming introduction to the refurbished gallery given by John Leighton, director of the National Galleries of Scotland. Centre-stage in the Grand Hall is a statue of Robert Burns built with funds raised from around the British Empire and intended for his memorial situated on Edinburgh’s Calton Hill.

The ambulatories surrounding the Grand Hall give the space a cathedral-like feel, with numerous busts – predominantly of Scottish figures – looking in on the tiled floor. The east corner holds a plaque commemorating the gallery’s reopening, next to a far more ornate memorial to John Ritchie Findlay, who not only funded and commissioned the building’s construction, but masterminded all aspects of the then-new home for the national collection.

Split into two groups, members of the press toured with gallery Director James Holloway, and Nicola Kalinsky, Deputy Director. Wikinews’ McNeil joined Kalinsky’s group, first visiting The Contemporary Scotland Gallery. This ground-floor gallery currently houses two exhibits, first being the Hot Scots display of photographic portraits of well-known Scottish figures from film, television, and music. Centre-stage in this exhibit is the newly-acquired Albert Watson portrait of Sir Sean Connery. James McAvoy, Armando Iannucci, playwright John Byrne, and Dr Who actress Karen Gillan also feature in the 18-photograph display.

The second exhibit in the Contemporary gallery, flanked by the new educational facilities, is the Missing exhibit. This is a video installation by Graham Fagen, and deals with the issue of missing persons. The installation was first shown during the National Theatre of Scotland’s staging of Andrew O’Hagan’s play, The Missing. Amongst the images displayed in Fagen’s video exhibit are clips from the deprived Sighthill and Wester-Hailes areas of Edinburgh, including footage of empty play-areas and footbridges across larger roads that sub-divide the areas.

With the only other facilities on the ground floor being the education suite, reception/information desk, cafe and the gallery’s shop, Wikinews’ McNeil proceeded with the rest of Kalinsky’s tour group to the top floor of the gallery, all easily fitting into the large glass hydraulic elevator.

The top (2nd) floor of the building is now divided into ten galleries, with the larger spaces having had lowered, false ceilings removed, and adjustable ceiling blinds installed to allow a degree of control over the amount of natural light let in. The architects and building contractors responsible for the renovation work were required, for one side of the building, to recreate previously-removed skylights by duplicating those they refurbished on the other. Kalinsky, at one point, highlighted a constructed-from-scratch new sandstone door frame; indistinguishable from the building’s original fittings, she remarked that the building workers had taken “a real interest” in the vision for the gallery.

The tour group were first shown the Citizens of the World gallery, currently hosting an 18th century Enlightenment-themed display which focuses on the works of David Hume and Allan Ramsay. Alongside the most significant 18th century items from the National Portrait Gallery’s collection, are some of the 133 new loans for the opening displays. For previous visitors to the gallery, one other notable change is underfoot; previously carpeted, the original parquet floors of the museum have been polished and varnished, and there is little to indicate it is over 120 years since the flooring was originally laid.

Throughout many of the upper-floor displays, the gallery has placed more light-sensitive works in wall-mounted cabinets and pull-out drawers. Akin to rummaging through the drawers and cupboards of a strange house, a wealth of items – many previously never displayed – are now accessible by the public. Commenting on the larger, featured oils, Deputy Director Kalinsky stressed that centuries-old portraits displayed in the naturally-lit upper exhibitions had not been restored for the opening; focus groups touring the gallery during the renovation had queried this, and the visibly bright colours are actually the consequence of displaying the works in natural light, not costly and risky restoration of the paintings.

There are four other large galleries on the top floor. Reformation to Revolution is an exhibition covering the transition from an absolute Catholic monarchy through to the 1688 revolution. Items on-display include some of the Scottish National Portrait Gallery’s most famous items – including Mary Queen of Scots and The Execution of Charles I. The portrait-based depiction of this historical age is complemented with prints, medals, and miniatures from the period.

Imagining Power is a Jacobite-themed exhibition, one which looks at the sometime-romanticised Stuart dynasty. The Gallery owns the most extensive collection of such material in the world; the portraiture that includes Flora MacDonald and Prince Charles Edward Stuart is complemented by glassware from the period which is on-loan from the Drambuie Liqueur Company which Kalinsky remarked upon as the only way Scots from the period could celebrate the deposed monarchy – toasting The King over the Water in appropriately engraved glasses.

On the other side of the upper floor, the two main naturally-lit exhibitions are The Age of Improvement, and Playing for Scotland. The first of these looks at societal changes through the 18th and 19th centuries, including Nasmyth’s 1787 portrait of the young Robert Burns and – well-known to past visitors to the portrait gallery – Raeburn’s 1822 depiction of Sir Walter Scott. These are complemented with some of the National Gallery’s collection of landscapes and earliest scenes from Scottish industry.

Playing for Scotland takes a look at the development of modern sports in the 19th century; migration from countryside to cities dramatically increased participation in sporting activities, and standardised rules were laid down for many modern sports. This exhibition covers Scotland’s four national sports – curling, shinty, golf, and bowls – and includes some interesting photographic images, such as those of early strong-men, which show how more leisure time increased people’s involvement in sporting activities.

Next to the Reformation to Revolution gallery is A Survey of Scotland. Largely composed of works on-loan from the National Library of Scotland, this showcase of John Slezer’s work which led to the 1693 publication of Theatrum Scotiae also includes some of the important early landscape paintings in the national collection.

The work of Scotland’s first portrait painter, the Aberdeen-born George Jamesone, takes up the other of the smaller exhibits on the east side of the refurbished building. As the first-ever dedicated display of Jamesone’s work, his imaginary heroic portraits of Robert the Bruce and Sir William Wallace are included.

On the west side of the building, the two smaller galleries currently house the Close Encounters and Out of the Shadow exhibits. Close Encounters is an extensive collection of the Glasgow slums photographic work of Thomas Annan. Few people are visible in the black and white images of the slums, making what were squalid conditions appear more romantic than the actual conditions of living in them.

The Out of the Shadow exhibit takes a look at the role of women in 19th century Scotland, showing them moving forward and becoming more recognisable individuals. The exceptions to the rules of the time, known for their work as writers and artists, as-opposed to the perceived role of primary duties as wives and mothers, are showcased. Previously constrained to the domestic sphere and only featuring in portraits alongside men, those on-display are some of the people who laid the groundwork for the Suffrage movement.

The first floor of the newly-reopened building has four exhibits on one side, with the library and photographic gallery on the other. The wood-lined library was moved, in its entirety, from elsewhere in the building and is divided into two parts. In the main public part, the original table from the Society of Antiquaries sits centred and surrounded by glass-fronted cabinets of reference books. Visible, but closed to public access, is the research area. Apart from a slight smell of wood glue, there was little to indicate to the tour group that the entire room had been moved from elsewhere in the building.

The War at Sea exhibit, a collaboration with the Imperial War Museum, showcases the work of official war artist John Lavery. His paintings are on-display, complemented by photographs of the women who worked in British factories throughout the First World War. Just visible from the windows of this gallery is the Firth of Forth where much of the naval action in the war took place. Situated in the corner of the room is a remote-controlled ‘periscope’ which allows visitors a clearer view of the Forth as-seen from the roof of the building.

Sir Patrick Geddes, best-known for his work on urban planning, is cited as one of the key influencers of the Scottish Renaissance Movement which serves as a starting point for The Modern Scot exhibit. A new look at the visual aspects of the movement, and a renewal of Scottish Nationalist culture that began between the two World Wars, continuing into the late 20th century, sees works by William McCance, William Johnstone, and notable modernists on display.

Migration Stories is a mainly photographic exhibit, prominently featuring family portraits from the country’s 30,000-strong Pakistani community, and exploring migration into and out of Scotland. The gallery’s intent is to change the exhibit over time, taking a look at a range of aspects of Scottish identity and the influence on that from migration. In addition to the striking portraits of notable Scots-Pakistani family groups, Fragments of Love – by Pakistani-born filmmaker Sana Bilgrami – and Isabella T. McNair’s visual narration of a Scottish teacher in Lahore are currently on-display.

The adjacent Pioneers of Science exhibit has Ken Currie’s 2002 Three Oncologists as its most dramatic item. Focussing on Scotland’s reputation as a centre of scientific innovation, the model for James Clerk Maxwell’s statue in the city’s George Street sits alongside photographs from the Roslin Institute and a death mask of Dolly the sheep. Deputy Director Kalinsky, commented that Dolly had been an incredibly spoilt animal, often given sweets, and this was evident from her teeth when the death mask was taken.

Now open daily from 10am to 5pm, and with more of their collection visible than ever before, the Scottish National Portrait Gallery will change some of the smaller current exhibits after 12 to 18 months on display. The ground-floor information desk has available five mini-guides, or ‘trails’, which are thematic guides to specific display items. These are: The Secret Nature trail, The Catwalk Collection trail, The Situations Vacant trail, The Best Wee Nation & The World trail, and The Fur Coat an’ Nae Knickers Trail.

A portrait of Scotland: Gallery reopens after £17.6 million renovation
»

  • Filed under:
    • Uncategorized

Wikimedia board of trustees announces restructure

  • Posted on May 8, 2019 at 1:03 am
This article mentions the Wikimedia Foundation, one of its projects, or people related to it. Wikinews is a project of the Wikimedia Foundation.

Sunday, April 27, 2008

The Wikimedia Board of Trustees recently announced that it would dramatically restructure the makeup of the board. The Board announced that there would now be three seats elected by the Wikimedia community, two seats elected by the Wikimedia chapters, one ‘community founder’ seat appointed by the Trustees, and four ‘specific expertise’ seats, also appointed by the Trustees.

Jan-Bart Vreede, Vice Chair of the Board of Trustees, gave Wikinews more information about the decision in a short email interview, which was carried out yesterday. Below is the text of the interview:

((Wikinews)) How long was this decision process in the works?

Jan-Bart: We have known that we need to carefully look at the board as a whole for quite a while. We weren’t sure how drastic our steps needed to be. We spend a large amount of time on this during our April board meeting, using the additional insights from our newest board members Michael Snow and Domas Mituzas. It took us a while after that fill in all the details. The election committee has been very patient in waiting for us to complete this process, because they were unable to move forward without us.

((WN)) Why did you chose to have a “community foundation person” position, a position not common among other non profits?

Jan-Bart: There have been and will always be discussions with regards to the position of Jimmy within the board, does he count as a community member or not. Keeping in mind his special role we thought it was best to take this opportunity to make his position clear as well. He does have a special seat which doesn’t go in any of the other categories. His seat is up for re-appointment every year (which Jimmy himself insisted on), the big difference is that if the seat is not taken by him, it is left vacant and the board reverts to 9 members. [Note-Jimmy Wales, Wikimedia Founder, is the person who will have the “community foundation” position]

((WN)) How/when will the elections be held for the new open seats?

Jan-Bart: This has been announced by the election committee today. Please note that these are only the community elected seats. The chapters are going to formulate their own process for filling the chapter-selected seats, this may or may not involve elections. [Note: Kwan Ting Chan announced on the Wikinews Water Cooler that candidates may nominate themselves for election between May 8 and May 22, and that the voting will occur between 1 June and 21 June. ]

Wikimedia board of trustees announces restructure
»

  • Filed under:
    • Uncategorized

Category:Jewellery

  • Posted on May 7, 2019 at 1:32 am

This is the category for jewellery.

Refresh this list to see the latest articles.

  • 8 April 2014: Scottish artist Alan Davie dies at age 93
  • 12 August 2011: Three killed amongst Birmingham, England riots
  • 13 July 2011: 21 people killed and 113 reported injured in three blasts in Mumbai
  • 4 July 2011: Hidden treasure worth billions of dollars discovered in Indian temple
  • 26 November 2010: Bernie Ecclestone attacked outside London headquarters; no arrests made
  • 6 September 2009: Man charged with attempted murder in £40 million London jewel heist
  • 13 August 2009: British gemstone expert killed by mob in Voi, Kenya
  • 11 August 2009: Thieves steal £40 million from London jeweller
  • 31 May 2009: Thief steals over €6 million worth of jewels from Paris store
  • 18 March 2009: Madoff prosecutors want assets from wife and children
?Category:Jewellery

From Wikinews, the free news source you can write.



Sister projects
  • Commons
  • Wikipedia
  • Wikisource
  • Wiktionary

Pages in category “Jewellery”

Category:Jewellery
»

  • Filed under:
    • Uncategorized

Market maker Bernard L. Madoff arrested in $50B ‘giant Ponzi scheme’

  • Posted on May 7, 2019 at 1:31 am
 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.”

Market maker Bernard L. Madoff arrested in $50B ‘giant Ponzi scheme’
»

  • Filed under:
    • Uncategorized

UK Wikinews Shorts: July 8, 2013

  • Posted on May 2, 2019 at 1:38 am

A compilation of brief news reports for Monday, July 8, 2013.

UK Wikinews Shorts: July 8, 2013
»

  • Filed under:
    • Uncategorized

Flash floods kill over a hundred in India, 500 missing

  • Posted on May 2, 2019 at 1:28 am

Sunday, August 8, 2010

Five hundred people are missing and as many as 150 are reported to have been killed by flash floods in India, caused by a sudden cloudburst that hit Indian-controlled Kashmir on Friday. The downpour struck the town of Leh and several surrounding villages, and reportedly caused a mud slide that hit the refugee-populated village of Choglamsar.

Associated Press reported that at least five foreign tourists were among those killed. Their nationalities are not known but New Delhi Television (NDTV) reported that 110 tourists, half of them foreigners, were being looked after at an Army transit camp on the Leh-Manali road. NDTV also said that the tourists had been given food, medicine and phone connections to their embassies. Flights have been arranged by the Indian government to bring affected foreign tourists back home.

Massive relief efforts are continuing; Farooq Ahmad, who is Inspector General of Police in Kashmir reported on Sunday today that “63 bodies had been identified so far and that rescue teams were fanning out to six villages near Leh that had not yet been reached during relief operations.” Believed to contain 5000 people, Choglamsar, on Leh’s outskirts, is one of the villages that rescuers have been clearing roads to reach.

The army has been called in to assist in rescue work. Thousands of troops, police and paramilitary soldiers were clearing roads in order to reach isolated villages. Those living in the upper reaches, whose housing was not adequate to provide protection, will have borne the full impact of the mud slides caused by the 12 mm of rain that fell on Friday in just a few minutes.

Officials said that rescuers were digging through crushed homes and piles of mud to search for survivors. The hundreds of reported injured are being treated at an army hospital and several makeshift clinics. Mohammed Deen Khan, a social activist who has been assisting in rescue work, said the mud was 15 feet high in some places. Heavy earth-moving equipment has been brought in to move the tonnes of mud and boulders blocking roads.

The rescue officials have faced a serious problem due to the severe damage of the Bharat Sanchar Nigam Limited (BSNL) office, a telecommunication enterprise, leading to the complete disruption of communication in the Leh region. The general manager of BSNL reports that the damage has caused a loss of 120 million INR. Another telecommunication enterprise, Airtel, has provided SIM cards to local administration for setting up hotlines that people can call for assistance.

The major problem is due to the communication breakdown. If communication is restored it will help in co-ordination of rescue operations in a better way.

Pashi Tsetan, a local administration development wing (deputy director) said, “The major problem is due to the communication breakdown. If communication is restored it will help in co-ordination of rescue operations in a better way.” Other institutions like Defence Institute of High Altitude Research (DIHAR), the ITBP camp, the Central Reserve Police Force (CRPF) and others have also been affected.

1,314 people, mostly tourists, have been airlifted from Leh to Delhi. Three additional Indian Airlines flights from Jammu and Delhi have been planned. Three IL-76 and four AN-32 aircraft carried relief material to Leh this morning, and four more by Jet Airways and Air India and three by Kingfisher Airlines will carry relief material and doctors to Leh.

The ITBP has sent water tankers containing drinking water to affected areas. Medical camps have been set up in villages like Saboo. The bodies of eleven persons were transported to Jammu and Kashmir, Punjab, and Rajasthan this morning.

India’s crisis comes as Pakistan is experiencing the worst floods in the country’s history.

Flash floods kill over a hundred in India, 500 missing
»

  • Filed under:
    • Uncategorized