envitec-dk.com

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.”

Friday, September 22, 2006

A complaint made against Internet service provider (ISP) iHug by M. McNatty has been upheld by the Advertising Standards Authority (ASA). McNatty complained that he was not told of the special conditions of banner adverts he saw on the iHug website.

McNatty said: “I signed up [to iHug] but discovered I had shot over my limit and iHUG had reduced my download speed from 100 to 64kps. I rang iHUG and they explained that I had gone over my 1 GB traffic allotment by 230%. I explained I was on the 3 GB plan and they went on to tell me that 2 of the 3GB can only be used between the hours of 2 a.m. and 10 a.m.” He then went on to talk to the manager of iHug but was told there was nothing he could do so he asked to be upgraded to the more expensive option of the 15 GB plan.

iHug replied to the complaint by saying: “It appears that M. McNatty has briefly looked at the front page of our broadband section without either reading down the page to the what you get section or clicking on the info or join now links on our website. If he had, he would have found information about the peak and off-peak split of data allowances. He has then rung the iHug call centre, where our call centre personnel have been instructed to inform customers of the details of data allowances because many customers don’t understand how much data they will need. If the customer service representative has failed to explain how the data allowances work then that is a mistake on our part, for which I am sincerely apologetic. iHug has taken steps to resolve this by stressing to Customer Service Managers that they must remind their teams to fully explain data allowances during the sign up call.”

iHug then went on to apologize to McNatty if felt he had been misled but said: “I think it is unreasonable for M. McNatty to expect all information pertaining to a broadband application to be contained in detail on a small banner advert which is clearly design to capture interest only and lead the customer to further information.”

The ASA complaint board then reviewed the advertisement and noted that the advertisement clearly identified that information related to the offer was available on other pages and that a customer would most likely know that plans varied and would ask for clarification before subscribing.

But then said, referring to the 3 GB plan advertisement; “However, nowhere in the main offer or the immediate conditions headed, “ihug broadband – what you get”, did it inform the consumer that 2 of the 3 GB could only be used between the hours of 2 a.m. and 10 a.m., one third being peak user time, two thirds being off-peak user time. This, in the Complaints Board’s view, significantly diminished the offer of ‘3 GB data’, to the extent that the offer could be considered to be ‘exaggerated’. As such the Complaints Board said that it would be likely to mislead the consumer.”

They also noted that the wording “generous peak download allowance” was a hyperbole and overstated the product offered, which amounted to misleading the customer.

The Complaints Board said: “A website advertisement was not limited by a time constraint such as a television advertisement, or restricted by space available, and thereby there was no apparent reason why this paramount condition could not be more obvious in relation to the offer.”

The complaints board then said that if special condition reduced the offer in value then those conditions need to be obvious. They noted that the ad does say conditions do apply. “However, as the condition in this instance diminished the offer in a major way, the Complaints Board was unanimously of the view, that it should have been disclosed in an obvious manner, as part of the initial offer or in close proximity to it,” said the complaints board.

The board then noted that the advertisement was in violation of the second rule in the Code of Ethics which states “Truthful Presentation – Advertisements should not contain any statement or visual presentation or create an overall impression which directly or by implication, omission, ambiguity or exaggerated claim is misleading or deceptive, is likely to deceive or mislead the consumer, makes false and misleading representation, abuses the trust of the consumer or exploits his/her lack of experience or knowledge. (Obvious hyperbole, identifiable as such, is not considered to be misleading).” The board did uphold the complaint.

Monday, July 6, 2020

A number of Muslim-majority countries around the world implement Shari’a — commonly known as Islamic law — and have laws against apostasy and blasphemy. Numerous times, over the years, people have been sentenced to death penalty for renouncing Islam. Back in 2018, a Pakistani journalism student Mashal Khan was killed by a mob lynch after he was accused of blasphemy. At times there have been protests against the restrictions on free speech in Islam.

Other than the restriction of free speech, many Muslim majority countries have declared homosexuality as a capital crime, and observe a strict dress code for women. Iran has banned a number of female chess players for not wearing a hij?b. An Iranian woman was sentenced 20 years for removing hij?b while protesting the strict dress code.

Wikinews had gotten in touch with Tanzanian-born ex-Muslim Zara Kay to discuss the struggles an ex-Muslim woman faces, as well as her organisation: Faithless Hijabi.  Faithess Hijabi is an organisation which helps other ex-Muslim women by sharing their stories and experiences.  Its Facebook page has over 7000 likes, and Zara Kay, who identifies herself as an antithiest, had prefiously helped a Saudi teenager Rahaf Mohammed escape to Canada.

The following is the interview with Zara Kay that took place last year.

[edit]

Monday, August 8, 2011

Three years after it was first due for delivery, Boeing has rolled out the first 787 Dreamliner that is to be delivered to a customer. Japan’s All Nippon Airways (ANA) were to take delivery in May 2008, but will now receive the aircraft next month.

The plane promises increased fuel efficiency as it is the first model to be built out of plastic and carbon composites, more lightweight than conventional materials. Boeing says they have 800 orders at $200 million per aircraft. Launch customer ANA have ordered 55.

Delayed by Boeing’s outsourcing system to a variety of subcontractors, two models have been developed. The 787-8 holds between 210 and 250 passengers; the 787-9 holds 250 to 290. Airlines choose the seating layout they want.

After the 787, already bearing ANA’s livery, arrives in Tokyo next month, the airline will use its first commercial flight for a special charter from Tokyo to Hong Kong. “We plan to use the 787 to expand our business, particularly our international routes,” says ANA senior vice president Mitsuo Morimoto. “We plan to increase our revenue from international route significantly and the 787 will play an instrumental role in this,” he adds, noting flights to Europe or the US are possibles for 787s.

“We are rolling out the first delivery airplane, the first 787,” enthused Scott Fancher, 787 project manager and Boeing vice president. “That’s an amazing thing for those who have worked on the program five, six, seven years, here at Boeing and our partners around the world.”

Boeing says they must increase the tempo of production from two a month to ten, if they are to meet customer demand. “It’s an extraordinary challenge, no one has ever built a wide body aircraft at the rate of 10 per month before,” claims Flight International writer John Ostrower.

Friday, December 12, 2008

File:Parque de la Memoria – Buenos Aires – Dennis Oppenheim – Monumento al escape.jpg

During a seven-month search, the Argentine Forensic Anthropology Team (EAAF) on Tuesday, confirmed more than 10,000 charred human bone fragments were unearthed between February and September, in a pit at Pozo de Arana, a former La Plata, Argentina secret government detention center. The Arana prison or police station was used to torture prisoners during the so-called Argentina “Dirty War,” and was one of 300 used to interrogate Argentine prisoners.

The war refers to the state-sponsored violence against Argentine citizenry from roughly 1976 to 1983 carried out primarily by Jorge Rafael Videla’s military government. The exact chronology of the repression is still debated, as trade unionists were targeted for assassination as early as 1973. Isabel Martínez de Perón’s “annihilation decrees” of 1975, during Operativo Independencia, have also been suggested as the origin of The Dirty War.

The official record reveals that up to 13,000 people disappeared, while 30,000 were killed during this time. Argentine security forces and death squads worked hand in hand with other South American dictatorships in the frame of Operation Condor. An Argentine court would later condemn the government’s crimes as crimes against humanity and “genocide”.

EAAF president and forensic scientist Luis Fondebrider said that “in 25 years of searching, this was the first time that human remains were found at a former detention cente; the magnitude of what the team has found where the Clandestine Center of Arana was located, merits that sometimes they show partial results.” He further noted that “the bodies had been burned inside graves along with tires, combustibles and other material; and the possibilities of identifying some of these remains is low because of the state they are in.” Fondebrider concluded that “this scientifically confirms the testimonies of the detained, the hundreds of survivors who have said for years that authorities tortured, killed and burned the bodies of political opponents.”

The anthropological discovery further reveals that a wall with more than 200 bullet marks or holes and an “important quantity” of used ammunition shells on the ground nearby, were found adjacent the mass pit grave. As evidence of executions, they were marked with red paint by forensic scientists. The team, however, failed to determine how many bodies the fragments represented.

Maria Vedio, 47, legal chairwoman for the Permanent Assembly for Human Rights La Plata said that ” this is the first time there is proof that Arana wasn’t only a detention and torture center, but also a center of elimination.”

Sara Derotier de Cobacho, secretary of human rights for Buenos Aires said, “I ask the forgiveness of family members, because I can imagine what the mothers and all who are gathered here will feel, but what we are about to show is not to detail the genocide but so that we have proof for the trials that are to come; but let us not forget, that behind every clandestine center there were the names of the repressors. … so it is very important for all citizens to know those names; we are looking for the truth so we can attain justice and construct, from there, the memory of our 30,000 ‘desaparecidos’.”

Some of those responsible for the mass killings have been charged and meted life or death sentences. They include Miguel Osvaldo Etchecolatz, a senior Argentine police officer, who worked in the Buenos Aires Provincial Police during the first years of the military dictatorship known as the National Reorganization Process. He was convicted and sentenced to life imprisonment in 2006, on charges of homicide, kidnapping, and torture. The tribunal, besides handing the sentence, stated that Etchecolatz’s committed “crimes against humanity in the context of the genocide that took place in Argentina”. But the principal complainant, who was detained at Arana, has since disappeared.

Monday, October 27, 2008

United States Senator Ted Stevens of Alaska was convicted Monday on seven counts of failing to report gifts. Stevens, a senior United States Senator from Alaska and the longest serving Republican in the Senate, had been accused of not reporting tens of thousands of dollars worth of gifts from the VECO Corporation including free house remodeling. The jury in the District of Columbia found Stevens guilty on all seven counts.

Bill Allen, VECO’s CEO, is a longtime friend of Stevens and much of the case involved the specific interaction between Stevens and Allen. Allen had been previously convicted and had agreed to testify against Stevens and to record conversations he had with Stevens. The gifts given to Stevens included a massage chair that Stevens claimed was a loan but prosecutors noted was in Stevens house for over seven years.

Stevens is up for reelection and was facing a tough reelection bid before the convictions. It is unlikely that Stevens will retain his seat in the Senate given the convictions.

Stevens is considered to be a moderate Republican and was a member of the Republican Main Street Partnership. While a long-time Senator with many accomplishments, Stevens is known to many for a speech against net neutrality in which he referred to the internet as a series of tubes.

The New York Times has speculated that out-going United States President George W. Bush might pardon Stevens.