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

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

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Prime Minister of Italy Silvio Berlusconi assaulted

Prime Minister of Italy Silvio Berlusconi assaulted

Sunday, December 13, 2009

Italian Prime Minister Silvio Berlusconi is in San Raffaele Hospital overnight in Milan following an assault during an autograph session at the end of a rally.

The 73 year-old media mogul received a punch in the face from an assailant who police named as 42 year-old Massimo Tartaglia, a local man who has been undergoing mental health treatment for ten years. Tartaglia was holding a replica of Milan’s famous Domo Cathedral as he struck the premier; the composition of the replica is unknown, but eyewitnesses suggest it may have been made from marble, iron or another heavy material.

The assailant is currently in custody at a police station somewhere in Milan; police have confirmed he has no prior criminal record.

The attack on Berlusconi left him requiring treatment for damage to his mouth, a broken nose, cuts to his face and, according to reports from BBC News, at least two broken teeth. He has undergone a precautionary CT Scan. This is not the only attack Berlusconi has received; several years ago a man hit him with a tripod, leaving him with a cut to his forehead.

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Illinois high schools now required to buy insurance for athletes

Illinois high schools now required to buy insurance for athletes

Tuesday, August 6, 2013

This past Sunday, Illinois Governor Pat Quinn signed into law a bill known as “Rocky’s Law” that requires Illinois high schools, through the local school district, to buy catastrophic injury insurance up to US$3 million or medical costs for up to five years, whichever one comes first, that covers student athletes. The insurance must cover student athletes while they are competing.

The legislation was named after Rasul “Rocky” Clark. In 2000, the Eisenhower High School football player became paralyzed from the waist down as a result of a tackle during a game. His school based health insurance covered the costs of his medical treatment. A legislator sponsoring the bill noted that the need for this type of insurance is rare. Clark’s mother attended the legislation signing. Her son died last year.

Before parents can claim money from school insurance, they first must pay out US$50,000. Schools have until January 1, 2014 to comply with the law. Schools cannot charge students more than US$5 to defray the cost of insurance. If a school district already requires student to be covered through private health insurance, they are exempted from this law.

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Sap Hr Module Human Resource Management To Manage Work Force

Sap HR Module – Human Resource Management to Manage Work Force


Ryan Mutt

Human resources management is a very important part in the activity of any business, regardless its size or its field of activity. Unless the work force is managed properly, the entire business might go down. Profitability goes hand in hand with efficient business processes and a hectic management of the human resources will result in chaos in what concerns the well being and the efficiency of that business. This is why ERP software usually incorporates a human resources module and this is also the case with SAP, which comes with SAP HR Module, where HR stands for human resources. There is a lot of information about the employees that needs to be managed and there are many things that need to be kept under control. Information about a company’s employees also needs to be integrated with other business processes.

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SAP HR module is going to allow you to attract work force towards the company and to keep it there. It makes possible retrieving any information about human resources in the blink of an eye. This way the mangers can instantly find out data about job profiles and job responsibilities. There is a clear difference between task, job, position and person and this helps managing information a lot. The recruitment process is also simplified a lot by using the SAP HR module because the structure of the company, the openings and the uncovered needs in what concerns work force are more visible. Employment history and personal data of the employees are available with just a few clicks. Besides this, the SAP HR module also helps in evaluating the employees’ performance and in determining their income. Salaries, bonuses, sick pay or vacation allowances, as well as travel pay and other material benefits are being kept under control and changes can be made with easiness and can be also made known to all interested parties. SAP HR module comes with time management tools which enable managing payrolls, bonuses, overtime, sick leave and vacations. Travel management is also of high importance, especially in multi location companies. It is also beneficial for big sales team. SAP HR module simplifies dealing with travel information, the approval of travel requests and other details like reservations and payment for those on business trip. The training and development module enables the management to anticipate the employees’ need for training and to encourage career development. This module also helps in replacing employees in key positions easier.

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categories Workplace Policy | February 23, 2021 | comments Comments (0)

New Doctor Who quits series, BBC searches for replacement actor

New Doctor Who quits series, BBC searches for replacement actor

Thursday, March 31, 2005

Success may be too much of a good thing for the future of storied BBC series Doctor Who. After the unexpected popularity of last Saturday’s return of the series to BBC airwaves, the star of the show is calling it quits from fears of typecasting.

According to a report from the BBC, actor Christopher Eccleston, who injected a edgier and sexier image onto the title character plans to leave the series once his 13-episode commitment is over later this year. Eccleston told reporters that his last appearance as The Doctor will be for a December Christmas special.

The show, which debuted March 26 after a 16-year hiatus, was the highest-rated television show in the UK that night. With an estimated viewership of about 10.5 million at its peak, more than 44 percent of all television households in the country tuned in to see the new Doctor. “The audience’s response for the new Doctor Who has been incredible and I am really proud to be part of it and I hope viewers continue to enjoy the series,” Eccleston said in a BBC release.

But that popularity was a double-edged sword for Eccleston. With roughly half the population seeing him as Doctor Who, he feared that once typecast as a science fiction Time Lord, audiences may not accept him in other roles. At one year, Eccleston will be the shortest-lived Doctor after Paul McGann who starred in the 1996 telemovie.

But the television network airing the show wants more of the crowd pleaser. The BBC has committed to producing a second 13-episode run of the reinvigorated series and says it is in talks with actor David Tennant to take on the role. Tennant is a star of the BBC period drama, Casanova.

In the announcement of the renewal of Doctor Who, the BBC did say it re-signed series co-star Billie Piper, who agreed to reprise the role of the Doctor’s sidekick for series two.

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categories Uncategorized | February 21, 2021 | comments Comments (0)

Wall dividing island of Cyprus torn down but divisions still stand

Wall dividing island of Cyprus torn down but divisions still stand

Friday, March 9, 2007

On Thursday March 8, 2007 the government of the Southern Greek part of Cyprus used heavy machinery to allow its military to tear down the five-meter high concrete wall on the Green Line that divides the island.

The wall has stood in the Cyprus capital of Nicosia for more than 40 years. It has been a constant reminder of the political situation of the Mediterranean island (given independence from Britain in 1960) that has suffered divisions since communal violence in 1963 that was only prevented by establishing a United Nations Peacekeeping Force there in 1964. These divisions only deepened when Cyprus was invaded by Turkey’s military in mid-July 1974 after right-wing Greek Cypriots (backed by the military junta ruling Greece at the time) attempted a coup with the intent of joining the island to Greece. The result was a split between the internationally recognized Greek Cypriot government in the south and the Turkish Cypriot north (only recognized by Turkey). The division at Nicosia has become a curiosity to tourists who look over it to see the buffer zone between the two factions (a no man’s land with abandoned homes and businesses where no civilians are allowed). The destruction of the wall also brought out curious Cypriots.

Much international pressure had been brought to bear on both sides, and thawing of the relationship between the opposing Cypriots began in 2003 when the Turkish side eased restrictions on travel. Still in 2004 before joining the E.U., Greek Cypriots rejected the UN reunification plan that called for a federation of two states. Then in December 2005 when the Turkish Cypriots created a footbridge for Turkey’s soldiers on the other side, the action drew protests from the Greek Cypriots voicing their security concerns. In January 2007 the Turkish Cypriots began dismantling the footbridge as a gesture of good faith.

At first both Cypriot governments expressed hope of reunification when asked about the demolition. Tassos Papadopoulos, the president in the Greek south stated “Tonight we have demolished the checkpoint on our side.” He went on to call for the Turkish Cypriots to act, saying civilians will not be able to cross “if the troops are not withdrawn”. Rasit Pertev, chief adviser to Mehmet Ali Talat, the leader of Turkish Cyprus said: “This is extremely symbolic… The dynamism created by this move will lead to the opening of the crossing.” Still when the government of Turkey dismissed the move as merely a result of international pressure that did not signify anything, and refused to dismiss its troops in the area (it maintains 40,000 soldiers on the island), sheets of aluminum were put up as a barricade on the Greek Cypriot side early on the morning of March 9, 2007.

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Investigation wanted into the murders of Iraqi academics

Investigation wanted into the murders of Iraqi academics

Sunday, February 26, 2006

Majid Majhoul Hawi al-Moussawi said his family “locked the door and left for Syria, the only country that would have us. We are grateful, but there is no work. There is nothing for us here.” He took his family out of Baghdad after his daughter Hanan, 16, was kidnapped.

Professionals in Iraq say they face a deteriorating situation. Young physicians are looking for other countries to train in and even the patients are leaving, no longer confident in the care they can get in Iraq.

Dr. Omar Kubasi supported the claims that a systematic campaign to destroy Iraqi academia is occurring, stating, “I think it’s part of the plan for the country’s destruction. The situation in the last six months has gotten so bad, we couldn’t continue.”

Learn more about list of killed, threatened or kidnapped Iraqi academics on Wikipedia.

Amer Hassan Fayed, assistant dean of political science at Baghdad University said; “It’s creating a brain drain, we could end up with a society without knowledge. How can such a society make progress?”

Hundreds of Iraqi academics have been assassinated since the U.S.-led coalition invasion in March 2003, and there have been no charges brought against any suspects in the murders.

Caroline Lucas, the Green Party MEP for Southeast England, is calling for a United Nations investigation into the killings which, she said, is forcing thousands of Iraqi educators to flee for their lives.

“Iraq is undergoing a major brain drain, and can ill afford to lose academics and teachers to a continuing wave of violence. Iraq’s education system, once one of the best in the region, has been decimated: some 84 percent of the country’s higher education institutions have been burned, looted or destroyed, according to the United Nations University. These assassinations, which appear to be countrywide, non-partisan and non-sectarian, must be investigated by the U.N. Special Rapporteur on summary executions — and those responsible brought to justice. Iraq needs security and stability, but it is clear that the continued U.S. and (British) occupation is contributing to the problem, not the solution,” Lucas said.

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categories Uncategorized | February 20, 2021 | comments Comments (0)

Listeners call for tattooing of Muslims in America, supporting comedy skit

Listeners call for tattooing of Muslims in America, supporting comedy skit

Saturday, December 9, 2006

When radio host Jerry Klein suggested that all Muslims in the United States should be identified with a crescent-shape tattoo,”the switchboard went from empty to totally jammed within minutes.” Some callers agreed with Klein, one saying that, “Not only do you tattoo them in the middle of their forehead but you ship them out of this country … they are here to kill us.” Another caller added that America should, “set up encampments like during World War Two with the Japanese and Germans”

At the end of the show Klein revealed that that it had been staged as a hoax. “I can’t believe any of you are sick enough to have agreed for one second with anything I said,” he told his AM 630 WMAL audience which covers Washington D.C., Northern Virginia and Maryland

“For me to suggest to tattoo marks on people’s bodies, have them wear armbands, put a crescent moon on their driver’s license on their passport or birth certificate is disgusting. It’s beyond disgusting.”

“Because basically what you just did was show me how the German people allowed what happened to the Jews to happen … We need to separate them, we need to tattoo their arms, we need to make them wear the yellow Star of David, we need to put them in concentration camps, we basically just need to kill them all because they are dangerous.”

Council on American-Islamic Relations Communications Director Ibrahim Hooper commented:

The public reaction to Mr. Klein’s courageous parody should be a wake-up call for American religious and political leaders who remain silent in the face of growing anti-Muslim bigotry in our society. Americans of all faiths must come together to marginalize extremists and to challenge ethnic and religious bigotry.
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categories Uncategorized | February 11, 2021 | comments Comments (0)

Linkin Park’s lead singer Chester Bennington dies at 41

Linkin Park’s lead singer Chester Bennington dies at 41

Saturday, July 22, 2017

On Thursday, Chester Bennington, lead singer of US rock band Linkin Park, died in his home in Los Angeles at the age of 41. The Los Angeles county coroner confirmed Bennington’s death; reportedly it was being investigated as a possible suicide.

A two-time Grammy award winner with the band, Chester Bennington joined Linkin Park when he was 23. Also featuring rapper Mike Shinoda, Linkin Park released their first album, Hybrid Theory, in 2000. The band went on to release six more albums featuring Bennington’s voice, including One More Light, which was released this year. The band was scheduled to go on a tour for One More Light, but it has been canceled.

Their song Crawling, from Hybrid Theory, won a Grammy for Best Hard Rock Performance. The band was also nominated for Best Rock Album and Best New Artist. A year after releasing Meteora, Linkin Park collaborated with rapper Jay-Z for the Collision Course EP in 2004 whose single Numb/Encore won a Grammy for Best Rap/Sung Collaboration. Meteora has sold more than 27 million copies, which featured the hit song Numb.

In his statement, Warner Bros. Records CEO Cameron Strang said, “Chester Bennington was an artist of extraordinary talent and charisma, and a human being with a huge heart and a caring soul.” The Recording Academy President Neil Portnow said, “We have lost a truly dynamic member of the music community”.

In 2013, Bennington performed at the MusiCares MAP Fund benefit concert, whose aim was to aid addiction treatment. Born on March 20, 1976 in Phoenix, Arizona, to a nurse and a police detective, Bennington recounted being abused in his childhood, molested by an older friend over the course of several years starting when he was seven or eight. In a 2008 interview with Kerrang!, he said, “It destroyed my self-confidence […] Like most people, I was too afraid to say anything. I didn’t want people to think I was gay or that I was lying. It was a horrible experience.”

In an interview with Noisecreep in 2009, he said, “I don’t have a problem with people knowing that I had a drinking problem. That’s who I am, and I’m kind of lucky in a lot of ways because I get to do something about it.” Of the band’s Grammy-winning song Crawling, Bennington said the song was “about feeling like I had no control over myself in terms of drugs and alcohol.”

His first marriage ended in a divorce, and he said, “I knew that I had a drinking problem, a drug problem, and that parts of my personal life were crazy, but I didn’t realise how much that was affecting the people around me until I got a good dose of ‘Here’s-what-you’re-really-like.'” In 2011, he told The Guardian, “When I was young, getting beaten up and pretty much raped was no fun. No one wants that to happen to you and honestly, I don’t remember when it started […] My God, no wonder I became a drug addict. No wonder I just went completely insane for a little while.”

Bennington died on the day his singer friend Chris Cornell would have turned 53. Cornell hanged himself earlier this year. After Cornell’s death, Bennington said, “I can’t imagine a world without you in it.”

Bennington is survived by his six children and his wife, Talinda Bentley, whom he married in 2006.

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categories Uncategorized | February 4, 2021 | comments Comments (0)

Category:April 28, 2005

Category:April 28, 2005
? April 27, 2005
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April 28

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categories Uncategorized | February 3, 2021 | comments Comments (0)