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Tuesday, September 5, 2006

Observatories around the world watched the skies early on Sunday morning as a European space probe, the SMART-1 crash landed on the Moon; the first time a European made object has landed there and, as the first, it made quite a bang. For the culmination of its three-year mission the probe left its orbit around our nearest neighbor and smashed into the Lake of Excellence at around 4,500 mph. The impact created a brand new crater and scattered debris up to 30 miles, in contrast to the gentle touchdown of the Eagle lander (when Neil Armstrong became the first man on the moon) 37 years ago.

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.”

Wednesday, August 9, 2006

In testimony given before a U.S. military hearing, criminal investigator Benjamin Bierce narrated his account of how an incident involving five soldiers involved the serial rape of a 14-year-old Iraqi girl prior to shooting her. The hearing will determine whether four current U.S. soldiers have to face a court martial hearing; an additional former soldier allegedly involved in the incident, Steven D. Green, was recently discharged from the military and has pleaded not guilty to rape and murder charges in federal court in Kentucky.

According to Bierce, a U.S. Special Agent investigating the incident, the brutal attack which saw Abeer Qassim al-Janabi slain and her parents and younger sister murdered was premeditated. Citing a sworn statement from Army Specialist James Barker, the five accused were said to have plotted the rape whilst drinking whisky and playing cards.According to Agent Bierce, Spc. Barker said that Pte. Spielman grabbed the girl while Pte. Green seized her father and they then took them into the house and Sgt. Cortez and Spc. Barker followed them inside.

Pte. Green supposedly led the father, mother and younger sister into the bedroom and closed the door, while the teenage girl remained in the living room with the other Americans, Spc. Barker’s statement said.

Sgt. Cortez then allegedly pushed the girl to the floor, pulled up her dress and tore off her underwear while she was struggling, Bierce said, again citing Spc. Barker’s statement. Sgt. Cortez appeared to then rape Abeer and afterward, Spc. Barker tried to rape the girl, the statement said.

Then Pte. Green came out of the bedroom with an AK-47 rifle and announced: “They’re all dead. I just killed them,” according to Spc. Barker’s statement.

Then Sgt. Cortez held Abeer down while Pte. Green raped the girl; according to Spc. Barker’s statement. Pte. Green then picked up the AK-47 and shot Abeer once, waited, and then shot her a few more times, the U.S. official, Agent Bierce, said, quoting from Spc. Barker’s statement.

Spc. Barker said that he then poured kerosene lamp fuel on the girl’s body but Barker did not say who set it on fire.

Gary Griesmyer, another Special Agent, quoted Sgt. Cortez as telling him that the teenage girl was crying and talking in Arabic and that Spc. Barker told her to “shut up.”

Private Justin Watt testified that Pte. Howard told him before the incident that Pte. Green, Sgt. Cortez and Spc. Barker were planning to rape a girl, and Pte. Howard was going to be the lookout.

Watt testified that he heard Mr. Green say, “I want to kill and hurt a lot of Iraqis.” Green has been discharged from the military and has pleaded not guilty in a federal court in Kentucky where he will stand trial; he will not be facing a court martial regardless of what occurrs in the Baghdad hearing.

“If you have the power to make something right, you should do it. Investigation is not my job. But if something went down — something terrible like that — then it’s my obligation to come forward,” Watt said.

Watt also said life for some of the soldiers in the B Company, 1st Battalion, 502nd Infantry Regiment, was horrible while they were manning a military post in nearby Yusufiyah. Some lived in a “dilapidated, abandoned water treatment facility” he said.

Pfc. Watt, who is identified as the whistle-blowing soldier who disclosed the attack during a counseling session, also said; “I feared for my safety at the TCP (traffic control point). It’s like this, I find out that guys in my squad, guys I trusted with my life, are allegedly responsible for one of the most brutal rapes/murders I’ve ever seen. And everyone has a weapon and grenades.”

Pfc. Justin Cross testified that deadly attacks by insurgents sapped morale and raised combat stress in the U.S. Army unit that included the soldiers accused of raping and murdering Abeer. He said that the “mentally draining” living conditions of the combat unit was a factor.

“It drives you nuts. You feel like every step you might get blown up. You just hit a point where you’re like, ‘If I die today, I die.’ You’re just walking a death walk.” Pfc. Cross told the hearing.

An article 32 hearing, like this, seeks to determine if a soldiers should face court martial. Its similar to that of a preliminary hearing or a grand jury proceeding in civilian law.

Monday, October 1, 2007

Brian Jackson is running for the Ontario Liberal Party in the Ontario provincial election, in the Oxford 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.