Tuesday, July 29, 2008

United States Senator Ted Stevens of Alaska has been indicted by federal grand jury on seven criminal counts for making false statements in his Senate financial disclosure forms. The longest-serving Republican in the Senate, Stevens is the highest-profile politician ensnared in the corruption scandal surrounding VECO Corporation and its executives’ attempts to influence politics.

VECO, a subsidiary of CH2M Hill as of September 2007, is an oil pipeline and services company. It is alleged to have funded renovations to the Stevens home in Girdwood, Alaska in 2000. The renovations include a new garage and first floor, a two story wrap-around deck, as well as new wiring and plumbing. In 2007, VECO chief executive Bill Allen pleaded guilty to charges of extortion, bribery, and conspiracy.

The 28-page indictment alleges that Stevens “knowingly and willfully engaged in a scheme to conceal” gifts from VECO, which totaled “hundreds of thousands of dollars worth of things of value.”

A press release was issued by Stevens’ office in response to the allegations: “I am innocent of these charges and intend to prove that.” And Stevens himself commented, “I have never knowingly submitted a false disclosure form required by law as a U.S. senator.” Senator Daniel Inouye, a close friend of Stevens, commented: “As far as he’s concerned, he’s not guilty. And I believe him.”

Stevens was reportedly caught unawares on Tuesday when the indictment charge was filed. “Apparently, the media knew about it before he did,” Inouye stated, adding that he had just talked to Stevens. Ted Stevens was in a meeting with other Republicans when he found out about the charge.

Stevens is the longest-serving Republican senator in history and is up for reelection this November. Calls to his office in Washington for comment were redirected to a voicemail indicating that his “office is closed.”

The United States Department of Justice says it has already obtained seven convictions in the case: Peter Kott, a former Speaker of the Alaska House of Representatives; Thomas T. Anderson, a former state representative; Victor H. Kohring, another representative; James A. Clark, chief of staff to the former governor of Alaska; William Bobrick, a lobbyist; Bill Allen, VECO chief executive; and Richard L. Smith, VECO vice president of government relations.

Monday, October 1, 2007

Kate Holloway is running for the Ontario Liberal Party in the Ontario provincial election, in the Trinity-Spadina riding. Wikinews’ Nick Moreau interviewed her regarding her values, her experience, and her 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.

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, August 24, 2007

Just before midnight Wednesday, four-year-old Taylor Bailey, nicknamed Bucky, was attacked by a neighbor’s dog. The Staffordshire Bull Terrier mix named Money chased the boy after he stepped out of his mother’s car, eventually knocking the boy to the ground and latching onto his leg.

The same dog had bitten the boy’s father the week before, according to the family, although this has not been confirmed by police. He recognized the dog and alerted his mother to the dogs presence just moments before the attack. She urged her son to come to her, but the one-year-old, 85-pound (~39 kg) male broke free from his restraints and attacked the screaming boy.

The struggle lasted several minutes before the boy’s mother, Melinda Walters, was able to fight off the dog, leaving her knees scraped and thigh scratched. The boy’s legs were punctured, scratched and bruised with bits of flesh missing. “It didn’t go away. It was just trying to grab me … trying to kill me,” the boy said. Walters was carrying her three-year-old son Jason on her hip during much of the fight.

The dog’s owner, Marquita Mooney, 23, was ticketed along with a relative who was watching the dog. She said that rather than register the dog as a potentially dangerous animal—which involves an insurance bond, fees, kennel requirements and more—she would have the dog put down. Police reports indicate that the dog bit two other dogs about two weeks ago. Mooney has been ticketed for both incidents.

This is the second such incident in Minneapolis this month—seven-year-old Zach King Jr. was attacked and killed in his home last week by his family’s pit bull—fueling the debate over banning pit bulls and other “dangerous breeds” in some communities. Since 1966, there have been four other deaths from dog attacks in Minnesota, all but one of which were of children seven-years-old or younger.

Tuesday, March 18, 2008

Cheek numbing, eye watering winds whip across the plains of the Laramie Basin, Wyoming. The ground is yellow brown with patches of recalcitrant snow. Sheep Mountain is losing its winter coat. All normal affairs for March. The March edition of the Wyoming Basin Outlook Report also reports, based on February accumulations, that Snow Water Equivalent is at 99% of average.

The SWE is a measure of the snow pack that feeds the streams, rivers and reservoirs that Wyoming, Nebraska and other states depend upon for water. Current averages are compared to the average SWE for 1971-2000. In recent years, snow pack in this region has been anything but normal.

The Outlook Reports are issued January to June. Since March 2000, only five of 46 months have been above normal. While many of the winter months have been near normal, June’s snow pack is far below average. Even in 2006, the wettest year of the last eight years, June snow pack was only 37% of the average.

In an e-mail interview with Wikinews, Lee Hackleman, Water Supply Specialist, said

In a phone interview with Wikinews, Myra Wilensky of the National Wildlife Federation in nearby Colorado, also commented on changing snow patterns.

This is part of a general increase in temperature in the region. An Intergovernmental Panel on Climate Change cited by the National Wildlife Federation estimates that the temperature will rise almost 7 degrees (F) by 2100.

The NWF’s main concern is the fate of the wildlife in the region, particularly how the impact of pine bark beetles. Warmer winters have led to mass infestations in Western lodge pole pine forests and The New York Times reports that they are now moving on to white bark pines in Yellowstone particularly impacting grizzly bears there. In turn, the grizzlies are shifting to feeding on Canadian thistle, an invasive species that might be choking out native plants.

Changing weather patterns have also affected large migratory animals.

Water for people has also become a major issue in the region.

Kansas has long fought Wyoming over water rights issues. And Montana is currently suing Wyoming, claiming that the Yellowstone River Compact signed in 1950 gives rights to both surface and ground water, while Wyoming disagrees. On February 18, the Supreme Court agreed to hear the lawsuit.

Authorities do not see this fight over increasingly limited water resources going away anytime soon.

Thursday, October 22, 2020

2020 Melbourne Lord Mayor candidate Wayne Tseng answered some questions about his campaign for the upcoming election from Wikinews. The Lord Mayor election in the Australian city is scheduled to take place this week.

Tseng runs a firm called eTranslate, which helps software developers to make the software available to the users. In the candidate’s questionnaire, Tseng said eTranslate had led to him working with all three tiers of the government. He previously belonged to the Australian Liberal Party, but has left since then, to run for mayorship as an independent candidate.

Tseng is of Chinese descent, having moved to Australia with his parents from Vietnam. Graduated in Brisbane, Tseng received his PhD in Melbourne and has been living in the city, he told Wikinews. Tseng also formed Chinese Precinct Chamber of Commerce, an organisation responsible for many “community bond building initiatives”, the Lord Mayor candidate told Wikinews.

Tseng discussed his plans for leading Melbourne, recovering from COVID-19, and “Democracy 2.0” to ensure concerns of minorities in the city were also heard. Tseng also focused on the importance of the multi-culture aspect and talked about making Melbourne the capital of the aboriginals. Tseng also explained why he thinks Melbourne is poised to be a world city by 2030.

Tseng’s deputy Lord Mayor candidate Gricol Yang is a Commercial Banker and works for ANZ Banking Group.

Currently, Sally Capp is the Lord Mayor of Melbourne, the Victorian capital. Capp was elected as an interim Lord Mayor in mid-2018 after the former Lord Mayor Robert Doyle resigned from his position after sexual assault allegations. Doyle served as the Lord Mayor of Melbourne for almost a decade since 2008.

Thursday, September 15, 2005

The body’s immune system is less effective at quashing disease than it could be – but if it were better the immune system might do more harm than good, according to new research by Michael Deem and colleagues of Rice University in Houston.

The immune system has apparently evolved to be mildly inefficient so that it achieves a balance between quick response to disease and decreased probability of autoimmune disease, a condition in which the immune system attacks healthy tissue.

The authors drew their conclusions from a model of the dynamics of antibody evolution. Their simulations show that while there are mechanisms that would allow the immune system to develop antibodies that respond faster and more strongly against invading pathogens, those mechanisms would also create antibodies that are likely to attack the body’s own healthy cells. The model also bolsters controversial suggestions that chronic infections could lead the immune system awry, ultimately resulting in rheumatoid arthritis or other autoimmune ailments.

The study will be detailed in a forthcoming issue of the journal Physical Review Letters.