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Thursday, March 16, 2006

Buffalo, New York — The property at 605 Forest in Buffalo was the center of attention at last night’s public meeting held at the offices of Forever Elmwood on Elmwood Avenue in Buffalo. Eva Hassett, Vice President of Savarino Construction Services Corporation, confirmed last night that the company will be seeking a variance for the 605 Forest property. Originally, both the 605 and 607 Forest Avenue properties were going to have variances placed on them. As it stands, 607 Forest will not be directly affected by the proposal, should it go forward. Both 605 and 607 are currently occupied by residents.

During Monday night’s meeting, Pano Georgiadis, owner of 605 Forest and owner of Pano’s Resuraunt at 1081 Elmwood Avenue in Buffalo, threatened to “sue” Savarino Construction if they tried to obtain a variance on his property to build the Elmwood Village Hotel.

The Elmwood Village Hotel is a proposal by Savarino Construction that would be placed on the corner of Forest and Elmwood in Buffalo. In order for the project to move forward, at least five buildings (1119-1121 Elmwood) which include both residences and businesses will have to be demolished. The hotel was designed by architect Karl Frizlen of the Frizlen Group. Although the properties are “under contract,” according to Hassett, it is unclear whether Savarino Construction owns the properties. Hans Mobius, a resident of Clarence, New York and former Buffalo Mayoral candidate, is still believed to own them.

Currently, none of the properties is zoned for a hotel.

A freelance journalist writing for Wikinews asked Hassett what kind of zoning permit they [Savarino] would be applying for and, if 605 Forest is included, what zone that would be.

“There is a ‘special development plan’ in front of the council, which changes only one thing about the zoning. It allows one permitted use for just a hotel. The rest of the zoning remains as it is under the current Elmwood Business District zoning. 605 and 607 Forest are not required for the project. They are not part of the footprint for the project. Let me answer this question again. This is on the record, in council: 605 needs to be rezoned in order to facilitate the project because of the sideyard requirement. Anything in C-2 is excluded besides the hotel. So we’ve taken the C-2 and included the hotel as a permitted use, and excluded everything else and everything else remains the same.”

However, during the February 28 Common Council meeting, Hassett was quoted as saying that the two properties were “off the agenda.”

“Now Karl said, at the last meeting, that they will build this hotel right on the borderline [property line]. If a wall forty-five to fifty feet high goes next to this house, of course it’s not right. You really have to go with whatever the city code says, so you have to get back as many feet as the city code says,” said Georgiadis.

“If you try to get a variance to change the code, I will sue you. This is my home, number one,” added Georgiadis. “First of all I think we are all wasting our time here, you [Savarino], have already made up your mind, but if you go against city code, and you try to do the most rooms with a minimal amount of parking, again, I will sue you. If you build a hotel, in my idea its going to fail. It’s doomed, ok. [If] it’s going to be a home for the disabled, for the homeless, for recovery people, but that’s another story. Then how is it going to be when we say, well I told you so? You will be over and done with. Its very hard to take a four story building [hotel] down.”

Georgiadis stated last night that he was against the proposal and signed a petition to stop it, jokingly saying, “this isn’t a paper to sign to build the hotel, is it? Don’t make me sign the wrong thing.”

Joseph Golombeck, district councilman, was at Monday’s public meeting and said, “we also did request this and the reason we are doing this as a special business district is so that it has to be this specific plan. They [Savarino] can’t go halfway through it and in six months decide that [the hotel] it’s going to be three floors. They can’t decide it’s going to be five floors. It has to be, per law, exactly what it is that they brought to us [the public] so far, and then ultimately to the City of Buffalo Common Council when it’s approved. So if it gets approved, it has to be this specific, exact project. They couldn’t make it fifty parking spots, they couldn’t make it thirty. It has to be specifically what they have right here.”

A man who lives on Granger Street in Buffalo attended the meeting, speaking in favor of the hotel development. He claimed, “There are a lot of low property values. Hopefully if we embrace development, our property values, for those of us who have property, will go up. There are a lot of people unfortunately, who are working hard, that do not get a chance to come to these meetings. I myself was at work and wasn’t able to go to the last two meetings. I express that we appreciate that you [Savarino] invest in the City of Buffalo and for what you hope, because I do not think Savarino is into losing money. These people are not in business to be losing money here. They are hoping for the success of this [the hotel] more than any one of us. They are hoping that the property values in this area will go up more than any one of us, because it will benefit them [the residents and business owners], more than any one of us. I want this city to develop. I don’t think anybody else is here understanding that we’re looking for development in this city, we are looking for the city to get better. The councilman here is not interested in Buffalo failing.”

Evelyn Bencinich, resident of Granger Street, would have the hotel directly behind her home, if it were to be built.

“What about construction [time]? Is that just for the exterior, the nine months? Or does that include the interior? Is there going to be blasting through bedrock? Is there property protection for damage? Are you [Savarino and the Frizlen Group] responsible?”, asked Bencinich.

According to Frizlen, there is a layer of solid bedrock at least 30 feet from the surface of the land saying, “we anticipate that the bedrock is at least thirty feet down.” He also admitted that “we haven’t done any soil sporrings,” but did say “the bedrock is somewhere in between twenty-five and thirty feet [down], we don’t need to go that deep. So blasting is most likely out of it [the question].”

“Personally, I can only speak from the city side, but a few years ago we rebuilt Vulcan Street, in the northwest corner of Buffalo, and there were a couple of properties that were damaged and they [the owners] were able to file a claim against the company that did the work and they won in each case. It was the same thing with a school that was built on Military Road. There were a couple of problems with foundations on a couple of properties, and they weren’t sure if caused by the school or not, but the insurance company ended up paying them,” answered Golombeck.

“I would assume that Savarino is insured with someone. So if there is a problem with anything that happens to your properties, what I would recommend is that anybody that lives on Granger Place, if this does go through, that you get pictures taken of your basement and of your foundations, because God forbid if there is a problem, you want to have an^[sic] before and after [picture]. You don’t want to come afterwards and there’s a crack in there [foundation] and you have no way of proving that it happened,” added Golombeck.

According to Golombeck, the properties that Mobius owns have been “in housing court on several occasions, but has a date of April 11, 2006 that he is going back [to court] for these properties. So it is in housing court and I wouldn’t know Mr. Mobius if he walked in this room right now,” stated Golombeck.

“I’ve gone after him on numerous occasions and everytime he gets out of housing court with a slap on the wrist. If I am a conspiracy theorist and say that there is a lot more going on than meets the eye. I can only get him into housing court. Once he’s in housing court, the judge rules on it. Now I don’t mean to take any shots at previous administrations, but I am hoping with the new administration, being in here, that the inspections department is going to be a much better department than it has been for the previous several years.”

The city’s Planning Board on March 14, 2006, agreed to send the Elmwood Village Hotel proposal back to the Common Council so that it may “be opened back up to discussion from the public.”

On March 2, 2006 the Common Council sent the proposal “to committee” for further discussion and also requesting that the public be “engaged further.”

During that meeting, Justin Azzeralla, Executive Director for Forwever Elmwood, said that the organization “supports the hotel project.”

Also on March 2, the planning board agreed to table, or postpone, any decision on the hotel proposal for at least thirty days, also citing the need for the public to be “more engaged.”

The Common Council is expected to meet on March 21, 2006 at 2:00pm local time where they may approve or deny the proposal.

According to The Buffalo News, at least six Common Council members support the hotel project and are pledging to vote to approve it at the meeting on Tuesday, March 21.

However, the city’s Planning Board will get the final say on the project.

Wednesday, March 14, 2007

In a press release on February 22, 2007, Disney announced the expansion of its cruise line. Disney plans to add two new ships to its current fleet of two. This expansion is expected to more than double the cruise line’s current passenger capacity. By expanding, Disney hopes to meet the increasing demand for its cruise line.

The two new ships are to be very similar to each other and will weigh about 120,000 tons. They are planned to be two decks taller than the two existing ships, the Disney Magic and the Disney Wonder and will have 1,250 staterooms. These two ships are scheduled for christening in 2011 and 2012.

In the press release, Disney President and CEO Bob Iger stated: “Since our maiden voyage in 1998, Disney Cruise Line has been a huge success for our guests and for our shareholders alike. It has brought our unparalleled family vacation experience to the high seas, and has also generated high margins and double digit returns on invested capital. We’re excited to announce the expansion of our fleet, which is a logical next step in what is a real growth business for us.”

Names have not yet been announced for the ships.

Monday, May 11, 2009

On May 9, Moscow heralded its celebrations of Victory Day with one of the largest military parades seen since the fall of the Soviet Union through the Red Square and the streets of Moscow. Signifying the defeat over Nazi Germany in 1945 in World War 2, Victory Day continues to be one of the most poignant and emotional celebrations and national holidays in Russia. Estimates of more than 27 million lost lives during the war continues to leave a vein of sadness in Russia.

Victory day began early in Moscow with inner city streets being closed from 6am and the major entrance of Tverskaya Ulitsa completely locked down with all access to non-military blocked until the end of the parade. Tens of thousands of people lined the upper parts of Tverskaya to see the exit of the military as well as the air force fly-over on their entrance to Red Square. In total more than 9,000 troops, 69 planes and a huge collection of armored vehicles, tanks, and massive anti-aircraft missile defense systems ensured that Moscovites and the rest of Russia will remember Victory Day 2009.

In scenes reminiscent of the end of the war military bands played around the city until all hours of the night. At Leningradsky station departing veterans and widows danced and celebrated with younger generations whilst loudly singing the national anthem. As trains departed, staff handed out flowers in recognition of the contributions made and loud cheers were heard across the many platforms. In a touching event it seemed to bond the generations of yesterday and today.

Preparations for the military parade began months ago with regular rehearsals in Alabino including the erection of a mock Red Square and Kremlin to ensure authenticity. Final dress rehearsals took place in Moscow on May 7 including a full practice of the air show. On display for the first time was the S-400 air defense system which is capable of intercepting airborne targets at ranges up to 400 kilometers (249 mi).

Following the official parades and ceremonies, Red Square and the the inner city was opened to the public, albeit under extreme security and an ever watching eye from Interior Ministry troops. During the afternoon there was an estimated crowed of over 100,000 which entered Red Square to admire the parade ground and decorations, including the official stand for the dignitaries.

Closing the festivities was a series of fireworks in fourteen different locations throughout Moscow including the grand display over the Kremlin and Red Square.

Sunday, November 11, 2007

Boston-based singer-songwriter Antje Duvekot has made a name for herself in the folk music world with powerful ballads of heartbreak and longing for a deeper spirituality, but coming up empty-handed. Below is David Shankbone’s interview with the folk chanteuse.

David Shankbone: Tell me about your new album.

Antje Duvekot: It’s called Big Dream Boulevard and it’s the first studio album I made. It’s not so new; I made it in May of 2006. It’s produced by Séamus Egan, who is the leader of a fairly renowned band named Solas.

DS: You mentioned you used to explore more dark themes in your work, but that lately you are exploring lighter fare. What themes are you exploring on this album?

AD: In the future I am hoping for more light themes. I feel like I have worked through a lot of the darkness, and personally I feel like I’m ready to write a batch of lighter songs, but that’s just how I’m feeling right now. My last record, Big Dream Boulevard, was a pretty heavy record and that was not intentional. I write what is on my mind.

DS: What were you going through that made it so dark?

AD: The record is drawn from my whole writing career, so it’s old and new songs as well. I wasn’t going through anything in particular because it was spanning a wide time period. I think it’s fair to say that over all I turn to music in times of trouble and need as a therapeutic tool to get me through sadness. That’s why I tend to turn to music. So my songs tend to be a little darker, because that’s where I tend to go for solace. So themes like personal struggle with relationships and existential issues.

DS: What personal relationships do you struggle with?

AD: A lot of my songs are about dating and relationship troubles. That’s one category. But a lot of my songs are about existential questions because I struggle with what to believe in.

DS: Do you believe in a higher power?

AD: I’m sort of an atheist who wishes I could believe something.

DS: What do you believe?

AD: It’s undefined. I think I’m spiritual in music, which is my outlet, but I just can’t get on board with an organized religion. Not even Unitarianism. I do miss something like that in my life, though.

DS: Why do you miss having religion in your life?

AD: I think every human being craves a feeling that there is a higher purpose. It’s a need for me. A lot of my songs express that struggle.

DS: Does the idea that our lives on Earth may be all that there is unsettle you?

AD: Yes, sure. I think there’s more. I’m always seeking things of beauty, and my art reflects the search for that.

DS: You had said in an interview that your family wasn’t particularly supportive of your career path, but you are also saying they were atheists who weren’t curious about the things you are curious about. It sounds like you were a hothouse flower.

AD: Yes. I think what went with my parents’ atheism was a distrust of the arts as frivolous and extraneous. They were very pragmatic.

DS: They almost sound Soviet Communist.

AD: Yeah, a little bit [Laughs]. They had an austere way of living, and my wanting to pursue music as a career was the last straw.

DS: What’s your relationship with them now?

AD: I don’t actually speak to my mother and stepfather.

DS: Why?

AD: A lot of reasons, but when I was about 21 I was fairly certain I wanted to go the music path and they said, “Fine, then go!”

DS: That’s the reason you don’t speak with them?

AD: That’s the main. “Go ahead, do what you want, and have a nice life.” So the music thing cost the relationship with my parents, although I think there may have been some other things that have done it.

DS: That must be a difficult thing to contend with, that a career would be the basis for a relationship.

AD:Yes, it’s strange, but my love of music is perhaps stronger for it because of the sacrifices I have made for it early on. I had to fight.

DS: Would you say in your previous work some of your conflict of dating would have been birthed from how your relationship with your family? How do you see the arc of your work?

AD: My songs are sort of therapy for me, so you can trace my personal progress through them [Laughs]. I think there is some improvement. I wrote my first love song the other day, so I think I’m getting the hang of what relationships are all about. I’m ever grateful for music for being there for me when things weren’t going so well.

DS: Has the Iraq War affected you as an artist?

AD: Not directly, but I do have a few songs that are political. One about George Bush and the hypocrisy, but it’s very indirect; you wouldn’t know it was about George Bush.

DS: How has it affected you personally?

AD: I feel sad about it. People say my music is sad, but it’s a therapeutic thing so the war affects me.

DS: The struggle to be original in art is innate. When you are coming up with an idea for a song and then you all of a sudden stumble across it having been done somewhere else, how do you not allow that to squelch your creative impulse and drive to continue on.

AD: That’s a good question. I started writing in a vacuum just for myself and I didn’t have a lot of feedback, and I thought that what I’m saying has been said so many times before. Then my songs got out there and people told me, ‘You say it so originally’ and I thought ‘Really?!’ The way I say it, to me, sounds completely trite because it’s the way I would say it and it doesn’t sound special at all. Once my record came out I got some amount of positive reviews that made me think I have something original, which in turn made me have writer’s block to keep that thing that I didn’t even know I had. So now I’m struggling with that, trying to maintain my voice. Right now I feel a little dried-out creatively.

DS: When I interviewed Augusten Burroughs he told me that when he was in advertising he completely shut himself off from the yearly ad books that would come out of the best ads that year, because he wanted to be fresh and not poisoned by other ideas; whereas a band called The Raveonettes said they don’t try to be original they just do what they like and are upfront about their influences. Where do you fall in that spectrum?

AD: Probably more towards Augusten Burroughs because when I first started writing it was more in a vacuum, but I think everyone has their own way. You can’t not be influenced by your experience in life.

DS: Who would you say are some of your biggest influences in the last year. Who have you discovered that has influenced you the most?

AD: Influence is kind of a strong word because I don’t think I’m taking after these people. I’ve been moved by this girl named Anais Mitchell. She’s a singer-songwriter from Vermont who is really unique. She’s just got signed to Righteous Babe Records. Patty Griffin just moves me deeply.

DS: You moved out of New York because you had some difficulty with the music scene here?

AD: I feel it is a little tougher to make it here than in Boston if you are truly acoustic folk lyric driven. I find that audiences in New York like a certain amount of bling and glamor to their performances. A little more edge, a little cooler. I felt for me Boston was the most conducive environment.

DS: Do you feel home up in Boston?

AD:I do, and part of that is the great folk community.

DS: Why do you think Boston has such a well-developed folk scene?

AD: It’s always historically been a folk hub. There’s a lot of awesome folk stations like WUMB and WERS. Legendary folk clubs, like Club Passim. Those have stayed in tact since the sixties.

DS: Is there anything culturally about Boston that makes it more conducive to folk?

AD: Once you have a buzz, the buzz creates more buzz. Some people hear there’s a folk scene in Boston, and then other people move there, so the scene feeds itself and becomes a successful scene. It’s on-going.

DS: Do you have a favorite curse word?

AD: [Giggles] Cunt. [Giggles]

DS: Really?! You are the first woman I have met who likes that word!

AD: Oh, really? I’ll use it in a traffic situation. Road rage. [Laughs]

DS: Do you find yourself more inspired by man-made creations, including people and ideas, or nature-made creations?

AD: I love nature, but it is limited. It is what it is, and doesn’t include the human imagination that can go so much further than nature.

DS: What are some man made things that inspire you?

AD: New York City as a whole is just an amazing city. People are so creative and it is the hub of personal creativity, just in the way people express themselves on a daily basis.

DS: Do you think you will return?

In theory I will return one day if I have money, but in theory you need money to enjoy yourself.

DS: What trait do you deplore in yourself?

AD: Like anyone, I think laziness. I’m a bit a hard on myself, but there’s always more I can do. As a touring singer-songwriter I work hard, but sometimes I forget because I get to sleep in and my job is not conventional, and sometimes I think ‘Oh, I don’t even have a job, how lazy I am!’ [Laughs] Then, of course, there are times I’m touring my ass off and I work hard as well. It comes in shifts. There are times there is so much free time I have to structure my own days, and that’s a challenge.

DS: When is the last time you achieved a goal and were disappointed by it and thought, “Is that all there is?” Something you wanted to obtain, you obtained it, and it wasn’t nearly as fulfilling as you thought it would be.

AD: I was just thinking about the whole dream of becoming a musician. I want to maybe do a research project about people’s dreams and how they feel about them after they come true. It’s really interesting. They change a lot. When I was 17 I saw Ani Difranco on stage and I wanted to do that, and now I’m doing it. Now I think about Ani very differently. I wonder how long it took her to drive here, she must be tired; I’m thinking of all the pragmatic things that go on behind the scenes. The backside of a dream you never consider when you’re dreaming it. To some extent, having my dream fulfilled hasn’t been a let-down, but it’s changed. It’s more realistic.

DS: What is a new goal?

AD: Balance. Trying to grow my career enough to make sure it doesn’t consume me. It’s hard to balance a touring career because there is no structure to your life. I’m trying to take this dream and make it work as a job.

DS: How challenging is it to obtain that in the folk world?

AD: There’s not a lot of money in the folk world. In generally right now I think people’s numbers are down and only a few people can make a living at it. It’s pretty competitive. I’m doing okay, but there’s no huge riches in it so I’m trying to think of my future and maintain a balance in it.

DS: Do you think of doing something less folk-oriented to give your career a push?

Not really, I’ve done that a little bit by trying to approach the major labels, but that was when the major labels were dying so I came in at a bad time for that. I found that when it comes to do it yourself, the folk world is the best place to make money because as soon as you go major you are paying a band.

DS: More money more problems.

AD: More money, more investing. It’s a hard question.

DS: What things did you encounter doing a studio album that you had not foreseen?

AD: Giving up control is hard when you have a producer. His vision, sometimes, is something you can’t understand and have to trust sometimes. See how it comes out. That was hard for me, because up until now I have been such a do it yourself, writing my own songs, recording them myself.

DS: What is your most treasured possession?

AD: I’d like to say my guitar, but I’m still looking for a good one. I have this little latex glove. [Laughs] It’s a long story—

DS: Please! Do tell!

AD: When I was in college I had a romantic friend named David, he was kind of my first love. We were young and found this latex glove in a parking lot. We though, “Oh, this is a nice glove, we’ll name him Duncan.”

DS: You found a latex glove in a parking lot and you decided to take it?

AD: Yeah [Laughs]. He became the symbol of our friendship. He’s disgusting at this point, he’s falling apart. But David and I are still friends and we’ll pass him back and forth to each other every three years or so when we’ve forgotten his existence. David surprised me at a show in Philly. He gave Duncan to the sound man who brought it back stage, and now I have Duncan. So he’s kind of special to me.

DS: If you could choose how you die, how would you choose?

AD: Not freezing to death, and not in an airplane, because I’m afraid of flying. Painlessly, like most people. In my sleep when I’m so old and senile I don’t know what hit me. I’d like to get real old.

DS: Would you be an older woman with long hair or short hair?

AD: I guess short hair, because long hair looks a little witchy on old people.

DS: Who are you supporting for President?

AD: I’m torn between Obama and Hillary. Someone who is going to win, so I guess Hillary.

DS: You don’t think Obama would have a chance of winning?

AD: I don’t know. If he did, I would support Barack. I don’t really care; either of those would make me happy.

DS: What trait do you value most in your friends?

AD: Kindness.

DS: What trait do you deplore in other people?

AD: Arrogance. Showiness.

DS: Where else are you going on tour?

AD: Alaska in a few days. Fairbanks, Anchorage and all over the place. I’m a little nervous because I will be driving by myself and I have this vision that if I get hit by a moose then I could freeze to death.

DS: And you have to fly up there!

AD: Yeah, and I hate flying as well—so I’m really scared! [Laughs]

DS: Is there a big folk scene in Alaska?

AD: No, but I hear people are grateful if anyone makes it up there, especially in the winter. I think they are hungry for any kind of entertainment, no matter the quality. [Laughs] Someone came to us! I actually played there in June in this town called Seldovia, that has 300 people, and all 300 people came to my gig, so the next day I was so famous! Everyone knew me, the gas station attendant, everyone. It was surreal.

DS: So you had that sense of what Ani DiFranco must feel.

AD: Yeah! I was Paul McCartney. I thought this was what it must be like to be Bruce Springsteen, like I can’t even buy a stick of gum without being recognized.

DS: Did you like that?

AD: I think it would be awful to be that famous because you have moments when you just don’t feel like engaging.

A compilation of brief news reports for Friday, January 20, 2012.

If you believe any of these stories deserves more in-depth coverage, feel free to write a full article on the issues raised.

Thursday, January 11, 2018

On Tuesday, the first major rain storm of the year in Southern California led to flooding that has caused at least fifteen deaths, mainly in Santa Barbara County. The flooding was exacerbated by last month’s wildfires; particularly hard-hit was the wealthy community of Montecito, downstream of the site of the Thomas Fire, where at least six houses were destroyed. More than 160 people have been hospitalized, four in critical condition.

According to the United States National Weather Service, five and a half inches of rain has fallen over two days in parts of Ventura County, and more than four inches in parts of Santa Barbara County. In areas burned by the wildfires, ground cover that would have reduced runoff had been destroyed, and an impermeable layer of ash and burned soil had been created. As a result, torrents of mud ran downhill and inundated places such as Montecito. Mike Eliason, a spokesman for the Santa Barbara County Fire Department, said homes in the wealthy community had been “wiped away from their foundations” by mudflows, which also burst a gas main, leading to a fire that destroyed another building.

Sections of the 101 freeway were closed by flooding; a driver told television station KTLA that mud came “out of nowhere” and covered the highway in “about five seconds” and that he was glad he was still alive. James Cook, the Los Angeles correspondent for BBC News, reported that roads were being blocked by “boulders the size of small cars” which had tumbled down the hills. BBC also reported, 300 people had been trapped in Romero Canyon. Bill Brown, the Sheriff of Santa Barbara County, said at mid-afternoon that the number of deaths had reached thirteen and might rise. He described the flood-ravaged areas as looking “like a World War I battlefield” and said that emergency dispatchers had fielded some 600 calls between 3:00 and 6:00 am.

Emergency services including the Ventura County Aviation Unit were kept busy rescuing people. The Coast Guard sent aircraft to assist. Spokesmen reported fifty people had been rescued in each of Los Angeles and Santa Barbara Counties. Montecito resident, Berkeley Johnson, told the Santa Barbara Independent that he and his wife had taken refuge on the roof of their house but climbed came down when they heard a child crying. With a fireman’s help were able to dig out a two-year-old girl, who looked like a “muddy doll” according to Johnson.

Officials issued evacuation orders on Monday for thousands of people living in Santa Barbara, Los Angeles, and Ventura counties, but Montecito was under only voluntary evacuation. Some of the evacuation orders were lifted later on Tuesday as the rain became lighter.

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.”

Thursday, November 20, 2008

Vela International Marine, the Saudi Arabian company that owns the MV Sirius Star oil tanker which was captured by pirates on November 15, has begun negotiations with the Somali pirates.

The Saudi Foreign Minister Saud al Faisal said that talks had begun, but he did not say whether a ransom would be paid. Vela International Marine, which is owned by state-owned Saudi Aramco, would only say it is “working toward [the crew’s] safe and speedy return.”

“We do not like to negotiate with pirates, terrorists or hijackers,” said Saud al Faisal in Rome, after speaking with Franco Frattini, the Foreign Minister of Italy.

Dubai-based television network Al Jazeera broadcast an audiotape of a man who said he was with the pirates. He identified himself as Farah Abd Jameh.

“Negotiators are located on board the ship and on land. Once they have agreed on the ransom, it will be taken in cash to the oil tanker. We assure the safety of the ship that carries the ransom. We will mechanically count the money and we have machines that can detect fake money,” the man said. He did not mention any specific amounts for the ransom.

The British Foreign Office released a statement Wednesday which identified two of the crew as chief engineer Peter French and second officer James Grady. The rest of the 25-man crew are from Croatia (1), Poland (2), Philippines (19) and Saudi Arabia (1). They are all reported to be safe.

Foreign Secretary David Miliband said that the Royal Navy was coordinating a European response.

Dominique Montecer, the director of operations at GEOS Group, a corporate risk management firm, cast doubt on a military response.

“Everything is possible but it would take extraordinary means and organization, and the risk of an ecological disaster is very high. They are sitting on a bomb,” Montecer said.

“It’s certainly a very complex environment to work in — a Liberian-flagged vessel, owned by a Saudi company, in Somali waters, with so many different nationalities on board,” said Lt. Nate Christensen of the United States Navy when asked about the possibility of taking back the Sirius Star by force.

“Shipping companies are already making decisions not to go through the Gulf of Aden, and making the decision to take the much longer route around the south of Africa,” said Peter Hinchcliffe, marine director of the International Chamber of Shipping. “And with the increase in intensity of attacks, that is something that is going to be much more frequent. It’s adding let’s say an average of two weeks to the passage time.”

Since the capture of the Sirius Star, pirates in the Gulf of Aden have taken at least three other ships. These include a Chinese ship carrying wheat, a Greek bulk carrier, and a Thai fishing vessel.

The International Maritime Bureau reports that Somali pirates currently hold 14 ships along with an estimated 250 crew members. Since January, there have been over 30 hijackings in the area, while another 60 ships have been attacked.

Among the ships still held is the Ukrainian cargo ship MV Faina, which has a cargo of 33 Russian T-72 battle tanks, as well as other weapons. The Faina was hijacked on September 25.

Meanwhile, the Indian Navy has reported that it encountered and destroyed what it called a pirate “mother ship” on Tuesday. India dispatched frigate INS Tabar last month to protect its merchant shipping in the Gulf of Aden. The pirate vessel reportedly threatened the Indian frigate after it was hailed.

Several NATO members, as well as Russia, India and Malaysia have all sent warships to the region to protect merchant shipping in the area. The Combined Task Force 150, formed as a multinational coalition in the War on Terrorism, was restructured in 2006 to aid in anti-piracy efforts.

Friday, March 28, 2008

2008 Taipei International Cycle Show (Taipei Cycle) & Taipei International Sporting Goods Show (TaiSPO) not only did a best reunion with conjunctions of the launch of Taipei World Trade Center Nangang Exhibition and the concurrent cycling race of 2008 Tour de Taiwan but also provide opportunities and benefits for sporting goods, bicycle, and athlete sports industries to establish the basis of the sourcing center in Asia and notabilities on the international cycling race.

Although the Taipei cycle was split from the TaiSPO since 1988, but the trends of sporting good industry in Taiwan changed rapidly and multiply because of modern people’s lifestyles and habits. After the “TaiSPO Innovation Award” was established since 2005, the fitness and leisure industries became popular stars as several international buyers respected on lifestyle and health.

For example, some participants participated Taipei Cycle and TaiSPO with different product lines to do several marketing on bicycle and fitness equipments, this also echoed the “Three New Movements” proposed by Giant Co., Ltd. to make a simple bicycle with multiple applications and functions. As of those facts above, Wikinews Journalist Rico Shen interviewed Ideal Bike Corporation and Gary Silva, designer of “3G Steeper” to find out the possibilities on the optimizations between two elements, fitness and bicycle.

Monday, August 14, 2006

An additional round of new photos of a recuperating Fidel Castro have been published in the Cuban media. There has been international speculation on the state of the Cuban leader’s health since he temporarily relinquished power two weeks ago prior to undergoing intestinal surgery. Castro had not been seen in those two weeks, and there were rumours that he was dead or nearing death.

The official Communist Party daily Granma today published pictures of Castro meeting Venezuelan president Hugo Chavez on the Cuban leader’s 80th birthday, yesterday. The paper referred to the meeting as “three hours of emotional exchange” quoting Chavez as saying “This is the best visit I’ve ever had in my life.” Earlier, acting Cuban leader Raul Castro made his first public appearance since taking power when he welcomed Chavez to Cuba at the airport. The brothers also appear together in one of the new photos.

The earlier round of pictures released Sunday by the Juventud Rebelde (Rebel Youth) newspaper show Castro speaking on the phone and holding Saturday’s edition of the Communist Party newspaper Granma.

Castro also released a statement yesterday saying that his health had improved but that his recovery would take more time.

“To say that objective stability has improved considerably is not to invent a lie. To affirm that the period of recovery will last a short time and that there is no longer any risk would be absolutely incorrect.”

“I ask you all to be optimistic and at the same time to be ready to face any adverse news,” said Castro, who also thanked the Cuban people for their love and support during his health crisis. The statement was the first from the Cuban leader since undergoing surgery.

Granma reported Saturday that Castro is now “up” and “working”. The official newspaper reported that according to an unnamed friend of Castro “the leader of the revolution, after receiving some physiotherapy, took his first steps in the room, then, sitting on a coach, talked vividly”.

Though most official celebrations of Castro’s birthday have been postponed (possibly until December), three thousand well-wishers have gathered for a five-hour birthday concert on Havana’s Malecon seafront boulevard.