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

Author Posted on January 2, 2018January 2, 2018Categories Uncategorized
 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.”

Asian monsoon rains force millions to flee

Author Posted on January 1, 2018January 1, 2018Categories Uncategorized

Saturday, August 4, 2007

Torrential monsoon rains for the past 11 days have inundated parts of Southeast Asia, heavily flooding areas of India, Nepal, and Bangladesh and affecting over 20 million people.

An estimated 1,400 have been killed across the region, as waterborne diseases have proliferated and become highly virulent in the humid and wet conditions.

The United Nations Children’s Fund, UNICEF, is currently providing relief to affected areas.

Footballers Neymar, Zlatan, Nolito sign contracts

Author Posted on December 31, 2017December 31, 2017Categories Uncategorized
 Correction — December 15, 2016 The article states that “Zlatan helped the club win two domestic titles in a row,” but Zlatan helped Paris Saint-Germain to win two trebles in a row. Winning the domestic title is just one part of winning the treble. Zlatan has won four Ligue 1 titles with PSG. 

Monday, July 4, 2016

On Friday, Neymar Jr agreed to a five-year contract extension with FC Barcelona, Zlatan Ibrahimovi? to a one-year contract with Manchester United F.C. as a free agent, and Nolito joined Manchester City F.C. from Celta de Vigo for a four-year term.

Buying And Selling On Ebay: Tips}

Author Posted on December 31, 2017December 31, 2017Categories Boutique Hotels

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Buying And Selling On Ebay: Tips

by

William Davis –

Auctions have always been popular ways to buy and sell merchandise, from small community fundraising sales to gala events hosted by famous auction houses like Christie’s and Sotheby’s. Traditional auctions bring to mind images of fast-talking auctioneers banging mallets to close a deal, or lavish rooms filled with wealthy buyers, ready to bid on rare antiquities and works of art.

But these days, the word “auction” conjures up an entirely different picture: buyers impatiently refreshing the online auction pages on their computer screens, as the minutes tick down to the final bid.

The Internet has changed the way people do practically everything, including the way we buy and sell. Internet auctions have gained incredible worldwide popularity, with the eBay as the undisputed leader. Today, anyone with Internet access can buy or sell online. Bidders don’t even need to be in the same time zone, let alone in the same room. Virtually everything is bought and sold on eBay auctions, from expensive antiques and works by master artists, to everyday household items and personal creations.

It’s easy to get acquainted with buying and selling on eBay:

* All participants need to sign on to establish an eBay before buying or selling. Every participant receives his or her own unique user-designated screen name like, for instance, Catgirl99. If the user consistently violates eBay rules, the website can discontinue the account as sanctions against the user.

[youtube]http://www.youtube.com/watch?v=yeJPD7Nb5bw[/youtube]

* Anything can be put up for bid on eBay, with the exception of pornography, drugs and illegal items. The seller sets a reserve price, which will act as the minimum bid and starting point for online offers. For example, Catgirl99 is selling a kitty collar with bells on it. She won’t take less than five dollars, so she sets the reserve at a five-dollar minimum bid.

* The seller places the item on his or her eBay page, along with a product description, photograph and a sales pitch. Catgirl99 writes, “Never lose your cat again!” The seller sets a bidding period for the term of the auction, usually around two weeks.

* Buyers search the eBay site for items they are interested in. When the item is found, potential buyers will place bids. The initial bid must be higher than the reserve, and higher than any previous bids.

* As more bidders begin to take action, the price of the item up for bid continually rises.

* After the predetermined period has passed, the bidding will close. At this point, the auction is ended and the product is considered sold to the highest bidder. The sale is confirmed with both parties, and the buyer contacts the seller to arrange payment and delivery terms.

Buying and selling on eBay really is a very simple process. With items offered for sale from literally every part of the world, it’s easy to see why this method of buying and selling has become so hugely popular. ebay auctions make it simple for buyers to locate hard-to-find and collectible items, and sellers can easily find interested buyers to purchase their items. With strict rules in place, eBay also helps to protect both parties by promoting fair deals.

However, that is not to say that online auctions are free of fraudulent cases. According to the Federal Trade Commission (FTC), over the past three years Internet auction fraud has ranked consistently as one of the most filed consumer fraud complaints. Both buyers and sellers have filed cases where deceitful parties have scammed them.

The key to security when buying and selling on eBay, is to understand what the scams are, and recognize the setup before it’s too late.

Bid Siphoning

You’ve located the item you’ve been searching for, and the seller emails you directly to tell you that there is an alternate auction site where you can buy his or her product at less than the eBay price. Don’t follow up on this offer. Legitimate auction sites like eBay offer buyer protection in the form of insurance. If a seller fails to deliver an item you’ve paid for, eBay may be able to replace the money you’ve lost. In turn, they will pursue the seller and charge him or her accordingly. However, if your purchase was made outside of eBay, that protection may not be available to you.

Bid Shielding

This is a scam perpetrated by buyers. An item is shielded from fair bidding when a buyer places a high starting bid. Other bidders don’t want to compete with the high price, so they leave the auction. Just before the bid closes, the scammer withdraws his or her bid and begins bidding under another name. Since the auction is about to end, the second lowball bid becomes the final selling price.

Shill Bidding

A shill is a swindler’s accomplice. Shills drive up the online bids, forcing legitimate bidders to raise their offers. You’ll be able to spot a shill if the item doesn’t seem to carry the value of the price it commands. Shills place high bids to lure others to raise their own bids. In the end, the highest bidder has paid much more than they normally would have, often for an item of compromised value. Stolen items, counterfeit or knock-off products and refurbished pieces can be sold this way.

These are the most common cases of Internet auction fraud. Being aware of these situations, and being cautious in general, can help you avoid the unpleasant experience of being scammed of your goods or money. Nevertheless, buying and selling on eBay still proves to be a fair and reliable way of marketing merchandise.

Internet auctions like eBay have created a true global market–connecting buyers with sellers and helping the world to connect through fair and responsible trade.

William Davis is a writer for several online magazines, on

home business tips

and

business and technology

topics.

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Buying And Selling On Ebay: Tips

}

Usain Bolt breaks 200m and 100m sprint records at championships

Author Posted on December 31, 2017December 31, 2017Categories Uncategorized

Saturday, August 22, 2009

Jamaican sprinter Usain Bolt set a new world record in the 200 metres, Thursday evening at the World Athletics Championships in Berlin, Germany.

Bolt sped through the 200m in a time of 19.19 seconds, breaking the 19.32 mark set by Michael Johnson of the United States in 1996.

“I was trying, I was dying,” Usain Bolt said after the race. “It wasn’t a good race I can say but it was a fast one.”

“Unbelievable — a ridiculous race. The bend is unbelievable,” commented the aforementioned former record-holder Johnson while working for the BBC. “No one has ever run a bend like this and probably never will.”

At 6 ft 5 in (1.96 m) tall, Bolt is uniquely tall among sprinters to have held record times.

I am on my way to becoming a legend

“I definitely showed people that my world records in Beijing were not a joke,” Bolt said on BBC television. “I keep telling you guys my aim is to become a legend. I don’t think about records. I don’t put myself under pressure. I know what to do and I go and execute … I did well for myself and I am on my way to becoming a legend so I am just happy.”

“We call him ‘Insane Bolt,'” commented Wallace Spearmon of the US, the third-place finisher.

Last Sunday, with a time a 9.58 seconds, the Jamaican runner set a new world record in the 100 metres, besting his own prior 9.69 second record, which he set at the 2008 Summer Olympics. In the race, he beat his main contender, Tyson Gay, who was ahead for 10m until the Bolt reached his full stride.

After the 100 metre race, Bolt said, “I was ready. I was feeling good after the semi-finals, feeling good in myself, I felt good. So I knew it was going to be a great race, I just came out here and executed it. It’s a great time, I felt I did well. I just feel good to know that I went out there and executed it.”

Even before his exploits at the World Championships, Usain Bolt was chosen as Laureus World Sports Awards’ Sportsman of the Year for 2009.

University of Southern California spit test predicts cavities

Author Posted on December 31, 2017December 31, 2017Categories Uncategorized

Monday, February 21, 2005

Los Angeles, California – A simple saliva test can predict whether children will get cavities, how many cavities they will get and which teeth are most vulnerable.

Developed by researchers at the University of Southern California in Los Angeles, the test quantifies the genetic component of tooth decay, spotting the risk when something can be done about it.

“When we apply this to young children, it allows us to predict what might be their future caries history—the number of cavities that they’ll get by, say, their late 20s or early 30s,” says researcher Paul Denny.

Called the Caries Assessment and Risk Evaluation (CARE) test, the test measures the relative proportions in saliva of different types of sugar chains called oligosaccharides. The same sugar chains are present on tooth surfaces.

The effect of sugar chains on teeth’s resistance to disease is analogous to the effect of “good” and “bad” cholesterol on blood vessels. “Good” sugar chains tend to repel bacteria that cause cavities while “bad” allow bacteria to bond to teeth and start the decay process. Unlike cholesterol, however, sugar chain makeup in humans is 100% genetically determined.

Denny and colleagues have found that the sugar chain makeup in saliva can predict a child’s future cavity history to plus or minus one cavity with greater than 98% confidence.

The findings suggest that in developed areas of the modern era genes play a more significant role in tooth decay than in former times or third world nations where gross malnutrition and negligent oral hygiene held the greatest impact on dental health.

[edit]

Bus crash in Victoria, Australia injures twenty, some critical

Author Posted on December 31, 2017December 31, 2017Categories Uncategorized

Thursday, July 24, 2008

A bus crash in Victoria, Australia has injured at least 20 people, two of whom are listed as critical. One victim is reported to be still trapped in the wreckage.

The accident occurred between a bus and a semi-trailer on the Princes Highway in the Traralgon area around 10:50am AEST. The La Trobe Valley Busliner bus was traveling east when it collided with the back of a heavy haulage truck.

Those critically injured are being airlifted to a hospital in Melbourne. Others are being transported by Ambulance to La Trobe Valley Hospital in Traralgon.

SES crews are on scene, along with St. John Ambulance and fire crews.

The eastbound lanes of the highway have been blocked by police and traffic is being diverted.

Madonna The Idol

Author Posted on December 31, 2017December 31, 2017Categories Jewellery Insurance

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By Jonathon Hardcastle

It’s been said that you achieve true fame if the world knows you by just one name. Madonna Louise Cicccone, or else Madonna, kept just one name but reinvented her image countless times, becoming one of the most successful performers of all times. Educated in Catholic schools as a child, Madonna danced her way to a four year scholarship at the University of Michigan and then New York’s Alvin Ailey School. After recording her debut album in 1983, her rise was meteoric, aided by the popularity of MTV, as she shocked and dared the public with her visible black lacy brassieres, bare midriff, outspokenness about virginity, abortion and out-of-wedlock births.

Madonna was born in Bay City, Michigan, the eldest of eight children (surely an error here as she is the eldest daughter, but third eldest child). Her father, Tony, was an engineer at Chrysler, her mother, whose name she was given, a housewife. Later, the family was to move south to Pontiac where she shared a room with two sisters. As a girl, Madonna spent her summers working in her father’s vegetable garden weeding and spraying insecticide, or she was sent to her grandparents’ house in Pennsylvania where she would be expected to work on the house and garden. The regime was rooted in instilling ethical work.

The family was devoutly Catholic. On Good Friday, her mother would place a purple cloth over all the religious pictures and statues in the house. This was before she fell ill with breast cancer, which would take her life when Madonna was six. Like many children who lose a parent, Madonna expected her mother to return. But nobody talked about it. For years it seemed that way. Three years later, her father married again, this time to the family housekeeper who never acknowledged Madonna as her mother did. Going t church before school, doing housework that was assigned by dad’s chore chart, and no TV. This, incidentally, is her top tip for successful parenthood; no TV. Madonna was expected to defrost the freezer, wash the dishes, baby sit, and vacuum. She was a voracious reader and loved the stories her mother told her about a garden involving vegetables and a rabbit.

[youtube]http://www.youtube.com/watch?v=VB47fee5TUI[/youtube]

Like many teenagers, she knew that she would leave for the big city as quickly as she could. She says that she knew she wanted to leave Michigan from the age of five. She lasted one term at her Home-state University on a dance scholarship. Her heart wasn’t in it. Even though she’d never visited, there was really only one place for her: New York, the true home of the ambitious. She arrived, in her late teens, at La Guardia airport and took a taxi to Times Square. She had no money or connections and lived hand to mouth, eventually settling in a tenement on the Lower East Side at 4th and Avenue B. Every weekend she went dubbing in search of A&R personnel and DJs who might be able to assist her career. She recalls dancing to ‘Don’t You Want Me’ by the Human League at New York’s famous Danceteria club. With her first royalty paycheck, she bought a synthesizer and a bike which she had to carry up all six flights to her new apartment, a loft on Broome and West Broadway. Deep down she also carried much resentment about her family, was often unhappy and relied greatly on music, which she has written was ‘a vehicle for transcending misery (the story of my life)’ to get her through thin times.

Anyway, it is a pretty strange thing to sit and think about the fact that Madonna is one of the most famous women in the world. Fame is the defining aspect of her life, even more than her music, style, or the movies. Madonna will be remembered for being one of the most relentlessly self-realized people of the century. Along with Monroe and Ali, Madonna will be remembered for defining the times by inventing and changing and promoting herself with ambition and, in so doing, providing us with a way of understanding ourselves and remembering what we used to dance to, who we used to be.

About the Author: Jonathon Hardcastle writes articles on many topics including

Society

,

Alternative Health

, and

Family

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Five police officers killed in Dallas, Texas during sniper attack

Author Posted on December 31, 2017December 31, 2017Categories Uncategorized

Sunday, July 10, 2016

On Thursday, five police officers were killed and seven were injured after a sniper attacked a public protest march in downtown Dallas, Texas. Sources indicate at least three other people were taken into custody for questioning relating to the attack. The march was held to protest the shooting deaths of Alton Sterling in Louisiana and Philando Castile in Minnesota during engagements with police officers.

Police identified 25-year-old Micah Johnson as the suspect. Johnson had previously served in the US army, and police reported he said he wanted to exact revenge upon police officers after news of Sterling and Castile’s deaths. Ammunition and weapons were found inside Johnson’s home. Dallas Police reported the policemen were shot at from a height. Officials said two civilians were also injured in the attack.

Micah Johnson served for the United States Army Reserve from 2009 until early 2015, including a tour of Afghanistan. Johnson had no criminal record. His attack was reported to be a lone mission.

After the attack earlier on Thursday, police killed Micah Johnson in El Centro College’s parking lot by a bomb explosion.

Hillary Clinton, 2016 United States presidential election candidate and favorite for the Democratic nomination this July, said, “There is too much violence, too much hate, too much senseless killing, too many people dead who shouldn’t be. No-one has all the answers. We have to find them together.”

After Johnson was killed, Mike Rawlings, Dallas’ mayor, said “We believe now the city is safe”.