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Wednesday, March 18, 2009

United States President Barack Obama stated Monday that insurance giant AIG is in financial trouble due to “recklessness and greed,” and called for legal action to stop the company from giving out millions of dollars in bonuses to its executives.

“It’s hard to understand how derivative traders at AIG warranted any bonuses, much less $165 million in extra pay,” Obama said. “How do they justify this outrage to the taxpayers who are keeping the company afloat.”

Obama’s statement comes after reports surfaced last weekend saying the insurance agency, which is in deep financial trouble, had paid US$165 million to executives in bonuses, after receiving $170 billion as part of a government bailout plan.

AIG has said that the bonuses have to be given out, as the company is legally required by contract to do so. A representative with the National Economic Council, Lawrence H. Summers, also said that the bonuses were required to be given out. If AIG had refused to give out the bonuses, employees could file a lawsuit against the company for the money.

“We cannot attract and retain the best and the brightest talent to lead and staff the A.I.G. businesses — which are now being operated principally on behalf of American taxpayers — if employees believe their compensation is subject to continued and arbitrary adjustment by the U.S. Treasury,” AIG CEO Edward M. Liddy said in a letter addressed to Treasury Secretary Timothy F. Geithner on Saturday.

Liddy said that he asked Geithner “to use that leverage and pursue every legal avenue to block these bonuses and make the American taxpayers whole.”

“I want everybody to be clear that Secretary Geithner’s been on the case,” Obama said. “He’s working to resolve this matter with the new CEO, Edward Liddy, who, by the way, everybody needs to understand, came on board after the contracts that led to these bonuses were agreed to last year.”

If the bonuses cannot be stopped, the U.S. Congress says they want AIG to reimburse the government. Congress is looking to impose stiff new taxes on the pay, or ordering the company to return the money which was originally granted from a government bailout. In a letter to House Speaker Nancy Pelosi on Tuesday, senator Richard Shelby promised that the treasury will recover all of the money. Several U.S. senators along with Liddy have sent letters to AIG asking for the bonuses to be renegotiated, something AIG agreed to and says they will reduce future bonuses by 30%. Senators state that if Libby does not respond by renegotiating the bonuses, the Senate Finance Committee will propose an excise tax. Not only will an excise tax be proposed on AIG, but all companies receiving bailout money and their employees who receive bonuses.

Numerous House Democrats have introduced legislation which would place a 100% tax on any bonuses of over $100,000 from companies that are receiving government bailout funds. Meanwhile in the Senate, a bipartisan proposal by Max Baucus (D-Montana) and Charles Grassley (R-Iowa) would levy a special 90% excise tax on AIG’s bonuses. Asked Senator Baucus, who chairs the Senate Finance Committee: “What is the highest excise tax we can impose that will stand up in court? Let’s find out.”

Wednesday, March 3, 2010

Ford Motor Company said on Tuesday that its sales in the United States rose 43% in February compared to the same period last year, as the automaker outsold rivals Toyota and General Motors.

Ford said that total sales improved to 142,285 units, compared to 141,951 units sold by GM. Additionally, Ford said that its share of the total US car market rose to 17%, up from 14% a year ago. The increase was better than analysts had predicted, and Ford’s stock rose to a five-year high in morning trading, before declining later in the day. Ford’s sales were significantly influenced by a 74% increase in fleet sales to businesses. Rental car agencies alone accounted for around 30,000 units sold. Sales to retail consumers increased only 28%.

The increases were led by sales of two sedans, the Fusion and Taurus, which rose 166.5 and 93.3% respectively, although sales of other models such as SUVs and pickup trucks also increased. Both models were significantly redesigned last year, and analysts said that improved quality from such cars were driving the increases.

Other companies also reported February sales today, nearly all reporting sales gains as well, although none as large as those of Ford. Toyota was the sole exception to the sales gains, as their sales declined 8.7%, as the company was faced with a global recall during the month that led to a temporary stoppage of production for some models.

“The strength of our new products … are resonating with customers,” said Ken Czubay, Ford’s vice president of sales and marketing. However, he believed that traditional Toyota customers were not buying rival autos, but rather awaiting the results from the recalls.

Thursday, October 29, 2009

According to US health officials, New York state governor David Paterson has declared a state of emergency in the state as a result of the H1N1 swine flu outbreak.

The Associated Press news agency reports that the six-page declaration was issued because at least 75 people have died of H1N1 related illnesses in New York since April. Three have died from H1N1 related illnesses just this past week. The declaration also says that human cases of the virus are on the rise.

Paterson says he issued the declaration because “a disaster has occurred throughout New York State, for which the affected local governments are unable to respond adequately.”

The declaration will allow health officials more access to the H1N1 vaccine and the seasonal flu shot. It will also allow for an increase in the number of vaccine doses available in the state and will allow more health care facilities to administer the vaccine, including dentists and pharmacists. Schools with health centers will also be allowed to administer both vaccines.

Despite the declaration, officials stressed that there is no reason to worry. A spokeswoman for the New York State Department of Health, Claire Pospisil, said that “it [the declaration] helps us to be more prepared.”

The order came shortly after US president Barack Obama declared a national emergency last Saturday, a response to the spreading of the virus, which has now been circulated in 46 states.

Tuesday, February 26, 2008

A judge has ruled today that Nigeria‘s 2007 election results, which saw Umaru Yar’Adua’s become president, will not be annulled. Opposition parties claimed that the People’s Democratic Party (PDP), of which the President is leader, fixed the results of the 2007 election in his favour and called for a re-run.

The tribunal ruled unanimously against the claims, with Judge Abdulkadir Abubakar Jega stating that there was no evidence that Mr. Yar’Adua had rigged the polls. Muhammadu Buhari and Atiku Abubakar, leaders of the two opposition parties who launched the case, have both said they will take their complaints to the Supreme Court.

International suspicions were also raised at the time of the election, with some voicing concern over the politcal process.

The ruling could have negative impacts – it could be seen as an admittance of a ‘false democracy’ occurring in the last election and therefore undermining the political process in Nigeria. This could cause instability between political rivals and may spark protests.

Yar’Adua assumed office on 29th May 2007 after the election in April, where he won 70% of the vote. Since then, he has became the first Nigerian leader to declare his personal assets, as well as overturning hikes in petroleum and tax made by the previous government. Despite these positive steps, he has also been surrounded by controversy, with several governors who served him before 2007 being charged by the EFCC, the anti-corruption commission.

Election annulments have been passed for seven of thirty-six state governors and even the senate president, David Mark.

Saturday, April 17, 2010

Journalist, counselor, painter, and US 2012 Presidential candidate Joe Schriner of Cleveland, Ohio took some time to discuss his campaign with Wikinews in an interview.

Schriner previously ran for president in 2000, 2004, and 2008, but failed to gain much traction in the races. He announced his candidacy for the 2012 race immediately following the 2008 election. Schriner refers to himself as the “Average Joe” candidate, and advocates a pro-life and pro-environmentalist platform. He has been the subject of numerous newspaper articles, and has published public policy papers exploring solutions to American issues.

Wikinews reporter William Saturn? talks with Schriner and discusses his campaign.

Thursday, February 6, 2014

Women’s rights advocate and Georgetown University Law Center graduate Sandra Fluke announced her candidacy yesterday to run for the California State Senate.

The Democrat previously stated she would run for a seat in the United States Congress being vacated by retiring Congressman Henry Waxman. She informed the Los Angeles Times that she decided to run for the California State Senate instead of the U.S. Congress because she felt she would be able to accomplish more for the people of California as a state Senator.

She will attempt to gain election to the seat currently occupied by Ted Lieu, a Democrat from Torrance, California. Lieu is currently in the beginning of his own campaign for Congressman Waxman’s seat representing California’s 33rd congressional district.

In a release to the press, Fluke said: “I am extremely moved by the outpouring of local and national support I have received since I announced that I was considering running for office. My entire career has been devoted to the public interest, whether representing victims of human trafficking or advocating for working families.”

She described her intentions for the California legislature: “I am committed to continuing that fight in Sacramento, working to protect our environment, ensure our access to health care, and create the jobs that are desperately needed. While I strongly considered offering my candidacy for Congress, I feel there is a better way for me to advance the causes that are important to our community.”

Fluke characterized herself as a new voice for progressivism: “I believe that the families and communities of this district — from West Hollywood to West L.A. and from Santa Monica to Torrance and beyond — deserve to have a fresh perspective from a new generation of progressive leadership in Sacramento, and I am eager to get to work fighting for the causes that matter most to our future as a community, state and nation.”

After graduating from law school, Fluke moved to Los Angeles where she used her skills as a lawyer to help improve conditions for individuals related to improving the living wage and advocating for better foster care for children.

Fluke was nominated as a candidate by Time magazine for their Person of the Year of 2012. Time concluded Fluke helped give U.S. President Barack Obama an edge in his 2012 presidential re-election campaign.

Fluke was a featured speaker on September 5, 2012 at the 2012 Democratic National Convention in Charlotte, North Carolina. Fluke spoke to attendees at the convention about the consequences for women of electing Republican candidate for U.S. President Mitt Romney over incumbent President Barack Obama. Fluke campaigned with President Obama in his bid for re-election.

She was recognized April 22, 2012 with the Stand Up for Choice Award. Fluke was given the Stand Up for Choice Award at the “Third Annual Multi-Generational Brunch” of the organization NARAL Pro-Choice America which was held in New York City (NYC), New York in the United States.

Fluke received a nomination in March 2012 as a candidate for Time magazine’s 100 most influential people in the world. The list is released annually as a special edition of Time magazine, titled Time 100.

She gave testimony to the US Congress on February 23, 2012 before the House Democratic Steering and Policy Committee at a hearing about women’s health and contraception. She also worked for Sanctuary for Families in NYC which worked to crack down on human trafficking and domestic violence.

Thursday, October 25, 2007

A new theory has emerged as in to why the pilot of Garuda Indonesia Flight 200 attempted to land at a hugely excessive speed, despite 15 automated warnings he was flying too quickly and the co-pilot’s call for a ‘go-around‘ procedure to be performed. 21 people were killed in the March 7 crash of the Boeing 737-400 passenger jetliner.

Stephanus Geraldus, head of the Garuda pilots association, said that problems at home and a lack of sleep may have affected Marwoto Komar’s judgement. The news comes as Indonesian authorities announce they are pressing ahead with a possible prosecution.

The final report into the disaster, released on Monday, found that Komar, 45, had exhibited what was described as a “fixation” to land the plane, resulting in the excessively fast approach.

“If you look at his long flying experience, it’s impossible that he would try to land at that speed,” Captain Geraldus said, adding that marrital problems with wife Norma Andriani, a former air hostess, were “common knowledge”. This was backed up by Dudi Sudibyo, an analyst at Angkasa magazine (translated: ‘Airspace’).

“I understand he was arguing with his wife until late that night,” said Sudibyo, who went on to express concern at the lack of addressal of potential mental problems on the part of the pilot in the report. Sudibyo is himself a licensed pilot.

Lack of sleep may also have contributed. Both Komar and Gagam Rochmana, the flight’s co-pilot, reported for duty at 4:30 a.m., with the flight departing Jakarta for Yogyakarta as scheduled at 6 a.m. “What I want to know now is: why he didn’t report that lack of sleep and ask to be shifted to the next flight, or maybe he felt extremely confident he could fly – overconfident,” Sudibyo specualted. The report did not find any explicit evidence that they were unfit to fly, but did comment that “they did not provide the investigation with information about (their) activities during the 72 hours prior to commencing duty”.

Police officials have commented that a prosecution is likely with the only personnel required to complete the case against the pilot and co-pilot being expert witnesses, and that the pilots had been grounded since the accident. “We’re looking to prosecute under criminal negligence causing death and serious injury,” Inspector-General Adiwinoto said.

“We need witnesses who can prove there was negligence, and since this was an aviation matter, that could be someone from the National Safety Transportation Committee, or it could also be a medical doctor because of the deaths and injuries.

“We have been proceeding with this investigation all along, but we needed enough preliminary evidence, which we now do have, with the report that says, yes, there was human negligence.” He also said that the airline may itself be prosecuted for failing to provide necessary training to the flight crew. This new development comes at the same time as six Garuda Boeing 737-400s are grounded for failure to comply with import regulations.