Tuesday, March 15, 2005A federal jury found Bernard Ebbers guilty on all nine counts in an indictment for fraud, conspiracy and false regulatory filings. The verdict was handed down by a New York jury after 8 days of deliberation on the former WorldCom CEO and mastermind behind the accounting scandal that brought down the telcom giant.

AP writer Erin McClam reported that when the verdict was announced, “Ebbers’ face reddened.”

Sentencing is set for the second Tuesday of next week when he could receive 85 years in prison for the conviction.

Ebbers who took the stand in his own defence, said he left the details of the company’s accounting to others and that he had no knowledge of shady practices. But Scott Sullivan, the ex-chief financial officer of the company and key prosecution witness, directly linked Ebbers to the fraud. Sullivan agreed to co-operate with prosecutors in the hopes of receiving a lenient sentence for his own involvement in the scandal.

The fall of WordCom sparked a massive class action law suit by investors. The plunge in WorldCom’s stock changed the capitalized value of the company in the range of $11 billion as the scandal unravelled. Secuities fraud cases stemming from the suits will probably break new legal ground where the involvement of investment banks and public accounting firms who would normally check company irregularities will be called into legal question.

Friday, April 29, 2005

With the UK general election on May 5, three party leaders from the largest parties in the election answered questions live on the BBC at 19:30 UTC Thursday. Charles Kennedy (Liberal Democrats), Michael Howard (Conservative Party, currently Opposition) and Tony Blair (Labour Party, incumbent) were asked questions by an audience representative of the British public. The politicians were given no advance notice of the questions. David Dimbleby hosted the discussion, as he has other Question Time debates.

Topics that were raised included taxation and the new 50% top rate of tax proposed by the Lib Dems, immigration and controls proposed by the Conservatives, the largely negative campaigning launched by the Tories, and the legality of the Iraq war. Also, bullying and discipline in schools, further education and public health were issues raised.

Charles Kennedy’s period in the “hot chair” was notable for the largely benevolent questions posed to him, and considerable support evident from applause and cheering at the end of several points made. He attacked the British First Past the Post electoral system as “perverse” and said that he would support a proportional voting system if he got into power. When questioned as to whether, upon pressure from the US, he would go to war again in the Middle East without sufficient evidence, he replied strongly “No.” Further, he said he could not see the Liberal Democrats in another coalition with any other party that may come into power.

In contrast, the opposition leader entered accompanied with less enthusiasm, including several cries of “Howard is evil!” by several unidentifiable members of the audience. Michael Howard revealed during the debate that, if that he knew all of the things he knew now, he would have supported the invasion of Iraq with Tony Blair. However, he still upholds the illegality of the war and the way it began, and the apparent lies on the part of the Prime Minister to the people as primary reasons to vote for his party.

Tony Blair’s interview period was highlighted by the decision to go to war on Iraq, and the Attorney General’s advice in a recently leaked dossier. Difficult questions relevant to the amount of consultation he made with his Cabinet members and the Intelligence groups, and the amount of division within his cabinet with regards to the Iraq War were raised. The Prime Minister was visibly under pressure, and was openly surprised at several statements made by the public present. Upon hearing that local surgeries did not allow appointments to be booked until less than 48 hours before an available time in order to meet government targets, he was unprepared and appeared surprised.

Toward the end of the discussion, hecklers in the front row interrupted the rounding up of the program.

Considering the content of Question Time, it would seem that the problem of Iraq, and whether the British public can trust the current Prime Minister, may overshadow political debate concerning domestic issues.

Tuesday, February 26, 2008

A result is expected today on the possibility of an election re-run in Nigeria. Opposition parties claim that current President Umaru Yar’Adua’s People’s Democratic Party (PDP) fixed the results of the 2007 election in his favour and are calling to have the result annulled. So far, the tribunal has rejected one out of the two petitions calling for the annulment.

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

A Nigerian judge is currently delivering the ruling on the case of granting the opposition parties a re-run, neither of which claim to have won the previous election. The decision could have negative impacts – if another election is called, it could be seen as an admittance of a ‘false democracy’ occurring in the last election and therefore undermining the political process in Nigeria. However, if no re-run of the election is called, it could cause instability between political rivals and may spark protests.

Emma Esau, of the Alliance for Credible elections, told the BBC: “We have faith the judges will give us a good ruling, and in any case we don’t believe there will be violence after the decision is announced. This will not take Nigeria to the brink.”

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

Sunday, October 5, 2008

Independent U.S. presidential candidate Ralph Nader had harsh words for the Democrats who engineered yesterday’s passage of the Emergency Economic Stabilization Act of 2008, a bailout of the U.S. financial system. At a campaign stop in Waterbury, Connecticut on Saturday, Nader said that Democrats passed up a chance to enact re-regulation of the financial system and instead gave Wall Street everything it wanted.

According to Nader, Senator Chris Dodd (D-CT), Representative Barney Frank (D-MA), and other Democrats considered but rejected measures such as a tax on transactions of derivatives (a “speculation tax”) because of their financial ties to Wall Street and its lobbyists. He said that Representative Chris Murphy (D-CT), who represents Waterbury, had “become a toady” of Nancy Pelosi. He drew enthusiastic applause by calling Murphy “a dynamic fraud”, and referred to Senator Joe Lieberman as “the Hermaphrodite of American Politics”. For Murphy and Representative Chris Shays (R-CT), Nader said, supporting the bailout despite the opposition of constituents was a “profile in betrayal”. Because there were no public hearings where taxpayers and experts could weigh in on the bailout, Nader characterized it as a return to “taxation without representation“—under “King George IV” 225 years after the 13 colonies were taxed under King George III.

Asked about causes of the financial crisis, Nader pointed to the deregulation of the financial sector with the 1999 Glass-Steagall Act and further deregulation in 2000, as well as the rise of overly complex financial derivatives. He outlined a four-part reform plan:

1. Re-regulation of financial markets
2. Increasing shareholder control of corporations
3. Taxpayer equity as part of any bailout, as in the 1979 bailout of Chrysler Corporation
4. Making speculators pay by enacting a 0.1% tax on derivatives transactions (which Nader said will amount to over $500 trillion this year)

Regarding the equity warrants included in the passed bailout, Nader relayed word from an unnamed source that Treasury Secretary Henry Paulson had told Wall Street executives “don’t worry, it’s not enforceable”.

Nader told reporters that he had abandoned the Green Party because “Greens are not disciplined, and they’re not mature”, and also lack the fund-raising capabilities to break into mainstream political discussions. “They bicker and bicker,” he said, pushing out their best people. However, he endorsed several local Green Party candidates, including Chris Murphy’s opponent Harold Burbank.

The virtual media blackout for third party campaigns by national newspapers and networks has been a source of continual frustration for the Nader campaign, as well as the campaigns of Libertarian Bob Barr and Green Cynthia McKinney and the post-campaign activities of Republican Ron Paul. According to Nader, reporters tell him that editors of national media are “very bigoted against third party and independent candidacies”. Even journalists for taxpayer-supported media, such as National Public Radio‘s Terry Gross and the Public Broadcasting Service‘s Jim Lehrer, have shut him out during this campaign. Debates, he lamented, are controlled by corporate interests through the Commission on Presidential Debates.

Nader spoke to a supportive crowd of about 60 people and his campaign raised over $2000 at the event, their third visit to Waterbury. The event took place in the former building of a closed-down bank.

Thursday, September 6, 2007

Following on from the seizure of US$1.5 billion in former Thailand Prime Minister Thaksin Shinawatra’s Thai bank accounts, the ousted PM is claiming assets in Swiss bank accounts have been frozen.

When queried, the Swiss embassy in Bangkok said that there had been no request for an asset freeze, and that such action would only take place in the event of a successful prosecution.

Thaskin was removed from power in September, 2006 by Thailand’s military in a bloodless coup and was accused of corruption. Aside from having his Thai accounts frozen, Thaskin is the subject of arrest warrants in Thailand for “official misconduct”; charges that he denies. “Neither my family nor I has done anything illegal,” Thaskin said in a newspaper interview. “It is defamation.”

On the reputation of Swiss banking discretion, Thaskin was critical. “Good old bank secrecy is no more,” he commented. “Absolute discretion is a thing of the past.”

The ex-premier currently resides in the United Kingdom where he has purchased Manchester City football club for £81 million.

Saturday, August 2, 2008

Reuters, AFP, the Associated Press are reporting that a gas explosion in a Turkish school killed at least seventeen girls Friday.

Reuters reports the initial death toll at sixteen, with 27 injured. The number of deaths later rose to 17 when a body was removed from the rubble. Two survivors were pulled from the rubble as rescuers worked into the night. One girl is still missing.

“We won’t stop until we find her,” village mayor Mehmet Demirgul, told the Associated Press.

About fifty students and teachers were in the school, where some had gathered on for Islamic study in the three-story structure in the village of Balcilar, near Taskent in the Konya province .

Merve Avci, a 13-year-old, slightly injured student spoke to the Anatolian news agency: “I was in the part of the building which didn’t collapse with five of my friends immediately after the explosion, and we felt flames rising from the downstairs to upper floors.”

Anatolian says that Avci was in the process of washing before pre-dawn prayers, when a noise in the building’s kitchen led Avci and some teacher to investigate. She says she saw a loose gas pipe before being ordered back to her room. She says she smelled gas coming from somewhere above her room before the explosion.

“We think the collapse was caused by a gas canister explosion in the building, given the burns on the injured,” Konya province health service official Galip Sef told Reuters.

Mayor Demirgul said a leak in a pipe carrying liquefied petroleum gas is the probable cause of the pre-dawn blast.

“We are hearing voices. I believe those inside the rubble will be saved,” Demirgul told reporters, according to the Associated Press and Reuters.

The Associated Press reports that a small portion of all three stories of the building were left standing. This is confirmed by images displayed on the Reuters website.

The building is owned by a religion foundation and is under investigation when Turkish authorities found an non-approved annex to the structure, according to AFP.

The explosion is unrelated to the bomb blast in northern Turkey on July 28.

Thursday, May 6, 2010

An NBC employee won US$266 million from the California Lottery’s Mega Millions drawing.

The winner, wishing to remain anonymous, will receive $165 million in total, after federal taxes, reports spokesperson for the lottery Cathy Doyle Johnston.

David Reese, a KNBC assistant manager, was informed by the winner around 2:30 local time Wednesday. Reese told the employees working the night shift to keep the name a secret until the winner wishes to step forward.

Reese said the winner worked for NBC as a freelancer for four years, and her husband was laid off two weeks ago.

L & L Hawaiian BBQ in Pico Rivera, California, sold the winning ticket with the numbers 9, 21, 31, 36, 43, and the “Mega Number” 8. Danny He, the owner of the BBQ, will receive $1 million from the lottery for selling the winning ticket.

According to lottery officials, there was a 1 in 175,711,536 chance in winning with all six numbers with 38 other states and the District of Colombia playing as well.