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

Author: Admin  |  Category: 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.”

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Venetian Blinds What They Are And How Do They Benefit

Author: Admin  |  Category: Curtains

Venetian Blinds What they are and how do they benefit

by

pub article0

With history going back to the 16th century, Venetian blinds comprise of horizontal slabs that hold on the strips of cloths together. These blinds offer a classic look that evokes a sense of elegance within the room. They are made of wood and range in variety and styles. They are easy to adjust in order to allow sufficient light inside the rooms.

It is true that venetian blinds

are often overlooked to vertical blinds and roller ones. The reason is because these designs are quite easy to maintain and clean. Besides, they are also quite easy to operate. Therefore, inject some classic look to your wonderful room with varied flavors of blinds, but nothing can possibly go wrong with Venetian blinds.

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These products add a comfortable setting inside the rooms. It is perfect for a rustic setting with the wooden ones bringing on a timeless style. They provide a warm feeling inside the room. It is a common style to use blinds shutters

. If you are planning of introducing the same in a child’s room, pick style of faux-wood. The material brings in all the benefits that you are looking forward to. The aluminum ones are easy to clean, since they stay in the best of condition.

Classic wood has a more subtle touch to it with the perfect look to bring on the style that you would possibly be looking for. Another most crucial benefit of aluminum is that it has a complimentary look with modern reflection. Therefore, push to the boundaries and bring upon designs that are real and fascinating. Venetian blinds always bring in the kind of look that you would possibly be looking for in this modern and stylish era. Thus, introduce style with perfect quality in room.

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Galloway and Pasqua deny any wrongdoing on their part in the oil-for-food program

Author: Admin  |  Category: Uncategorized

Tuesday, May 17, 2005

Following accusations issued by the United States Senate Permanent Subcommittee on Investigations (PSI), British Member of Parliament George Galloway and Senator Charles Pasqua of France have vehemently denied any wrongdoing.

George Galloway declared:

I’ve now had a chance to read the report which was compiled without this Senate committee asking me a single question about these absurd allegations. I repeat once more. I have never traded or benefited from any oil deals with Iraq.

One of the companies named, with ostensible links to me– Aredio Petroleum– I have never heard of until today and I have certainly had no dealings with. The other company, Middle East Advanced Semiconductors, was owned by Fawaz Zureikat, who was the chairman of the Mariam Appeal. It is well-known that Mr Zureikat traded with Iraq but he did not do so on my behalf. I have not received a penny piece or any oil voucher from Iraq, directly or indirectly.

You would have thought that natural justice would have demanded that these allegations would have– must have been!– put to me, but they haven’t been. Senator Joseph McCarthy would have been proud of this committee.

On May 17, Galloway appeared before the U.S. senatorial panel and vehemently denied any wrongdoing in a tone seldom used in a senatorial hearing. He accused the U.S. administration of creating a “smoke screen” to divert attention away from the situation in Iraq. He also declared, “The biggest sanctions busters were not me or Russian politicians or French politicians. The real sanctions busters were your own companies with the connivance of your own government.”

Galloway denied receiving any money out of the scheme. Galloway demanded, “What counts is, where’s the money, senator? Who paid me hundreds of thousands of dollars? The answer to that is nobody,” while glaring toward U.S. senator Norm Coleman (Republican from Minnesota), according to a New York Times report.

Galloway also accused the US senators, especially senator Coleman, of shoddy standards of justice. He claimed they have already ruled him guilty, and that they rely on dubious evidence and wrongful or coerced testimonies.

Galloway declared:

You have my name on lists provided to you… by the convicted bank robber and fraudster and con man Ahmed Chalabi, who many people, to their credit, in your country now realize played a decisive role in leading your country into the disaster in Iraq.

In these circumstances, knowing what the world knows about how you treat prisoners in Abu Ghraib prison1, in Bagram Air Base [Afghanistan], in Guantanamo Bay — including, if I may say, British citizens being held in those places — I’m not sure how much credibility anyone would put on anything you manage to get from a prisoner in those circumstances.

1. Alluding to the acknowledged Abu Ghraib torture and prisoner abuse.

Charles Pasqua also denies any personal wrongdoing in the case. Pasqua indicated that he was “serene” and that he hoped the investigations by the U.S. Senate would probe the matter to the bottom.

Pasqua judged the situation detrimental to relationships between the United States and France. For this reason, Pasqua declared that he had asked the president of the French Senate for the creation of an investigation commission, wishing that the French and U.S. senatorial commissions should collaborate.

Pasqua declared himself convinced that misconduct took place in the oil-for-food program, and that it was probable that some French people were involved. He then wished that they should be sought and prosecuted. “If one wants to find the origin of the financial streams, one can do so.” Pasqua mentioned the Swiss company Genmar, which the U.S. report claims to have served as Pasqua’s intermediary.

Pasqua denied information presented as facts in the report. For instance, he denied having met Tariq Aziz, former Deputy Prime Minister of Iraq.

Pasqua pointed out that nothing in the senatorial evidence indicates that he had benefited from vouchers, only that one of his former advisers, Bernard Guillet, had received oil allocations in his name. From December 2000 onwards, allocations meant for Pasqua ceased and were replaced by allocations to Bernard Guillet.

Guillet was arrested by French authorities in April in connection with abuses under the oil-for-food program. Mr Guillet has been put under formal investigation for allegedly participating in a system of occult kickbacks and fees between 1996 and 2001 involving major French companies, including Total. He is suspected of having received amounts of money without good explanation from an intermediary specialized in the resale of Iraqi oil.

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French TV director Alain Jaubert talks about art programs in Taiwan

Author: Admin  |  Category: Uncategorized

Sunday, January 20, 2008

Alain Jaubert, director of the famous art program Palettes by Association Relative à la Télévision Européenne (ARTE) was invited by Taiwan Public Television Service (PTS Taiwan) and the French Institute in Taipei to talk about productions on his art program on January 19 in Taipei City. He also talked about some experiences and functionalities on art programs with the Chairman of National Culture and Arts Foundation Mingchuan Huang.

According to PTS Taiwan, Jaubert failed at his first attempt to produce “Palettes” in 1984, but finally succeeded in 1987 after his proposal was recalled and Jaubery tried another production style to introduce history and background on establishments of notable pictures to Europe. This program was finally recognized and encouraged by administration centers from three ancient monuments (Louvre, Musée d’Orsay, and Pompidou Centre). This also echoed Jaubert’s words in his speech: “Without support by art comrades and those administrations centers, ‘Palettes’ would not exist; I wouldn’t have become notable in Europe.”

Before the Executive Panel, the PTS Taiwan screened highlights from some art programs including “Pelettes” by ARTE and “Avant Guard Liberation” by Mingchuan Huang. After the screening, executives talked about specifications on art programs and forecasted the future of directions on art programs world-wide.

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Chef Coats Are A Chefs Protective Gear

Author: Admin  |  Category: Kitchen Home Improvement

Submitted by: Marissa Tillman

There are all sorts of different professions that you can choose for your life and many of them can be extremely enjoyable and pay well too. Many people feel that work is simply something that you have to do to pay the bills but this does not necessarily have to be the case. Being a chef can be one of the most satisfying, challenging and enjoyable professions that you can choose. It is certainly not the easiest profession to get into as there is a huge amount of training and hard work that you will need to put in if you want to be a successful chef. This does not mean it is not worth every minute though, once most people have carried out all the training required to become a chef they never look back and no other career will ever be able to match up to the amount of different challenges and hurdles that you will have to overcome every single day.

Being prepared to be a chef

Taking care of all the training and applying for chef jobs are simply not enough. You need to make sure that you are fully prepared and that you have all the different equipment and clothing that you need to practice the job well and most importantly of all safely. A kitchen can be quite a dangerous place if you do not have everything that you need to protect yourself from cuts, burns or any other injuries that can easily occur in the frantic kitchen environment. One of the most important parts of any chef’s equipment is an excellent selection of knives. Almost everything that you do on a daily basis in the kitchen will require the use of a knife of some kind. It really is worth spending a good amount of money on your knives to ensure that you get a very good set. Many chefs will only ever buy one or 2 sets during their career as a good set will last you for many years. Equally as important as a good set of knives is having the correct protective clothing. Obviously, a kitchen is filled with hot ovens, stoves and boiling liquids so you need to be protected against these items. Having an excellent quality chef coat is very important as this will protect you from any spills. Oven gloves are extremely vital too as is a good pair of chef pants.

[youtube]http://www.youtube.com/watch?v=3l78GFJzRIk[/youtube]

Where to purchase your chefs apparel

There are a number of different places that you can buy a chefs coat from. There are many high street stores that retail a good selection of chef coats and the prices are generally pretty reasonable. However, the prices and the selection simply cannot compete with what you can obtain on the internet. You will be able to locate a plethora of websites that specialize in chef’s protective clothing and the prices here are a vast amount lower than the high street. The main reason for this is that the sites tend to buy in much larger amounts and they can therefore pass on more discounts to you.

There are all sorts of different professions that you can choose for your life and many of them can be extremely enjoyable and pay well too. Many people feel that work is simply something that you have to do to pay the bills but this does not necessarily have to be the case. Being a chef can be one of the most satisfying, challenging and enjoyable professions that you can choose. It is certainly not the easiest profession to get into as there is a huge amount of training and hard work that you will need to put in if you want to be a successful chef. This does not mean it is not worth every minute though, once most people have carried out all the training required to become a chef they never look back and no other career will ever be able to match up to the amount of different challenges and hurdles that you will have to overcome every single day.

Being prepared to be a chef

Taking care of all the training and applying for chef jobs are simply not enough. You need to make sure that you are fully prepared and that you have all the different equipment and clothing that you need to practice the job well and most importantly of all safely. A kitchen can be quite a dangerous place if you do not have everything that you need to protect yourself from cuts, burns or any other injuries that can easily occur in the frantic kitchen environment. One of the most important parts of any chef’s equipment is an excellent selection of knives. Almost everything that you do on a daily basis in the kitchen will require the use of a knife of some kind. It really is worth spending a good amount of money on your knives to ensure that you get a very good set. Many chefs will only ever buy one or 2 sets during their career as a good set will last you for many years. Equally as important as a good set of knives is having the correct protective clothing. Obviously, a kitchen is filled with hot ovens, stoves and boiling liquids so you need to be protected against these items. Having an excellent quality chef coat is very important as this will protect you from any spills. Oven gloves are extremely vital too as is a good pair of chef pants.

Where to purchase your chefs apparel

There are a number of different places that you can buy a chefs coat from. There are many high street stores that retail a good selection of chef coats and the prices are generally pretty reasonable. However, the prices and the selection simply cannot compete with what you can obtain on the internet. You will be able to locate a plethora of websites that specialize in chef’s protective clothing and the prices here are a vast amount lower than the high street. The main reason for this is that the sites tend to buy in much larger amounts and they can therefore pass on more discounts to you.

About the Author: KNG has been providing chef coats to the world’s top chefs for over 30 years. Visit us to get more information about us:

kng.com/wholesale/servlet/home/en/kng/Restaurant/

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Source:

isnare.com

Permanent Link:

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U.S. Army’s surgeon general asked to resign

Author: Admin  |  Category: Uncategorized

Monday, March 12, 2007

The United States Army’s Surgeon General Lt. Gen. Kevin C. Kiley resigned Monday due to the recent Walter Reed Army Medical Center neglect scandal. Lt. Gen. Kiley is the third official to be stripped of command due to the scandal.

Although he officially resigned, Pentagon officials made it clear that he had been dismissed over the scandal that has outraged veterans’ groups and appalled America.

Lt. Gen. Kiley was heavily criticized for his actions at Walter Reed Army Medical Center, where the hospital was kept in very poor condition and its patients neglected.

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Interview with U.S. Republican Presidential candidate Tom Tancredo

Author: Admin  |  Category: Uncategorized

Tuesday, September 25, 2007

Tom Tancredo has been a member of the United States House of Representatives since 1999, representing the 6th Congressional District of Colorado. He rose to national prominence for his strong stance against illegal immigration and his announcement that he was a Republican candidate in the 2008 Presidential election. David Shankbone recently spoke with the Congressman and posed questions from Wikipedia editors and Wikinews reporters:

DS: Throughout my life my father, a lifelong Republican and an avid listener of Rush Limbaugh, told me that all we needed in this country was a Republican Congress, Republican Senate and a Republican White House to get this country on the right track. Last year he expressed his disappointment to me. So many Republicans, like my father, feel lied to or let down by the party. The rationale for the Iraq War, the sex and bribery scandals, the pork barrel projects, and, as Alan Greenspan recently pointed out, the fiscal irresponsibility. People feel there have been many broken promises. Why should someone vote Republican today?

TT: The best reason I can give: we’re not the Democrats. The best thing we have going for us is the Democrats. Maybe that’s as far as I can go; I hope that there are candidates out there who will reflect and carry out the values that your father believes in when he votes Republican. To the extent you can ferret those people out from the others, that’s who he should vote for. The party was taught a pretty harsh lesson in this last election. I have noticed in the last several months we have done a better job of defending Republican principles as the minority than we ever did in the majority. I feel more in tune with the party now than I have throughout the Bush Presidency. Even before he came in, we were in the majority and we were still spending too much. Hopefully we can say that we were spanked by the American public and that we learned our lessons. There are true believers out there who will stick to their guns, and it’s a matter of principle. What’s the alternative? Hillary Clinton?

DS: You yourself said you would only serve three terms in Congress, but then broke that promise. What caused you to reverse yourself?

TT: What happened was this: having ‘lame duck’ stamped on your forehead in Congress when they know you are not going to be around. Then the committee assignments become less meaningful. That was just one of the factors. Far more significant was my becoming the most visible Congressional member on the immigration issue. When I came into Congress I approached Lamar Smith, who was “The Man” on immigration, and said to him, “I’ve come to help you on this issue.” I felt it was one of the most serious we face as a nation. Lamar said, “It’s all yours! I’ve had it with 10 years of busting my head against the wall!” I started doing special orders—that’s when you speak to an empty chamber and whoever is watching CSPAN–and I did that night after night and wondered if it was worth it; was anyone paying attention? Then I’d go back to my office to pick up my keys and I’d see all the telephone lines illuminated, and the fax machine would be going, and a pile of e-mails would be handed to me the next day. I realized: people pay attention. I started picking it up, speaking around the country, leading the caucus on it. In time it became apparent there was nobody to hand the baton to; there were supporters, but not one single soul was willing to take it on as their issue. It was the first year of my second term that I sent a letter to every supporter I had. I said I had come to this conclusion that at the end of my third term (which is three years away) I don’t know if I will run again or not, but that the decision would not be based upon the term limit pledge, because immigration issue makes me feel I have a responsibility I can not shirk. I said that if anybody who gave me money based upon my term limits pledge wanted it back, I would do so. I received maybe three requests.

DS: There are an estimated 12 million illegal aliens in the U.S. To round up and deport millions of people would be a major government undertaking, requiring massive federal spending and invasive enforcement. What level of funding would be necessary for U.S. Immigration and Customs to achieve the level of enforcement that you’d like to see?

TT: Only a relatively slight increase because the only thing you have to do, other than building a barrier on the southern border, is go after employers. We need to go aggressively after the employers, and try to identify some of the more high profile employers who are hiring illegal aliens. Go after them with fines, and if they are not only hiring them but also conspiring to bring them in, then they could go to jail. A perp walk would have a chilling effect. If you break that magnet, most illegal aliens would go home voluntarily. An article in the Rocky Mountain News stated there has been an employer crackdown in Colorado, and that they are going home or moving on to other states. If we did it nationally, they will return home, because the jobs are no longer available. It doesn’t have to happen over time or instantaneously. The costs to the American public for 12 million illegals are enormous and far more than are paid for by the illegal immigrants themselves in taxes.

DS: How long would full enforcement take for you to succeed?

TT: It would be a couple of years before employers were weaned off illegal immigrants and then a couple more years before you saw a really significant reduction.

DS: Can you explain your remarks about bombing the Islamic holy sites of Mecca and Medina as a deterrent to terrorists operating against the United States.

TT: The question I was answering was “What would you do if Islamic terrorists set off on or more nuclear devices in the United States?” My response was that we would need to come up with a deterrent, and that deterrent may very well be a threat to take out their holy sites if they did something like that in the United States. I still believe it is something we must consider as a possible deterrent because at the present time there are no negative consequences that would accrue to the people who commit a crime such as a nuclear, chemical or biological attack. There are no negative consequences; they may die in the attack but that is not a negative consequence for them. Usually they aren’t going to be state actors.

DS: But wouldn’t an attack on Mecca and Medina be an attack on a sovereign state?

TT: You are not attacking the state, but the religious ideology itself. Holy sites are not just in Saudi Arabia; there’s a number of them. In fact, Iran has one of the holiest cities in Islam. And I never used the word nuclear device; I was talking about taking out a physical structure. The reason I suggested it as a possible deterrent is because it is the only thing that matches the threat itself. The threat is from a religious ideology. Not just from Islam, but from a nation whose requirements include jihad against infidels, and we are a threat to their culture, which is why they believe we need to be destroyed. We must understand what motivates our opponents in order to develop a successful response. I’ve received death threats, enormous criticism, and I’ve been hung in effigy in Pakistan, but nobody has given me an alternative strategy that would be a deterrent to such an event. I guarantee when you read the national intelligence estimates, you would be hard pressed to not walk away from doing something.

DS: Aside from becoming President, if you could be granted three wishes, what would they be?

TT: It was the other night that I saw for the third or fourth time Saving Private Ryan and in the last scene Private Ryan asks, “Have I been a good man, have I earned it?” My greatest wish is to be a good father and to have earned everything I have been given in this life. And to be a better Christian.

DS: Farmers rely heavily on seasonal manual labor. Strict enforcement of immigration laws will inevitably reduce the pool of migrant labor and thus increase costs. Do you support tariffs or other government intervention to keep American farm products competitive?

TT: No, I don’t , because I challenge the premise of the question. The ability for farmers to obtain workers in the United States is only minimally hampered by the immigration process because there is, in fact, H-2A, the visa that is designed specifically for agricultural workers. We can bring in 10,000,000 if we want to. There are no caps. There are restrictions in terms of pay and healthcare benefits, and that’s what makes hiring illegal aliens more attractive. The costs would increase for certain agricultural interest, but it would be regional. You would also see a very aggressive movement toward the mechanization of farm work. We are seeing it today in a lot of areas. We saw it in the tomato industry with the Bracero Program. That was a program many growers relied heavily upon: workers, primarily from Mexico would come up seasonally, work, and then went back home. It was successful. But liberals ended the program as a bad idea because the immigrants couldn’t bring their families. When that happened, tomato growers said they’d go out of business. Lo and behold they developed machinery that can harvest citrus fruit, and now they are genetically engineering trees that have a thicker bark but are more flexible so they can be shaken by these machines. You’ll see it more and more.

DS: Do you agree that our forefathers intended birthright citizenship?

TT: No, the Fourteenth Amendment, upon which the concept of birthright citizenship is based, was a response to the Dred Scott decision.
During the original Senate debate there was an understanding that it wouldn’t be provided to people simply because they were born here, but instead to people under our jurisdiction. For instance, nobody assumes a child born to an embassy employee or an ambassador is a citizen of this country. There was an understanding and a reference to “under the jurisdiction” of the United States.

DS: You and Karl Rove engaged, in your words, in a screaming match over immigration, and Rove said that you would never again “darken the doorstep of the White House.” Are you still considered persona non grata at the White House?

TT: Yeah, even though he is gone, the President’s feelings about my criticism of him have not changed. It wasn’t my stand on immigration, it was my criticisms of the President that have made me persona non grata.

DS: Psychologist Robert Hare has discussed in his work the use of doublespeak as a hallmark of psychopaths, and social scientists have pointed out that the use of doublespeak is most prevalent in the fields of law and politics. Do these two trends alarm you?

TT [Laughs] Yes and no. Unfortunately doublespeak is all too characteristic of people in my profession.

DS: What is the proper role of Congress in the time of war?

TT: To first declare it, and then to fund it or not.

DS: Politics is dominated by lawyers. What other group of people or professions would you prefer to see dominate the field of politics and why?

TT: I can’t think of a particular profession from which I would be more comfortable drawing politicians from.

DS: Do you think lawyers are better for handling legislation and as politicians?

TT: No, they don’t offer anything particularly advantageous to the process. I don’t think it should be dominated by one profession. I’ll tell you what this profession is, and it doesn’t matter what field you come out of. There’s something I noticed here. I tell every single freshman I come across that there are very few words of wisdom, having only been here for ten years, that I can pass along to you but there is one thing I can tell you: this place is Chinese water torture on your principles. Every single day there is another drip, and it comes from a call from a colleague asking you to sign on to a bill you wouldn’t have signed on to; but it’s a friend, and it’s not that big a deal. Or a constituent who comes in and asks you to do something and you think it wouldn’t be such a big deal; or a special interest group that asks you to vote for something you wouldn’t vote for. After time it erodes the toughest of shells if one isn’t careful doesn’t think about it. Even if you recognize that these small steps lead to a feeling that remaining here is the ultimate goal; that the acquisition of power or the maintenance of power is the ultimate goal, that really does… it doesn’t matter if you are a lawyer or not, it does seem to have an impact on people. It’s a malady that is very common in Washington, and you have to think about it, you really do, or you will succumb to it. I don’t mean to suggest I’ve been impervious to these pressures, but I’ve tried my best to avoid it. One reason I am persona non grata at the White House is not just because of immigration, but because I refuse to support him on his trade policy, his education policy, Medicare and prescription drugs initiatives. I remember leaving that debate at 6:30 on a Saturday morning , after having the President call every freshman off the floor of the House to badger them into submission until there were enough votes to pass it. I remember a woman, a freshman colleague, walking away in tears saying she had never been through anything like that in her life. Here was a Republican Congress increasing government to an extent larger than it had been increased since Medicare had come into existence. Your dad should have been absolutely mortified, because it was against all of our principles. And I know the leadership was torn, but we had the President pressing us: we had to do it, we had to stay in power, the President is asking us to do it. Principles be damned. There were people who caved in that night who I never in a million years thought would.
And the threats! “You like being Committee Chairman?” Yes I do. “Do you want to be Chairman tomorrow?” And that’s how it happens. I was called into Tom Delay’s office because I was supporting Republican challengers to Republican incumbents. I had a group called Team America that went out and did that. He called me and said to me, “You’re jeopardizing your career in this place by doing these things.” And I said, “Tom, out of all the things you can threaten with me that is the least effective because I do not look at this place as a career.”

DS: You have supported proposed constitutional amendments that would ban abortion and same-sex marriage. You are also a strong supporter of the Second Amendment. Why do you believe that the U.S. Constitution should regulate medical procedures and personal relationships, but not gun ownership?

TT: The issue of medical procedures and relationships: I don’t really believe the federal government or any level of government has any business in determining about who I care about, or who anybody cares about, but I do believe they have a legitimate role, and the federal government has a responsibility, because of reciprocity. We are only one federal judge decision away from having gay marriage imposed on all states. That’s why there is a need for a Constitutional Amendment. I really believe a family–male, female, rearing children–I believe that is an important structure for the state itself, the way we procreate, which hopefully provides a stable environment for children. That is important to the state, and that’s why I think it’s legitimate. The reciprocity clause forces us into thinking about a Constitutional Amendment. I believe Roe v. Wade should be overturned because I think it’s lousy law, and many liberal jurists think it’s lousy because it read into the Constitution a right to privacy. I don’t’ see a connection between these things and the 2nd Amendment. Same-sex marriage and abortion, perhaps, but I don’t see a connection to the Second Amendment question. I support the 2nd Amendment because it is one of the most important we have. It’s a right we have to protect a lot of our other rights. And in our urban centers…and I don’t’ believe as some Second Amendment radicals believe that every single person has that right. I don’t think so! If you have committed a felony, or if you are a danger to yourself or someone else, then you shouldn’t be able to obtain a firearm, but law-abiding citizens should because it gives them a sense of security and protection against people who would do you harm. I don’t believe urban communities are more dangerous because people are allowed to own guns, but because dangerous people have guns. I would feel more comfortable if in the District of Columbia I could carry a concealed gun. I have a permit.

DS: You recently spoke out against the Black and Hispanic Congressional caucuses, stating, “It is utterly hypocritical for Congress to extol the virtues of a color-blind society while officially sanctioning caucuses that are based solely on race. If we are serious about achieving the goal of a colorblind society, Congress should lead by example and end these divisive, race-based caucuses.” Do you also believe there is no longer a need for the NAACP?

TT: No, I think it’s fine, because it’s a private organization, and people can belong to whatever private organization they want, and the need will be determined to a great extent by reality. If in fact people feel committed to an organization that they believe represents their interest, and it’s a voluntary association, that’s fine. All I’m saying is that for Congress to support these things, that run on money that is appropriated–though they fund them in a convoluted way, but it gets there– my point was about leading by example. If people said we don’t think it’s a good idea, maybe that would have an impact on how people feel about things like the NAACP. I would hope there would be, and I would assume Martin Luther King hoped–that’s his quite about a colorblind society–that there will come a time we don’t need them. That it’s an anachronistic organization. I also don’t believe in the creation of districts on race.

DS: You were one of a handful of Republicans who voted for a bill proposed by Maurice Hinchey and Dana Rohrabacher to stop the Department of Justice from raiding medical marijuana patients and caregivers in states where medical marijuana is legal, citing states’ rights concerns. On the other hand, you have suggested state legislators and mayors should be imprisoned for passing laws contrary to federal immigration law, and you support the Federal Marriage Amendment to ban gay marriage nationally. How do you reconcile these seemingly contradictory positions?

TT: We are talking about issues that are legitimately based upon the Constitutional roles of the state and federal government. I believe there is no Constitutional provision that suggests the federal government has a role to play in preventing states, or punishing states, over laws with regards to medical marijuana. I believe absolutely there is a role for the federal government for punishing states or laws when they contravene federal jurisdiction. For instance, protecting states against invasion. Immigration is federal policy, and there’s a law actually called “Encouragement”: you can’t encourage people to come in illegally or stay here illegally. I believe that is constitutionally a federal area.

DS: If you had to support one of the Democratic candidates, which one would it be and why?

TT: Although I couldn’t vote for him, if I had to support one for a nominee it would be Obama, and I would do so because first, I believe we could beat him [laughs], but secondly, and less cynically, I think it would be very good to have a black man, a good family man, and a very articulate man, to have him as a role model for a lot of black children in this country.
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US stock markets fall amid credit fears

Author: Admin  |  Category: Uncategorized

Friday, August 3, 2007

The Dow Jones Industrial Average fell more than 280 points, Friday, to 13181.91, just two weeks after soaring to a historic record of 14,000. Two other major indexes, the Nasdaq and the Standard and Poor 500, fell more than 2% in a widespread market sell-off.

Shares of Bear Stearns, the largest United States underwriter of mortgage bonds, fell 6.3% today, resulting from Standard and Poor’s altering its outlook toward the company to “negative” from “stable”. The investment banking firm recently saw two of its major hedge funds sink after exposure to the sub-prime mortgage decline. Standard and Poor’s report said the firm may have problems, including its hedge funds, that could hurt the firm “for an extended period.”

The company held a press conference at noon, but was unable to salvage its stock, leading to heavy losses in the rest of the financial sector. Chief Financial Officer Sam Molinaro remarked that the credit market was in the worst condition he had seen in 22 years.

American Express shares fell 5.6%, while homebuilder Hovnanian Enterprises fell 9.4% in the sell-off which impacted all the indexes. American Home Mortgage Investment Corporation shares fell 52.07% in the session after announcing plans to close most operations and lay off over 6000 employees. The company has also lost its lending license in four states including New York.

“It is with great sadness that American Home has had to take this action,” Chief Executive Michael Strauss said in a statement. “Unfortunately, the market conditions in both the secondary mortgage market as well as the national real estate market have deteriorated to the point that we have no realistic alternative.”

Analysts say that the weakness in the stock markets and economy in general could prompt the Federal Reserve to lower interest rates, consequently allowing inflation to rise, but that it would also support stocks and ease borrowing. The Fed has not changed interest rates since June 2006.

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Do You Need A Chiropractor?

Author: Admin  |  Category: Medical

Submitted by: Robert Corter

You have lived with the pain in you back for long enough. Painkillers are not helping and neither is anything else. It is finally time to make an appointment to see a chiropractor and get the problem sorted once and for all. Some people baulk at doing so because they have no idea what to expect when they visit a chiropractor. They think it is going to hurt and some do not even believe that a chiropractor is a real doctor, and therefore will not be able to help.

Firstly, chiropractors most definitely are real doctors. On top of full medical training, they also undergo several years of further education and training before taking their DC degree. Furthermore, they are a licenced profession and regulated to a very high standard. Secondly, whilst you may experience a little discomfort whilst undergoing treatment, it is nothing compared to the pain you are going through now.

The first thing your chiropractor wants to do is find out what the problem is. He is going to ask you questions about your medical history and your lifestyle. He will ask you to perform some posturing and movement exercises and may also take a set of x-rays. For those who still do not believe that they are real doctors your chiropractor will also be a fully qualified radiologist.

[youtube]http://www.youtube.com/watch?v=vhjjVZ5iRYA[/youtube]

Your chiropractor wants to see you stretch. This is what they do best and he will ask you to stretch yourself to your absolute limit. This is to help them determine where the problem is. You might say the pain is in your shoulder but the source of the problem will more than likely be elsewhere. Your chiropractor will also teach you stretching exercises that you can do at home.

The next part of the process is what is commonly called back crack. Sound quite painful but it actually is not. This is where the chiropractor will manipulate your spine, to allow any trapped air to release. The cracking sound is actually your pain disappearing. The relief you will feel will be so great you will wonder why you never went to a chiropractor before. Spinal misalignment is one of the commonest causes of back pain and this simple procedure can knock the pain out for good.

Not all chiropractors are the same. Some of them specialise in specific areas whilst others treat a wide range of conditions. There are also many different types of techniques that chiropractors will use, depending upon the type and severity of your condition. Some use purely massage and manipulation techniques, whilst others may use low-level laser therapy or electric shock (which will not hurt) to manipulate the deeper soft tissues. Your chiropractor will discuss what techniques he is going to use with you in advance.

One thing that a chiropractor will never do is prescribe you any painkillers or relievers. They will also not use any surgical procedures. If, for any reason they cannot treat you they will refer you to an alternative health care provider, one who is qualified to help you with your problem.

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UK Chancellor of the Exchequer makes 2005 Budget speech

Author: Admin  |  Category: Uncategorized

Wednesday, March 16, 2005

The United Kingdom Chancellor of the Exchequer, the Right Honourable Gordon Brown PC MP, in a speech to the British House of Commons today presented his ninth Budget, what is very likely to be his last Budget before the next UK General Election. This opened the parliamentary debate on the 2005 Finance Bill, and was followed by responses from the opposition parties.

In a 48 minute long speech, the Chancellor presented a Budget of “tax cuts that are reasonable, spending that is affordable, and [economic] stability that is paramount”, that was “the prudent course for Britain”. There were few surprises that had not already been indicated in his 2004 pre-Budget report. The increase in the threshold on stamp duty was greater than that forecast by commentators, as was the amount of the Council Tax rebate to households with pensioners.

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