clemenzas.com

Wednesday, July 13, 2005

Bernard Ebbers, founder and former CEO of telecommunications giant WorldCom, now MCI, was sentenced to 25 years in prison for his role in the corporate accounting fraud totaling US$11 billion. The once-powerful company plunged into bankruptcy in July 2002.

The sentence was handed down by Manhattan federal court Judge Barbara S. Jones. Mr. Ebbers, who is 63, asked for a lenient sentence due to his failing health and a heart condition, and because of his philanthropy.

Prosecutors pushed for a life sentence, and said the sentencing “should prove to be a deterrent” to corporate wrongdoing. “The enormity of the crimes that Ebbers committed cannot be overstated: the fraud at WorldCom was the largest securities fraud in history,” prosecutors wrote in papers filed last month.

Jones rejected defense lawyers’ contentions that the government overstated the losses, and that Ebbers was not a mastermind of the wrongdoing. Jones believed Ebbers deserved a harsh sentence, and said “Mr. Ebbers was the instigator of the fraud.”.

Ebbers appeared to be tense when arriving at the court and even shoved a photographer out of his way. After the sentence was given, Ebbers was seen weeping. His first day of prison will be October 12.

In March, Ebbers was found guilty of fraud, conspiracy, and seven counts of filing false documents with regulators.

WorldCom emerged from bankruptcy last year under the name MCI, which was one of the many companies WorldCom had acquired. In May, Verizon agreed to acquire the company.

Thursday, March 5, 2009

US stock markets dropped to twelve-year lows on Thursday, amidst falling confidence in the financial sector and worries over whether the US automobile manufacturer General Motors will be able to keep operating.

The Dow Jones Industrial Average dropped by 4.08%, or 280.52 points, at the closing bell, reaching a level of 6595.32, a new 12-year low. The Nasdaq Composite lost 54.15 points, or 4%, to 1299.59, while the Standard & Poor’s 500 plunged by 30.27 points, or 4.25%, closing at 682.60.

Every stock in the Dow Jones, other than Wal-Mart, either lost ground or remained even, and all stocks in the S&P 500 index lost ground.

General Motors’ shares lost 15.5% after the auto firm announced that its auditors had “substantial doubt” over whether it would be able to keep operating.

Shares of financial companies were lower by nine percent, with Bank of America losing 11.7% and Citigroup falling by 9.7%.

“What’s most worrisome is that we haven’t hit the crescendo yet,” said Bill Groeneveld, the head trader for vFinance Investments. “Asset-management divisions are getting calls to just liquidate everything, and we haven’t seen the big players come back in at all.”

“This is one of the worst bear markets in the last 100 years; it started out with the credit crisis and the subprime [loans], but it is like a forest fire that has raced across the clearing and ignited other parts: Autos, auto parts, the insurance companies have been hit very hard. The credit crisis is causing an unraveling of industry after industry because the banks don’t lend,” said David Dreman, the chief investment officer of Dreman Value Management.

European markets were also lower today, with the London’s FTSE index losing 3.2% and the DAX index of Germany falling by five percent.

Wednesday, April 25, 2018

On Sunday, the government of Jammu and Kashmir, India, ordered private academic coaching institutions for students until and including class XII to shut down for the next three months calling those institutions “distractions” for the students; with an exception of coaching institutions preparing students for professional exams.

After meeting the heads of some educational institutions, the state’s education minister Syed Altaf Bukhari said: “We had a discussion with our principals today to how to make the education system better. We have come to a conclusion that the distractions which affect our education system […] one of those distractions are the coaching centres”. He added the government is to review the status of the tuition centres with respect to their decisions twice a month.

High schools and colleges have suspended classes since the beginning of the month. Boycotting the classes, students protested against two encounters in Shopian that resulted in the killing of four civilians as well as twelve militants. Then there were protests against the gang rape and murder of eight-year-old girl Asifa Bano in Kathua who police said was held captive and sedated at a temple in January. Retired government official Sanji Ram and several others —including multiple police officers— were arrested earlier this month for, or in relation to, the gang rape and murder of Asifa. Asifa’s corpse was found in the village of Rasana on January 10.

Some of the protesters clashed with the state security forces, and pellets were fired over the protesters. Bukhari said, “Security of the students is paramount, that is why we kept schools and colleges closed. But now the students should control their emotions and go back to their classes […] Now, enough is enough, they have their protest and should attend school now.” Bukhari went on to add that they cannot “afford to have future a generation of illiterates and uneducated.” He said the students who come to the road for protests “would be treated as rowdies”.

According to an official in Jammu and Kashmir’s education department, the motivation behind the temporary shut down of tuitions was “when the coaching centres are closed, students would not have an option but to attend schools”. Coaching Centre Association president Junaid Yousuf responded to this ban, saying: “What is the point of ordering closure of coaching centres and keeping schools open? This defies logic. You are not shutting down the places where protests occur and closed those centres where there are no protests”.

“This distraction leads to fall in attendances in schools. We are not against coaching centres; we will first see how schools function. Therefore immediately we will request and order the coaching centres to stop their shops for some time[…] We are the custodians of the students and want that they are not distracted”, the Education Minister said.

Saturday, September 12, 2009

On Friday, the Institute of Electrical and Electronics Engineers (IEEE) ratified the next generation of Wi-Fi Alliance certification known as 802.11n. The path to ratification began on September 11, 2003 with 11 major drafts of the specification over the course of six years. Even though just approved, wireless devices have been available on the the market for over two years, running on what is known as “draft n” or “pre-N”.

The 802.11n standard operates on both the 2.4Ghz and 5.0Ghz frequencies. This will allow it to be backwards compatible with 802.11a, 802.11b and 802.11g, provided that the base station has dual radios. The speeds of 802.11n are substantially faster than that of its predecessors with a maximum theoretical throughput of 600Mbit/s.

Very few additions were made to the 802.11n draft standard over the last two years, so most if not all “draft n” hardware available on the market today is expected to be compatible with n-standard devices available in the future. In a similar process of the upgrade from “pre-G” to 802.11g, it is expected that most manufacturers of wireless hardware will release new firmware to bring all draft devices up to full standard compliance.

Saturday, October 14, 2006

Michael Ignatieff, the frontrunner in the Liberal leadership race, said that Israel committed a war crime when it bombarded the Lebanese village of Qana in July.

“This is consistent with the anti-Israeli position that has been taken with virtually all of the candidates of the Liberal leadership, and I don’t think it’s helpful or useful,” said Harper, who has refused to back down from his comment. “I think we all remember last summer when the Liberals were making all these anti-Israeli comments.”

Harper told reporters that the only two of the eight Liberal leadership candidates who had distanced themselves from such remarks at the time were Joe Volpe and Scott Brison.

Ignatieff said yesterday that “it would be up to international bodies to determine whether Israel had committed war crimes at Qana.” He also said he thought both sides in the conflict were guilty of crimes against civilians and that it was “disgraceful for Harper to suggest the Liberals were anti-Israeli”.

“Canadians deserve a Prime Minister that helps Canadians from all communities to find a common language in which we can speak about difficult issues together,” Ignatieff said. “All communities in Canada have a right to contribute to the public debate about where Canada’s national interest lies but no community has the right to determine what can and cannot be said.” “And no Prime Minister has the right to say that anyone who voices criticism of Israel is an enemy of Israel.”

Liberal MP Ariela Cotler, whose husband Irwin Cotler is supporting Bob Rae’s campaign, announced that she has quit the party over Ignatieff’s assertion that Israel committed war crimes. Ignatieff lacks “moral integrity” and accused him of “sacrificing the truth for personal political gains in the upcoming leadership election.” She said she “and many of her friends” are no longer planning to attend the Liberals’ December leadership convention in Montreal, Ariela Cotler said on Friday, in a letter to the editor in the National Post.

Ignatieff’s comment last week has also cost him the co-chair of his Toronto campaign, MP Susan Kadis, who withdrew her support from his leadership bid on Wednesday.

Canadian Jewish groups criticized the candidate for his comments. Israel’s ambassador to Canada, Alan Baker, said Thursday that Ignatieff’s statement was “upsetting and disappointing.”

Bob Rae, commenting on the PM’s remarks, said it is dangerous “to suggest there is a pro-Israel party in Canada and an anti-Israel party in Canada.”

“It’s untrue. It’s a big lie. It’s a big smear. And it isn’t going to work on me. And if he thinks he can get away with it, he’s sadly mistaken,” Mr. Rae said. “It’s just a basically thoughtless, deeply divisive thing to say, and I think it’s something we have to put a stop to right now. That’s it. We cannot carry on politics in this country like this. It will not work. It divides Canadians. It’s something for which he should be thoroughly embarrassed.”

Stéphane Dion, one of the leadership candidates, said the Prime Minister insulted everyone who wanted to see a ceasefire in the fighting between Israel and Lebanon.

“He is insulting all the people that legitimately thought that the solution was a ceasefire. And these people are not anti-Israel. The vast majority of them, they thought that the best way to help a friend was to request a ceasefire,” Mr. Dion said. “I will not allow the Prime Minister to distort what was said in so shameful a way.”

Gerard Kennedy, another leadership candidate, described Mr. Harper’s “brand of politics as creating divisions within the country and diminishing Canada’s reputation” abroad. He said it was unfair and unacceptable to brand the Liberal Party as anti-Israel, and damaging to the quality of public life in the country.

Mr. Ignatieff said his initial comments on Qana were “ripped flagrantly out of context.”

Mr. Ignatieff said he’s accepted a Jewish group’s invitation to visit the Middle East next month to discuss longterm peace solutions, and will meet with the Israeli prime minister as well as Palestinian leaders.

Friday, December 4, 2009

Chinese President Hu Jintao met with the European Union’s leaders Jose Manuel Barroso and Fredrik Reinfeldt in Nanjing, Jiangsu Province, China. The EU leaders were in China to attend Monday’s twelfth China-European Union (EU) summit. Barroso said China-EU relations are “more mature, deeper” then before.

China-EU trading relations have grown over the last 35 years. The volume of trade between the pair reached US$425.58 billion in 2008, an increase of 19.5% over the prior year. Bilateral relations are far closer now than in previous years.

Swedish Prime Minister, Fredrik Reinfeldt, said the Lisbon Treaty would help strengthen EU-China relations. Summit attendees also talked about nuclear non-proliferation, disarmament, human rights, climate change, combating financial crisis and financial investments.

Before the twelfth China-EU summit, Chinese Premier Wen Jiabao met with EU delegates in Nanjing, and the trading partners celebrated the 35th anniversary of diplomatic relations.

Wednesday, November 21, 2007

A former accountant for Oral Roberts University (ORU) has filed a lawsuit against ORU and its Board of Regents claiming he was told by Richard Roberts and his wife Lindsay to “cook the books”, hiding financial wrongdoing from authorities and the public. Trent Huddleston, the accountant, has filed suit against the school and the Robertses claiming he “was improperly and unlawfully directed to perform functions and duties in violation of state and federal law in an effort by the defendants to ‘cook the books’ and hide from the appropriate authorities and the public the continued wrongdoing, improper and illegal conduct of the defendants, and in particular, of Richard and Lindsay Roberts.”

Huddleston said that nearly $123,000 in remodeling fees for their home was paid by Oral Roberts University and Oral Roberts Ministries. In addition the lawsuit alleges $4,000 was spent on a pool table for the Robertses. Previously the Roberts were accused of illegal political and financial wrongdoing, which forced the president to step down from his positison.

Last week at a meeting called by Oral Roberts, founder of the University and former faith healer, a majority of the faculty voted against allowing Richard to serve as president.

An ORU spokesman declined to comment on latest lawsuit and the faculty meeting.

In other news, Tulsa World released emails between Richard and his political adviser and sister-in-law, Stephanie Cantees. The emails given by an anonymous source, show the two plan to gain political influence using ORU students.