Author: Admin

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.”

Monday, February 12, 2007

Cars drove home the big prize last night, from the 34th Annual Annie Awards. The animation industry’s highest honor, ASIFA-Hollywood’s Annies recognise contributions to animation, writing, directing, storyboarding, voice acting, composing, and much more.

As mentioned, Pixar took home the big prize last night, after facing stiff competition from four other Happy Feet, Monster House, Open Season, and Over the Hedge.

But the biggest winner of the night didn’t get a “Best Animated Feature” nod at all. Flushed Away won five feature animation categories including Animated Effects (Scott Cegielski), Character Animation (Gabe Hordos), Production Design (Pierre-Olivier Vincent), Voice Acting (Sir Ian McKellan as Toad), Writing (Dick Clement, Ian La Frenais, Chris Lloyd, Joe Keenan, and Will Davies).

Over The Hedge won awards for Directing (Tim Johnson and Karey Kirkpatrick), Storyboarding (Gary Graham), and Character Design (Nicolas Marlet).

Of little surprise, Randy Newman won an Annie for Cars in the “Music in an Animated Feature Production” category. Newman has won many Oscars for his movie music, and has a nomination this year for the song “Our Town”. Newman didn’t attend the Annies, instead picking up a Grammy for “Best Song Written For Motion Picture, Television Or Other Visual Media”.

DisneyToon Studios’ Bambi II won “Best Home Entertainment Production”, while “Best Animated Short Subject” went to Blue Sky Studios’ No Time For Nuts, which is based on Ice Age.

“Best Animated Video Game” went to Flushed Away The Game, while a United Airlines ad named “Dragon” won a “Best Animated Television Commercial” Annie for DUCK Studios.

Monday, December 2, 2013

Police in the West Midlands in England today said nearly 200 kilograms worth of drugs with value possibly as great as £30 million (about US$49 million or €36 million) has been seized from a unit in the town of Brownhills. In what an officer described as “one of the largest [seizures] in the force’s 39 year history”, West Midlands Police reported recovering six big cellophane-wrapped cardboard boxes containing cannabis, cocaine, and MDMA (“ecstasy”) in a police raid operation on the Maybrook Industrial Estate in the town on Wednesday.

The seized boxes, which had been loaded onto five freight pallets, contained 120 one-kilogram bags of cannabis, 50 one-kilogram bags of MDMA, and five one-kilogram bricks of cocaine. In a press release, West Midlands Police described what happened after officers found the drugs as they were being unloaded in the operation. “When officers opened the boxes they discovered a deep layer of protective foam chips beneath which the drugs were carefully layered”, the force said. “All the drugs were wrapped in thick plastic bags taped closed with the cannabis vacuum packed to prevent its distinctive pungent aroma from drawing unwanted attention.” Police moved the drugs via forklift truck to a flatbed lorry to remove them.

Detective Sergeant Carl Russell of West Midlands Police’s Force CID said the seizure was the largest he had ever made in the 24 years he has been in West Midlands Police and one of the biggest seizures the force has made since its formation in 1974. “The impact this seizure will have on drug dealing in the region and the UK as a whole cannot be underestimated”, he said. “The drugs had almost certainly been packed to order ready for shipping within Britain but possibly even further afield. Our operation will have a national effect and we are working closely with a range of law enforcement agencies to identify those involved in this crime at whatever level.”

Expert testing on the drugs is ongoing. Estimates described as “conservative” suggest the value of the drugs amounts to £10 million (about US$16.4 million or €12 million), although they could be worth as much as £30 million, subject to purity tests, police said.

Police arrested three men at the unit on suspicion of supplying a controlled drug. The men, a 50-year-old from Brownhills, a 51-year-old from the Norton area of Stoke-on-Trent in Staffordshire, and one aged 53 from Brownhills, have been released on bail as police investigations to “hunt those responsible” continue. West Midlands Police told Wikinews no person has yet been charged in connection with the seizure. Supplying a controlled drug is an imprisonable offence in England, although length of jail sentences vary according to the class and quantity of drugs and the significance of offenders’ roles in committing the crime.

Friday, November 3, 2006

On November 13, Torontonians will be heading to the polls to vote for their ward’s councillor and for mayor. Among Toronto’s ridings is Don Valley West (Ward 25). Three candidates responded to Wikinews’ requests for an interview. This ward’s candidates include John Blair, Robertson Boyle, Tony Dickins, Cliff Jenkins (incumbent), and Peter Kapsalis.

For more information on the election, read Toronto municipal election, 2006.

Thursday, May 17, 2007

Recent cyber attacks in Estonia that have paralyzed the high tech country’s Web sites are a threat to national security, according to the country’s Minister of Defense. This has concerned NATO, seeing that Estonia is a member state of the organization. The attacks have subsided this week.

The Defense Minister Jaak Aaviksoo also mentioned that Russia may have been behind the attacks. He stated that the IP numbers in the initial attack belong to Russian government offices, but says that it’s insufficient evidence that the government is behind it. The Kremlin is dismissing the accusations, saying that its caused by hackers producing fake Kremlin IP addresses.

The cyber attacks came after Estonia removed a Soviet-era statue of a Bronze Soldier in Tallinn, which angered many Russians. Riots have left 160 injured, and 1 dead.

Both NATO and the European Union views this as an attack on one of their member states. Three hundred Estonian IT specialist worked day and night to fix the problem.

The Estonian government plans to analyze server logs and data to find out who is behind the attacks.

Tuesday, October 14, 2008

The San Diego, California suburb of Chula Vista has responded to the recent housing crisis with an aggressive blight control ordinance that compels lenders to maintain the appearance of vacant homes. As foreclosures increase both locally and throughout the United States, the one year old ordinance has become a model for other cities overwhelmed by the problem of abandoned homes that decay into neighborhood eyesores.

Chula Vista city code enforcement manager Doug Leeper told the San Diego Union Tribune that over 300 jurisdictions have contacted his office during the past year with inquiries about the city’s tough local ordinance. Coral Springs, Florida, and California towns Stockton, Santee, Riverside County, and Murietta have all modeled recently enacted anti-blight measures after Chula Vista’s. On Wednesday, 8 October, the Escondido City Council also voted to tighten local measures making lenders more accountable for maintenance of empty homes.

Under the Chula Vista ordinance lenders become legally responsible for upkeep as soon as a notice of mortgage default gets filed on a vacant dwelling, before actual ownership of the dwelling returns to the lender. Leeper regards that as “the cutting-edge part of our ordinance”. Chula Vista also requires prompt registration of vacant homes and applies stiff fines as high as US$1000 per day for failure to maintain a property. Since foreclosed properties are subject to frequent resale between mortgage brokers, city officials enforce the fines by sending notices to every name on title documents and placing a lien on the property, which prevents further resale until outstanding fines have been paid. In the year since the ordinance went into effect the city has applied $850,000 in fines and penalties, of which it has collected $200,000 to date. The city has collected an additional $77,000 in registration fees on vacant homes.

Jolie Houston, an attorney in San Jose, believes “Lenders will respond when it costs them less to maintain the property than to ignore local agency requirements.” Traditionally, local governments have resorted to addressing blight problems on abandoned properties with public funds, mowing overgrown lawns and performing other vital functions, then seeking repayment afterward. Chula Vista has moved that responsibility to an upfront obligation upon lenders.

As one of the fastest growing cities in the United States during recent years, Chula Vista saw 22.6% growth between 2000 and 2006, which brought the city’s population from 173,556 in the 2000 census to an estimated 212,756, according to the U.S. Census Bureau. Chula Vista placed among the nation’s 20 fastest growing cities in 2004. A large proportion of local homes were purchased during the recent housing boom using creative financing options that purchasers did not understand were beyond their means. Average home prices in San Diego County declined by 25% in the last year, which is the steepest drop on record. Many homeowners in the region currently owe more than their homes are worth and confront rising balloon payment mortgages that they had expected to afford by refinancing new equity that either vanished or never materialized. In August 2008, Chula Vista’s eastern 91913 zip code had the highest home mortgage default rate in the county with 154 filings and 94 foreclosures, an increase of 154% over one year previously. Regionally, the county saw 1,979 foreclosures in August.

Professionals from the real estate and mortgage industries object to Chula Vista’s response to the crisis for the additional burdens it places on their struggling finances. Said San Diego real estate agent Marc Carpenter, “that kind of measure will add additional costs to banks that have been hit really hard already and ultimately the cost will be transferred down to consumers and investors.” Yet city councils in many communities have been under pressure to do something about increasing numbers of vacant properties. Concentrations of abandoned and neglected homes can attract vandals who hasten the decline of struggling neighborhoods. Jolie Houston explained that city officials “can’t fix the lending problem, but they can try to prevent neighborhoods from becoming blighted.”

CEO Robert Klein of Safeguard, a property management firm, told the Union Tribune that his industry is having difficulty adapting to the rapidly changing local ordinances. “Every day we discover a new ordinance coming out of somewhere”, he complained. Dustin Hobbs, a spokesman from the California Association of Mortgage Bankers agreed that uneven local ordinances are likely to increase the costs of lending. Hobbs advised that local legislation is unnecessary due to California State Senate Bill 1137, which was recently approved to address blight. Yet according to Houston, the statewide measure falls short because it fails to address upkeep needs during the months between the time when foreclosure begins and when the lender takes title.

Thursday, September 20, 2007

It was an awkward birthday gathering; as the family and supporters of Omar Khadr gathered in Toronto to try and explain why the Canadian youth was still being held at Guantanamo Bay.

Khadr, who turned 21 on Wednesday, has become a rallying point for groups who say the Canadian government isn’t doing enough to ensure he receives a fair trial. “Neither Liberals nor Conservatives have done anything,” railed Khadr’s defence attorney Dennis Edney, who is flying down to meet with his client on Monday.

“Comparatively, Canada is behind the curve,” chastised Human Rights Watch spokesmen Nehal Bhuta, pointing out that Khadr has received “almost no support from his government” and therefore remains the only Western citizen still held in the detainment camp after nearly six years. HRW colleague and attorney Jennifer Daskal repeated the condemnation, calling on Canada to “step up, put pressure on the United States government.”

“He is a victim of circumstance, not ‘the worst of the worst'” explained Daskal, who was echoed by U.S. military counsel Lt. Cmdr. Bill Kuebler “in other circumstances, we would have called him a child soldier.”

Alleged to have thrown a grenade that killed an American soldier, Khadr was only 15 years old at the time of the firefight that left him with three bulletholes in his chest. His sister Zaynab pressed Kuebler for answers, demanding to know if “the right to defend onself [is] exclusive to the US Army, because by all reports, that what Omar was doing”.

Perhaps International Law professor Darryl Robinson phrased the conundrum most succinctly; “When we shoot at you, that’s just war. When you shoot at us, it’s a crime.”

Quoting Richard Baxter of the Harvard Law School, Robinson challenged the Bush administration‘s claims of operating outside of international law, stating that “the first step in sidestepping humanitarian law, is denying its applicability.” He further amused listeners by expanding on the catch-22 “you don’t fall under the Third Geneva Convention because you’re not a combatant, you’re a criminal – and you don’t fall under the Fourth Geneva Convention because you’re not a criminal, you’re a combatant…so I guess there are no rules”.

Referencing the fact that even a legal acquittal could still leave Khadr in Guantanamo indefinitely, Bhuta summarised his continued detention as “sadly, something of an icon of everything that’s gone wrong in the U.S. War on Terror.”

Sunday, January 27, 2008

Viktor Schreckengost, the father of industrial design and creator of the Jazz Bowl, an iconic piece of Jazz Age art designed for Eleanor Roosevelt during his association with Cowan Pottery died yesterday. He was 101.

Schreckengost was born on June 26, 1906 in Sebring, Ohio, United States.

Schreckengost’s peers included the far more famous designers Raymond Loewy and Norman Bel Geddes.

In 2000, the Cleveland Museum of Art curated the first ever retrospective of Schreckengost’s work. Stunning in scope, the exhibition included sculpture, pottery, dinnerware, drawings, and paintings.

Saturday, December 24, 2016

A 62-year-old man was murdered in Ronanstown, Clondalkin, South Dublin on Thursday night. The victim has been named as Noel Kirwan.

The killing took place outside Kirwan’s girlfriend’s home as he sat in his Ford Mondeo car and was shot several times in the head. Kirwan was with his partner, who was unhurt at the time of the killing. A white burned out van believed to be involved in the murder was found at the nearby Neilstown Shopping Centre. A firearm was also found at the scene.

Kirwan, originally from North Inner City Dublin and later Kilbarrack, was a friend of Gerry Hutch and it is believed the killing is part of the ongoing Hutch/Kinahan fued, due to Kirwan’s association with the Hutch family. Gardaí (Irish police) had warned Kirwan of a threat to his life and as a result Kirwan had installed CCTV at his home.

Gardaí investigating the crime will be visiting houses near where the murder took place. Lucan Garda station Superintendent Dermot Mann said, “We can’t make any assumptions at this stage, but let me reassure the public and the community we will be putting a lot of resources into this to try and investigate it and move it forward.”