Update from the Heartland
No.393
22.6.09 – 28.6.09
Blog version: http://heartlandupdate.blogspot.com/
No.393
22.6.09 – 28.6.09
Blog version: http://heartlandupdate.blogspot.com/
To all,
I will be on company directed furlough next week. I will take the last of my vacation time and one day of LWOP (Leave WithOut Pay). The company has notified it’s employees of two additional furlough weeks later in the year. I was also informed late Friday that I will be temporarily assignment to the Special Missions group within our Government Business Division. Apparently, they are inundated with business and need assistance. Taylor’s significant other, Sherri, began a three-week furlough from her company. These are tough times; we shall endure.
The follow-up news items:
-- The tragedy in Iran continues. The government has acknowledged an estimated vote fraud of 3M votes, yet, the government claims the crime was of no consequence – logic being – Ahmadinejad won by 11M votes, therefore no factor. The circular logic in rationalizing a clearly fraudulent election [391] is out-of-this-world-ly, even by Chicago standards. I suppose they are not concerned about perceptions. As a few talking heads have noted recently, the post-election unrest appears to be much more than a compromised election and now represents far more dissatisfaction with the Khamenei -Ahmadinejad regime, which if true, portends far greater significance to the current demonstrations. The theocratic-dictatorial regime is proving its true colors, and we all bear witness to what the IRI really is. President Obama has been measured and careful with his words, but there is a threshold of tolerance. When do we owe more to the Iranian people than we hope for some obscure, misty, reproach mal with the theocracy? We can criticize the President for not doing enough. At the end of the day, what choices do we have? Threats without the chutzpah to back them up only weakens our position.
-- Two opinions on this perennial lightning rod issue:
“Gays in the Military: Let the Evidence Speak”
by John M. Shalikashvili
Washington Post
Published: Friday, June 19, 2009
http://www.washingtonpost.com/wp-dyn/content/article/2009/06/18/AR2009061803497.html?wpisrc=newsletter
General Shalikashvili [265, 275, 312, 383] continues to speak out on this sensitive topic.
Also, this week, on the same topic, we have this opinion:
“The American Debate: Obama needs just a bit of Truman’s courage”
by Dick Polman -- Inquirer National Political Columnist
Philadelphia Inquirer
Posted on: Sunday, June 14, 2009
http://www.philly.com/inquirer/columnists/dick_polman/20090614_The_American_Debate__Obama_needs_just_a_bit_of_Truman_s_courage.html Polman quoted Senator Barry Goldwater (1993), “Lifting the ban on gays in the military isn’t exactly nothing, but it’s pretty darned close. Everybody knows that gays have served honorably in the military since at least the time of Julius Caesar. . . . It’s time to deal with this straight on and be done with it.” Polman’s title and challenge refers to President Truman’s defiance of Congress, the military and the public in general, when he issued Executive Order 9981 (26.July.1948) to integrate the armed services. The same tired arguments used to resist racial and gender integration are being utilized to resist inclusion of sexual orientation is the military’s equality statement. Yes, indeed, it is time; let’s get on with it; this is too long overdue.
-- Max Rufus Mosley [346], President of the Fédération Internationale de l’Automobile (FIA – the Formula I racing organization) since 1993, was surprisingly and summarily ousted by his former friend and colleague Bernard Charles “Bernie” Ecclestone, reportedly to forestall a mutiny within the ranks of the motor-sport teams. You may recall, Mosley won an important privacy case last year – Mosley v. News Group [[2008] EWHC 1777 (QB); Case No: HQ08X01303] [346] – a truly bizarre but important case, I must add.
-- The Washington Post reported on apparently leaked information that White House has drafted an executive order to detain certain battlefield combatants indefinitely without trial under the laws of war. The move would partially back off of the President’s 22.January.2009 Executive Order [371] to close the Guantáanamo Bay detention facility. The uber-Left will NOT be happy with this action, but thank goodness the President is facing the reality of warfighting.
-- The Supremes refused to hear the appeal of Valerie Plame-Wilson [147, 169, 293, 307, 348, et al] – Wilson v. Libby [08-1043 (2009)] – no reason given. Just to make the historical connections, Valerie filed a civil suit – Wilson v. Libby [USDC DC civil action no. 06-1258 (JDB) (2007)] – which was dismissed. She appealed the dismissal to the D.C. Circuit Court of Appeals, which in turn affirmed the district court’s judgment to dismiss – Wilson v. Libby [CCA DC No. 07-5257 (2008)]. The latest case was the appeal of the appeal. I hope this is the end of the Plame episode.
A series of New York Times editorials sparked me to note and respond.
-- “The Eavesdropping Continues”
Editorial
New York Times
Published: June 17, 2009
http://www.nytimes.com/2009/06/18/opinion/18thu1.html?_r=1&th&emc=th
This opinion is interesting on a variety of levels. The editors said, “We do not believe that Mr. Obama is deliberately violating Americans’ rights as Mr. Bush did . . . .” I think we can all see the bias and double-standard in their words; sad that they can’t see it. Nonetheless, beyond the political affiliation and alignment, the editorial does raise a number of very important points. First, I laud the Times’ efforts to protect our collective 1st Amendment freedoms, and the national intelligence surveillance issue does raise numerous 1st Amendment questions. Next, I do not agree that the FISA Amendment [PL 110-261 (344)] is “deeply” flawed. The flaws in the original as well as the amendment rests with our failure to clearly and definitively separate intelligence and judicial / prosecutorial processes, and provide the necessary protections for intelligence material to ensure the two processes are not allowed to mix, and more importantly to prevent abuses by those entrusted with sensitive intelligence. I do not support or appreciate the Times’ methods, but this price we pay for our vital Freedom of the Press.
-- “Teenagers and Pregnancy”
Editorial
New York Times
Published: June 17, 2009
http://www.nytimes.com/2009/06/18/opinion/18thu4.html?th&emc=th
The editors refer to a study completed by Columbia University’s Mailman School of Public Health that links decreased contraception use by teenagers with an increased pregnancy rate, which just happens to coincide with the foolishness of the Federal government’s abstinence-only sex education program [PL 105-033] [308]. Abstinence-only effort tried to use Federal law to protect children by ignorance and imposition of private moral values – a recipe for failure. The applicable and associated laws need to be repealed.
-- “Unparalleled and Denied”
Editorial
New York Times
Published: June 18, 2009
http://www.nytimes.com/2009/06/19/opinion/19fri1.html?_r=2&th&emc=th
The editors opened their opinion with, “In an appalling 5-to-4 ruling on Thursday, the Supreme Court’s conservative majority tossed aside compelling due process claims, the demands of justice and a considered decision by a lower federal appeals court to deny the right of prisoners to obtain post-conviction DNA testing that might prove their innocence.” The case they refer to is: District Attorney’s Office for the Third Judicial District v. Osborne [557 U.S. ___ (2009); no.08-6]. I have not yet read the Court’s ruling, but I sure will now. This is probably one of those cases that illuminates the common conflict in points of law, and thus provides emphasis to one side.
-- “A Nation of Candidates”
by Gail Collins – Op-Ed Columnist
New York Times
Published: June 19, 2009
http://www.nytimes.com/2009/06/20/opinion/20collins.html?th&emc=th
Gail wrote her apropos opinion in the aftermath of the sex scandal involving Senator John Ensign of Nevada. She did not mention Governor Mark Sanford of South Carolina as a potential Republican presidential candidate. Now, she won’t have to refer to him other than in the similar context as Ensign (as noted below).
Governor Marshall Clement “Mark” Sanford, Jr., of South Carolina disappeared for five days. As this episode unfolds, it gets curious-er and curious-er – actually well beyond bizarre. If this guy had any illusions of running for national office, he has lost any hope of garnering my vote. I also smell dead fish on this one. Such immature, irresponsible actions by a state executive suggests far deeper problems, and my impression at this point is he should be impeached and removed from office for such conduct. I’ll bet a dollar to donuts he was NOT alone on his little jaunty escapade, and there is much more to this story than has been dribbled out. The Press smells blood in the water; watch out!
I wrote the previous sentences at first blush when the story was an incommunicado trek along the Appalachian Trail. Then, on Wednesday, Sanford held a public, state capitol, press conference to acknowledge his disappearance to Argentina and his extra-marital affair with an Argentine woman. The extent of his relationship with the “other woman” is undoubtedly of prurient interest to many, but for me, it is only a private matter between Sanford and his wife, and should be nothing more. The truly egregious element of this affair is his shirking of his executive responsibilities to the residents of the State of South Carolina. What so many politicians refuse to acknowledge and fail to remember – they serve the People, not the other way around. This is the end of Sanford’s political career.
As usual, the Supremes dumped a bevy of rulings on us toward the end of a session. A number of cases for which I have eagerly waited were issued in this bunch. It will take me more than a few days to read them all.
News from the economic front:
-- The Wall Street Journal reported that Marc Seidner and Michael Llodra, both top, fixed-income, portfolio managers for the Harvard Management Company, the organization that manages the nation’s largest college endowment, plan to step down at the end of June. Harvard officials warned of a 30% decline for the fiscal year ending in June. In February, the endowment said it would eliminate 50 jobs, or a quarter of its staff. In such announcements, I always wonder about the rest of the story.
-- The National Association of Realtors reported existing-home sales rose in May – the second month in a row – however, prices fell sharply, again. Sales increased by 2.4% to a 4.77 million annual rate, up from 4.66 million in April. Troubled property sales pushed prices lower. The median price for an existing home last month was $173,000, down 16.8% from $207,900 in May 2008. This too shall pass.
-- The Commerce Department reported new-home sales decreased by 0.6% to a seasonally adjusted annual rate of 342,000 compared to the prior month – a unexpected decline. The Wall Street Journal’s survey of economists expected May sales to climb, by 2.3% to 360,000. Year over year, new-home sales were 32.8% lower than the level in May 2008.
-- The Commerce Department also reported that manufacturers’ orders for durable goods increased by 1.8% last month – a measure of capital spending – the largest increase in nearly five years. Another positive sign!
-- U.S. Federal Reserve held rates near zero, while acknowledging fresh signs of economic stability. The Fed also reiterated plans to purchase a total of up to US$1.25T of agency mortgage-backed securities and up to US$200B of agency debt by the end of the year, as well as buy Treasury bonds up to US$300B by fall.
-- U.S. District Judge Philip S. Gutierrez, Central District of California, unsealed court documents that allege financier Danny Pang [383] extracted at least US$83M in inflated fees, loans and salary from his Private Equity Management Group before it was seized by federal regulators in April. He is accused of a massive international fraud, bilking investors of US$287M to US$654M – the latter number representing nearly 80% of the US$823M still owed to investors. The beat goes on.
L’Affaire Madoff [365]:
-- New York City’s Metropolitan Correctional Center Inmate no.61727-054 is scheduled to be sentenced on Monday, 29.June. I can’t wait. Bernie does not deserve another breath of freedom.
-- The SEC filed civil fraud charges against brokerage firm Cohmad Securities Corporation – partially owned by Madoff and his brother, Peter – as well as Maurice J. Cohn, Cohmad co-founder and chairman; his daughter, and Cohmad president and chief operating officer Marcia Beth Cohn; and Cohmad vice president Robert M. Jaffe – who is the son-in-law of Carl Shapiro [388], charged in other cases.
-- The SEC also filed civil fraud charges against a Los Angeles-based investment advisor, Stanley Chais [388], who funneled as much as US$1B to Madoff's operations.
-- Ruth Alpern Madoff – wife of Inmate 61727-054 – agreed to give up assets valued at nearly US$80M, leaving her a paltry US$2.5M in cash. Poor woman, my heart bleeds for her . . . although my sarcasm does not come through so well in words. U.S. District Court Judge Denny Chin approved the agreement on the eve of his sentencing of Ruth’s felon hubby.
Comments and contributions from Update no.392:
“Totally, totally agree with you on the restrictions on hate speech. First, it's not going to make the haters stop hating whatever group of people they already hate. Second, who defines what is hate speech? Will harsh criticisms of certain politicians or political organizations fall under that category? I say let the KKK and Neo-Nazis and the like spew their crap in the sunlight, that way we know who these idiots are and watch out for them.”
My reply:
Yep, we are in agreement and coherent as a LASER.
Another contribution:
“We shall see what happens in Iran. ‘A clever dictator in the robes and trappings of religion’ is business as usual for the past thirty years in Iran. I still contend that theocrats wield more power and have even less scruples than fascists. Nevertheless, the recent rioting has at least shown that after three decades opposition still exists in Iran. That's a happy surprise to me. They have survived extreme oppression, apparently proving that no country is truly monolithic. Also, communications media have reached the point of being largely beyond the control of national governments. The outcome of all this has yet to be determined. I'm more concerned with North Korea today. Nukes do more damage than tear gas.
“As best I understand, Obama's gesture toward same-sex partners is mostly a gesture. A given Federal employee could get time off (presumably FMLA unpaid leave) to care for his or her partner, but not health coverage, for example. The President has made no effort to take on either DOMA or Don't Ask Don't Tell. The more things change, the more they stay the same. Meanwhile, States make progress with or without the support of the Federal government.
“I also support freedom of speech, including the freedom of those I find loathsome. If a given person supports the "freedom" of only those with whom he or she agrees, that person does not support freedom. The Klan and others whose views bring me nausea remain entitled to those views. Actions supporting some of those views can be another matter.”
My response:
Well said and agreed. Our Founders learned that lesson in spades – dictators in the trappings of religion often (usually) are far more ruthless that their secular brethren; after all, they carry the word of God to execute their will [not His].
North Korea more dangerous or threatening than the Islamic Republic of Iran . . . perhaps. They are both dangerous nations for different reasons. A little side story at a personal level . . . All military folks (at least of my generation) were familiarized, if not trained, in NBC warfare – Nuclear, Biological and Chemical – all weapons of mass destruction, in today’s parlance. Of those three, I can handle nuclear. If Grand Dear Leader seeks to exchange detonations of his kiloton fission devices for our megaton thermonuclear weapons, I’m sure the exchange can be arranged. While Saddam’s Iraq was more active across the broad spectrum of WMDs, the IRI has dabbled in all three as well, although their focus is on the nuclear portion. What is far more worrisome to me is the IRI’s persistent, consistent, and substantial state-sponsorship of a wide variety of predominately Islamist, terrorist networks. The IRI has a world-wide distribution network that the DPRK does not enjoy, other than via rogue nations like the IRI and Saddam’s Iraq.
Thank you for your observations and opinion regarding the President’s “gesture.” I finally found the Presidential Memorandum yesterday. The President charged the OPM with a review of Federal employment benefits to “recommend to [the President] any additional measures that can be taken, consistent with existing law, to provide benefits to the same-sex domestic partners of Federal Government employees.” The salient phrase is “consistent with existing law,” which seriously constrains the reach of the Memorandum. From my perspective, the Memorandum is barely more than a public statement – “mostly a gesture,” indeed.
We agree. Freedom of speech for every citizen is far too precious for the protection of all our freedoms and rights. We need to pay attention and assist law enforcement in dealing with those who choose to act out.
My very best wishes to all. Take care of yourselves and each other.
Cheers,
Cap :-)
I will be on company directed furlough next week. I will take the last of my vacation time and one day of LWOP (Leave WithOut Pay). The company has notified it’s employees of two additional furlough weeks later in the year. I was also informed late Friday that I will be temporarily assignment to the Special Missions group within our Government Business Division. Apparently, they are inundated with business and need assistance. Taylor’s significant other, Sherri, began a three-week furlough from her company. These are tough times; we shall endure.
The follow-up news items:
-- The tragedy in Iran continues. The government has acknowledged an estimated vote fraud of 3M votes, yet, the government claims the crime was of no consequence – logic being – Ahmadinejad won by 11M votes, therefore no factor. The circular logic in rationalizing a clearly fraudulent election [391] is out-of-this-world-ly, even by Chicago standards. I suppose they are not concerned about perceptions. As a few talking heads have noted recently, the post-election unrest appears to be much more than a compromised election and now represents far more dissatisfaction with the Khamenei -Ahmadinejad regime, which if true, portends far greater significance to the current demonstrations. The theocratic-dictatorial regime is proving its true colors, and we all bear witness to what the IRI really is. President Obama has been measured and careful with his words, but there is a threshold of tolerance. When do we owe more to the Iranian people than we hope for some obscure, misty, reproach mal with the theocracy? We can criticize the President for not doing enough. At the end of the day, what choices do we have? Threats without the chutzpah to back them up only weakens our position.
-- Two opinions on this perennial lightning rod issue:
“Gays in the Military: Let the Evidence Speak”
by John M. Shalikashvili
Washington Post
Published: Friday, June 19, 2009
http://www.washingtonpost.com/wp-dyn/content/article/2009/06/18/AR2009061803497.html?wpisrc=newsletter
General Shalikashvili [265, 275, 312, 383] continues to speak out on this sensitive topic.
Also, this week, on the same topic, we have this opinion:
“The American Debate: Obama needs just a bit of Truman’s courage”
by Dick Polman -- Inquirer National Political Columnist
Philadelphia Inquirer
Posted on: Sunday, June 14, 2009
http://www.philly.com/inquirer/columnists/dick_polman/20090614_The_American_Debate__Obama_needs_just_a_bit_of_Truman_s_courage.html Polman quoted Senator Barry Goldwater (1993), “Lifting the ban on gays in the military isn’t exactly nothing, but it’s pretty darned close. Everybody knows that gays have served honorably in the military since at least the time of Julius Caesar. . . . It’s time to deal with this straight on and be done with it.” Polman’s title and challenge refers to President Truman’s defiance of Congress, the military and the public in general, when he issued Executive Order 9981 (26.July.1948) to integrate the armed services. The same tired arguments used to resist racial and gender integration are being utilized to resist inclusion of sexual orientation is the military’s equality statement. Yes, indeed, it is time; let’s get on with it; this is too long overdue.
-- Max Rufus Mosley [346], President of the Fédération Internationale de l’Automobile (FIA – the Formula I racing organization) since 1993, was surprisingly and summarily ousted by his former friend and colleague Bernard Charles “Bernie” Ecclestone, reportedly to forestall a mutiny within the ranks of the motor-sport teams. You may recall, Mosley won an important privacy case last year – Mosley v. News Group [[2008] EWHC 1777 (QB); Case No: HQ08X01303] [346] – a truly bizarre but important case, I must add.
-- The Washington Post reported on apparently leaked information that White House has drafted an executive order to detain certain battlefield combatants indefinitely without trial under the laws of war. The move would partially back off of the President’s 22.January.2009 Executive Order [371] to close the Guantáanamo Bay detention facility. The uber-Left will NOT be happy with this action, but thank goodness the President is facing the reality of warfighting.
-- The Supremes refused to hear the appeal of Valerie Plame-Wilson [147, 169, 293, 307, 348, et al] – Wilson v. Libby [08-1043 (2009)] – no reason given. Just to make the historical connections, Valerie filed a civil suit – Wilson v. Libby [USDC DC civil action no. 06-1258 (JDB) (2007)] – which was dismissed. She appealed the dismissal to the D.C. Circuit Court of Appeals, which in turn affirmed the district court’s judgment to dismiss – Wilson v. Libby [CCA DC No. 07-5257 (2008)]. The latest case was the appeal of the appeal. I hope this is the end of the Plame episode.
A series of New York Times editorials sparked me to note and respond.
-- “The Eavesdropping Continues”
Editorial
New York Times
Published: June 17, 2009
http://www.nytimes.com/2009/06/18/opinion/18thu1.html?_r=1&th&emc=th
This opinion is interesting on a variety of levels. The editors said, “We do not believe that Mr. Obama is deliberately violating Americans’ rights as Mr. Bush did . . . .” I think we can all see the bias and double-standard in their words; sad that they can’t see it. Nonetheless, beyond the political affiliation and alignment, the editorial does raise a number of very important points. First, I laud the Times’ efforts to protect our collective 1st Amendment freedoms, and the national intelligence surveillance issue does raise numerous 1st Amendment questions. Next, I do not agree that the FISA Amendment [PL 110-261 (344)] is “deeply” flawed. The flaws in the original as well as the amendment rests with our failure to clearly and definitively separate intelligence and judicial / prosecutorial processes, and provide the necessary protections for intelligence material to ensure the two processes are not allowed to mix, and more importantly to prevent abuses by those entrusted with sensitive intelligence. I do not support or appreciate the Times’ methods, but this price we pay for our vital Freedom of the Press.
-- “Teenagers and Pregnancy”
Editorial
New York Times
Published: June 17, 2009
http://www.nytimes.com/2009/06/18/opinion/18thu4.html?th&emc=th
The editors refer to a study completed by Columbia University’s Mailman School of Public Health that links decreased contraception use by teenagers with an increased pregnancy rate, which just happens to coincide with the foolishness of the Federal government’s abstinence-only sex education program [PL 105-033] [308]. Abstinence-only effort tried to use Federal law to protect children by ignorance and imposition of private moral values – a recipe for failure. The applicable and associated laws need to be repealed.
-- “Unparalleled and Denied”
Editorial
New York Times
Published: June 18, 2009
http://www.nytimes.com/2009/06/19/opinion/19fri1.html?_r=2&th&emc=th
The editors opened their opinion with, “In an appalling 5-to-4 ruling on Thursday, the Supreme Court’s conservative majority tossed aside compelling due process claims, the demands of justice and a considered decision by a lower federal appeals court to deny the right of prisoners to obtain post-conviction DNA testing that might prove their innocence.” The case they refer to is: District Attorney’s Office for the Third Judicial District v. Osborne [557 U.S. ___ (2009); no.08-6]. I have not yet read the Court’s ruling, but I sure will now. This is probably one of those cases that illuminates the common conflict in points of law, and thus provides emphasis to one side.
-- “A Nation of Candidates”
by Gail Collins – Op-Ed Columnist
New York Times
Published: June 19, 2009
http://www.nytimes.com/2009/06/20/opinion/20collins.html?th&emc=th
Gail wrote her apropos opinion in the aftermath of the sex scandal involving Senator John Ensign of Nevada. She did not mention Governor Mark Sanford of South Carolina as a potential Republican presidential candidate. Now, she won’t have to refer to him other than in the similar context as Ensign (as noted below).
Governor Marshall Clement “Mark” Sanford, Jr., of South Carolina disappeared for five days. As this episode unfolds, it gets curious-er and curious-er – actually well beyond bizarre. If this guy had any illusions of running for national office, he has lost any hope of garnering my vote. I also smell dead fish on this one. Such immature, irresponsible actions by a state executive suggests far deeper problems, and my impression at this point is he should be impeached and removed from office for such conduct. I’ll bet a dollar to donuts he was NOT alone on his little jaunty escapade, and there is much more to this story than has been dribbled out. The Press smells blood in the water; watch out!
I wrote the previous sentences at first blush when the story was an incommunicado trek along the Appalachian Trail. Then, on Wednesday, Sanford held a public, state capitol, press conference to acknowledge his disappearance to Argentina and his extra-marital affair with an Argentine woman. The extent of his relationship with the “other woman” is undoubtedly of prurient interest to many, but for me, it is only a private matter between Sanford and his wife, and should be nothing more. The truly egregious element of this affair is his shirking of his executive responsibilities to the residents of the State of South Carolina. What so many politicians refuse to acknowledge and fail to remember – they serve the People, not the other way around. This is the end of Sanford’s political career.
As usual, the Supremes dumped a bevy of rulings on us toward the end of a session. A number of cases for which I have eagerly waited were issued in this bunch. It will take me more than a few days to read them all.
News from the economic front:
-- The Wall Street Journal reported that Marc Seidner and Michael Llodra, both top, fixed-income, portfolio managers for the Harvard Management Company, the organization that manages the nation’s largest college endowment, plan to step down at the end of June. Harvard officials warned of a 30% decline for the fiscal year ending in June. In February, the endowment said it would eliminate 50 jobs, or a quarter of its staff. In such announcements, I always wonder about the rest of the story.
-- The National Association of Realtors reported existing-home sales rose in May – the second month in a row – however, prices fell sharply, again. Sales increased by 2.4% to a 4.77 million annual rate, up from 4.66 million in April. Troubled property sales pushed prices lower. The median price for an existing home last month was $173,000, down 16.8% from $207,900 in May 2008. This too shall pass.
-- The Commerce Department reported new-home sales decreased by 0.6% to a seasonally adjusted annual rate of 342,000 compared to the prior month – a unexpected decline. The Wall Street Journal’s survey of economists expected May sales to climb, by 2.3% to 360,000. Year over year, new-home sales were 32.8% lower than the level in May 2008.
-- The Commerce Department also reported that manufacturers’ orders for durable goods increased by 1.8% last month – a measure of capital spending – the largest increase in nearly five years. Another positive sign!
-- U.S. Federal Reserve held rates near zero, while acknowledging fresh signs of economic stability. The Fed also reiterated plans to purchase a total of up to US$1.25T of agency mortgage-backed securities and up to US$200B of agency debt by the end of the year, as well as buy Treasury bonds up to US$300B by fall.
-- U.S. District Judge Philip S. Gutierrez, Central District of California, unsealed court documents that allege financier Danny Pang [383] extracted at least US$83M in inflated fees, loans and salary from his Private Equity Management Group before it was seized by federal regulators in April. He is accused of a massive international fraud, bilking investors of US$287M to US$654M – the latter number representing nearly 80% of the US$823M still owed to investors. The beat goes on.
L’Affaire Madoff [365]:
-- New York City’s Metropolitan Correctional Center Inmate no.61727-054 is scheduled to be sentenced on Monday, 29.June. I can’t wait. Bernie does not deserve another breath of freedom.
-- The SEC filed civil fraud charges against brokerage firm Cohmad Securities Corporation – partially owned by Madoff and his brother, Peter – as well as Maurice J. Cohn, Cohmad co-founder and chairman; his daughter, and Cohmad president and chief operating officer Marcia Beth Cohn; and Cohmad vice president Robert M. Jaffe – who is the son-in-law of Carl Shapiro [388], charged in other cases.
-- The SEC also filed civil fraud charges against a Los Angeles-based investment advisor, Stanley Chais [388], who funneled as much as US$1B to Madoff's operations.
-- Ruth Alpern Madoff – wife of Inmate 61727-054 – agreed to give up assets valued at nearly US$80M, leaving her a paltry US$2.5M in cash. Poor woman, my heart bleeds for her . . . although my sarcasm does not come through so well in words. U.S. District Court Judge Denny Chin approved the agreement on the eve of his sentencing of Ruth’s felon hubby.
Comments and contributions from Update no.392:
“Totally, totally agree with you on the restrictions on hate speech. First, it's not going to make the haters stop hating whatever group of people they already hate. Second, who defines what is hate speech? Will harsh criticisms of certain politicians or political organizations fall under that category? I say let the KKK and Neo-Nazis and the like spew their crap in the sunlight, that way we know who these idiots are and watch out for them.”
My reply:
Yep, we are in agreement and coherent as a LASER.
Another contribution:
“We shall see what happens in Iran. ‘A clever dictator in the robes and trappings of religion’ is business as usual for the past thirty years in Iran. I still contend that theocrats wield more power and have even less scruples than fascists. Nevertheless, the recent rioting has at least shown that after three decades opposition still exists in Iran. That's a happy surprise to me. They have survived extreme oppression, apparently proving that no country is truly monolithic. Also, communications media have reached the point of being largely beyond the control of national governments. The outcome of all this has yet to be determined. I'm more concerned with North Korea today. Nukes do more damage than tear gas.
“As best I understand, Obama's gesture toward same-sex partners is mostly a gesture. A given Federal employee could get time off (presumably FMLA unpaid leave) to care for his or her partner, but not health coverage, for example. The President has made no effort to take on either DOMA or Don't Ask Don't Tell. The more things change, the more they stay the same. Meanwhile, States make progress with or without the support of the Federal government.
“I also support freedom of speech, including the freedom of those I find loathsome. If a given person supports the "freedom" of only those with whom he or she agrees, that person does not support freedom. The Klan and others whose views bring me nausea remain entitled to those views. Actions supporting some of those views can be another matter.”
My response:
Well said and agreed. Our Founders learned that lesson in spades – dictators in the trappings of religion often (usually) are far more ruthless that their secular brethren; after all, they carry the word of God to execute their will [not His].
North Korea more dangerous or threatening than the Islamic Republic of Iran . . . perhaps. They are both dangerous nations for different reasons. A little side story at a personal level . . . All military folks (at least of my generation) were familiarized, if not trained, in NBC warfare – Nuclear, Biological and Chemical – all weapons of mass destruction, in today’s parlance. Of those three, I can handle nuclear. If Grand Dear Leader seeks to exchange detonations of his kiloton fission devices for our megaton thermonuclear weapons, I’m sure the exchange can be arranged. While Saddam’s Iraq was more active across the broad spectrum of WMDs, the IRI has dabbled in all three as well, although their focus is on the nuclear portion. What is far more worrisome to me is the IRI’s persistent, consistent, and substantial state-sponsorship of a wide variety of predominately Islamist, terrorist networks. The IRI has a world-wide distribution network that the DPRK does not enjoy, other than via rogue nations like the IRI and Saddam’s Iraq.
Thank you for your observations and opinion regarding the President’s “gesture.” I finally found the Presidential Memorandum yesterday. The President charged the OPM with a review of Federal employment benefits to “recommend to [the President] any additional measures that can be taken, consistent with existing law, to provide benefits to the same-sex domestic partners of Federal Government employees.” The salient phrase is “consistent with existing law,” which seriously constrains the reach of the Memorandum. From my perspective, the Memorandum is barely more than a public statement – “mostly a gesture,” indeed.
We agree. Freedom of speech for every citizen is far too precious for the protection of all our freedoms and rights. We need to pay attention and assist law enforcement in dealing with those who choose to act out.
My very best wishes to all. Take care of yourselves and each other.
Cheers,
Cap :-)
2 comments:
Thank you for the very relevant Goldwater quote. Barry Goldwater earned my respect, despite the large difference between his politics and mine. He supported freedom for everyone, not just for those like him, and he backed that up regardless of political cost. That makes him more worthy of my respect than most politicians, including the current and past Presidents back to at least Ford.
The Times' report that decreased contraception has led to increased pregnancy among teenagers seems blindingly obvious to me, yet I know it will come as news to some. So many people need to seek out reality rather than believe blindly.
Governor Sanford's saga makes a minor diversion as reported. I agree with you about the more central issue of responsibility to his constituents. Now to get those questions on network TV . . .
MrMacnCheese,
Thank you for your comments; always appreciated.
Barry Goldwater has always been a favorite of mine. I did campaign work for him in 1964 (before I could vote), and I met and talked with him for a few minutes. He was very personable and generous man. I did not always agree with him, but he was a good man with good intentions.
I am far more interested in reality than the imposition anyone else’s moral judgment and values. Some are far more outrages by his extra-marital affair, but I repeat my opinion that element is family matter only. We shall see how he fairs in this one.
Take care and enjoy.
Cheers,
Cap
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