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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.”

Wednesday, January 3, 2007

An infectious superbug spreading in the United States is to “emerge in force” in Canada, doctors fear. The bacteria have been reported popping up in day care centers and locker rooms across the U.S. Usually elderly or very ill hospital patients get the disease.

More than 2 million U.S. residents are infected every year, the Centers for Disease Control estimates.

An article in the Canadian Medical Association Journal (CMAJ) on Tuesday said that Methicillin-resistant Staphylococcus aureus (MRSA) are “spreading with alarming rapidity.” The bacteria can cause boils, pimples, or in extreme cases, flesh-eating disease, and more.

“The resistant bacteria is an old foe with new fangs: a pathogen combining virulence, resistance and an ability to disseminate at large,” wrote Dr. John Conly, medical professor and an infectious disease specialist at the University of Calgary.

British Columbia, Alberta, Saskatchewan, Manitoba, and Ontario are the provinces which already have had MRSA in hospitals.

A 30-year-old Calgary, Alberta man died last year of lung abscesses associated with the infection, as well as a three-month old toddler in Toronto, Ontario.

Toronto Blue Jays outfielder Alex Rios, last summer, suffered from an infection caused by Staphylococcus aureus in his leg. Pitcher Ty Taubenheim had a similar infection on his foot.

Doctors are currently investigating some Calgary residents, who could be one of the first Canadian reports of MRSA outside of a hospital setting.

Wednesday, June 16, 2021

In early May, Wikinews extended an invitation to Vitaly Filipchenko, an independent candidate in the 2021 New York City mayoral election, set to take place November 2nd, alongside other candidates. Filipchenko answered some questions about his policies and campaign during a phone interview.

Filipchenko, registered on the New York City Campaign Finance Board as Vitaly A. Filipchenko, is the first Russian candidate for New York City mayor, being born in Tomsk, Siberia in 1973, according to news agency Sputnik. He has since naturalised as a United States citizen. According to the web site, Filipchenko has been educated in road construction and maintenance and owns a moving services company; he describes himself on his web site as a “small business owner”. On his web site’s platform page, he says that “[m]y English may not be perfect – but my platform is.”

Incumbent Democrat mayor Bill de Blasio, who won re-election in the 2017 New York City mayoral election by 66.5%, cannot run for a third term under term limits. As of April 28, 22 candidates are currently running, the majority of whom are also Democrats. Ahead of the June Democratic primary for New York City mayor, a poll conducted May 23 and 24 by WPIX and Emerson College of 12 Democratic candidates with a margin of error of 3.2 per cent has former commissioner for the New York City Department of Sanitation Kathryn Garcia and Borough President of Brooklyn Eric Adams leading with 21.1% and 20.1%, respectively.

Thursday, April 14, 2005

The Recording Industry Association of America (RIAA) has filed 405 lawsuits against students at 18 colleges across the US. The RIAA says these students were illegally sharing songs and films over the Internet2. They claim that 3,900 songs were available on the network. The RIAA said that each person sued downloaded an average of 2,300 songs.

The MPAA has also filed several lawsuits, against students, but has declined to comment on the number of students sued. The MPAA claim that users of the Internet2 had swapped 99 terabytes of films per day. This is more then 15,000 full length films.

The Internet2 is a high speed network used by 207 US universities. It was designed to provide a high speed alternative for researchers and other educators to share information. The Internet2 allows for very high speed connections — a film can be downloaded in as little as 30 seconds, compared with approximately six hours over other high-speed connections, such as DSL.

Cary Sherman the president of the Recording Industry Association of America is quoted as saying that “Internet2 is increasingly becoming the network of choice for students looking to steal songs and other copyrighted works on a massive scale”.

Some have raised the issue of how the RIAA and MPAA gained access to the network, as it is a closed network environment for universities only. The Internet2 does not know how they gained access as they have not given them access or handed over any data. The RIAA will not say how it did the monitoring, but claims it was entirely legal.

A spokesperson for the Internet2 told the Los Angeles Times that copyright infringement is prohibited under its rules, though its chief executive, Doug Van Houweling, in a separate interview admitted that he is aware that there is a lot of file-sharing going on. He also stated that it is possible to filter traffic so as to block illegal activity; however, it would slow the network’s performance and they will not be doing it.

A compilation of brief news reports for Tuesday, December 9, 2008.

The United States media group Tribune Company has filed for bankruptcy protection on Monday as it struggled to sort out its US$13 billion debt. It is the second-largest newspaper publisher in the United States, responsible for the Chicago Tribune and the Los Angeles Times, among others.

The firm has been hit hard by the industry-wide slump in newspaper advert revenues this year. Sam Zell, the billionaire who owns Tribune, took out large loans in order to buy the firm back in June of 2007.

The United States Chapter 11 bankruptcy protection law states that a company can continue trading whilst it sorts out its finances.

Sources

• “US publisher in bankruptcy move” — BBC News Online, December 8, 2008
• “Tribune files for Chapter 11 bankruptcy” — MarketWatch.com, December 8, 2008

The Quebec general election is underway in the Canadian province of Quebec. Premier Jean Charest called the elections, saying he needed a majority to guide Quebec through a period of economic difficulties caused by the worldwide financial crisis.

Polls indicate that the Charest may obtain a majority, with support for his Quebec Liberal Party increasing to 45%, while support for the Parti Québécois remains at around 30%.

The polls will close at 01:00 GMT (20:00 local time), and the results will probably come in soon after that.

Sources

• “Quebec voters head to the polls” — BBC News Online, December 8, 2008
• “Quebec votes in provincial elections” — Agence France-Presse, December 8, 2008

The United States government is reportedly close to an agreement for a US$15 billion bailout plan for the country’s three largest auto firms.

According to a draft obtained by the Associated Press, the deal would give loans to Detroit‘s struggling Big Three automobile manufacturers — Ford, General Motors, and Chrysler — but under the condition that the auto industry restructures itself to survive. Another condition is that the incumbent US President, George W. Bush, would appoint an overseer to supervise the effort.

Analysts suggest that the agreement could be signed into law by the end of this week.

Sources

• “White House cool to plan for auto bailout” — MSNBC, December 8, 2008
• “US car bail-out nears agreement” — BBC News Online, December 8, 2008

Tuesday, June 20, 2006

Apple Computer is planning to sell full-length feature films for download via the online iTunes Music Store. The store currently sells digital music tracks, and more recently has begun to sell TV episodes.

Apple executives are in negotiations with film studios to arrange the deal and settle on pricing structures. It is expected that films will retail for around $9.99 US dollars, although some studios are reported to want to set a higher price.

iTunes is currently by the biggest online retailer of digital music, with its software tightly integrated with the popular iPod line of products. Newer versions of the iPod include a colour screen capable of displaying videos, and so consumers could watch the films on the devices, but it is not yet clear how many people will want to do this.

Apple CEO Steve Jobs is also the largest single shareholder of Disney, which now owns animation studio Pixar, however he could end up playing a wider role within the film industry if iTunes becomes the dominant online distributor.

A full-length TV movie, ‘High School Musical‘ from Disney, is already available on iTunes, suggesting that the technical infrastructure is already in place.

Friday, April 20, 2007

Around 1:40 p.m. CDT, NASA employees reported that two shots were fired in the NASA Building 44 in the Johnson Space Center in Houston, Texas. A SWAT team later reported that Bill Phillips, a contract engineer with Jacobs Engineering, had killed David Beverly as well as himself, leaving a female hostage physically unharmed.

Phillips entered a conference room with gun drawn and ordered all but one person out. Phillips barricaded himself on the second floor of the two-story building, with David Beverly and another female hostage. The building was evacuated and police were summoned. NASA security, Houston police and a SWAT team were on the scene.

Houston news reported at 5:22 p.m. CDT that Bill Phillips, the gunman, and David Beverly, the hostage, were both dead. Police reported that the SWAT team heard one shot and decided to engage, but before they reached the room they heard another shot. When SWAT reached the scene, the male hostage was dead from a bullet to the chest, the gunman was dead from a bullet to the head, and the female hostage, Fran Cranshaw, was gagged and bound to a chair with duct tape, but was otherwise unharmed.

All NASA employees had first been warned to stay in their buildings but were later told by NASA they were free to go home if their working day was over. Mission Control locked its doors during this incident, as this is a standard procedure in such situations. No NASA Mission has been affected by this incident, according to NASA.

In the first press conference, police said that communication to the gunman had not yet been established, but that negotiators had already tried it two times unsuccessfully.

The motive of the hostage-taking, and whether the three people had any connection to each other, is currently under investigation.

The Houston Chronicle reports that last month Phillips had received one e-mail from his employer, Jacob engineering Inc., “describing problems with his work and offering suggestions on improvement.” Jacobs printed that e-mail on March 18, the same day he bought the 38-caliber gun that police suspect was used in the shooting.

Despite reassurances by Cranshaw and Beverly, Phillips would not believe that management was not going to fire him, according to Cranshaw. During the 3-hour standoff, Phillips used a dry-erase board in the room indicating he was tired of being called “stupid,” police said last Saturday.

Michael Sampson, the co-manager of the space agency’s Electronic Parts and Packaging Program, who had known Beverly for ten years, described him as friendly, peaceful person, with a positive attitude to his co-workers.

Relatives describe Phillips as a loner who always kept to himself. He had lost his father in 2003, but had decided not to return to his hometown in Tennessee. Smith, a cousin of Phillips, remarked that in the Christmas card he had received from him last year, Phillips said that he was feeling lonely and without family, but nothing in the card suggested anything so tragic.