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Friday, May 26, 2006

In February of 2006, the Savarino Services Construction Corp. proposed the construction of a seven million dollar hotel on Elmwood and Forest Avenues in Buffalo, New York. In order for the hotel to be built, at least five properties containing businesses and residents would have to be destroyed. It was not certain whether the properties were owned by Savarino or by the landlord Hans Mobius. The hotel was designed by Karl Frizlen of the Frizlen Group, and is planned to be a franchise of the Wyndham Hotels group.

Elmwood Avenue is known by the community as a popular shopping center, and Nancy Pollina of Don Apparel (who is “utterly against” the construction) claims it’s the only reason why students from Buffalo State College leave campus. Additionally, Michael Faust of Mondo Video said he did not want to “get kicked out of here [his video store property].”

In 1995, a Walgreens was proposed to be built on the same land, but Walgreens later withdrew its request for a variance because of pressure from the community. More recently, Pano Georgiadis tried to get the rights to demolish the Atwater House next to his restaurant on Elmwood Avenue, but was denied a permit due to the property’s historical value. He has since been an opponent to the hotel construction.

In the process of debating the hotel, it was thought that a hotel had previously existed on the proposed site, however; research done at the Buffalo and Erie County Historical Society had shown that no hotel had previously existed on the site.

Saturday, June 4, 2005

Overnight Friday a Southerly storm brought snow to both the Southern Alps and the central North Island mountains of New Zealand for the first time this year, closing major roads and stranding travellers at the start of the Queens Birthday holiday weekend. Police and the AA urged motorists to drive with extra care and to the conditions this weekend.

In the North Island, State Highway 1 between Waiouru and Rangipo, the Desert Road was closed by deep snow at 3 PM on Friday afternoon. Other roads in the area, including other parts of State Highway 1 between Bulls and Turangi, State Highway 4, via National Park, and 49, via Ohakune, were closed at 8 PM.

These road closures stopped all traffic through the centre of the North Island. About 200 travellers were reported to have spent the night at the Waiouru Army Camp, being accommodated in the Marae and the Barracks. Grit trucks and snow ploughs worked overnight to clear the snow and reopen roads, with the Desert Road finally being reopened about 12:30 PM Saturday.

Together with a slip threatening to close State Highway 3 in the Manawatu Gorge and damage to State Highway 2 after floods in the Bay of Plenty a couple of weeks ago, the only reliable alternative route for travellers around the North Island was via Wanganui and Taranaki.

In the South Island, Police and the AA advised that chains were essential when travelling over the mountain passes.

Yesterday, Mount Hutt skifield announced it would be opening Saturday morning. Early Saturday morning, skiers were reported to be queuing at the gates of Mount Hutt skifield, eager to get the first opportunity to hit the slopes in 2005. Other South Island ski fields were also indicating June opening dates.

The weather outlook is for cold southerly winds and rain over the Queens Birthday holiday weekend, with snow down to 400m in the South Island.

Friday, June 9, 2006

Australian Prime Minister John Howard announced Australia’s unemployment rate for May 2006 on Thursday. The rate had dropped to 4.9 percent, the first time since 1976 that unemployment in Australia had been below five percent.

Mr Howard said 56,000 full time jobs were created in May with 38,000 of those taken up by women. He said it was a symbol of how well his government was managing the economy. “The result is a wonderful symbol of the success of the Government’s economic policies.” said Mr Howard.

According to the government 1.8 million jobs have been created since it took office in March 1996.

The number of people actively seeking work also increased, a sign Mr Howard said that people are “confident of finding work.”

At an interview in Sydney, Mr Howard told reporters that he believed the unemployment rate would be driven down further when the benefits of his Workchoices industrial relations reforms begin to show. “I believe, as some of the effects of the workplace relations changes work their way through, then the unemployment rate, particularly in small business, will go down even further,” he said.

Mr Howard denied that Workchoices had any affect on the figures for May saying that it was too early to tell. “I am not going to make that claim. It’s only May’s figures and the changes only came in March. I think it is too early to make that claim” Mr Howard told reporters.

Following the announcement, Liberal MP Wilson Tuckey said that the rise in the number of jobs could not have happened without the government’s industrial relations reforms. “We wouldn’t have achieved these outcomes, particularly in employer hiring, without the changes we’ve made,”

“When employers have confidence in their hiring arrangements as the Workchoices gives them, they’re going to go out and hire more people” said Mr Tuckey.

Stephen Smith, workplace spokesperson for the opposition attacked Mr Tuckey’s claims, stating that all the government’s new industrial relations legislation has achieved is reduced wages. “The suggestion that somehow we’ve got these employment and unemployment figures as a result of 30 days of John Howard slashing wages is a complete nonsense,” he said.

“It’s great that we’ve got a 30-year low in unemployment but that’s a result of 15 years of continuous economic growth and a resources boom.” said Mr Smith.

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.”

Sunday, October 1, 2017

Both suspects in the death of Savanna Greywind have entered not guilty pleas in court in Fargo, North Dakota, United States. On Tuesday, William Hoehn, acting through his lawyer, pled not guilty to counts of conspiracy to commit murder, kidnapping, and giving false information to the police. On Thursday, his girlfriend Brooke Crews did the same, procedurally. Hoehn’s next hearing is scheduled for December and Crews’ for January.

“At this point, Ms. Crews chose on my advice not to specifically enter a plea. The judge entered a not guilty plea, procedurally to move the case forward,” Crews’ lawyer, Steven Mottinger, told the press.

Savanna Greywind, 22, whose body was found wrapped in plastic by kayakers in the Red River on August 27, was eight months pregnant when her relatives called the police to report her missing. According to court documents, the police first responded to a call at 2825 9th St. N. #2 in Fargo on August 19, and spoke to the man and woman who lived at #5, Brooke Crews and William Hoehn, but did not execute a search warrant until August 24, at which time they found Brooke with a baby girl. Hoehn would later tell police he had discovered Crews in their bathroom wiping up blood, and she showed him the infant and told him, “This is our baby. This is our family.” Crews would tell the police Greywind had given her the baby. Both told police the girl is Greywind’s daughter, and a DNA test was performed to confirm the child’s identity.

Greywind worked as a nursing assistant at the Eventide Fargo senior center in West Fargo, the Minneapolis Star Tribune reported. According to her boyfriend, Ashton Matheny, they had planned to name their daughter Haisley Jo, and had recently leased an apartment where they planned to live with their child. Now, Matheny says, he plans to move to the Spirit Lake Reservation northwest of Fargo to raise his daughter near family. He and Greywind both belong to the Spirit Lake Tribe. Ashton and Greywind’s parents were permitted to visit the child in the hospital pending confirmation of her identity, and Matheny has since been awarded full custody.

Matheny, in remarks to the Minneapolis Star Tribune, said “I’ve been waiting to be a father for a while[…] She’s the only good thing that came out of this. She looks like Savanna.”

Earlier in September, tribal leaders sent an open letter to North Dakota’s US congressional delegation with several demands regarding Greywind’s case and the violence faced by Native Americans nationwide. Among other things, they asked that the United States Department of Justice establish a cross-jurisdictional task force to establish a clear system for investigating the deaths and disappearances of Native American women.

The tribal leaders’ letter reads in part: “During the gatherings and prayers for Savanna, we heard story after story from families who also have women in their families missing or with unsolved murders[…] The murder of Savanna illustrates a much larger problem of epic proportions.”