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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.”

Saturday, April 1, 2006

American multi-billionaire Donald Trump has announced plans to build a massive golf complex on an 800-acre site just north of Aberdeen, Scotland.

Speaking last night from the Trump Tower in New York, Trump said that the development will be akin to a “homecoming” for him. The ginger-haired property tycoon’s mother is from the Western Isles of Scotland.

The £300m project at Menie in Aberdeenshire will include both a links course and an inland course, and a 400-bedroom hotel as well as a golfing academy and holiday homes. The facilities are being built with the intention of attracting the Open Championship to the site, officially dubbed Trump International Golf Links, Scotland.

Fields and sand-dunes make up the landscape of the coastal site. Trump said of the location, “As soon as I saw it there was no question about it. I looked at 211 fantastic sites all over Europe, but here it is – the dune size and the ocean front. There is no piece of land that I have ever seen that is comparable to this.” The billionaire claims that the complex, set to be his only development outside the United States, will be the “best course in the world.”

Local and national political figures, including Scottish First Minister Jack McConnell, have welcomed the announcement with open arms, as the project is expected to bring in an additional £157m to the region’s economy within the first ten years. Scottish tourism company VisitScotland is also optimistic, expecting an influx of international visitors to play on (or simply visit) the site. Plans to expand the A90 road running past the site in the near future will enable more road traffic to and around the area. An £60m expansion of Aberdeen Airport will also allow for vastly increased international air links, akin to those operated using Boeing 767 aircraft.

Work on the golf complex itself is set to begin in September this year, with the Trump Organisation hopeful for a Spring 2008 opening date.

Saturday, December 26, 2009

A metal guard rail slicing into a bus killed ten people today in an overnight crash in Ipoh, Malaysia. Three more were injured with one hospitalised when the double-decker Sani Express struck the rail at 1 a.m. this morning with 48 passengers on board.

The vehicle was en route to the northern destination of Perlis from the central state of Selangor when it crashed in Perak on the North-South Expressway, which runs the length of the country. The victims were on the lower deck when the vehicle skidded, struck and was ripped open on the left-hand side by the rail before swerving across the road to rest against the central divider. Of the ten killed, the youngest was fourteen and the oldest 64. The victim hospitalised has four broken ribs.

The bus driver had prior traffic offense convictions, although the bus had not been in any incidents with the police. Police arrested him, noting he was not drunk or on drugs, and he has been remanded in custody until Wednesday. He admits that he fell asleep just before the crash.

Press photographs showed the left side of the bus had been torn open along the bottom of the lower deck for most of its length, and bodies covered with newspaper lying in front of the vehicle.

Perak saw another major bus crash two years ago on the same highway. 22 people were killed in that crash, which remains the nation’s worst bus accident.

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Friday, January 19, 2007

In the United States, a stabbing at the Lincoln-Sudbury Regional High School in Sudbury, Massachusetts has left a 15-year old student dead.

The stabbing happened around 7:20 am EST, before classes had started. A fight broke out in a boys’ bathroom between the 15-year old victim, James Alenson and 16-year-old suspect John Odgren, the fight spilled out in the hallway, where the stabbing occurred.

The school was sent into a “lockdown” and students were ushered into the gym, cafeteria and various classrooms. Alenson was rushed to Emerson Hospital where he was pronounced dead at 8:15 am EST. Odgren admitted to the stabbing and was in the principal’s office saying “I did it, I did it,” to police. However, Odgren also reportedly said “Is he OK? I don’t want him to die,” according to a police report.All students were released at 10:20 am EST.

Odgren was diagnosed with severe Asperger’s syndrome, an autistic spectrum disorder has been on medication for years, was a special education student at the school and had no history of violence according to his lawyer, Jonathan Shapiro. He is being charged with “murder, assault and battery with a dangerous weapon, and carrying a knife onto school property” and was arraigned in Framingham District Court where he pleaded not guilty to the charges.

Shapiro also asked if his client could go to secure facility at Children’s Hospital in Boston. Judge Paul Healy denied the request saying he did not have “enough assurance that Children’s Hospital would be secure.” Instead, he will be held at Middlesex Jail in Cambridge outside of the general population.

According to the school’s website, there will be a community meeting tonight in the school’s auditorium at 7pm EST.

Thursday, April 1, 2010

The Servicio Médico Legal (in Spanish, Legal Medical Service) of Rancagua, Chile boss, Juan Díaz Menares, was suspended from his job for using a public bus to transport the body of three-year-old Juanita Carey.

The decision was made by the administrative lawyer in the case, Hernán Rojas, who is heading the investigation into the irregular move of the body. Díaz defends the sending of the body via a public bus, ensuring that “the procedure was right, because it was sent as it is established”. “There’s an aberrant situation at a national level, not just this”, said Díaz; “It is always done […] we are a centralized service, we don’t rule ourselves.”

“Everything that comes out of here, biological or bony samples, as in this case, go out from the safekeeping chain”, he also said. He confirmed that he was not going to resign, as Radio Cooperativa had reported.

Last Wednesday, it was revealed that the body of the child, who died in Pichilemu after the February 27 catastrophe, stayed three nights in a storage area of bus company Pullman Cargo. A Pullman Cargo representative reported to Radio Cooperativa that the body was sent last Friday from Pichilemu to Santiago via bus, and that the container did not have any description of what it contained, beyond the word “fragile”. They also said that “it was not even paid for express mail, which would have allowed the delivery to occur on Saturday, not last Monday”.

The body of the child was cremated Wednesday, and her ashes were buried in Santiago, Chile.

Thursday, July 24, 2008

Four months and 3,200 kilometres ago, Canadian runner Jonathan Howard began his run across the second-largest country in the world, to raise awareness for Autism Spectrum Disorder (ASD).

A graduate of McMaster University, Howard arrived in Toronto this week, to address the nation’s largest city before continuing his westward run which will take him through all ten Canadian provinces.

Howard was met Monday at a charity barbecue by Senator Art Eggleton. The fundraiser was part of Howard’s strategy to raise 2.5 million dollars to assist families that support children with ASD. “Spectrum is a very puzzling word,” he told the gathering “because there are many types of autism on that spectrum”. The real goal of his RunTheDream.ca charity drive though, Howard explained, was simply to “get people involved in the issue” and generate attention for the little-understood disorder.

Eggleton, who welcomed Terry Fox to the city as mayor in 1980, drew comparisons to the Marathon of Hope runner who became a Canadian icon. While praising Howard’s efforts to raise money and awareness, the senator said he believed that “an awful lot more needs to be done” at the political level to combat the financial and emotional difficulties that face those dealing with autism.

Howard reassured supporters that he still intended to reach Victoria, B.C. before December 31. “The challenges are great,” he confessed “but as long as the determination is greater, anything can be achieved”.

Terry Robinson, a two-time Canadian Paralympic contender born with cerebral palsy, pledged to follow Howard’s journey two weeks ago on its three-month leg from Ottawa to Winnipeg.

Robinson addressed the city, speaking about how his own disabilities left him with an appreciation for how important it was to ensure that people struggling with autism had access to services that could support them.

Tuesday, October 30, 2007

Astronauts and ground controllers are looking at apparent damage to the International Space Station P6 4B solar array spotted by the crew during deployment. NASA halted the deployment of the solar array wing to evaluate the damage. Deployment is about 75 percent complete with 25 of 31 bays deployed.

The crew has been asked to photograph the area on the solar array wing and downlink the images to the ground.

Shuttle Discovery is presently docked to the ISS during mission STS-120.