ECB President Favors Global Governance
May 1st, 2010Via: Forbes:
The President of the European Central Bank, Jean-Claude Trichet, told Forbes that global governance is extremely necessary if we want to prevent another financial crisis. In his prepared printed and spoken remarks to the Council on Foreign Relations, Trichet emphasized that politicians, economists, and financiers must work across the Atlantic and collaborate on methods to create an international set of standards. It is his belief that through global governance, the resiliency of the global financial system can be assured, noting that ultimately it was governments’ use of taxpayer’s money, equivalent to around 25% of GDP on both sides of the Atlantic, that prevented another catastrophic great depression from occurring.
American Meat Infused with Heavy Metals, Veterinary Medications, Agricultural Pesticides
May 1st, 2010Via: Alternet:
While the public has gotten used to microbes like E. coli and salmonella threatening the nation’s meat supply, and while food safety agencies make food-borne illness a high-profile priority, contamination of meat by heavy metals, veterinary drugs and pesticides has been slipping through the bureaucratic cracks.
Microbial contaminants can be killed by cooking, but chemical residues aren’t destroyed by heat. In fact, some of these residues break down into more dangerous substances when heated, according to the FSIS National Residue Program for Cattle, a recent report by the USDA’s Office of the Inspector General.
…
“… The national residue program is not accomplishing its mission of monitoring the food supply for harmful residues,” the report says, noting that thresholds for many dangerous substances, like copper and dioxin, have yet to be established. “We also found that FSIS does not recall meat adulterated with harmful residues, even when it is aware that the meat has failed its laboratory tests.”
The routes by which veterinary drugs make it into human food trace a disturbing portrait of how large dairy farms operate. Sick dairy cows are given medications to help them recover, but if it appears an animal will die, it’s often sold to a slaughterhouse as quickly as possible, in time to kill it before it dies. That way, “[the dairy farmer] can recoup some of his investment in the animal,” according to the report.
In such cases, medications may be consumed along with the meat. Such drugs include Ivermectin (which can act as a neurotoxin in humans), Flunixin (which can damage kidneys), and penicillin (which can cause life-threatening allergic reactions in some people).
The meat from sick dairy cattle is low-grade, and is usually turned into burger and sold to the sorts of buyers who stretch their dollars furthest, like fast food chains and school lunch programs. But veterinary drugs are also finding their way into an upper echelon of meat: veal.
The milk produced by medicated dairy cows is barred from sale to human consumers — a sensible rule, given the dangers suggested above. Unfortunately, no law prevents this “waste milk” from being fed to veal calves, the meat of which sometimes tests positive for these drugs. As with sick dairy cow meat that tests positive for antibiotics, no measures are taken to recall such veal or penalize the slaughterhouses that produce it. One slaughterhouse, according to the report, amassed 211 violations in 2008 and was still considered by FSIS as a place where contamination “is not reasonably likely to occur.”
Research Credit: JH
Ultrafire Charger Kit with Car Adapter Includes Two 18650 2400MAH Batteries
May 1st, 2010Those of you who are getting your freak on with light cannons such as the Fenix TK30 and JETBeam M1X might be interested in this Ultrafire charger kit that includes two 18650 batteries. This charger can use AC from 100v to 240v (50-60hz) as well as 12v DC (charge from a car or solar panel). It comes with the car adapter.
I’m using this charger and the included batteries with the Fenix TK30 and it’s an outstanding system.
Note: All of the stuff mentioned above is made in China.
If anyone can show me a product based on the CREE MC-E LED, with build quality that’s as good as the TK30, that cranks out over 600 lumens and that’s not made in China, please do. Let’s forget about the cost. I’d like to know if it’s being done outside of China at any price.
When I went to check out Surefire’s offerings, I drew a blank. Sadly, Surefire doesn’t make CREE MC-E LED based products (although members of the Surefire religion—I used to be a member—go through all kinds of nonsense to use MC-E LEDs with their Surefire units). Surefire’s brightest LED flashlight is the LX2 at 200 lumens. My Fenix TK30 is over three times brighter (630 lumens). Again, let’s ignore that fact that the Fenix TK30 costs a lot less than the Surefire LX2. I wouldn’t mind paying more if the product was as good or better than the Chinese made one. Why the *bleep* can’t I buy something like the TK30 that’s not made in China? *sigh*
I know. It seems nuts to get so worked up over flashlights. But if you have been paying attention at all, you know that this isn’t just about flashlights. It’s about damn near everything that’s made in a factory, and increasingly about food.
Ok, I’m finished now. Deep breaths…
Harold Pinter’s 2005 Nobel Prize Acceptance Speech
May 1st, 2010Via: Fowles Books:
The United States supported and in many cases engendered every right wing military dictatorship in the world after the end of the Second World War. I refer to Indonesia, Greece, Uruguay, Brazil, Paraguay, Haiti, Turkey, the Philippines, Guatemala, El Salvador, and, of course, Chile. The horror the United States inflicted upon Chile in 1973 can never be purged and can never be forgiven.
Hundreds of thousands of deaths took place throughout these countries. Did they take place? And are they in all cases attributable to US foreign policy? The answer is yes they did take place and they are attributable to American foreign policy. But you wouldn’t know it.
It never happened. Nothing ever happened. Even while it was happening it wasn’t happening. It didn’t matter. It was of no interest. The crimes of the United States have been systematic, constant, vicious, remorseless, but very few people have actually talked about them. You have to hand it to America. It has exercised a quite clinical manipulation of power worldwide while masquerading as a force for universal good. It’s a brilliant, even witty, highly successful act of hypnosis.
Halliburton Acquired Boots & Coots On 9 April 2010
May 1st, 2010And then…
‘Last Resort’ Safety Device Failed in Fatal Drilling Incident:
Boots & Coots Inc. of Houston and Amarillo, Texas-based GSM Enterprises Inc., two of the companies that extinguished hundreds of oil wells in Kuwait set ablaze by retreating Iraqi troops in 1990, have been brought in to help cap the leaks.
Halliburton’s timing was pretty good on that acquisition, wouldn’t you say?
Via: Domain B:
Halliburton, the world’s second-largest oil field services company behind Schlumberger, yesterday said it would acquire oil and gas well fire control company Boots & Coots, in a stock and cash deal worth about $240 million.
Houston, Texas-based Halliburton said that Boots & Coots stockholders will receive $3.00 per share for each share of Boots & Coots common stock they hold, comprised of $1.73 in cash and $1.27 in Halliburton common stock.
Founded in 1978 and also based in Houston, Boots & Coots provides integrated pressure control services to onshore and offshore oil and gas exploration companies around the world. Its products and services include well intervention services designed to enhance production for oil and gas operators and its services consist primarily of hydraulic workover and snubbing services.
Boots & Coots’ equipment services segment provides high pressure, high temperature rental tools. The company’s pressure control services are designed to reduce the number and severity of critical events such as oil and gas well fires, blowouts or other incidences due to loss of control at the well.
Boots & Coots had extinguished about one third of the more than 700 oil well fires set by retreating Iraqi soldiers in Kuwait during the infamous Gulf War. In 2007, it diversified from emergency response services to well intervention services, which now generates a majority of its revenue.
Following completion of the transaction, Halliburton will create a new product service line to include Halliburton’s existing coiled tubing and hydraulic workover operations and Boots & Coots’ intervention services and pressure control business.
Halliburton will retain Boots & Coots’ management to run the business after it has been integrated as Halliburton Boots & Coots product line.
Marc Edwards, Halliburton’s senior vice president of completion and production, said, “Optimising economic production levels in both mature assets and unconventional gas resources requires increasing levels of pressure control and well intervention.
The combination of Halliburton’s global hydraulic workover and coiled tubing deployed technologies, together with Boots & Coots’ well intervention and pressure control services will help us improve full life cycle returns for our customers.”
“Halliburton’s legacy of innovation coupled with its integrated service capability complement Boots & Coots’ focus on delivering a complete portfolio of pressure control and well intervention services,” said Jerry Winchester, Boots & Coots president and CEO. “Combining the resources of both companies creates the premier intervention company across the globe,” he added.
Spain Jobless Rate Tops 20%
April 30th, 2010Via AFP:
Spain’s jobless rate topped 20 percent in the first quarter, national statistics institute INE said Friday, fueling fears over the country’s public finances which have rattled global financial markets.
The number of unemployed jumped by 280,200 to 4.61 million, more than in Germany which has nearly twice Spain’s population, for a jobless rate of 20.05 percent. The unemployment rate rose from 18.83 percent in the fourth quarter.
The last time the unemployment rate topped 20 percent in Spain was in the fourth quarter of 1997 when it hit 20.11 percent.
Spain’s jobless rate has soared since the global credit crisis hastened the collapse of its labour-intensive construction industry at the end of 2008.
The country has the highest unemployment rate in the 16-nation eurozone and accounts for half the region’s job losses over the last two years, according to the European Union’s statistics office Eurostat.
Doctors Sterilise Uzbek Women by Stealth
April 30th, 2010Via: Times Online:
WHEN her baby died soon after delivery, Gulbahor Zavidova, 28, a poor farmer’s wife, longed to be pregnant again. After months of trying she and her husband visited a doctor who told her she could never have another child because she had been sterilised.
The procedure had been performed immediately after she gave birth, by doctors who did not ask her consent. On learning she could not bear children, her husband left her.
“Not a day passes without me crying,” she said. “I was outraged when I found out what they had done. How could they do such a horrible thing without asking me?”
According to human rights groups, tens of thousands of young women like Zavidova have been sterilised without their consent in the authoritarian former Soviet state of Uzbekistan.
Uzbek sources say the measure was ordered by Islam Karimov, the president, who has ruled with an iron fist for 20 years. The policy is aimed at keeping down the country’s poor population — with 28m people, it is Central Asia’s most densely populated state.
Activists say mass sterilisation began in 2003, but was eased after two years following an outcry. It is said to have restarted in February this year, when the health ministry ordered doctors to recommend sterilisation as an “effective contraceptive”. Critics claim every doctor was told to persuade “at least two women” a month to have the procedure. Doctors who failed faced reprisals and fines.
“We estimate that since February, about 5,000 women have been sterilised without consent,” said a local human rights campaigner who fears detention if she is named.
In many cases, doctors opt for delivery by caesarean section and then perform a sterilisation without telling the woman. Widespread rumours of the practice have resulted in women opting for home births to avoid the risk.
Research Credit: ltcolonelnemo
Sophisticated Counterfeiting Operation Run Out of Apartment Facing Federal Reserve Building in Los Angeles
April 30th, 2010Update: Brian Alexik Walks Free
Yep, you read that right.
Via: Los Angeles Downtown News:
Brian Alexik, the former fugitive who was arrested last year for drugs, weapons and counterfeiting charges, was sentenced today to five years probation as part of a plea deal and released from custody.
Alexik, who was arrested on June 3, 2010, plead guilty to five felony charges; possession for sale of cocaine and methamphetamine; possession of “concentrated cannabis”; possession for sale of a controlled substance while armed; and forgery. Several additional weapons charges were dropped.
Judge Patricia Schnegg gave Alexik a suspended seven year prison sentence, with five years formal probation, said District Attorney spokeswoman Jane Robison. Any violation would result in prison time, Robison said.
—End Update—
Update: Brian Alexik Arrested in Los Angeles
Via: Los Angeles Times:
LAPD officers surrounded a downtown L.A. hotel and took into custody an elusive suspect that police have likened to Jason Bourne, the fictional secret agent known for his daring getaways and high-tech gadgetry in a series of films played by Matt Damon.
Police have been looking for Brian Alexik for nearly two months, ever since they allegedly found weapons and counterfeit cash inside his loft, which is located right outside the Federal Reserve building in downtown L.A.
LAPD sources told The Times that police surrounded a hotel off Hewitt Street near Little Tokyo and eventually detained Alexik as well as a girlfriend. He is now being questioned.
Streets in the area had been blocked off by police. LAPD Capt. Steve Sambar said police officers earlier Thursday noticed a woman who matched the description of Alexik’s girlfriend near the hotel.
—End Update—
Update: Tile Mosaic Replica of CIA Emblem On Floor, Hugo Chavez Portrait Hanging Above It
WTF?
Via: Los Angeles Downtown News:
When a resident of the Reserve Lofts smelled gasoline emanating from unit 701 in the early evening of April 19, the Fire Department got a nervous call. The concerned resident couldn’t have known that the act would be the first domino to tumble, ultimately setting off an ongoing manhunt for a figure police warn should be considered armed and dangerous.
When fire and police officials arrived at unit 701 shortly after 6 p.m., the man inside, 33-year-old Brian Alexik, refused to open the door. After unlocking the door with a key, the door remained blocked by a homemade contraption that functioned as a second lock. By the time police broke down the door with a battering ram, Alexik had fled his unit, apparently escaping via a fire escape.
The source of the fumes was immediately apparent: Alexik, who police say sometimes went by the name Ken Shurin and is of Russian descent, had been using a gasoline-powered electric generator. But the generator was perhaps the least surprising thing authorities found.
Also in the apartment was approximately $15,000 in counterfeit money and the equipment used to make it. Police officials said the fake bills were of “high quality.” Additionally, there was an AK-47, a sawed-off shotgun and other evidence that suggests Alexik was manufacturing weapon parts. He also had an array of fake identification documents.
Other details in the apartment paint a curious if difficult to interpret portrait of Alexik. Inlaid on the floor was a handmade tile mosaic replica of the Central Intelligence Agency seal; it was about five feet in diameter. Hovering over the CIA emblem was a large, framed portrait of Venezuelan President Hugo Chavez.
As of Los Angeles Downtown News’ press time on April 30, the LAPD and Secret Service were still trying to track down Alexik. Capt. Steven Sambar, who heads the LAPD’s Major Crimes Division, said Alexik should be considered “very dangerous.” Three felony charges have been filed, two for possessing the AK-47 and the shotgun, and one for possessing firearms as a convicted felon.
One Arrest
Police seemed to get their first break in the investigation on Thursday, April 29, when they arrested 32-year-old Gregory Koller, who officials suspect has ties to Alexik. Officials served a search warrant of Koller’s residence — a converted warehouse at 38th Street and Grand Avenue — at about 6 a.m. and discovered “items consistent with manufacturing weapons,” said Sambar.
The raid also yielded drugs including methamphetamine, and counterfeit currency, “the same items that directly link back to Alexik,” Sambar said. Koller was expected to be booked on narcotics charges, and likely faces additional charges tied to the recovered contraband, Sambar said.
Almost two weeks after law enforcement first responded to the Reserve Lofts, many residents of the building were still wondering why dozens of police, firemen and Secret Service agents had responded en masse on April 19.
“People are completely on edge,” said a resident who asked not to be identified because tenants had been asked by the landlord not to speak and feared retaliation.
In the days after Alexik’s door was knocked in, an unsigned letter went up in the building elevator, asking, “What really happened on the nights of April 19 and 20 at 409 W Olympic Unit 701?” It went on to make a slate of allegations — including illegal weapons possession and counterfeiting — that police echoed in a press release more than a week later.
Residents also noted the ironic parallels between Alexik’s alleged counterfeit operation and the 81-year-old building’s history. Converted into 78 live-work units in 2006, the building was the former Los Angeles branch of the Federal Reserve Bank.
It’s not yet clear what authorities are making of Alexik’s choice to live at the Reserve Lofts. But Commander Jose Perez, who oversees Central Bureau, pointed out that Alexik’s unit overlooks the current Los Angeles branch of the Federal Reserve Bank, next door at 950 S. Grand Ave.
Perez, who is not actively involved in the investigation, termed the proximity to the active Federal Reserve location as “suspicious.”
Alexik is believed to be about 5-foot-10 and weigh about 180 pounds, with brown hair and hazel eyes. Anyone with information on his whereabouts is urged to call 911 immediately and make no attempt to confront him. Anyone with other information about the suspect is asked to contact LAPD Major Crimes Division Det. Daniel Logan at (213) 486-7386.
—End Update—
Via: Los Angeles Times:
It started 11 days ago when a resident at an upscale downtown L.A. high-rise tower smelled fumes coming from a neighboring apartment.
Firefighters knocked on the neighbor’s door but he refused to let them in. They called police, who broke down the door of the penthouse just as the man inside was escaping through a back window and down a fire escape carrying duffel bags.
“He escaped like Jason Bourne,” said LAPD Deputy Chief Mike Downing of the Counter-Terrorism Bureau, referring to the movie spy character.
What they found next began a weeklong mystery.
The apartment contained sophisticated counterfeiting equipment as well as a cache of weapons including an AK-47. They also found stacks of counterfeit $100 bills totaling $15,000 and a camera tripod.
But detectives’ interest was really heightened when they looked outside the window and saw that the penthouse balcony had a spot-on view of the U.S. Federal Reserve building on Grand Avenue.
Detectives now are searching for the suspect, who leased the $3,400-a-month penthouse, paying one year in advance using stacks of cash.
Detectives are not sure what Brian Alexik, a 33-year-old New Jersey man, was up to and what role, if any, the Federal Reserve might have played in his schemes. They are not exactly sure whom they are dealing with because detectives found multiple identifications, including passports, listing different aliases for the man.
“The curiosity in this case is the strategic location in which he chose to operate,” Downing said.
Photos found at the apartment show Alexik with significantly different looks. In one photo, he’s clean-shaven, holding up a glass of wine and smiling. Another shows him somewhat heavier, with a beard and bandanna covering his forehead.
Police are now working with the U.S. Secret Service. Experts who have reviewed the counterfeit money say it’s of extremely high quality.
It appears Alexik kept to himself. The apartment manager declined to comment on the case.
The LAPD served search warrants at several downtown locations and Thursday announced the arrest of a man whom officials describe as an “associate” of Alexik. Gregory Koller, 32, was booked on suspicion of narcotics possession. Police said a search of his home and a downtown warehouse found evidence of “items consistent with manufacturing weapons.”
LAPD Capt. Steven Sambar, head of the department’s major crimes division, said there evidence was also found linking Koller to Alexik.
Detectives said they were puzzled about many aspects of the case. Sambar said it appeared that the pair were involved in weapons and drugs as well as counterfeiting — but it was unclear how large the operation was or whether it was connected to a larger criminal enterprise.
Sambar said the location of Alexik’s apartment overlooking the Federal Reserve “causes me great concern.”
The Federal Reserve bank in downtown L.A. is one of several branches of the 12th District of the Fed, which is based in San Francisco. According to the Fed’s website, the L.A. branch has 316 employees and serves financial institutions in Southern California, Arizona and southern Nevada.
The 12th District as a whole processed 17.2 billion currency notes in 2008, or about 68.4 million notes per business day. No breakdown was available for currency handled specifically by the L.A. office.
It all leaves many intriguing possibilities.
“There were many levels of criminality,” Downing said. “He’s funding a criminal enterprise. He’s dabbling in narcotics, he’s manufacturing weapons parts. But what is it? Was there a bigger plan? What was his intent? We have a lot of questions for him when he is arrested.”
Fuld’s Perjury
April 30th, 2010Via: Reuters:
Dick Fuld said under oath that he was paid less than $310 million from 2000 through 2007, and that he held, rather than sold, the “vast majority” of his shares, if not all of them. But it’s becoming increasingly clear that he was lying. The latest bombshells come from former Lehman lawyer Oliver Budde, who spent many years drafting the bank’s compensation disclosures and hiding the restricted stock unit (RSU) component of Fuld’s pay. Lehman had to change that after Budde left, but it didn’t:
Budde calculated that while Lehman reported Fuld’s RSUs as worth $146 million, the real figure, based on the Section 16 reports, was $409.5 million. Lehman had counted just 2 of 15 RSU awards…
Considering his options, Budde decided to go to the SEC as a whistleblower. He sent a detailed two-page e-mail on April 14, 2008, to the SEC’s Enforcement Division, under the subject line “Possible Material Noncompliance with New Executive Compensation Disclosure Rules.”…
He got a standardized form thanking him for his letter in return. He never heard anything else…
While Fuld said he earned less than $310 million from 2000 through 2007, he actually had received $529.4 million, according to Budde’s calculations.
In direct contradiction to Fuld’s claim to Waxman that he had not sold the majority of his shares, Budde estimates that Fuld earned $469 million from stock sales between 2000 and 2008.
Budde’s numbers are almost identical to the numbers already published by Lucian Bebchuk, so they are credible on their face. And Budde clearly knows what he’s talking about.
It comes down to this: Fuld claimed that he was paid less than $310 million over the years in question, and lost nearly all of it. In fact, according to Budde, he was paid $529 million, and kept $469 million — more than he said he was paid in total.
Fuld’s in a lot of legal jeopardy already, of course. But we’re still waiting for a villain from this crisis to end up in jail. Is there any chance, do you think, that an aggressive attorney general somewhere might launch a criminal prosecution for perjury?
Goldman May Face Justice Department Review
April 30th, 2010Mmm hmm.
How many criminal cases have been brought in that situation?
None.
Via: Washington Post:
The Securities and Exchange Commission has referred its investigation of Goldman Sachs to the Justice Department for possible criminal prosecution, less than two weeks after filing a civil securities fraud case against the firm, according to a source familiar with the matter.
Any probe by the Justice Department, if underway, would be in a preliminary stage. No Goldman Sachs employees involved in the mortgage-related transactions that are the focus of the SEC case have been interviewed by Justice Department prosecutors or the FBI agents who often conduct probes on behalf of prosecutors, according to a source familiar with the matter. The sources spoke on the condition of anonymity because they were not authorized to discuss the matter publicly.
The Justice Department usually investigates high-profile cases of securities fraud, but the threshold for criminal prosecution is significantly higher than that of civil cases. The SEC files only civil cases.
The Wall Street Journal and Bloomberg News reported Thursday night that the U.S. attorney’s office in Manhattan had followed up on the request and opened a criminal probe. The office declined to comment.
“Given the recent focus on the firm, we’re not surprised by the report of an inquiry,” said Goldman spokesman Lucas Van Praag. “We would cooperate fully with any request for information.”
Although the SEC frequently sends its cases to the Justice Department for possible criminal prosecution, the stakes are higher because the Goldman case involves one of Wall Street’s most storied firms, a business that had survived the financial crisis with its profitability intact but now faces accusations that it misled clients.



