SMITHBITS RADIO MAGAZINE
Saturday, March 29, 2014
Monday, March 24, 2014
5 Former Madoff Aides Found Guilty of Fraud
5 Former Madoff Aides Found Guilty of Fraud
By RACHEL ABRAMS
Lucas Jackson/Reuters
A federal jury on Monday found five associates of the convicted swindler Bernard L. Madoff guilty on 31 counts of aiding one of the largest Ponzi schemes in history.
The case centered around whether or not the employees had committed securities fraud and other deceptive acts to knowingly mislead auditors and investors in Madoff Securities. The trial in the United States District Court in Manhattan went on for more than five months, making it one of the longest white-collar trials in recent memory.
Federal prosecutors made a case that two computer engineers, Jerome O’Hara and George Perez, helped Mr. Madoff pull off an enormous Ponzi scheme by knowingly creating computer programs that could create fake trades and records.
Lucas Jackson/Reuters
Lucas Jackson/Reuters
Carlo Allegri/Reuters
Andrew Burton/Getty Images
Prosecutors also alleged that Mr. Madoff’s portfolio managers Joann Crupi and Annette Bongiorno as well as the firm’s operations director, Daniel Bonventre, conspired in various ways to lie to customers, cheat on taxes and falsify records at Madoff Securities.
“These convictions, along with the prior guilty pleas of nine other defendants, demonstrate what we have believed from the earliest stages of the investigation: this largest-ever Ponzi scheme could not have been the work of one person,” said Preet Bharara, the United States attorney in Manhattan, whose office brought the case. “The trial established that the Madoff fraud began at least as far back as the early 1970s, decades before it came to light,” he said. “These defendants each played an important role in carrying out the charade, propping it up, and concealing it from regulators, auditors, taxing authorities, lenders, and investors.”
While lawyers for the defense claimed that their clients did not knowingly participate in any of the deception, prosecutors made the case that the defendants were well aware of the fraud taking place at Mr. Madoff’s firm. That included the knowledge, for example, that Mr. Madoff’s firm was providing a “second set of books and records” to the Securities and Exchange Commission.
The prosecution’s case centered around the testimony of Frank DiPascali, Mr. Madoff’s right-hand man who pleaded guilty in 2009. Mr. DiPascali has been cooperating with federal prosecutors in a bid for a more lenient sentence. He is currently facing up to 125 years in prison. Lawyers for the five former employees had argued that Mr. DiPascali’s self-interest undermined his credibility.
The prosecution’s case centered around the testimony of Frank DiPascali, Mr. Madoff’s right-hand man who pleaded guilty in 2009. Mr. DiPascali has been cooperating with federal prosecutors in a bid for a more lenient sentence. He is currently facing up to 125 years in prison. Lawyers for the five former employees had argued that Mr. DiPascali’s self-interest undermined his credibility.
Madoff Securities collapsed in 2008 after Mr. Madoff confessed to the Ponzi scheme. He is currently serving 150 years in prison.
Trailblazer Dorothy Irene Height earns a Google Doodle
Trailblazer Dorothy Irene Height earns a Google Doodle
Dorothy Irene Height, the largely unsung hero of the civil right era, received a Google Doodle Monday. But her long career almost ran aground because of one college's racial quota.
America's history of civil rights recognizes many giants: Frederick Douglass, Martin Luther King, Rosa Parks – the list goes on. But one titan often gets left off the list. Dorothy Irene Height helped convince President Dwight Eisenhower to desegregate schools, encouraged President Lyndon Johnson to appoint black women to government positions, counseled First Lady Eleanor Roosevelt, stood next to Dr. King when he delivered his “I Have a Dream” speech, and sat on the stage for President Barack Obama's first inauguration. Monday marks the 102nd anniversary of her birthday, a moment celebrated by a Google Doodle in her honor.
Over nearly 80 years of service, Ms. Height fought for the rights of African Americans, women, and handicapped people. Yet her vast career was nearly nipped in the bud.
After growing up in a steel town outside Pittsburgh, she was admitted to Barnard College in New York. However once she arrived on campus in 1929, administrators told her that she needed to leave. The school had an unwritten rule that it would only accept two black students per year. Height was the odd women out.
But this policy did not slow her down.
"Too distraught to call home, as she later wrote, Ms. Height did the only thing possible," the New York Times wrote in her 2010 obituary. "Clutching her Barnard acceptance letter, she took the subway downtown to New York University. She was admitted at once, earning a bachelor’s degree in education there in 1933 and a master’s in psychology two years later."
In fact, Barnard turned away another future public servant that same year. Sylva Gelber, who played a role in the women's movement in Canada, was rejected because “the Jewish quota was already filled.”
Just as Ms. Gelber went on to work in the United Nations, Height led the National Council of Negro Women for 40 years. She served on government boards, building relationships with high-powered figures in politics and business, and was considered the "glue" that held black civil rights leaders together. If you had not heard of Height before today, it's because much of her work went on behind the scenes. She worked best in private meetings and quiet conversations – away from the public spotlight.
"Ever since she was denied entrance to college because the incoming class had already met its quota of two African American women, Dr. Height devoted her life to those struggling for equality," Mr. Obama said in a statement after her death.
Her accomplishments were not lost on Barnard. In 1980, the school apologized to Height and awarded her its highest honor, the Barnard Medal of Distinction. Then, in 2004, 75 years after it shooed her away, Barnard offered her an honorary degree.
"Denying Dr. Height the opportunity to attend Barnard was an egregious decision that truly saddens all of us at the college," Barnard President Debora Spar wrote in 2010. "We join in celebrating her inspiring achievements as a leader of the civil rights movement, a crusader for justice and a fearless role model for young women everywhere."
For more on how technology intersects daily life, follow Chris on Twitter @venturenaut.
Tuesday, March 18, 2014
Obama on undocumented Irish: Our immigration system is broken
Obama on undocumented Irish: Our immigration system is broken
Saturday, March 15, 2014 - 09:16 AM
President Obama says the thousands of Irish immigrants in the US are being denied opportunities because of the US strict immigration laws.The President was speaking the traditional Shamrock ceremony at the White House as part of the St Patrick's Day celebrations.
The issue of immigration reform was a priority for the Irish Government delegation, led by Enda Kenny.
The delegation has been lobbying in Washington during the St Patrick's Day trip for reforms to benefit the 50,000 undocumented Irish there.
President Obama said too many undocumented Irish were denied the chance to contribute to society as they were not able to pay taxes through the tax system.
"The American dream has always been the Irish-American dream," he said, "and that's why so many of you have been working with us to fix our broken immigration system.
"Under today's laws, your parents and grandparents may not have made it here. Too many men and women who want to contribute to our economy are being denied that chance."
24 Veterans To Receive "Metal of Honor" Years after the Facts
By MARK MEMMOTT
The Medal of Honor. Credit Pentagon.mil
Old wrongs will be righted Tuesday afternoon, as The Associated Press says, when President Obama awards the Medal of Honor to 24 Army veterans.
The men served either during World War II or the wars in Korea and Vietnam. Just three are still alive. All are finally being recognized for their heroic acts "after Congress ordered a review to determine whether service members of Jewish or Hispanic heritage or others had been wrongly denied the Medal of Honor due to prejudice," the AP writes.
That review also turned up several men who were not of Jewish or Hispanic heritage, but were judged to be worthy of the nation's highest honor for valor in action. On Morning Edition, NPR's Tom Bowman told the story of Vietnam War veteran Santiago Erevia, who risked his life in May 1969 when he charged four North Vietnamese bunkers.
There's much more about all the men on the website of the White House and the Army's Valor 24 Medal of Honor website. Here are some highlights from the Army's accounts:
World War II veterans -- Pvt. Pedro Cano "is being recognized for his valorous actions in the months-long battle of Hurtgen Forest. He was advancing with his company near Schevenhütte, Germany, in December 1944, when the unit met heavy enemy resistance. During a two-day period, Cano eliminated nearly 30 enemy troops. Sometime later, while on patrol, Cano and his platoon were surprised by German soldiers that caused numerous casualties within their platoon. Cano lay motionless on the ground until the assailants closed in, then tossed a grenade into their midst, wounding or killing all of them. It was in this engagement, or shortly thereafter, that Cano sustained serious injuries." He died in 1950. --
Pvt. Joe Gandara "is being recognized for his heroic actions on June 9, 1944, in Amfreville, France. His detachment came under devastating enemy fire from a strong German force, pinning the men to the ground for a period of four hours. Gandara advanced voluntarily and alone toward the enemy position and destroyed three hostile machine-guns before he was fatally wounded." --
Staff Sgt. Salvador J. Lara "is being recognized for his valorous actions in Aprilia, Italy, May 27-28, 1944. During the fight, May 27, he aggressively led his rifle squad in neutralizing multiple enemy strong points and inflicting large numbers of casualties on the enemy. The next morning, as his company resumed the attack, Lara sustained a severe leg wound, but did not stop to receive first aid. Lara continued his exemplary performance until he captured his objective." He is deceased. --
Staff. Sgt. William F. Leonard "is being recognized for his valorous actions while serving as a squad leader with Company C, 30th Infantry, on Nov. 7, 1944, near St. Die, France. Leonard's platoon was reduced to eight men by blistering artillery, mortar, machine-gun, and rifle power. Leonard led the survivors in an assault over a tree-and-shrub-covered hill, continuously swept by automatic fire. Killing two snipers at ranges of 50 and 75 yards, he disregarded bullets that pierced his back to engage and destroy a machine-gun with rifle grenades, killing its two-man crew. Stunned by an exploding bazooka shell, he continued his relentless advance to knock out a second a machine-gun and capture the roadblock objective." He died in 1985. --
Master Sgt. Manuel V. Mendoza "is being recognized for his actions on Oct. 4, 1944, in Mt. Battaglia, Italy, where he is credited with single-handedly breaking up a German counterattack." A longer Army account of his actions says that "the enemy launched a violent counterattack preceded by a heavy mortar barrage. Mendoza, already wounded in the arm and leg, grabbed a Thompson sub-machine-gun and ran to the crest of the hill, where he saw approximately 200 enemy troops charging up the slopes employing flame-throwers, machine pistols, rifles, and hand grenades. Mendoza immediately began to engage the enemy, firing five clips and killing 10 enemy soldiers." He died at the age of 79. --
Sgt. Alfred B. Nietzel "is being recognized for his valorous actions in Heistern, Germany, Nov. 18, 1944. When an enemy assault threatened to overrun his unit's position, Nietzel selflessly covered for the retreating members of his squad, expending all his ammunition and holding his post until he was killed by an enemy hand grenade." --
1st Lt. Donald K. Schwab "distinguished himself by exceptionally valorous actions on Sept. 17, 1944. His courage and determination resulted in the dismantling of a strong German position and he would take one prisoner of war." According to a longer account of his valor, "on Sept. 17, 1944, at about 2 p.m. near Lure, France, Schwab led his company over 400 yards of bare, coverless ground against a formidable line of machine-guns and machine-pistols. Meeting intense, grazing fire, which burst without warning from a fringe of woods directly to his front, Schwab extricated his men from the attempted ambush and led them back to a defiladed position." He died in 2005. Korean War veterans --
Cpl. Joe R. Baldonado "distinguished himself on Nov. 25, 1950, while serving as a machine-gunner in the vicinity of Kangdong, Korea. Baldonado's platoon was occupying Hill 171 when the enemy attacked, attempting to take their position. Baldonado held an exposed position, cutting down wave after wave of enemy troops even as they targeted attacks on his position. During the final assault by the enemy, a grenade landed near Baldanado's gun, killing him instantly." --
Sgt. Victor H. Espinoza "is being recognized for his actions on Aug. 1, 1952, at Chorwon, Korea. While spearheading an attack to secure 'Old Baldy,' Espinoza's unit was pinned down by withering fire from fortified positions. In daring succession, Espinoza single-handedly silenced a machine-gun and its crew, discovered and destroyed a covert enemy tunnel, and wiped out two bunkers." He died in 1986. --
Sgt. 1st Class Eduardo Corral Gomez "distinguished himself by defending his company as it was ruthlessly attacked by a hostile force. Notably, Gomez maneuvered across open ground to successfully assault a manned tank. Wounded during his retreat from the tank, Gomez refused medical attention, instead manning his post and firing upon the enemy until his company formed a defensive perimeter." He is deceased. --
Pfc. Leonard M. Kravitz "is being recognized for his actions in Yangpyong, Korea, March 6-7, 1951. While occupying defensive positions, Kravitz's unit was overrun by enemy combatants and forced to withdraw. Kravitz voluntarily remained at a machine-gun position to provide suppressive fire for the retreating troops. This forced the enemy to concentrate their attack on his own position. Kravitz ultimately did not survive the attack, but his actions saved his entire platoon." --
Master Sgt. Juan E. Negron "distinguished himself on April 28, 1951, for actions near Kalma-Eri, Korea. Negron held the most vulnerable position on his company's exposed right flank after an enemy force had overrun a section of the line. He held the position throughout the night, accurately hurling hand grenades at short range when hostile troops approached his position." He is deceased. --
Master Sgt. Mike C. Pena "is being recognized for his actions on the evening of Sept. 4, 1950, near Waegwan, Korea, when his unit was fiercely attacked. During the course of the counter-attack, Pena realized that their ammunition was running out, and ordered his unit to retreat. Pena then manned a machine-gun to cover their withdrawal. He single-handedly held back the enemy until morning when his position was overrun, and he was killed." --
Pfc. Demensio Rivera "is being recognized for his actions at Changyongni, Korea, May 22-23, 1951. When the outpost area occupied by his platoon was assaulted during the night, Rivera, an automatic rifleman, held his forward position tenaciously, although exposed to very heavy fire. When his rifle became inoperative, Rivera employed his pistol and grenades, and eventually fought the enemy hand-to-hand and forced them back." He is deceased. --
Pfc. Miguel A. Vera "is being recognized for his heroic actions at Chorwon, Korea, Sept. 21, 1952. While Vera's unit attempted to retake the right sector of 'Old Baldy,' they came under heavy fire at close range and were forced back. Vera selflessly chose to stay behind and cover the troop's withdrawal, and lost his life during this action." According to a longer account, Vera had been "wounded in an earlier engagement, [but] voluntarily rejoined elements of the platoon regrouping at the base of the hill to resume the attack. ... He selflessly remained behind to cover the withdrawal and, maintaining a determined stand, poured crippling fire into enemy emplacements." --
Sgt. Jack Weinstein "is being recognized for his exceptionally valorous actions on Oct. 19, 1951, in the vicinity of Kumson, Korea, when his platoon came under enemy attack. He volunteered to stay back and provide cover while his men withdrew from their positions. Weinstein killed six enemy combatants and, after running out of ammunition, used enemy grenades around him to keep the enemy forces back. Weinstein held his position until friendly forces moved back in and pushed the enemy back." He died in 2006. Vietnam War veterans --
Spc. 4 Leonard L. Alvarado "distinguished himself on Aug. 12, 1969, while serving as a rifleman during a mission to relieve a sister platoon, in Phuoc Long Province, Vietnam. Alvarado was killed in action after disrupting an enemy raid and saving the lives of several comrades." A longer account says that during the battle, Alvardo was "repeatedly thrown to the ground by exploding satchel charges, [but] continued advancing and firing, silencing several emplacements, including one enemy machine-gun position." --
Staff Sgt. Felix M. Conde-Falcon "distinguished himself on April 4, 1969, while serving as a platoon leader during a sweep operation in the vicinity of Ap Tan Hoa, Vietnam, April 4, 1969. Conde-Falcon was killed in action that day after destroying multiple enemy bunkers and demonstrating extraordinary leadership under fire." The Army's longer account says that "carrying a machine-gun, he single-handedly assaulted the nearest fortification, killing the enemy inside before running out of ammunition. After returning to ... three men with his empty weapon and taking up an M-16 rifle, he concentrated on the next bunker. Within 10 meters of his goal, he was shot by an unseen assailant and soon died of his wounds." --
Sgt. Ardie R. Copas "distinguished himself on May 12, 1970, while serving as a machine-gunner near Ph Romeas Hek, Cambodia. When his convoy was ambushed, Copas repelled the enemy under heavy fire, holding his post while his wounded comrades were evacuated. Copas was killed in action." The Army's longer account says that "ignoring his own wounds, Copas quickly remounted [a] burning vehicle and commenced firing his machine-gun at the belligerents. Braving the hostile fire directed at him, and the possible detonation of the mortar rounds inside the track, Copas maintained a heavy volume of suppressive fire on the foe while the wounded Americans were safely evacuated." --
Sgt. Jesus S. Duran "distinguished himself on April 10, 1969, as a machine-gunner on a search and clear operation. His actions saved several wounded Americans and led to the enemy's retreat." A longer account of his valor say that "learning that two seriously wounded troopers lay helplessly pinned down under harassing fire, he assaulted the suppressive enemy positions, firing deadly bursts on the run. Mounting a log, he fired directly into the enemy's foxholes and eliminated four of them and several others as they fled. He then continued to pour effective fire on the disorganized and fleeing enemy." He is deceased. --
Sgt. Santiago J. Erevia "distinguished himself May 21, 1969, while serving as a radio-telephone operator during a search-and-clear mission near Tam Ky City, in the Republic of Vietnam." A longer account of his valor includes this passage: "Under a hail of enemy fire, he continued to advance until he reached a location a few feet short of the first insurgent position. Disregarding the fire directed at him from the remaining bunkers, he pulled the pin on a hand grenade and advanced on the bunker, firing his rifles until he dropped the grenade into the bunker, thus destroying the fortification and killing the enemy soldier within." He lives in San Antonio. --
Sgt. Candelario Garcia "distinguished himself on Dec. 8, 1968, as a team leader during a reconnaissance-in-force mission near Lai Khe, Vietnam. Garcia destroyed two enemy machine-gun positions in an attempt to aid casualties that were in the open and under fire. Garcia then rejoined his company in a successful assault on the remaining enemy positions." He died in 2013. --
Sgt. 1st Class Melvin Morris "is being recognized for his valorous actions on Sept. 17, 1969, while commanding the Third Company, Third Battalion of the IV Mobile Strike Force near Chi Lang. Then-Staff Sgt. Morris led an advance across enemy lines to retrieve a fallen comrade and single-handedly destroyed an enemy force that had pinned his battalion from a series of bunkers. Staff Sgt. Morris was shot three times as he ran back toward friendly lines with the American casualties, but did not stop until he reached safety." He lives in Cocoa, Fla. --
Master Sgt. Jose Rodela "is being recognized for his valorous actions on Sept. 1, 1969, while serving as the company commander in Phuoc Long Province, Vietnam. Rodela commanded his company throughout 18 hours of continuous contact when his battalion was attacked and taking heavy casualties. Throughout the battle, in spite of his wounds, Rodela repeatedly exposed himself to enemy fire to attend to the fallen and eliminate an enemy rocket position." He lives in San Antonio.
Copyright 2014 NPR. To see more, visit http://www.npr.org/.
Monday, March 17, 2014
The plot thickens: Flight MH30 Where Are You?
The plot thickens
IT WAS always going to be significant that the Malaysian prime minister himself, Najib Razak, took the daily press conference on March 15th that is usually given by his underlings. Sure enough, Mr Najib had momentous news, that the authorities now blame “deliberate” action for whatever happened to Malaysia Airlines Flight MH370, now missing for more than a week.
He stopped short of calling this a hijacking, but experts now agree that this is what must have happened; so catastrophic mechanical failure, or pilot error, are now ruled out. But whether this deliberate action was that of a deranged pilot, other members of the crew, some of the passengers, or even someone else, is unknown. Furthermore, the search for MH370 just got a lot harder. Authorities from 25 countries are now being obliged to scour a much larger area than before, over land as well as sea. Mr Najib announced two vital new bits of information. The plane’s communication systems were systematically disabled after take-off, and after its last contact with air-traffic control over the South China Sea it was probably flying for about another seven hours. The plane was diverted back across peninsular Malaysia and flew off in a north-westerly direction. It certainly had enough fuel on board to do this.
Given the fact that the plane continued flying for so long, the search area has now been widened spectacularly, along two corridors. The first is northwards, across China towards Kazakhstan, Turkmenistan and beyond, and the second southwards, towards Indonesia and the Indian Ocean. Given the vast distances and areas involved, it might well take a lot longer to find the plane, or at least some debris if it did indeed crash. But the hijacking hypothesis, and long flying time, also raises the slim hope that the plane might have landed somewhere, and that the passengers therefore might just be alive. Some family members therefore welcomed the news.
The fact that a hijacking of some type has now been confirmed as the most likely cause of MH370’s disappearance also means that the police are renewing their investigations into the 227 passengers and 12 crew members on board. The police are looking into four possibilities: hijack, sabotage and personal and psychological problems. And as the “deliberate” actions involved in disabling the plane’s communications, and then diverting it onto a new course, clearly required detailed knowledge of the Boeing 777 and no little skill, interest has inevitably focused on the pilot and co-pilot.
Their homes have been searched by the police. In particular, data from the pilot’s own home-built flight simulator is now being examined. He was an experienced pilot, though, whom many colleagues, neighbours and friends have already vouched for. It has already been revealed that he and the younger co-pilot did not specifically ask to fly together on this particular flight, so that sort of conspiracy has been ruled out. Nonetheless, it is not unknown for pilots to seize planes, or even commit suicide by crashing them. This was almost certainly the fate of EgyptAir Flight 990, which went down over the Atlantic in 1999, killing everybody aboard.
But the alternative hypothesis, that some of the passengers will now be revealed to have been terrorists bent on hijacking the plane for political reasons, seems hard to believe. As two Iranians were found to be travelling on false passports several days ago, all the passengers’ backgrounds have, presumably, already been well scrutinised. Or did somebody, somewhere, miss something?
The tragedy for those relatives and families of the passengers is that we now know a bit more about the fate of MH370, but all the new information has done so far is to raise a host of new questions.
Picture credit: AFP
Saturday, March 15, 2014
China Mobile: Not Able to Locate Cellphones on Missing Malaysia Plane
- By
- LORRAINE LUK
China’s biggest telecom operator, China Mobile, attempted to locate some of the passengers on the missing Malaysia Airlines3786.KU +2.13% Flight 370 by testing whether their cellphones were connected to mobile networks but the carrier wasn’t able to locate any of them, a company executive said.
The tracking of passengers’ mobile phones began shortly after the BoeingBA +1.00% 777 disappeared early Saturday en route to Beijing from Kuala Lumpur, the executive, who declined to be named, said Thursday. The telecom carrier, with more than 770 million subscribers, is the world’s largest wireless carrier by subscribers. According to a passenger list released by Malaysia Airlines, just over half of the 227 passengers on the flight were Chinese citizens.
The executive said China Mobile began the test at the request of family members of some of the passengers that used the carrier’s services as well as the Chinese government. He said none of the mobile phones were connected to a mobile network.
“There are certain limitations to our mobile networks. We won’t be able to track the mobile users if users switched off their phones or the plane is in the air above 10,000 meters or in the deep ocean,” said the executive.
IDC telecom analyst Yolanda Zhang said it is not possible for carriers to track mobile phones even if users are online using a Wi-Fi connection provided by the airline. They need to be on a carrier’s network to track location of users, she said. The Malaysian Airlines Flight 370 didn’t offer passengers a Wi-Fi connection.
Two other major Chinese telecom operators China Unicom0762.HK +0.33% and China TelecomCHA +0.99% declined to comment when contacted Thursday.
The comments came as The Wall Street Journal reported Thursday that Malaysia Airlines Flight 370 stayed in the air for about four hours past the time it reached its last confirmed location.
Employees from major Chinese telecom equipment suppliers Huawei and ZTE were among the 227 passengers on the flight, as well as an IBMIBM -0.92% executive.
What about reports that passengers' cell phones continued operating after the flight's disappearance?
The answer to the question about meteors and conspiracy theories applies here, too. When phones are disabled or turned off -- which would presumably happen after a plane crash -- calls to those cell phones go directly to voice mail. Friends and loved ones of the missing passengers, however, reported ringing when they called. Technology industry analyst Jeff Kagan says a call would connect first to a network before trying to find the end user, and the ringing sound callers hear masks the silence they would otherwise hear while waiting for the connection to be made. "If it doesn't find the phone after a few minutes, after a few rings, then typically, it disconnects, and that's what's happening," he said.
Thursday, March 13, 2014
Monday, March 3, 2014
When Worlds Collide - The Full Movie
When World Collide by crazedigitalmovies http://www.dailymotion.com/video/xmu085_when-world-collide_shortfilms
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