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.”

The time is 17:00 (UTC) on May 21st, 2006, and this is Audio Wikinews News Briefs.

Saturday, April 23, 2005

Leading VoIP provider Vonage negotiated access to the Qwest Communications emergency calling infrastructure, allowing Vonage customers in 14 states the ability to connect directly to emergency dispatchers by dialing 911.

With the exception of Rhode Island, VoIP’s 911 callers were delivered to the administrative offices of a public-safety answering point, instead of connecting directly to a standard 911 dispatcher. The resulting time delay was a consequence of the phone provider’s refusal to give VoIP providers access to the 911 infrastructure. Vonage Chairman and CEO Jeffrey Citron in a recent letter to Qwest Chairman and CEO Richard Notebaert, wrote “I applaud you [Qwest] for your willingness to put the health and safety of Americans before short-term competitive considerations.”

“With the access that Qwest has agreed to provide, Vonage will be able to route emergency service calls placed by its customers directly to public-safety operators, which will help save lives and safeguard property” Citron said.

Verizon agreed to begin a trial in New York City soon, and BellSouth also started “making some movement” on the issue, according to Vonage.

Vonage claims “that SBC has agreed to begin discussions on working cooperatively to improve 911 offerings available to customers using VoIP.” Vonage attorney William Wilhelm, in a letter to the FCC, “noted its concern that SBC has already provided 911 interconnection access to its unregulated VoIP affiliate.”

Friday, January 9, 2009

The Florida Gators defeated the Oklahoma Sooners by a score of 24 to 14 last night’s FedEx BCS National Championship Game to win the Division I title of the National Collegiate Athletic Association‘s American college football league. Florida, ranked Number 1 in the nation, were led by Heisman Trophy-winning quarterback Tim Tebow. “I promised the guys that I would go out and play with all my heart. I was so motivated tonight,” said Tebow. They were matched up against a Number 2 ranked Oklahoma team with a powerful offense, including this year’s Heisman Trophy winner, quarterback Sam Bradford. The game took place at a sold-out Dolphin Stadium in Miami, as a stadium record 78,468 fans attended the match.

Both team’s defensed dominated each others’ offenses in the first half, forcing a 7 to 7 score when halftime came against a Florida offense that averaged 54 points a game and an Oklahoma offense that averaged 40 points. In total, both team’s defenses had 4 interceptions, 2 for Florida and 2 for Oklahoma. Florida’s defense stopped Oklahoma twice during a goal line stand, stopping them on a fourth-down rush once, and a forced interception out of the hands of Oklahoma wide receiver Juaquin Iglesias by Florida’s Ahmad Black.

On the offensive side of the ball, Florida was led by Tebow. Although throwing 2 interceptions, Tebow completed 18 put of 30 passes for 2 touchdowns, as well as rushed 22 times for over 100 yards. Oklahoma quarterback Sam Bradford helped the Sooners offense through the air, completing 26 out of 41 passes for 256 yards and 2 passing touchdowns, but also throwing two interceptions. In the fourth quarter, Tebow completed a key 4-yard touchdown pass to wide receiver David Nelson, making the score 24 to 14 and putting the game out of reach for Oklahoma.

Some college fans believe that Florida did not rightly win the national championship, though. Fans of the Utah Utes believed that their undefeated team should have at least earned a spot in the game against Oklahoma or Florida’s one-loss teams. Fans of the USC Trojans and the Texas Longhorns also believed that the teams could have earned a spot in the game, due to their similar records. On the matter, Florida head coach Urban Meyer said “This is one of the best teams in college football history. Let someone else worry about all that. The Gators are No.1.”

On the game, Oklahoma head coach Bob Stoops commented “In the end, I’ll be glad to try again next year. If that’s the biggest burden I have to bear in my life, I’m a pretty lucky guy.” Tim Tebow, in a post-game interview, said “I was already motivated for a national championship game. But you know, there was some trash talking going on, and it just gets me going during the game.” In a losing effort, Sam Bradford commented “In the first half, we had opportunities that we didn’t take advantage of. In the second half, when we needed to make the plays, we just couldn’t do it.”

Wednesday, December 31, 2008

What would you tell your grandchildren about 2008 if they asked you about it in, let’s say, 20 years’ time? If the answer to a quiz question was 2008, what would the question be? The year that markets collapsed, or perhaps the year that Obama became US president? Or the year Heath Ledger died?

Let’s take a look at some of the important stories of 2008. Links to the original Wikinews articles are in all the titles.

Wednesday, June 8, 2005

Copenhagen, Denmark – The Danish Integration Minister Rikke Hvilshøj’s car was set ablaze outside her family-home on the morning of Wednesday 8 June. From there, the fire spread to the family’s garage, and further on to the side of the house, damaging the roof above the kitchen and children’s room.

At the same time, an e-mail was sent to several media agencies, where a group calling themselves “Action Group Beate” claimed responsibility, saying it is a “protest against the racist immigrational laws of Denmark”. The police found the computer used for sending the mail within a few hours, and closed down the cybercafé whilst removing the computer.

Throughout the Danish political system politicians from both the ruling party and the opposition have expressed their outrage over the terrorism.

The insurance company is currently assessing the amount of damage done to the home, but so far they have made an estimate of £27.000, just for the house damages.

Tuesday, April 22, 2014

Coinciding with Easter Sunday, Glasgow Cannabis Social Club’s annual 420 event was held on Glasgow Green, under sunny blue skies, and overlooking the river Clyde. Despite the city’s council attempting to revoke permission for the gathering at the last minute, police were happy for it to go-ahead with approximately a dozen officers attending in high-visibility vests.

The Daily Record reported five arrests were made for minor offences, likely smoking and possession of small quantities of cannabis. Taking a less-sensational — and more accurate — line of reporting, the Monday edition of Glasgow’s Evening News stated five were referred to the Procurator Fiscal who is responsible for deciding if charges should be brought.

Official figures provided by the police were that 150 attended. With people coming and going, Wikinews reporters estimated upwards of 200 attended, compared to nearly 700 who had signed up for the event on Facebook. Hemp goods were advertised and on sale at the event, and some attendees were seen drinking cannabis-themed energy drinks.

“I was searched and charged under the Misuse of Drugs Act (which is a lot of bollocks)” one attendee noted online, adding “not fair to happen on a brilliant day like it was, other than that I had a great day!” A second said they were openly smoking and ignored by police, who “were only really focusing on people who looked particularly young”.

Cannabis seeds were openly and legally sold at the event and a hydroponics supplier brought a motortrike towing an advertising trailer. Actually growing cannabis is, however, illegal in the UK.

With the event openly advocating the legalisation of cannabis, speakers put their arguments for this to a receptive crowd. Retired police officer James Duffy, of Law Enforcement Against Prohibition, spoke of the failed United States alcohol prohibition policy; stressing such policies needlessly bring people into contact with criminal elements. Highlighting other countries where legalisation has been implemented, he pointed out such led to lower crime, and lower drug use overall.

One speaker, who produced a bottle of cannabis oil he had received through the post, asserted this cured his prostate cancer. Others highlighted the current use of Sativex by the National Health Service, with a cost in-excess of £150 for a single bottle of GW Pharmaceuticals patented spray — as-compared to the oil shown to the crowd, with a manufacturing cost of approximately £10.

Similar ‘420’ pro-cannabis events were held globally.

Thursday, November 10, 2005

A suicide bomber detonated himself in a crowded Baghdad restaurant Thursday morning at approximately 9:30 local time (0630 GMT). 35 were reportedly killed and 25 wounded in the blast. Responsibility for the attack was claimed by Al-Qaeda in Iraq.

The restaurant was frequented by US-backed Iraqi security forces, often the target of Sunni Arab rebels and Islamist Al-Qaeda groups. A police officer said that at least four Iraqi police patrols were in the restaurant at the time of the bombing.

The bombing was one of the biggest attacks in Baghdad in recent months. A statement on an Islamist website used by Al-Qaeda said that the attack was a part of an Al-Qaeda campaign to counter recent raids by US and Iraqi forces on suspected militant strongholds near the Syrian border.

The attack came just a day after the bombing of hotels in Amman, Jordan, attacks also claimed by Al-Qaeda.

Aviation articles by Wikinewsie Iain Macdonald.

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