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Massive blackouts hit Florida

Tuesday, February 26, 2008

Massive blackouts occurred throughout the US state of Florida shortly after 1:00 p.m. Eastern Time (18:00 UTC) on Tuesday afternoon. Out of the 4.4 million customers served by Florida Power & Light, Co. (FPL), about 680,000 residents were affected, with an additional two million-plus customers affected in other parts of the state. It is estimated that as many as four million customers throughout Florida were affected, with many different power companies losing control of their specific grids.

Power outages were reported as far south as the Florida Keys, on the original FPL grid, and as far north as Orlando and Daytona Beach, nearly 300 miles (483 km) away on the Progress Energy grid. Most of Miami-Dade and parts of Broward and Palm Beach counties suffered the worst outages.

FPL President Armando Olivera said that a disconnect switch failed at 1:08 p.m. at the automated substation west of Miami, and a piece of equipment that controls voltage caught fire about the same time. Neither failure by itself would have caused a widespread outage. The event at the utility’s Flagami substation consequently led to the rolling blackouts.

Originally the first failure was thought to have occurred at the utility’s nuclear plant at Turkey Point. It is still unclear how failure at this site spread, but with power turning off at the main Turkey Point location, which serves all of south Florida, FPL’s grid shut down as well. It contributed to a domino effect which ended up sapping energy from bordering grids all over Florida.

Police reported several people were stuck in the elevators of high-rise buildings in downtown Miami and several hospitals were running on backup power, although no injuries or fatalities have been reported. The blackouts caused major traffic jams and a few accidents, but the original outage was contained shortly after it occurred. All customers affected had power restored to them by 6:30 p.m. (23:30 UTC).

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NTSB releases updates on status of 3 major US investigations

Sunday, June 17, 2007

The National Transportation Safety Board (NTSB), the agency responsible for investigating transportation accidents in the United States, released updates on three major investigations on June 14.

The NTSB, well known publicly for its involvement in the investigation of aviation incidents which involve harm or loss of human life, is also an agency that oversees the transportation of refined petroleum and gas products, chemicals and minerals.

The agency determined the cause of a natural gas pipeline explosion that killed six. It also detailed the cause of an accidental release of 204,000 gallons of anhydrous ammonia from a pipeline in an environmentally sensitive area, and released preliminary information involving two commercial aircraft coming within 30-50 feet of each other on a runway.

In the gas explosion disaster, the towing vessel Miss Megan, which was of specifications that did not require inspection by the United States Coast Guard, was being operated in the West Cote Blanche Bay oil field in Louisiana by Central Boat Rentals on behalf of Athena Construction on October 12, 2006. The Miss Megan was pushing barge IBR 234, which was tied along the starboard side of barge Athena 106, en route to a pile-driving location. Athena Construction did not require its crews to pin mooring spuds (vertical steel shafts extending through wells in the bottom of the boat and used for mooring) securely in place on its barges and consequently this had not been done. During the journey, the aft spud on the Athena 106 released from its fully raised position. The spud dropped into the water and struck a submerged, high-pressure natural gas pipeline. The resulting gas released ignited and created a fireball that engulfed the towing vessel and both barges. The master of the towing vessel and four barge workers were killed. The Miss Megan deckhand and one barge worker survived. One barge worker is officially listed as missing.

The NTSB blames Athena Construction for the disaster, citing in the final report that Athena Construction’s manual contained no procedures mandating the use of the safety devices on the spud winch except during electrical work. It was found that if the Athena 106 crew had used the steel pins to secure the retracted spuds during their transit, a pin would have prevented the aft spud from accidentally deploying. Furthermore, the spud would have remained locked in its lifted position regardless of whether the winch brake mechanism, the spud’s supporting cable, or a piece of connecting hardware had failed.

The NTSB also found that contributing to the accident was the failure of Central Boat Rentals to require, and the Miss Megan master to ensure, that the barge spuds were securely pinned before getting under way. The Board noted that investigators found no evidence that the Miss Megan master or deckhand checked whether the spuds had been properly secured before the tow began. While Central Boat Rentals had a health and safety manual and trained its crews, the written procedures did not specifically warn masters about the need to secure spuds or other barge equipment before navigating. The NTSB stated that the company’s crew should have been trained to identify potential safety hazards on vessels under their control.

NTSB Chairman Mark Rosenker said of the investigation’s results, “Having more rigorous requirements in place could have prevented this accident from occurring. Not only do these regulations need to be put in place but it is imperative that they are enforced and adhered to.”

The NTSB has made a number of safety recommendations as a result of this accident and the subsequent investigation. Recommendations were made to Athena Construction and Central Boat Rentals to develop procedures and train the employees of its barges to use the securing pins to hold spuds safely in place before transiting from one site to another.

The most major of the other recommendations are:

To the Occupational Safety and Health Administration:

  • Direct the Maritime Advisory Committee for Occupational Safety and Health to issue the following documents document to the maritime industry: (1) a fact sheet regarding the accident, and (2) a guidance document regarding the need to secure the gear on barges, including spud pins, before the barges are moved, and detailing any changes to your memorandum of understanding with the Coast Guard.

To the U. S. Coast Guard

  • Finalize and implement the new towing vessel inspection regulations and require the establishment of safety management systems appropriate for the characteristics, methods of operation, and nature of service of towing vessels.
  • Review and update your memorandum of understanding with the Occupational Safety and Health Administration to specifically address your respective oversight roles on vessels that are not subject to Coast Guard inspection.

The NTSB also released the result of its investigation into an environmental disaster in Kansas on October 27, 2004 in which 204,000 gallons (4,858 barrels) of anhydrous ammonia was spilled from a ruptured pipeline in Kingman into an environmentally sensitive area. Chemicals from the pipeline entered a nearby stream and killed more than 25,000 fish, including some fish from threatened species.

The incident reached the scale that it did due to operator error after the initial rupture. The 8 5/8-inch diameter steel pipeline, which was operated by Enterprise Products Operating L.P., burst at 11:15 a.m. in an agricultural area about 6 miles east of Kingman, Kansas. A drop in pipeline pressure, indicating abnormal conditions or a possible compromise in pipeline integrity, set off alarms displayed on the computerized pipeline monitoring system. Shortly after the first alarm the pipeline controller, in an attempt to remedy the low pressure, increased the flow of anhydrous ammonia into the affected section of pipeline. A total of 33 minutes elapsed between the time when the first alarm indicated a problem with the pipeline and the initiation of a shutdown.

In its initial report to the National Response Center (NRC), the pipeline operator’s accident reporting contractor reported a release of at least 20 gallons of ammonia, telling the NRC that an updated estimate of material released would be reported at a later time. No such report was ever made. Because of the inaccurate report, the arrival of representatives from the Environmental Protection Agency was delayed by a full day, affecting the oversight of the environmental damage mitigation efforts.

The cause of the rupture itself was determined to be a pipe gouge created by heavy equipment damage to the pipeline during construction in 1973 or subsequent excavation activity at an unknown time that initiated metal fatigue cracking and led to the eventual rupture of the pipeline.

“We are very fortunate that such highly toxic chemicals of the size and scope involved in this accident were not released in a populated area,” commented Rosenker. “Had this same quantity of ammonia been released near a town or city, the results could have been catastrophic.”

As a result of this accident, the NTSB made the following safety recommendations:

To the Pipeline and Hazardous Materials Safety Administration:

  • Require that a pipeline operator must have a procedure to calculate and provide a reasonable initial estimate of released product in the telephonic report to the National Response Center.
  • Require that a pipeline operator must provide an additional telephonic report to the National Response Center if significant new information becomes available during the emergency response.
  • Require an operator to revise its pipeline risk assessment plan whenever it has failed to consider one of more risk factors that can affect pipeline integrity.

To Enterprise Products Operating L.P.:

  • Provide initial and recurrent training for all controllers that includes simulator or noncomputerized simulations of abnormal operating conditions that indicate pipeline leaks.

“The severity of this release of dangerous chemicals into the community could have been prevented,” said Rosenker. “The safety recommendations that we have made, if acted upon, will reduce the likelihood of this type of accident happening again.”

As well as concluding their investigation of the above accidents, the NTSB also released preliminary information regarding a serious runway incursion at San Francisco International Airport between two commercial aircraft on May 26, 2007.

At about 1:30 p.m. the tower air traffic controller cleared SkyWest Airlines flight 5741, an Embraer 120 arriving from Modesto, California, to land on runway 28R. Forgetting about the arrival airplane, the same controller then cleared Republic Airlines flight 4912, an Embraer 170 departing for Los Angeles, to take off from runway 1L, which intersects runway 28R.

After the SkyWest airliner touched down, the Airport Movement Area Safety System (AMASS) alerted and the air traffic controller transmitted “Hold, Hold, Hold” to the SkyWest flight crew in an attempt to stop the aircraft short of runway 1L. The SkyWest crew applied maximum braking that resulted in the airplane stopping in the middle of runway 1L. As this was occurring, the captain of Republic Airlines flight 4912 took control of the aircraft from the first officer, realized the aircraft was traveling too fast to stop, and initiated an immediate takeoff. According to the crew of SkyWest 5741, the Republic Airlines aircraft overflew theirs by 30 to 50 feet. The Federal Aviation Administration has categorized the incident as an operational error.

The NTSB sent an investigator to San Francisco, who collected radar data, recorded air traffic control communications, and flight crew statements, and interviewed air traffic control personnel prior to the NTSB making the preliminary release.

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Five Basic Guidelines For Choosing An Advanced Online File Storage Service Provider

Five Basic Guidelines for Choosing an Advanced Online File Storage Service Provider

by

Kristi Wilson

With the rapid advance of ecommerce and internet technology, it has become very difficult for the small-to-medium businesses to try and compete with the big multinationals in all fields of business. Fortunately, there are many companies who are in the business of providing you with different packages to suit most online file storage requirements.

Operating Ease Is Important for All Employees

While one may get hypnotized with the packages offered by many companies, you should always check out the company and the packages being offered. Confirm that the company that you finally decide on for your business FTP hosting needs comes up to your requirements and expectations. There are certain salient factors to consider when mulling over the advantages and the benefits of an advanced web based file sharing services. Your provider should provide all the necessary technical assistance to your staff and ensure the business file sharing program is a user-friendly one and can be used by all.

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Urgent Expert Technical Help Availability Is Vital

They should also have the ability to select and control authorized personnel who are eligible to view files while having secure file sharing privileges. The program should ensure that updating of office personnel wanting to add users or delete users for accessing the files is not to technically challenging. A good service provider should have a system in place which helps in providing uploads and downloads and web based file sharing with the internet browser of the client and on any operating system. A good service provider should have the capability of providing technical support if there is any system crash or any other serious problem. The trained technical staff should be ready to move out as soon as possible to make sure that there is no break in the services of the client.

Upcoming Ftp Replacement for Faster Transfers

Because of its easy availability, a lot of small to medium businesses have been taking full advantage of the business FTP hosting service; it has proved to be one of the easiest method for a company to send frequent files to their clients. At the present time, there are even FTP replacement packages on the market that allows multiple users to manage and share files across multiple devices with the utmost security. This software is essentially used as FTP replacement for servers and has been found to be more secure and faster in providing massive file transfers easily.

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Tim Curry, TV premiere screenings, cosplay feature at Fan Expo Canada

Wednesday, September 6, 2017

Toronto pop culture convention Fan Expo Canada has wrapped for another year. It ran from Thursday to Sunday. Major panels included Tim Curry and the cast of Rocky Horror Picture Show, Beauty and the Beast voices Robby Benson and Paige O’Hara, actors Kathleen Turner, Richard Dreyfuss, Anthony Daniels, Felicia Day, and child leads from Stranger Things. Canadian television channel Space hosted a Star Trek: Discovery panel with seven lead cast members. On the heels of sister event Toronto Comic Con’s Degrassi reunion event, the lineup included a twentieth anniversary panel with the stars of another Canadian high school television series, Student Bodies.

Heading into its fourth and final season, attendees got a chance to see the season opener of Star Wars: Rebels on Saturday, followed by a panel. The event has had a continuing relationship with the series, screening other episodes previously. The second season premiere of the sci-fi series Travelers was accompanied by a panel including Eric McCormack. Canadian true-crime drama Bad Blood had its world premiere. Other debuts included broadcaster City with the Canadian premiere of Ghosted, with Craig Robinson in attendance, Teletoon with the Canadian premiere of Hotel Transylvania: The Series, and YTV with the new animated series Mysticons.

Anime fans could watch episodes of their favourite shows, including AKB0048, Otaku No Video, Hana Yamata, My Hero Academia, Fairy Tail, and Penguindrum.

The book Star Wars Made Easy, targeted to non-fans to get up to speed on the fictional universe’s various facts and figures, was ironically launched by DK Canada for a room of fans of the franchise. Author Christian Blauvelt answered questions from the audience on topics like his opinion on Midiclorians — he understands fan contention, but suggested that science and religion can co-exist, like in the real world — quizzed the audience on trivia, and signed copies of his book.

Some panels were quite ahead of the curve: one on Star Wars costume and prop building discussed building Porgs figures, despite the film The Last Jedi not being released to theatres yet.

York Regional Police were at the event with United and Unity, two brightly lit characters of their own creation. The force received funding in 2014 from the Provincial Anti-Violence Intervention Strategy to create a short film featuring the character United, receiving positive recognition locally. “Our United superhero program is part of our on-going efforts to connect with our community and show police in a different light,” YRP Constable Andy Pattenden told Wikinews. He explains that the officers who developed the project have a background in film-making, and “serve as an opportunity for us to start a conversation with youth and connect with them at a non-traditional level.”

Star Wars character Jabba the Hutt, a puppet in the 1983 film Return of the Jedi, was re-created by the 501st Legion as an animatronic. The 501st is a fan group that dresses like the series villains for charitable events, particularly those raising funds for the Make-A-Wish Foundation. The new addition to their annual display commanded long lineups throughout the day, from con-goers looking to donate in exchange for a photo-op with the massive, slug-like alien.

As with most major conventions, cosplayers were numerous, ranging from simple outfits that wouldn’t raise an eyebrow if worn from day-to-day, to elaborately-created costumes and giant props. Outfits recognized by Wikinews’ reporter ranged from classic characters like the 1960s version of Batgirl and Oswald the Lucky Rabbit, a character created by Walt Disney in 1927, before Mickey, to 2010s characters from creative works like Undertale, Disney Descendants, League of Legends, and Adventure Time. Few characters are too obscure, if they appeal to a fan: the female avatar of “hivemind” character Unity, from a single episode of Rick and Morty, was spotted. One woman “biting” another woman’s arm would be cause for concern most places, but at a pop culture convention, it simply means that “Lilo” is re-enacting a scene with “Mertle”, as seen in the film Lilo and Stitch.

Wikinews talked with Cheryl, the co-host of the weekly video series “Our Didnee Side”, who was dressed as Gadget Hackwrench, a mouse from the 1990s television series Chip ‘n Dale: Rescue Rangers. Speaking for both of the hosts, she said their passion for Disney has “exploded” since starting the YouTube channel, and that they are both “creators. We can’t seem to go a day without making something. We love doing Disney cosplay because it is like a beacon for other people in the fandom to come find us in a sea of other characters.” Conventions like Fan Expo Canada become “a great opportunity to meet like-minded Disney fans, and to possibly escape for the weekend from our ‘boring human’ lives.”File:FXC17 Stay Puft.jpg

Adrianna Prosser, host of Toronto geek culture community website Geektropolis, spent part of the convention Fan Expo Canada 2017 as the Stay Puft Marshmallow Man. She told Wikinews that “geeking in Toronto is always such a joy, what with amazing cosplay and passionate fandoms coming together at Fan Expo!” She explained that the site tries to keep the feeling of the event going all year, featuring local creators and “geeky” fans, in an effort to bring the community closer together.

Party game Cards Against Humanity — intriguingly available under a non-commercial Creative Commons license — offered a “Free Apologies from An American” booth, where a representative offered regrets to the largely Canadian visitors. The booth’s curtains came into use at least once on Friday, closing when a Trump cosplayer reached the front of the line.

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Wikinews interviews Democratic candidate for the Texas 6th congressional district special election Daryl Eddings, Sr’s campaign manager

Tuesday, April 20, 2021

Wikinews extended invitations by e-mail on March 23 to multiple candidates running in the Texas’ 6th congressional district special election of May 1 to fill a vacancy left upon the death of Republican congressman Ron Wright. Of them, the office of Democrat Daryl Eddings, Sr. agreed to answer some questions by phone March 30 about their campaigns and policies. The following is the interview with Ms Chatham on behalf of Mr Eddings, Sr.

Eddings is a federal law enforcement officer and senior non-commissioned officer in the US military. His experience as operations officer of an aviation unit in the California National Guard includes working in Los Angeles to control riots sparked by the O. J. Simpson murder case and the police handling of Rodney King, working with drug interdiction teams in Panama and Central America and fighting in the Middle East. He is the founder of Operation Battle Buddy, which has under his leadership kept in touch with over 20 thousand veterans and their families. He was born in California, but moved to Midlothian, Texas. He endeavours to bring “good government, not no government”. Campaign manager Faith Chatham spoke to Wikinews on matters ranging from healthcare to housing.

An Inside Elections poll published on March 18 shows Republican candidate Susan Wright, the widow of Ron Wright, is ahead by 21% followed by Democrat Jana Sanchez with 17% and Republican Jake Ellzey with 8% with a 4.6% margin of error among 450 likely voters. The district is considered “lean Republican” by Inside Elections and voted 51% in favour of Donald Trump in last year’s US presidential election. This is down from 54% for Trump in 2016’s presidential election, the same poll stated.

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MTV debuts ‘Logo’ cable channel targeting gay market

Saturday, July 2, 2005

MTV Networks launched a new cable channel to 10 million homes Thursday featuring movies, documentaries and original programming targeting the lesbian, gay, bisexual and transgender audience becoming the first 24-hour digital cable network offered in the United States on several cable providers and satellite systems.

Logo will present original series, documentaries and specials as well as a library of over 200 lesbian and gay films. The cable channel is also teaming up with CBS News to cover lesbian and gay stories and headlines.

While the channel debuted Thursday, Viacom, the parent comany of Logo, had still not signed licensing agreements with several of the largest cable providers including Comcast and Cox. DirecTV signed a deal Wednesday making Logo available to 13 million households, and Time Warner and Atlantic Broadband have committed to carry the network.

Advertisers will include Orbitz, Tylenol, Motorola, Miller Lite, Lions Gate Films and Subaru wishing to market to the coveted 25-to-49 age range providing an opportunity to reach out to the lesbian and gay market.

Wikipedia has more about this subject:

Opposition to the new channel was expected with MSNBC quoting Janice Crouse, senior fellow at Concerned Women for America, a conservative public-policy women’s organization based in Washington, D.C., calling Logo “another example of an assault on children’s innocence, a means of legitimizing a homosexual lifestyle, mainstreaming homosexuality in a positive and appealing way.”

The Gay & Lesbian Alliance Against Defamation (GLAAD) hails the launch of Logo.

“Logo has the potential to reach millions of American television viewers with images and stories that can play a vital role in broadening understanding of our lives, our families and our relationships,” says GLAAD Entertainment Media Director Damon Romine. “MTV Networks has a long history of groundbreaking gay and lesbian programming, and devoting an entire network to telling our stories gives us cause to celebrate.”

“What these networks provide is something new: an unprecedented opportunity for gays and lesbians to see ourselves depicted as we are, rather than as others see us,” Romine says. “At its best, television holds up a mirror to our lives, and the advent of these three networks means that LGBT viewers can now see themselves more accurately and fully reflected in that mirror.”

Many have wondered why it took as long as it did to introduce a national LGBT cable channel considering the success of mainstream network shows like “Will & Grace” and “Queer Eye for the Straight Guy.”

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How To Replace A Guage Cluster In New Mexico

byAlma Abell

The gauges in your vehicle help you keep track of your speed and other important system elements. If you aren’t aware of the operational components of your vehicle, you will not be able to act quickly during an emergency situation. If you notice that your gauges are not operating as efficiently as they once did, it may be time to replace them so you can be aware of your speed and other safety notifications. While it may seem like a daunting job, if you have the right tools, you can easily replace your malfunctioning gauges and make sure you are notified of any issues that arise while you are driving.

Remove Dash and Components

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The first step to replacing a Gauge Cluster in New Mexico is to remove your dash and any other components. You may be able to do this with a standard or Phillips screwdriver, however some auto manufacturers will have a special tool that must be used in order to remove the dash without creating any damage during the process. Research your car make and determine if you have the tools you need before you begin.

Remove Old Gauge Cluster

Once your dash has been removed, the next step is to remove the gauge cluster. Loosen any screws holding it in place and gently work it out of the dash. There will be at least once wire that will need to be disconnected. Make sure you don’t pull on the Gauge Cluster in New Mexico too abruptly, or you could cause the cord to break and make the project more labor intensive.

Install New Gauge Cluster

Once the old gauges are out, connect the new unit and then position it into the dash. Make sure you attach it securely so it doesn’t rattle or become displaced while you are driving. The last step is to place your dash back into place and secure it using the screws you removed during step one. If you are nervous about your gauges not working properly, replace them so you can have peace of mind. The experts at Dicks Speed-O-Tach have a wide range of available gauges for all makes and models. Call them today to learn more, or visit their website to start shopping for the gauges you need to keep your car reliable and safe.

Singer and songwriter Michael Jackson dies at age 50

Thursday, June 25, 2009

Michael Jackson, a singer and songwriter who was dubbed as the ‘King of Pop’, has died today at the age of 50. Initial reports had stated that Jackson is in a coma after being rushed to UCLA Medical Center.

According to TMZ, rescue crews from the Los Angeles Fire Department responded to his home in Holmby Hills, a suburb of Los Angeles, California where they found Jackson not breathing. According to Fire Captain Steven Ruda, a 911 call was received from Jackson’s home at 12:21 p.m. PDT (19:21 UTC), and paramedics responded just before 12:30 p.m. PDT (19:30 UTC). Paramedics unsuccessfully attempted CPR, for a suspected cardiac arrest. According to Lieutenant Fred Corral, the L.A. County Coroner, Jackson was pronounced dead at 2:26 p.m. PDT (21:26 UTC).

The Los Angeles Times and Associated Press have said they have confirmed his death with anonymous sources familiar with the situation. According to CNN, the road on which Jackson lived has been blocked off in an attempt to reduce traffic.

Jackson began his career with The Jackson 5 which debuted in 1966. Despite numerous hits and best sellers, Jackson is probably most known for his 1982 hit Thriller. It’s estimated that the album sold as many at 109 million worldwide.

The news failed to reach some quarters quickly. As of 01:00 UTC the web site of the O2 arena, where Jackson had been scheduled to perform his This Is It concerts in July, was still advertising tickets for sale. Several companies, including Ticketmaster, Seatwave, and AEG Live, now face having to reimburse all ticket sales. AEG Live had already faced problems obtaining insurance for the concerts.

Many celebrities were quick to publish comments and tributes:

Britney Spears
“He was a wonderful man and will be greatly missed.”
Ludacris
“If it were not for Michael Jackson I would not be where or who I am today. His music and legacy will live on forever. Prayers to the family.”
John Mayer
“I hope he is memoralised as the ’83 moonwalking, MTV owning, mesmerizing, unstoppable, invincible Michael Jackson.”
Miley Cyrus
“Michael Jackson was my inspiration. love and blessings.”
MC Hammer
“I will be mourning my friend, brother, mentor and inspiration… He gave me and my family hope. I would never have been without him.”

Several, including Celine Dion, Randy Jackson, and Donald Tarlton, compared the news of Jackson’s death to the news of the deaths of Marilyn Monroe, Elvis Presley, John F. Kennedy, and John Lennon. Talking to Larry King, Dion said “It feels like when Kennedy died, when Elvis died. It’s an amazing loss.”

A Yorkshire businessman who was working with Jackson on a proposed future project said “I didn’t think he would go out in these circumstances. It’s not the way I would have expected him to go at all. He’s going to become a Marilyn Monroe or an Elvis Presley.”

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Market maker Bernard L. Madoff arrested in $50B ‘giant Ponzi scheme’

 Correction — January 10, 2009 This article incorrectly states that Mr Madoff attended Hofstra University Law School. His education was actually with Hofstra College, which he graduated from in 1960. 

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.”

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How To Choose The Right Fitness Equipment

How to choose the right fitness equipment

by

rogerblack09

In today s competitive world, in order to perform well it is very important to stay healthy. Nowadays one has to go long distances to study or for work, spend about 8-10 hours in there, and again come back and do different household jobs. Therefore the daily routine of a normal person is very hectic. For that reason one has to be in the best of health every time in order to strive in his or her field. So it is very necessary that you take some time out of your day and do some exercise or workout. Along with it you also need to have good equipment that would help to stay in shape.

Whether you want to have a nice toned body or you just want to reduce your flabs, there is one thing common in this and that is you can only perform to the best of your ability if you stay fit. Not only sportsmen and athletic professionals but it is very important for every person to workout in order to concentrate in one s work and not feel lethargic.

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There are various ways of workout; you can join a gym, yoga class, aerobics class or you can even buy some equipment and exercise in your home. In this process you can either buy different gym gears or you can simple buy a treadmill and some simple weights and exercise on your own. In order to exercise properly, there are three things which you need to stress on. Firstly doing the exercise properly, secondly having a proper diet and lastly choosing the proper gears.

While many people concentrate on the first two aspects but it is also very important that you use the proper equipment. The right gears can help you burn the excess fat and in strengthening muscles, while the improper ones can even lead to serious injuries. There are different types of strength training workout equipment that you can choose from, like dumbbells, barbells, weight machines, resistance bands and others. These free hand kits will help a lot in shaping you up.

There are different types of fitness gears like weight training kit, boxing kits, running apparels and other accessories. If you want to do cardiovascular exercise, there are different types of machines treadmills, exercise bikes, elliptical machines, rowing machines and other machineries. There are other things like exercise balls, simple weights or other homemade weights that you can use for training. The exercise ball not only helps in exercising but is also used for treating lower back pain and helps to keep the vertebral column in shape.

Homemade weights like sand bags and water filled kegs help in strength training and are also much less costlier than other weights. Other things like wristbands and headbands absorbs sweat whereas gloves are very useful while lifting heavy weights as they provide a better grip of the bars and rods. You can now buy these exercise equipment from the different online shops also and sometimes they even provide good discounts. Thus, use good equipment, follow a proper workout routine, remain fit and healthy and you will feel energetic even after working long hours.

Roger Black who is a freelancer, writes articles on

workout equipment

ideas. For more information on it he suggests to visit

onlysportsgear.com/

.

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ArticleRich.com