Madoff prosecutors want assets from wife and children

Wednesday, March 18, 2009

The wife and sons of Bernard Madoff are now under pressure from prosecutors to give up US$2.6 million worth of jewelery and $31.5 million in loans. Madoff made the news recently when he pleaded guilty to running a Ponzi scheme worth billions of dollars.

Prosecutors, who stated their intent on Sunday to seize bonds and cash from Madoff, filed another notice on Tuesday listing assets that they intend to seize, among them “various pieces of jewelry owned or held in the name of Ruth Madoff valued at approximately $2,624,340,” and “approximately 35 sets of watches and cufflinks owned by Bernard Madoff,” as well as $31.5 million in loans made to Madoff’s sons.

Bernard Madoff, aged 70, pleaded guilty last Thursday to cheating investors out of as much as $65 billion in the largest ever Ponzi scheme. He was jailed immediately after his plea, and faces a prison sentence of up to 150 years. Neither his wife nor his sons have been accused of any wrongdoing.

Why Switch To E Cigarettes In Melbourne Fl

byAlma Abell

Cigarettes have been enjoyed for hundreds of years, and provide many people with a pleasurable experience that reduces stress. Over the past several decades, however, the negative side effects of cigarette smoking have been brought to light. For this reason, many people are choosing to quit smoking and instead turn to E-cigarettes in Melbourne FL. While they are a new concept, many people have decided to kick their cigarette habit and turn to vapor smoking so they are not putting themselves at risk of health problems in the future. In addition to better health, you can also receive the following three benefits by putting down cigarettes and instead reaching for a nicotine vapor system.

No Second Hand Smoke

While you may enjoy cigarette smoking, many people do not like the smell of second hand smoke that lingers as you exhale. Not only can it cause odor issues, but people who consume second hand smoke are more susceptible to lung cancer and other health issues, as it is more toxic than smoking the cigarette directly. Be considerate of the health and well being of others by choosing to enjoy tobacco via vapor equipment.

More Affordable

Cigarettes are extremely expensive, and with many areas taxing cigarettes heavily, the cost is only expected to increase. You can save money and still get the nicotine fix you need by choosing to use E-cigarettes in Melbourne FL. You can save hundreds of dollars over traditional cigarette smoking, which can means more money to do the things you want.

Smoking Cessation Aid

If you are ready to quit smoking, you should consider switching to E-cigarettes. While quitting cold turkey may work for some, using a vapor system to consume tobacco will allow you to wean yourself off your dependency to tobacco, and eliminate the unhealthy side effects from day one. Take your health seriously by eliminating cigarettes and switching your tobacco habit to a vapor machine.

Don’t remain a prisoner to cigarettes any longer. Contact the experts at the Cigarette Depot today so you can learn more about the benefits of an electronic cigarette. Whether you have been smoking for 1 year or 50, it is possible to make your love of tobacco more affordable and healthier to enjoy.

Train cars derail into the Thompson River, British Colombia, chemicals spilled

Saturday, July 5, 2008

Chemicals in the Thompson River were said to be found after four Canadian Pacific Railway (CP Rail) cars containing chemicals derailed near Lytton, British Columbia, Canada on Tuesday night.

The derailment occurred just northeast of Lytton when a landslide hit in the middle of a freight train with about 100 cars at around 7:00 pm PDT (02:00 UTC) Tuesday evening. One car remained on the tracks, another was on a river bank, and two were submerged in the Thompson, one of them fully submerged and the other partially submerged. CP states that the cars were carrying the chemical ethylene glycol, commonly found in products such as antifreeze and windshield washer fluid. Glycol is water soluble and biodegradable but is causing concern to local fisheries and people dependent on aquatic life survival. Even though there is not enough chemical to be toxic after dilution in the water, there is still expressed concern that it may cause additional stress to aquatic life.

Despite protective measures, like a protective double hull, investigations found that broken valves and holes are causing the chemical to leak into the river. CP Rail originally denied that any chemical was leaking, but is now driving efforts to plug the leaks.

The Thompson River is a tributary of the larger Fraser River. The area is sensitive to harm because migrating salmon pass through and are in already in dwindling numbers in recent years.

Ontario Votes 2007: Interview with NDP candidate Rick Morelli, Vaughan

Thursday, October 4, 2007

Rick Morelli is running for the NDP in the Ontario provincial election, in the Vaughan riding. Wikinews’ Nick Moreau interviewed him regarding his values, his experience, and his campaign.

Stay tuned for further interviews; every candidate from every party is eligible, and will be contacted. Expect interviews from Liberals, Progressive Conservatives, New Democratic Party members, Ontario Greens, as well as members from the Family Coalition, Freedom, Communist, Libertarian, and Confederation of Regions parties, as well as independents.

Man remanded in custody after allegedly spraying urine on goods in Gloucestershire, UK

Monday, May 19, 2008

Sahnoun Daifallah, of White City, Gloucester, was today remanded in custody by Cheltenham magistrates after being arrested for spraying a “foul-smelling, brown substance” from a sports bottle. The liquid is thought to have contaminated food, books, wine bottles, and other items across several stores in Gloucestershire.

Mr Daifallah, the court was today told, committed the offences over multiple days. The attack on a Tesco supermarket, where frozen chips and wine bottles were contaminated with what Tesco claims to be a “mix of human urine, faeces, and domestic products” happened on Friday. He is also accused of a similar offence in a Morrisons supermarket 4 miles away on the same day. Two days previously, Mr Daifallah is accused of spraying the substance inside a pub near Cheltenham, contaminating food, and contaminating over 700 books in a Waterstone’s bookstore in nearby Cirencester.

Mr Daifallah today confirmed that he was at the locations stated, however he indicated he will be pleading not guilty to the charges. He has been remanded in custody until May 28th, when he will appear before Stroud magistrates via videolink to be committed to Gloucester Crown Court – a decision made by magistrates after the estimated damage by the defendant was given at over £10,000, plus cleaning and replacement expenses.

Ayurvedic Herbal Treatment For Neck Pain}

Submitted by: Tannu Aggarwal

Neck Pain is a common medical condition. Neck pain can come from a number of disorders and diseases of any tissues in the neck, such as degenerative disc disease, neck strain, whiplash, a herniated disc, or a pinched nerve. Neck pain is also referred to as Cervical Pain.

The symptoms include pain in the neck and is commonly associated with dull aching. Sometimes pain in the neck is worsened with movement of the neck. Other symptoms associated with some forms of neck pain include numbness, tingling, tenderness, sharp shooting pain, fullness, difficulty swallowing, pulsations, swishing sounds in the head, dizziness or lightheadedness etc.

In diagnosing the cause of neck pain, it is important to review the history of the symptoms. In doing so, the doctor will note the location, intensity, duration, and radiation of the pain. Any past injury to the neck is noted. Aggravating and/or relieving positions or motions are also recorded. Further testing of undiagnosed neck pain can include X-ray evaluation, bone scan, MRI scan.

[youtube]http://www.youtube.com/watch?v=_flaLHdB-6A[/youtube]

shreevedic shop

Ayurveda suggests the following choice of treatment for all Neck Pains:

Ayurveda & Keraliya Panchakarma Therapies, Researched Internal Medicines, Diet management, Intensive muscle training, Yoga, Pranayama & other stress releaving exercises

Shiro vasti (A special technique of bathing the head in medicated oils using a special cap like apparatus), Abhyangam ( A whole body massage with specific herbal oils, achieves deepest healing effects by naturally harmonizing Body, Mind, Soul and the Senses), Nadi Swedam (medicated steam bath), Nasyam (administration of medicated oil through the nose, cleanses accumulated Kapha toxins from the head and neck region), Elakizhi (herbal leaf bundle massage), Shastika Sali Pinda Swedam/ Navarakizhi (A highly effective rejuvenation technique using a special type of rice that is cooked, tied into boluses and dipped into an herbal decoction and warm milk, then skillfully massaged all over the body), Pizhichil (medicated oil bath), Greeva Vasthi (a treatment done on to the neck to decrease cervical spinal compression). etc.

Medicines used in this treatment includes Thailams, Churnams, Asavams, Aristams, Ghrithams, Lehyams etc prepared from ayurvedic herbs like Rasna, Nirgundi, Dasamoola, Aswagandha etc based on severity, stage of the disease, age, prakruthi of the patient. Vata hara, Brumhana Oushada Ahara Vihara are also advised to these patients.

When you need a high-energy fix, do you reach for a power bar or power shake? Or do you resort to caffeine, chocolate, or high-sugar snacks when you feel that end of the day sag? It may surprise you, but the real energy-boosters are fresh fruits, vegetables, spices, and whole grains. These are the foods that are rich in Chetna, the healing and nurturing influence of nature. They are so alive with natures intelligence that fatigue-causing toxins cannot accumulate in the body when you eat them.

Grains for Powe

Athletes have long relied on carbohydrates in grains for long-term endurance and energy. Yet not all carbohydrates are created alike. A Croissant, for instance, is high in fat and low in nutrition. The most nutritious carbohydrates are whole grains

About the Author: Tannu is a freelance writer and immense interest in Vedic science & like to share knowledge on Vedic Sciences. For more related Articles kindly visit

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Cleveland, Ohio clinic performs US’s first face transplant

Thursday, December 18, 2008

A team of eight transplant surgeons in Cleveland Clinic in Ohio, USA, led by reconstructive surgeon Dr. Maria Siemionow, age 58, have successfully performed the first almost total face transplant in the US, and the fourth globally, on a woman so horribly disfigured due to trauma, that cost her an eye. Two weeks ago Dr. Siemionow, in a 23-hour marathon surgery, replaced 80 percent of her face, by transplanting or grafting bone, nerve, blood vessels, muscles and skin harvested from a female donor’s cadaver.

The Clinic surgeons, in Wednesday’s news conference, described the details of the transplant but upon request, the team did not publish her name, age and cause of injury nor the donor’s identity. The patient’s family desired the reason for her transplant to remain confidential. The Los Angeles Times reported that the patient “had no upper jaw, nose, cheeks or lower eyelids and was unable to eat, talk, smile, smell or breathe on her own.” The clinic’s dermatology and plastic surgery chair, Francis Papay, described the nine hours phase of the procedure: “We transferred the skin, all the facial muscles in the upper face and mid-face, the upper lip, all of the nose, most of the sinuses around the nose, the upper jaw including the teeth, the facial nerve.” Thereafter, another team spent three hours sewing the woman’s blood vessels to that of the donor’s face to restore blood circulation, making the graft a success.

The New York Times reported that “three partial face transplants have been performed since 2005, two in France and one in China, all using facial tissue from a dead donor with permission from their families.” “Only the forehead, upper eyelids, lower lip, lower teeth and jaw are hers, the rest of her face comes from a cadaver; she could not eat on her own or breathe without a hole in her windpipe. About 77 square inches of tissue were transplanted from the donor,” it further described the details of the medical marvel. The patient, however, must take lifetime immunosuppressive drugs, also called antirejection drugs, which do not guarantee success. The transplant team said that in case of failure, it would replace the part with a skin graft taken from her own body.

Dr. Bohdan Pomahac, a Brigham and Women’s Hospital surgeon praised the recent medical development. “There are patients who can benefit tremendously from this. It’s great that it happened,” he said.

Leading bioethicist Arthur Caplan of the University of Pennsylvania withheld judgment on the Cleveland transplant amid grave concerns on the post-operation results. “The biggest ethical problem is dealing with failure — if your face rejects. It would be a living hell. If your face is falling off and you can’t eat and you can’t breathe and you’re suffering in a terrible manner that can’t be reversed, you need to put on the table assistance in dying. There are patients who can benefit tremendously from this. It’s great that it happened,” he said.

Dr Alex Clarke, of the Royal Free Hospital had praised the Clinic for its contribution to medicine. “It is a real step forward for people who have severe disfigurement and this operation has been done by a team who have really prepared and worked towards this for a number of years. These transplants have proven that the technical difficulties can be overcome and psychologically the patients are doing well. They have all have reacted positively and have begun to do things they were not able to before. All the things people thought were barriers to this kind of operations have been overcome,” she said.

The first partial face transplant surgery on a living human was performed on Isabelle Dinoire on November 27 2005, when she was 38, by Professor Bernard Devauchelle, assisted by Professor Jean-Michel Dubernard in Amiens, France. Her Labrador dog mauled her in May 2005. A triangle of face tissue including the nose and mouth was taken from a brain-dead female donor and grafted onto the patient. Scientists elsewhere have performed scalp and ear transplants. However, the claim is the first for a mouth and nose transplant. Experts say the mouth and nose are the most difficult parts of the face to transplant.

In 2004, the same Cleveland Clinic, became the first institution to approve this surgery and test it on cadavers. In October 2006, surgeon Peter Butler at London‘s Royal Free Hospital in the UK was given permission by the NHS ethics board to carry out a full face transplant. His team will select four adult patients (children cannot be selected due to concerns over consent), with operations being carried out at six month intervals. In March 2008, the treatment of 30-year-old neurofibromatosis victim Pascal Coler of France ended after having received what his doctors call the worlds first successful full face transplant.

Ethical concerns, psychological impact, problems relating to immunosuppression and consequences of technical failure have prevented teams from performing face transplant operations in the past, even though it has been technically possible to carry out such procedures for years.

Mr Iain Hutchison, of Barts and the London Hospital, warned of several problems with face transplants, such as blood vessels in the donated tissue clotting and immunosuppressants failing or increasing the patient’s risk of cancer. He also pointed out ethical issues with the fact that the procedure requires a “beating heart donor”. The transplant is carried out while the donor is brain dead, but still alive by use of a ventilator.

According to Stephen Wigmore, chair of British Transplantation Society’s ethics committee, it is unknown to what extent facial expressions will function in the long term. He said that it is not certain whether a patient could be left worse off in the case of a face transplant failing.

Mr Michael Earley, a member of the Royal College of Surgeon‘s facial transplantation working party, commented that if successful, the transplant would be “a major breakthrough in facial reconstruction” and “a major step forward for the facially disfigured.”

In Wednesday’s conference, Siemionow said “we know that there are so many patients there in their homes where they are hiding from society because they are afraid to walk to the grocery stores, they are afraid to go the the street.” “Our patient was called names and was humiliated. We very much hope that for this very special group of patients there is a hope that someday they will be able to go comfortably from their houses and enjoy the things we take for granted,” she added.

In response to the medical breakthrough, a British medical group led by Royal Free Hospital’s lead surgeon Dr Peter Butler, said they will finish the world’s first full face transplant within a year. “We hope to make an announcement about a full-face operation in the next 12 months. This latest operation shows how facial transplantation can help a particular group of the most severely facially injured people. These are people who would otherwise live a terrible twilight life, shut away from public gaze,” he said.

Three Top Rated Hotels In The Music City, Nashville

By David H. Urmann

The promise of this city is supreme with musical amusement experience knitted together in its authentic and unique culture as well as friendly, unpretentious vibes! With all of these things, staying in Nashville’s fine hotels can truly be a relaxing and unique adventure!

Nashville is known as the state of Tennessee’s capital as well as Davidson County’s seat. Moreover, it is also recognized as one of the most populated cities in Tennessee. It is situated along side the Cumberland River found in Davidson County and bordering the north-central region of Tennessee as well. Nashville is also considered as the center for music, healthcare, publishing, transportation industries and banking.

A lot of movies have already been produced about the city Nashville. Furthermore, many books were already written about this Music-oriented City, possibly enough to fill an entire bookcase. Aside from this, numerous songs have also been made in dedication to this city. However, although music is considered as the livelihood of Nashville, people can also discover its rich culture as well as history, divine cuisines, sports, exceptional academics, natural splendour as well as pure Southern charisma. Nashville is sure to be a place where in both the past and its future harmoniously co-exists. This is apart from being built in order to generate a majestic destination that would fascinate its entire guest’s interest.

As you feel the city’s pulse along its sidewalks, along with the city’s heart for music, the promise of this city as a supreme musical destination will greatly leave a mark in your memory. Add its authentic and unique culture as well as friendly residents and you will only have the best time in Nashville. With all of these, staying in Nashville’s fine hotels can truly be a relaxing and unique adventure!

The three top rated hotels in Nashville are the following:

1. Sheraton Music City Hotel

The Sheraton Music City Hotel is a Georgian-style turf which has 410 large rooms that is situated on 23 acres of landscape. It is conveniently placed in close proximity to Nashville’s International Airport, Opry Mills Mall, the Grand Ole Opry, major interstates, as well as Nashville’s historic downtown.

Room Amenities:

?Air Conditioning (In Room)

?Balcony/Terrace ?Coffee Maker ?Daily Maid Service ?Telephone ?Newspaper (Free) ?DVD/VCR ?Non-Smoking Rooms ?Television ?Refrigerator ?Iron ?Television (Cable/Satellite) ?Mini-Bar

Hotel Details

?410 Rooms

?4 Floors ?Built in 1985 ?Airport Drop-off (Complementary) ?Airport Pick-up (Complementary) ?Bar/Lounge on Site ?Business Centre ?Concierge Services ?Internet (Wireless) in Public Areas ?Health Spa/Massage ?Rollaway Bed ?Concierge/Club Floor ?Elevator ?Sprinkler in Rooms ?Hot Tub ?Internet Access in Public Areas ?Parking (Free) ?Restaurant(s) on Site ?Room Service ?Wheelchair Accessible Common Areas ?Electronic Key ?Fax (For Guests) ?Pool (Children) ?Laundry/ Dry Cleaning Service ?Pool (Indoor) ?Smoke Alarm in Rooms ?Pool (Outdoor) ?Gift Shop ?Meeting Facilities ?Health Club ?Pool (Indoor) ?Health Spa/Massage ?Jogging Track ?Game Room ?Pool (Outdoor) ?Tennis (Outdoor) ?Pool (Children) ?Hot Tub

2. Gaylord Opryland Hotel

Gaylord Opryland is situated just about six miles away from the Nashville International Airport. This hotel is just within a few steps away from the Grand Ole Opry and Opry Mills Mall. It is also conveniently located just about ten miles away from the downtown area of Nashville.

Hotel amenities comprise of indoor gardens that is measured to be about 9 acres placed underneath climate-controlled atriums that are made of glass. This indoor garden atrium also has pathways, rivers and waterfalls. In addition to the hotel’s exciting water exhibit as well as botanical garden sights, visitors can also get pleasure from heavenly pampering in the luxurious spa that has been European-inspired. It features an indoor and outdoor pool, private treatment quarters, as well as a fitness centre that is truly state of the art. Various onsite stores sell accessories, bath products, jewelleries, clothing, gifts, kids’ stuff, music, candies, and a whole lot more. As for refreshments and dining, Gaylord Opryland Hotel has restaurants that offers luscious and tasty meals such as Ristorante Volare, Old Hickory Steakhouse, Cascades Seafood Restaurant and Wasabi’s Sushi Bar, Waters Edge Market Place (that has grand buffet), Rusty’s Sports Bar & Grill , Findley’s Irish Pub (which offers nightly entertainment), and several other eating places as well as specialty shops. Close by attractions that guests can also go to are the General Jackson Showboat as well as the Golf Institute at Gaylord Springs Golf Links. As for parking, the hotel offers self-parking that only costs $16 per day and valet parking that costs $24.

All rooms feature irons with ironing boards, hairdryers, safes, electronic locks, two-line telephones that have voicemail features.

[youtube]http://www.youtube.com/watch?v=hUdssGm5ReU[/youtube]

Room Amenities

?Air Conditioning (In Room)

?Newspaper (Free) ?Refrigerator ?Telephone ?Television (Cable/Satellite) ?Non-Smoking Rooms ?Television ?Daily Maid Service ?In Room Broadband Internet Access ?Fireplace ?Safe (In Room) ?Coffee Maker ?Kitchen/Kitchenette ?Balcony/Terrace ?Mini-Bar

Hotel Details

?2879 Rooms

?5 Floors ?Built in 1977 ?No. Of Floors – 6 ?No. Of Rooms – 2881 ?Car Rental Desk ?Parking ?Fitness Facility ?Golf ?Swimming Pool ?Business Centre ?Dining ?Meeting Room ?Dry Cleaning ?Conventions ?Health Club ?Pool (Indoor) ?Health Spa/Massage ?Jogging Track ?Game Room ?Pool (Outdoor) ?Pool (Children)

3. The Hermitage Hotel

Subsequent to a renovation amounting to about $20 million, the Hermitage hotel is famous for being Nashville?s finest hotel. Every spacious and elegant guest rooms contain custom finished beds, complete refreshment centres, 5-fixture bathrooms that are marble made, high speed internet connections that is complimentary, full dimensioned business desks, DVD/CD players, three two-line telephones as well personal safes which are huge enough for your own laptop. Their opulent suites and supreme meeting facilities will definitely make your stay in this legendary hotel a complete experience.

Room Amenities

?Air Conditioning (In Room)

?Newspaper (Free) ?Refrigerator ?Telephone ?Television (Cable/Satellite) ?Non-Smoking Rooms ?In Room Wireless Internet Access ?Television ?Daily Maid Service ?In Room Broadband Internet Access ?Coffee Maker ?Telephone (Voicemail) ?Mini-Bar

Hotel Details

?123 Rooms

?10 Floors ?Built in 1910 ?No. Of Floors – 9 ?No. Of Rooms – 122 ?Family Rooms ?Meals ?Fitness Facility ?Wheel Chair Access ?Business Centre ?Dining ?Meeting Room ?Free High Speed Internet ?Dry Cleaning ?Hot Tub ?Luxury ?Conventions ?Health Club

Nashville truly has a lot of wonderful accommodations to provide to its guests. The people are as warm and fun loving, leaving you a remembrance of Nashville hospitality.

Here are some sights to look forward top in Nashville, TN:

1. EXCURSION TRAINS

Tennessee Central Railway Museum 220 Willow St. Nashville TN 37210

2. COUNTRY MUSIC HALL OF FAME

222 Fifth Ave. S Nashville TN 37203 615-416-2001 or 800-852-6437

3. BELMONT MANSION

1900 Belmont Blvd. Nashville TN 37212 615-460-5459

4. PARTHENON

Parthenon Ave. Centennial Park Nashville TN 37201 615-862-8431

5. ADVENTURE SCIENCE CENTER

800 Fort Negley Blvd. Nashville TN 37203 615-862-5160

6. CHEEKWOOD, NASHVILLE?S HOME OF ART & GARDEN

1200 Forrest Park Dr. Nashville TN 37205 615-356-8000

7. NASHVILLE ZOO AT GRASSMERE

3777 Nolensville Rd Nashville TN 37211 615-833-1534

8. CHAFFIN?S BARN DINNER THEATRE

8204 H-way 100 Nashville TN 37221 615-646-9977

9. WILDHORSE SALOON

120 Second Ave. N Nashville TN 37201 615-902-8200

10. GENERAL JACKSON

2804 Opryland Dr. Nashville TN 37214 615-871-6100

11. FIRST AMERICAN MUSIC CENTRE

3839 Murfreesboro Pike Nashville TN 37013 615-255-9600

12. CUMBERLAND RIVER CHARTERS

4107 Abertdeen Rd. Nashville TN 37205 615-385-7007

13. GRAND OLE OPRY

2804 Opryland Dr. Nashville TN 37214 615-89-3060

14. NASHVILLE SHORES

4001 Bell Rd. Nashville TN 37076 615-889-2941

15. THE HERMITAGE

(House of Pres. Andrew Jackson) 4580 Rachel?s Lane Hermitage TN 37076 615-889-2941

16. RYMAN AUDITORIUM

116 Fifth Ave. N Nashville TN 37219 615-889-3060

17. NASHVILLE CHAMBER ORCHESTRA

Nashville TN 37064 615-292-7815

18.THE NASHVILLE SYMPHONY

Nashville TN 37203 615-255-5600

19. GENERAL JACKSON RIVER BOAT RIDE & TOUR

Riverfront Park Nashville TN 37214 615-889-6611

20. MUSIC VALLEY WAX MUSEUM

2515 McGavock Pike Nashville TN 37214 615-883-3612

21. NASHVILLE TOY MUSEUM

2613 McGavock Pike Nashville TN 37214 615-883-8870

22. HISTORIC TRAVELLERS REST

636 Farrell Pky. Nashville TN 615-832-8197

23. FORT NASHBOROUGH

170 First Ave. N Nashville TN 37201 615-255-8192

24. NASHVILLE CAR MUSEUM

2611 McGavock Pike Nashville TN 37214 615-885-7400

25. SKYBOLD LIMITED HOT AIR BALLOONING

220 Colt Dr. Nashville TN 37221 615-646-9822

26. BELLE MEADE PLANTATION

5025 Harding Rd. Nashville TN 37205 615-356-0501

27. BICENTENNIAL MALL STATE PARK

James Robertson Pky. Nashville TN 37201 615-741-5280

About the Author: For more information on nashville hotels please visit our website.

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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.”

Cleveland, Ohio clinic performs US’s first face transplant

Thursday, December 18, 2008

A team of eight transplant surgeons in Cleveland Clinic in Ohio, USA, led by reconstructive surgeon Dr. Maria Siemionow, age 58, have successfully performed the first almost total face transplant in the US, and the fourth globally, on a woman so horribly disfigured due to trauma, that cost her an eye. Two weeks ago Dr. Siemionow, in a 23-hour marathon surgery, replaced 80 percent of her face, by transplanting or grafting bone, nerve, blood vessels, muscles and skin harvested from a female donor’s cadaver.

The Clinic surgeons, in Wednesday’s news conference, described the details of the transplant but upon request, the team did not publish her name, age and cause of injury nor the donor’s identity. The patient’s family desired the reason for her transplant to remain confidential. The Los Angeles Times reported that the patient “had no upper jaw, nose, cheeks or lower eyelids and was unable to eat, talk, smile, smell or breathe on her own.” The clinic’s dermatology and plastic surgery chair, Francis Papay, described the nine hours phase of the procedure: “We transferred the skin, all the facial muscles in the upper face and mid-face, the upper lip, all of the nose, most of the sinuses around the nose, the upper jaw including the teeth, the facial nerve.” Thereafter, another team spent three hours sewing the woman’s blood vessels to that of the donor’s face to restore blood circulation, making the graft a success.

The New York Times reported that “three partial face transplants have been performed since 2005, two in France and one in China, all using facial tissue from a dead donor with permission from their families.” “Only the forehead, upper eyelids, lower lip, lower teeth and jaw are hers, the rest of her face comes from a cadaver; she could not eat on her own or breathe without a hole in her windpipe. About 77 square inches of tissue were transplanted from the donor,” it further described the details of the medical marvel. The patient, however, must take lifetime immunosuppressive drugs, also called antirejection drugs, which do not guarantee success. The transplant team said that in case of failure, it would replace the part with a skin graft taken from her own body.

Dr. Bohdan Pomahac, a Brigham and Women’s Hospital surgeon praised the recent medical development. “There are patients who can benefit tremendously from this. It’s great that it happened,” he said.

Leading bioethicist Arthur Caplan of the University of Pennsylvania withheld judgment on the Cleveland transplant amid grave concerns on the post-operation results. “The biggest ethical problem is dealing with failure — if your face rejects. It would be a living hell. If your face is falling off and you can’t eat and you can’t breathe and you’re suffering in a terrible manner that can’t be reversed, you need to put on the table assistance in dying. There are patients who can benefit tremendously from this. It’s great that it happened,” he said.

Dr Alex Clarke, of the Royal Free Hospital had praised the Clinic for its contribution to medicine. “It is a real step forward for people who have severe disfigurement and this operation has been done by a team who have really prepared and worked towards this for a number of years. These transplants have proven that the technical difficulties can be overcome and psychologically the patients are doing well. They have all have reacted positively and have begun to do things they were not able to before. All the things people thought were barriers to this kind of operations have been overcome,” she said.

The first partial face transplant surgery on a living human was performed on Isabelle Dinoire on November 27 2005, when she was 38, by Professor Bernard Devauchelle, assisted by Professor Jean-Michel Dubernard in Amiens, France. Her Labrador dog mauled her in May 2005. A triangle of face tissue including the nose and mouth was taken from a brain-dead female donor and grafted onto the patient. Scientists elsewhere have performed scalp and ear transplants. However, the claim is the first for a mouth and nose transplant. Experts say the mouth and nose are the most difficult parts of the face to transplant.

In 2004, the same Cleveland Clinic, became the first institution to approve this surgery and test it on cadavers. In October 2006, surgeon Peter Butler at London‘s Royal Free Hospital in the UK was given permission by the NHS ethics board to carry out a full face transplant. His team will select four adult patients (children cannot be selected due to concerns over consent), with operations being carried out at six month intervals. In March 2008, the treatment of 30-year-old neurofibromatosis victim Pascal Coler of France ended after having received what his doctors call the worlds first successful full face transplant.

Ethical concerns, psychological impact, problems relating to immunosuppression and consequences of technical failure have prevented teams from performing face transplant operations in the past, even though it has been technically possible to carry out such procedures for years.

Mr Iain Hutchison, of Barts and the London Hospital, warned of several problems with face transplants, such as blood vessels in the donated tissue clotting and immunosuppressants failing or increasing the patient’s risk of cancer. He also pointed out ethical issues with the fact that the procedure requires a “beating heart donor”. The transplant is carried out while the donor is brain dead, but still alive by use of a ventilator.

According to Stephen Wigmore, chair of British Transplantation Society’s ethics committee, it is unknown to what extent facial expressions will function in the long term. He said that it is not certain whether a patient could be left worse off in the case of a face transplant failing.

Mr Michael Earley, a member of the Royal College of Surgeon‘s facial transplantation working party, commented that if successful, the transplant would be “a major breakthrough in facial reconstruction” and “a major step forward for the facially disfigured.”

In Wednesday’s conference, Siemionow said “we know that there are so many patients there in their homes where they are hiding from society because they are afraid to walk to the grocery stores, they are afraid to go the the street.” “Our patient was called names and was humiliated. We very much hope that for this very special group of patients there is a hope that someday they will be able to go comfortably from their houses and enjoy the things we take for granted,” she added.

In response to the medical breakthrough, a British medical group led by Royal Free Hospital’s lead surgeon Dr Peter Butler, said they will finish the world’s first full face transplant within a year. “We hope to make an announcement about a full-face operation in the next 12 months. This latest operation shows how facial transplantation can help a particular group of the most severely facially injured people. These are people who would otherwise live a terrible twilight life, shut away from public gaze,” he said.