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Saturday, July 12, 2008

In what regulators have described as the second-largest bank failure in the history of the United States, IndyMac Bank has been closed by the Office of Thrift Supervision and placed under the conservatorship of the Federal Deposit Insurance Corporation (FDIC) due to plummeting shares and the start of a run on the bank. This is the fifth FDIC-insured failure of the year.

The FDIC has said that it will transfer all insured deposits and substantial assets, to the new IndyMac Federal Bank which, as the name implies, is controlled by an agency of the federal government. The aim is for the transfer to be completed by Monday.

In a press release, the FDIC attempted to reassure customers by saying that, “insured depositors and borrowers will automatically become customers of IndyMac Federal, FSB and will continue to have uninterrupted customer service and access to their funds by ATM, debit cards and writing checks in the same manner as before.” As an FDIC-insured bank, all FDIC accounts are guaranteed up to US$100,000. The FDIC has also placed a special advance, guaranteeing any funds over $100,000 for 50 cents to the dollar.

This move by the FDIC is expected to cost the organization at least four billion USD per year.

In the days leading up to the conservatorship, market analysts have predicted the failure of IndyMac due to the fact that it was shedding jobs and closing many of its branch offices.

Friday, May 1, 2009

The American auto company Chrysler filed for bankruptcy Thursday, however a deal with European auto maker Fiat went through. The emerging Chrysler will be owned 55 percent by the United Auto Workers, eight percent by the United States Government, two percent by the Canadian Government and Fiat would begin with a 20 percent share.

Chrysler Chief Executive Robert Nardelli will step down when the bankruptcy proceedings are finalized.

Initially, the Italian company, Fiat, will appoint three members on the emerging Chrysler’s new board, and the United States government will appoint six. Fiat can assume the majority of the ownership upon repayment of American loans.

Chrysler administrators expect that the bankruptcy should take a couple of months.

“We expect this to be a very short, 30-to-60-day bankruptcy process, during which the company will function normally,” a top administration official said, “People will be able to buy cars, they will have their warranties honored, and everything should go on normally.”

The bankruptcy filing indicated that Chrysler was in debt to 20 creditors to a tune of more than $10 million each.

Meanwhile, the deal with Fiat did go through, and Chrysler should have cars designed by Fiat out on the market by 2011.

“It’s a partnership that will give Chrysler a chance not only to survive, but to thrive in a global auto industry,” said American president Obama, “Fiat has demonstrated that it can build the clean, fuel-efficient cars that are the future of the industry.”

However, automotive analyst Erich Merkle has hesitations.

“History would show that alliances really don’t work that well,” Merkle said, “even though, no matter how good they may look on paper.”

The restructuring has been managed by Steve Rattner, a former investment banker, and the U.S. Government auto task force.

Obama has set three ultimatums before Fiat. Fiat should produce a 40 mile per gallon vehicle while managing the new Chrysler, transfer fuel efficient Fiat technology to Chrysler factories in the United States, and produce cars in Chrysler factories and distribute them in Europe.

Monday, September 24, 2007

Marion Schaffer is running for the Green Party of Ontario in the Ontario provincial election, in the Oakville riding. Wikinews’ Nick Moreau interviewed her regarding her values, her experience, and her 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.

Thursday, May 7, 2009

Penske Automotive Group, Inc., an Ohio-based investment group and Telesto Ventures have indicated separately that they are interested in purchasing the Saturn auto brand from General Motors (GM).

According to The Wall Street Journal, Nissan-Renault is interested in purchasing Saturn. Bloomberg, however, indicated that Nissan-Renault may be a partner of Penske’s potential bid. If Penske acquired the brand, they would distribute Saturn vehicles and outsource the assembly.

GM revealed that the Saturn brand along with Saab and Hummer were up for sale when unveiling their restructuring plans to Congress for governmental loans. While the Pontiac brand was originally to be a niche brand, GM had changed their plans recently and decided to eliminate the brand.

Telesto Ventures is an investment group that includes private equity firm Black Oak Partners LLC of Oklahoma City and several Saturn dealerships. Initially, Telesto will purchase Saturn branded cars from GM then act as a general retailer for foreign brands. Telesto is in talks with several foreign manufacturers.

The Ohio group includes many former senior auto company managers plus private financial backers, chemists and engineers who live in Michigan, Ohio, Indiana and Florida. This group plans to initially purchase cars from GM then purchase existing but closed plants due to automaker restructuring. Additionally, one of the partners indicated a willingness to accept some “legacy” cost in relation to the United Auto Workers. The Ohio group is also pursuing possible loans or other support from national and state governments.

GM is reviewing several offers for Saturn. GM has contracted with S.J. Girsky & Co. to advise them on the sale.

Monday, March 19, 2007

A 34 year old obstetrician from Forestville on Sydney’s Northern Beaches has escaped after he was robbed, car-jacked and locked in the boot (trunk) of his BMW, which was set alight. Police say the doctor was locked in the boot while his car was set alight, but was allowed to escape before flames engulfed the vehicle.

The Doctor was believed to have been heading to The Mater Hospital in North Sydney when he was waiting at the intersection of West and Falcon Streets in Chatswood around 3:15AM AEDT when a small red sedan with two men claiming to be police officers signalled him to stop. After crossing the intersection, the doctor stopped his car at the side of the road.

The doctor was then approached by the two men and when he asked to see identification, one man grabbed the keys from his car’s ignition before they both pulled the doctor out of his vehicle, hit him in the stomach with a hammer and stole his mobile phone and wallet. The robbers also demanded his key and credit cards along with their access codes before locking him in the boot.

Police allege that the men drove to several locations to withdraw cash and buy things before driving to Carisbook Street in Linley Point at around 4 a.m. local time where they set the car alight with the doctor still in the boot.

Crime Manager of the Harbourside Local Area Command, Detective Inspector Houlahan said that the doctor then “heard a click in the boot area and he heard someone call out: ‘Get out of the car'”

“When he pushed the boot up he found his car engulfed in flames.”

Det. Insp. Houlahan said the doctor told police he did not unlock the boot himself, and it appeared the man’s captors unlocked it before fleeing.

Det Insp Houlahan said that the doctor appeared to be “very distraught” and tired after the ordeal, and wanted to get home and see his wife and two young daughters.

He could only provide police with a vague description of his captors, but said the men were both Caucasian males aged in their 20s, and that one of them was about six feet tall (183cm) with short blond hair and medium build said Det. Insp. Houlahan.

Sunday, June 29, 2008

While nearly all coverage of the 2008 Presidential election has focused on the Democratic and Republican candidates, the race for the White House also includes independents and third-party candidates. These prospects represent a variety of views that may not be acknowledged by the major party platforms.

Wikinews has reached out to these candidates throughout the campaign. We now interview Green Party Presidential candidate Dr. Kent Mesplay.

Why do you want to be President?

I run for president to help improve society, pointing out that we are more secure when we live in a sustainable manner. As of this writing our culture is based on the consumption of limited materials such as petroleum, coal and uranium with great emphasis placed on the consumption of “goods” that are produced and purchased with little regard for the well-being of future generations. Government, ideally, provides an independent, objective forum through which solutions to the needs and wants of our time can be raised, discussed and implemented in a thoughtful, respectful manner. In contrast to this ideal, our current central, national government exists largely to protect and preserve the status quo of relatively few stake-holders, having undue political influence and acting in a manner not in the best interest of the majority of people. We cannot blindly consume our way to peace and stability.

A Green presidential administration would put the needs of current and future generations above the rude demands and expectations of the well-heeled political donor class. It is not important that we have a new president bearing the face of change. We need vital, core change to our political institutions to decentralize control, empower rational science-based decision-making and cut the damaging influence of corporate money on public policy. This change is unlikely to arise from within the current two political parties that are intrinsically corrupted by the ubiquitous “greased-palm” bribing handshake with corporate entities. We need to only ask how many corporate media conglomerates regularly advertize the question, “Should a corporation have the legal status of a super-person?” to realize the extent of the current dilemma. A corporation should never have been considered to have the legal rights of an individual. The Green Party is independent from business interests. This political arm of the environmental, peace and justice movements represents meaningful change to public policy and to our fragile, centralized, short-sighted way of life.

Green solutions are largely local solutions: more community gardens and small farms, reasonable use of fresh water, grey-water and waste-water, including more water storage and community responsibility for the entire water stream, energy-efficient housing and transportation, health care for all, protecting besieged ecosystems. Practically, what this means is a higher base-line of essential services with the costs shared and supported broadly. To be clear, our basic physical security deserves support, not gaming at the hands of profiteers. A common wealth for all citizens is possible, with local regional flavors in commerce and culture atop this “baseline” of security. To be danced out of the way, one finds the current heavy-handed players of agribusiness, pharmaceuticals, energy, insurance and the congressional-military-industrial complex all dependent upon “corporate socialism” for subsidies and protection from real, meaningful, positive change and shielded from probing questions as to why, for example, we so frequently go to war.

Mottos include “sustainability is security” and “freedom to debate.” I run to help define, popularize and grow the Green Party, to be an advocate for: single-payer health-care, renewable energy, increased energy efficiency, rail transport, organic local agriculture, indigenous rights, wise water use, banning lobbying/bribery, over-turning the legal fiction that a corporation is a person, and equal media exposure for all political candidates, having open debates between all political parties and beating those “swords into plowshares” by focusing on improving diplomacy, communication and basic physical security in water, food and energy in particular to mitigate the negative effects of global climate change and to provide emergency readiness. Also, I get bored easily and this keeps me busy.

Have you ever run for political office before? (President, senate, congress, city councillor, school trustee… etc.) Have you ever been a member of a political party, other than the one you’re currently in?

I ran for president in 2004 and 2008, being one of the four “finalists” at the nominating conventions. Also, I ran for U.S. Senate in California as part of a contested race in the Green Party Primary Election in 2006. I plan to run for U.S. Congress in 2010 and I am now taking the steps to begin running for the 2012 presidential race. I have been a member of both main U.S. parties and I cannot adequately express my disgust for them both. I encourage people everywhere to register Green, vote Green and support Green Party efforts at achieving and maintaining ballot access within the current hostile political environment. Ideally, we can together displace one of the two major parties; such is the near-majority level of disapproval of the antiquated mainstream parties and the desire for a true alternative.

Have you ever campaigned for another political candidate?

In 1996 I helped organize a press conference for then-presidential candidate Ralph Nader, after having helped support efforts to draft him as a candidate.

What skills or ideas do you bring from this position, or previous positions, that will benefit the Oval Office?

I believe in the separation of power within government, including economic power. Due to the influence of money in politics and within government we do not have a political system that works well to advance the needs and concerns of “we the people.” There are few, muted voices within our government supporting the dispossessed, the disenfranchised, the “left out,” the lower echelon within our socio-economic strata. Especially now, with high energy costs, questionable food supplies, shredded social safety nets, job loss due to outsourcing and other losses, loss of civil liberties and rights, the consolidation and concealment of governmental power, the “fascist” confluence of military-industrial business with governmental power, threats of unstable weather, retaliation by terrorists and opportunistic foreign governments following our model it is a good time to not be silent. I have lived with and among many different cultures, religions and peoples, I have a multi-cultural background and a mixed ancestry, I value art, music and science, I am both intuitive and analytical and I enjoy solving problems. Our nation would benefit greatly from my services. Plus, I am not “on the take.”

Campaigning for the American presidency is one of the most expensive exercises in the world. How do you deal with the cost and fundraising?

Small contributions from many people not expecting a return of favors approximates public funding of campaigns. In order to “get the word out” about my existence as a candidate it is necessary to adapt and adopt alternative, low-cost strategies. With my campaign team steadily growing I anticipate utilizing modern low-cost communication methods to help “spread the word.” Fund-raising is among the least palatable activities that I have to endure as a candidate and I will be the first to admit that I have done very little fundraising. The reader who is a U.S. Citizen of voting age is encouraged to support my candidacy by visiting my web site, www.mesplay.org, and making a small donation in accordance with Federal Election Commission guidelines. Also, simply e-mailing friends helps tremendously with these small campaigns.

What are you/were you looking for in a running mate?

My running mate would likely represent a demographic that I do not, such as being female and non-white, since I am a white male. As to character and experience, I would want to be supported by someone with great practical public experience who has remained in integrity with the original idealistic hopes and dreams that once drew them into the public eye or political arena.

Can you win the 2008 Presidential election?

I can win the 2008 presidential election by becoming the Green nominee, by inspiring otherwise non-voters to register Green and to grow Green Parties in those states where they are not yet granted ballot access and to subsequently vote in some creative, time-urgent manner circumventing the severe limitations put on candidates and parties by the secretaries of state through the country. I would have to win many of the states where the Green Party is on the ballot and I would have to find a manner allowing erstwhile green voters to legally vote in those states where we are not on the ballot.

If you can’t make it into the Oval Office, who would you prefer seeing taking the presidency?

I cannot support candidates who foolishly support nuclear power and weapons, who do not recognize the need for peace and who do not offer real, meaningful, substantive systemic change.

What should the American people keep in mind, when heading to the polls this November?

When heading for the polls this November U.S. citizens should support Green Party candidates, policies and values. Thank you.

A compilation of brief news reports for Sunday, December 14, 2008.

The Indian navy has announced that it has captured 23 Somali and Yemeni pirates in the Gulf of Aden who were attacking an Ethiopian ship named the MV Gibe. The Indian INS Mysore, which was escorting merchant ships near the coast of Somalia, hurried to the MV Gibe after it sent out a distress call, saying that they were being fired upon by two boats.

The pirates, when apprehended, attempted to flee, but were caught by the Indian ship. Arms and equipment were seized from the pirates.

Sources

• Jeremiah Marquez. “Indian navy captures 23 pirates in Gulf of Aden” — Associated Press, December 13, 2008
• “Indian navy ‘captures 23 pirates'” — BBC News, December 13, 2008

Ajmal Kasab, the gunman who was captured in last month’s Mumbai attacks that killed hundreds of people, has told the police that he originally planned to take hostages and make demands from the media, according to his confession statement.

The seven-page confession states that Kasab and another person, who attacked Mumbai’s main train station, were planning to have a standoff atop a roof, but the plan backfired when no access to a roof was found.

They did manage to kill tens of people inside the train station itself, however, it is still not known whether or not they had hostages.

Sources

• “Confession sheds light on Mumbai attacks” — MSNBC, December 13, 2008
• “Mumbai gunman’s chilling confession sheds light” — The Bismarck Tribune, December 13, 2008

A recent fire has hit former Republican vice-presidential nominee Sarah Palin’s church in Wasilla, Alaska. Investigators have deemed the fire “suspicious,” and consider arson as a possible cause.

A group of women and children were in the church when the fire broke out, but no one was injured.

“We have no idea what caused it,” said the Rev. Larry Kroon of the nondenominational Wasilla Bible Church.

Sources

• Celeste Katz. “Suspicious fire burns Alaska Gov. Sarah Palin church in Wasilla” — Daily News, December 13, 2008
• Monte Plott. “Fire hits Palin’s church in Alaska” — CNN, December 13, 2008

Protest rallies were held in Australian capital cities on Saturday to protest against the Rudd government’s proposed internet filtering scheme. Under the scheme, a so-called “clean feed” would be provided to all Australians with content on a list kept by the Australian Communications and Media Authority blocked. A secondary filter, which may be opted out of will block material deemed inappropriate to children.

Hundreds attended the protests in Sydney, Brisbane, Adelaide, Melbourne, Canberra, Perth and Hobart which were organised by the Digital Liberty Coalition.

Sources

• Andrew Ramadge. “Digital Liberty Coalition protests against web filter held across Australia” — news.com.au, December 13, 2008

• Angus Kidman. “IN PICTURES: hundreds protest govt net censorship” — Australian Personal Computer, December 13, 2008

UK Environment Secretary Hilary Benn prompted speculation regarding a possible cabinet split over plans to expand London’s Heathrow airport with comments made in an interview given to the Sunday Times.

Mr Benn warned concerns regarding noise and air-pollution could stall plans to build a third runway and expressed doubts regarding suggestions that a technological solution could be found to the problems.

Heathrow is currently in breach of EU rules governing air pollution, although the UK currently has an opt-out from the rules, this runs out in 2015.

Other senior cabinet members, including Commons Leader Harriet Harman and Energy and Climate Change Secretary Ed Milliband, are also believed to have serious reservations about the expansion of Heathrow.

Sources

• Jonathan Oliver and Jon Ungoed-Thomas. “Cabinet split over proposed Heathrow third runway” — The Sunday Times, Sunday 14th December 2008
• inthenews.co.uk. “Hilary Benn ‘doubtful’ on Heathrow expansion” — inthenews.co.uk, Sunday 14th December 2008