US Treasury Secretary: “We need the ability to seize firms”

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US Treasury Secretary: “We need the ability to seize firms”

Wednesday, March 25, 2009

Treasury Department secretary Timothy Geithner and the Obama administration are pressuring Congress to allow the government to seize troubled financial institutions such as insurance companies and investment firms. Currently, banks are the only such entities that the government has authority to take over.

Speaking before the House Financial Services Committee, Geithner said “The United States government does not have the legal means today to manage the orderly restructuring of a large, complex non-bank financial institution that poses a threat to the stability of our financial system.”

Committee Chairman Barney Frank (D-MA) agreed, saying, “When non-bank major financial institutions need to be put out of their misery, we need to give somebody the authority to do what the FDIC can do with banks.”

Geithner would work with the White House and Federal Reserve to execute any such takeovers.

The expanded powers would have allowed the seizure of companies such as pariah AIG, which has already received US$180 billion in government aid. The recent controversy over the payment of bonuses has bumped up the plan to high priority. It was initially to have been part of a more comprehensive overhaul by the government of the financial regulatory system.

Not all are happy with the proposal. Republican House minority leader John Boehner derided the plan, saying it would be “an unprecedented grab of power.”

Maxine Waters (D-CA) criticised the government for its lack of transparency in dealing with the current crisis, and questioned Geithner on whether firms such as Goldman Sachs had received preferential treatment by the government. Such probing may indicate reluctance on the part of Congress to grant the expanded powers.

Other than simply taking over a firm, the government would also be able to purchase its assets, guarantee losses, and take out a partial ownership interest.

“It is a terrible, tragic thing that this country came into this crisis with such limited tools for trying to protect the economy itself from the kind of distress that would come as the system came back down to Earth,” Geithner summarized.

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  • Storing IP-addresses of Swedish copyright infringers deemed illegal

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    Storing IP-addresses of Swedish copyright infringers deemed illegal

    Friday, June 10, 2005

    The Swedish organization Antipiratbyrån (The Swedish Anti-Piracy Bureau) suffered a massive blow today when the Swedish government’s Data Inspection Board stated that the Bureau’s storage of Internet user’s IP addresses is illegal.

    Antipiratbyrån is an organization representing the movie and software industry in Sweden, working to protect the intellectual property of its beneficiaries. This spring they started collecting IP-addresses of suspected copyright infringers. They used the collected information to press charges and to contact the suspect’s Internet service providers, demanding repercussions.

    The Data Inspection Board’s press release established that the collection of IP-addresses is in fact a violation of the Swedish Personal Data Law, prohibiting electronic storage of information about individuals without their consent.

    – If they don’t cease with the activities we might follow up with a penalty order, the supervising director Britt Marie Wester at the Data Inspection Board says to TT.

    Both the Swedish organization Piratbyrån – celebrating the verdict as a great victory – and the CEO of Jens of Sweden – a Swedish manufacturer of MP3-players – have stated that they might file a class action suit against the Anti-Piracy Bureau, together with the individuals registered.

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    England: Multi-storey carpark in Liverpool gutted by fire, 1,300 vehicles destroyed

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    England: Multi-storey carpark in Liverpool gutted by fire, 1,300 vehicles destroyed
    Posted in Uncategorized | April 17th, 2019

    Thursday, January 4, 2018

    A fire on Sunday night in the seven-storey carpark for the Echo Arena in Liverpool, England destroyed almost all the vehicles parked inside and led to cancellation of the final evening of the Liverpool International Horse Show and evacuation of nearby blocks of flats. The blaze reportedly started with a parked Range Rover Discovery.

    Investigators with the fire brigade stated that they believe the fire began with an accidental engine fire in the Range Rover at about 4.30 pm. The first call was made at 4.42 and firefighters arrived eight minutes after that. Ultimately twelve engines and 85 firefighters were involved in combatting the blaze. Aerial appliances were used and also three high-volume pumps. Fed by the fuel in vehicles parked inside, the temperature of the fire in the carpark is believed to have reached as high as 1,000°C. It was too hot to be extinguished with water from hydrants, so a high-volume pump was used to draw water from the River Mersey, and two more were brought from other fire brigades in the region.

    The carpark has seven storeys and a capacity of 1,600 vehicles, and approximately 1,300 were parked in it when the fire broke out. According to Dan Stephens, chief fire officer for Merseyside Fire and Rescue Service, almost all of them were destroyed, with the exception of a few parked on the top level and at corners. “With these very high temperatures, you were never going to put the fire out without the whole building taking hold. The speed at which the fire spreads means you simply aren’t going to put it out,” said Stephens.

    The carpark itself was severely damaged; according to Joe Anderson, the mayor of Liverpool. It is not in danger of collapsing but will have to be demolished, which will be difficult with the many burned-out cars still inside it, Anderson told the BBC.

    According to Stephens, there were no serious injuries: one woman injured her hand, and two people were treated for smoke inhalation. A spokesman for the Echo Arena also stated that all animals were safe. All horses were successfully evacuated from the carpark and then removed from the stables after smoke spread to them. Six dogs were also rescued unharmed, two on a lower level in the early stages of the fire and four that had been left in a car on the top level, freed by firefighters on Monday after the fire was put out.

    The final evening of the four-day Liverpool International Horse Show had been scheduled to begin at 7.30, and had to be cancelled. Many attendees were stranded in the city on New Year’s Eve night. Merseyside police directed people to the Pullman Hotel, where Red Cross assistance was available, and the Liverpool City Council set up an assistance centre at the Lifestyles Gym. A spokesman for the Association of British Insurers has said that insurance companies will “move very quickly” to reimburse owners whose vehicles were destroyed.

    Nearby blocks of flats were evacuated because of the smoke. Eyewitnesses reported hearing what they at first thought were firecrackers, then “multiple explosions”, “bangs and popping”, “the bangs of car windows exploding”. People reported leaving everything in their cars, including their cellphones, and running for their lives.

    Mayor Anderson tweeted that cuts to fire services over the last two years made it significantly harder to fight the fire and might have caused it not to be controllable. He also suggested that fire safety in multi-storey carparks had not been sufficiently considered and that installing sprinklers in them might help stop future fires before they become unmanageable, in a letter to Nick Hurd, a member of Parliament.

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    News briefs:August 6, 2010

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    News briefs:August 6, 2010
    Posted in Uncategorized | April 16th, 2019
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    Three babies dead within one week at Madrid Hospital

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    Three babies dead within one week at Madrid Hospital
    Posted in Uncategorized | April 16th, 2019

    Sunday, March 4, 2007

    A Spanish hospital reported today that three premature babies have died within one week from the same infection. The babies, who were being cared for in the neonatal intensive care unit of Madrid‘s 12 de Octubre Hospital, all died after being infected with Klebsiella pneumoniae bacterium. Authorities also suspect that a fourth baby has become infected with the bacterium. The Spanish patients’ association ADEPA has asked the public prosecutor of the Madrid Region, Manuel Moix, to open an investigation into the matter.

    This morning, hospital authorities stated that the first death occurred on 26 February. A baby born eight weeks prematurely and weighing just under one kilo died due to septic shock arising from the infection, which was unconnected with the symptoms of his premature birth, according to hospital reports.

    Shortly afterwards, two babies in the same unit died on 2 March. They appear to have died from the same infection; however the hospital stated that they are still waiting for confirmation of the cause of death. A fourth baby has been found to have the bacteria on his skin, but as yet there is no confirmation of whether he has been infected. The hospital states that although the baby is in a serious condition, this is to be expected when a baby is born so premature, and that his condition is also due to other factors, unrelated to the bacterium, which have arisen since his birth.

    The hospital authorities have asserted that all of the babies in its care are under close supervision, and are being periodically monitored by the Preventive Medicine Centre, in order that the most up-to-date information may be had on the state of any and all patients in the hospital.

    To prevent further infections, the hospital has taken several measures. The first is of course rigorous medical hygiene. High-risk patients are referred to other hospitals. The hospital has been divided into two separate zones, one for those already infected and the other for those who have not yet been affected. As a consequence, 25 children who were staying in the hospital while the 3 premature babies died, remain separate from the others, to make sure newly admitted children are not exposed. The nursing staff has also been restricted to one or other of these two areas. Visits from specialists of other hospital services, and from families, has been restricted. Furthermore, an epidemiological study is being undertaken to determine the origin of the situation.

    The newspaper El País reports that the bacterium Klebsiella pneumoniae is to be found in hospitals as a matter of course and is often contracted by those who have been in hospital for prolonged periods (termed a nosocomial infection). The mortality rate from the bacterium is extremely high in those cases where it’s contracted by people with serious illnesses, as is often to be expected in the case of a premature birth, which can result in newborn babies weighing less than 500 grammes.

    According to the Spanish daily, this type of bacterium is prevalent in hospitals throughout the world, but the incidence of infection in Madrid hospitals is lower than the Spanish average. The head of the Neonatal Unit at 12 de Octubre Hospital, Carmen Payás, explained that the bacterium is very adaptable “and keeps on learning”. The father of the dead baby, an Ecuadorian named Angel Marcelo, was quoted as saying that the progress of the baby had at first been “tremendous”, and that he had even been taken off the respirator, but that a few days later he began to cough up blood, dying soon afterwards.

    The chair of ADEPA, Carmen Flores, has appealed to the Madrid public prosecutor to open an investigation into the situation and to find those responsible. ADEPA have suggested that the investigation centre on the number of casualties among infants in the hospital, and on the question of whether conditions in the neonatal unit were a direct contributor to the incidence of the infection.

    José Quero, head of the Neonatology Department of the La Paz hospital in Madrid said that, “sadly enough”, this situation was “not something exceptional,” but rather something neonatologists have to watch out for.

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    Ontario Votes 2007: Interview with Family Coalition Party candidate Ray Scott, Algoma-Manitoulin

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    Ontario Votes 2007: Interview with Family Coalition Party candidate Ray Scott, Algoma-Manitoulin
    Posted in Uncategorized | April 10th, 2019

    Tuesday, October 2, 2007

    Ray Scott is running for the Family Coalition Party in the Ontario provincial election, in the Algoma-Manitoulin 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.

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    Author Amy Scobee recounts abuse as Scientology executive

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    Author Amy Scobee recounts abuse as Scientology executive
    Posted in Uncategorized | April 7th, 2019

    Monday, October 11, 2010

    Wikinews interviewed author Amy Scobee about her book Scientology – Abuse at the Top, and asked her about her experiences working as an executive within the organization. Scobee joined the organization at age 14, and worked at Scientology’s international management headquarters for several years before leaving in 2005. She served as a Scientology executive in multiple high-ranking positions, working out of the international headquarters of Scientology known as “Gold Base”, located in Gilman Hot Springs near Hemet, California.

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    On the campaign trail, March 2012

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    On the campaign trail, March 2012
    Posted in Uncategorized | April 4th, 2019

    Wednesday, April 4, 2012

    The following is the fifth in a monthly series chronicling the U.S. 2012 presidential election. It features original material compiled throughout the previous month after a brief mention of some of the month’s biggest stories.

    In this month’s edition on the campaign trail, a politician from outside the fifty states receives significant mention as a potential Republican Party vice presidential nominee, Wikinews gets the reaction of three Democratic Party candidates after the party strips delegates from two of their fellow challengers, and a minor third party removes its presidential nominee for fraud.

    Contents

    • 1 Summary
    • 2 Might the GOP VP nominee come from Puerto Rico?
    • 3 Democratic Party strips delegates
    • 4 Party removes presidential nominee
    • 5 Related articles
    • 6 Sources
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    Nigeria swears in new president after death of Umaru Yar’Adua

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    Nigeria swears in new president after death of Umaru Yar’Adua
    Posted in Uncategorized | April 1st, 2019

    Thursday, May 6, 2010

    Goodluck Jonathan, the acting president of Nigeria, was formally sworn in today, several hours after president Umaru Yar’Adua died.

    The oath of office was administered in the capital Abjua. According to the constitution, Jonathan will be the country’s leader until next elections next April; he is also to nominate a vice president, who must be approved by the senate.

    Jonathan already has been running the country when he became acting president since February, when Yar’Adua was hospitalised in Saudi Arabia for medical treatment.

    After being sworn in, Jonathan made an address. “While this is a major burden on me, and indeed the entire nation, we must — in the midst of such great adversity — continue to gain our collective efforts towards upholding the values which our departed leader represented […] One of the true tests will be that all votes count, and are counted, in our upcoming presidential election,” he said.

    Yar’Adua, aged 58, was buried earlier in the Katsina state; the government has declared a week of mourning.

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    French ‘iPod bill’ seeks digital music player interoperability

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    French ‘iPod bill’ seeks digital music player interoperability
    Posted in Uncategorized | March 30th, 2019

    Wednesday, May 31, 2006

    Legislation pending in the French Parliament would require that music purchased online for use on digital music players be compatible across all players. It has become popularly known in France as the “iPod bill,” after the popular music player made by Apple Computer, and could pit France against Apple and other distributors of online music.

    The National Assembly (lower house) and Senate (upper house) have passed two separate versions of the legislation. Both would reduce the penalties for piracy, require software companies to provide details on how their programs work, and create an agency that would have jurisdiction over digital copyright issues, including how often music can be legally copied by a customer for personal use and ensuring compatibility across devices.

    Unlike the Assembly version, the Senate version does not contain provisions that would require manufacturers such as Apple and Sony to open all music sold on their platforms to work on players other than their own. Currently, the stores for Apple and Sony sell music only for use on their own players. Critics of the changes say that the Senate’s changes would defeat the purpose of the bill.

    The two versions must now be reconciled in conference committee, a process that could take months.

    Speaking in support of the bill, Assembly member Christian Paul said, “We oppose the idea that the seller of a song or any kind of work can impose on the consumer the way to read it, forever, and especially in the consumer’s home. Can we allow a couple of vendors to establish monopolies tightly controlling their clients and excluding competition?”

    Christian Vanneste, the National Assembly sponsor of the iPod bill, said, “In France, there are two distinct mentalities. On one side is the backwards left, which is anti-American, and on the other is the right, which thinks that the U.S.A. shouldn’t be the only one with good ideas, and who want to compete with them.”

    After the National Assembly’s vote in March, Apple denounced the measure as “state-sponsored piracy.” They refused to comment on the legislation after the Senate’s vote on May 10.

    Francisco Mingorance, European policy director for the Business Software Alliance, said that the Assembly’s proposal is “about ripping off technology from those who developed it and putting it in the public domain.” The Business Software Alliance represents Apple, Dell, Microsoft Corp., Hewlett-Packard Co. and other major computer hardware and software companies.

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