Archive for the 'Big Business' Category

Walmart Worker Trampled to Death in Black Friday Stampede

Courtesy New York Daily News (NYLocal)

Wal-Mart worker died after being trampled when hundreds of shoppers smashed through the doors of a Long Islandstore Friday morning, police and witnesses said.

The 34-year-old employee, a temporary maintenance worker, tried to hold back the unruly crowds just after theValley Stream store opened at 5 a.m.

Witnesses said the surging throngs of shoppers knocked the man down. He fell and was stepped on. As he gasped for air, shoppers ran over and around him.

CAUGHT ON CAMERA: WAL-MART CROWD MOMENTS BEFORE DEADLY STAMPEDE

“He was bum-rushed by 200 people,” said Jimmy Overby, 43, a co-worker. “They took the doors off the hinges. He was trampled and killed in front of me. They took me down too…I literally had to fight people off my back.”

The unidentified victim was rushed to an area hospital, where he was pronounced dead at 6:03 a.m., police said.

The cause of death wasn’t immediately available pending results of an autopsy.

A 28-year-old pregnant woman was knocked to the floor during the mad rush. She was hospitalized for observation, police said. Early witness accounts that the woman suffered a miscarriage were unfounded, police said.

Three other shoppers suffered minor injuries, cops said.

-Article Continues @ Sourced Site.

Vegas police officers sue makers of Taser weapons

Courtesy SFGate:

Two Las Vegas police officers who were seriously hurt after being shocked by Taser weapons in 2003 have sued its makers, saying the company failed to properly warn the department about the potential for injury.

About a dozen officers around the country have made similar claims in suing Taser International Inc., questioning the company’s safety claims.

A third Las Vegas officer sued Taser but settled last year. Terms were not disclosed.

The Las Vegas police department has stopped a practice of shocking officers during training. During training, officers had been told that they couldn’t truly understand the weapon until they had been shocked by it.

-Article Continues @ Sourced Site.

Obama’s cell phone records breached

WASHINGTON (CNN) – Records from a cell phone used by President-elect Obama were improperly breached, apparently by employees of the cell phone company, Verizon Wireless said Thursday.

“This week we learned that a number of Verizon Wireless employees have, without authorization, accessed and viewed President-Elect Barack Obama’s personal cell phone account,” Lowell McAdam, Verizon Wireless president and CEO, said in a statement.

“All employees who have accessed the account — whether authorized or not — have been put on immediate leave, with pay.”

The Obama transition team was notified Wednesday by Verizon of the breach, said team spokesman Robert Gibbs. He said the president-elect no longer uses the phone.

 

McAdam said the device on the account was a simple voice flip-phone, not a BlackBerry or other smartphone designed for e-mail or other data services, so none of Obama’s e-mail could have been accessed.

Verizon Wireless, meanwhile, has launched an internal probe to determine whether Obama’s information was simply shared among employees or whether “the information of our customer had in any way been compromised outside our company, and this investigation continues,” McAdam said in an internal company e-mail obtained by CNN.

“Employees with legitimate business needs for access will be returned to their positions, while employees who have accessed the account improperly and without legitimate business justification will face appropriate disciplinary action,” McAdam said, “up to and including termination.”

-Article Continues @ Sourced Site.

Related Articles

Stocks surge after China stimulus

Courtesy BBC News:

Asian markets have risen sharply, a day after China announced a huge investment plan to kick-start its slowing economy.

Stocks leapt in Japan, China and Hong Kong, buoyed by China’s efforts to sustain its growth rates, on which many Asian economies depend.

About $586bn (£370bn) is to go into housing, infrastructure and post-earthquake reconstruction in China over the next two years.

Correspondents say the package is a response to falling growth and exports.

There will also be significant cuts in company tax, while banks will be allowed to lend more to projects involving rural development and technical innovation.

The government also promised a shift to a “moderately easy” monetary policy.

“The investment expansion should be done swiftly and forcefully,” a State Council meeting chaired by Premier Wen Jiabao concluded.

“It’s a huge package,” Dominique Strauss-Kahn, managing director of the International Monetary Fund, was quoted as saying by the Reuters news agency after a meeting of the Group of 20 finance officials in Sao Paulo, Brazil.

“It will have an influence not only on the world economy in supporting demand but also a lot of influence on the Chinese economy itself, and I think it is good news for correcting imbalances.”

Market bounce

-Article Continued @ Sourced Site.

U.S., Canada Increasingly at Odds over Water

Courtesy Celsias:

The United States and Canada have often been uneasy neighbors, perhaps never more so than when Canada included the U.S. on a list ofcountries that torture inmates  .

That flashpoint aside, Canada’s recent habit of distancing itself may have less to do with politics and more to do with a perceivedextraterritorial expansion   of U.S. environmental laws - a state of affairs that wakens Canadian fears of being gobbled up by its larger, stronger and louder neighbor.  

For example, in July of this year, the National Academies   expressed the opinion   that the United States should pass Great Lakes protection laws more closely mirroring the standards sets by the International Maritime Organization   (IMO) - standards which Canada had already adopted.

On October 3, President Bush took up the challenge by signing theGreat Lakes Compact  , a complex, 13-part bill that will protect the Lakes’ water from unwarranted diversion and protect the water itself via standards for everything from industrial chemicals to sewage, including ballast water regulations aimed at preventing the introduction and spread of invasive species   (PDF).

This Compact, almost a decade in the making   and several times stalled by state governors unwilling to accept a broader but more limiting portfolio of protections, is now law. Diversions outside the Lakes area will require the unanimous agreement of all eight   governors (Minnesota, Wisconsin, Illinois, Indiana, Michigan, Ohio, Pennsylvania and New York) and the heads of adjacent Canadian provinces (Quebec and Ontario).

That the Compact is still not as comprehensive as standards set by the IMO is unfortunate. Even so, the Compact is by far the most thorough bill yet passed in the U.S. regarding Great Lakes water, and not a moment too soon as drought   spreads throughout the U.S. southeast, southwest, the Pacific Coast, Idaho, and even into the upper Great Plains.

drought monitor

The bill, a political hot potato among U.S. governors, finally won grudging Canadian acceptance when the U.S. Senate incorporated an amendment, at the Council of Canadian’s request, prohibiting sales to water bottlers  . Most likely, Canadians felt they had no choice. NAFTA, or the North American Free Trade Agreement, clearly defines water as both a service and an investment  , opening wide the door to sales south of the U.S. border by any U.S. government agency looking for an edge in Mexico.

These water-sale schemes weren’t isolated to the U.S, however. The Compact, which serves an area in the U.S. and contiguous Canadian provinces with a population of approximately 40 million, is the offshoot of a 1999 proposal from Ontario   to ship Lakes water to Asia, and Ontario was not the only schemer. At various times, British Columbia, Quebec and Newfoundland had also considered licensing bulk water exports

Article Continues @ Sourced Site.

Just 3 ‘superbanks’ now dominate industry

Courtesy MSNBC:

The financial crisis that has been sweeping the globe has reshaped nearly every corner of the economy, but no industry has been altered more radically than banking.

Several of the nation’s biggest banks have failed or been absorbed by healthier institutions, leaving three giant “superbanks” with an unprecedented concentration of market power: Bank of America, JPMorgan Chase and Wells Fargo.

While that may be good news for emerging giants and the failing companies they helped rescue, the new oligopoly raises troubling questions about regulation and competition, analysts and consumer advocates say.

 

“Bank fees are going up, up, up, and that’s the danger to consumers as more of these banks consolidate,” says Sally Greenberg, executive director of the National Consumer League. “It’s difficult for the average person to get a bank account that doesn’t involve fees, and if you get into financial distress you’re cooked, and you’ll be ‘fee-ed’ to death.”

According to a recently released banking fee study from Bankrate.com, ATM surcharges rose 11 percent this year to an average of $1.97, and the fee for a bounced checks rose 2.5 percent to an average $28.95.

“Consumers are going to be victims of higher and more punitive fees,” Greenberg predicts.

Moreover, many analysts worry about how federal and state authorities, who were unable to prevent the current financial industry meltdown, will be able to monitor the new giant banks that combine a wide range of operations from investment banking to consumer lending. 

Article Continues @ Sourced Site.

So Little Time, So Much Damage

Courtesy NYTimes:

While Americans eagerly vote for the next president, here’s a sobering reminder: As of Tuesday, George W. Bush still has 77 days left in the White House — and he’s not wasting a minute.

President Bush’s aides have been scrambling to change rules and regulations on the environment, civil liberties and abortion rights, among others — few for the good. Most presidents put on a last-minute policy stamp, but in Mr. Bush’s case it is more like a wrecking ball. We fear it could take months, or years, for the next president to identify and then undo all of the damage.

Here is a look — by no means comprehensive — at some of Mr. Bush’s recent parting gifts and those we fear are yet to come.

CIVIL LIBERTIES We don’t know all of the ways that the administration has violated Americans’ rights in the name of fighting terrorism. Last month, Attorney General Michael Mukasey rushed out new guidelines for the F.B.I. that permit agents to use chillingly intrusive techniques to collect information on Americans even where there is no evidence of wrongdoing.

Agents will be allowed to use informants to infiltrate lawful groups, engage in prolonged physical surveillance and lie about their identity while questioning a subject’s neighbors, relatives, co-workers and friends. The changes also give the F.B.I. — which has a long history of spying on civil rights groups and others — expanded latitude to use these techniques on people identified by racial, ethnic and religious background.

The administration showed further disdain for Americans’ privacy rights and for Congress’s power by making clear that it will ignore a provision in the legislation that established the Department of Homeland Security. The law requires the department’s privacy officer to account annually for any activity that could affect Americans’ privacy — and clearly stipulates that the report cannot be edited by any other officials at the department or the White House.

The Justice Department’s Office of Legal Counsel has now released a memo asserting that the law “does not prohibit” officials from homeland security or the White House from reviewing the report. The memo then argues that since the law allows the officials to review the report, it would be unconstitutional to stop them from changing it. George Orwell couldn’t have done better.

THE ENVIRONMENT The administration has been especially busy weakening regulations that promote clean air and clean water and protect endangered species.

Mr. Bush, or more to the point, Vice President Dick Cheney, came to office determined to dismantle Bill Clinton’s environmental legacy, undo decades of environmental law and keep their friends in industry happy. They have had less success than we feared, but only because of the determined opposition of environmental groups, courageous members of Congress and protests from citizens. But the White House keeps trying.

Mr. Bush’s secretary of the interior, Dirk Kempthorne, has recently carved out significant exceptions to regulations requiring expert scientific review of any federal project that might harm endangered or threatened species (one consequence will be to relieve the agency of the need to assess the impact of global warming on at-risk species). The department also is rushing to remove the gray wolf from the endangered species list — again. The wolves were re-listed after a federal judge ruled the government had not lived up to its own recovery plan.

Article continues @ Sourced Site,

Ex-Health Care CEO Convicted in $1.9 Billion Fraud Case

Courtesy Law.com

 

A federal jury in Ohio on Friday convicted the former CEO of a failed health care financing company in a $1.9 billion fraud case that prosecutors likened to the Enron or WorldCom scandals.

Lance Poulsen, 65, founder of National Century Financial Enterprises, was accused of fabricating data, moving money between accounts to hide shortfalls and misleading investors who funded his business model.

He had been on trial for the past month on charges of securities fraud and money laundering. He was convicted on all 20 counts.

His attorneys said they will file an appeal. Poulsen faces up to 135 years in prison, although his actual sentence will likely be shorter under federal-sentencing guidelines. No sentencing date was set.

In closing arguments Thursday, U.S. trial attorney Leo Wise called the case one of the largest frauds ever investigated by the FBI.

Poulsen, who was convicted in March and sentenced to 10 years in prison for attempting to bribe a witness, characterized himself as a rags-to-riches success story whose legitimate business was destroyed by the government.

Poulsen remains disappointed that U.S. District Court Judge Algenon Marbley allowed jurors to hear evidence of Poulsen’s bribery conviction, defense attorney Pete Anderson said Friday.

Anderson said that information should have been excluded under rules of evidence. It’s always a risk when a jury learns of a previous conviction, he said.

Prosecutors declined to comment.

Article Continues @ Sourced Site.

Credit Cardholders’ Bill of Rights: What it means for you

From The Dough Roller:

While the $700 billion bailout and presidential election have dominated the news, the U.S. House passed a major piece of credit card reform legislation. The Credit Cardholders’ Bill of Rights Act of 2008 passed the House on Sept. 23 by a vote of 312-112 (with nine members not voting).

The bill, which still needs to pass the Senate before heading to the White House, would have a major impact on everything from how credit card issuers apply cardholder payments to outstanding debt to limits on interest rate increases.

Here are some of the more significant provisions of the act:

Retroactive interest rate increases and universal default limits. One of the biggest complaints leveled against the credit card industry is the practice of raising interest rates significantly due to a late payment or other default, or sometimes for no reason at all. The Credit Cardholders’ Bill of Rights would limit a card issuer’s ability to raise interest rates. Specifically, a credit card company could not (with some exceptions) raise interest rates on existing balances. Furthermore, if the interest rate on future balances was raised, the credit card issuer would be limited in how quickly it could insist that the old balance subject to the lower interest rate is paid off.

Here are some other interest rate-hike protections the act would provide:

If a cardholder loses the benefit of an introductory rate, the new rate could not exceed what the interest rate would have been at the expiration of the introductory period.

A consumer must be given a 45-day written notice before higher interest rates take effect.

Article Continues with Links @ sourced Site.

Blackwater sends warship to Gulf of Aden

Courtesy Lloyd’s List (UK)

BLACKWATER Worldwide — the US private military contractor embroiled in controversy over its actions in Iraq — has sent a private sector warship equipped with helicopters to the Gulf of Aden, and is offering its services to shipowners concerned with Somali piracy.

The vessel, McArthur, is described as a multipurpose unit designed to support military and law-enforcement training, peace-keeping and stability operations.

The ship and its helicopters have the ability to patrol a commercial vessel’s route, thereby avoiding the need to hire security contractors to ride on board.

Blackwater’s move came just hours before the Indian government confirmed that it intends to deploy a warship in the Gulf of Aden to guard its merchant ships from Somali pirates. The Indian ship will join assets from Russia, Malaysia and a multinational western-dominated coalition in the troubled waters.

Article Continues @ Sourced Site.




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