Wikinews interviews 2020 Melbourne Lord Mayor Candidate Wayne Tseng

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Thursday, October 22, 2020

2020 Melbourne Lord Mayor candidate Wayne Tseng answered some questions about his campaign for the upcoming election from Wikinews. The Lord Mayor election in the Australian city is scheduled to take place this week.

Tseng runs a firm called eTranslate, which helps software developers to make the software available to the users. In the candidate’s questionnaire, Tseng said eTranslate had led to him working with all three tiers of the government. He previously belonged to the Australian Liberal Party, but has left since then, to run for mayorship as an independent candidate.

Tseng is of Chinese descent, having moved to Australia with his parents from Vietnam. Graduated in Brisbane, Tseng received his PhD in Melbourne and has been living in the city, he told Wikinews. Tseng also formed Chinese Precinct Chamber of Commerce, an organisation responsible for many “community bond building initiatives”, the Lord Mayor candidate told Wikinews.

Tseng discussed his plans for leading Melbourne, recovering from COVID-19, and “Democracy 2.0” to ensure concerns of minorities in the city were also heard. Tseng also focused on the importance of the multi-culture aspect and talked about making Melbourne the capital of the aboriginals. Tseng also explained why he thinks Melbourne is poised to be a world city by 2030.

Tseng’s deputy Lord Mayor candidate Gricol Yang is a Commercial Banker and works for ANZ Banking Group.

Currently, Sally Capp is the Lord Mayor of Melbourne, the Victorian capital. Capp was elected as an interim Lord Mayor in mid-2018 after the former Lord Mayor Robert Doyle resigned from his position after sexual assault allegations. Doyle served as the Lord Mayor of Melbourne for almost a decade since 2008.

Retrieved from “https://en.wikinews.org/w/index.php?title=Wikinews_interviews_2020_Melbourne_Lord_Mayor_Candidate_Wayne_Tseng&oldid=4598699”

U.S. Housing prices down 9% since February

Sunday, June 26, 2005

The median house price in the United States plunged 6.5% in May to $217,000. In February of 2005, the median price of a home was $237,300.

The Economist newspaper said in its June 16th issue; “In other words, it looks like the biggest bubble in history.” by way of reference to what is happening with housing prices in the USA and much of Europe.

Japan provides an example of how a boom can turn to bust. Property prices have dropped for 14 years in a row (40% from their peak in 1991); and yet, the rise in prices in Japan during the decade before 1991 was less than the increase over the past ten years in most of today’s “housing boom” countries.

The total value of residential property rose by more than $30 trillion over the past five years in developed economies, an increase equivalent to 100% of the combined GDPs of those countries. This increase dwarfs all previous house-price booms and is greater than the global stockmarket bubble in the late 1990s. Much of the recent housing activity is being driven by speculative demand. The National Association of Realtors (NAR) reported that 23% of all American houses bought in 2004 were for investment, not for owners to live in. Another 13% were bought as second homes. NAR also found that 42% of all first-time buyers made no down-payment on their home purchase last year.

Many investors are buying solely because they think prices will keep rising, which is a warning sign of a financial bubble. In Miami, Florida, as many as half of the original buyers resell new apartments even before they are built, and properties can change hands two or three times before somebody finally moves in.

Britain’s Royal Institution of Chartered Surveyors (RICS) reported prices have been falling for ten consecutive months. Forty nine percent of their surveyors reported falling prices in May. This was the weakest report since 1992 during Britain’s previous house-price bust.

Retrieved from “https://en.wikinews.org/w/index.php?title=U.S._Housing_prices_down_9%25_since_February&oldid=1983117”

How To Build A Solar Panel To Save Money

Submitted by: Gavin Dye

If you want to save money on your utility bills building a solar panel may be the answer you are looking for. Initially you may think that it is technically beyond you and you would need a degree in electrical engineering to even understand what you need to do, but you may be surprised to learn that you can build your own solar panel, with only a small amount of diy/handyman skills. Hopefully this article will start you on your way to saving money and helping the environment.

So what makes up a Solar Panel?

A solar panel is really just a collection of solar cells that are also known as photovoltaic cells. It is these cells that create the electricity by interacting with the sunlight, and once you can wire up these cells you are creating a solar panel. Once you have made one, the next one will be so much easier. In the beginning you will want to start small, in a day you could make a small panel that would be enough to power some of the smaller appliances in the house. Once you have the knowledge under your belt from building a small panel, you could add more and more panels until you entire electrical power requirements are met from solar power.

[youtube]http://www.youtube.com/watch?v=Adk1a0j5pVk[/youtube]

Where can I use these Solar Panels?

You may just be thinking about setting the panels up to create power for your home, but it doesn t stop there. You can also use the panels to create power on your boat or yacht; you could look at using them in your RV.

Your main cost is going to be the solar cells, and there are many different types and qualities that you will be able to use. If you have a look around on the internet or local suppliers you will be able to pick up cells at a price to suit your budget. All the other bits and pieces can be easily found in your local hardware store.

Before you start to look at the materials you need to power your home with solar power, you are going to have to learn what you are doing. There are a wide range of manuals available to you help you learn how to build a panel and the best ones will come with a shopping list of exactly what you need to buy. This will all take a bit of effort, but spending time at the beginning ensuring you know exactly what you have to do before you start, what you have to do and what are the best materials to get will reap rewards in the end. If you have spent the time learning how the panel s work you will be the best qualified to fix them if you ever have a problem. Remember that you will want the advice of a qualified electrician if you want to hook your system up to the mains supply, that is something you need expert advice on.

If you get decide to build your own panels, in a short time you will be saving money on your utility bills, and in the end you may stop having to rely on the utility companies, and the next time there is a power outage, you won t even notice.

About the Author: Gavin Dye is the webmaster at

Solar Power 4u

where you can learn about solar power and solar panels. You can also find the best resources for information on how to

build a solar panel

Source:

isnare.com

Permanent Link:

isnare.com/?aid=399292&ca=Home+Management

Wikinews interviews candidate for New York City mayor Vitaly Filipchenko

Wednesday, June 16, 2021

In early May, Wikinews extended an invitation to Vitaly Filipchenko, an independent candidate in the 2021 New York City mayoral election, set to take place November 2nd, alongside other candidates. Filipchenko answered some questions about his policies and campaign during a phone interview.

Filipchenko, registered on the New York City Campaign Finance Board as Vitaly A. Filipchenko, is the first Russian candidate for New York City mayor, being born in Tomsk, Siberia in 1973, according to news agency Sputnik. He has since naturalised as a United States citizen. According to the web site, Filipchenko has been educated in road construction and maintenance and owns a moving services company; he describes himself on his web site as a “small business owner”. On his web site’s platform page, he says that “[m]y English may not be perfect – but my platform is.”

Incumbent Democrat mayor Bill de Blasio, who won re-election in the 2017 New York City mayoral election by 66.5%, cannot run for a third term under term limits. As of April 28, 22 candidates are currently running, the majority of whom are also Democrats. Ahead of the June Democratic primary for New York City mayor, a poll conducted May 23 and 24 by WPIX and Emerson College of 12 Democratic candidates with a margin of error of 3.2 per cent has former commissioner for the New York City Department of Sanitation Kathryn Garcia and Borough President of Brooklyn Eric Adams leading with 21.1% and 20.1%, respectively.

Retrieved from “https://en.wikinews.org/w/index.php?title=Wikinews_interviews_candidate_for_New_York_City_mayor_Vitaly_Filipchenko&oldid=4673651”

Wikinews interviews William Pomerantz, Senior Director of Space Prizes at the X PRIZE Foundation

Regardless of who wins the prize, people all around the world will be able to experience the mission through high-def video-streams.
Saturday, August 28, 2010

Andreas Hornig, Wikinews contributor and team member of Synergy Moon, competitor in the Google Lunar X Prize, managed to interview Senior Director of Space Prizes William Pomerantz of the X PRIZE Foundation about the competitions, goals, and impacts via e-mail for HDTVTotal.com and Wikinews.

By Wikinews,the free news source

Other stories: Science and technology
  • 27 September 2022: Polyurethane plastic substitute can biodegrade in seawater, say scientists
  • 12 September 2022: Albania blames Iran for cyberattacks
  • 15 July 2022: First deep space images from James Webb Space Telescope released
  • 3 June 2022: Scientists discover seagrass off Australia is world’s largest plant
  • 19 March 2022: Scientists announce decoy-proof Ebola antibodies

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  • Post a new comment
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Previous coverage
  • “Japanese probe snatches first asteroid sample” — Wikinews, November 26, 2005
  • “$20 million prize offered in lunar rover contest” — Wikinews, September 13, 2007

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This exclusive interview features first-hand journalism by a Wikinews reporter. See the collaboration page for more details.


This article is part of a page redesign trial on Wikinews. Please leave comments or bug reports on this redesign.This interview originally appeared on HDTVTotal.com, released under the Creative Commons Attribution 3.0 license. Credit for this interview goes to HDTVTotal.com and Andreas -horn- Hornig.

Retrieved from “https://en.wikinews.org/w/index.php?title=Wikinews_interviews_William_Pomerantz,_Senior_Director_of_Space_Prizes_at_the_X_PRIZE_Foundation&oldid=4567623”

Jersey child abuse case ‘was not covered up’

Tuesday, February 26, 2008

Frank Walker, the chief minister of Jersey, a United Kingdom Crown dependency off the coast of Normandy, France, denies that there was a cover up after a child’s remains were found.

The allegations of a cover-up stem from statements by Stuart Syvret. Syvret, the former Minister for Health and Social Services for Jersey, said that “It’s a continuum that we see. It’s a culture of cover-up and concealment and tragically the recent evidence is just the latest manifestation of that.”

It has come to light that Edward Paisnel, a notorious pedophile, used to visit the Haut de la Garenne children’s home dressed as Father Christmas. Paisnel in 1971, was given a sentence of 30 years for 13 counts of assault, rape and sodomy.

Syvret says he was dismissed from his ministerial position after highlighting the “torture” of 11 to 16-year-olds in the island’s care homes. He claimed he was “sacked for whistleblowing”.

Police are currently investigating twenty-seven cases of child abuse on the island and recently discovered the body of one child at a care home Haut de la Garenne in St. Martin, and with a potential six sites in the area where more bodies may be located. The home was closed in 1986 and since 2003 it has served as a youth hostel.

Jersey’s deputy police chief, Lenny Harper said “Part of the inquiry will be the fact that a lot of the victims tried to report their assaults but for some reason or another they were not dealt with as they should be.”

Harper added that “no evidence of a cover-up of any Jersey government” has been found. “We are looking at allegations that a number of agencies didn’t deal with things as perhaps they should.”

Syvret has encouraged the government of the United Kingdom to assign independent judges to oversee any cases that result from the investigations.

Builders originally uncovered a body at the care home in 2003 but it was only since an operation investigate child abuse started in 2006 that progress has been made. An ex-minister of the States of Jersey, the parliament of the island, has criticised the handling of the case, stating that abuse cases were mishandled.

Walker told senators that all necessary resources would be use to find the abusers. “None of us imagined that children in Jersey could be abused and mistreated in the way that is being suggested,” the BBC have quoted him as saying. “I express my shock and horror that these things have apparently happened within our island.”

Specialist police from the United Kingdom have been investigating after an enquiry turned up 140 sources verifying the claims of abuse.

Retrieved from “https://en.wikinews.org/w/index.php?title=Jersey_child_abuse_case_%27was_not_covered_up%27&oldid=3038457”

How To Magnify Your Buy Sell Used Car Business With Mobile App?

Around 60% of the car buyers research online before making a purchase, finds the Autotrader research. That’s a huge number and a clear indication for the businesses in the automotive industry to have an impactful online presence to grab a bigger bite from the market share.

When it comes to building an online presence, mobile apps should be the number one priority for businesses to offer a well-curated and customized user experience. With almost everyone having access to a smartphone and the internet today, mobile app usage is increasing significantly. In 2016, there were over 140 billion app installations globally, which grew to 204 billion in 2019.

Buying cars is considered a high-risk investment as nobody buys a new car every now and then. Gone are the days when people had to do on-foot research, visit dealers and multiple vehicle showrooms, before finally buying the car. Today, the consumer journey starts from a smartphone where all the essential information can be found at a single place.

If you are into the business of buy-sell used cars, then you should be leveraging the advantages of a mobile app to boost sales and find new consumers easily. Whether it is a new car or a used one, the consumers will start their research with a mobile app. By showcasing all the necessary details about the cars at a single place, you can serve those consumers right from the start and then turn them into potential customers.

How to grow your buy-sell used car business with a mobile app?

Undoubtedly, a mobile application built by the right car buy-sell mobile app development company can magnify your business and bring more customers. Here is how you can accelerate your growth:

Get a robust mobile app

The first thing to ensure here is that your mobile app is robust and user-friendly. The platform being used for the app must be reliable and of top quality to handle the heavy user base. Any downtime or technical glitches can impact the user experience and make them abandon it. This is the reason experts suggest to opt for a great buy-sell used car mobile app development firm, instead of traditional developers.

Integrate essential features, keeping users in mind

While taking care of an enhanced UX, you should ensure that the app exhibits all the essential features a user expects. The key features for a mobile app for your purpose will include:

  • Reviews: The app must have a review section where people can check out the honest reviews of the other users about the car they purchased or used. Reviews help users to judge the car model from the experience of the people who have already used that car.
  • Listings: All the cars, whether old or new, should be listed in a proper format so that users don’t have to struggle to find what they are looking for.
  • Comparison: It is a common tendency to compare things before investing in them. Same goes with cars. The users should be able to compare all the features, pricing, and reviews of similar car models.
  • Photos: Every car must have five to six photos of the model from different angles so that the visitor can have a complete view.
  • Information: Don’t include incomplete information about the car. In the info section, write everything a user might be looking for. If it’s an old car, mention the model, kilometers used, condition, etc.
  • Payment: Be transparent with this feature. Add all the payment options you offer, whether it is related to down-payment, EMIs, one-time payment, getaways, options to pay, etc.

Keep the sales team awake

When a visitor has some questions related to anything about the car, they want to talk to a human to clarify the doubts. Keep your sales team ready so that they can answer and use their skills to turn that visitor into a customer.

Handing over to you:

Growth is in the mindset of every business today. If you are a business selling and buying used cars and don’t have an app yet, it’s time for you to get in touch with a buy & sell used car mobile app development company. The right mobile app development company will take care of all the required features and help you accelerate your pace in the market today.

Eurovision ’09 competitor Chiara talks about her current song “What If We” and her past accolades

Thursday, March 5, 2009

The small archipelago of Malta in the Mediterranean Sea takes the Eurovision Song Contest very seriously. Leading a fight to remove a cap on the number of competing countries brought them back to the Contest in 1991 after a 16-year absence, and ever since the nation has had perfect attendance.

Since then, Malta’s dependable “shining star” has been Chiara Siracusa, who goes by her first name in her music career. First competing in 1998 at the age of 21, she was pushed to the brink of victory until the votes from the final country that evening leveled her placement to third. Her rendition of the song “The One That I Love,” and the recognition she received not only for herself, but for her country, made her a star in Malta overnight, and helped her launch a singing career in Europe.

She would later return to the Contest in 2005 with “Angel,” an anthem she penned herself, and achieved second place. Now, in 2009, she will be going back to Eurovision for a third try, hoping for the “3-2-1” charm and a victory — something that has eluded her thus far. Her entry, the ballad “What If We,” has special memories for Chiara; it is dedicated to her father, who is recently deceased.

What if Chiara could take home the gold in Moscow; for Malta, for her father, and for herself? Only time will tell. Chiara took time out of her Eurovision promotional schedule to answer some questions from Wikinews’ Mike Halterman about her past performances, and most importantly, her upcoming one.

This is the fourth in a series of interviews with past Eurovision contestants, which will be published sporadically in the lead-up to mid-May’s next contest in Moscow.


((Mike Halterman)) You’ll be going to Moscow for a third try at possibly winning Eurovision. Why did you decide to compete this year? How did your partnership with Marc Paelinck and Gregory Bilsen come about?

Chiara: Well, I met Marc Paelinck long time ago through a friend in Belgium. We started working together and it brought us to this collaboration today. I was thinking of going back to the festival [for a long time] and this year felt like the right year to do so.

((Mike Halterman)) Eurovision fans from across Europe picked you as the wide favorite to win Malta’s preselection this year. Were you as confident? Were you nervous about competing in the semi-final rounds this time around, or did you think this was something you could handle?

Chiara: When I go into a competition, I always go to win, but I was nervous like everyone else…I think [when] you win a festival, [you win] for what you present, not for what your history is.

((Mike Halterman)) Growing up, did you always want to become a singer? Who were your musical influences, and what genres do you think are your favorite? Do you think these preferences have molded you into the singer you are today?

Chiara: Definitely. My mum always says I used to sing and dance for them all the time since I was a baby, and I’ve always loved ballads. In fact, my favourite singer has always been Whitney Houston.

((Mike Halterman)) How did you come to the decision to enter the Eurovision pre-selection for Malta back in 1998? What kinds of feelings did you experience during the path you took to eventual victory in the national final?

Chiara: 1998 was my first time in the festival. I was very young and I felt I could never win it. I wanted just to try and be there with the big names of those times. It was very scary and overwhelming, [and] then I won.

((Mike Halterman)) Did you feel overwhelmed performing in front of an international audience in Birmingham? What kind of personal feelings and emotions made you relate to the song you sang, “The One That I Love”? There were remarks afterwards that your performance was great, but your dress had similarities to Barbara Dex’s from five years before (and she has become well-known for her “fashion don’t”). Looking back on it, what did you think of that dress?

Chiara: Well…looking back I remember that I was completely overwhelmed [singing] in front of so many people. I was very scared but managed to do well. As for the dress, they were different times [back then] and it was beyond my control.

((Mike Halterman)) You came very close to winning the Contest for Malta back in 1998. When you didn’t, how did it make you feel? Did you feel “robbed”? As an addenda, some Wikipedians I’ve talked to have hypothesized that tabloid hype before the event helped Dana International win; in other words, she would not have won had she not been a transsexual. Do you feel that’s true, and did you like her song?

Chiara: I know a lot of Maltese who voted for Dana because they liked the song and for no other reason. The song was good and we still hear it today.

Obviously when you are so close to winning something and you don’t, yes, you feel a bit robbed, but [then there’s] the moment [when] you realise you did well and you are happy.

((Mike Halterman)) After Eurovision, you made a transformation from an unknown singing hopeful to a true recording artist. Tell us a bit about your transformation, and how you felt during this time. Also, around this time you started to perform in concerts and festivals abroad. What was your best memory from this time, when you were performing abroad and people from outside Malta not only knew who you were, but were interested in your life and music.

Chiara: Everything came like rain in my life, from one thing to the other, and before I knew it I became “Chiara of Malta.” I loved it, but I didn’t have much time to think about it. It came quickly; I went to a lot of places and sang with many people but I think what I will always remember is the concert I did with my band, where Seal was as well in the same event, in Frankfurt. It was incredible.

((Mike Halterman)) In 2005, you entered the Contest again, this time with a song you wrote yourself. What is the meaning behind “Angel,” and what kind of story do the lyrics tell about your own life and experiences?

Chiara: “Angel” is a love song and it will always have a special place in my heart. It’s about the love you give someone without wanting anything back, and the unlimited support too.

((Mike Halterman)) You achieved the best placing for Malta in Eurovision history with your performance in 2005. What did you learn from your experiences in 1998 and, in your mind, how did you improve to become more successful in 2005?

Chiara: I think it’s the maturity and the experience. [Through] the years, without knowing, you [gather] so many lessons and behave better and take things a bit more serious and so on.

((Mike Halterman)) Surely you’ve read not only supportive comments, but negative ones as well, particularly concerning your weight. At the same time, however, you have become a role model of sorts for fuller-figured women across Europe, who aren’t accustomed to seeing “people like them” at Eurovision. How did you deal with the negativity, both in the context of the Contest and in your personal life, and what message do you hope to give to full-figured women who look to you for inspiration?

Chiara: Well, I have always been “full figured,” as you put it. I have spent time in my life trying to become as thin as I could, but I could never make it. Through the years I have learnt to accept myself and love me for what I am and how I look. I feel I have nothing less than others and my advice is to be happy with yourself, and love yourself, because you can never get someone to love you if you yourself don’t.

((Mike Halterman)) Tell us about the emotions you convey in the song “What If We.” Every song has a story, so what is the story played out in this song?

Chiara: The story for me with this song is completely about my father. He was the one to contact Marc [Paelinck] and he was the machine behind Eurovision for me, so he’s entirely what this song is about for me and being that he passed away three months ago, well, it makes the song very special when I sing it.

((Mike Halterman)) If you had to absolutely pick one song, which of the three songs you’ve submitted is your favorite, and why?

Chiara: The three songs [each] have a story of [their own]. “The One That I Love” gave me my whole career, my fame and everything I am today so i can never forget it; “Angel” is too special because it’s like my baby, I wrote it myself; and “What If We” is very deep in my heart because of my dad, so I can never choose between them. Sorry!

((Mike Halterman)) What are your plans for after the Contest? What kinds of projects would you like to pursue? Have you considered launching a singing career in the United States?

Chiara: My immediate project after the festival is an album which I have already started working on, in my style [which] is completely ballads, then wherever that takes me I’ll go, [whether it be] the U.S. or elsewhere.

((Mike Halterman)) Finally, what would you like to tell all of your fans, awaiting your performance this May in Moscow?

Chiara: I would like to thank them for the ongoing support they have always showed me, and promise them I will give them my all on the performance night in Moscow.

Retrieved from “https://en.wikinews.org/w/index.php?title=Eurovision_%2709_competitor_Chiara_talks_about_her_current_song_%22What_If_We%22_and_her_past_accolades&oldid=1979128”

Final launch of Space Shuttle Discovery delayed until at least Thursday

Wednesday, November 3, 2010

Space Shuttle Discovery’s final launch on the STS-133 mission to the International Space Station has been delayed at least an additional day. Launch is now targeted for 3:29 PM EDT on Thursday.

The launch was originally scheduled for this past Monday, but was delayed two days because of helium and nitrogen leaks on board the shuttle.

Technicians are now working to repair technical glitches discovered yesterday on a main engine control computer.

The weather outlook, however, appears to be unfavorable for the new targeted launch day; there is an 80 percent chance of undesirable weather, according to the NASA space shuttle weather officer Kathy Winters.

The mission management team (MMT) is meeting today to discuss and troubleshoot Discovery’s newfound electrical problems.

STS-133 is scheduled to be an 11-day mission to the International Space Station to ship supplies to the crew, as well as additional components for the orbital outpost’s construction, including the Permanent Multipurpose Module and the third of four ExPRESS Logistics Carriers. The mission is the 133rd of the Space Shuttle Program and the 39th of Discovery.

Retrieved from “https://en.wikinews.org/w/index.php?title=Final_launch_of_Space_Shuttle_Discovery_delayed_until_at_least_Thursday&oldid=4409772”

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.”

Retrieved from “https://en.wikinews.org/w/index.php?title=Market_maker_Bernard_L._Madoff_arrested_in_$50B_%27giant_Ponzi_scheme%27&oldid=4561285”