Thinktank recommends changes to Australian student fees

Tuesday, February 28, 2006

The Centre for Independent Studies has released a paper calling for reform of university student fees system. The paper, authored by Andrew Norton, argues that the cap on loans to full fee paying students is too low. The current cap allows for loans during a lifetime of AU$50,950.

“Setting the FEE-HELP limit at this amount biases the market against courses that are long or have high per year costs, or both,” argues Norton in the paper. “The loan cap is a crude way of controlling lending, taking no account of course costs or capacity to repay.”

According to Norton, this undermines student choice and competition. He argues that the system should function more like commercial lending.

“A truly radical reform would make student loans mimic commercial loans: students with good earning prospects could borrow large sums, other students could borrow less, and some could not borrow at all,” he said. “Instead of denying or limiting loans to people doing high cost courses, as now occurs, the government could deny loans to people who are unlikely to repay.”

The paper was criticised by Senator Kerry Nettle, Education Spokesperson for the Australian Greens. She argued that the changes would mean an increase in costs to students already struggling to pay, and called on Education Minister Julie Bishop to rule out the changes.

“To consider refusing loans to those deemed less able to repay would further cut off higher education for Australians from low socio-economic backgrounds,” she said. “Julie Bishop should use her address to the National Press Club tomorrow to rule out any moves to further deregulate the HECS system.”

“Student fees have spiralled upward under the Howard government and any further deregulation would just make a bad system worse,” she added.

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Market maker Bernard L. Madoff arrested in $50B ‘giant Ponzi scheme’

 Correction — January 10, 2009 This article incorrectly states that Mr Madoff attended Hofstra University Law School. His education was actually with Hofstra College, which he graduated from in 1960. 

Friday, December 12, 2008

Top broker and Wall Street adviser Bernard L. Madoff, aged 70, was arrested and charged by the FBI on Thursday with a single count of securities fraud, also known as stock fraud and investment fraud. He allegedly told senior employees of his firm on Wednesday that his $50 billion business “is all just one big lie” and that it was “basically, a giant Ponzi scheme (since at least 2005).” Mr. Madoff faces up to 20 years imprisonment and a fine of up to $5 million. FBI agent Theodore Cacioppi said Mr. Madoff’s investment advisory business had “deceived investors by operating a securities business in which he traded and lost investor money, and then paid certain investors purported returns on investment with the principal received from other, different investors, which resulted in investors’ losses of approximately $50 billion dollars.”

The former chairman of the Nasdaq Stock Market is also the founder and primary owner of Bernard L. Madoff Investment Securities LLC, the closely-held market-making firm he launched in 1960. The firm is one of the top market maker firms on Wall Street. He founded his family firm with an initial investment of $5,000, after attending Hofstra University Law School. He saved the money earned from a job lifeguarding at Rockaway Beach in Queens and a part time job installing underground sprinkler systems.

A force in Wall Street trading for nearly 50 years, he has been active in the National Association of Securities Dealers (NASD), a self-regulatory organization for the U.S. securities industry. His firm was one of the five most active firms in the development of the NASDAQ, having been known for “paying for order flow,” in other word paying a broker to execute a customer’s order through Madoff. He argued that the payment to the broker did not alter the price that the customer received. He ran the investment advisory as a secretive business, however.

Dan Horwitz, counsel of Mr. Madoff, in an interview, said that “he is a longstanding leader in the financial-services industry with an unblemished record; he is a person of integrity; he intends to fight to get through this unfortunate event.” Mr. Madoff was released on his own recognizance on the same day of his arrest, after his 2 sons turned him in, and posting $10 million bail secured by his Manhattan apartment. Without entering any plea, the Court set the preliminary hearing for January 12.

Madoff’s hedge fund scheme may rank among the biggest fraud in history. When former energy trading giant Enron filed for bankruptcy in 2001, one of the largest at the time, it had $63.4 billion in assets. The scheme would dwarf past Ponzis, and it would further be nearly five times the telecommunication company WorldCom fraud and bankruptcy proceedings in 2002.

The Securities and Exchange Commission filed a separate civil suit on Thursday against Bernard L. Madoff Investment Securities and its eponymous founder Mr. Madoff. It was docketed as “U.S. v. Madoff,” 08-MAG-02735, by the U.S. District Court for the Southern District of New York (Manhattan). SEC, New York associate director of enforcement, Andrew M. Calamari, asked the judge to issue seizure orders on the firm and its assets, and appoint a receiver. The SEC pleads, among others, that “it was an ongoing $50 billion swindle; our complaint alleges a stunning fraud that appears to be of epic proportions.” It further accused the defendant of “paying returns to certain investors out of the principal received from other, different investors” for years. Madoff’s hedge fund business had previously claimed to have served between 11 and 25 clients and had $17.1 billion in assets under management. But virtually all of the assets were missing.

United States District Court for the Southern District of New York Louis L. Stanton on Thursday appointed Lee Richards, a Manhattan lawyer, as the firm’s receiver. A hearing is set for Friday, for a ruling on the SEC’s petition to grant plenary powers to the receiver over the entire firm, and an absolute asset sequestration.

Doug Kass, president of hedge fund Seabreeze Partners Management said that “this is a major blow to confidence that is already shattered — anyone on the fence will probably try to take their money out.”

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US automaker GM reports losses of $6 billion

Thursday, May 7, 2009

United States automobile company General Motors announced it has lost US$6 billion in the first quarter of 2009, amidst heavy declines in revenues. Not including special items, the firm said it had lost a net $5.9 billion dollars, or $9.66 per share.

In the first quarter of last year, GM had reported a loss of $381 million, or $0.67 per share. Most financial analysts had forecast the automaker’s losses to be over $6.7 billion, or $11.05 per share. GM had also reported that it had spent $10.2 billion in an effort to prevent bankruptcy. The manufacturer has received over $15 billion in bailout money from the federal government.

The company has a deadline set at June 1 to draw up a restructuring plan. If it doesn’t do so by then, it will be obliged to file for bankruptcy protection.

“We’re focusing very much on the cost side of the business but once you start losing revenues you get into a vicious circle from which you can’t recover,” said Ray Young, the chief financial officer for GM.

“We continue to see a 60-80 percent chance of a GM bankruptcy. While the GM equity today is largely uninvestable, we increasingly believe GM may emerge substantially stronger from a bankruptcy – provided the Chapter 11 process is not overly drawn out – particularly given the scope of targeted dealer cuts,” analyst Himanshu Patel said.

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US considers taxing earnings from online games

Sunday, October 22, 2006

Transactions in online game EVE

With online gaming in persistent worlds becoming more prevalent, a US congressional committee has begun to look into the tax implications of these booming online economies. Games such as World of Warcraft and Second Life have large player driven economic systems in which – either following the rules or against them – real world currencies are exchanged for in-game currencies. With the GDP of some of these economies rivaling that of some small countries, the US government is wondering if it is missing out on a potential source of tax revenue: or as some gamers might put it, the IRS is asking “You buy gold?”.

In cases where exchange of a real world currency for in-game currency is permitted by the rules of the game, some of these online games such as Second Life require that players report any income generated by these means to his or her government. In most on-line games however, a black market exists where players buy and sell in-game currencies in direct violation of the game’s rules; situations involving black markets are notoriously hard to tax.

Compounding the issue of currency exchange is the existence of in-game assets. In the real world if someone wins a luxury vehicle, he or she is expected to pay a capital gains tax on his or her winnings. If a 40 person “raid” in World of Warcraft gets a rare “drop,” worth up to thousands of dollars if sold illegally, should they be required to pay a capital gains tax?

Even if the issue of capital gains is ignored, there is still the matter of sales tax. In many of these games, non-player characters and players alike sell items to one another. If sales tax is to be applied, at what rate should it be charged and to what State does it go? Questions such as these have just recently been answered in much less hazy situations such as online versions of brick and mortar establishments.

Dan Miller, senior economist for the Joint Economic Committee had this to say on the issue, “I found that talking about this issue with some of the other economists on the committee, they are not really familiar with what a virtual economy is. The idea of Second Life or World of Warcraft or some of these other synthetic universes, they have trouble wrapping their head around it. So there’s an educational hurdle to overcome here.”

The preliminary findings of the committee state that virtual economies deserve clarification of existing tax laws, not new taxes.

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Assassin of Turkish-Armenian journalist ‘treated as national hero’

Saturday, February 3, 2007

Hrant Dink, a Turkish-Armenian journalist, was assassinated
Placards held in Dink’s funeral reading “We are all Hrant Dink” and “We are all Armenian” in Turkish, Kurdish and Armenian. These placards were later protested by MHP and CHP, two major Turkish political parties, as well as by a militant who hijacked a ferry to protest the placards.

According to news reports from Turkey, a number of the members of the Turkish security forces, though unofficially, are treating Ogün Samast, the assassin of Hrant Dink as if he were a national hero.

For instance, after being taken into custody, Samast was filmed shoulder to shoulder with the Turkish police, in front of a Turkish flag and a quote from Turkey’s founder Atatürk: “The nation’s land is sacred. It cannot be left to fate.”

On January 24th, Ogün Samast was transferred to the Bayrampa?a prison, Istanbul’s largest prison. Before the transfer, inmates from a section of the prison were temporarily moved to another section, which, as a result, housed more than 100 inmates, 80 more than its maximum capacity. Then, the now-vacant section, often subject to inmates’ complaints regarding bedbugs, was cleaned and disinfected. Finally, the walls were painted, a brand new cotton bed was put in, and red carpet was laid out on the floors of the section.

When Samast was brought to the Bayrampa?a Prison, inmates witnessed that he was welcomed with cheers and applause by the jail management, soldiers, and the guards. Witnesses also report that Samast was given two guards to serve him. He ate kebab, a luxury food compared to the food given to other inmates.

After four days, Samast was transferred to the Kand?ra F-type Prison.

Ultra-nationalist elements of the Turkish society seem to have penetrated into the Turkish security forces. These events resulted major Turkish newspapers such as Sabah, Radikal, and Vatan to accuse the Turkish security forces and the Turkish state of supporting, endorsing, and cooperating with the killers of the journalist.

A 52 year old Turkish-Armenian journalist, Hrant Dink was assassinated in front of the Agos newspaper office, at the Istanbul district of Osmanbey, where he worked as the editor and a journalist. Dink, a brave journalist who was not afraid to discuss one of Turkey’s most controversial issues, clearly called what happened to Armenians in 1915 when the land was being governed by the Ottoman Empire the Armenian Genocide.

Following her father’s assassination, Dink’s daughter, referring to the fascist obsession with pure blood, said:

They shot my father. Is their blood purer now? They were afraid to face him, they shot him in the back.

Large numbers of people marched protesting the killing of Hrant Dink on the day of his funeral, carrying placards that read “We are all Armenian” and “We are all Hrant Dink”.

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Fifteen killed by US drone strikes in Northern Waziristan

Monday, January 3, 2011

Pakistani officials have stated that three US drone strikes have killed fifteen people in the country Saturday. The attacks occurred to the north of Miranshah town in the North Waziristan region.

Security officials in the town informed AFP that in the first strike, US drones fired four missiles on a car, killing seven suspected militants. A nearby “militant compound” was also destroyed by the missiles. “Three militants were killed in the car while four were killed in the house,” the official said. The second attack occurred within minutes of the first, and four militants, who were carrying on rescue work were killed by the two missiles that had been fired.

Intelligence officials believe that the militants were associated with Hafiz Gul Bahadur. “We are trying to establish identity of the militants but most of them are believed to be fighters of Hafiz Gul Bahadur,” an official told the media. However, the death toll and the identity of those killed was not officially confirmed. A local official stated that they had heard reports stating “that four foreigners were also killed in these fresh attacks”. However, he added that their identity is “still not known” and mentioned that they “are collecting more information.”

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Hotel development proposal could displace Buffalo, NY business owners

Buffalo, N.Y. Hotel Proposal Controversy
Recent Developments
  • “Old deeds threaten Buffalo, NY hotel development” — Wikinews, November 21, 2006
  • “Proposal for Buffalo, N.Y. hotel reportedly dead: parcels for sale “by owner”” — Wikinews, November 16, 2006
  • “Contract to buy properties on site of Buffalo, N.Y. hotel proposal extended” — Wikinews, October 2, 2006
  • “Court date “as needed” for lawsuit against Buffalo, N.Y. hotel proposal” — Wikinews, August 14, 2006
  • “Preliminary hearing for lawsuit against Buffalo, N.Y. hotel proposal rescheduled” — Wikinews, July 26, 2006
  • “Elmwood Village Hotel proposal in Buffalo, N.Y. withdrawn” — Wikinews, July 13, 2006
  • “Preliminary hearing against Buffalo, N.Y. hotel proposal delayed” — Wikinews, June 2, 2006
Original Story
  • “Hotel development proposal could displace Buffalo, NY business owners” — Wikinews, February 17, 2006

Friday, February 17, 2006

Buffalo, New York —Savarino Construction Services Corp. has proposed a $7 million hotel project at the Forest and Elmwood Avenue intersection, according to The Buffalo News. The proposal calls for a 5-story, 45,000 square-foot 80-room hotel with underground parking for at least 50 vehicles, and 4,500 square-feet of retail space on the lower level.

Hans Mobius, the owner of the five properties to be purchased in the plan (1109 to 1121 Elmwood), reportedly signed a contract with Savarino to assemble the development.

“We saw a huge opportunity to bring something to the Elmwood Village that will make sense and bring a service that’s currently not available,” said Eva Hassett, vice president of Savarino. “Elmwood is such a wonderful place to eat, shop, walk and spend time. We believe this project will add to that vibrant environment.”

Some business owners in the area see it differently. Wikinews interviewed 2 of the 4 owners whose business’s would be demolished if the development goes through.

Artist’s impression of the current proposal, the Elmwood Village Hotel. Image: design/elmwood hotel.asp The Frizlen Group.

Nancy Pollina, of Don Apparel at 1119 Elmwood, who found out about the development only yesterday, said she is “utterly” against the proposal. Her apparel shop has stood at the same location for nearly 14 years. She has volunteered in the community, and helped create several gardens around bus shelters in the city, and served on Forever Elmwood Board for six years as head of Beautification. Patty Morris co-owns Don Apparel with Pollina.

“To say this is a good looking project, I want to say the emperor has no clothes. This [project] does not take into consideration the needs of the college students. I have been told by college students, these shops here, are the reason they leave the campus,” said Mrs. Pollina.

Buffalo State College is 500-feet from the intersection.

Michael Faust, the owner of Mondo Video said, “Well, I do not really want to get kicked out of here. The landlord was very open, and the deal he made with me when I moved in here was ‘the rent is cheap and I [the landlord] will not fix anything and that will not change.'” Faust said he first learned of the development plan, “about 48 hours ago. I found out on Tuesday when the Buffalo News called and asked for my opinion on this.” Faust has not said if he will make plans to relocate. “We have to see if this [house] is going to get knocked down first,” said Faust.

An “informational” meeting, where citizens can voice opinions and learn about the proposal, will be held on Tuesday February 21, 2006 at 5:00pm (eastern), at the Burchfield-Penney Art Center Gallery at Buffalo State College, Rockwell Hall.

Executive director of Forever Elmwood Corporation, Justin P. Azzarella would not comment on whether or not the organization supports the development, saying, “you will just have to come to the meeting.”

Forever Elmwood Corp. is designed to preserve and protect the unique and historic nature of Elmwood Avenue and its surrounding neighborhoods and encourage neighborhood commercial revitalization. The organization was founded in 1994.

These businesses will be afftected by the development, Don Apparel, H.O.D. Tattoo, Skunk Tail Glass, and Mondo Video. Image: Jason Safoutin.

Nearly two years ago, the Forever Elmwood Corp. assisted in the blocking of the demolition of the Edward Atwater house at 1089 Elmwood next to Pano’s Restaurant which is at 1081 Elmwood. Owner Pano Georgiadis wanted to expand his restaurant onto the property where the house now stands, but the Common Council denied his permit to demolish saying the house is a historical landmark and needs to be protected. Georgiadis, who has a bleeding ulcer, said that all the court cases landed him in the hospital. “I got a bleeding ulcer, and since then, I don’t care about this house anymore, or this city. I just go to work every day. I think [preservationists] are parasites,” said Georgiadis.

Georgiadis will not be attending Tuesday’s meeting saying, “I will be out of town.”

In 1995 Hans Mobius proposed a plan to develop a Walgreens, that was to be placed in the same location, but residents and business owners shot down the proposal. Walgreens eventually withdrew its request for a variance after pressure from the community.

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Prince William marries Kate Middleton—live updates

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Lobby groups oppose plans for EU copyright extension

Tuesday, February 26, 2008

The European Commission currently has proposals on the table to extend performers’ copyright terms. Described by Professor Martin Kretschmer as the “Beatles Extension Act”, the proposed measure would extend copyright from 50 to 95 years after recording. A vast number of classical tracks are at stake; the copyright on recordings from the fifties and early sixties is nearing its expiration date, after which it would normally enter the public domain or become ‘public property’. E.U. Commissioner for the Internal Market and Services Charlie McCreevy is proposing this extension, and if the other relevant Directorate Generales (Information Society, Consumers, Culture, Trade, Competition, etc.) agree with the proposal, it will be sent to the European Parliament.

Wikinews contacted Erik Josefsson, European Affairs Coordinator for the Electronic Frontier Foundation (E.F.F.), who invited us to Brussels, the heart of E.U. policy making, to discuss this new proposal and its implications. Expecting an office interview, we arrived to discover that the event was a party and meetup conveniently coinciding with FOSDEM 2008 (the Free and Open source Software Developers’ European Meeting). The meetup was in a sprawling city centre apartment festooned with E.F.F. flags and looked to be a party that would go on into the early hours of the morning with copious food and drink on tap. As more people showed up for the event it turned out that it was a truly international crowd, with guests from all over Europe.

Eddan Katz, the new International Affairs Director of the E.F.F., had come over from the U.S. to connect to the European E.F.F. network, and he gladly took part in our interview. Eddan Katz explained that the Electronic Frontier Foundation is “A non-profit organisation working to protect civil liberties and freedoms online. The E.F.F. has fought for information privacy rights online, in relation to both the government and companies who, with insufficient transparency, collect, aggregate and make abuse of information about individuals.” Another major focus of their advocacy is intellectual property, said Eddan: “The E.F.F. represents what would be the public interest, those parts of society that don’t have a concentration of power, that the private interests do have in terms of lobbying.”

Becky Hogge, Executive Director of the U.K.’s Open Rights Group (O.R.G.), joined our discussion as well. “The goals of the Open Rights Group are very simple: we speak up whenever we see civil, consumer or human rights being affected by the poor implementation or the poor regulation of new technologies,” Becky summarised. “In that sense, people call us -I mean the E.F.F. has been around, in internet years, since the beginning of time- but the Open Rights Group is often called the British E.F.F.

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Australia: Wikinews interviews David Liebelt, South Gippsland local election candidate

Monday, September 27, 2021

Since June 2019, the people of South Gippsland Shire, located at the southernmost tip of Australia, have been without a local council, after a state government inquiry found “high levels of tension” within the council. Administrators were appointed by the Victorian state government in July 2019, who have governed the shire since then. However, South Gippsland’s council is scheduled to be restored with an election to be held via post from October 5–22, 2021.

Port Welshpool in Victoria.Image: Phillip Capper.

Wikinews interviewed one of the candidates standing in this election, David Liebelt, an independent candidate running in the Coastal-Promontory Ward. The Coastal-Promontory ward covers towns such as Venus Bay, Waratah Bay, Yanakie, Foster, Port Welshpool, and Toora, and elects three councillors to the South Gippsland Shire Council.

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