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SEC Investigating Jobs' Heart Attack Story
The Securities and Exchange Commission (SEC) has launched an investigation into whether the false claims that Apple CEO Steve Jobs suffered a heart attack were meant to drive down Apple's pricey stock.
The report appeared early on Friday morning on CNN's iReport.com, a "citizen journalism" site with stories written and submitted by readers. Such sites have become increasingly popular with news outlets, as everyday people have frequently been on the scene of major events and news scenes and their camera phone pictures were the first images shown from the event.
In this case, it backfired. A story from "Johntw" said, in part, "Steve Jobs was rushed to the ER just a few hours ago after suffering a major heart attack. I have an insider who tells me that paramedics were called after Steve claimed to be suffering from severe chest pains and shortness of breath."
iReport's readers labeled it as fraudulent, and Apple was forced to quickly issue a denial. However, Apple's stock took a big hit in the process, plunging 10 percent in less than 10 minutes before recovering to close down three percent. However, it was a down day on the market so most stocks closed down.
A CNN spokesperson told the Associated Press it would provide the SEC with information on "Johntw," and that he had never posted an iReport story before.
[End of excerpt]
Full story at link by Andy Patrizio// internetnews.com
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Image by Wikipedia user Matthew Yohe
http://en.wikipedia.org/wiki/Image:Steve_Jobs.jpg
Licensed under Creative Commons Attribution 3.0 Unported
http://creativecommons.org/licenses/by/3.0/ The Securities and Exchange Commission (SEC) has launched an investigation into whether the false claims that Apple CEO Steve Jobs suf... more -
'Breakthrough' reported on bailout deal
WASHINGTON - Key lawmakers in both parties and Treasury Secretary Henry Paulson made a "breakthrough" on the multibillion-dollar government bailout of distressed financial companies, they said early Sunday.
In a dramatic press conference at the Capitol after midnight, Senate Majority leader Harry Reid, D-Nev., said there had been a "breakthrough" in the negotiations, and Paulson said that "I think we're there," although details remained to be worked out overnight. Reid said there would be an announcement later Sunday.
"We've made great progress," House Speaker Nancy Pelosi told reporters after a night of marathon talks. "We have to get it committed to paper so we can formally agree." WASHINGTON - Key lawmakers in both parties and Treasury Secretary Henry Paulson made a "breakthrough" on the multibillion-do... more -
Two Republicans From The Security and Exchange Commission Express Their Support fo...
Long before the public was aware of how much trouble our economy would be in, Senator Barack Obama called the former head of the SEC, Bill Donaldson, and asked for the best strategy to help America get out of the financial meltdown. Donaldson, a Republican who was appointed by President George Bush was so impressed that he is now expressing his support for Obama as the next President of the United States. Long before the public was aware of how much trouble our economy would be in, Senator Barack Obama called the former head of the SEC, ... more
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McCain loses his head
"Under the pressure of the financial crisis, one presidential candidate is behaving like a flustered rookie playing in a league too high. It is not Barack Obama."
When George F. Will starts railing against the Republicans you know something is wrong. "Under the pressure of the financial crisis, one presidential candidate is behaving like a flustered rookie playing in a league t... more -
Tiny Wofford College Loses Upset to South Carolina in Final Two Minutes
Tiny Wofford College, the smallest school playing NCAA Div-I football, with only 1,250 students, almost pulled off a shocking upset of The University of South Carolina on Saturday night.
Playing before 76,600 football fans at Carolina's Williams-Brice Stadium in Columbia, South Carolina, the spunky Wofford Terriers pulled to within 16-13 in the fourth quarter. But South Carolina managed to score a touchdown in the final two minutes Saturday night to edge out a last-minute 23-13 victory.
This article includes photographs and video highlights of the game. Tiny Wofford College, the smallest school playing NCAA Div-I football, with only 1,250 students, almost pulled off a shocking upset of... more -
Cheney colleague admits bribery in Halliburton oil deals - Criminal investigation ...
Criminal investigations of former Halliburton subsidiary Kellogg Brown and Root (KBR), for alleged bribery in the construction of Nigeria’s $10 billion liquefied natural gas (LNG) export plant on Bonny Island, have been widened to cover the past 20 years of Halliburton’s operations in Nigeria. Investigators will also probe accusations of embezzlement by senior executives, and Halliburton’s relations with other multinationals, including Royal Dutch Shell.
Halliburton recently dismissed two of its most senior executives, Robert Stanley and William Chaudin, on suspicion of embezzling $5 million from a Nigerian energy project.
The initial claim, which started the investigation some six years ago, was that Halliburton and others working on a gas export project conspired to win a $5 billion construction contract in 1995 by establishing a $180 million slush-fund to bribe Nigerian officials, and to reward Western contractors between 1994 and 2002, which includes the period when US Vice-President Dick Cheney was Halliburton’s chairman and CEO (1995-2000). Such payments are illegal under a 1997 convention barring “bribery of foreign public officials in commercial negotiations,” adopted by the Organization for Economic Cooperation and Development.
Cheney was also at the helm when, on March 18, 1999, Halliburton and the consortium paid $37.5 million to British lawyer Jeffrey Tesler, who served as a consultant to KBR after it was formed in a 1998 merger between Halliburton and Dresser Industries, which Cheney engineered. This and three other similar payments to Tesler are some of the key points in the investigation by French, British, US and Nigerian police.
Halliburton’s April 25, 2008 quarterly filing to the New York-based Securities & Exchange Commission (SEC), which regulates companies that sell stock on public markets, marks the first time that specific evidence was cited to support claims that Halliburton bribed Nigerian officials in violation of the US Corrupt Foreign Practices Act (CFPA) while Cheney was the company’s CEO and, as such, responsible for its books.
This is not the first time that Halliburton has been pursued by the SEC. During the 2004 US presidential campaign, the company agreed to a $7.5 million settlement with the SEC over suspect accounting practices that took place during Cheney’s affiliation with Halliburton.
The accusation was that Halliburton had changed the way in which it accounted for construction revenues in 1998 and did not report that change to investors for more than a year, a violation of securities rules. This caused the company’s public statements regarding its income to be materially misleading in boosting Halliburton’s paper profits by $120 million, and giving Wall Street the false impression that Halliburton was profitable between 1998 and 1999, so boosting the value of its stock and helping Cheney earn more than $35 million when he sold his shares in 2000.
Accounting irregularities at Halliburton exceeded $234 million during Cheney’s tenure, according to documents obtained by the watchdog group Center for Public Integrity. However, the lack of media coverage of this issue, especially within the US, is indicative of the fact that it is highly unlikely that the US Justice Department will pursue Cheney over the Nigerian scandal even if the alleged bribery and embezzlement did take place on his watch. Criminal investigations of former Halliburton subsidiary Kellogg Brown and Root (KBR), for alleged bribery in the construction of Nige... more -
The massive bailout ...
Urgently moving on multiple fronts to stem the worst financial crisis in decades, the government moved Friday to protect money market mutual funds against losses and temporarily banned short-selling of company stocks. The Treasury Department asked Congress to give it sweeping power to buy up toxic debt that has unhinged Wall Street.
President Bush authorized Treasury to tap up to $50 billion from a Depression-era fund to insure the holdings of eligible money market mutual funds.
The dramatic action comes as Treasury Secretary Henry Paulson and Federal Reserve Chairman Ben Bernanke are crafting a massive rescue plan to ...
(Read the rest at link ...) Urgently moving on multiple fronts to stem the worst financial crisis in decades, the government moved Friday to protect money market ... more -
SEC bans short-selling
The Securities and Exchange Commission took the dramatic step early Friday of temporarily banning the routine practice of betting against company stocks.
The move, announced on the agency's Web site, may well be unprecedented and a reflection of regulators' concern about the widening scope of the financial crisis as entreaties come from all quarters to stem a swarm of short-selling.
In the announcement, the commission said it was acting in concert with the U.K. Financial Services Authority in taking emergency action to "prohibit short selling in financial companies" to protect the integrity of the securities market and boost investor confidence.
"The commission is committed to using every weapon in its arsenal to combat market manipulation that threatens investors and capital markets," SEC chairman Christopher Cox said in a statement. "The emergency order temporarily banning short-selling of financial stocks will restore equilibrium to markets."
The move, he said, would not be necessary in a well-functioning market and is only a The Securities and Exchange Commission took the dramatic step early Friday of temporarily banning the routine practice of betting agai... more -
SEC Bans Short-Selling
The Securities and Exchange Commission took the dramatic step early Friday of temporarily banning the routine practice of betting against company stocks. The Securities and Exchange Commission took the dramatic step early Friday of temporarily banning the routine practice of betting agai... more
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Cal Bears Examiner: No pressure for Cal Bears - thanks to the so-called 'expe...
So Saturday morning, in anticipation of the game, I'm driving around getting supplies for the home opener and listening to Fox Sports radio. One of the pundits on the radio continues to annoy me, and I just know this guy has never been anywhere west of the Mississippi. He keeps saying,... So Saturday morning, in anticipation of the game, I'm driving around getting supplies for the home opener and listening to Fox Sp... more
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The US Financial System gets audited
...and the Walls come tumbling down. Watch what happens on Wall Street when this gets around the mainstream news media...if it ever does.
From the article:
As part of the assessment, the Fed, the Securities and Exchange Commission (SEC), the major investment banks, mortgage banks and hedge funds will be asked to hand over confidential documents to the IMF team. They will be required to answer the questions they are asked during interviews. Their databases will be subjected to so-called stress tests -- worst-case scenarios designed to simulate the broader effects of failures of other major financial institutions or a continuing decline of the dollar.
Under its bylaws, the IMF is charged with the supervision of the international monetary system. Roughly two-thirds of IMF members -- but never the United States -- have already endured this painful procedure.
For seven years, US President George W. Bush refused to allow the IMF to conduct its assessment. Even now, he has only given the IMF board his consent under one important condition. The review can begin in Bush's last year in office, but it may not be completed until he has left the White House. This is bad news for the Fed chairman. ...and the Walls come tumbling down. Watch what happens on Wall Street when this gets around the mainstream news media...if it ever d... more -
Broadcom co-founder facing drug and securities charges
SANTA ANA, Calif. - Broadcom Corp. co-founder Henry T. Nicholas III was indicted Thursday on fraud, conspiracy and drug charges — including allegations he spiked the drinks of technology executives and customer representatives with ecstasy and maintained a warehouse for ecstasy, cocaine and methamphetamine.
The charges were contained in two indictments unsealed by federal authorities.
One details the drug accusations and the other charges Nicholas with violations related to improperly accounting for backdating stock options while he led the computer and cell phone chip maker.
That indictment also names Broadcom's former chief financial officer, William J. Ruehle, who faces conspiracy, securities fraud and other charges. He is not charged with drug violations.
Thom Mrozek, spokesman for the U.S. Attorney's office, said Nicholas was in custody after turning himself in to FBI agents in Santa Ana.
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Damn, I knew I had to watch my drinks at bars and clubs, but apparently at the Broadcom office too. Yikes! SANTA ANA, Calif. - Broadcom Corp. co-founder Henry T. Nicholas III was indicted Thursday on fraud, conspiracy and drug charges — incl... more -
Congress wants Justice Department to investigate the BCS's corruption...
Well, since Congress and the Justice Department have some free time, they can tackle the issues that really matter...
Ending the corruption circles that run college football and the BCS...
Year in, and year out, the upstairs politics in college football do everything they can to make sure that the SEC, Big 12, and Big Ten reap in the benefits from the BCS year after year despite not necessarily outplaying the competition in the Pac 10, Big East, and mid majors year after year... Well, since Congress and the Justice Department have some free time, they can tackle the issues that really matter... ... more -
Current Files for $100M IPO
"In its Securities and Exchange Commission filing, the company stated that, "We believe the combination of our television and Internet platforms creates an immersive and interactive viewer experience for our growing global audienceÃ??"
In 2006 and 2007, Current Media stated that it recorded revenue of $37.9 million and $63.8 million, respectively. It also noted that operating losses were $4.8 million in 2006 and $6.1 million in 2007.
The company did not state how many of the 200 million Class A shares will be sold or an expected price. Besides Gore, shareholders in the company include Blum Capital Partners, Yucaipa Corporate Initiatives Fund I, L.P, DirectTV and Comcast CTV Holdings.
Current Media did not reveal what equity stake Gore, an executive chairman, had in the company. The former VP and Chief Executive Joel Hyatt will control all shares of the Class B stock, which carries super-voting power." "In its Securities and Exchange Commission filing, the company stated that, "We believe the combination of our television an... more -
Criminal collapse of Citibank and Morgan Stanley imminent
A stolen sum totalling $4.5 trillion (four and a half trillion American dollars) is being held illegally in a suspense account at Citibanks offices at 399 Park Avenue, New York, USA.
The USA Treasury Secretary, Henry Paulson, is centrally involved in the administration of this theft. It is said that Paulson cannot now travel to Europe without being arrested. On Tuesday 20th October 2007, the Chinese authorities pressed Paulson to instruct release of the $4.5 trillion.
The money originally came from The People's Bank of China in June 2006, at the time when Henry Paulson took over as USA Treasury Secretary in Washington.
Also on Tuesday 30th October 2007, the Provost Marshal for the USA (Brigadier General Rodney Johnson), visited Citibank. Everything was set ready for payment of the $4.5 trillion to be made into the AmeriTrust Groupe securities account at Morgan Stanley at the latest by 6.00pm on Wednesday 31st October. This payment was not made.
Citibank and Morgan Stanley appear to be mired in a criminal conspiracy with the USA Treasury and the USA White House which will result in the arrest, in the USA, of William R. Rhodes (Chairman of Citibank), John Mack (Chairman of Morgan Stanley) and Henry Paulson (USA Treasury Secretary).
Now that this matter is in the public domain, it is possible that the affair will bring down not just Citibank and Morgan Stanley, but also the American Stock Market and the White House.
The $4.5 trillion is a key sub-component of the much larger NESARA funds shortly to be announced. A stolen sum totalling $4.5 trillion (four and a half trillion American dollars) is being held illegally in a suspense account at Citi... more
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