Programmers Arrested in Ponzi Scheme

In another development to the massive ponzi scheme perpetuated by Wall Street financier Bernard L. Madoff, investigators associated with the case today arrested two computer programmers working at Bernard Madoff’s firm, Bernard L. Madoff Securities LLC. The two programmers, who worked on the 17th floor, were charged with falsifying documents and conspiracy.

The two programmers allegedly developed detailed programs to generate reams of bogus transactions that Bernard Madoff supposedly contracted in to deliver his high-rolling clients consistently high returns, even during years when the markets suffered. Prosecutors also filed lawsuits attempting to seize the programmer’s assets, including homes on Long Island in New York and  in East Brunswick, New Jersey. The two programmers also allowed higher ups, including Bernard Madoff himself, to alter records on the fly to make the situation appear as if he had engaged in thousands of bogus transactions to generate investment returns for his clients.

Article sourced from Bloomberg

Bloomberg Article- Programmers Arrested in Ponzi Scheme

Russia Sets Out to Modernize

In a move that has been done for centuries, Russian President Dimitry Medvedev today announced that the Russian economy needs to modernize and move away from its existing model of being focused on oil. He is also targeting inefficient state-owned enterprises for modernization, in a search for additional efficiencies to boost the Russian economy.

His move also serves as a stand on former Russian President and current Prime Minister Vladimir Putin’s economic policies, who centralized economic power within the country. Dimitry Medvedev also is aiming to increase foreign investment within the country, as Russian borrowing has led many Russian companies to the brink of collapse, causing them to seek the support of the Russian government.

Article sourced from Wall Street Journal

Wall Street Journal Article-Russia Sets Out to Modernize

United Pilot Arrested for Being Drunk

A United Airlines pilot about to start on a flight from London Heathrow to Chicago was arrested for being drunk, with a Blood Alcohol Level over the limit recommended for airline pilots.

He was about to fly a Boeing 767 with 124 passengers and 11 crew members aboard when he was arrested.

United has suspended the pilot in question pending an investigation.

Article sourced from Reuters

Reuters Article- United Pilot Arrested for Being Drunk

H1N1 Vaccine Supply Increasing

The supply of vaccines designed to protect people against the H1N1 virus, more commonly known as “Swine Flu,” is increasing across the nation as officials face a new challenge of getting the vaccinations to people.

State and local health officials continue to face problems in distributing the vaccine, as many local government agencies have furloughed workers and shortened office hours to cope with the worsening economy.

Google, in partnership with the U.S. government, is providing a maps tool to help people locate clinics where they can obtain a regular flu vaccine or the H1N1 Swine Flu vaccine.

Production output continues to rise, and Sanofi-Aventis, one of the producers of the Swine Flu vaccine, expects to have shipped 75 million doses of the vaccine throughout the U.S. by mid-December.

Article sourced from Reuters

Reuters Article- H1N1 Vaccine Supply Increasing

 

Health Care Reform Passes House

In a 220-215 vote in the House of Representatives, the House passed one of the most all-encompassing health care reform bills since the creation of Medicare nearly 44 years ago. The narrow margin of victory in the House of Representatives shows the difficulty the health care bill has in the Senate, where it heads next.

This health care plan would provide health coverage for an additional 36 million people, reducing the percentage of uninsured Americans from 17% to 4% by 2019. The vote was marked with 39 Democrats voting against the measure, and one lone Republican supporting it, Louisiana representative Anh “Joseph” Cao.

The bill includes over $1 trillion in new spending while also reducing the deficit by $106 billion over the next decade. The House bill will have to be merged with the existing bill in the Senate before it can proceed further.

Article sourced from the Los Angeles Times

Los Angeles Times Article- Health Care Reform Passes House

Unemployment Rate Hits New High

A Labor Department report today indicated that the U.S. unemployment rate hit a high unseen since 1983, as unemployment hit 10.2%, and payrolls fell by about 190,000 people last month.

The outlook for November and December did not look strong either, as all forecasts point towards firms not embarking on any major hiring sprees . Many laid-off employees run the risk of unemployment benefits running out, leaving them with no safety net to cover basic living expenses.

The rising unemployment rate is becoming a risk for Democrats, who have to face mid-term elections in 2010, and recent gubernatorial elections have shown Republicans picking up steam in New Jersey and Virginia, states President Obama carried in 2008.

Article sourced from Bloomberg

Bloomberg Article- Unemployment Rate Hits New High

UN Temporarily Relocates Afghanistan Workers

The United Nations today announced that due to security concerns, the organization would be temporarily relocating some of its workforce outside the country while it reviews security arrangements for its workforce. The temporary relocation is not a sign of withdrawal, as the United Nations remains committed to Afghanistan. The security reassessment comes amidst a recent attack on a Kabul UN guesthouse that killed five workers.

The United Nations has about 5,600 employees in Afghanistan, with over 80% of the workforce Afghan citizens. Staffers should be back to work within the country within a few weeks, according to the UN. Those being relocated are primarily foreign staffers, and the U.N. added that major programs within the country would not be affected.

Article sourced from the Los Angeles Times

Los Angeles Times Article- UN Temporarily Relocates Afghanistan Workers

U.S. Officials in Myanmar

U.S. government officials today met with Myanmar pro-Democracy leader Aung San Suu Kyi, a sign that the tensions between the U.S. government and Myanmar ruling junta are thawing.

The meeting lasted two hours at a private hotel in Yangon, and represent the highest-level meet between the U.S. and Myanmar since 1995 when Madeline Albright visited the region. Talks were also held with the existing ruling government.

Aung San Suu Kyi has been kept under house arrest for 14 of the past 20 years, and was recently convicted to additional years of house arrest for hosting an American guest who swam to her home. U.S. attempts to seriously negotiate with the ruling junta have thus far been quite unsuccessful.

Article sourced from the Los Angeles Times

Los Angeles Times Article- U.S. Officials in Myanmar

German Tax Revenues Fall Short

The economic recovery currently underway in Germany appears to be a recovery that will not generate enough new tax revenues for the country to cover a plan designed to cut taxes without raising debt or reducing spending.

The Finance Ministry, in preparation for a meeting between finance-ministry officials and tax experts in Germany projects that tax revenues will fall short of the prior administration’s estimates, although the panel also expects tax revenues to exceed expectations in 2010.

This estimate, however, comes before proposed tax breaks that the new administration has proposed.

Article sourced from the Wall Street Journal

Wall Street Journal Article- German Tax Revenues Fall Short

Ford Posts Profit

In an unexpected announcement today, Ford Motor Company announced that it had posted a profit in the third quarter, making a profit of $997 million, marking the first profitable quarter the automaker has had in four years.

The company also announced that it had stopped bleeding cash, pointing to a positive cash flow in the third quarter and ending the quarter with 23.8 billion in cash. The company now expects to be solidly profitable in 2011.

Ford was helped in the third quarter by Cash For Clunkers sales, although internal cost cuts and higher transaction prices for its vehicles also bosoted the bottom line.

Ford has also done well recently with favorable press from Consumer Reports deeming Ford the only of Detroit’s three automakers to have world-class reliability on par with Honda and Toyota, although as recently as two years ago the automaker was seen as the most sickly of the Detroit Three, a distinction that now falls to the Fiat-owned Chrysler Group.

Article sourced from the New York Times

New York Times Article- Ford Posts Profit