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Monday, November 28, 2005

U.S. Representative Randy “Duke” Cunningham (R–CA) pled guilty today to conspiring to take bribes in exchange for using his influence as a member of the House Appropriations Committee to help a defense contractor get business. In total he pled guilty to one count of income tax evasion and four counts of conspiracy, namely mail fraud, wire fraud, bribery of public official and accepting bribes. U.S. District judge Larry A. Burns scheduled Cunnigham to be sentenced on February 27. He is facing up to 10 years in prison and nearly $500,000 in fines, as well as forfeiture of unspecified amounts of cash and property.

In the court hearing, Cunningham admitted to accepting “bribes in exchange for performance of official duties” between “the year 2000 and June of 2005”, taking “both cash payments and payments in kind” and following up by “trying to influence the Defense Department”.

The federal investigation against Cunningham was triggered by his sale of his California residence to defense contractor Mitchell Wade in late 2003. However, Wade never moved in and sold the house at a $700,000 loss three quarters of a year later. At the same time Wade’s company MZM won tens of millions of dollars in defense contracts. Subsequent investigations discovered more questionable business transactions, including interactions with the defense contractor ADCS. In his plea agreement he testified that, among other charges, he “demanded, sought and received at least $2.4 million in illicit payments and benefits from his co-conspirators in various forms, including cash, checks, meals, travel, lodging, furnishings, antiques, rugs, yacht club fees, boat repairs and improvements, moving expenses, cars and boats.”

Cunningham announced his resignation after the hearing. In a written statement released by his law firm O’Melveny & Myers LLP he declared “The truth is — I broke the law, concealed my conduct, and disgraced my high office. I know that I will forfeit my freedom, my reputation, my worldly possessions, and most importantly, the trust of my friends and family.”

Thursday, May 7, 2009

Penske Automotive Group, Inc., an Ohio-based investment group and Telesto Ventures have indicated separately that they are interested in purchasing the Saturn auto brand from General Motors (GM).

According to The Wall Street Journal, Nissan-Renault is interested in purchasing Saturn. Bloomberg, however, indicated that Nissan-Renault may be a partner of Penske’s potential bid. If Penske acquired the brand, they would distribute Saturn vehicles and outsource the assembly.

GM revealed that the Saturn brand along with Saab and Hummer were up for sale when unveiling their restructuring plans to Congress for governmental loans. While the Pontiac brand was originally to be a niche brand, GM had changed their plans recently and decided to eliminate the brand.

Telesto Ventures is an investment group that includes private equity firm Black Oak Partners LLC of Oklahoma City and several Saturn dealerships. Initially, Telesto will purchase Saturn branded cars from GM then act as a general retailer for foreign brands. Telesto is in talks with several foreign manufacturers.

The Ohio group includes many former senior auto company managers plus private financial backers, chemists and engineers who live in Michigan, Ohio, Indiana and Florida. This group plans to initially purchase cars from GM then purchase existing but closed plants due to automaker restructuring. Additionally, one of the partners indicated a willingness to accept some “legacy” cost in relation to the United Auto Workers. The Ohio group is also pursuing possible loans or other support from national and state governments.

GM is reviewing several offers for Saturn. GM has contracted with S.J. Girsky & Co. to advise them on the sale.

Aviation articles by Wikinewsie Iain Macdonald.

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Friday, April 23, 2010

The oil rig Deepwater Horizon sank yesterday after an explosion Tuesday night that left eleven people missing.

According to an officer from the US Coast Guard, the rig sank sometime in the morning. The rig had caught fire after an explosion of unknown origin occurred two days ago. 115 of the 126 workers on board the time of the explosion have been rescued after evacuating in lifeboats, either by the Coast Guard or from other ships in the area.

The remaining eleven have not been located, although Coast Guard officials have expressed optimism that they are still alive.

The environmental impacts of the explosion and subsequent sinking of the rig are unclear. While up to 13,000 gallons of crude oil per hour has been released from the rig, until now, the effects have been considered minimal, as it had been burned off in the fire. That does have the potential to change, though, according to David Rainey, vice president of the lessor of the rig, BP. The rig, built in 2001 by Hyundai Heavy Industries was owned and operated by Transocean.

The rig was located roughly 50 miles southeast of the coast of Louisiana, and was under lease to BP since 2007. It was completing the construction of a new oil well, and was constructing a layer of cement in the well to reinforce it. This is considered dangerous, as it has the potential to produce an uncontrolled release of case, called a blowout. While the cause of the explosion has yet to be determined, a blowout is considered a possibility.

One survivor of the explosion, who declined to give his name, told the The New York Times that he was laying in bed when the explosion happened. “It caught me by surprise. I’ve been in offshore 25 years, and I’ve never seen anything like that,” he recalled.

Stanley Murray, the father of another survivor named Chad, an electrician, said: “My son had just walked off the drill floor.” However, Murray said that a neighbor did not make it in time, adding that his son told him that the missing eleven workers could not have made it out alive. “The eleven that’s [sic] missing, they won’t find them,” Murray said.

Sunday, July 9, 2006

Italy converted five immaculate penalties to win the 2006 FIFA World Cup after a drawn game and thirty minutes of extra-time in the spectacular arena of the Olympiastadion Berlin, Sunday.

French captain Zinedine Zidane did not help his team when, 20 minutes into extra time, he lost control of his emotions and got a red card after ramming his head into the chest of Italian player Marco Materazzi.

The game was closely contested with the play makers on both sides – Andrea Pirlo and Zidane, on his last game before retirement – not getting much space with which to dominate the play. For Italy and France Gennaro Gattuso and Claude Makelele tackled hard.

However; both creative midfield stars made important contributions to the only goals of the game. Zidane converted a chipped penalty after five minutes while Pirlo’s magnificent corner, a quarter of an hour later, thundered into the net off Marco Materazzi’s head.

Materazzi had previously conceded the penalty when he tapped Florent Malouda on his ankle as he ran past him in the penalty area.

In the first half Italy’s left and right defensive backs Gianluca Zambrotta and Fabio Grosso penetrated down the French flanks. But after the break France came out the strongest. The flow of the game was disrupted when Patrick Viera pulled-up injured and Marcello Lippi made two substitutions on the hour. A deadlock resulted as teams tired and individuals battled for every ball without thinking too hard about constructing team attacks.

Materazzi was never far from the action in the final and though Italy had 55 percent of ball possession was one of the busier players on the pitch. France were slightly more potent offensively with 13 shots – out-shooting the Azzurri by eight attempts.

In Extra Time France came closest to a goal – Zidane, unmarked, headed to goal from 12 yards but was tipped over one-handed by Gianluigi Buffon.

Zidane’s next contribution to the game was not so graceful and appeared to be sparked by the close marking of the ubiquitous Materazzi. After a verbal altercation the 34-year-old turned around and drove his head violently into the Italian’s upper chest.

Materazzi was knocked backwards on the floor but the incident occurred off the ball and was not immediately noticed by the referee or his assistants. Buffon soon ran out of his penalty area to an assistant referee and the game was stopped.

Horacio Elizondo ran to the touchline to consult with officials and returned waving a red card for the violent conduct of Zidane. It is likely FIFA used information from fourth and fifth official to confirm the decision. However FIFA denied video evidence claims alleged by France team’s coach Raymond Domenech^[1].

The headbutt and red card was Zidane’s last action in football as he had said he would retire after the tournament.

A penalty shootout was necessary to decide the winner. Eight shots went in; David Trezeguet missed the one that mattered. His shot hit the crossbar and unlike Zidane’s penalty in the first half, bounced down inches the wrong side of the goal line.

While Zidane was hanging his boots up Marco Materazzi scored Italy’s third. Grosso, who in the second round had won a last minute penalty against Australia, powered in the fifth to give Italy the cup.

The only goal Marcello Lippi’s Italy conceded during free play in the tournament proved to be an own goal from Cristian Zaccardo against the United States of America.

Italy captain Fabio Cannavaro, on the occasion of his 100th cap, was instrumental in their defensive achievement. Amid wild scenes of joy on the pitch he jumped onto the podium and lifted the trophy, the fourth of Italy’s history.

Post match celebrations

Following the match the streets and plazas of Italy were filled with celebrating fans, with flags waving from thousands of cars and motorbikes.

• Celebrations in Florence for the winning penalty
• Celebrations on the streets of Florence after the win by Italy