Showing posts with label returns. Show all posts
Showing posts with label returns. Show all posts

Sunday, March 30, 2014

UConn Upsets Michigan State, Returns to Final Four

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UConn Upsets Michigan State, Returns to Final Four

Wednesday, March 12, 2014

Honor Student Who Sued Parents for Tuition Returns Home


The New Jersey honor student who sued to get her parents to support her after she moved out of their home has reunited with her parents.


The Star-Ledger of Newark reports that the lawyer representing Rachel Canning’s parents said in a statement Wednesday that the 18-year-old’s return is not contingent on any financial or other considerations.


A judge last week denied the teen’s request for child support and to have her parents pay her remaining high school tuition. But the judge scheduled an April court date to consider the over-arching question of whether the Cannings are obligated to financially support their adult daughter.


© Copyright 2014 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.




Newsmax – America



Honor Student Who Sued Parents for Tuition Returns Home

Tuesday, January 28, 2014

TRUTH or DARE RETURNS!


You asked for it, now you’re getting it. TRUTH OR DARE! Buy some awesomeness for yourself! http://www.forhumanpeoples.com/collections/sourcefed More stories …



TRUTH or DARE RETURNS!

Thursday, January 9, 2014

Va. State Sen. Deeds Returns to Work After Stabbing by Suicidal Son

Virginia state Sen. Creigh Deeds is back at work, a return to the Senate less than two months after being stabbed by his mentally ill and suicidal son.

Deeds, 55, his face still bearing scars from the Nov. 19 attack by 24-year-old son, Austin “Gus” Deeds, who fatally shot himself in the attack, returned Wednesday for the Senate’s opening session, the Richmond Times-Dispatch reported.


“Everybody was very happy to see him,” Democratic state Sen. John Edwards told the newspaper. “He and his family have been through hell and we all want to support him in any way we can.”


The Times-Dispatch said Deeds offered thanks for the support of fellow senators, saying repeatedly “I appreciate it,” and continued to work even after the session recessed.


“He seemed to be determined to get back to work,” Edwards said.


Colleague Sen. Phillip Puckett told the Times-Dispatch Deeds is “still real emotional about Gus. Coming today was a big thing for him.”


Since the tragedy, Deeds, the 2009 Democratic nominee for governor, has vowed to improve the delivery of mental health services in Virginia, fixing a system he believes failed his son.


“As long as I’ve got something left to do, I’ll keep going,” Deeds told a local newspaper, the Times-Dispatch reported.


“It shows the love and affection he had for Gus,” Puckett told the Times-Dispatch. “It would have been easy to walk away and quit. But he wants to be able to do something positive, to make a difference. To make sure other families don’t have to deal with what he did.”


© 2014 Newsmax. All rights reserved.




Newsmax – America



Va. State Sen. Deeds Returns to Work After Stabbing by Suicidal Son

Tuesday, January 7, 2014

Radel returns, seeks Hill meetings

Trey Radel is pictured. | AP Photo

Radel says he intends to continue treatment in Washington. | AP Photo





Embattled Florida Rep. Trey Radel has been trying to set up face-to-face meetings with some Capitol Hill colleagues to apologize for his cocaine bust, according to several people who have spoken to him.


Radel, who returned to D.C. Tuesday evening after a several-month absence, is also meeting this week with Speaker John Boehner (R-Ohio).







This all comes as the first-term Republican congressman returns to the Capitol after pleading guilty to possessing cocaine. He spent a few weeks in a rehabilitation facility in Naples, Fla., and said he intends to continue treatment in D.C. Radel has already drawn a primary challenge in his southwest Florida district.


(PHOTOS: Pols, drugs and alcohol)


In a brief statement to reporters Tuesday, Radel apologized and said he “let down our entire country, I have let down my colleagues on both sides of the aisle and I’ve let down my family.”


Radel declined to say if he will run for re-election in 2014.




POLITICO – Congress



Radel returns, seeks Hill meetings

Saturday, December 7, 2013

U.S. war veteran released by North Korea returns home




BEIJING Sat Dec 7, 2013 1:46am EST





Veteran U.S. soldier Merrill Newman (C), who was detained for over a month in North Korea, arrives at Beijing airport in Beijing, in this photo taken by Kyodo December 7, 2013. Mandatory credit REUTERS/Kyodo


1 of 3. Veteran U.S. soldier Merrill Newman (C), who was detained for over a month in North Korea, arrives at Beijing airport in Beijing, in this photo taken by Kyodo December 7, 2013. Mandatory credit


Credit: Reuters/Kyodo




BEIJING (Reuters) – North Korea freed an 85-year-old retired American soldier on Saturday after detaining him for more than a month for crimes it said he committed during the Korean War six decades ago.


The veteran, Merrill E. Newman, has arrived in China from North Korea and is likely to fly home soon.


North Korea’s official KCNA news agency earlier said he was being deported on humanitarian grounds and because he had admitted to his wrongdoing and apologized.


“I’m very glad to be on my way home,” Newman told Japanese reporters at Beijing airport. “And I appreciate the tolerance the DPRK government has given to me to be on my way. I feel good, I feel good. I want to go home to see my wife.”


The DPRK – Democratic People’s Republic of Korea – is the official name of North Korea.


Newman looked healthy in pictures taken at the airport. He later left the terminal with two men believed to be U.S. diplomats. The U.S. Embassy in Beijing declined to comment.


Newman, who was a U.S. special forces soldier during the 1950-53 Korean War and worked with guerrillas fighting behind the lines against the socialist North, has been held by the Pyongyang regime since late October.


North Korea has called him a war criminal. “He masterminded espionage and subversive activities against the DPRK and in this course he was involved in killings of service personnel of the Korean People’s Army and innocent civilians,” KCNA has said.


He was visiting North Korea as a tourist when he was pulled off an Air Koryo flight in North Korea minutes before it was due to depart for Beijing on October 26.


KCNA said the secretive North had decided to let Newman leave “taking into consideration his admittance of the act committed by him on the basis of his wrong understanding, apology made by him for it, his sincere repentance of it and his advanced age and health condition”.


SECOND AMERICAN


The United States quickly welcomed North Korea’s decision to release Newman and called on Pyongyang to pardon another U.S. citizen being held since November last year and release him to his family.


Kenneth Bae, a Korean American who worked as a Christian missionary and was convicted by the North in May of crimes against the state, has been serving a 15-year hard labor sentence.


U.S. Vice President Joe Biden, who is visiting South Korea, said he spoke to Newman by telephone.


“I offered him a ride home on Air Force Two but as it was pointed out, there is a direct flight to San Francisco, his home. So I don’t blame him, I’d be on that flight too,” said Biden.


“It’s a positive thing they have done but they have Mr Bae who has no reason being held in the North and should be released immediately and we are going to continue to demand his release as well.”


U.S. Congressman Charles Rangel, a fellow Korean War veteran who last month wrote to North Korean leader Kim Jong Un calling for Newman’s release, also welcomed the news.


“His release is a step towards building good will and trust with the international community,” said the New York Democrat.


“As a member of Congress who has long advocated for peace and reunification on the Korean Peninsula, I am pleased that we are making progress on the humanitarian front with North Korea.”


North Korea had accused Newman of being a criminal who took part in the killings of innocent civilians during the war. Last week, KCNA published what it said was an apology by him for “a long list of indelible crimes against the DPRK government and Korean people”.


The regime also released a video of Newman making the confession and apology.


The United States and Newman’s family had called on the North for his release given his age and medical conditions that required him to take medications.


Newman lives in a retirement community in Palo Alto, California.


(Additional reporting by Jack Kim in Seoul, Jeff Mason in Washington; Writing by Raju Gopalakrishnan; Editing by Alex Richardson)





Reuters: Top News



U.S. war veteran released by North Korea returns home

Tuesday, November 19, 2013

John Edwards Returns to Law Practice

Former presidential candidate John Edwards, who left politics in disgrace amid a sex and campaign corruption scandal, is reuniting with his former law partner David Kirby to open a new law practice in Raleigh, N.C.

According to the Charlotte Observer, the firm of Edwards Kirby will also have offices in Washington, D.C. run by Edwards’ eldest daughter Cate.


“I loved it for the decades I did it, and I think it’s what I was born to do,” the 60-year-old Edwards told the Observer.


Edwards, a former U.S. senator who was the 2004 Democratic vice presidential nominee, insisted in the interview that he doesn’t believe his affair with his campaign videographer Rielle Hunter while his late wife Elizabeth Edwards was fighting breast cancer will result in juries being less than supportive in his cases. Edwards had a child with Hunter.


While refusing to answer questions about reports he’s now dating a 35-year-old single mother, Edwards says that in his experience juries decide verdicts based on the evidence and the law as well as how well the cases are presented.


“Courtrooms are not a place where, in my experience, showmanship and flamboyance wins out. Hard work and having a case that is true and meritorious wins out.”


Edwards was elected to the Senate in North Carolina in 1998 and served a single six-year term. He was a candidate for the Democratic presidential nomination in 2004 when he eventually became John Kerry’s running mate, and later he failed in his bid to become the presidential nominee in 2008.


His personal and political life collapsed when he admitted in 2010 that he had fathered a child with Hunter. His affair with Hunter late led to him being charged with six counts of campaign finance corruption alleging that he used nearly $ 1 million in contributions to hide his pregnant mistress during his 2008 presidential bid. He was cleared of one charge by a federal jury in May and a mistrial was declared in the other counts.


Edwards and Kirby worked on a number of high-profile cases together, and Edwards says his friend is “the best lawyer I know.” Their new firm will have six attorneys and they plan to take on consumer rights, personal injury, and civil rights cases.


Related Stories:


© 2013 Newsmax. All rights reserved.




Newsmax – America



John Edwards Returns to Law Practice

Sunday, October 20, 2013

Sen. Cruz returns to Texas welcome after shutdown battle...


By Jim Forsyth


SAN ANTONIO (Reuters) – Republican U.S. Senator Ted Cruz, a favorite of the conservative Tea Party movement, returned home to a rousing welcome in Texas on Saturday after his attempt to derail Obamacare with a shutdown of the federal government led to sharp criticism of his tactics as reckless and futile.


“After two months in Washington, it’s great to be back in America,” Cruz joked in speaking to a crowd of about 750 people in a packed downtown San Antonio hotel ballroom.


Cruz was greeted with an eight-minute standing ovation in an appearance organized by the Texas Federation of Republican Women. People in attendance, many of them wearing red to show their support for keeping Texas a conservative-leaning state, lined up to greet him.


The speech and another talk earlier in the day at a panel in Austin marked Cruz’s first public appearance in his home state of Texas since his part in the showdown in Washington over the rollout of Obamacare that resulted in a 16-day shutdown of the federal government that ended on Thursday.


A related stalemate over the debt limit threatened to lead to a default on U.S. government debt until the Senate on Wednesday voted 81-18 to end the crisis and the House of Representatives followed with a vote of 285-144 to approve the plan, allowing government to open without defunding Obamacare.


Cruz in his speech in San Antonio blasted Senate Republican leaders for “failing to stand with House Republicans against the train wreck that is Obamacare.”


He declined to criticize any Republicans by name.


While he said the agreement to end the shutdown and extend the debt ceiling was a “lousy deal for the American people,” Cruz said the battle he and other Republicans waged will end up helping his party.


Cruz became a lightning rod for criticism from Democrats and even from key Republicans when he staged a 21-hour filibuster-style talk on the floor of the Senate last month, as part of his attempt to defund the Patient Protection and Affordable Care Act.


The Texas senator, who has been in office for 10 months since his election last year, received scathing criticism from Democrats, the White House and even some of his fellow Republicans in the Senate during the shutdown and the debate leading up to it.


Senator John McCain from Arizona, a former presidential candidate, and Representative Peter King from New York have been two of the most vocal Republican opponents of Cruz’s tactics, with McCain calling Cruz and his allies “wacko birds.”


Cruz also took a hit in the polls. A Gallup poll released on October 10 found he had gained significant name recognition, but the percentage of Americans with an unfavorable view of him has jumped to 36 percent from 18 percent in June.


But the welcome Cruz received in Texas demonstrated his popularity among many Republican activists has grown.


In an interview with Reuters after his speech, Cruz said there is “a lot to be encouraged about” after the battle in Washington.


“We saw what can happen when the American people unite, when the American people stand up,” he said. “What the American people want is economic growth and job creation. They are crying out for something that fixes all the enormous damage that Obamacare is causing.”


(Additional reporting by Kevin Murphy in Kansas City, Missouri; Editing by Alex Dobuzinskis and Eric Walsh)




Drudge Report Feed



Sen. Cruz returns to Texas welcome after shutdown battle...

Thursday, September 26, 2013

Maddow: GOP Returns To Government Shutdown Agenda


Congressman Frank Pallone talks with Rachel Maddow about the determination of House Republicans to shut down the government, despite widespread bipartisan disapproval by the American people.




RealClearPolitics Video Log



Maddow: GOP Returns To Government Shutdown Agenda

Maddow: GOP Returns To Government Shutdown Agenda


Congressman Frank Pallone talks with Rachel Maddow about the determination of House Republicans to shut down the government, despite widespread bipartisan disapproval by the American people.




RealClearPolitics Video Log



Maddow: GOP Returns To Government Shutdown Agenda

Tuesday, September 3, 2013

"The Worm" Returns To North Korea; Rodman Visits Again





Former basketball star Dennis Rodman at Beijing Capital International Airport on Tuesday, before his flight to Pyongyang, North Korea.



Petar Kujundzic /Reuters /Landov

Former basketball star Dennis Rodman at Beijing Capital International Airport on Tuesday, before his flight to Pyongyang, North Korea.



Former basketball star Dennis Rodman at Beijing Capital International Airport on Tuesday, before his flight to Pyongyang, North Korea.


Petar Kujundzic /Reuters /Landov




From the NPR Newscast: Anthony Kuhn reports on Dennis Rodman’s latest visit to North Korea



Former NBA star Dennis Rodman is visiting North Korea again, six months after spending time there with dictator Kim Jong Un — an “awesome” man, in Rodman’s opinion.


NPR’s Anthony Kuhn reports from Beijing that:



“Rodman was spotted transiting the Beijing airport en route to Pyongyang, sporting his characteristic lip and nose rings, plus green hair.


“He says he plans to hang out with Kim Jong Un, whom he has called his friend. … [Rodman also] said he was not going to try to free Kenneth Bae, a Korean-American tour guide and pastor.


“North Korea has freed several U.S. citizens it has detained in recent years, following visits by ex-presidents inclluding Bill Clinton and Jimmy Carter. North Korea had invited a U.S. envoy who could have negotiated for Bae’s release, but Pyongyang withdrew the invitation at the last minute.”




Bae, as Reuters reminds us, is “a Korean-American who had been working as a Christian missionary in China and North Korea [when he] was arrested in the northeast port city of Rason late last year. The North Korean supreme court said it sentenced him to 15 years of hard labor for plotting to overthrow the state. It said he had secretly brought ‘propaganda materials,’ including a National Geographic documentary on life in North Korea, into the isolated country.”


Though Rodman says he isn’t in North Korea to push for Bae’s freedom, he did say in May that he was “calling on the Supreme Leader of North Korea or as I call him ‘Kim’, to do me a solid and cut Kenneth Bae loose.”


What’s more, The Wall Street Journal notes that:



“As recently as last Thursday, Mr. Rodman was going on camera to tell whomever would listen that he’s hoping to rescue Mr. Bae, perhaps as part of his long-shot bid to win the Nobel Peace Prize. (See Friday’s video here, and fast-forward to 14:50 for the bit about North Korea.)





News



"The Worm" Returns To North Korea; Rodman Visits Again

Monday, August 5, 2013

Castro victim returns to Cleveland house where she was held for years




  • Michelle Knight, 32, was held by Ariel Castro for 11 years

  • Knight thanked residents on Seymour Avenue who helped in her rescue

  • Altagracia Tejeda says Knight asked: “Did you see me?”



Cleveland, Ohio (CNN) — Michelle Knight, one of three women kidnapped by Ariel Castro, returned Friday to the Cleveland house where she was chained up and tormented for 11 years, a neighbor said.


The visit came a day after Knight came face-to-face with Castro, telling him during a sentencing hearing: “I spent 11 years in hell, and now your hell is just beginning.” Castro was sentenced to life in prison plus 1,000 years.


Knight, 32, stood outside the house at 2207 Seymour Avenue, looking at where she and two other women — Amanda Berry and Gina DeJesus — had been held for years, neighbor Altagracia Tejeda said through a translator. Then she walked across the street to Tejeda’s house, she said.


It was Tejeda’s house where Berry and her 6-year-old daughter fled after making their escape May 6 from Castro’s house.





Michelle Knight: ‘I was so alone’


It was there, using a cell phone, that Berry made her now famous 911 call: “Help me, I am Amanda Berry. I’ve been kidnapped and I’ve been missing for 10 years. And I’m here. I’m free now.”


On Friday, Knight thanked Tejeda and others for helping in the women’s rescue.


During her captivity, Knight said had glimpsed Tejeda on her porch.


A couple of times over the years, Tejeda said she saw what she believed was a young girl through a screen door at Castro’s house. She later learned the girl was actually a diminutive woman. It was Knight.


“Did you see me?” Knight asked, according to Tejeda.


Her answer: Yes.




CNN.com Recently Published/Updated



Castro victim returns to Cleveland house where she was held for years

Saturday, May 25, 2013

How Did Major Hedge Fund Earn 30% Returns for 20 Years Straight? Lots of Cheating



There are 8,000 hedge funds, and they are up to their eyeballs in unethical behavior.








How would you like to invest $ 10,000 and watch it grow over 20 years into $ 1,461,920? Well that"s what happened at the giant hedge fund, SAC Capital Advisors, which made a 30% return for 20 years in a row.  


How is it possible to make such profitable investments again and again and again? The U.S. Attorney for Manhattan, Preet Bharara, believes he has the answer: SAC is cheating … again and again and again. In fact, Bharara suggests that hedge funds that engage in insider trading may be rotten to the core:  


“Given the scope of the allegations to date, we are not talking simply about the occasional corrupt individual; we are talking about something verging on a corrupt business model, for the defendants seem to have taken the concept of social networking and turned it into a criminal enterprise. ” [refers to a 2011 hedge fund indictment, not the current case against SAC.]



To date, nine current and former SAC employees face insider trading criminal charges stemming from their work at the firm. Four have pled guilty and two are still fighting their indictments. Now the head of SAC, multi-billionaire Stephen A. Cohen (note the initials), will be subpoenaed to appear before a grand jury. The federal strategy may be to indict the entire hedge fund and shut it down, according to the New York Times.


We do not know as yet to what degree SAC relied on illegally obtained information (or other illicit activities) to amass its extraordinary profits. But we do know this: hedge funds don"t like to gamble. Rather they want to make their billions by betting on sure things. In researching my book, How to Make a Million Dollars an Hour, it became clear that that the hedge fund industry as a whole is up to its eyeballs in a series of unethical maneuvers that sometimes are legal, sometimes are borderline and often are outright criminal.


But aren"t there many (some?) honest and ethical people working in America"s 8,000 hedge funds?  


Maybe so, but the overwhelming culture within hedge funds makes cheating a way of life, according to Lynn Stout of UCLA Law School. In her article, “How Hedge Funds Create Criminals,” Stout claims that hedge funds flash three critical signals that promote unethical behavior:


Signal 1: Authority Doesn’t Care about Ethics. Since the days of Stanley Milgram’s notorious electric shock experiments, science has shown that people do what they are instructed to do. Hedge-fund traders are routinely instructed by their managers and investors to focus on maximizing portfolio returns. Thus, it should come as no surprise that not all hedge-fund traders put obeying federal securities laws at the top of their to-do lists.


Signal 2: Other Traders Aren’t Acting Ethically. Behavioral experiments also routinely find that people are most likely to “follow their conscience” when they think others are also acting prosocially. Yet in the hedge-fund environment, traders are more likely to brag about their superior results than [about] their willingness to sacrifice those results to preserve their ethics.


Signal 3: Unethical Behavior Isn’t Harmful. Finally, experiments show that people act less selfishly when they understand how their selfishness harms others. This poses special problems for enforcing laws against insider trading, which is often perceived as a “victimless” crime that may even contribute to social welfare by producing more accurate market prices. Of course, insider trading isn’t really victimless: for every trader who reaps a gain using insider information, some investor on the other side of the trade must lose. But because the losing investor is distant and anonymous, it’s easy to mistakenly feel that insider trading isn’t really doing harm.


Brilliant Criminals?


The more we dig into what hedge funds actually do, the more we find that insider-trading is just one of many unethical strategies used to rig bets. Their goal always is to find a sure thing. And the only sure way to secure such infallible investments is to cheat.



  • At the height of the housing bubble, large banks colluded with hedge funds to sell mortgage-related securities that were designed to fail so that the hedge funds could collect insurance on that failure. (This is exactly like building a home that will burn down in three months so that you, the seller and builder, can collect the insurance.)




  • High frequency hedge funds set up their super-computers next to the stock exchanges so they get the information a few nanoseconds before the rest of us. This allows them to deploy automated systems to front-run our trades. Between the time you press your E-trade button and the time the trade actually goes through, a high-frequency trader is buying what you want and selling it back to you for a few pennies more. By systematically fleecing stock-market participants, high-frequency traders extract $ 5 to $ 20 billion a year from the rest of us.




  • Jim Cramer (host of CNBC"s “Mad Money”) admits to planting false stories with his media colleagues while he was running a successful hedge fund. Through manipulating the media, Cramer was able to move stocks in the direction he wanted in order to cash in. In a startling kiss-and-tell online interview he admits that the hedge fund game consists of one lie after the other. Furthermore, he says that if you"re not willing to lie, cheat and violate the law, “maybe you shouldn"t be in the game.”  




  • To provide even more incentive for hedge fund managers to cheat their way to riches, the federal tax code rewards them with a special tax loophole called “carried interest.” As a result, billionaire hedge fund managers pay a lower tax rate than the rest of us, and neither political party has the nerve to remedy this blatant injustice.



Let us now praise famous hedge funds?  


Because so few of us know these stories, and because so few of us feel comfortable wading into the muck of high finance, hedge fund moguls preen about the universe bestowing a small part of their ill-gotten gains upon institutions that can help them enhance their reputations. Central Park and the New York Public Library are receiving $ 100 million each from prominent hedge fund managers seeking to polish their images. Colleges want hedge fund managers on their boards and in charge of their endowments. Non-profits, even progressive ones, kiss up to them, hoping to score big donations. Pension funds scramble to invest in hedge funds, looking to secure a share of the booty.  


But very few have the nerve to ask where hedge fund riches really come from. If you"re receiving such largess, you don"t want to know if the money is tainted. Better to pretend that these guys are just brilliant investors with the uncanny gift for making 30 percent a year, year after year after year.  


All of us should be grateful that our Wall Street-riddled government still has honest prosecutors like Preet Bharara who are not afraid to ferret out the cheats and put them away. So far his Manhattan office has secured 81 indictments against hedge fund managers and traders, 74 of whom have either have pled guilty or have been convicted.


Only another 10,000 or so to go.


 

Related Stories


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How Did Major Hedge Fund Earn 30% Returns for 20 Years Straight? Lots of Cheating

How Did Major Hedge Fund Earn 30% Returns for 20 Years Straight? Lots of Cheating



There are 8,000 hedge funds, and they are up to their eyeballs in unethical behavior.








How would you like to invest $ 10,000 and watch it grow over 20 years into $ 1,461,920? Well that"s what happened at the giant hedge fund, SAC Capital Advisors, which made a 30% return for 20 years in a row.  


How is it possible to make such profitable investments again and again and again? The U.S. Attorney for Manhattan, Preet Bharara, believes he has the answer: SAC is cheating … again and again and again. In fact, Bharara suggests that hedge funds that engage in insider trading may be rotten to the core:  


“Given the scope of the allegations to date, we are not talking simply about the occasional corrupt individual; we are talking about something verging on a corrupt business model, for the defendants seem to have taken the concept of social networking and turned it into a criminal enterprise. ” [refers to a 2011 hedge fund indictment, not the current case against SAC.]



To date, nine current and former SAC employees face insider trading criminal charges stemming from their work at the firm. Four have pled guilty and two are still fighting their indictments. Now the head of SAC, multi-billionaire Stephen A. Cohen (note the initials), will be subpoenaed to appear before a grand jury. The federal strategy may be to indict the entire hedge fund and shut it down, according to the New York Times.


We do not know as yet to what degree SAC relied on illegally obtained information (or other illicit activities) to amass its extraordinary profits. But we do know this: hedge funds don"t like to gamble. Rather they want to make their billions by betting on sure things. In researching my book, How to Make a Million Dollars an Hour, it became clear that that the hedge fund industry as a whole is up to its eyeballs in a series of unethical maneuvers that sometimes are legal, sometimes are borderline and often are outright criminal.


But aren"t there many (some?) honest and ethical people working in America"s 8,000 hedge funds?  


Maybe so, but the overwhelming culture within hedge funds makes cheating a way of life, according to Lynn Stout of UCLA Law School. In her article, “How Hedge Funds Create Criminals,” Stout claims that hedge funds flash three critical signals that promote unethical behavior:


Signal 1: Authority Doesn’t Care about Ethics. Since the days of Stanley Milgram’s notorious electric shock experiments, science has shown that people do what they are instructed to do. Hedge-fund traders are routinely instructed by their managers and investors to focus on maximizing portfolio returns. Thus, it should come as no surprise that not all hedge-fund traders put obeying federal securities laws at the top of their to-do lists.


Signal 2: Other Traders Aren’t Acting Ethically. Behavioral experiments also routinely find that people are most likely to “follow their conscience” when they think others are also acting prosocially. Yet in the hedge-fund environment, traders are more likely to brag about their superior results than [about] their willingness to sacrifice those results to preserve their ethics.


Signal 3: Unethical Behavior Isn’t Harmful. Finally, experiments show that people act less selfishly when they understand how their selfishness harms others. This poses special problems for enforcing laws against insider trading, which is often perceived as a “victimless” crime that may even contribute to social welfare by producing more accurate market prices. Of course, insider trading isn’t really victimless: for every trader who reaps a gain using insider information, some investor on the other side of the trade must lose. But because the losing investor is distant and anonymous, it’s easy to mistakenly feel that insider trading isn’t really doing harm.


Brilliant Criminals?


The more we dig into what hedge funds actually do, the more we find that insider-trading is just one of many unethical strategies used to rig bets. Their goal always is to find a sure thing. And the only sure way to secure such infallible investments is to cheat.



  • At the height of the housing bubble, large banks colluded with hedge funds to sell mortgage-related securities that were designed to fail so that the hedge funds could collect insurance on that failure. (This is exactly like building a home that will burn down in three months so that you, the seller and builder, can collect the insurance.)




  • High frequency hedge funds set up their super-computers next to the stock exchanges so they get the information a few nanoseconds before the rest of us. This allows them to deploy automated systems to front-run our trades. Between the time you press your E-trade button and the time the trade actually goes through, a high-frequency trader is buying what you want and selling it back to you for a few pennies more. By systematically fleecing stock-market participants, high-frequency traders extract $ 5 to $ 20 billion a year from the rest of us.




  • Jim Cramer (host of CNBC"s “Mad Money”) admits to planting false stories with his media colleagues while he was running a successful hedge fund. Through manipulating the media, Cramer was able to move stocks in the direction he wanted in order to cash in. In a startling kiss-and-tell online interview he admits that the hedge fund game consists of one lie after the other. Furthermore, he says that if you"re not willing to lie, cheat and violate the law, “maybe you shouldn"t be in the game.”  




  • To provide even more incentive for hedge fund managers to cheat their way to riches, the federal tax code rewards them with a special tax loophole called “carried interest.” As a result, billionaire hedge fund managers pay a lower tax rate than the rest of us, and neither political party has the nerve to remedy this blatant injustice.



Let us now praise famous hedge funds?  


Because so few of us know these stories, and because so few of us feel comfortable wading into the muck of high finance, hedge fund moguls preen about the universe bestowing a small part of their ill-gotten gains upon institutions that can help them enhance their reputations. Central Park and the New York Public Library are receiving $ 100 million each from prominent hedge fund managers seeking to polish their images. Colleges want hedge fund managers on their boards and in charge of their endowments. Non-profits, even progressive ones, kiss up to them, hoping to score big donations. Pension funds scramble to invest in hedge funds, looking to secure a share of the booty.  


But very few have the nerve to ask where hedge fund riches really come from. If you"re receiving such largess, you don"t want to know if the money is tainted. Better to pretend that these guys are just brilliant investors with the uncanny gift for making 30 percent a year, year after year after year.  


All of us should be grateful that our Wall Street-riddled government still has honest prosecutors like Preet Bharara who are not afraid to ferret out the cheats and put them away. So far his Manhattan office has secured 81 indictments against hedge fund managers and traders, 74 of whom have either have pled guilty or have been convicted.


Only another 10,000 or so to go.


 

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How Did Major Hedge Fund Earn 30% Returns for 20 Years Straight? Lots of Cheating

Sunday, May 19, 2013

Music Review: James Levine Returns to the Podium at Carnegie Hall


Hiroyuki Ito for The New York Times


James Levine conducted the Met Orchestra on Sunday.




Against all odds, James Levine is back.




On Sunday afternoon Mr. Levine, one of the greatest living American conductors and a musician who has defined the Metropolitan Opera for more than 40 years, cruised onto the stage of Carnegie Hall in a motorized wheelchair and conducted the Met Orchestra in a substantial program, his first performance anywhere in more than two years. The audience, which packed the house, stood almost in sync to give him a hearty welcoming ovation.


The podium area was enclosed on three sides with painted wood panels that fit the design of Carnegie Hall interiors. Behind the panels, a rising platform lifted his chair. His entrance was choreographed so that after facing the audience, blowing kisses and waving his hands, Mr. Levine was able to turn his chair around and get to work in just over a minute. Then he led a serene, poised and glowing account of the Prelude to Act I of Wagner’s “Lohengrin.”


So he really is back. This was Mr. Levine at his best. There are still big questions hovering over the Met about whether he can fulfill the duties of music director, which remains his title. But this was a day to celebrate his return and bask in his musical glory.


After years of spinal problems, shoulder injuries and multiple operations, it seemed very possible that Mr. Levine might never return to performing. In a recent interview with the mezzo-soprano Marilyn Horne on WQXR radio, Mr. Levine, reflecting on his health troubles, said his lowest point came in August 2011, when during a vacation he fell and incurred another serious back injury. “A year ago,” he said, “I couldn’t really move my legs, and a few months before that I couldn’t feel anything in them.” It took him quite a while, he added, to even think of whether he would conduct again.


Many New Yorkers were asking the same question, but the audience seemed riveted by Mr. Levine’s performance, a watershed moment in New York’s musical life this year.


On this afternoon, he came across as a conductor with something to prove. Wagner has long been a Levine specialty, and there could not have been a more revealing work to open this momentous performance than the Prelude to “Lohengrin.”


He looked physically up to the task. He showed flexibility in his upper body, as he has described in recent interviews. He seemed comfortable waving his arms and giving emphatic cues. Mr. Levine was actually bouncing around on the chair, smiling at the musicians, sometimes singing the music audibly and looking altogether unrestrained.


After the Wagner, as he tried to turn his chair around to face the audience, Mr. Levine seemed to have some trouble with controlling it. A cellist and a violinist from the orchestra, looking concerned, got up to help him. But he managed, and rotated the chair fully around. Still, this little hitch suggested how unusual it is for a conductor to have to work out such matters.


He stayed in place as a piano was rolled out — conductors normally head for the wings — and the stage was set up for the next work, Beethoven’s Piano Concerto No. 4 in G, with the Russian virtuoso Evgeny Kissin as soloist.


Mr. Kissin, who hails from a Russian Romantic heritage, has a different musical orientation from Mr. Levine, a direct, no-nonsense interpreter with a keen intellectual understanding of music. Yet Mr. Levine has great feeling for the authenticity of national traditions and is clearly in awe of Mr. Kissin’s artistry.


On Sunday Mr. Kissin’s playing was elegant, impeccable and beautifully colored. Now and then he took rhythmic liberties, as is his way, stretching phrases for expressive effect. But Mr. Levine was there to support and, in a way, caress Mr. Kissin’s playing. And the structural rigor and rhythmic bite of Mr. Kissin’s performance had to have come, at least in part, from Mr. Levine’s example.


The second half was devoted to Schubert’s magisterial Ninth Symphony. This piece was the major work that Mr. Levine conducted on his New York Philharmonic debut program in 1972. Reviewing that performance, the New York Times critic Harold C. Schonberg said that Mr. Levine came out “short, pudgy, behaired, exuding confidence” and “showed that the confidence was not misplaced.” He concluded that Mr. Levine is “a young conductor with a great deal of skill and sensitivity and there is no reason he should not develop into one of the majors.” Talk about an astute prediction.


Mr. Levine excelled in this demanding Schubert work. The performance lasted about 50 minutes and, if anything, his energy increased as it went on. The first movement was grand and stately and exciting. Here was a Schubert Ninth without a real slow movement because Mr. Levine set a walking, almost urgent tempo in the Andante and held it. The scherzo was at once buoyant and incisive. And the finale, which can seem repetitive, was thrilling, played with momentum and restlessness, yet without any loss of grandeur, clarity and musical architecture.


Mr. Levine’s return was a triumph. Where this leaves the Met, though, is still not clear. He is scheduled to conduct extensive runs of three operas next season, which is a lot more demanding than one of the orchestra’s thrice-yearly concerts at Carnegie Hall.


But you have to admire the pluck and determination he has shown in this remarkable comeback.




NYT > Arts



Music Review: James Levine Returns to the Podium at Carnegie Hall

Wednesday, February 20, 2013

VIDEO: Robin Roberts Returns to GMA After Bone Marrow Transplant

Exactly five months ago Robin Roberts underwent a bone marrow transplant to treat a rare blood disorder known as MDS. And on Wednesday she received a very special welcome on her first day back. Even the President and Michelle Obama wished her well and the First Lady said she was looking forward to their upcoming interview! Yep, Robin will be interviewing FLOTUS in a few days. Talk about going from zero to 60! Plus, she will be on the red carpet at the Oscars this Sunday! Way to go Robin! Welcome back!

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VIDEO: Robin Roberts Returns to GMA After Bone Marrow Transplant

VIDEO: Robin Roberts Returns to GMA After Bone Marrow Transplant

Exactly five months ago Robin Roberts underwent a bone marrow transplant to treat a rare blood disorder known as MDS. And on Wednesday she received a very special welcome on her first day back. Even the President and Michelle Obama wished her well and the First Lady said she was looking forward to their upcoming interview! Yep, Robin will be interviewing FLOTUS in a few days. Talk about going from zero to 60! Plus, she will be on the red carpet at the Oscars this Sunday! Way to go Robin! Welcome back!

Thanks for checking us out. Please take a look at the rest of our videos and articles.


To stay in the loop, bookmark our homepage.


VIDEO: Robin Roberts Returns to GMA After Bone Marrow Transplant

Monday, February 18, 2013

Ailing Chavez returns to Venezuela from Cuba

A supporter of Venezuela’s President Hugo Chavez attends a celebration marking the leader’s return, in Bolivar Square, in Caracas, Venezuela, Monday, Feb. 18, 2013. The woman holds a cutout image of Chavez along with a Saint Judas statue and a note that reads in Spanish: “Thank you St. Judas,” because she believes her prayers to the Catholic saint helped in the return of the ailing president. Chavez returned to Venezuela early Monday after more than two months of medical treatment in Cuba following cancer surgery, and was being treated at the Carlos Arvelo Military Hospital in Caracas, his government said. (AP Photo/Fernando Llano)

A supporter of Venezuela’s President Hugo Chavez attends a celebration marking the leader’s return, in Bolivar Square, in Caracas, Venezuela, Monday, Feb. 18, 2013. The woman holds a cutout image of Chavez along with a Saint Judas statue and a note that reads in Spanish: “Thank you St. Judas,” because she believes her prayers to the Catholic saint helped in the return of the ailing president. Chavez returned to Venezuela early Monday after more than two months of medical treatment in Cuba following cancer surgery, and was being treated at the Carlos Arvelo Military Hospital in Caracas, his government said. (AP Photo/Fernando Llano)

A supporter of Venezuela’s President Hugo Chavez holds a heart-shaped placard with his image in Bolivar Square, where supporters gathered to celebrate his return, in Caracas, Venezuela, Monday, Feb. 18, 2013. Chavez returned to Venezuela early Monday after more than two months of medical treatment in Cuba following cancer surgery. Vice President Nicolas Maduro said on television that Chavez arrived at 2:30 a.m. and was taken to the Carlos Arvelo Military Hospital in Caracas, where he will continue his treatment. (AP Photo/Fernando Llano)

A woman holds a painting of President Hugo Chavez as supporters gather around Bolivar square after his return to the country in Caracas, Venezuela, Monday, Feb. 18, 2013. Chavez returned to Venezuela early Monday after more than two months of medical treatment in Cuba following cancer surgery. The government didn’t offer an explanation as to why Chavez made his surprise return while he is undergoing other treatments that have not been specified.(AP Photo/Fernando Llano)

Supporters of Venezuela’s President Hugo Chavez celebrate his return at Bolivar Square in Caracas, Venezuela, Monday, Feb. 18, 2013. Chavez returned to Venezuela early Monday after more than two months of treatment in Cuba following cancer surgery, his government said, triggering street celebrations by supporters who welcomed him home while he remained out of sight at the Carlos Arvelo Military Hospital in Caracas, where he will continue his treatment. (AP Photo/Fernando Llano)

Welcome home and get well messages for Venezuela’s President Hugo Chavez are taped to a board on a wall near Bolivar Square in Caracas, Venezuela, Monday, Feb. 18, 2013. Chavez returned to Venezuela early Monday after more than two months of treatment in Cuba following cancer surgery, his government said. Hundreds of Chavez supporters celebrated his return in downtown Caracas, chanting his name and holding photos of the president, in the nearby plaza. (AP Photo/Fernando Llano)

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(AP) — President Hugo Chavez returned to Venezuela early Monday after more than two months of treatment in Cuba following cancer surgery, his government said, triggering street celebrations by supporters who welcomed him home while he remained out of sight at Caracas’ military hospital.

Chavez’s return was announced in a series of three messages on his Twitter account, the first of them reading: “We’ve arrived once again in our Venezuelan homeland. Thank you, my God!! Thank you, beloved nation!! We will continue our treatment here.”

They were the first messages to appear on Chavez’s Twitter account since Nov. 1.

“I’m clinging to Christ and trusting in my doctors and nurses,” another tweet on Chavez’s account said. “Onward toward victory always!! We will live and we will triumph!!”

Vice President Nicolas Maduro said on television that Chavez arrived at 2:30 a.m. and was taken to the Dr. Carlos Arvelo Military Hospital in Caracas, where he will continue his treatment.

Chavez’s announced return to Caracas came less than three days after the government released the first photos of the president in more than two months, showing him looking bloated and smiling alongside his daughters. The government didn’t release any additional images of Chavez upon his arrival in Caracas, and unanswered questions remain about where he stands in a difficult and prolonged struggle with an undisclosed type of pelvic cancer.

Chavez was re-elected to a new six-year term in October, and his inauguration, originally scheduled for Jan. 10, was indefinitely postponed by lawmakers in a decision that the Supreme Court upheld despite complaints by the opposition. Some speculated that with Chavez back, he could finally be sworn in.

Government officials didn’t address that possibility.

Information Minister Ernesto Villegas broke into song on television early Friday, exclaiming: “He’s back, he’s back!”

“Bravo,” Villegas said, before state television employees joined him in the studio clapping and celebrating.

A giant inflated Chavez doll was placed beside a corner of the National Assembly building.

Villegas reiterated in an interview with Venezuelan broadcaster Union Radio that Chavez is going through a “difficult, hard and complex” recovery process, and that his return doesn’t change the “difficult circumstances he has been in.”

Villegas said that he hadn’t yet seen the president and that the government will provide updates about his condition “whether they’re good or they’re bad.”

The vice president later announced that a Cabinet meeting would be held Monday evening at the military hospital where Chavez is staying to “revise a number of issues,” but he did not provide any details.

Hundreds of Chavez supporters celebrated his return in downtown Caracas, chanting his name and holding photos of the president in Bolivar Plaza. A man holding a megaphone boomed: “Our commander has returned!”

Fireworks exploded in some parts of Caracas while the president’s followers celebrated.

Dozens of supporters gathered outside the hospital, where a sign atop the building is adorned with a photo of Chavez. Holding photos of Chavez and wearing the red T-shirts of his socialist movement, they chanted: “He’s back!” As cars passed, drivers honked in support.

“I want to see my president,” said Alicia Morroy, a seamstress who stood outside the hospital on the verge of tears. “I’ve missed him a lot because Chavez is the spirit of the poor.”

Six hospital employees who were asked about the president said they hadn’t seen him. Yusmeli Teran, a waitress who serves food to patients, told The Associated Press that the area where Chavez was being treated on the 9th floor is a restricted area guarded by police and soldiers. “No one has seen him at all,” she said.

Chavez’s precise condition and the sort of cancer treatments he is undergoing remain a mystery, and speculation has grown recently that he may not be able to stay on as president.

Dr. Carlos Castro, scientific director of the Colombian League Against Cancer in Bogota, Colombia, said that given the government’s accounts that Chavez is undergoing “complex” treatment, he thinks he likely will have to step down.

“Unfortunately, the cancer he has isn’t going to go away, and he’s returning to continue his battle. But I think he’s conscious that he isn’t going to win his fight against cancer, as much as he’d like to win it,” Castro told the AP in a telephone interview.

Based on the government’s accounts, doctors must have performed a tracheotomy on Chavez, cutting an opening in his windpipe to facilitate breathing, according to Dr. Jose Silva, a pulmonary specialist and president of the Venezuela Pulmonology Society. Silva said he thinks Chavez is breathing with the help of a ventilator through a tube attached to his windpipe.

Patients with breathing problems often require a tracheotomy to avoid damage to the vocal chords when a ventilator is used for an extended period.

The Venezuelan Constitution says that if a president dies or steps down, a new vote must be called and held within 30 days. Chavez raised that possibility before he left for Cuba in December by saying that if necessary, Maduro should run in a new vote to replace him.

Chavez’s return could be used to give a boost to his would-be successor and gain time to “consolidate his alternative leader” ahead of a possible new presidential vote this year, said Luis Vicente Leon, a Venezuelan pollster and political analyst.

Leon told the AP that even if Chavez isn’t seen in public, his presence will allow the government to keep up his emotional connection to his followers and rally support.

Many in Cuba were taken by surprise by the news and wondered what it could mean about his health. The island nation depends on Venezuela for a steady flow of oil shipments.

“I hope he’s truly getting better, but I doubt it because what he has is irreversible,” said Mirta Blanco, a 67-year-old retiree. “Maybe they sent him back to die. I think that’s going to be his exit.”

In a letter to Chavez that was read on Cuban state TV and radio, retired leader Fidel Castro said he was pleased that Chavez was able to return home.

“You learned much about life, Hugo, during those difficult days of suffering and sacrifice,” Castro wrote.

Venezuela’s opposition, which has strongly criticized what it calls the undue influence of Cuba’s leaders during Chavez’s long absence, responded to the news saying that it’s natural for the president to be back in his own country and that creating a “spectacle” with his return serves no useful purpose.

“The government should tell the truth and dedicate itself to working to confront Venezuelans’ serious problems,” the opposition coalition said in a statement. It cited problems such as violent crime, food shortages and soaring inflation.

The 58-year-old president hasn’t spoken publicly since he left for Cuba on Dec. 10. He underwent his fourth cancer-related surgery on Dec. 11, and the government says that he is now breathing through a tracheal tube that makes talking difficult.

___

Associated Press journalists Anne-Marie Garcia and Andrea Rodriguez in Havana, Cesar Garcia in Bogota, Colombia, and Vicente Marquez in Caracas contributed to this report.

Associated Press


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Ailing Chavez returns to Venezuela from Cuba