Tag Archives: economy

Corporate Incompetence: Olympus misses deadline, Government raiding corporate offices & executives’ homes

After missing the December 14 deadline to turn over accounting books to government prosecutors, Olympus’s offices, and the homes of Olympus executives have been raided by government prosecutors and police.

Weeks ago Olympus executives made promise after promise saying they would meet the December 14 deadline for making their accounting books public.  Of course they did not keep that promise, not surprising when they ‘lost’ tens of billions of dollars since the late 1990s.

The losses are connected to an investment company that was based in the United States, and run by former Olympus officials.  Apparently it was an elaborate shell game, where investment losses were hidden under the guise of buying out other companies.

The latest reports out of Japan are saying that two Olympus executives have confessed to the crime; former Olympus vice president Hisashi Mori and former auditor Hideo Yamada.

 

 

Huge model Starfighter stolen from museum, owners fear it could be sold for scrap

In Netherlands, the aviation museum on Deelan air base had their huge model of an F-104 Starfighter stolen.

It’s made of aluminum and other metals, and the owners are fearful it will be sold for scrap.

Just how big is the model plane?  It’s bigger than a small Fiat car, and could weigh more than 1,000 pounds (reports vary from hundreds of kilos to 500 kilos)!

NAZI-land: If you think SOPA is bad check out what is already happening in U.S. courts, it’s called ‘rogue website lawsuits’ and they can take all your money without you ever showing up in court! PayPal involved

“Wow!”-Venkat Balasubramani, internet tech lawyer

“…the court is ordering the full transfer not just of websites, but of any funds being sent to a website.”-Eric Goldman, associate professor of law at Santa Clara University

The proposed Stop Online Piracy Act, or SOPA, has a lot of web users concerned, but what about what’s already taking place in U.S. Federal and State courts?  It can be called ‘rogue website/domain lawsuits’ and does not involve any true due process for those accused.  They can seize your domain name/website and any funds they claim is associated with it!

In most cases only the attorney’s for the accuser show up in court: “Nobody has showed up in any of these cases to contest his motions in court.”-Eric Goldman, associate professor of law at Santa Clara University

Attorney Eric Goldman has been following the big three cases, involving Chanel, True Religion clothing and Philip Morris.  They all claim that thousands of websites/domains are ripping them off by offering “counterfeit” products or services.  The problem is that the courts are hearing the cases without any response from those accused.

Something else that Goldman noticed is that in cases brought by Chanel and Philip Morris, only one attorney is being used; Stephen Gaffigan from Fort Lauderdale, Florida.

It appears True Religion is using a law firm called Greenberg Traurig.

In one Philip Morris case their only proof was a written statement from a private investigator saying he bought fake Philip Morris cigarettes off a such ‘n such website.

Many cases involve courts sealing documents, meaning the accused, or the public, can never see what’s in them: “For example; in the True Religion case, the entire action was sealed for a couple of weeks. Even without the seal, I don’t know how to find these ex parte rightsowner enforcement cases against foreign rogue websites other than laboriously reviewing every federal filing, having readers tip us off or serendipity.”-Eric Goldman, associate professor of law at Santa Clara University

The courts are ordering websites removed from Google and Yahoo, only to be ‘given’ to GoDaddy.  They also ordered Western Union to redirect customer payments to three individuals.  PayPal has also been forced to freeze at least 84 accounts.

These cases involve hundreds of websites/domains, and some of the cases specifically name Chinese individuals.  While they might have merit, the problem is that the courts have established the practice of rendering judgment without the accused having their day in court, or even allowing an appeal.

For more visit Eric Goldman’s Technology and Marketing Law Blog

 

 

What Econommic Recovery? SAAB officially bankrupt, will affect GM sales

SAAB is now officially bankrupt.  The company filed for bankruptcy after two Chinese companies changed their minds about buying the Swedish automaker.

There was talk that General Motors was concerned about the Chinese getting their hands on U.S. technologies, because GM supplied those parts to SAAB.

The demise of SAAB will now hurt GM’s parts sales.

Napoleonic Library burns in Egypt, hundreds of thousands of priceless books, and their knowledge, destroyed. Egyptian Revolution yet to begin

“I don’t think there actually has been a revolution yet. I think that what’s happened is that the figurehead of the military regime has been deposed very dramatically. Certainly that was a hugely significant event, it was an earthquake….Until then I think the two sides are stuck in their current positions, fighting it out through a range of ways. And one of these ways is street battles between the military security forces and the people.”-Yaakov Lappin, Jerusalem Post

On December 17, Egyptians protesting the pro-U.S. military government of Egypt, set the Shura Council building on fire.  Unfortunately the fire spread next door, to the oldest science library in Cairo.

Egyptian Scientific Institute burned, destroying more than 150,000 books going back to the late 1700s.  It was established by Napoleon Bonaparte in 1798, and first called L’Institut d’Egypte.

Among the books, maps and charts destroyed is the first edition of the Description de l’Egypte, started under Napoleon Bonaparte by French scientists.  Egyptian officials say they still have two other editions located at two separate libraries.

Egyptians have been protesting the U.S. backed military government, mainly because of the thousands of people who’ve been rushed through military court trials, something the protestors were against from the beginning.  The military court trials convinced many Egyptians that they were not getting a new government, but just more of the same after the resignation of U.S. backed Hosni Mubarak.

 

 

Government Incompetence: The 12 (Big) Lies of Xmas 2011

1. “The war in Iraq is finally over after nine years.”

Rothkopf notes the U.S. has been militarily engaged in Iraq since the early 1990 and this will likely be just the end of another installment in the long running series of U.S. warmongering policies in the region.

2. “America’s mission in Iraq was a success.”

He expresses astonishment at such a claim while Iraq is divided, undemocratic, corrupt, and the U.S. invasion has cost U.S.$1 trillion, thousands of U.S. lives, hundreds of thousands of Iraqi lives, and its national reputation. U.S. war in Iraq bears greater semblance to a full-scale “fiasco”, he says.

3. “We are winning in Afghanistan.”

Rothkopf describes this one as a hot from the oven “howler” by the U.S. Secretary of Defense Leon Panetta. Washington has strengthened the region’s extremists and the threat of instability in nuclear Pakistan is now actually higher than it was when U.S. went in, he says.

4. Tie: “Pakistan is America’s ally” and “Afghanistan is America’s partner.”

Neither Pakistan nor Afghanistan can by any “credible definition” be called a U.S. ally. This is attested to by the animosity of Islamabad towards Washington and Kabul’s belittling of the U.S. on the world stage, Rothkopf says.

5. “America is unthreatened by China’s growth.”

A “prayer” by U.S. Secretary of State Hillary Clinton, Rothkopf says. “It should be true. But it’s not,” he adds.

6. Tie: “Republicans are the problem” and “Democrats are the problem.”

Rothkopf dubs this one as “the great lie of American politics.” He says the problem with U.S. politics is not the parties, but the money. “The system is so resolutely corrupt that recent scandals have only resulted in more money flowing into the system and past reforms being undone,” he notes.

7. “Cutting the taxes of millionaires helps create U.S. jobs.”

There is not even one single solitary shred of evidence to support this “idiotic” suggestion, Rothkopf notes.

8. “This next summit of European leaders will be decisive …”

Rothkopf says despite the fact that this claim has been made every few weeks for the past months, the “supposedly sophisticated financial markets” of the United States continue to fall for it.

9. “The Obama administration is committed to serious financial services reform.”

The U.S. financial system is still plagued by all the threats that instigated the 2008 recession. “Not an inch of progress,” Rothkopf says.

10. “Only nine percent of Americans approve of Congress.”

“This can’t possibly be true. There can’t possibly be that many,” Rothkopf says in a stinging sarcastic tone.

11. “The operation in Libya will be over in a matter of days or weeks.”

Rothkopf says the operation was wrong to begin with, “and then wrong and then wrong again for months.”

12. “I love Israel.”

Even though everyone in U.S. politics makes such an assertion, nobody really means it, Rothkopf notes. What the politicians really mean, however, is that “I want American Jews to think I love Israel enough to vote for me and give me money,” he says.

“Those are just a few of a bumper year for duplicity, mendacity, and craven misstatements.”-David J. Rothkopf, Foreign Policy

Government & Corporate Incompetence: Fukushima Governor challenges claims of Cold Shut Down

On 16 December 2011 the Japanese government declared the damaged Fukushima Daiichi nuke plant in “Cold Shut Down”.  On 18 December, the governor of Fukushima challenged that claim.

Governor of Fukushima Prefecture, Sato Yuhei, met three national government Cabinet members.  He asked them how they could make such a declaration when no one at the national level talked to anyone living around the nuclear plant, or even made an inspection tour.

The Minister for Nuclear Crisis Compensation, Edano Yukio, said the contamination zones will be redefined, and the national government will considering local governments’ requests.

The three Cabinet members also said that areas with radiation levels of 20 millisieverts per year or higher, will require former residents to continue living elsewhere, and, those people from areas with readings of over 50 millisieverts per year should expect not to be able to return for a long long time.

Government & Corporate Incompetence: 230 tons of radioactive water found under Fukushima Daiichi!

On 18 December 2011, workers at the Fukushima Daiichi nuclear plant in Japan, found 230 tons of highly radioactive water in a tunnel under a building used to store contaminated water.  This comes after the Japanese government declared the damaged nuclear reactors in “cold shut down”.

Tokyo Electric Power Company officials say the water is giving off 3 millisieverts per hour of radiation. Of course, and as usual, TEPCo officials don’t have clue how it got there, and are investigating.

This latest discovery reminds everyone to question TEPCo’s inspection and management capabilities.  Even the Governor of Fukushima Prefecture is challenging the national government’s declaring the plant in cold shut down.

 

Global Economic War: Argentina moves to discourage immigrants from the United States

Argentinians are saying no more to immigrants fleeing the United States.

Lawmakers in the lower House have passed a bill that would limit the amount of Argentine land foreigners could buy. But don’t worry, it means you rich immigrants fleeing the U.S. will have to settle for only 2,500 acres.  Yes, under the bill you can still buy up to 2,500 acres of Argentine land, so I think the bill is just symbolic.

In a recent survey Argentinians proved to be just as xenophobic as people in the U.S.  Many Argentinians surveyed said they were tired of the growing number of people coming from the United States, and taking their jobs!

What Economic Recovery: EU official says saving Europe is like throwing money down the toilet. $3.9 trillion already spent trying to save Europe!

“I never understand when market participants say authorities haven’t put enough money up…I don’t share the view that only the European Central Bank can solve the crisis.”-Klaus Regling, European Financial Stability Facility

The boss of the EFSF, Klaus Regling, said when you combine what has been spent, what is currently being spent, and what is about to be spent to save troubled European governments, it equals three trillion Euros (U.S.$3.9 trillion)!

This is more evidence that the economies of Europe and the United States are much worse than what we’re being told!