Bernie Madoff's investment fund may never have executed a single trade, industry officials say, suggesting detailed statements mailed to investors each month may have been an elaborate mirage in a $50 billion fraud.
He was running that thing for the past umpty years, handling money by the bucket, and nobody noticed he wasn't trading?
Enron maintained a fake trading floor at its Houston HQ. Ran it long time. Had the employees in the building take shifts there. Then they'd run potential investors through on a tour and show them the 'busy trading floor'. It was all fake.
And how many people in the building knew it was fake? How about, all of them. That's why I never felt bad that the Enron people lost their pensions. They knew their company was a scam.
Ditto Madoff's people at his 'brokerage house'. How many people there knew that there was no active trading? How about, all of them.
I knew some of the people on the operations end of Enron (pipelines & automation). They were straight up, not at HQ and got hurt badly without having had a clue about the scams, unfortunately.
An industry-run regulator for brokerage firms said on Thursday there was no record of Madoff's investment fund placing trades through his brokerage operation. That means Madoff either placed trades through other brokerage firms, a move industry officials consider unlikely, or he was not executing trades at all.
"Our exams showed no evidence of trading on behalf of the investment advisor, no evidence of any customer statements being generated by the broker-dealer," said Herb Perone, spokesman for the Financial Industry Regulatory Authority.
Madoff's broker-dealer operation, Bernard L. Madoff Investment Securities, underwent routine examinations by FINRA and its predecessor, the National Association of Securities Dealers, every two years since it opened in 1960, Perone said.
Madoff, a former chairman of the Nasdaq Stock Market who was a force on Wall Street for nearly 50 years, allegedly confessed to his sons the firm's investment-advisory business was "basically a giant Ponzi scheme" and "one big lie," according to court documents.
He estimated losses of at least $50 billion from the Ponzi scheme, which uses money from new investors to pay distributions and redemptions to existing investors. Such schemes typically collapse when new funds dry up.
Each month, Madoff sent out elaborate statements of trades conducted by his broker-dealer. Last November, for example, he issued a statement to one investor showing he bought shares of Merck & Co Inc, Microsoft Corp, Exxon Mobil Corp and Amgen Inc among others. It also showed transactions in Fidelity Investments' Spartan Fund. But Fidelity, the world's biggest mutual fund company, has no record of Madoff or his company making any investments in its funds.
Posted by: Fred ||
01/17/2009 00:00 ||
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And Madoff's sons, who apparently run the brokerage side on the 18th and 19th floor, never noticed that there were no trades coming from the investment operation?
"Hey, Dad, how about sending some business up here? Who's giving you the better price?"
That SEC audit is looking increasingly incompetent. As in, my mom would have done a better job.
#2
KBK---my dawg would have done a better job than the SEC! And while we are on the subject of con men, marks, flim-flam artists, and general bunko, let's get some music to accompany our article about Madoff:
The Entertainer, by Scott Joplin:
As requested, all of AP's duplicates, each and every one, all six, all of them generated by his frozen fingers in the cold North woods, have been removed. AoS :-)
Posted by: Alaska Paul ||
01/17/2009 1:49 Comments ||
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#3
A ponzi scheme from the begining and nobody or hardly anybody noticed.
It is astounding that it wasn't discovered by FINRA or the SEC. Pulling something like this off so big for so long is pretty amazing. Kinda makes you wonder if the employees weren't the only ones aware. Maybe an audit of the auditors is in order.
#6
No ACTUAL trading going on eh? Well, that certainly answers the quesiton... "was there anyone else involved besides Bernie." This affair is about to become very, very interesting.
#7
AP, I think the cold up there has finally addled yer punkin. Either that or yer finger froze to the submit area.
Posted by: Deacon Blues ||
01/17/2009 9:01 Comments ||
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#8
Deacon, like Madoff, there is a method to AP's madness. Open the first keyboard, give it a 3 bar 4-4 count and open the next, then the next, and so on.
Posted by: Frank G ||
01/17/2009 9:13 Comments ||
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#10
Maybe an audit of the auditors is in order.
Hah! A three person shop in upstate NY, one of whom was the secretary and another was over 80.
The problem was criminally negligent regulatory oversight (the SEC) and lack of due diligence by the major organizations which invested substantial funds. It should have been easy to at least catch sight of the rat.
#12
Something happened between the old man and the two pups, who squealed on him. They were eyeball deep in the sheeeit just like him. Would like to hear the "true confessions" involved. The whole pack ought to be coated in honey and staked to barren ground as buzzard grub.
#14
I consider FINRA, SEC, NYSEC all to be auditors as well. They probably suspected too. One guy was running a crusade with the SEC to get Madoff exposed. Why did he keep getting stonewalled? Lots more here we haven't seen.
#15
It's global warming™ I tell ya! It was +43F last night. Raining heavily. Roads an ice rink. I was overheated, trying to cool down. My only solace, late night Rantburg. The fever was peaking, I posted the youtube video, kept getting Roadside America. So I assumed that I was not getting the post through. Desperate to maintain communication with fellow rantburgers before I succumbed to the malady, I kept reformatting like a madman, a madman, I tell ya! Then a successful post. Hooray!!! Ima saved! Then I looked at the trail of postings. Seven of them! I had almost created a pyramid scheme with them. I was ashamed. I asked for forgiveness from the mods. But it worked. The rain stopped, the temperature outside fell to 35F. Thank you Moderator Dr. White for cleaning up the trail of wreckage that I wrought in this article. Time for breakfast. G'Day, all.
Posted by: Alaska Paul ||
01/17/2009 14:38 Comments ||
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#16
I hear it's so cold in NY Bernie Madoff has to keep his hands in his own pockets.
/ducks for cover.
#17
Something happened between the old man and the two pups, who squealed on him. They were eyeball deep in the sheeeit just like him
Yeah. Like the gig was up and he's 80 and won't have to spend as much time in jail. Especially since he's free on bail and will probably skip the country anyway. In the meantime, the pups will feign ignorance in the hopes of not having to spend any time in jail. Then, when this all blows over they will dig up the gold coins buried under the oak tree and drown their sorrows with drinks by the pool in a foreign country. I'd be happy if they just put all the regulators who had to look the other way in jail. Without them, the scam artists never would have gotten as far as they did.
#19
Apparently the SEC or someone actually did go out to inspect Mr. Madoff's books several times in recent years based on serious accusations of fraud. But somehow they never found anything wrong with what their former boss was doing.
The city of New York released surveillance video footage Saturday of the US Airways jet forced to make an emergency landing in the Hudson River after both its engines failed.
The video, taken from the Manhattan Cruise Terminal piers at West 52nd Street, shows the Airbus 320 skimming the river's surface with a big splash as it lands.
The jet is seen bobbing in the water. Later, passengers stand on its wings waiting to be rescued as boats surround the partially submerged plane.
At one point, a ferry approaches and someone throws life vests to the passengers.
In another shot, the plane — which is only visible in the air as a black dot — can be seen flying over the city and descending toward the water.
The video was released as investigators battled treacherous conditions to remove the 80-ton plane from the water without damaging it.
They were searching for the plane's left engine, which apparently came off after landing and is missing. The right engine was also initially believed to have broken apart from the jet, but was found still attached late Saturday morning. The visibility in the water had been so bad that investigators weren't able to see it.
Cholera epidemic kills 2,225 people but there are more than 42,675 other cases as health conditions deteriorate in Zimbabwe, UNICEF says.
The Executive Director of the United Nations Children's Fund, Ann Veneman, on a three-day visit to this southern African nation, visited a hospital where weakened victims of the waterborne disease are being treated.
Veneman toured the hospital in Budiriro, a crowded neighborhood of Harare, Friday. UNICEF has provided food and medicine to keep the hospital functioning since October. She said that although the crowding has fallen since two months ago, this does not mean that the cholera epidemic that has swept the country is slowing.
A report from Geneva says lack of clean water and proper hygiene was causing re-infection after treatment and every day 1,550 new cases are still being reported.
Veneman thanked health workers who have been traveling around Budiriro on bicycle to distribute water purification tablets and offer hygiene advice.
She also met President Robert Mugabe on Friday but no details have been released of the meeting.
Posted by: Fred ||
01/17/2009 00:00 ||
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But be sure to remember the British caused the Cholera epidemic. (Must I say Snark?)
Posted by: Rednek Jim ||
01/17/2009 14:26 Comments ||
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Arab investors have lost 2.5 trillion dollars in the US inspired global credit crunch, Kuwaiti Foreign Minister Sheikh Mohammad al-Sabah says.
"The Arab world has lost 2.5 trillion dollars in the past four months" as a result of the global financial crisis, Sheikh Mohammad told a press conference following a joint meeting of Arab foreign and finance ministers in Kuwait on Friday.
He also said that about 60 percent of development projects "have either been postponed or cancelled" by the six-nation Persian Gulf Cooperation Council (PGCC) states because of the global meltdown.
Arab leaders who held their first ever economic summit on January 19-20 will discuss the impact of the worldwide economic meltdown on the 22 Arab countries.
The main losses came from an estimated 40 percent drop in the value of some 2.5 trillion dollars of Arab investments abroad, losses of more than 600 billion dollars from falls on stock markets and a sharp decline in oil revenues.
Posted by: Fred ||
01/17/2009 00:00 ||
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Seeing that the world is heading down the Zimbabwe Keynesian path, I think its about time that some order was brought into the use of Long Scales and Short Scales. I'm assuming the trillions in this article are Short Scale.
#8
I sincerely believe that the only healthy economies are those with a large industrial base.
Our "service based" "consumer driven" economy is a mess. We've driven most of our hard smoke stack industry out of the US and all we have left is a bunch of drones shuffling paper.
The only real manufacturing we do these days is automobiles and construction. Everything else is paper.
Why do we paper pencil necks with MBA shuffling meaningless piles of paper, playing with other peoples money more than we pay architects, engineers, doctors or teachers?
Posted by: James Carville ||
01/17/2009 20:17 Comments ||
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#9
Financial and tech are going at fire sale prices .5MT. Not much manufacturing there.
Posted by: ed ||
01/17/2009 22:06 Comments ||
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#10
Wait till you see what happens to China and then tell me how much you want manufacturing. And there is a fair amount left. Just not the low paying jobs.
CARACAS, Venezuela, Jan. 16 (UPI) -- Venezuela will hold a vote to determine whether to remove term limits to permit President Hugo Chavez to run for re-election, officials said. The vote is scheduled for Feb. 15, Globovision reported Friday.
Student groups have orchestrated several protests in recent days against the vote. A similar vote was defeated last year.
The leftist Chavez says that he needs additional terms in office to complete what he calls the final solution Venezuela's "socialist revolution."
Posted by: Steve White ||
01/17/2009 00:00 ||
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Lets see if they fall for it. Look for Hugo to be handing out some rather generous doles to the poor in the coming weeks.
The Supreme Court overturned former President Arnoldo Aleman's conviction and 20-year prison sentence for money laundering on Friday, ending a long-running legal saga that has been colored by Nicaragua's political landscape.
The ruling cannot be appealed and definitively frees Aleman, who has spent most of the time under house arrest since being convicted of money laundering and embezzlement in 2003.
The four justices who voted to absolve Aleman of the charges are all linked to his Liberal Constitutionalist Party, or PLC. An illustration of Aleman's continuing power is the fact that one court judge, Antonio Aleman, is his brother. The brother did not vote on the ruling.
Posted by: Fred ||
01/17/2009 00:00 ||
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Not so startling news at this point about the banks of an ally.
Editorial: the Mark to Market accounting scam, mentioned as the basis for the assessment, is one perpetuated by government to give government an additional revenue stream. It is a scam which has given rise to over valuation and the denouement is the condition of the finance system we have today.
On to TFA:
Britains biggest banks are "technically insolvent", Royal Bank of Scotland said yesterday, as the global banking industry was rocked by another day of turmoil, including the announcement of $23bn (£16bn) of new losses from Merrill Lynch and Citigroup, the giant US institutions.
Analysts working for RBS, one of several British banks to have received emergency funding from the UK Government last year, told the City that "the domestic UK banks are technically insolvent on a fully marked-to-market basis".
The warning does not mean British banks are about to go bust, because the assessment is purely theoretical, and RBS said the position was "not unusual at this stage in the economic cycle".
However, it will add to pressure on the Government to provide more support for the country's banks. Treasury officials are now set to spend this weekend in talks about a fresh round of measures, which could be unveiled as early as next week, to free up lending to households and major corporations hit by the credit crunch.
The value of Barclays fell by a quarter in stock market trading yesterday, amid a series of wild rumours about its finances, although the bank said it saw no need to comment on the drop.
#2
Bubbles, bubbles, bubbles, they are such marvelous things - until they pop.
Posted by: Richard of Oregon ||
01/17/2009 8:38 Comments ||
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#3
Mark to Market accounting uses the real current market value of financial instruments, not what you bought them for or what they MAY be worth in a year.
So they ARE insolvent, not just technically. I'll never understand the ability of the business world to lie so much and convince so many people while doing it.
#5
Probably just a hedge fund bear attack. Simple solution set bear traps. If they are not in fact "insolvent" the bears will get burnt, if they are, chalk up another victory for the bears. So big question is, who can stare down who?
#6
Technically, Britain, as we grew to think of it is also bankrupt. Gone. Overrun by Islamo scum. Time for the civilized world to write off the entire EU I guess.
#7
Couldn't disagree more, bigjim. If the investment is long term and the payments are current, there is no reason to mark to market. The investor has no reason to believe they will not be paid off.
Current value may be disclosable in a footnote, but historic value is the best most consistent and representative measure. Mark to market is a scam.
Should fixed assets also be mark to market based on current resale potential in the used equipment market? Most capital equipment would probably depreciate 50% on day 1. Wonder if that would be deductible.
The incoming Democratic Congress has made it abundantly clear that they have no desire for bipartisanship in the House of Representatives. Even as they dismantle House regulations encouraging bipartisanship, Nancy Pelosi and Harry Reid push for draconian regulations on radio stations demanding equal representation of groups with contradictory opinions.
Posted by: Age Of Pericles ||
01/17/2009 00:00 ||
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"Flimflam" > THE WIZARD OF ID [newspaper comic]???
#3
How LIBERAL of them.
But that word used to mean progressive, open minded and fair to the working man.
So they aren't even liberal anymore, they're just assholes.
The US with its sputtering economy MAY just MAY BE the last bit of prosperity in the West.
Does BO read the papers?
Does he understand this economic melt down in Europe is the result of the social ideas and central government control that he is preaching about?
Posted by: James Carville ||
01/17/2009 20:13 Comments ||
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#4
This is why the Donks have been nothing less than desperate to disarm the general American public. They know that if the 'security' forces are not reliable, that their followers are unlikely if not just plain out unwilling to defend them to the death. File it under - consent of the governed.
#5
The Eurozone just gloats about how their "enlightened" nanny-state economic policies are turning out to be correct while their major stock indexes plunge up to 30% than American stock indexes.
Dopes.
ageofpericles.blogspot.com
Posted by: Age Of Pericles ||
01/17/2009 23:05 Comments ||
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Payments to Uncle Sam, the courts, banks and education will be paid in time. The rest can go pound sand. From TFA:
With no signs of an economic recovery in sight, it is critical that the Governor and the Legislature enact a sound budget solution that provides much-needed cash by February 1. If not, the State will be $346 million in the red at the end of February, and $5.2 billion in the red in April.
In order to preserve cash for education, debt service and other payments that are deemed by the State Constitution, federal law or court rulings as having first claim to available General Fund cash, the Controller announced he will begin delaying, for 30 days, payments to all other programs that are funded out of the State's depleted General Fund.
Those payments that will be delayed include thousands of payments to businesses for services and products they provide to the State; to assistance for more than a million aged, blind and disabled Californians that goes to pay their rent, utilities, or put food on their tables; to State agencies that use the payments to fund critical public services, ranging from public safety to health and welfare.
The delay in payments also will apply to tax refunds that millions of individuals and businesses have earned, expect and deserve. Not only will the 30-day delay in refund payments cause significant financial harm to California families, it will delay the economic stimulus expected from consumer spending. Postponing the payment of tax refunds also will ultimately cost the state tens of millions of dollars in interest payments if those payments are postponed beyond the date prescribed by law.
#3
And so it begins. A 30 day delay will give them some breathing room. When they get their 2009 Obama bailout bucks, the checks will beging to roll again.
#4
...I've said this before and I'll say it again: if ANYTHING starts the Revolution, this will be it.
Mike
Posted by: Mike Kozlowski ||
01/17/2009 12:48 Comments ||
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#5
Which revolution, Mike? I wasted a few electrons trying to figure out what the various outcomes were, and none of the likely ones looked good. If the government and pension funds fail to meet entitlement payments, it doesn't mean people will scale back their expectations and make do. They're just as likely--maybe more so these days--to feel aggrieved and demand more government intervention, whether it is fiscally possible or not.
Posted by: James ||
01/17/2009 13:00 Comments ||
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#6
Personally, I'm looking forward to California and a few other States being downgraded to Territories and having Federal regulators running the place.
As for Revolution, I see it coming, maybe not in the guise that most people associate with the term. Bit, there is definitely going to be some nasty blowback aimed at the Leftists.
There are groups that have been taking names and keeping score. I'd hate to be on one of the lists. Just sayin'.
#7
They're just as likely--maybe more so these days--to feel aggrieved and demand more government intervention, whether it is fiscally possible or not.
Argentina Part II - your economic future under the socialism
The Star Tribune, saddled with high debt and a sharp decline in print advertising, filed a Chapter 11 bankruptcy petition Thursday night. Minnesota's largest newspaper will try to use bankruptcy to restructure its debt and lower its labor costs. Chris Harte, the paper's publisher, said the filing would have no impact on home delivery, advertising, newsgathering or any other aspects of the paper's operations.
Posted by: Fred ||
01/17/2009 00:00 ||
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Ah, I remember the Red Star...
Couldn't happen to a more deserving rag.
Posted by: Mike N. ||
01/17/2009 0:08 Comments ||
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#2
"The Internet" isn't killing newspapers. I don't subscribe to my local paper. I don't read their website either. The reason is that their national and world coverage are, word for word, what every other paper carries. Those are wire service stories that I already read the day before the paper comes out.
I do, however, read the Washington Times website because they offer content that isn't carried anywhere else. They offer original content and analysis that is different in perspective than that presented in most other papers.
#3
If you sell something that only a few moonbats want to buy, and run yourself inefficiently, you'll go out of business.
No surprises here.
Posted by: no mo uro ||
01/17/2009 6:24 Comments ||
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#4
...When we got to SC in 1993, the only decent local paper was Columbia's The State. When President Bush was elected, they went BDS early and have stayed there ever since. I actually had one of their reporters tell me that I had a responsibility to buy their paper even though I don't agree with their editorial position.
Mike
Posted by: Mike Kozlowski ||
01/17/2009 8:22 Comments ||
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#6
What Crosspatch said. A few decades ago you needed your local paper because they had the news. They subscribed to the wire services and presented a part of that to you. You couldn't access the wire services yourself so you needed the local paper. That was the whole point of the wire services -- finding, reporting and aggregating news content and then presenting it to the locals for their distribution.
Today we can access the wire services in a variety of ways, either through any newspaper on line or directly at the wire service website ourselves. So who needs the local paper?
Unless the local paper makes the effort to make itself into something unique and valuable, it's going to die. It has to, because enough of their customers will go elsewhere for the news that they won't be able to sustain their business model.
Posted by: Steve White ||
01/17/2009 11:08 Comments ||
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#7
Need to start researching replacements to news paper for lining the bird cage and starting fires in the fire place. That's the only two uses we really have.
#9
Need to start researching replacements to news paper for lining the bird cage and starting fires in the fire place. That's the only two uses we really have.
I've found it at Walmart in the paper section already. Same type stuff used in packing when professional movers wrap your belongings.
#10
Goody. Lefty propaganda organs starting to expire. Next up, NY Slimes. Hopefully, followed by WaPo. And, let us not forget Newsweek, Time, etc. Die and be gone.
Posted by: Barbara Skolaut ||
01/17/2009 14:26 Comments ||
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#12
Hope Mr. Lileks will be okay. He was the only valuable thing about this rag.
Posted by: Mullah Richard ||
01/17/2009 15:13 Comments ||
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#13
All those colourful advertising circulars that are attached to the mailbox will do very nicely for the bird cage. The metals in the inks aren't healthy, so won't be a good idea for starting fires, but could be replaced with a few easy lighting charcoal briquets.
#14
what the hell are you doing letting your birds start fires anyway? Sounds unsafe
Posted by: Frank G ||
01/17/2009 18:11 Comments ||
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#15
Birds gotta stay warm just like people. Besides, a nice fire is great when the bird friends come over to watch the Super Bowl. It's handy for toasting suet, millet, and popping corn, too.
Posted by: Deacon Blues ||
01/17/2009 18:49 Comments ||
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#16
Our local paper's getting smaller and smaller, but not in danger of disappearing. Two things keep it going - EXCELLENT local news/sports/entertainment coverage (especially of military news [five active bases in the area] and Colorado College, USAF Academy, and University of Colorado at Colorado Springs sports); Chuck Asay (a local conservative editorial cartoonist, who's still great in semi-retirement); and local advertising. It takes at least TWO of those three things to keep it going, but they do concentrate on all three. Their comic section has nose-dived in the last year, but that's not enough to curtail purchasing the paper. It's also published by Freedom Communications, a mildly to moderately conservative group. Seeing the Star Trib crash and burn will generate some pretty serious mirth, after how they screwed Norm Coleman and the people of Minnesota in the last election.
Posted by: Old Patriot ||
01/17/2009 18:51 Comments ||
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The Boston Globe plans to trim its newsroom staff by about 12 percent, editor Martin Baron said in a memo yesterday.The news organization expects to eliminate 50 jobs from its editorial department, which includes the Globe-affiliated Web site, boston.com. There are currently 433 full-time equivalent positions and 379 full-time employees in the department, Globe spokesman Bob Powers said.
The NYT owns the Globe. Both are going down. Pinchie paid an inflated price for the Globe and now can't unload at a time when the mothership needs the cash. The over/under for both is about six months.
Posted by: Fred ||
01/17/2009 00:00 ||
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"The over/under for both is about six months."
That long, huh?
Well, I'm patient - I can wait to put the champagne on ice.
Posted by: Barbara Skolaut ||
01/17/2009 12:40 Comments ||
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#2
The Slimes/Globe organization is in no worse shape than GM, and just as 'essential' to the country (or at least to the political powers that be), so I think we will see some major bailout bucks headed their way in a few weeks.
Consumer prices fell in December for the third month in a row, as some analysts raised the specter of debilitating deflation -- a continuing, across-the-board decline in prices.
After falling by 0.7 percent last month, consumer prices ended up increasing by only 0.1 percent during 2008. It was the lowest inflation rate since 1954, the Labor Department reported Friday.
Meanwhile, industrial output at the nation's factories, mines and utilities declined 2 percent in December, the Federal Reserve reported. During the fourth quarter, as credit markets froze and the financial industry nearly imploded, industrial production plunged at an annual rate of 11.5 percent, the steepest quarterly decline since 1980.
Posted by: Fred ||
01/17/2009 00:00 ||
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Why wasn't it deflation when for years stores had their post-holiday SALES? Could it be that economist don't spend a whole of time worried about incredible markups in the market place during other than down turns in the economy.
#2
Stupidity cubed. Prices rose when gas prices rose. Why isn't it equally acceptable to attach price DECLINES with the declines in gas prices? Are these people REALLY that stupid, or is their agenda so tight they can't see anything else? (Rhetorical question - no answer needed)
Posted by: Old Patriot ||
01/17/2009 18:54 Comments ||
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#3
Consumer prices stayed flat or fell for a full quarter, not just during Xmas sale season, and they did so apart from oil and gas. There's an indirect effect, of course, of gas/oil prices on food prices (transportation, fertilizer), but that usually lags by a month or more.
Citigroup said yesterday it is splitting up into two businesses as it reported a fourth-quarter net loss of $8.29 billion - its fifth straight quarterly loss.
Posted by: Fred ||
01/17/2009 00:00 ||
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#1
At least it twasn't the ARABS US$2,500BILYUHNS = $2.50TRILYUHNS as per the R'BURG today!?
#2
As per WORLD MIL FORUM [old]> Is 100-200 YEARS [100-Year US Treasury Bonds]long enough for USSA = USRoAmerikan Taxpayers to unilaterally pay for the dev of rest of the World; + PCorrrectly impose OWG-NWO = GLOBAL SOCIALIST ORDER???
A multi-volume chronology and reference guide set detailing three years of the Mexican Drug War between 2010 and 2012.
Rantburg.com and borderlandbeat.com correspondent and author Chris Covert presents his first non-fiction work detailing
the drug and gang related violence in Mexico.
Chris gives us Mexican press dispatches of drug and gang war violence
over three years, presented in a multi volume set intended to chronicle the death, violence and mayhem which has
dominated Mexico for six years.
Rantburg was assembled from recycled algorithms in the United States of America. No
trees were destroyed in the production of this weblog. We did hurt some, though. Sorry.
Cholera epidemic kills 2,225 people but there are more than 42,675 other cases as health conditions deteriorate in Zimbabwe, UNICEF says. 
Arab investors have lost 2.5 trillion dollars in the US inspired global credit crunch, Kuwaiti Foreign Minister Sheikh Mohammad al-Sabah says. 
