Saturday, September 20, 2008
Facts trump politics -- the Rosenbergs were guilty (or at least Julius was)
When I was quite young I ran across a book about Julius and Ethel Rosenberg and their spying trial in 1951.
The Rosenbergs were both executed for passing atomic bomb secrets on to the Soviet Union.
The book I read was a leftist manifesto which argued that the Rosenbergs had been railroaded; there seemed to be more than a whiff of anti-semitism (which ignored the fact the judge, and just about everyone on both sides of the case, were Jews; of course Jews are not immune from being anti-semites).
Being a teenager I tended to believe what I read, but time went by I read more about the case and slowly began to realize the facts were more complex than I thought.
But the factual complexity wasn't decisive. The case was seen as an American Dreyfus and your view on the guilt or innocence of the Rosenbergs had less to do with the facts than the politics. This was a situation that could continue so long as the facts were murky.
When the Soviet archives were (briefly) opened the guilt of Julius was all but certain but the Rosenbergs' co-accused, Morton Sobell, continued to deny the charges.
That's all done now.
On Thursday, Mr. Sobell, now 91, dramatically reversed himself, shedding new light on the Rosenberg case.
In an interview, Mr. Sobell admitted for the first time that he had been a Soviet spy. And he implicated his fellow defendant Julius Rosenberg, in a conspiracy that delivered to the Soviets classified military and industrial information and what the American government described as the secret to the atomic bomb.
I guess the facts trump the politics. Julius was guilty -- Ethel maybe still uncertain but the trial was, at least in large part, right.
Frivolous Appeal
What is a frivolous appeal?
This question arises on questions of bail pending appeal, security for costs and other procedural matters.
Put simply, a frivolous appeal is one with so little chance of success that no one could possibly believe that it could succeed. The standard is very low.
The recent Newfoundland Court of Appeal decision in R. v. Newman, 2008 NLCA 45 (CanLII) is helpful here.
The Court says:
[9] In R. v. Genge, [1992] N.J. No. 238, Mahoney, J.A. considered an application for judicial release where the applicant had set forth nineteen grounds alleging errors on the part of the trial judge but gave no detailed information to support the allegations of error. In dismissing the application, Mahoney J.A. stated:
There is a statutory obligation upon the applicant for release pending appeal to satisfy me that his appeal is not frivolous (without merit) and that there is at least some arguable ground and it is not sufficient for the appellant to simply recite the grounds of appeal contained in the Notice of Appeal filed by him. It is incumbent on him to place before me some information in depth as to the circumstances giving rise to the grounds of appeal relied on. He must show me at this stage that he has at least an arguable case.
He has, of course, the right to proceed with his appeal and I have no intention to interfere with that right. Indeed, I have no jurisdiction as a single judge to make any decision on the merits of his appeal.
There was no detailed information put before me as to the basis for the alleged errors on the part of the trial judge upon which it might now be said that the attack on the conviction might succeed. The appellant merely stated that it will all be explained fully at the appeal hearing.
Goodman, J.A. placed a similar meaning on "not frivolous" in R. v. Baltovich reflex, (1993), 10 O.R. (3d) 737 (C.A.), where he stated, at p. 738:
… it is apparent that the appeal is not frivolous. The grounds relied on contain matters of substance and are clearly arguable.
This was cited with approval in R. v. Farinacci 1993 CanLII 3385 (ON C.A.), (1993), 86 C.C.C. (3d) 32 (Ont. C.A.).
[10] Implicit in the concept of "an arguable case" or "arguable ground" or an appeal having "merit" is that the appeal has some reasonable prospect of success, or, put negatively, that it is not an appeal with "so little chance of success that no one could possibly believe that it could succeed". See R. v. McPherson 1999 BCCA 638 (CanLII), (1999), 140 C.C.C. (3d) 316 (B.C.C.A.- Chrs.), at para. 5, and R. v. Mapara 2004 BCCA 310 (CanLII), (2004), 186 C.C.C. (3d) 273 (B.C.C.A. - Chrs.)
[11] A reasonable prospect of success does not equate to a probability of success. See R. v. Allen 2001 NFCA 44 (CanLII), (2001), 158 C.C.C. (3d) 225 (N.L.C.A.) and R. v. Parsons reflex, (1994), 118 Nfld. & P.E.I.R. 353 (N.L.C.A.). In Allen, Wells C.J.N.L., in determining whether the applicant had established an arguable case, stated, at para. 53:
As noted above, deciding this issue requires that I come to a conclusion as to whether or not the applicant has established, to my satisfaction, that there is an arguable case on which the Court of Appeal could conclude that Mahoney J.A. was in error in refusing to grant judicial interim release to the applicant. Essentially that requires me to decide whether, on the material before me, I am of the view that the Court of Appeal could come to the conclusion that Mahoney J.A. erred, both in determining that the applicant had not satisfied him that he would surrender himself when required by law to do so, and in determining that the applicant had not satisfied him that the applicant's detention was not necessary in the public interest.
James Morton
1100 - 5255 Yonge Street
Toronto, Ontario
M2N 6P4
Dozens killed in bomb blast at Pakistani Marriott Hotel
The war on terror -- if such a thing can exist at all -- has a major battlefield in Pakistan. In the picture above you can see how easy it would be to drive a truck up and destroy much of the building -- I supose the hotel was not built with truck bombs in mind... .
At least 40 people were killed Saturday after a truck bomb exploded in front of the Marriott Hotel in the Pakistani capital, Islamabad, police said.
The bomb was detonated around 8 p.m. local time. It was powerful enough to destroy the front of the building and leave a crater 10 metres deep.
Pakistani Senator Tariq Azim Khan said he was about one kilometre away in his residence when he felt and heard the blast.
"A small truck containing about 300 kg of explosives blew up after crashing through the security barriers," he told CBC News.
Khan said it's possible the hotel was a secondary target. He said investigators speculate the primary targets were the parliamentary buildings, where about two hours earlier, President Asif Ali Zardari was addressing legislators.
James Morton
1100 - 5255 Yonge Street
Toronto, Ontario
M2N 6P4
Poll Results
Go to:
This is a good collection of all the polls. They seem to show a Tory lead of 9 % generally but there are other polls with widely differing results.
I suspect it proves the electorate hasn't decided yet.
http://www.nodice.ca/elections/canada/polls.php
This is a good collection of all the polls. They seem to show a Tory lead of 9 % generally but there are other polls with widely differing results.
I suspect it proves the electorate hasn't decided yet.
South Africa's ruling party ousts President
Perhaps this is just party politics but Zuma is hardly Paul Martin. Heaven knows what will be the final result.
South Africa's ruling party ousts Mbeki STEPHANIE NOLEN
Globe and Mail Update JOHANNESBURG — South African President Thabo Mbeki has been asked to step down by his party, the African National Congress, in the country's greatest episode of political upheaval since the end of apartheid. Senior members of the governing ANC met Friday and today and by noon local time had decided that the president would be forced to go.
"The ANC has decided to recall the president of the republic before his mandate has expired," ANC secretary-general Gwede Mantashe told journalists following a meeting of the party leadership. "Our decision has been concluded, the formalities are now subject to the parliamentary process ... We have communicated our decision [to Mr. Mbeki] and that we will be going through parliamentary process." Mr. Mantashe said the president was not surprised and would comply with the party's request to leave office. "He did not display shock," he said. "He welcomed the news and agreed that he is going to participate in the process and the formalities." Deputy president Phumzilie Mlambo-Ngcuka has already said she will go if Mr. Mbeki does; it is expected that half the cabinet, Mbeki loyalists, will also quit if he leaves office, throwing the government into turmoil. Mr. Mantashe said that Mr. Zuma is now meeting with cabinet ministers in an attempt to convince them to stay - with heavy focus on Finance Minister Trevor Manuel, who is credited with drafting the policies that have allowed South Africa to post steady economic growth in recent years.
Mr. Mbeki, 66, is a former freedom fighter who took over as president from Nelson Mandela in 1999. He has been considered one of Africa's great statesmen, for his advocacy of better governance and transparency; just last week he was congratulated for having brokered a deal in Zimbabwe's long-running political crisis. His term was due to end next year.
But his long-running feud with former deputy president Jacob Zuma – who pushed him out as president of the ANC last December – has become his downfall. Eight days ago, a high court judge threw out a host of corruption, racketeering and tax evasion charges against Mr. Zuma on a procedural issue and suggested that Mr. Mbeki may have used state institutions in his vendetta against Mr. Zuma as part of a "titanic power struggle" within the ANC.
Mr. Zuma's champions - the left wing of the ANC, including the still-powerful Communist Party and the trade union movement - have long argued that the charges were a political conspiracy (although the judge stopped well short of suggesting Mr. Zuma was innocent and invited prosecutors to re-file charges.)
Emboldened, the Zuma camp went for blood this week, determined to force Mr. Mbeki out. The political spectacle has been as lurid as it is dramatic; the traditional respect for Mr. Mbeki as an older leader and a key figure in the fight against white rule has evaporated. Mr. Zuma mockingly referred to spending any energy on him as "beating a dead snake."
Yet ANC insiders say that Mr. Zuma pushed for calm, concerned that if Mr. Mbeki were forced out early, and much of the cabinet followed him, investors in South Africa's still-rebuilding economy could pull out in alarm. But those who argued that Mr. Mbeki should be allowed to serve out his team with dignity lost the fight.
Full story here:
http://m.avantgo.com/ui?ag_url=52616e646f6d4956edb946dfe5d65019d7ef1d2276b8ed3a0b2dc9f57c1a656b3195513b29aea6751e0b02a8966b2b5ee1fbdfbb176ec5789f5ff874f0eb863587f1a2eb51c876c2a85f0ffc2fa9767c&ag_channel=4179&showNav=0&ms=globeandmail
James Morton
1100 - 5255 Yonge Street
Toronto, Ontario
M2N 6P4
Useless Professionals, Barack Obama and Jimmy Carter
Two striking thoughts come from today's National Post; I'm not sure they're right but they are thought provoking!
First, Jimmy Carter has been repackaged as Barack Obama.
Of course that's just a rhetorical flourish and, in truth, Carter did some good -- look at Camp David. Put otherwise Carter or Bush the Younger? Well, that's an easy one.
Second, part of the cause of the economic meltdown is that all major North American cities have downtown cores filled with giant buildings holding thousands of talented people, working very hard, but doing nothing productive.
Both points are questionable but the second (unlike the first), for me at least, has a nagging ring of truth to it. For myself, for instance, would I not be doing more for the world as, say, an engineer, building something than as a lawyer, engaged in what is the largely useless theater of our justice system? I suppose the flip side is that I try to change that theater to something useful but often wonder if that struggle is hopeless ... .
James Morton
1100 - 5255 Yonge Street
Toronto, Ontario
M2N 6P4
First, Jimmy Carter has been repackaged as Barack Obama.
Of course that's just a rhetorical flourish and, in truth, Carter did some good -- look at Camp David. Put otherwise Carter or Bush the Younger? Well, that's an easy one.
Second, part of the cause of the economic meltdown is that all major North American cities have downtown cores filled with giant buildings holding thousands of talented people, working very hard, but doing nothing productive.
Both points are questionable but the second (unlike the first), for me at least, has a nagging ring of truth to it. For myself, for instance, would I not be doing more for the world as, say, an engineer, building something than as a lawyer, engaged in what is the largely useless theater of our justice system? I suppose the flip side is that I try to change that theater to something useful but often wonder if that struggle is hopeless ... .
James Morton
1100 - 5255 Yonge Street
Toronto, Ontario
M2N 6P4
Ghost Cats
Panthers are very rare but I once came across one in Florida while walking through a nature reserve. It was quite odd -- I saw what I assumed was a house cat and thought how sad, the cat is lost and surely will be eaten by the alligators. Then I realized the "house cat" was at huge (as big as me it seemed) and was a little odd in shape for a normal pussycat. The cat saw me and ran back into the woods -- later in my hotel the staff told me people spent years trying to see a panther without success and I was lucky to stumble across one (and to not be attacked by it!). There are no more than 100 or so panthers in the wild so seeing one is a truly remarkable event.
Virginia town tries to prove existence of "ghost cats"
BLACKSTONE, Va. - U.S. wildlife officials are reviewing the matter, but some residents of Blackstone, Virginia, are convinced they've got cougars running around their town.
The local newspaper has run at least 15 stories in the last five years about sightings in Blackstone and a neighbouring Army National Guard training base.
The local newspaper has run at least 15 stories in the last five years about sightings in Blackstone and a neighbouring Army National Guard training base.
The paper's editor says he gets a sense that game commission people are laughing.
The large cats are also called mountain lions, pumas, panthers and "ghost cats." Wildlife officials say except for a population of 100 in Florida, they were wiped out in the eastern U-S by 1900.
While hundreds of sightings are reported each year from Maine to the Carolinas, only 64 have been confirmed in more than 100 years.
Experts say most are likely cases of mistaken identity - perhaps a bobcat, deer or even a Labrador retriever.
Friday, September 19, 2008
George C. Wallace
Why does the Air Force need expensive new bombers? Have the people we've been bombing over the years been complaining?
New Poll Results -- Tory Support Softens
I'd cheer these results (see graph for Ontario on the right) but it is obvious the electorate is not certain how it will go; it's far too early to say this is a trend. I suspect the results will continue to move around for a while but think we will not see anyone running away with this election.
That said, the Conservatives have not run the smooth campaign I expected -- perhaps because, as the government, they are under a microscope and (in thruth) because the relations between the PMO and the media have been awful.
Conservative support in Ontario battlegrounds slipping
A solid Conservative lead in Ontario's 20 key Battleground 2008 has slipped through the party's fingers in the second week of the campaign, according to the latest results of nightly polling by The Strategic Counsel.
The latest Battleground 2008 poll, conducted for CTV and The Globe and Mail, shows the Conservatives are having a rocky ride in these key ridings during the campaign:
The latest Battleground 2008 poll, conducted for CTV and The Globe and Mail, shows the Conservatives are having a rocky ride in these key ridings during the campaign:
a start of 41 per cent (Sept. 4-6)
a high of 45 per cent (Sept. 9-13)
and now a dip to 35 per cent (Sept. 15-17)
And for the first time in this campaign, the Liberals are in the lead with 37 per cent support in the Ontario battleground ridings, having started the campaign at 29 per cent (Sept. 4-6).
The NDP is at 19 per cent in this latest poll, and the Green party is at 10 per cent.
"A week ago, Conservatives had these ridings in the palm of their hands," pollster Peter Donolo told CTV News. "Now it's slipping through their fingers."
And in Quebec, the Conservatives are failing to make the inroads they will need to form a majority government.
The Tories are essentially in a three-way race with the Bloc Quebecois and the Liberals, while the NDP and Green Party are showing greater strength than in the 2006 election.
In the 15 chosen battleground ridings in Quebec, the Conservatives have 27 per cent support, the Liberals 26 per cent, and the Bloc are at 26 per cent. Conservatives have dropped five points since the start of the campaign on the Sept. 4-6 poll, but are still ahead of their 2006 election results of 23 per cent.
If these numbers hold, the Bloc could possibly pick up seats on Oct. 14, especially in some ridings in Montreal.
Public campaign events
The Liberal listserve sent out the following factoid tonight:
Number of campaign events Stephen Harper has held that were open to the public: 0
Number of campaign events Stéphane Dion has held that were open to the public: 26, including three town halls
Now I assume the information is correct; maybe a Conservative reader (if I haven't driven them all off) can correct it if it isn't.
Assuming the information is true it is a striking portrait of the difference between Harper and Dion.
I cannot believe a Prime Minister Dion would not hold public election events.
Yes, when you have a solid lead you rag the puck but that's not really the case in this election -- Harper is not 20 points ahead. Moreover, a public event or two in Alberta would not likely turn into an "attack Harper"fest. So why the lack of public events?
Or is the factoid just not true?
James Morton
1100 - 5255 Yonge Street
Toronto, Ontario
M2N 6P4
Number of campaign events Stephen Harper has held that were open to the public: 0
Number of campaign events Stéphane Dion has held that were open to the public: 26, including three town halls
Now I assume the information is correct; maybe a Conservative reader (if I haven't driven them all off) can correct it if it isn't.
Assuming the information is true it is a striking portrait of the difference between Harper and Dion.
I cannot believe a Prime Minister Dion would not hold public election events.
Yes, when you have a solid lead you rag the puck but that's not really the case in this election -- Harper is not 20 points ahead. Moreover, a public event or two in Alberta would not likely turn into an "attack Harper"fest. So why the lack of public events?
Or is the factoid just not true?
James Morton
1100 - 5255 Yonge Street
Toronto, Ontario
M2N 6P4
Gas Prices
Gasoline will be up across Canada tonight at midnight.
In Toronto gasoline prices will be up 4.8 cents and diesel will be up 1.7 cents.
In Ottawa and Montreal gasoline is up about 4.4 cents and diesel is up about 1 cent.
In Calgary and Kamloops gasoline is up .3 cents.
Tory gaffes -- what do they mean
I don't think politicians (Conservative or otherwise) are, as a group, worse than other people. But they are watched more closely especially if they are in government.
The tainted meat joke -- while grossly inappropriate and offensive -- is the sort of thing that someone under stress might stupidly say.
The reference to First Nations and alcohol, by contrast, is not a sign of stress but a revealing of otherwise hidden bias.
I know lawyers who will make similar comments. But no one cares. And for good reason because dumb jokes by lawyers, even nasty bigotry by lawyers, though wrong doesn't do much harm. But politicians have power and so should be held to a higher standard.
And while I can (sadly) imagine any Party having someone making a tainted meat joke I think the First Nations comment reflects a broader unfortunate attitude. Not that all Conservatives are biased -- I know that's not true -- but the failure to remove the offending individual is troubling.
The tainted meat joke -- while grossly inappropriate and offensive -- is the sort of thing that someone under stress might stupidly say.
The reference to First Nations and alcohol, by contrast, is not a sign of stress but a revealing of otherwise hidden bias.
I know lawyers who will make similar comments. But no one cares. And for good reason because dumb jokes by lawyers, even nasty bigotry by lawyers, though wrong doesn't do much harm. But politicians have power and so should be held to a higher standard.
And while I can (sadly) imagine any Party having someone making a tainted meat joke I think the First Nations comment reflects a broader unfortunate attitude. Not that all Conservatives are biased -- I know that's not true -- but the failure to remove the offending individual is troubling.
Admission that “political concerns” framed listeria crisis response calls into question Ritz’s misinformation
At a press conference today in
Mr. Harper’s comments about communications call into question whether Minister Ritz’s misleading statements about the Conservative government’s changes to the inspection system were deliberate. Among his misleading statements:
CLAIM: “Nothing in these plants has changed today from last month or six months ago.” (Gerry Ritz, CBC Radio's “The House”, August 23, 2008)
REALITY: After media reports surfaced saying that changes to the inspection regime had taken place on March 31, 2008, Mr. Ritz acknowledged that “this particular CVS (Compliance Verification System) went into play March 31st.” (Gerry Ritz, Press Conference, August 27, 2008)
CLAIM: “About 50 per cent of an inspector’s time is on the floor of the plant.” (Gerry Ritz, Press Conference, August 27, 2008)
REALITY: “Under changes introduced on March 31 this year, including at Maple Leaf Foods in
Minister Ritz either didn’t know what was going on or was trying to keep the truth from Canadians. Between Mr. Harper acknowledging the role that politics played in his government’s response and Mr. Ritz’s totally inappropriate comments about the outbreak, it is clear that Mr. Ritz must be fired.
Liberals Balanced the Books -- Remember Mulroney
It is odd that the Conservatives are pitching their finances as part of the election. They took the country from surplus to deficit and Mulroney ran up terrible deficits. One can argue that deficit spending is sometimes proper -- I am not sure I agree but it's a viable argument -- but to argue the Conservatives are fiscally prudent is pretty thin stuff.
Chretien jogs Harper's memory: Liberals not Tories balanced the books
OTTAWA - Jean Chretien says Prime Minister Stephen Harper is conveniently ignoring the fact that Liberals - not Conservatives - did all the heavy lifting required to eliminate the federal deficit.
"We balanced the books . . . and they forget to mention that," the former Liberal prime minister said in a brief interview Thursday.
Through the opening two weeks of the federal election campaign, Harper has repeatedly warned that the Liberals would drive the country back into a deficit with billions in unaffordable, reckless spending promises. He reiterated the theme Thursday in response to Liberal Leader Stephane Dion's promise to invest $70 billion over 10 years in infrastructure.
By contrast, Harper has painted himself and the Conservatives as models of fiscal rectitude.
But Chretien suggested Harper has got it backwards.
"We balanced the books, we took the heat for that and we were admired by a lot of people around the globe for that," he said on his way into a closed-door speech to a francophone business group.
"Now, some think the good old days might disappear - but don't blame me, I'm not there anymore."
When Chretien took office in 1993, he inherited a $43-billion deficit left by the Conservative government of Brian Mulroney. By the time he retired in 2003, the deficit had been eliminated and the federal government was awash in huge annual surpluses.
After less than three years in office, Liberals contend, Harper has squandered the surpluses and left the country teetering on the brink of deficit. Moreover, Dion has repeatedly charged that Harper has presided over the slowest economic growth since 1990, when Mulroney was still in charge.
See full story here:
http://news.sympatico.msn.ca/Chretien+jogs+Harpers+memory+Liberals+not+Tories+balanced+the+books/Election_08/ContentPosting?isfa=1&newsitemid=89363039&feedname=CP_EN_ELECTION&show=False&number=0&showbyline=True&subtitle=&detect=&abc=abc&date=True
Chretien jogs Harper's memory: Liberals not Tories balanced the books
OTTAWA - Jean Chretien says Prime Minister Stephen Harper is conveniently ignoring the fact that Liberals - not Conservatives - did all the heavy lifting required to eliminate the federal deficit.
"We balanced the books . . . and they forget to mention that," the former Liberal prime minister said in a brief interview Thursday.
Through the opening two weeks of the federal election campaign, Harper has repeatedly warned that the Liberals would drive the country back into a deficit with billions in unaffordable, reckless spending promises. He reiterated the theme Thursday in response to Liberal Leader Stephane Dion's promise to invest $70 billion over 10 years in infrastructure.
By contrast, Harper has painted himself and the Conservatives as models of fiscal rectitude.
But Chretien suggested Harper has got it backwards.
"We balanced the books, we took the heat for that and we were admired by a lot of people around the globe for that," he said on his way into a closed-door speech to a francophone business group.
"Now, some think the good old days might disappear - but don't blame me, I'm not there anymore."
When Chretien took office in 1993, he inherited a $43-billion deficit left by the Conservative government of Brian Mulroney. By the time he retired in 2003, the deficit had been eliminated and the federal government was awash in huge annual surpluses.
After less than three years in office, Liberals contend, Harper has squandered the surpluses and left the country teetering on the brink of deficit. Moreover, Dion has repeatedly charged that Harper has presided over the slowest economic growth since 1990, when Mulroney was still in charge.
See full story here:
http://news.sympatico.msn.ca/Chretien+jogs+Harpers+memory+Liberals+not+Tories+balanced+the+books/Election_08/ContentPosting?isfa=1&newsitemid=89363039&feedname=CP_EN_ELECTION&show=False&number=0&showbyline=True&subtitle=&detect=&abc=abc&date=True
Donkey jailed for theft
Now here's an effective justice system!!!
Egypt donkey jailed for theft
An Egyptian donkey has been jailed for stealing corn on the cob from a field belonging to an agricultural research institute in the Nile Delta, local media reported on Thursday.
The ass and its owner were apprehended at a police checkpoint that had been set up after the institute's director complained that someone was stealing his crops, the state-owned Al-Ahram daily said.
The unnamed ungulate was found in possession of the institute's corn and a local judge sentenced him to 24 hours in prison.
Egypt donkey jailed for theft
An Egyptian donkey has been jailed for stealing corn on the cob from a field belonging to an agricultural research institute in the Nile Delta, local media reported on Thursday.
The ass and its owner were apprehended at a police checkpoint that had been set up after the institute's director complained that someone was stealing his crops, the state-owned Al-Ahram daily said.
The unnamed ungulate was found in possession of the institute's corn and a local judge sentenced him to 24 hours in prison.
Thursday, September 18, 2008
Does nobody use cash?
Today's Rant!!!
Buying a loaf of bread at the grocer I get in the "10 Items of Less" line. There is a bit of a queue but how long can it take for 5 people to buy a trifling number of items?
A long time.
Why?
Because they all pay by convenient interac. Well, convenient for them I suppose but the swiping and waiting for connection and signing and paperwork ain't fast; and all for what? a $5.00 purchase?
Surely people can carry petty cash?
Do we need documentary records of when we buy candy bars?
Crazy!!!
Gas Price Alert!!!
Gas Prices Decline Sharply!
Gasoline prices will be down sharply at midnight across southern Ontario and Montreal.In Toronto the price will drop 6.3 cents to 113.5 for gasoline and down 2.5 cents to 115.7 for diesel.In Ottawa prices will drop by 6.3 cents to 111.2 for gasoline and 1.5 cents to 116.3.In Montreal gasoline will be dropping 6.8 cents and diesel dropping 1.6 cents.In both Calgary and Kamloops the price of gasoline should decline 1.9 cents.
Gasoline prices will be down sharply at midnight across southern Ontario and Montreal.In Toronto the price will drop 6.3 cents to 113.5 for gasoline and down 2.5 cents to 115.7 for diesel.In Ottawa prices will drop by 6.3 cents to 111.2 for gasoline and 1.5 cents to 116.3.In Montreal gasoline will be dropping 6.8 cents and diesel dropping 1.6 cents.In both Calgary and Kamloops the price of gasoline should decline 1.9 cents.
Harper defends Ritz after 'tasteless' listeriosis blunder
It is true that, under stress, people say dumb things. But when they say those things they reflect what they really think.
OTTAWA - Stephen Harper brushed aside demands that he fire his agriculture minister Thursday as he questioned the priorities of the government bureaucrats who leaked jokes made by Gerry Ritz at the height of the listeriosis outbreak.
OTTAWA - Stephen Harper brushed aside demands that he fire his agriculture minister Thursday as he questioned the priorities of the government bureaucrats who leaked jokes made by Gerry Ritz at the height of the listeriosis outbreak.
With the Conservative leader's rivals clamouring for Ritz's ouster, Harper instead rushed to his defence, pointing an accusatory finger at those who alerted the media to the minister's ill-timed gallows humour.
"The real question was making sure everybody was doing their job... and certainly I would like to know that, and that alone, was the priority of officials,"
Harper said.
"I'm obviously disappointed that some have some other priorities."
The Conservatives were back doing damage control Thursday after The Canadian Press revealed jokes Ritz made during an Aug. 30 conference call with scientists and officials at the height of a deadly listeriosis outbreak.
Nine people had died and dozens of others had fallen ill at the time of the call, during which Ritz called the outbreak "a death by a thousand cuts - or should I say cold cuts."
When told about a new death in Prince Edward Island, he blurted: "Please tell me it's Wayne Easter," referring to the Liberal agriculture critic.
The outbreak, which has been linked to tainted meat produced by Maple Leaf Foods, has killed 17 people to date.
At the time of the call Ritz had been doing a good job handling the crisis and was clearly under a lot of pressure, Harper said.
"It obviously was an inappropriate joke - the minister was under a lot of stress."
The Conservative leader's attempt to snuff out the controversy sparked another minor brushfire, however, as the Liberal campaign seized on Harper's attempt to shift the blame to officials.
"The prime minister could have risen to a true test of leadership today by choosing to stand by the families who are still struggling through this crisis," Easter said.
"Incredibly, the prime minister has dug himself in deeper by trying to cast blame on hard-working bureaucrats, suggesting that they are at fault for Mr. Ritz's scandalous comments coming to light."
Another embarrassing blunder emerged Thursday amid reports that a member of Transport Minister Lawrence Cannon's staff made a racist slur against native protesters an event in the minister's riding.
Cannon aide Darlene Lannigan told the protesters the minister would agree to meet with them - if they promised to behave and remain sober.
Full story:
http://ca.news.yahoo.com/indepth/id_tories/s/capress/080918/national/fedelxn_main
Old City Hall
The Hall remains a lovely, if sadly decaying, building. I have been stuck here for the last few days on a justice charge so between the frantic work associated with trial and returning call etc I had little time to appreciate the majesty. But it is a remarkable building!
Key members of Montreal Mafia plead guilty in drugs, extortion case
This is a huge victory for the justice system.
LES PERREAUX and TU THANH HA
Globe and Mail — Six leading figures in Montreal's Mafia pleaded guilty Thursday morning to charges of charges of conspiracy to traffic drugs, extort, run illegal bookmaking and possess illegal goods.
On top of the pyramid of the gang's remaining leadership was Nicolo (Nick) Rizzuto, the 84-year-old father of Vito Rizzuto, described in court documents as the Godfather of Montreal's Mafia.
Vito Rizzuto, has been in jail since 2004. In his absence, the elder Mr. Rizzuto and the five other men who pleaded guilty – Rocco Sollecito, Paolo Renda, Francesco Arcadi, Francesco Del Balso and Lorenzo Giordano – have been the organization's ranking leaders, according to court documents.
The men will be sentenced in October. Crown Prosecutor Yvan Poulin said he will ask the court to seize money and property from the men.
During a four-year investigation, the RCMP penetrated the group's core, installing hidden cameras inside their headquarters.
According to RCMP affidavits, hundreds of kilos of cocaine were imported through Montreal's Pierre Elliott Trudeau International Airport, where baggage handlers, food-services employee and even customs agents were on the gang's payroll.
The allegations are outlined among more than 1,000 criminal counts filed in November 2006 against 90 people the police identified as associates and underlings of Vito Rizzuto.
The four-year investigation by several police forces culminated in a 700-officer raid in November 2006 across Quebec, as well as Halifax and Toronto where more than 70 people were arrested and homes and bank accounts were seized. About $3-million was also seized as proceeds of crime.
At the time the RCMP said police struck at the heart of one of the top criminal syndicates in Canada.
While the lion's share of members came from the Italian-based underworld, the criminal enterprise extended into the outlaw biker world as well as aboriginal communities, RCMP Assistant Commissioner Raf Souccar said in an interview at the time.The ring was also deep into online sports bookmaking and extorting businesses into purchasing from mob-approved suppliers.
The organization managed to co-opt federal employees and airport staff because it needed "facilitators" to help import drugs through different ports of entry. "You corrupt with money," he said.
The crackdown came in 2006 while the Montreal Mafia was facing a leadership vacuum, with Vito Rizzuto in detention in New York, awaiting trial on racketeering charges.
Police say the criminal organization had succeeded in infiltrating Montreal's airport and co-opting a dozen airport employees as well as a federal customs agent.An Air Canada spokesman said a number of employees in Montreal – up to five, according to one report – were suspended after they came under police investigation.
A customs officer, who worked in the border agency's regional headquarters in Montreal, was "corrupted" by the organization to help import cocaine into Canada through shipping containers, the RCMP said.Police said the drugs were moved through a U.S. port and were to be smuggled into Canada by train. Officers intercepted the delivery, seizing 300 kilograms of cocaine last year, which they said was the first part of a 1.3-tonne consignment.
James Morton
1100 - 5255 Yonge Street
Toronto, Ontario
M2N 6P4
Passing of Ron Lancaster, CFL legend
Today Canada lost one of its true sports legends, Canadian Football League quarterback and Sports Hall of Famer, coach, general manager and broadcaster, Ron Lancaster. He was 69 years old.
The American-born Lancaster, who made a name for himself with the CFL, is considered an icon by sports lovers everywhere. Mr. Lancaster was a beloved sports figure for roughly half a century. He was a legend even before his passing.
He broke into the league with the Ottawa Rough Riders in 1960, and three years later joined Saskatchewan, where he spent 16 years, leading the Roughriders to their first-ever Grey Cup title in 1966. He was the CFL's outstanding player in 1970 and '76.
He also had a lengthy coaching career with Saskatchewan, Edmonton and Hamilton, winning two Grey Cups while on the sidelines.
James Morton
1100 - 5255 Yonge Street
Toronto, Ontario
M2N 6P4
Ontario Cabinet Shuffle
McGuinty shuffles cabinet
Ontario Premier Dalton McGuinty redistributed several key cabinet portfolios on Sept. 18, 2008.
Full story <http://www.thestar.com/News/Ontario/article/501511>
James Morton
1100 - 5255 Yonge Street
Toronto, Ontario
M2N 6P4
Western Culture and the Catholic Church
Today's Vatican Press Release makes clear the ongoing theme of the Catholic Church being a root of Western Culture. Regardless of your faith this point is obviously true. It is a bit like noting the influence of Islam on Arab Culture. Still, for some Europeans it seems difficult to accept the obvious and recognize the role of the Church and faith more generally in the making of Europe.
HOLY FATHER RECALLS HIS APOSTOLIC TRIP TO FRANCE
VATICAN CITY, 17 SEP 2008 (VIS) - In today's general audience, which was held in the Paul VI Hall, the Pope spoke of his recent apostolic trip to France, which culminated in his pilgrimage to Lourdes for the 150th anniversary of the apparitions of the Virgin Mary to St. Bernadette.
The Church in France "has since the 2nd century played a vital civilising role", said the Holy Father, noting how, "in this context, the need developed for a healthy distinction between the political and religious spheres. ... True laicism", he went on, "does not mean overlooking the spiritual dimension, rather it means recognising that such a dimension is, in a radical way, the guarantor of our freedom and of the autonomy of earthly things, thanks to the dictates of creative Wisdom which human conscience knows how to accept and put into effect.
"This was the perspective of my broad-ranging reflections on the theme of 'the origins of western theology and the roots of European culture', which I delivered at my meeting with the world of culture in a place chosen for its symbolic significance, the College des Bernardins".
James Morton
1100 - 5255 Yonge Street
Toronto, Ontario
M2N 6P4
HOLY FATHER RECALLS HIS APOSTOLIC TRIP TO FRANCE
VATICAN CITY, 17 SEP 2008 (VIS) - In today's general audience, which was held in the Paul VI Hall, the Pope spoke of his recent apostolic trip to France, which culminated in his pilgrimage to Lourdes for the 150th anniversary of the apparitions of the Virgin Mary to St. Bernadette.
The Church in France "has since the 2nd century played a vital civilising role", said the Holy Father, noting how, "in this context, the need developed for a healthy distinction between the political and religious spheres. ... True laicism", he went on, "does not mean overlooking the spiritual dimension, rather it means recognising that such a dimension is, in a radical way, the guarantor of our freedom and of the autonomy of earthly things, thanks to the dictates of creative Wisdom which human conscience knows how to accept and put into effect.
"This was the perspective of my broad-ranging reflections on the theme of 'the origins of western theology and the roots of European culture', which I delivered at my meeting with the world of culture in a place chosen for its symbolic significance, the College des Bernardins".
James Morton
1100 - 5255 Yonge Street
Toronto, Ontario
M2N 6P4
Camp David Accords
Thirty years ago today the Camp David Accords were signed between Egyptian president Anwar Sadat, Israeli Prime Minister, Menachem Begin and US President Jimmy Carter.
The accords were based on the principal of total withdrawal for total peace including diplomatic ties, open borders, and trade relations. The agreement led to the formal peace treaty. In recent years there has been criticism of the accords and the treaty which after Sadat’s assassination became a "cold peace".
Regardless of the criticism, the accords changed the equation in the Middle East. Three decades of violence including three wars, have been replaced by peace along the border between the Sinai and the Negev. Without Egyptian support, general war against Israel became unthinkable, even for those states that did not want to make peace.
No matter how cynical one might be, one should never forget the courage of Sadat for making the peace.
Dion in Hamilton September 17
This photo of the leader in Hamilton was sent to me and it shows Dion in fine form!
Bioengineered Animals -- Seriously, Brave New World!!!
Interesting story from the Washington Post -- note the Canadian connection with pigs being developed (engineered?) in Ontario ... .
Rules on Bioengineered Animals
FDA to Release Guidelines for Stages of Genetic Modification
Full story here:
Rules on Bioengineered Animals
FDA to Release Guidelines for Stages of Genetic Modification
By David Brown
Washington Post Staff Writer
Thursday, September 18, 2008; A02
The Food and Drug Administration will release today long-awaited regulatory guidelines governing genetic engineering of animals for food, drugs or medical devices.
Although none of the provisions is likely to surprise the biotech industry, their formal appearance after years of discussion is expected to energize a field whose commercial potential is huge but so far unrealized.
The agency's regulatory control of animals will be considerably stronger than its oversight of genetically engineered plants and microorganisms. The latter -- or substances derived from them -- are on the market and, in some cases, have proved controversial.
The guidelines tell companies what the FDA wants to know about their work at virtually every stage of creating an engineered animal.
For example, biotech firms will be asked to provide the molecular identity of snippets of DNA inserted in an animal's genome, as well as where the genetic message lands and whether it descends unaltered through subsequent generations. The FDA also wants to be told how the genetic alterations might change an animal's health, behavior and nutritional value.
The companies also should inform the agency how they will keep track of animals, prevent them from mingling with their non-engineered cousins and dispose of them when they die.
Genetically engineered animals -- salmon, pigs, cows and goats are in development -- are expected to have two main uses. Some will be food animals whose new genetic endowment makes them disease-resistant, faster-growing or more nutritious. Others will be genetically engineered to produce medically useful substances, such as hormones or antibodies, in their organs or body fluids.
Pigs that are able to more easily absorb phosphorus, and therefore need less feed supplementation, are being developed in Ontario. Goats that produce spider silk in their milk are being made in Wyoming.
Full story here:
http://www.washingtonpost.com/wp-dyn/content/article/2008/09/17/AR2008091703518_pf.html
Wednesday, September 17, 2008
Saint John Geothermal Energy
Saint John looks at geothermal energy for city buildings
A Nova Scotia company that specializes in geothermal technology wants to take over the heating and cooling systems in five municipal buildings in Saint John.
The system proposed by High Performance Energy Systems Inc. of Halifax would pump cold ocean water into underground holes where it would be stored and then used to cool buildings. It would also capture heat from sewage to warm buildings.
The company has proposed doing that for five buildings in the port city: Harbour Station, the Aquatic Centre, the new law courts, the police facility and Market Square.
William Edwards, commissioner of buildings and inspection services for the city, said Tuesday the system helps reduce greenhouse gas emissions, and reduces costs to Saint John.
"We intend to reduce our energy consumption for city-owned facilities by 30 per cent. And we intend, in the immediate future, to reduce the rest of the community non-owned city facilities by a minimum of six per cent - which is a substantial decrease. That’s going to take some work," Edwards said.
Saint John city council has asked for a feasibility study, and if it agrees to buy the system, it could be in place by 2010.
A Nova Scotia company that specializes in geothermal technology wants to take over the heating and cooling systems in five municipal buildings in Saint John.
The system proposed by High Performance Energy Systems Inc. of Halifax would pump cold ocean water into underground holes where it would be stored and then used to cool buildings. It would also capture heat from sewage to warm buildings.
The company has proposed doing that for five buildings in the port city: Harbour Station, the Aquatic Centre, the new law courts, the police facility and Market Square.
William Edwards, commissioner of buildings and inspection services for the city, said Tuesday the system helps reduce greenhouse gas emissions, and reduces costs to Saint John.
"We intend to reduce our energy consumption for city-owned facilities by 30 per cent. And we intend, in the immediate future, to reduce the rest of the community non-owned city facilities by a minimum of six per cent - which is a substantial decrease. That’s going to take some work," Edwards said.
Saint John city council has asked for a feasibility study, and if it agrees to buy the system, it could be in place by 2010.
Black Bear Cub
A Black Bear cub peers around the tall greenery in search of her mother in British Columbia.Morgan Stanley At Risk?
Why? The chatter is that this giant is tottering but why? Surely the mortgage meltdown is already internalized? Perhaps readers can set me straight and explain?
Some say it's exposure to Lehman Bros.
Whatever the reason shares of Morgan Stanley plummeted today. Shares of Morgan Stanley 43 per cent even after reporting better-than-expected quarterly earnings on Tuesday.
Some say it's exposure to Lehman Bros.
Whatever the reason shares of Morgan Stanley plummeted today. Shares of Morgan Stanley 43 per cent even after reporting better-than-expected quarterly earnings on Tuesday.
Election Forecaster
The Nodice.Ca website has a number of interesting features including the most current polls.
From my standpoint the most interesting item is the Election Forecaster.
Here's what it says the projections are (obtained by applying the latest polls to Professor Werner Antweiler's Election Forecaster are, which, readers may recall has been spooky in past prediction).
CON 126
LIB 114
NDP 19
BQ 48
OTH 1
Now this election may be odd because of vote splits or the way things can trend but if the forecaster is right we see a minority government on the way.
From my standpoint the most interesting item is the Election Forecaster.
Here's what it says the projections are (obtained by applying the latest polls to Professor Werner Antweiler's Election Forecaster are, which, readers may recall has been spooky in past prediction).
CON 126
LIB 114
NDP 19
BQ 48
OTH 1
Now this election may be odd because of vote splits or the way things can trend but if the forecaster is right we see a minority government on the way.
John Kenneth Galbraith
Liberalism is, I think, resurgent. One reason is that more and more people are so painfully aware of the alternative.
Canada ruling Conservatives well ahead in new poll
What's wrong here -- how is it this poll is so different from all others?
OTTAWA (Reuters) - Canada's ruling Conservatives have a huge lead over the opposition Liberals and are well on their way to winning a majority government in the Oct 14 election, according to a poll released on Wednesday.
OTTAWA (Reuters) - Canada's ruling Conservatives have a huge lead over the opposition Liberals and are well on their way to winning a majority government in the Oct 14 election, according to a poll released on Wednesday.
The Segma survey for La Presse put the Conservatives on 42 percent support compared to just 23 percent for the Liberals. A poll by the same firm released on Sept 8 put the Conservatives ahead by 43 points to 25.
Substance and not form
For at least a hundred years Courts have been moving away from mere form to focus on substance. Today's Court of Appeal decision in Hester v. Canada , 2008 ONCA 634 makes this point clearly.
A motion to amend was refused but the Court, in refusing, referred to a motion to strike. The motions court erred but it was an error that didn't matter because the result was the same regardless of the formal nature of the motion.
Accordingly the Court denied the appeal saying:
[1] This is an appeal from the order of Lax J. striking without leave to amend certain paragraphs and causes of action in a draft fresh as amended statement of claim. There is no merit to the jurisdiction argument. While the motion was brought pursuant to Rule 26 seeking leave to amend the statement of claim and the motion judge expressed her reasons in language suggestive of a motion to strike, in our view, this is immaterial. The moving party sought their relief by filing a draft fresh as amended statement of claim which contained the proposed amendments. That is to say, in the form of a document already amended.
[2] In the circumstances, we view this as really a distinction without a difference. The language used is immaterial in the circumstances here. Whether leave to amend is refused or the proposed amended paragraphs struck without leave to amend the result is the same. The proposed pleading and causes of action which the motion judge struck are not available to the moving parties. They could not be raised again in any other revised pleading.
James Morton
1100 - 5255 Yonge Street
Toronto, Ontario
M2N 6P4
A motion to amend was refused but the Court, in refusing, referred to a motion to strike. The motions court erred but it was an error that didn't matter because the result was the same regardless of the formal nature of the motion.
Accordingly the Court denied the appeal saying:
[1] This is an appeal from the order of Lax J. striking without leave to amend certain paragraphs and causes of action in a draft fresh as amended statement of claim. There is no merit to the jurisdiction argument. While the motion was brought pursuant to Rule 26 seeking leave to amend the statement of claim and the motion judge expressed her reasons in language suggestive of a motion to strike, in our view, this is immaterial. The moving party sought their relief by filing a draft fresh as amended statement of claim which contained the proposed amendments. That is to say, in the form of a document already amended.
[2] In the circumstances, we view this as really a distinction without a difference. The language used is immaterial in the circumstances here. Whether leave to amend is refused or the proposed amended paragraphs struck without leave to amend the result is the same. The proposed pleading and causes of action which the motion judge struck are not available to the moving parties. They could not be raised again in any other revised pleading.
James Morton
1100 - 5255 Yonge Street
Toronto, Ontario
M2N 6P4
Harper wants control - That's A News Flash???
What is remarkable here is that Harper admits, albeit without knowing it, that this is an unneeded and politically driven election. Note he says "we were able to make that Parliament productive for longer than any minority parliament in history"; well, it was working still and despite his promise to not call elections just for political gain he did... .
Harper wants control of next government, even a minority
BRIAN LAGHI
Globe and Mail Update
WELLAND, Ont. — Stephen Harper refused to apologize Wednesday for a personal leadership style that his critics argue limits dissent and is often perceived by Canadians as bullying.
Mr. Harper was following up on comments he made Tuesday in Toronto, when he said that if he wins another minority government, he will not tolerate opposition parties that block crime legislation.
“Prime ministers are either accused of two things,” he told reporters in this Southwestern Ontario city where the Conservatives hope to make gains.
“They're being accused of being too heavy-handed or of not being in control … If I had to choose between those two things, I'd rather be accused of being in control than being not in control.”
Mr. Harper's aggressive personality in taking on his enemies is sometimes sited as a drag on his party's popularity.
He said Wednesday that the Conservatives have used a range of methods to get his legislation through, including votes of confidence which, if defeated, would have brought the government down.
“On balance, as I say, and I know we always get criticism, on balance we were able to make that Parliament productive for longer than any minority parliament in history.”
Harper wants control of next government, even a minority
BRIAN LAGHI
Globe and Mail Update
WELLAND, Ont. — Stephen Harper refused to apologize Wednesday for a personal leadership style that his critics argue limits dissent and is often perceived by Canadians as bullying.
Mr. Harper was following up on comments he made Tuesday in Toronto, when he said that if he wins another minority government, he will not tolerate opposition parties that block crime legislation.
“Prime ministers are either accused of two things,” he told reporters in this Southwestern Ontario city where the Conservatives hope to make gains.
“They're being accused of being too heavy-handed or of not being in control … If I had to choose between those two things, I'd rather be accused of being in control than being not in control.”
Mr. Harper's aggressive personality in taking on his enemies is sometimes sited as a drag on his party's popularity.
He said Wednesday that the Conservatives have used a range of methods to get his legislation through, including votes of confidence which, if defeated, would have brought the government down.
“On balance, as I say, and I know we always get criticism, on balance we were able to make that Parliament productive for longer than any minority parliament in history.”
Banning Handguns and Coffee Cups
The shootings at and near Toronto schools yesterday were dreadful.
The mess created by carelessly disposed of coffee cups is disgusting.
A ban by Toronto of handguns and coffee cups is nothing more than political posturing.
I am a city mouse -- I do not understand the thrill of guns -- I do not think the ownership of a gun is a right any more than the entitlement to drive a big rig tractor is a right. But I understand that big trucks and guns are tools and things which, properly regulated, are part of human society. How many gun crimes came out of the Union Station gun club? (answer -- none).
As for banning handguns, well, I would be amazed if the guns used in yesterday's shootings were registered and legal. A ban in the United Kingdom has not had any appreciable impact at all. Putting a city ban on an activity already grossly illegal is nothing more than posturing. (Ignoring whether the City has the constitutional power to enact what would seem to be a criminal regulation). The way to deal with handguns is to (1) ensure the border is as tightly controlled as possible (probably impossible with the US but at least a goal), (2) ensure legal handgun ownership is closely regulated (already done) and (3) ensure proper punishments exist for gun crime (done and being done).
Banning something that is going to happen anyway is not a solution that works -- look at King Canute -- ordering the tide to stop did very little but get Canute wet.
But as for coffee cups a ban might have a real -- and bad -- impact.
Coffee drinkers are not, as a group, outlaws. If a ban is put on coffee cups you will not see coffee cup gangs springing up smuggling cups into Toronto from Pickering. What you will see if hundreds of small businesses, often run by hard working new Canadians, fail with thousands of employees thrown out of work.
Maybe a better idea is for the City to put up a few more garbage cans? Perhaps they can encourage people to dispose of used coffee cups in the garbage cans -- maybe an ad campaign could also suggest illegal guns be disposed of there too???
Good, bad and just plain weird
Over the years I have been a lawyer for some good people, some bad people and some crazy people.
Sadly the crazy people tend to cluster in litigation. It is an area where the disgruntled, the obsessed and the just plain weird congregate.
I would think perhaps one in ten personal litigants (as opposed to companies or businesses) have mental issues. The percent is far higher in criminal law.
The system works badly for disturbed individuals. They cause untold grief to others -- without any practical remedy -- and never get what they themselves want -- vindication -- because that is not the business of the Courts and anyway the disturbed individuals are, often, just wrong about the facts.
I'm not sure what we can do the fix the problem but it is a problem and one that drains resources better spent elsewhere.
James Morton
1100 - 5255 Yonge Street
Toronto, Ontario
M2N 6P4
Harper Rags the Puck on Cadman
It is a bit obvious that Harper is ragging the puck on the Cadman case until the election is over. In any injunction proceeding the failure to move quickly is fatal. By delaying like this Harper is showing he doesn't really want to have an injunction; still, this won't be the first time a court case is brought for ulterior reasons.
Harper dodging Cadman court case during election: Liberal lawyer
OTTAWA - Prime Minister Stephen Harper is employing stalling tactics to avoid a court hearing into the Cadman affair in the midst of the federal election campaign, the lawyer for the Liberal party said Tuesday.
Joan Bryden, THE CANADIAN PRESS
Chris Paliare levelled the charge after Harper's lawyer sought to postpone a hearing into an earlier application to postpone a hearing into Harper's request for an injunction to prevent the Liberals from using a controversial tape recording at the heart of bribery allegations in the Cadman affair.
In his 37 years practising law, Paliare said he's never seen a case where the plaintiff requested an adjournment on an adjournment hearing.
"It's sort of adjournment squared," the Liberal lawyer said in an interview.
Paliare said it's evident that the Conservatives are foot-dragging because they don't want the case to become fodder during the election campaign.
"I don't know what their motives are, but they don't seem anxious to have this matter dealt with expeditiously," he said.
Asked if he believes the election has anything to do with it, Paliare added: "I think it has a great deal to do with it."
Full story here:
AIG Rescue Plan
Perhaps the worst is over?
Asian markets partly recover on $85 billion AIG rescue plan
HONG KONG - Asian stock markets partly recovered Wednesday after the U.S. government announced a $85 billion plan to bail out troubled insurance giant American International Group Inc.
Jeremiah Marquez, THE ASSOCIATED PRESS
Wall Street's rise overnight also boosted confidence after Tuesday's huge sell-off in Asia. Japan's Nikkei 225 average rose 1.6 per cent to 11,788 by midday after sinking nearly 5 per cent the day before to its lowest close in more than three years.
South Korea's Kospi climbed 2.7 per cent and Taiwan's benchmark rose 1 per cent.
But Hong Kong's Hang Seng Index was 1.4 per cent lower, while Australia's S&P/ASX 200 shed 0.4 per cent
Investors sent the region's stocks spiraling downward Tuesday, reacting to the upheaval on Wall Street that saw investment bank Lehman Brothers Holdings Inc. file for bankruptcy and Merrill Lynch & Co. sell itself to Bank of America Corp.
But the Federal Reserve helped allay fears of further financial turmoil with a $85 billion emergency loan to shore up AIG, the huge U.S. insurer reeling from billions of dollars in souring mortgage debt.
The Fed said Tuesday it was acting after determining that a disorderly failure of the company, whose financial dealings stretch around the world, could hurt the already delicate markets and the economy.
Story here: http://news.sympatico.msn.ca/Asian+markets+partly+recover+on+85+billion+AIG+rescue+plan/Business/ContentPosting?isfa=1&newsitemid=76801036&feedname=CP-BUSINESS&show=False&number=0&showbyline=True&subtitle=&detect=&abc=abc&date=True
Asian markets partly recover on $85 billion AIG rescue plan
HONG KONG - Asian stock markets partly recovered Wednesday after the U.S. government announced a $85 billion plan to bail out troubled insurance giant American International Group Inc.
Jeremiah Marquez, THE ASSOCIATED PRESS
Wall Street's rise overnight also boosted confidence after Tuesday's huge sell-off in Asia. Japan's Nikkei 225 average rose 1.6 per cent to 11,788 by midday after sinking nearly 5 per cent the day before to its lowest close in more than three years.
South Korea's Kospi climbed 2.7 per cent and Taiwan's benchmark rose 1 per cent.
But Hong Kong's Hang Seng Index was 1.4 per cent lower, while Australia's S&P/ASX 200 shed 0.4 per cent
Investors sent the region's stocks spiraling downward Tuesday, reacting to the upheaval on Wall Street that saw investment bank Lehman Brothers Holdings Inc. file for bankruptcy and Merrill Lynch & Co. sell itself to Bank of America Corp.
But the Federal Reserve helped allay fears of further financial turmoil with a $85 billion emergency loan to shore up AIG, the huge U.S. insurer reeling from billions of dollars in souring mortgage debt.
The Fed said Tuesday it was acting after determining that a disorderly failure of the company, whose financial dealings stretch around the world, could hurt the already delicate markets and the economy.
Story here: http://news.sympatico.msn.ca/Asian+markets+partly+recover+on+85+billion+AIG+rescue+plan/Business/ContentPosting?isfa=1&newsitemid=76801036&feedname=CP-BUSINESS&show=False&number=0&showbyline=True&subtitle=&detect=&abc=abc&date=True
Tuesday, September 16, 2008
Harper has better English, but Dion has mastered truth
Bob Rae is the finest Parliamentarian I have ever seen -- regardless of politics he is a master of the legislature and house. The Liberal Team is critical to this election
By Julian Beltrame, The Canadian Press
OTTAWA - A combative Stephane Dion took aim at both his chief political rival and critics from his own party Tuesday with a salvo designed to make virtues of his two greatest weaknesses - his unpopularity and halting English.
Dion appeared at a rally in Halifax flanked by Bob Rae, a leading light in the party and former leadership hopeful, to highlight the strength of his team in contrast to Stephen Harper's one-man campaign.
And he tackled his language problem head on, saying his English may be poor but his words ring true - unlike those of the well-spoken Conservative leader.
"Mr. Harper, he speaks better English than me, OK. But I speak the truth better than him in English and in French."
Full story here:http://ca.news.yahoo.com/s/capress/080916/national/fedelxn_main
Canada is the World
Before teaching tonight I had dinner at Bollywood Masala -- no this isn't a restaurant ad although it is a pretty good place.
As I ate my mutter paneer I thought on how Canada has changed from my childhood. In Grade School the most exotic nationality was Polish and eating rice was something remarkable.
My Kindergarten teacher (in an ordinary Public School in a major Canadian city!) told our class, quite unselfconsciously, that we should thank Jesus for creating us white -- it was the best colour to be. (I do not pretend to be better than my times but even as a child I thought there was something wrong with that comment).
Today it is almost inconceivable there would be a school class in any Canadian city with only white students. Canada, in 40 years, has become the world.
James Morton
1100 - 5255 Yonge Street
Toronto, Ontario
M2N 6P4
Student in hospital after shooting at east-end Toronto school
A teen is in serious condition in hospital after being shot outside a Toronto high school, which has been locked down.
The shooting happened just before noon at Bendale Business and Technical Institute near Midland Avenue and Lawrence Avenue.
According to Toronto Const. Wendy Drummond, the male victim was shot in either the abdomen or the chest and suffered "life-threatening injuries.
"At this time we don't have any information on the victim," said Drummond.
Police are looking for a suspect described as "a male, black, 18 to 19 years old, approximately five-foot-eight, and ... last seen going [through] Donwood Park onto Norbury Crescent."
The school has been locked down and police have surrounded the area, looking for the suspect.
"There would have been several witnesses" at the time, said Drummond.
Police say they have no information yet on the possible motive for the shooting.
This week, following last week's start of the new school year, armed police officers began patrolling 27 Toronto high schools, but Bendale is not among them.
Vatican on Evolution
The Catholic Church is not a blind believer in literalism and this conference is good proof of that. Science describes while religion explains. Where a fact is demonstrated -- as evolution is -- religion must, if it is honest, accept and use faith to understand.
CONGRESS ON EVOLUTION TO BE HELD IN 2009
VATICAN CITY, 16 SEP 2008 (VIS) - In the Holy See Press Office this morning, the presentation took place of an upcoming international conference entitled: "Biological Evolution: Facts and Theories. A Critical Appraisal 150 years after 'The Origin of Species'". The conference is due to be held in Rome from 3 to 7 March 2009.
The congress has been jointly organised by the Pontifical Gregorian University in Rome and the University of Notre Dame in Indiana, U.S.A., under the patronage of the Pontifical Council for Culture and as part of the STOQ Project (Science, Theology and the Ontological Quest).
Participating in today's press conference were Archbishop Gianfranco
Ravasi, president of the Pontifical Council for Culture; Fr. Marc Leclerc S.J., professor of the philosophy of nature at the Pontifical Gregorian University; Gennaro Auletta, scientific director of the STOQ Project and professor of the philosophy of science at the Pontifical Gregorian University, and Alessandro Minelli, professor of zoology at the University of Padua, Italy.
"Debates on the theory of evolution are becoming ever more heated, both among Christians and in specifically evolutionist circles", Fr. Leclerc explained. "In particular, with the approach of the ... 150th anniversary of the publication of 'The Origin of Species', Charles Darwin's work is still too often discussed more in ideological terms than in the scientific ones which were his true intention".
"In such circumstances - as Christian scientists, philosophers and theologians directly involved in the debate alongside colleagues from other confessions or of no confession at all - we felt it incumbent upon us to bring some clarification. The aim is to generate wide-ranging rational discussion in order to favour fruitful dialogue among scholars from various fields and areas of expertise. The Church has profound interest in such dialogue, while fully respecting the competencies of each and all. This is, however, an academic congress, organised by two Catholic universities, the Gregorian University in Rome and Notre Dame in the United States, and as such is not an ecclesial event. Yet the patronage of the Pontifical Council for Culture serves to underline the Church's interest in such questions".
James Morton
1100 - 5255 Yonge Street
Toronto, Ontario
M2N 6P4
Spam Protected As Free Speech
It's not easy to decide who's right here.
Spam is terrible but freedom of speech is important too.
Is it so different mailing 1,000 letters saying 'Free Tibet' as opposed to sending a million emails?
Well, anyway, the Court thought spam was protected:
'Antispam' law in Virginia rejected by state's top court
Waterloo Region Record
Sat 13 Sep 2008
Page: F3
Section: Business
Byline: Tom Jackman
The Virginia Supreme Court yesterday invalidated the state's "antispam'' law, designed to prevent the sending of masses of unwanted e-mail, by saying
the law broadly violated the First Amendment right to freedom of speech, in particular anonymous speech.
The ruling, arising from the criminal prosecution of Jeremy Jaynes of Raleigh, N.C., was also remarkable because the court reversed itself. Just six months ago, the same court upheld the antispam law by a 4-3 margin. But Jaynes' lawyers asked the court to reconsider, typically a long shot, and the court not only reconsidered but changed its mind.
Jaynes was convicted in 2004 of sending tens of thousands of emails through America Online servers in Loudoun. He was the first person tried under the law, enacted in 2003, and Loudoun circuit court Judge Thomas Horne sentenced him to nine years in prison.
Horne let Jaynes to remain free as his appeals were heard by the state Court of Appeals, which rejected them, and then by the state Supreme Court.
Yesterday's ruling was written by Justice Steven Agee, who participated in the new hearing but has since retired. There were no dissenters.
Virginia's antispam law makes it a misdemeanour to send unsolicited bulk e-mail by using false transmission information, such as a phoney domain name or internet protocol address. The domain name is the name of the internet host or account, such as "aol.com.'' The internet protocol is a series of numbers, separated by periods, assigned to specific computers. The crime becomes a felony if more than 10,000 recipients are mailed in a 24-hour period.
Agee noted that in order to send an anonymous e-mail, the sender must "enter a false IP address or domain name.'' And "the right to engage in anonymous speech, particularly anonymous political or religious speech, is "an aspect of the freedom of speech protected by the First Amendment,'' Agee wrote, citing a 1995 U.S. Supreme Court opinion.
"By prohibiting false routing information in the dissemination of emails,'' Agee wrote, the Virginia law "infringes on that protected right.''
James Morton
1100 - 5255 Yonge Street
Toronto, Ontario
M2N 6P4
Majority may elude Conservatives: polls
I still think a Conservative majority is highly unlikely!
OTTAWA (Reuters) - As Canada entered the second week of its federal election campaign, opinion polls showed the likely outcome of next month's vote would be another Conservative minority government.
OTTAWA (Reuters) - As Canada entered the second week of its federal election campaign, opinion polls showed the likely outcome of next month's vote would be another Conservative minority government.
Recent surveys show the Conservatives below the 40 percent level of popular support seen as necessary to win a majority of seats in the House of Commons, ahead of the October 14 election.
A rolling Harris Decima poll released on Monday by Canadian Press put the Conservatives ahead of the Liberals 38 percent to 27 percent. On Sunday the poll had the Conservatives ahead 40 percent to 26 percent.
It sees the leftist New Democrats at 16 percent, the Green Party at 9 percent and the separatist Bloc Quebecois at 8.
An Ekos automated telephone survey conducted Friday through Sunday put the Conservatives at 35 percent, the Liberals at 25 percent, the New Democrats at 19 percent, the Greens at 11 percent and the Bloc at 9.
"The Conservatives continue to dominate this election, but this is as much a tribute to the Liberals' weakness as it is to Conservative strength," Ekos President Frank Graves stated.
"The Tories have lost the powerful momentum they had in the period right before the (election was called), and they are now below what they would probably need to win a majority government."
Second Building At UNB Evacuated
It does seem odd to believe it was just coincidence
Another building on the Fredericton campus of the University of New Brunswick has been evacuated, soon after the first was reopened.
The latest evacuation came after workers at the Enterprise UNB building complained of a bad odour late Monday afternoon.
Fredericton Deputy Fire Chief Bob Martin told The Canadian Press that the evacuations were not connected.
"The two incidents are completely separate," Martin said. "The second incident involves what is believed to be a contained chlorine leak in the basement."
No health problems have been reported in connection with the second evacuation.
Officials gave the 'all-clear' to reopen the first building closed, Marshall D'Avary Hall, just hours after six people were sent to hospital after falling ill in one of its classrooms.
Another building on the Fredericton campus of the University of New Brunswick has been evacuated, soon after the first was reopened.
The latest evacuation came after workers at the Enterprise UNB building complained of a bad odour late Monday afternoon.
Fredericton Deputy Fire Chief Bob Martin told The Canadian Press that the evacuations were not connected.
"The two incidents are completely separate," Martin said. "The second incident involves what is believed to be a contained chlorine leak in the basement."
No health problems have been reported in connection with the second evacuation.
Officials gave the 'all-clear' to reopen the first building closed, Marshall D'Avary Hall, just hours after six people were sent to hospital after falling ill in one of its classrooms.
Gas Prices
The cost of oil is now below $100/barrel. Prices fell 9c/litre. But they had gone up 16c/litre since the crude oil price spike leaving a net increase of seven cents. Why is this? Comments welcome!
James Morton
1100 - 5255 Yonge Street
Toronto, Ontario
M2N 6P4
James Morton
1100 - 5255 Yonge Street
Toronto, Ontario
M2N 6P4
Monday, September 15, 2008
Stocks tumble amid new Wall Street landscape
Today may mark the beginning of a very hard time economically.
A stunning makeover of the Wall Street landscape sent stocks falling precipitously Monday, with the Dow Jones industrials losing 500 points in their worst slide since the September 2001 terrorist attacks. Investors recoiled after a shakeup of the financial industry that took out two storied names: Lehman Brothers Holdings Inc. and Merrill Lynch & Co.
The pullback, which erased about $700 billion in shareholder wealth, occurred across much of the globe as investors absorbed Lehman's bankruptcy filing and what was essentially a forced sale of Merrill Lynch to Bank of America for $50 billion in stock. While those companies' situations had reached some resolution, the market remained anxious about American International Group Inc., which is seeking funding to shore up its balance sheet. A faltering of the world's largest insurance company likely would have implications far beyond that of Lehman, already the largest U.S. bankruptcy in terms of assets.
The swift developments that took place Sunday are the biggest yet in the 14-month-old credit crisis that stems from now toxic subprime mortgage debt.
For the first part of Monday's trading, the market was falling, but in a largely orderly fashion as investors seemed to draw some relief from the resolution of Lehman's problems. As the session wore on, and there was no word about AIG, the market suffered another bout of fear that the credit crisis will continue to devastate the financial sector. Selling accelerated in the final hour and then took on more momentum as stock indexes broke through lows set in July _ an ominous sign for some traders.
Monday's trading followed the pattern of the past year; there were some signs of optimism, but they were dashed when investors weary of bad news perceived there was more ahead.
Investors are worried that trouble at AIG and the bankruptcy filing by Lehman, felled by $60 billion in bad debt and a dearth of investor confidence, will touch off another series of troubles for banks and financial institutions that may be forced to further write down the value of their own debt assets. Wall Street had been hopeful six months ago that the collapse of Bear Stearns Cos. would mark the darkest day of the credit crisis.
AIG's troubles are worrisome for some investors because of the company's enormous balance sheet and the risks that its troubles could spill over to the companies with which it does business. AIG, one of the 30 stocks that make up the Dow industrials, fell $7.38, or 61 percent, to $4.76 as investors worried that it would be the subject of downgrades from credit ratings agencies.
"We have a very, very nervous market and folks hate uncertainty," said Alfred E. Goldman, chief market strategist at Wachovia Securities in St. Louis. "They've been waiting for another shoe to drop and two of them dropped on Sunday."
The market was expected to remain fractious when trading resumes Tuesday. Besides its continuing concerns about AIG, Wall Street will be waiting anxiously for the Federal Reserve's regular policy-making meeting. The central bank is expected to keep rates steady, though some traders have speculated about a surprise rate cut. The market will be looking for signs from the Fed that it is willing to lower rates amid the nation's continuing economic problems and because the price of oil has retreated sharply from its highs in July. The drop in oil gives the inflation-wary Fed more room to maneuver.
The Dow fell 504.48, or 4.42 percent, to 10,917.51, moving below the 11,000 mark for the first time since mid-July. It was the worst point drop for the Dow since it lost 684.81 on Sept. 17, 2001, the first day of trading after the terror attacks.
In percentage terms, the drop was the steepest since July 19, 2002. It was also the sixth-largest point drop in the Dow, just behind the 508.00 it suffered in the October 1987 crash.
The Dow is now down about 23 percent from its record high of 14,198.09 last October.
Broader stock indicators also fell. The Standard & Poor's 500 index declined 59.00, or 4.71 percent, to 1,192.70 _ also its biggest drop since 9/11 and the first time it closed below 1,200 in three years.
The Nasdaq composite index fell 81.36, or 3.60 percent, to 2,179.91; that was its worst point loss since Jan. 4.
The Dow Jones Wilshire 5000 Composite Index, an index that measures the value of 5,000 U.S.-based companies, fell 4.53 percent Monday, giving investors an overall paper loss of about $700 billion.
Declining issues overwhelmed advancers on the New York Stock Exchange, where 164 stocks rose compared with 3,064 that fell. Consolidated volume came to an extremely heavy 8.05 billion shares, compared with 6.11 billion traded Friday.
Oil closed below $100 for the first time in six months as investors worried that a slowing economy would hurt demand. Light, sweet crude fell $5.47 to settle at $95.71 on the New York Mercantile Exchange. Oil is down sharply from its mid-July highs when it hit a record over $147 a barrel.
Bond prices surged as investors fled to the security of government debt. The yield on the benchmark 10-year Treasury note, which moves opposite its price, plunged to 3.41 percent from 3.72 percent late Friday. The dollar was lower against other major currencies, while gold prices rose.
Investors likely shrank from snapping up any bargains Monday after Treasury Secretary Henry Paulson said from the White House he "never once" considered using taxpayer money to help prop up Lehman. That punctured some hopes that the federal government might come to the rescue of AIG.
But AIG pared some of its losses after New York Gov. David Paterson said the company will be allowed to access $20 billion of assets held by its subsidiaries to stay in business. Paterson asked the state's insurance regulators to in essence allow AIG to provide a bridge loan to itself. Investors are worried that the company could need up to $40 billion to aid its balance sheet.
Other financial stocks fell as investors worried about the strength of banks' balance sheets. Washington Mutual Inc. fell 73 cents, or 27 percent, to $2, while Wachovia Corp. fell $3.56, or 25 percent, to $10.71.
Merrill rose 1 cent to $17.06, while Bank of America fell $7.19, or 21 percent, to $26.55.
Goldman noted, however, that the market's sell-off wasn't the cathartic move the market needed to purge its worries over bad debt and the tight credit conditions that have hobbled the economy. At some point, he contends, stock valuations will prove too tempting for investors sitting on the sidelines with piles of cash.
"At some point the sellers have done their dastardly deed," he said.
Scott Fullman, director of derivatives investment strategy for WJB Capital Group in New York, said investors should remember that while the financial sector founders, others like consumer names aren't suffering as much.
"While they might get hit hard they won't get hit as hard," said Fullman.
Wal-Mart Stores Inc. fell 78 cents to $61.63, while Coca-Cola Co. rose 25 cents to $54.75.
But even good news like a drop in oil and some resolution to fears about Merrill couldn't prevent a sell-off abroad. Markets in Tokyo and several other Asian money centers were closed for holidays. Britain's FTSE 100 fell 3.92 percent, Germany's DAX index lost 2.74 percent, and France's CAC-40 fell 3.78 percent.
The Russell 2000 index of smaller companies fell 30.50, or 4.23 percent, to 689.76.
James Morton
1100 - 5255 Yonge Street
Toronto, Ontario
M2N 6P4
Promises, promises
Interesting piece from the Hamilton Spectator. Almost a score card for the election so far!
Hamilton Spectator
Mon 15 Sep 2008
Page: A7
Promises so far in the federal election campaign, with projected costs where applicable and available:
CONSERVATIVES
* A two-cent-per-litre cut in taxes on diesel and aviation fuels over four years; projected to cost $600 million a year, fully implemented
* Reinstate veterans' benefits for Second World War veterans who have lived in Canada for more than 10 years; $9 million a year
* Put the recognition of foreign skill credentials for immigrants on the agenda of the next first ministers' conference
* A near-complete withdrawal of Canadian troops from Afghanistan in 2011
* Allow 49 per cent foreign ownership of Canadian airlines and foreign ownership of uranium mines
GREENS
* Tackle poverty with a Guaranteed Livable Income supplement; make locally grown organic produce more readily available to food banks
* A national student-loan program that would forgive half the loan for those who get a degree or certificate
* Shift consumption taxes to environmentally harmful products and services and away from income and products, activities that do no harm
* Cut corporate tax by $50 for each tonne of carbon-emission reductions
* Require manufactured goods and vehicles to be designed for easy re-use or recycling; to contain 90 per cent recycled materials by 2025
LIBERALS
* A Green Shift carbon tax on fossil fuels to cut emissions, offset by income and business tax cuts, green-energy and conservation investments
* Add $350 to the Harper government's $1,200-a-year child-care allowance. Low-income families would also receive another payment of up to $1,225 a year
* Restore the Court Challenges Program to help defray the cost of Charter challenges, doubling budget to $6 million a year
* $50 million to upgrade Canada's food safety system
* $600 million in energy retrofit tax breaks for homeowners
* $250 million over four years to curb the spread of the mountain pine beetle
NDP
* A moratorium on expansion of Alberta's oil sands
* $8.2 billion over four years to create, protect and foster growth of "green-collar" jobs
* A "cap-and-trade" system to create incentives for big business to reduce their emissions
* Slashing greenhouse gas emissions by 80 per cent by 2050
* Cap credit-card interest rates by amending the Bank Act to limit them to 5 per cent above prime
* Outlaw automated-banking machine fees, a measure the party claims would save consumers at least $104 per year.
* $120 million a year in additional funding for women's groups
James Morton
1100 - 5255 Yonge Street
Toronto, Ontario
M2N 6P4
Old Glory
Why is this scene normal in the United States but totally unheard of in Canada? (I don't mean an American flag in a Canadian mall). Surely Canadians love Canada as much as Americans love America? Clearly there is something distinct about Canada and
Canadians.
Liberals promise fairer, faster immigration system
Immigration policy is a critical issue for millions of Canadians. While Harper was wrong to say we are all new Canadians it is true that a large majority of Canadians are not First Nations.
VANCOUVER (CBC) - Canada’s immigration system would get a massive overhaul worth $800 million if a Liberal government is elected on Oct. 14, Stéphane Dion said Saturday.The Liberal leader promised to clear the current backlog of 900,000 immigrants waiting to come to this country, bring in a new business and visitors’ visa system and introduce a series of programs to help new Canadians learn one of the country’s official languages and have their professional credentials recognized here.
Dion was speaking in the Richmond, B.C. riding held by a former Liberal cabinet minister, Raymond Chan, where more than half of potential voters are from the Chinese-Canadian community.
To loud cheers, he said the changes to the Canadian Immigration and Refugee Protection Act brought in by the Harper government last June were unfair and didn’t address the challenge facing the system.
A Liberal government, Dion said, would reverse those changes, including removing the discretionary power of the minister of immigration to fast track some categories of immigrant over others.
http://ca.news.yahoo.com/indepth/fed_election/s/cbc/080913/canada/news_dion_immigrants_15
Are the polls right?
In a technical sense yes. There is no doubt the numbers are as the pollsters say.
But do they predict the final result?
Maybe not.
Remember two elections ago the Conservatives were well up to begin and they lost. And last election the Liberals were up at first but they lost.
Now this doesn't mean the polls are meaningless. If the Liberals were up by 10% I would be trumpeting the poll with glee. I would be glad to see a powerful trend towards Dion.
That said, the battle is not over and we can still succeed so -- once more into the battle!
The Urgent Crowds Out The Important
Many years ago I heard a sermon where the key phrase was 'the urgent crowds out the important'.
I was young at the time and while I remembered the phrase it held little meaning for me.
But now I see its truth clearly.
The things that matter are not the day to day crises of business or politics. Daily we have fires to put out but life is more than 'survive and endure'.
That's why everyone needs a time of peace and quiet solitude -- whether in meditation or prayer -- to refocus on what really matters.
To each of us that which 'really matters' is different. For one it may be a family, for another art and for a third charitable work among the disadvantaged.
It doesn't really matter what 'really matters' so long as you take the time to remember what it is and then focus on that and not the daily emergencies.
Remember, the urgent must not crowd out the important.
James Morton
1100 - 5255 Yonge Street
Toronto, Ontario
M2N 6P4
Crisis on Wall Street as Lehman Totters,
This story, from the Wall Street Journal, is likely far more important than anything coming out of the election today. It may be that Lehman and Merrill are the last giants to fall but, as the BBC reported this morning, there has not been anything as significant as this news since the Crash nearly 80 years ago.
Fed Will Expand Its Lending Arsenal in a Bid to Calm Markets;
Moves Cap a Momentous Weekend for American Finance
Moves Cap a Momentous Weekend for American Finance
By CARRICK MOLLENKAMP, SUSANNE CRAIG, SERENA NG and AARON LUCCHETTI
September 15, 2008 4:24 a.m.
September 15, 2008 4:24 a.m.
![[graphic]](http://s.wsj.net/public/resources/images/nowides03202003164521.gif){kind=small}
NEW YORK -- The American financial system was shaken to its core on Sunday. Lehman Brothers Holdings Inc. said it would file for bankruptcy protection, and Merrill Lynch & Co. agreed to be sold to Bank of America Corp.
The U.S. government, which bailed out Fannie Mae and Freddie Mac a week ago and orchestrated the sale of Bear Stearns Cos. to J.P. Morgan Chase & Co. in March, played much tougher with Lehman. It refused to provide a financial backstop to potential buyers. Without such support, Barclays PLC and Bank of America, the two most interested buyers, walked away. Barclays said Monday it pulled out of the potential deal after deciding it wasn't in the best interest of shareholders.
Late Sunday night, Lehman said it intends to file for protection under Chapter 11 of the U.S. Bankruptcy Code with the United States Bankruptcy Court for the Southern District of New York. Lehman said none of the broker-dealer subsidiaries or other subsidiaries of LBHI will be included in the Chapter 11 filing and all of the broker-dealers will continue to operate. Customers of Lehman Brothers, including customers of its wholly owned subsidiary, Neuberger Berman Holdings LLC, may continue to trade or take other actions with respect to their accounts, Lehman said.
On Sunday night, Bank of America struck an all-stock deal to buy Merrill Lynch for $29 a share, or $50 billion.
Though it steered clear of a bailout, the Federal Reserve is expected to take new steps to stabilize the broader financial system. These steps, expected to be temporary, would make it easier for banks and securities firms to borrow from the central bank by using a wider range of collateral. Bankers say these financial institutions might need short-term funds as they unwind their many trading positions with Lehman.
The Lehman board authorized the filing of the Chapter 11 petition in order to protect its assets and maximize value, the firm said. In conjunction with the filing, Lehman intends to file a variety of first-day motions that will allow it to continue to manage operations in the ordinary course. Those motions include requests to make wage and salary payments and continue other benefits to its employees.
Lehman said it is exploring the sale of its broker-dealer operations and, as previously announced, is in advanced discussions with a number of potential purchasers to sell its Investment Management Division. Lehman said it intends to pursue those discussions as well as a number of other strategic alternatives. Neuberger Berman LLC and Lehman Brothers Asset Management will continue to conduct business as usual and will not be subject to the bankruptcy case of the parent company, and its portfolio management, research and operating functions remain intact. In addition, fully paid securities of customers of Neuberger Berman are segregated from the assets of Lehman Brothers and aren't subject to the claims of Lehman Brothers Holdings' creditors, Lehman said.
![[charts]](http://s.wsj.net/public/resources/images/P1-AM929B_LEHMA_NS_20080914220947.gif)
The damage on Wall Street is the latest consequence of a storm that began last year with the sharp decline in American housing prices and losses on loans and other assets tied to home values. Massive capital infusions have failed to stem write-offs and losses, and financial firms are running out of options to escape the damage.
Regulators and others were preparing for a hectic Monday. The New York Stock Exchange prepared contingency plans over the weekend to reassign the approximately 200 blue-chip stocks that Lehman's specialist unit trades, according to people familiar with the matter. If Lehman is forced into liquidation, the exchange will likely transfer the stocks to one or more of the remaining specialist firms, most likely using the same technology and staff that currently trade the stocks.
Dozens of Wall Street desks have trades with Lehman. As word spread that the Barclays deal was falling apart, worries that the company could be thrown into bankruptcy mounted, and traders labored to get out of those contracts.
At approximately 2:30 p.m., government officials hosted a call, and a trading session was opened to ease fears. One trader said it was agreed that other brokers would pick up contracts that trading desks have with Lehman. If Lehman does open on Monday, the deals struck on Sunday, often at a worse price, would be void. "It is utter chaos here," the trader said.
At many Wall Street firms, traders of credit-default swaps -- contracts that act as insurance against debt defaults -- were told to come to work immediately. Concerned investors were rushing to buy swaps tied to other brokerages and corporations, sending the cost of protection on investment banks such as Goldman Sachs and others sharply higher.
In a statement Sunday, the International Swaps and Derivatives Association, a trade group whose members include many large dealers, said a "netting trading session" took place between 2 p.m. and 6 p.m. on Sunday. The idea was to allow firms to try to unwind their derivatives transactions with Lehman by finding other parties to step into Lehman's shoes.
"The purpose of this session is to reduce risk associated with a potential Lehman Brothers Holdings Inc. bankruptcy filing," it said. It added that trades conducted during this period "are contingent on a bankruptcy filing on or before 11:59 p.m. New York time" on Sunday. If no filing takes place, the trades will be canceled, ISDA said.
![[insurance against defaults]](http://s.wsj.net/public/resources/images/P1-AM923A_LEHMA_NS_20080914192838.gif)
Some traders said it was difficult to find new counterparties for many of their outstanding trades with Lehman. The snags included different terms and maturity dates on derivatives contracts, and market prices changed rapidly Sunday afternoon. "People were screaming at each other over the phone, asking: How can this work?" one trader said.
William Gross, chief investment officer at bond-fund giant Pacific Investment Management Co., said very few Lehman trades were offset. "There's an immediate risk related to the unwind of these positions," he said.
Many Wall Street firms concluded that a liquidation of Lehman's assets likely would proceed in an orderly fashion, people familiar with the situation said. That means other firms could quickly buy real estate, securities and other investments, preventing the assets from flooding the market. Because of that, these people said, some participants in the New York Fed talks decided that liquidation was no worse an option than selling Lehman to a buyer such as Barclays.
"There will be an orderly wind down," said one banker involved in the matter. "This was the default option. It happens when you have no buyer."
The outside firms decided that instead of making guarantees for Barclays or some other purchaser of Lehman, they would prefer to pool their resources and buy the assets themselves, taking on the risks and carrying costs, along with the possibility of profiting down the road.
Those firms would likely then buy assets such as mortgage-backed securities, leveraged loans, private-equity positions and investments in real estate or hedge funds.
Roger Freeman, a nine-year Lehman employee who analyzes brokerage firms, spent the weekend gathering cellphone numbers and email addresses from colleagues who also are likely to lose their jobs. He plans to clean out his desk Monday morning. "We worked long hours here, we've made some of our best friends here. We're suddenly being ripped apart," he said. "It's just unbelievable."
--Jon Hilsenrath, Jeffrey McCracken and David Enrich contributed to this article.
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