The Independent Chronicle
News, Editorials, and Entertainment by Zachary Chin
Wednesday, July 11, 2012
UNDER CONTRUCTION
The Independent Chronicle is undergoing many changes, and will not be back up until further notice.
Monday, November 28, 2011
Editorial: The Decay of the Iron Core: How media sources in the 21st century have fallen far, and how they might climb back up
The Decay of the Iron Core: How media sources in the 21st
century have fallen far, and how they might climb back up
by
Zachary Chin
November 28th, 2011
Accurate,
relevant news in the United States is slowly disappearing, and it seems almost
impossible to stop. The news the country is losing is not the tabloid
journalism you might see in magazines in the grocery line or the partisan
advocacy that you would catch on the O’Reilly Factor or Bill Maher, but what
Alex Jones* calls “The Iron Core” of uncompromising, unbiased journalism. Employees
in the newsroom often work tirelessly to check facts, follow up on political
events, and explain the nature of things like Obamacare or the SOPA bill, only
to be largely eclipsed by the sports section, classifieds, or paper
sponsorships.
Over time,
people have become satisfied with watching their local news on the television,
which often chronicles events like a local fire or a missing child. As
compelling or interesting as these stories may be, they are not a part of “The
Iron Core” because they do not change or allow the viewer to consider his/her
view of the world. Over the years, what more and more people consider news is
falling under this category of events that may be important, but are not necessarily
relevant to the national or global spheres. National news on the television
often presents stories that are part of the iron core, but the length of time
and follow-up for the headline is usually shockingly sparse in comparison to
the opinionated information viewers will take from it instead. While many would
be wise enough to not consider the following sources to be news, a huge portion
of the nation has replaced their absorption of true, traditional journalism
with entertaining segments by Rush Limbaugh or Chris Matthews. While the
depictions of the events these men use to prove their point may be correct, the
fact that they use news to advocate for a certain person or party forces the
news to take a backseat to political views.
Newspapers are the remaining traditional media source, and they
have been slowly dying since the other sources have been born. While they fill
their front pages mostly with iron core news and certainly have more of it than
the other media sources, budget cuts by chief editors and publishers have
hindered the papers’ ability to dispense important information. Yet, the budget cuts
are necessary, for people are buying fewer newspapers every
year. Print media that costs even a miniscule amount of money would lose customers because those that buy the paper for tools like the classifieds can now visit
websites like craigslist or ebay to find exactly what they want faster, and probably
for cheaper. Additionally, it is far easier to watch or listen to the news,
whether local or national, than it is to deal with the hassle of a newspaper. What
scares those involved in bolstering the iron core is that even if newspapers
were the predominant source of media in the modern age, only a fraction of the
newspaper is actually a part of the iron core. The Independent Chronicle explored the contents of an issue from The New York Times, The LA Times, The Chicago
Tribune, and The Boston Globe to
discover how much of the newspaper could be considered accurate and relevant. The New York Times, The LA Times, and The Chicago
Tribune had an average iron core percentage of 20%. The Boston Globe boasted a slightly higher number at 32%. It is frightening
to imagine when this dying source of media that contains what Alex Jones
estimates to be around 95% of iron core news falls even further to the hands of
economic disadvantage.
What remains is the power of new media sources and the desire to print real, significant news. The Huffington Post and The Daily Beast function a lot like today’s newspapers with a front page, business, and sports section, but unlike the dangers of economic disadvantaged papers, there is no cost to print, and so the editors of the online blog can post whatever they see fit. While the iron core may still twinkle in the 30% range, there is no risk in this number decreasing, for there are only costs to pay journalists and staff writers, but the cost to print is a comforting $0. The online blog style of dispensing information is undoubtedly the future in allowing followers and occasional readers to absorb important information about the country and the world. At The Independent Chronicle, we strive to push forth over 50% iron core journalism, the other parts reserved for an occasional movie review for groundbreaking material or an editorial piece like this one. Regardless of the percentage, it is clear that the elimination of the cost of printing and the quickness afforded by online posting have allowed blogs to emerge as a critical source of media.
What remains is the power of new media sources and the desire to print real, significant news. The Huffington Post and The Daily Beast function a lot like today’s newspapers with a front page, business, and sports section, but unlike the dangers of economic disadvantaged papers, there is no cost to print, and so the editors of the online blog can post whatever they see fit. While the iron core may still twinkle in the 30% range, there is no risk in this number decreasing, for there are only costs to pay journalists and staff writers, but the cost to print is a comforting $0. The online blog style of dispensing information is undoubtedly the future in allowing followers and occasional readers to absorb important information about the country and the world. At The Independent Chronicle, we strive to push forth over 50% iron core journalism, the other parts reserved for an occasional movie review for groundbreaking material or an editorial piece like this one. Regardless of the percentage, it is clear that the elimination of the cost of printing and the quickness afforded by online posting have allowed blogs to emerge as a critical source of media.
The only disadvantage seen thus
far is the government’s reaction to such power and widespread influence that an
online blog can possess. Consider Wikileaks, an online source of articles about
corporate and government secrets. This sort of exposing of secrets in the world
of journalism is considered the highest, most revered form of iron core news:
investigative reporting. James Callender exposed Thomas Jefferson’s hypocritical
affair with his mullato slave Sally Hemmings, and Robert McNamara released the
Pentagon Papers, both showing important information to the public about their
leaders’ actions. The release of the Pentagon Papers, for instance, radically
changed how people viewed the Vietnam War, and its mass publication allowed the
country to consider the dangers of engaging in full-scale ideological warfare.
Yet, it is horrifying to see how
our society in this age has branded Julian Asange, the leader of Wikileaks as a
traitor and enemy of the state. Citizens who have absorbed countless stories
about a stubborn cat stuck in a tree on their local news station have to
consider where their interest really lies. Do we want to be educated in global
politics and learn what the world’s governments and largest corporations are
doing behind our backs? Or will we choose to shrug off investigative reporting
and crush the iron core news that already seems to dwindle?
*Alex Jones is the Director of Harvard University’s
Shorenstein Center on the Press, Politics, and Public Policy and a Pulitzer
Prize-winning journalist for The New York
Times.
Wednesday, September 28, 2011
Article: IMF negotiating new bailout package for Greece
IMF negotiating bailout package for Greece
by
Zachary Chin
September 28th, 2011
Finance
ministers at the International Monetary Fund are once again working to devise a
plan to aid Greece in repaying its debts. Like other countries that are
considered “developed”, many viewed Greece as a nation that could handle a deficit
because similarly to countries such as The United States and Canada, the
government was able to borrow money very cheaply, often making it more
lucrative to run a deficit.
Yet, markets
and media sources exploded over a year ago, exposing Greece’s possible inability
to repay its debts. The lack of confidence, asserts contributors to the
blogosphere, caused additional damage because other nations no longer felt
comfortable lending money to a nation they could not necessarily trust to repay
their debt.
Above is a chart representing the probability that the labeled country will be unable to repay its debt up to last year. Greece not only claims the highest percentage, but also the sharpest hike. |
Officials
at the International Monetary Fund and the European Union want Greece to be
able to use an allotted amount of money to heal the suffering debt crisis, but
also expect that reforms will be implemented in order to succeed in arising out
of the economic downturn they face today. Poul Thomsen, the IMF mission chief
to Greece, asserts that serious reforms will have to be made in order for the
bailout to function.
Many
popular Vloggers and bloggers alike see the solution as much more difficult
than the Greek government employing traditional methods of gaining revenue.
Youtube member “Vlogbrothers” asserts that Greece should implement public
projects to boost employment and productivity, giving foreign countries the
confidence to lend money once again.
Others
like John Sfakianakis, chief economist at Banque Saudi Fransi, sees Greece’s
current solution as completely destructive. The government felt that one
certain way of raising revenue was to raise taxes on individuals, bringing more
money into the hands of the government. Yet, the strategy has yielded tremendous
outrage, and the effects can be observed in enormous suffering in the retail
business as well as declining strength of cultural staples like the marketplace.
If another bailout is to be given, the IMF and European Union want to be sure that the government will be employing a more nuance strategy than what Sfakianakis called a “destructive tax policy” that will only hurt Greece’s goal of becoming an economically stable nation once again.
If another bailout is to be given, the IMF and European Union want to be sure that the government will be employing a more nuance strategy than what Sfakianakis called a “destructive tax policy” that will only hurt Greece’s goal of becoming an economically stable nation once again.
Wednesday, January 12, 2011
Article: Gabrielle Giffords in critical condition, Palin criticized for polarizing political move
Gabrielle Giffords in critical condition, Palin criticized for polarizing political move
by Zachary Chin
January 12th, 2011
Arizona representative Gabrielle Giffords suffered a shot to the head on January 8th, when an assailant targeting the representative killed 6 and wounded 13 outside a grocery store. Doctors are optimistic about Giffords’ condition, but the same cannot be said for one of Giffords’ staffers, a federal judge, and four others murdered by the shooter identified as Jared L. Loughner.
Critics like Kathy Henn and opinionated blogs attacked the Tea Party and Sarah Palin for their “targeting” of various democrats across the nation. One of Palin’s pamphlets included a map with a spot that resembles crosshairs over Arizona with Gifford’s name indicated on the bottom, illustrating Palin’s desire for Republicans to overtake the political pendulum and stop the healthcare bill.
Kathy Henn continued by claiming that the polarizing political move used by Palin breeds hate and lack of understanding between people of various political parties, and the crime committed by Loughner illustrates the need for that kind of propaganda to end. Henn expressed her frustration about Palin’s advertisement and what she believed to be the former Alaskan governor’s feigned sympathy by saying “shame on you [Palin]”.
Giffords was sworn in to office on January 3rd, 2007 as a congresswoman. She is known for her support of a stronger boarder between the United States and Mexico, her support of renewable energy, and her willingness to increase the minimum wage. She is a self-proclaimed “Blue Dog”, and is viewed as a moderate democrat by many of her colleagues.
Comment contributors on CNN’s online article on the story expressed their deepest wishes for her health, but also a lot of confusion about why Giffords was the target of one of Palin’s ads. As a moderate, Palin and Gifford share similar views on strengthening the borders of the United States as well as increased funding for the military, as Giffords voted for the Iraq Emergency Supplemental Spending bill in May of 2007. With such critical issues like these that the two political figures agree on, it seems odd to bloggers and comment contributors that Palin would direct her attention towards Giffords.
The shooting was confirmed as an attack on Giffords, and is suspected to reflect the state of political tension between Giffords and her constituents. Whether or not Palin’s ad ever reached Loughner is unknown, but critics claim even if the influence was not direct, the general contribution by Palin to the country’s large-scale polarization of parties is very dangerous and should be recognized as a misdeed.
by Zachary Chin
January 12th, 2011
Arizona representative Gabrielle Giffords suffered a shot to the head on January 8th, when an assailant targeting the representative killed 6 and wounded 13 outside a grocery store. Doctors are optimistic about Giffords’ condition, but the same cannot be said for one of Giffords’ staffers, a federal judge, and four others murdered by the shooter identified as Jared L. Loughner.
Critics like Kathy Henn and opinionated blogs attacked the Tea Party and Sarah Palin for their “targeting” of various democrats across the nation. One of Palin’s pamphlets included a map with a spot that resembles crosshairs over Arizona with Gifford’s name indicated on the bottom, illustrating Palin’s desire for Republicans to overtake the political pendulum and stop the healthcare bill.
Palin's advertisement features spots that look like crosshairs over Arizona and lists Giffords four from the top on the left column. |
Giffords was sworn in to office on January 3rd, 2007 as a congresswoman. She is known for her support of a stronger boarder between the United States and Mexico, her support of renewable energy, and her willingness to increase the minimum wage. She is a self-proclaimed “Blue Dog”, and is viewed as a moderate democrat by many of her colleagues.
Comment contributors on CNN’s online article on the story expressed their deepest wishes for her health, but also a lot of confusion about why Giffords was the target of one of Palin’s ads. As a moderate, Palin and Gifford share similar views on strengthening the borders of the United States as well as increased funding for the military, as Giffords voted for the Iraq Emergency Supplemental Spending bill in May of 2007. With such critical issues like these that the two political figures agree on, it seems odd to bloggers and comment contributors that Palin would direct her attention towards Giffords.
The shooting was confirmed as an attack on Giffords, and is suspected to reflect the state of political tension between Giffords and her constituents. Whether or not Palin’s ad ever reached Loughner is unknown, but critics claim even if the influence was not direct, the general contribution by Palin to the country’s large-scale polarization of parties is very dangerous and should be recognized as a misdeed.
Friday, October 15, 2010
Article: Chilean Miners rescued after two months trapped in mine in Copiapo
Chilean Miners
rescued after two months trapped in mine in Copiapo
by
Zachary Chin
October 15th, 2010
On
August 5th, 33 miners in Copiapo, a Chilean city a few hundred miles
north of Santiago, were trapped due to a cave-in that sprung Chilean President
Pinera and mining minister Golborne into action. Officials began leading rescue
efforts by drilling bore holes where they believed the miners to be.
On
August 22nd, drilling efforts reached the miners, confirmed with an
attached note to the end of the drill stating that there were 33 men split into
3 groups to eat and sleep, and more importantly, that they were okay. Once the
location of the miners was discovered, rescue workers began to lower essentials
down to the group such as water and food, relieving some of the larger concerns
about the health of the miners.
Comments
on ABC News reflected deep fear that the miners would not be rescued until
Christmas. The authors’ thoughts and prayers went out to the victims of the
cave-in, but little did they know, the day of rescue would come much sooner. Throughout
September, correspondence and transportation of supplies continued including
motivational T-Shirts, a small projector designed to display a Chilean fútbol
game, and an enormous health package filled with tanks of oxygen and tools for
communication with the outside world.
Rescue workers lower the second of Phoenix capsules |
Come the
beginning of October, officials announced that a rescue mission for all miners
would be coming soon. The miners rejoiced when the tip of the drill broke
through the 1 km tunnel on October 9th, and learned two days later
that their rescue would be coming soon.
Viewers
from across the globe observed the ordeal and maintained hope that the miners
would be rescued, but the consequences of the cave-in were not kept in focus as
much as the survival of the 33. The mayor of Copiapo announced before the
process of the rescue that the miners’ families intended to sue the government
for varying amounts of money.
The
legal action taken by the suffering families illustrates tension between
working class individuals and their governments, and many wait to learn the
more serious steps that will be taken after
the elation of returning home.
Sunday, October 10, 2010
Review: The Social Network
The Social Network: A well-timed, well done cinematic gem
by Zachary Chin
October 10th, 2010
by Zachary Chin
October 10th, 2010
Facebook is far more than a $30 billion dollar company and popular employer of extraordinarily talented computer programmers and marketing geniuses. Facebook is a global tool for social interaction of all types. Whether it is used for day-to-day communication with friends and family or a tool to gather supporters for a charitable cause, Facebook has become a staple for any person or group trying to reach out to others in a quick and effective fashion. Its growing importance caught eyes of movers and shakers in the entertainment industry, and it was only a matter of time before we saw its controversial childhood depicted on the silver screen.
The Social Network paints a complex portrait of a computer whiz kid while hinting at a certain ‘whodunnit?’ type of character exploration. The script is designed to allow the audience to decide who possessed the ideas that led to Facebook’s success, and what regulations should be implemented when discussing intellectual property. Aaron Sorkin claims that he does “not want to demonize” any group or individual involved in the creation of facebook. Instead, he more or less exposes the missteps and misdeeds of all of the characters involved in the rise of facebook as an international staple.
The only true sympathetic character is Eduardo Savrin, Mark’s best friend and aspiring business man who wrote the original equation that started Zuckerberg’s popularity explosion. Yet, the elitist attitudes and superiority complexes of the other characters render Savrin an unremarkable leave-behind of the Facebook team. The Winklevoss twins, the perfect scholar athletes, epitomize the idea of modern day renaissance men as rowers and members of the Porcelian. Zuckerberg has a keen sense of human nature as well as an innate ability to write and delegate thousands of lines of code to produce his brainchild. Justin Timberlake plays an irresponsible older brother figure to the rising superstar that infuriated Eduardo by rendering his shares public.
http://www.imdb.com/video/imdb/vi4152690201/ - The Social Network provides a helpful introduction to both the topic of the film as well as Jesse Eisenberg's interpretation of Mark Zuckerberg
Regardless of the lack of belonging that a movie watcher feels among the characters in it, the fast paced script and captivating grey toned cinematography made for an excellent cinematic experience. Facebook’s key components were explored in the film and viewers were able to understand their origin, or at least the movie’s portrayal of it. The chapters are linear, but the manner in which viewers are given information about the role each person played in the creation of the social network is far from simple and truly challenges the concepts of free and fair use, the nature if intellectual property, and the ethics of business in a digital age. For its characterizations, relevance, and ability to captivate, The Social Network is now under “favorite movies” in my Facebook profile.
Saturday, June 12, 2010
Article: New iPhone May Face Fierce Competition from HTC Incredible
New iPhone to Face Fierce Competition from HTC Incredible
by Zachary
Chin
June 12th, 2010
Apple
has announced its release of the iPhone 4 to be June 24th, less than
two weeks from today. The official announcement finally gained legitimacy when
Steve Jobs claimed that the iPhone 4 would have the biggest differences from
the rest of its kind, suggesting that the improvements made will be well worth
the wait.
Customers
eagerly await new technology such as the front-facing camera, streaming video
on both Wifi and 3G networks, and a brand new physical design. The installment
will likely be the last product that AT&T has exclusivity with as a
network, for the deal the two corporations made has nearly run its course. Other
networks, such as Verizon Wireless, are expected to vie for a place onboard the
seeming unstoppable Apple bandwagon.
The iPhone 4 will be available in both white and black skins and will have a new, thinner design. |
Yet,
with the economy in its fragile state and consumers looking to save dollars in
as many ways as possible, can we expect the same craze for new iPhones this summer
when they will be as expensive as ever and the HTC Droid series as possible
competitors?
Verizon
stores have been clearing the shelves of the HTC Droid Incredible and Droid X,
and iPhone’s success has not yet hindered that of the HTC series. Though brand
is an important aspect and Apple has laid claim to that advantage, the cost of
the HTC smart phones is dramatically less and may hinder iPhone 4 sales when
its release occurs.
Boasting well-acclaimed features
and price, the HTC smart phones may not have the brand-war won, but they
certainly provide a popular alternative for consumers not looking to spend
money on the iPhone or switch their plan from Verizon to AT&T.
Despite any kind of price
speculation, the explosion of word-of-mouth excitement and the lighting of
blogs about the new Apple product is often what drive consumer to the
white-walled stores. In a recent poll conducted by zcchronicle.com in
Manchester, 7 out of 10 consumers claimed that they not only are they
comfortable paying more for a phone if it is an Apple product, but intend to
buy the iPhone 4 when it is released.
In less than two weeks when the
iPhone 4 is released, Apple hopes that the value of HTC phones will not hinder
their revenue and strike and unprecedented event where enormous amount of
consumers avoid flocking to the shelves of Apple stores across the nation.
Thursday, April 15, 2010
Article: The Biggest Box Office Hit Ever: Avatar Going for Round Two?
The Biggest Box Office Hit Ever: Avatar Going for Round Two?
by
Zachary Chin
James
Cameron’s Avatar was the highest
grossing film to ever appear on the silver screen, and at the start of the New
Year, Avatar’s facebook page and bloggers on MTV’s website quoted a very
interesting statement from Cameron about a possible sequel, adding what many
believe would be another heavy-hitter for the box office.
Cameron
said to MTV that he has a “larger story in mind” for Jake and Neytiri, the
movie’s in-focus characters. The first film chronicled Jake’s journey from
cultural ignorance to complete assimilation with the Navii of Pandora. It came
off as a sort of Pocahontas tale with Neytiri as the native princess, teaching
the naïve Jake the many customs necessary to survive in her world.
Bloggers believe Jake and Neytiri, pictured here sharing a close moment over archery, will be having children in the Avatar sequel. |
Bloggers
on MTV made it very clear that they would welcome a sequel and want to learn a
little bit more about “what the Navii heritage was and the history of the
various landmarks such as Hometree.” Facebook contributors to the Avatar page
made clear that they want to focus on the central storyline, continuing the
progression from the end of the first film. One commenter claimed that a good
portion of the film’s success will come from “Jake and Neytiri having children.”
Since
Cameron’s first installment of Avatar took over a decade to complete, it stands
to reason that viewers can expect a sequel no earlier than 2014 or 2015.
Despite the length of time, excitement about the continuation of the Avatar franchise
has been substantial. Though other projects stand between Cameron and his labor
on the new movie, he has been forthcoming about his intentions to continue the
story.
The director himself expressed his interest in
exploring more of the life on Pandora, particularly the oceans. Movie-goers can
expect an exciting addition to the Avatar saga that will take the famous story
to the depths of the seas.
Wednesday, June 10, 2009
Editorial: The Effects of The North American Agreement on Labor Cooperation
The Effects of The North American Agreement on Labor Cooperation
by Zachary Chin
June 10th, 2009
The North American Agreement on Labor Cooperation, a supplement to the 1994 North American Free Trade Agreement (better known as NAFTA), has been the catalyst for many grievances surrounding labor and employment. The goal of the agreement was to allow for massive deregulation, such as tariff reduction or elimination, which, in turn, would increase trade among Canada, Mexico & the U.S. The new agreement has had only modest impact on the relationship between Canada and the U.S., but the effect on U.S. and Mexico has been immense.
by Zachary Chin
The North American Agreement on Labor Cooperation, a supplement to the 1994 North American Free Trade Agreement (better known as NAFTA), has been the catalyst for many grievances surrounding labor and employment. The goal of the agreement was to allow for massive deregulation, such as tariff reduction or elimination, which, in turn, would increase trade among Canada, Mexico & the U.S. The new agreement has had only modest impact on the relationship between Canada and the U.S., but the effect on U.S. and Mexico has been immense.
The explosive growth of low wage factories in Mexico, as a result of the new opportunities for American businesses to outsource, has dramatically reduced the number of American jobs, as well as impairing the health and well-being of many employed Mexicans in the “maquiladoras” (factories that manufacture a foreign client’s goods) that do not adequately protect their workforce. Deregulation has been bitterly criticized by Americans who have lost their jobs or have had their wages suppressed, as well as those who have witnessed or felt the harm to Mexican laborers and the damage to the environment in Mexico.
Between 1994 and 2002, the Economic Policy Institute reported that NAFTA had resulted in a net loss of 879,000 jobs in the United States, 80% of which were in manufacturing. Those companies who did not move to Mexico used outsourcing as a threat to gain leverage over workers and labor unions. Because the American workers wanted to keep their jobs, the owners of these companies were able to hold down wages.
South of the border, thousands of manufacturing plants have been operating to serve American companies and have delivered dramatic increases in the profit margins. There are those who believe that, while the laborers in the United States were harmed by the Labor Agreement, the unprecedented outsourcing of American businesses has helped employment along the border. Yet, the competition for work among Mexican laborers at these maquiladoras has kept wages very low – about $2.30 per hour in U.S.-equivalence according to Ellwyn Stoddard, a professor at University of Texas El Paso and an expert on Mexican borderlands culture.
The labor conditions of these maquiladoras pose another deep concern. Without adequate health and safety regulations, such as those provided by OSHA in the U.S., the American Medical Association labels these Mexican factories "a virtual cesspool and breeding ground for infectious disease.” The workers in the maquiladoras have been subject to numerous respiratory diseases due to the air pollution in the factories. While Mexico’s Gross Domestic Product has grown healthily as a result of NAFTA, the welfare and long-term livelihood of the Mexican laborers are still much in doubt.
In the end, does NAFTA’s labor supplement boil down to the U.S. trading away jobs for healthier corporate sales and profits? Does the global competitiveness of American firms always require such a horrifying Faustian bargain, where Americans face unemployment, while their jobs, along with labor and environmental abuse, are shipped to our neighbor? The United States must consider a more holistic concept of trade, beyond the exchange of goods and services, beyond global competition and trade surpluses and deficits. Jobs are, in and of themselves, precious assets too, not just the revenue or earnings growth they produce for corporate America. Moreover, turning a blind eye to labor and environmental neglect in Mexico will have downstream consequences to both trading partners.
Sunday, January 4, 2009
Article: Bernard Madoff’s Ponzi Scheme yields greater consequences
Bernard Madoff’s Ponzi Scheme yields greater consequences
by Zachary Chin
by Zachary Chin
January 4th, 2009
Police arrived on the scene early Tuesday Morning to find Rene-Thierry Magon de la Villehuchet, a victim of Bernard Madoff’s $50 billion Ponzi scheme, dead in his apartment after losing over $1 billion to the Madoff Investment Securities LLC hoax.
Reports say De la Villehuchet used a box-cutter to make lacerations on his wrists after overdosing on sleeping pills. The scene introduces a horrific element of the backlash of Madoff’s corporate crime. De la Villehuchet’s ties to the French aristocracy, his membership in the New York Yacht Club, and his passion for high-priced investments made him a perfect target for Madoff.
Madoff allegedly coerced high rolling executives and aristocrats into using his hedge fund, Bernard L. Madoff Investment Securities LLC, to manage their money. He had them deposit their money into his personal account, reported fake figures that far exceeded realistic returns, and in his own words: “used the money in the Chase Manhattan bank account that belonged to them or other clients to pay the requested funds.”
Victims like De la Villehuchet were shocked to discover that the reported returns were not backed by real money, and that they had been misled in a pyramid style scheme. In 1999, there were already serious concerns about the returns that the hedge fund had been reporting. Since then, there had been multiple requests for the Security and Exchange Commission to investigate Madoff’s business, but the corporate scheme continued until Madoff privately confessed to his son that the entire fund was “one grand lie.”
Madoff allegedly coerced high rolling executives and aristocrats into using his hedge fund, Bernard L. Madoff Investment Securities LLC, to manage their money. He had them deposit their money into his personal account, reported fake figures that far exceeded realistic returns, and in his own words: “used the money in the Chase Manhattan bank account that belonged to them or other clients to pay the requested funds.”
Madoff in his New York City office circa 1999, around the time Henry Markopolos began trying to expose the corporate scheme. |
Henry Markopolos was the first to try to expose Madoff’s practices and was responsible for multiple attempts to alert the SEC. Yet, his whistle-blowing tactics went unrecognized despite numerous examples of how the figures reported by the investment fund were statistically inconsistent and “literally impossible”.
Madoff now sits in house arrest in his Upper East Side penthouse apartment while victims are left to recover their lost funds and cope with their broken spirits. Madoff is set to go on trial in March of this year and is being charged on numerous counts of fraud, obstruction, and perjury.
Madoff now sits in house arrest in his Upper East Side penthouse apartment while victims are left to recover their lost funds and cope with their broken spirits. Madoff is set to go on trial in March of this year and is being charged on numerous counts of fraud, obstruction, and perjury.
Wednesday, October 29, 2008
Article: Ben Affleck expresses mixed feelings about McCain’s defense of Obama
Ben Affleck expresses
mixed feelings about McCain’s defense of Obama
by Zachary
Chin
October 29th, 2008
Actor/director
Ben Affleck appeared on Real Time with
Bill Maher and provided a fresh perspective on the recent defense of
Senator Barack Obama by McCain. Affleck criticized the popularized dialectic
between people of Arabic descent and the term “decent people.” What Affleck
finds disturbing is not only the false labeling of Obama as a “Muslim” or “Arab”,
but also the assumption by so many that these terms imply poor character and
indecency.
Weeks ago, supporters of Senator
John McCain collectively booed their candidate at a rally in Lakeville,
Minnesota after McCain parried an attack by a woman who attended the rally who
claimed Obama could not be trusted because he was “an Arab.” The crowd groaned
at McCain’s defense of his opponent and his assertion that voters should be “respectful.”
With November not far away, heated attacks by both candidates have been
popular, and McCain’s sudden shift away from the fray evidently disappointed a stadium
packed with republican voters from Minnesota.
Known left-leaning public
figures such as Rachel Maddow have come forth to say McCain has taken the high
road and that he should be commended for his integrity. His defense of his opponent
did not go unrecognized, and many believe that McCain did the right thing in
dialing back the attacks on Obama.
Links to videos:
Others, like Affleck, are not as
easily convinced that McCain is having the right argument with his supporters.
Responding to the woman’s concern, McCain shook his head and replied that Obama
was a “decent, family man.” Affleck is concerned that in McCain’s defense of
his opponent, he made the implication that Arabs could not be decent people,
for McCain did not respond simply by correcting her perception of Obama’s
ethnicity.
Fox National News has devoted
over ten segments to exposing Obama’s true heritage. Some argue that he is a
Muslim or is of Middle-Eastern descent and others claim he is not, but many
shrug their shoulders and ask “So what?” According to Affleck, McCain’s
response to the woman’s attack on Senator Obama just reiterated the same
language that there is a natural opposition between Arabic people and
trustworthiness.
With disgruntled republicans
criticizing McCain’s defense of Obama from the right, and others criticizing his
method of defense, support for the Senator may suffer as voting day draws near.
Thursday, February 28, 2008
Article: Senator Clinton criticizes Obama’s softness on Farrakhan
Senator Clinton criticizes Obama’s softness on Farrakhan
by Zachary Chin
February 28th, 2008
During Tuesday night’s debate, New York senator Hillary Clinton criticized her opponent, Illinois Senator Barack Obama for what she believed to be a lack of conviction in Obama’s denunciation of Louis Farrakhan’s support for his campaign.
Farrakhan is notorious for his extreme anti-Semitic views and his leadership in the Nation of Islam*. Many suspect Farrakhan to have been involved in the murder of El-Hajj Malik El-Shabazz (commonly known as Malcolm X) because of the civil rights leader’s sudden shift away from the politics of black supremacy. In his comments following Shabazz’s death, Farrakhan neither confirmed nor denied the suspicion, but instead used the opportunity to communicate a message of warning and intimidation.
Obama immediately retorted Clinton’s accusation of his softness on Farrakhan by saying that he has “denounced” the support offered. The back-and-forth continued after Senator Clinton distinguished the terms “denounce” and “reject”, the latter of which she thought Obama should have done in his comments directed at Farrakhan.
Bloggers began chiming in during the debate, claiming that this sort of bickering was not conducive to a good discussion and that Clinton should just “cut the chatter and get to the issues”, said one commenter. The New York senator’s distinction of terms, evidently, did not register with voters quite as well as she may have suspected.
The final talking point on the issue came from senator Obama, who replied to Clinton by saying that denouncing support implies rejection, but to put the issue to bed, he announced his formal denunciation and rejection to Farrakhan’s support to a live audience and the viewers at home.
Though hardly a bump in the road for Obama’s campaign, the suggestion that perhaps Obama is not as ideologically opposed to black supremacists raises the question of how big of a problem are these issues going to be for the Illinois senator as his campaign continues. Some accusations about his place of birth, religion, and experiences with drugs have already appeared. If successful in earning the democratic nomination, senator Obama may face increased attacks from right-wing figures leading up to the general election.
*Despite its comprehensive sounding name, The Nation of Islam does not by any means encompass the entirety of the Muslim community, nor does it reflect identical values and beliefs as the general Muslim community. Both groups draw their ideological bases from the Qu’ran, but The Nation of Islam refers to a specific movement involving figures such as Elijah Muhammad, Louis Farrakhan, and Malcolm X.
by Zachary Chin
February 28th, 2008
During Tuesday night’s debate, New York senator Hillary Clinton criticized her opponent, Illinois Senator Barack Obama for what she believed to be a lack of conviction in Obama’s denunciation of Louis Farrakhan’s support for his campaign.
Farrakhan is notorious for his extreme anti-Semitic views and his leadership in the Nation of Islam*. Many suspect Farrakhan to have been involved in the murder of El-Hajj Malik El-Shabazz (commonly known as Malcolm X) because of the civil rights leader’s sudden shift away from the politics of black supremacy. In his comments following Shabazz’s death, Farrakhan neither confirmed nor denied the suspicion, but instead used the opportunity to communicate a message of warning and intimidation.
Farrakhan during a speech regarding the death of El Hajj Malik El-Shabazz |
Bloggers began chiming in during the debate, claiming that this sort of bickering was not conducive to a good discussion and that Clinton should just “cut the chatter and get to the issues”, said one commenter. The New York senator’s distinction of terms, evidently, did not register with voters quite as well as she may have suspected.
The final talking point on the issue came from senator Obama, who replied to Clinton by saying that denouncing support implies rejection, but to put the issue to bed, he announced his formal denunciation and rejection to Farrakhan’s support to a live audience and the viewers at home.
Though hardly a bump in the road for Obama’s campaign, the suggestion that perhaps Obama is not as ideologically opposed to black supremacists raises the question of how big of a problem are these issues going to be for the Illinois senator as his campaign continues. Some accusations about his place of birth, religion, and experiences with drugs have already appeared. If successful in earning the democratic nomination, senator Obama may face increased attacks from right-wing figures leading up to the general election.
*Despite its comprehensive sounding name, The Nation of Islam does not by any means encompass the entirety of the Muslim community, nor does it reflect identical values and beliefs as the general Muslim community. Both groups draw their ideological bases from the Qu’ran, but The Nation of Islam refers to a specific movement involving figures such as Elijah Muhammad, Louis Farrakhan, and Malcolm X.
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