Daily Archives: December 12, 2008

Pakistani Media Accepts , Terrorist is Pakistani [Geo TV Exclusive]

GEO Pakistan

Ajmal Qasab is Pakistan resident?
 Updated at: 2136 PST,  Friday, December 12, 2008

 

ARID KOT: Ajmal Qasab, allegedly involved in Mumbai attacks and presently in Indian custody, is a resident of Farid Kot, Pakistan.

Geo News team that arrived in Farid Kot to investigate this, started inquiring the local people about Ajmal Qasab. Most of the people seemed unwilling to speak. However, a man or two confirmed that Ajmal Qasab’s father Amir Azam Qasab used to sell ‘Pakora’ in the area while his son Ajmal Qasab worked in the crop fields.

It was investigated that Ajmal Qasab ran away from home four years ago because his father failed to provide him new clothes on Eid as his son desired.

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Finally Pakistan Accepts , Kasab Is A Pakistani

Pakistan’s foreign ministry has released a statement that seems to suggest that Islamabad might want consular access to Kasab, even if it is informally and in the presence of Indian officials.

The statement reads thus,” Our own investigations cannot proceed beyond a certain point without provision of credible information and evidence pertaining to Mumbai attacks. Despite our requests, no evidence or information has been shared with the Government by India so far. Any criminal investigation proceeds from the scene of crime to the criminal. This is standard investigation procedure”.

 

Pakistan’s representative to the United Nations, Abdullah Haroon Hussain said that Pakistan must be given access to Kasab. When asked that asking for consular access would mean an admission that Kasab is Pakistani, Hussain said Islamabad wants access to make sure this is established.

 

“It is in the benefit of India to allow consular access to this person to the Pak authorities. The sooner that happens the better it would be for both countries. We should both walk towards each other and no one should be seen standing at one spot. If in your presence we access him that’s a good gesture of working together, even if he is not a Pakistani national. If he’s not found a Pakistani, then he s not a Pakistani. But if he is, we’ll all find out, won’t we? But until then, we don’t know for a fact and can’t identify the person as a Pakistani. We will say these are your (India’s) allegations,

 

 

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$50 Billion Fraud At WallStreet

Source Reuters

 

Bernard Madoff, a quiet force on Wall Streetfor decades, was arrested and charged on Thursday with allegedly running a $50 billion Ponzi scheme in what may rank among the biggest frauds ever.

The former chairman of the Nasdaq Stock Market is best known as the founder of Bernard L. Madoff Investment Securities LLC, the closely-held market-making firm he launched in 1960. But he also ran a hedge fund that U.S. prosecutors said racked up $50 billion of fraudulent losses.

Madoff told senior employees of his firm on Wednesday that “it’s all just one big lie” and that it was “basically, a giant Ponzi scheme,” with estimated investor losses of about $50 billion, according to the U.S. Attorney’s criminal complaint against him. A Ponzi scheme is a swindle where early investors are paid off with money from later investors.

The $50 billion allegedly lost to investors would make Madoff’s fund one of the biggest frauds in history. When Enron filed for bankruptcy in 2001, one of the largest at the time, it had $63.4 billion in assets.

U.S. prosecutors charged Madoff, 70, with a single count of securities fraud. They said he faces up to 20 years in prison and a fine of up to $5 million.

“Madoff stated that the business was insolvent, and that it had been for years,” Lev Dassin, acting United States Attorney for the Southern District of New York, said in a statement.

The Securities and Exchange Commission filed separate civil charges against Madoff.

Authorities said that, according to a document filed by Madoff with the U.S. Securities and Exchange Commission on January 7, 2008, Madoff’s investment advisory business served between 11 and 25 clients and had a total of about $17.1 billion in assets under management. Those clients may have included other funds that in turn had many investors.

The SEC said it appeared that virtually all of the assets of his hedge fund business were missing.

CONSISTENT RETURNS

An investor in the hedge fund said it generated consistent returns, which was part of the attraction. Since 2004, annual returns averaged around 8 percent and ranged from 7.3 percent to 9 percent, but last decade returns were typically in the low-double digits, the investor said.

The fund told investors it followed a “split strike conversion” strategy, which entailed owning stock and buying and selling options to limit downside risk, said the investor, who requested anonymity.

Jon Najarian, an acquaintance of Madoff who has traded options for decades, said … “Many of us questioned how that strategy could generate those kinds of returns so consistently.”

Najarian, co-founder of optionmonster.com, once tried to buy what was then the Cincinnati Stock Exchangewhen Madoff was a major seatholder on the exchange. Najarian met with Madoff, who rejected his bid.

“He always seemed to be a straight shooter. I was shocked by this news,” Najarian said.

‘UNFORTUNATE SET OF EVENTS’

“Bernard Madoff is a longstanding leader in the financial services industry,” his lawyer Dan Horwitz told reporters outside a downtown Manhattan courtroom where he was charged. “We will fight to get through this unfortunate set of events.”

A shaken Madoff stared at the ground as reporters peppered him with questions. He was released after posting a $10 million bond secured by his Manhattan apartment.

“Our complaint alleges a stunning fraud — both in terms of scope and duration,” said Scott Friestad, the SEC’s deputy enforcer. “We are moving quickly and decisively to stop the scheme and protect the remaining assets for investors.”

Madoff had long kept the financial statements for his hedge fund business under “lock and key,” according to prosecutors, and was “cryptic” about the firm. The hedge fund business was located on a separate floor from the market making business.

Bernard L. Madoff Investment Securities has more than $700 million in capital, according to its website. It is a market maker for about 350 Nasdaq stocks, including AppleEBay and Dell, according to the website.

The website also states that Madoff himself has “a personal interest in maintaining the unblemished record of value, fair-dealing, and high ethical standards that has always been the firm’s hallmark.”

The company’s web site may be found here: http://www.madoff.com/

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