Archive for January, 2009

Santander’s Offer to Victims Come With Strings

Filed January 30th, 2009 meg

Banco Santander’s €1.38 billion offer to compensate victims of the Madoff scandal with preferred stocks comes with some serious strings attached. Any victims who accept the bank’s deal must forego any legal action and keep Santander as their “preferred” bank as long as the shares stay in circulation, which may be indefinitely. The stocks being […]

Nadel will appear at bond hearing

Filed January 30th, 2009 joshua

Accused fraudulent money manager Arthur Nadel will appear in federal court Friday looking to be released from custody while authorities build their case against him. The 76-year-old Sarasota, Fla., hedge fund manager surrendered to authorities in Tampa, Fla., earlier this week. He is accused of operating fraudulent hedge fund management operations, and of taking more […]

U.S. House will look again at Madoff fraud

Filed January 29th, 2009 joshua

U.S. lawmakers will take another look at figuring out how regulators missed vital signs that accused fraudulent money manger Bernard Madoff was running a $50 billion pyramid scheme. This will be the second formal inquiry by the House Financial Services subcommittee into Madoff’s activities. For more than a decade, Madoff was able to deceive regulators […]

Outdoor Research Inc Recalls Gloves Due To Burn Hazard

Filed January 29th, 2009 meg

Outdoor Research Inc., of Seattle, Washington, has announced a voluntary recall of their Primovolta and Primavolta Warming Gloves. The gloves’ electric heating pads can short circuit and overheat, posing a burn hazard to consumers. The firm has received five reports of the gloves overheating, including one consumer who suffered burns to her hand. The gloves […]

Duke Scientists Say TVA Spill Sludge is Toxic, ORNL Scientist Disagrees

Filed January 29th, 2009 meg

Duke University scientists have determined that the sludge from the Kingston Fossil Plant fly-ash spill contains radium and arsenic. The amounts are higher than EPA standards, and at levels high enough to affect human health in the area. However, an Oak Ridge National Laboratory scientist says that the amount does not pose a health risk.

BPA Lingers In Body, Study Finds

Filed January 29th, 2009 meg

A University of Rochester study has found that the plastics chemical bisphenol A (BPA) does not leave the body as easily as once thought. BPA is in PVC pipes, plastic linings for food and drinks, and even dental sealants. Canada banned BPA from plastic baby bottles last October. The FDA is still considering it safe, […]

Congress Examines Madoff Case Again

Filed January 29th, 2009 meg

Congress will be taking another look at how regulators missed Bernard Madoff’s alleged $50 billion Ponzi scheme at a hearing set for next Wednesday. The House Financial Services subcommittee will have a chance to probe how Madoff was able to deceive regulators for years. The subcommittee intends to use the information to help guide its […]

Nadel surrenders after nearly two weeks on the lam

Filed January 29th, 2009 joshua

Details are sketchy, but accused fraudulent hedge fund manager Arthur Nadel has been arrested. The FBI reports Nadel surrendered to federal authorities in Tampa, Fla., on Jan. 27. Last week Nadel was accused of misrepresenting the value of his investments by more than $300 million. Nadel appeared in court shackled and was ordered held, at […]

Half of Salmonella Victims Are Children

Filed January 28th, 2009 meg

Of the 500 people made sick in an outbreak of salmonella linked to peanut butter across the United States, more than half are children. More than 280 are under the age of 18. Some are infants. However, none of the eight deaths linked to the outbreak are children. Peanut Corp of America’s products are not […]

Peanut Butter Maker Knew of Salmonella Contamination

Filed January 28th, 2009 meg

The Food and Drug Administration (FDA) is accusing the Peanut Corp. of America (PCA) of knowing that their products were contaminated with salmonella but shipping them anyway. The FDA’s inspection of the PCA plant in Blakely, Georgia, found records of 12 instances in which plant officials found salmonella. PCA took no steps to address cleaning […]