Tuesday, March 15, 2005

A federal jury found Bernard Ebbers guilty of all nine counts in the indictment brought against him. The verdict was handed down by a New York jury after 8 days of deliberation on the former WorldCom CEO and mastermind behind the accounting scandal that brought down the telcom giant.

AP writer Erin McClam reports, “Ebbers’ face reddened.”, as the verdict was read. Sentencing is set for June 13 when he will face up to 85 years in prison.

Ebbers testified in his own defence, saying he left the details of the company’s accounting to others and that he had no knowledge of shady practices. But Scott Sullivan, ex-chief financial officer and key prosecution witness, directly linked Ebbers to the fraud. He had agreed to co-operate with prosecutors in the hopes of receiving a lenient sentence for his own involvement in the fraud.

The demise of WordCom sparked a massive class action law suit by investors. The drastic plunge of WorldCom’s stock value cost upwards to $11 billion as the scandal unravelled. Secuities fraud case filings stemming from the suits will probably break new legal ground whereby the actions of investment banks and public accounting firms will be called into legal question.

Thursday, December 3, 2009

With two federal by-elections coming up in Australia, many minor parties and independents will be looking to gain a seat in the House of Representatives. Goronwy Price is a candidate representing the Environmentalists for Nuclear Energy party.

Mr Price is an environmentalist, adventurer and businessman from the Sydney suburb of Cremorne.

“In 1975 I founded the adventure travel company World Expeditions and built it to be the world’s largest adventure organisation. I am currently Managing Director of Learningportal.com a successful software company I founded in 1997. We export software around the world.,” Mr Price said.

Wikinews reporter Patrick Gillett held an exclusive email interview with Mr Price, candidate for the Division of Bradfield.

Sunday, January 13, 2013

The United States Federal Aviation Administration (FAA) ordered a review Friday into the design and manufacture of the Boeing 787 Dreamliner, following five incidents in five days involving the aircraft and two Japanese airlines.

On Monday, an electrical fire broke out aboard a Japan Airlines 787 at Boston’s Logan International Airport, when a battery pack which powers the auxiliary power unit, for when the plane is on the ground, caught fire. The fire was discovered by maintenance workers after passengers and crew disembarked following their flight from Tokyo’s Narita Airport.

The next day, a separate Japan Airlines 787, also at Logan International Airport, heading to Tokyo, suffered a fuel leak that spilled around 40 gallons, which was spotted by the crew of the aircraft taxiing behind them. “That Japan Air may know it, but they’ve got fuel or something spilling out the outboard left wing. Quite a bit,” said the pilot of aircraft behind them on local air traffic control frequencies.

Wednesday, in Japan, an All Nippon Airways 787, the launch customer for the aircraft, cancelled a flight after a brake problem was reported.

Earlier Friday, two All Nippon Airways suffered separate incidents in Japan. An oil leak was noticed in the engine after one aircraft had landed in Miyazaki, coming from Tokyo’s Haneda Airport. Another flight, flying between Haneda Airport and Matsuyama said the pilot’s side window in the cockpit suffered a crack.

The FAA in a statement said “In light of a series of recent events, the FAA will conduct a comprehensive review of the Boeing 787 critical systems, including the design, manufacture and assembly.” Further adding, “The purpose of the review is to validate the work conducted during the certification process and further ensure that the aircraft meets the FAA’s high level of safety.”

According to the statement, “The review will also examine how the electrical and mechanical systems interact with each other.” The Boeing 787 relies more on electrical, as opposed to mechanical, systems than past aircraft from the manufacturer including having electronics operate hydraulic pumps and using electric brakes. Large portions of the plane’s structure use lightweight carbon fiber composite instead of more traditional metal airframe.

U.S. Transportation Secretary Ray LaHood said, “The safety of the traveling public is our top priority […] This review will help us look at the root causes and do everything we can to safeguard against similar events in the future.”

“We are confident that the aircraft is safe. But we need to have a complete understanding of what is happening,” said newly sworn-in FAA Administrator Michael P. Huerta. “We are conducting the review to further ensure that the aircraft meets our high safety standards.”

Boeing released a statement saying, “[The company] is confident in the design and performance of the 787. It is a safe and efficient airplane. The airplane has logged 50,000 hours of flight and there are more than 150 flights occurring daily.”