'Fabulous Fab' verdict is vindication for SEC lawyer

By Nate Raymond

NEW YORK (Reuters) - As the head of litigation for the U.S. Securities and Exchange Commission, Matthew Martens' main job is to oversee other lawyers. In his three years at the agency, he had not tried a case himself.

That is, until the SEC decided to bring a civil fraud suit against former Goldman Sachs Vice President Fabrice Tourre, the highest profile case to emerge from the agency's investigations into the causes of the 2008 financial crisis.

Martens, 41, tried the case himself and on Thursday secured a big win. A federal jury in Manhattan found Tourre liable on six of the seven charges against him.

Martens said in an interview it was important that a case deemed significant by the agency should garner attention from the top. He said the verdict should rebut critics of the SEC's trial record, which has taken hits amid setbacks last year in other financial crisis cases.

"If this doesn't convince people we can win these cases, I don't know what would," Martens said.

The SEC accused Tourre, 34, of misleading investors in a synthetic collateralized debt obligation called Abacus 2007-AC1. The SEC said Tourre failed to disclose that Paulson & Co Inc, the hedge fund of billionaire John Paulson, helped choose subprime mortgage securities linked to go into Abacus and also that the fund planned to bet against it.

During the trial, the 20th of his career, Martens told jurors, "Wall Street greed drove Mr. Tourre to lie and deceive."

He readily acknowledged to the jurors the complexities of the case, telling them "nobody is making a TV show any time soon about a CDO trial." But he sought to convince them the fraud Tourre committed was simple.

"You can't and don't need to teach them everything about the subject material," Martens told Reuters Friday.

U.S. ATTORNEY'S OFFICE

Martens joined the SEC in August 2010 from the U.S. Attorney's Office in Charlotte, North Carolina, which he joined as an assistant U.S. attorney and left as deputy criminal chief.

Before heading to Charlotte, Martens worked under Michael Chertoff, first as an associate at the law firm Latham & Watkins and later as chief of staff when Chertoff headed the Justice Department's criminal division.

While he was in Charlotte, Martens started a securities fraud practice. He also built up his trial experience, taking 14 cases to jury trials.

"His philosophy was to volunteer to try anything," said Chertoff, who later served as secretary for the U.S. Department of Homeland Security and now heads the Chertoff Group consulting firm. "He wanted to really get that experience."

When Martens began looking to join the SEC, he originally applied to run its Atlanta office, according to Robert Khuzami, who stepped down as the SEC's director of enforcement in January and joined Kirkland & Ellis last month.

Khuzami, who got to know Martens through that process, subsequently reached out when the position of chief trial counsel opened up.

Martens's arrival at the SEC came at a time of restructuring for the SEC's enforcement division, which had been criticized for failing to uncover Bernard Madoff's $65 billion Ponzi scheme before it came to light in December 2008.

Khuzami called Martens a "very hands on manager" who instituted closer supervision of members of the trial unit. He also was part of an effort to create more integration between the trial lawyers and investigative units, Khuzami said.

"He generally set a high standard for performance and encouraged member of trial units to get involved earlier in the investigative process," Khuzami said.

Mary Schapiro, who chaired the SEC at the time of Martens' hiring and is now at the Promontory Financial Group consulting firm, said Martens had "this extraordinary ability to, in a very cogent, concise, logical way, pull all the information together that was necessary for us to make a decision."

COURT APPEARANCES

While at the SEC, Martens was the lead lawyer in a lawsuit against the Securities Investor Protection Corp seeking to force the industry-funded non-profit to initiate a court proceeding enabling investors who lost money in Allen Stanford's $7 billion Ponzi scheme to file claims.

Martens argued the case at the district court level, where a judge ruled against the SEC. The case is now on appeal.

He also acted as lead counsel in seeking court approval of a $285 million settlement with Citigroup Inc, which the SEC accused of misleading investors in the sale of a $1 billion collateralized debt obligation.

U.S. District Judge Jed Rakoff in Manhattan rejected the settlement in November 2011, criticizing a provision in which the bank neither admitted nor denied wrongdoing. An appeal of that ruling is pending.

Those court appearances notwithstanding, the Tourre case marked Martens's first actual trial at the SEC. He inherited it from Lorin Reisner, who handled the case as deputy director for enforcement until he left in 2011.

The Tourre verdict is a chance for the SEC to rebuff critics who have questioned its ability to win big cases stemming from the financial crisis.

How much longer Martens will be associated with the SEC is unclear. In May, Reuters reported he had been considering leaving to join a law firm.

Martens declined to discuss his future, other than plans to take a vacation this week.

(Reporting by Nate Raymond; Editing by Eddie Evans, Tiffany Wu and Bill Trott)

Source: http://news.yahoo.com/fabulous-fab-verdict-vindication-sec-lawyer-142759536.html

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IS HE A REFORMER? Iran's Incoming President Stokes Hope, Cynicism

As a new president prepares to take the reins in Iran, there is both hope the pariah nation will? show a new willingness to help ease nuclear tensions, and cynicism that the new boss will resemble his predecessor.

President-elect Hassan Rowhani takes office Sunday, succeeding Mahmoud Ahmadinejad. Voters propelled him to office from a field in which he was the only self-described moderate, which buoyed hopes stalled talks about the county?s nuclear weapons program could resume. Indeed, Rowhani has pledged domestic reforms and more international engagement.

But with the religious clerics holding the real power in Tehran, some doubt Rowhani, 64, can change much ? even if he wants to.

"The truth of the matter is that no candidate can make any real changes for at least two years.?

- Rad, a 39-year-old computer engineer

"The truth of the matter is that no candidate can make any real changes for at least two years,? Rad, a 39-year-old computer engineer living in Tehran told FoxNews.com. ?We have to give Rowhani a chance to fix the problems that have been created over the last eight years."

Following Rowhani's June 14 election victory, the White House has declined to publicly back tough new sanctions on Iran approved by Congress. Sanctions already in place have decimated Iran?s economy, leaving many residents eager to elect a president who will engage the West.

"Rowhani was my choice and I voted for him for many reasons,? said Sarah, a 26-year-old medical student and blogger. ?Rowhani is both moderate and diplomatic.?I would say this is why he was elected. He got both the reformist votes and the moderate ones. I think he will make some significant changes."

But skeptical U.S. officials note Tehran's failure to respond to President Obama?s 2009 offer of improved relations, and its continued enrichment of uranium that can be used to make nuclear weapons.

"Actions will define how our policy moves,? a senior official told Reuters. ?There needs to be action which backs up that promise to engage."

Rowhani, who studied theology and law and has a doctoral degree from Scotland's Glasgow Caledonian University, won 50.7 percent of the vote in the election, garnering three times the number of votes as his closest challenger. During his campaign, he vowed to prepare a "civil rights charter," restore the economy and improve relations with the West.

The U.S. and Iran have not had diplomatic relations since 1979, when Iranian students stormed the U.S. embassy and held 52 hostages for 444 days, freeing them the same day President Reagan was inaugurated.

While a new president in Iran is unlikely to usher in new diplomatic relations, especially given Iranian Supreme Leader Ayatollah Ali Khamenei's hold on absolute power, some see the very fact that Rowhani was allowed to run and win as a sign Khamenei may be easing his hardline stance.

But Iran's student news agency reported Friday that Rowhani had called Israel a "wound" on the Muslim world that "needs to be removed." The comment raised fears that Rowhani may be every bit the firebrand Ahmadinejad was, although Iran's state-run TV later said Rowhani had been misquoted.

Source: http://www.foxnews.com/world/2013/08/02/iran-incoming-president-stokes-hope-cynicism/

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Young brain cancer patient returns home

2004 PONTIAC GRAND PRIX. IF YOU HAVE ANY INFORMATION, CALL CRIMESTOPPERS AT 1-800-SPEAK-UP. Carmen: IN LIVONIA, A SPECIAL HOMECOMING FOR A LITTLE GIRL FOLLOWING A BATTLE WITH BRAIN CANCER. Devin: ABBEY IS COMING HOME FROM THE HOSPITAL FOR A BREAK AND PEOPLE IN HER LIVONIA NEIGHBORHOOD WANTED TO MAKE SURE SHE GOT A HERO'S WELCOME. Carmen: OUR WILL JONES HAS MORE. A DONATION ON BEHALF OF THE PIPERS. MY DAUGHTER HAD A LEMONADE STAND YESTERDAY AND WE'RE DONATING THIS ON BEHALF OF THE FAMILY. Will: IT'S THINGS LIKE THAT THAT KEEP HER ROLLING ON. NEIGHBORS, FRIENDS, ALL THOSE WHO LOVE HER, WELCOMING HER HOME IN HER BATTLE AGAINST BRAIN CANCER. SHE IS REALLY, REALLY SWEET AND SERVES. Will: SHE HAD STROKE-LIKE SYMPTOMS ON A SCHOOL FIELD TRIP AND RUSHED TO THE HOSPITAL. THE NEXT DAY SHE SPENT HOURS IN SURGERY FOR A BRAIN TUMOR IN AN AREA OF THE BRAIN THAT CONTROLS BODY MOVEMENT. SHE WAS VOMITING THREE MONTHS PRIOR TO THIS. WE WERE SHOCKED AND IT TURNED OUR LIVES UPSIDE DOWN. ABBEY! ABBEY! Will: HER PARENTS HAVE BEEN BY HER SIDE THROUGH RADIATION AND RECOVERY. WE LOVE YOU! WE'RE GLAD YOU'RE HOME. [APPLAUSE] Will: THE COMMUNITY WAS THERE ALONG THE WAY IN SPIRIT. WHEN WORD SPREAD SHE WAS COMING HOME, HER FRIENDS WANTED TO MAKE SURE SHE KNOWS HOW MUCH THEY LOVE HER AND IT GIVES HER STRENGTH AS HER TREATMENT CONTINUES.

Source: http://www.clickondetroit.com/news/young-brain-cancer-patient-returns-home/-/1719418/21312760/-/aleaio/-/index.html

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Big victory for Church of the Flying Spaghetti Monster...

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Source: http://www.facebook.com/salon/posts/10151558936291519

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Sold! First Parcels Auctioned For Future Offshore Wind Farms

The offshore wind farm in the North Sea near Borkum, Germany, is nearly complete. The Riffgat facility, seen here on June 23, includes 30 turbines, each with a generating capacity of 3.6 megawatts.

David Hecker/Getty Images

A Rhode Island company was the highest bidder in the federal government's first-ever auction for the right to build an offshore wind farm.

After 11 rounds, Deepwater Wind outbid two other companies for two patches of ocean off the coasts of Massachusetts and Rhode Island. The winning bid was $3.8 million.

The Rhode Island and Massachusetts Wind Energy Area covers more than 250 square miles about 10.5 miles south of the Rhode Island coastline. The area is divided into two lease areas.

Bureau of Ocean Energy Management

The Rhode Island and Massachusetts Wind Energy Area covers more than 250 square miles about 10.5 miles south of the Rhode Island coastline. The area is divided into two lease areas.

Bureau of Ocean Energy Management

Not as many companies participated in the bidding as was expected, but industry representatives and government officials heralded the outcome as a sign that offshore wind power is on its way.

"This sale marks a really historic moment in the clean energy future of this country," said Tommy Beaudreau, director of the Bureau of Ocean Energy Management, which is part of the Interior Department.

The United States has no offshore wind farms, but some industry experts say the fact that there was competition for these leases shows that despite all the setbacks, the offshore wind industry might soon take off.

"The resource is too big to be ignored for very much longer," says Todd Griset, an attorney who advises clients on ocean energy projects.

However, the two most prominent would-be wind projects ? Cape Wind, off the coast of Massachusetts' Cape Cod, and NRG Bluewater Wind off Delaware ? have met one setback after another. The Delaware project is on hold and the Massachusetts one is snarled in litigation.

The winner of Wednesday's auction secures the sole right to develop the 165,000 acre lease area. But there is no guarantee it will actually install wind turbines.

"When they win a lease from us, they then basically have what I consider a dinner reservation," says Maureen Bornholdt, who oversees offshore renewable energy projects for the federal Interior Department.

Winning companies will have four years to design a project and study its environmental effects.

It probably will take at least five years before any wind turbines will be erected for these projects, according to Jim Lanard, the president of the Offshore Wind Development Coalition.

Another auction is scheduled for Sept. 4 for a possible wind project off the coast of Virginia, and Bornholdt says more auctions are in the works for patches of ocean off the coasts of of Maryland, Massachusetts and New Jersey.

Some environmental groups cheered the auctions as a sign that the country is moving toward cleaner energy.

"Responsibly harnessing the power of the wind blowing off our coasts is critical for cutting pollution and re-powering America with clean, renewable energy," said Courtney Abrams of Environment America.

Source: http://www.npr.org/blogs/thetwo-way/2013/08/01/207308203/sold-first-parcels-auctioned-for-future-offshore-wind-farms?ft=1&f=1007

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Obama open to making changes to surveillance, lawmakers say

By Mark Felsenthal and Patricia Zengerle

WASHINGTON (Reuters) - President Barack Obama on Thursday told lawmakers he is open to changing controversial surveillance programs in order to restore public confidence and provide assurance the government is not violating citizens' privacy, participants at the meeting said.

"We understand the American people really do need to know what's going on now and what's going on in the past and get the right kind of assurances that their privacy has not been breached," said Senator Saxby Chambliss, who attended the meeting.

"We've got to figure out ways to make the program more transparent," he said.

Since former National Security Agency contractor Edward Snowden revealed widespread government collection of phone and Internet records, a debate has erupted over how far the government should be allowed to go in monitoring its citizens' communications to protect the country from attacks.

Opposition to government surveillance has created an unlikely alliance of libertarian Republicans and some Democrats in Congress. The House of Representatives last week narrowly defeated an amendment to a spending bill that would have limited the NSA's scope to collect electronic information.

Obama met at the White House with Chambliss and other lawmakers who sit on the intelligence and judiciary committees. These included Dick Durbin, the No. 2 Democrat in the Senate, who has been a skeptic of the NSA data collection program, and Dianne Feinstein, who chairs the Senate Intelligence Committee on which Chambliss is the top Republican.

Also present were Representative Mike Rogers, who chairs the House of Representatives Intelligence Committee, and Representative Dutch Ruppersberger, the top Democrat on the panel.

The White House said the president had called the meeting to discuss the surveillance program and "to hear from some of the programs' most prominent critics and defenders."

The intelligence committee leaders said in a joint statement they intend to work through August on proposals to increase transparency and protect privacy in counterterrorism programs.

At the White House, the discussion focused on the need to amend, but not necessarily abolish, the surveillance program, and to explain its merits to those who worry it is an invasion of privacy, Chambliss told reporters.

"We don't know what type of changes we're going to make," he said. "But the president was very amenable for providing the right kind of leadership to ensure that we get together and that we do the right thing."

The chairman of the House Judiciary panel, Republican Bob Goodlatte, who was also at the meeting, said he plans to hold hearings to ensure that the surveillance does not infringe on civil liberties.

"I stressed to the president that Congress must ensure that the laws we have enacted are executed in a manner that is consistent with congressional intent and that protects both our national security and our civil liberties," he said in a statement.

A small group of senators unveiled two bills before the White House meeting on Thursday seeking to alter the surveillance programs.

One measure would create a new "special advocate" position who could argue in a court that operates in secret to make decisions on government surveillance requests, the Foreign Intelligence Surveillance Court.

The other would change the way judges are appointed to the FISA courts to ensure that the court represents a broad spectrum of political views.

(Reporting by Mark Felsenthal and Patricia Zengerle; Editing by Lisa Shumaker)

Source: http://news.yahoo.com/obama-open-making-changes-surveillance-lawmakers-010729604.html

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Ghana Business News ? GAEC seeks funds to expand its ...

[unable to retrieve full-text content]Dr Kenneth Danso, Director, Biotechnology and Nuclear Agriculture Research Institute (BNARI) of GAEC, made the call during a lecture on the topic: ?GAEC's Contribution to Sustainable Agricultural Development and Food ...

Source: http://www.ghanabusinessnews.com/2013/07/31/gaec-seeks-funds-to-expand-its-agricultural-research/

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