Dictator claiming to respect his rights by Claudia Sonea

History is full of people who gave their lives on the battlefield for freedom, for the right to make their own choices, for national identity, for the self-determination and founding of an independent state. On the other hand, there are also records of people who died fulfilling the orders of mad leaders, autocrats that thought the world belonged to them and that they are all-powerful. Hitler, Stalin, Mao Zedong are just some of the names that stir fear, disgust, that envisage the force of destruction one can have. Manuel Noriega is an example of dictators captured and imprisoned, thus receiving his punishment f! or ignoring people’s right to freedom, for killing them in cold blood, for the guerrilla campaigns underwent against those rising against his regime. Military terror, drug traffic, corruption are characteristic of his dictatorship over Panama from 1983 to 1989. Just like in the movies, Noriega led a life of double agent, for CIA and allegedly for the communist Cuba. He took advantage of the USA’s desire to interfere with other countries and manipulated them in getting advantages, but when United States Marine Corps requested help against the Nicaraguan Contras, he did not respond. According to him, his refusal led to his decay as the USA later on invaded the country, captured him and imprisoned him for 20 years in a Miami cell. Indeed, the Americans were well aware of Noriega’s corruption and his crimes, the drug trafficking, that he was a member of the Medellín Cartel. Yet, they chose! to turn a blind eye counting on his military aid in the area.! Nonethe less, the USA’s reasons to oust him have no importance, as he deserved to be imprisoned. Even the French are on his trail now after just being released. In Paris, Noriega is being trialed for laundering cocaine money in French banks. In case he proves to be guilty, he faces another 10 years in prison. At 76, there is little hope to get to live 10 more years, thus he is already a finished man which it is clearly visible on him. Will he get the chance to have a peaceful life until death, a chance that those he killed didn’t have?

related story (sgx17726): http://www.france24.com/en/20100629-panama-ex-dictator-norie...
by Claudia Sonea
for Cantell TV (http://cantell.tv)
Cantell TV is the fastest growing provider of digital broadcasting coupled with telecommunications, allowing people to easily control, view, upload and share digital content through proprietary interface coupled with free phone calls. Cantell TV is committed to delivering infinite choices to your world of entertainment at the tip of your fingers.

Societe Generale versus Jerome Kerviel by Claudia Sonea

Money can’t bring happiness and those who believe otherwise are in for a big surprise. Jerome Kerviel, single futures trader at the French bank Societe Generale, cheated his employer of €4.9 billion so that he leads a high life, but the consequences are serious and he now has to pay more than he thought. In 2008 was the fatidic moment when the bank made public the fraud committed by a trader orchestrating a series of fake transactions. The name of the trader was not disclosed from the beginning, but the Police’s investigation led the press directly to the guilty trader: Jerome Kerviel. He! would have been the author of the largest banking fraud in the history, if it wasn’t for Bernard Madoff. According to Kerviel surpassing trading limits and registering false transactions is a common practice and his superiors were aware of his doings, but they didn’t take any measures as the profits were high. He even wrote a book in which he claims firmly that the bank’s bosses were up to date with the fake transactions and that he only did his job, in the bank’s interest. Prosecutors are reluctant in believing his story and after two years of gathering evidence against him, they finally managed to take him to court asking for a four years in prison sentence under the charge of: breach of trust, false data, evasion, etc. The bank also shared its side of the story justifying the lack of control with the fact that it was impossible to notice Kerviel’s bogus trades as the false da! ta covered them. If convicted, the rogue trader will get five ! years of jail and a fine of over 350000 euros. What will happen? Don’t go away, more to come…

by Claudia Sonea for Cantell TV (http://cantell.tv)

Cantell TV is the fastest growing provider of digital broadcasting coupled with telecommunications, allowing people to easily control, view, upload and share digital content through proprietary interface coupled with free phone calls. Cantell TV is committed to delivering infinite choices to your world of entertainment at the tip of your fingers.

Société Générale demands 4.9 billion euros from its former employee. by Milota Sidorova

The third and the last week of Société Générale versus Jérôme Kerviel trial is in its finish line. The result is expected on Friday June 25th, The final hearings were on schedule these days. Kerviel who faces the trial for risky business and unauthorized trades, stood against his former boss, ex-chairman and CEO Daniel Bouton who literally called him “a liar” causing the bank great loss. For Bouton the most important damage hit the corporate image. The bank post a loss of almost 5 billion euros due Kerviel's business. Kerviel neither argued nor challenged his statments, but added his bosses had been perfectly informed about his ac! tions and tolerated them until the earnings were high. But yesterday Société Générale, one of the biggest French banks posted statement in which it demanded 4.9 billion euros (the loss caused by Kerviel) from respondent himself. The compensation request was made by company's lawyer Jean Veil. Kerviel, if pleaded guilty would stay up to five years in prison and face a fine of 375,000 euros for submitting false data into the bank system. According to bank, Kerviel did all tradings alone and without authorization in 2008. His tradings started in 2006, continuing during 2007, but the volume and the size of the trades were relatively small and limited. Before Bernard Madoff case, it was the largest banking fraud in the history. Kerviel however didn't waste his time and published the book “Gears: Memoires of a Trader) last month in which he describes the whole hierarchy of the system and the tolerance of its representatives to unclear and very common bus! iness practices.

related story (sgx17677): http://www.france24.com/en/20100623-societe-generale-kerviel...

by Milota Sidorova for Cantell TV (http://cantell.tv)

Cantell TV is the fastest growing provider of digital broadcasting coupled with telecommunications, allowing people to easily control, view, upload and share digital content through proprietary interface coupled with free phone calls. Cantell TV is committed to delivering infinite choices to your world of entertainment at the tip of your fingers.

Société Générale financial fraud case expecting verdict by Milota Sidorova

The affair exploding in one of the biggest French banks Société Générale, in past three weeks is increasing its measures. Jerome Kerviel, one of the bank traders was accused for money fraud and risky business that cost the bank up to 5 billion euros at that time. Kerviel, however was trading high – up to 50 billion euros. His former colleague Maxime Kahn said it was 10 times the total risk taken by SG's 2,500 traders and 25,000 times the average rist that a trader takes. The court is expecting the end on Friday, but before much more SG employees were to testify. Among them was currently ex-chairman and CEO Daniel Bouton who accused Keriel for his l! ies and asked him to reply “honest”. Keriel accepted he was trading risks were not allowed, but said his bosses were totally awared of it. Playing “ a blind eye” was acceptable manner as far as earnings were high, said Kerviel. So the whole situation between two men turned into mutual accusations.Bouton who was one of bank's founders suggested Kerviel has destroyed bank's reputation and downgraded its image. Bouton himself paid the price by resigning his current post. The step was under great pressure and forwarded even by president Nicolas Sarkozy. Bouton left the board in April 2009, just in time Kerviel began his risky trades and scandals over directors bonuses took place.Former trader now faces up to five years in prizon and a fine of 375,000 euros if pleaded guilty for submitting false information and statements into bank's system.

related story (sgx17669): ! http://w ww.france24.com/en/20100622-rogue-trader-jerome-kerv...

by Milota Sidorova for Cantell TV (http://cantell.tv)

Cantell TV is the fastest growing provider of digital broadcasting coupled with telecommunications, allowing people to easily control, view, upload and share digital content through proprietary interface coupled with free phone calls. Cantell TV is committed to delivering infinite choices to your world of entertainment at the tip of your fingers.

Le tribunal de Messier ouvert à Paris by Magdalena Rosova

Huit ans après que Jean-Marie Messier a été évincé de la présidence de Vivendi Universal, des médias et des communications géantes, rend maintenant raison de ses actions au tribunal de Paris. Messier, 53, est venu à la cour avec son épouse et tiendra l'épreuve avec six autres fonctionnaires. L'administration de Messier est chargée de détournement de fonds. Messier est devenu le président de la société en 2000 et avec d'autres a essayé de transformer l'ancienne utilité française de l'eau en des médias globaux géants. Messier n'a pas fourni des informations vraies au sujet! des affaires et seulement en 2002 les marchés ont découvert que le compagnie est dans une dette de 35 milliards euros. Cette révélation a obligé Messier à démissionner. L'ancien leader de la compagnie fait face à trois accusations principales. D'abord il est accusé d'avoir fournir des informations fausses ou fallacieuses, puis de la manipulation avec le cours des actions et la troisième charge est l'abus du capital de corporation. Messier doit également expliquer qu'est-ce qu'il a fait avec 20.5 millions euros qu'il s'est donné avant qu'il ait laissé le groupe. Ce « cadeau » n'a pas été approuvé par d'autres directeurs. Le régulateur de marché boursier français a donné à Messier une amende d'1 million d'euros pour avoir fourni des informations financières fausses de la compagnie, plus tard il a réduit l'amende à 500.000 euros. La cour devrait pr! endre une décision vers le 25 juin. Messier fait face ! 24; cinq ans de prison et une amende de 375.000 euros. Les actionnaires de Vivendi étaient ceux qui ont poussé la recherche de ce crime sérieux contre l'adninistration de Messier. L'année dernière il y avait un tribunal à New York contre Vivendy pour l'action collective de valeurs. Vivendi a été confondu mais Messier a été acquitté de n'importe quelle culpabilité. Parmi les autres fonctionnaires faisant face à la cour il y a un homme d'affaires Edgar Bronfman, un ancien dirigeant financier en chef Guillaume Hannezo, un ex-trésorier Hubert Dupont-Lhotelain, François Blondet, Eric Licoys et Philippe Guez.

related story (sgx17498): http://www.telegraph.co.uk/finance/newsbysector/mediatechnol...

by Magdalena Rosova for Cantell TV (http://cantell.tv)

Cantell TV is the fastest growing provider of digital broadcasting coupled with telecommunications, allowing people to easily control, view, upload and share digital content through proprietary interface coupled with free phone calls. Cantell TV is committed to delivering infinite choices to your world of entertainment at the tip of your fingers.

Messier's Trial Opens in Paris by Magdalena Rosova

Eight years after Jean-Marie Messier was ousted from the presidency of Vivendi Universal, the media and communications giant, is now answering for his actions on trial in Paris. Messier, 53, came to court with his wife and will stand the trial with other six officials. Messier's leadership is charged of embezzled money. Messier became president of the firm in 2000 and with others tried to transform the former French water utility into a global media giant. Messier did not provide true information about the business and only in 2002 markets discovered that his company is €35 billion in debt. This revelation forced Messier to resign. The former leadership of the company! is facing three main charges. First is the providing of false or misleading information, then manipulation with stock-price and the third charge is the misuse of corporate assets. Messier will also have to explain €20.5 million he gave himself before he left the group. This “gift” was not approved by others directors. French stock market regulator gave Messier fine €1 million euros for giving false financial information about the company, later it reduced fine to €500,000. The court should make a decision by June 25. Messier faces five years in prison and a fine of €375,000 euros. Vivendi shareholders were those who pushed for serious criminal investigation against Messier's leadership. Last year there was a trial in New York against Vivendy for securities class action. Vivendi was found liable but Messier was exonerated of any guilt. Among the others officials facing the trial there is businessman Edgar Bronfman, former chief financial! officer Guillaume Hannezo, ex-treasurer Hubert Dupont-Lhotela! in, Fran çois Blondet, Eric Licoys and Philippe Guez.

related story (sgx17471): http://www.telegraph.co.uk/finance/newsbysector/mediatechnol...

by Magdalena Rosova for Cantell TV (http://cantell.tv)

Cantell TV is the fastest growing provider of digital broadcasting coupled with telecommunications, allowing people to easily control, view, upload and share digital content through proprietary interface coupled with free phone calls. Cantell TV is committed to delivering infinite choices to your world of entertainment at the tip of your fingers.

Civil and crimnal trial against BP by Milota Sidorova

Lax of oversight, that is how U.S. president Obama labeled attitude of BP and many others in the case of the biggest catastrophe in the U.S. history. The oil leak that has been threatening the coastlines of four states for six months is topping the costs, however real costs will never be known. BP is currently updating its responsible costs up to 8 million a day. These money include mechanisms and cleaning works, small part of it goes to local people for compensation but the greatest piece that is still unknown is the legal cost. Yesterday, U.S. government launched both civil and criminal investigation against the company and “anyone crossing the law”, said Obam! a.Although the investigation has begun just few days after the crash, there have been no sufficient and relevant results pointing finger at a sinner. U.S. government also didn't specified the fees or charges put against those who will face the trial.Pavel Molchanov, an analyst at Raymond James&Associates said BP was “not going away” facing all the costs and consequences. Its shares however have noticed sharp decline in long term perspective. Right now, they have lost one fifth of its value before the crash. The company also lost more than 15 percent of its share value on London market yesterday. The shares are being sold for 420 pences each.BP also failed to cement the well last Saturday. Its representatives suggested the oil could be taken under control possibly in August. Molchanov said it would be the worst scenario. The company will have to deal with not only two more months of leaking oil, but with all the consequences and aspects waiting for it on the shor! e.

related story (sgx17446): http://www.france24.com/en/20100601-obama-threatens-court-ac...

by Milota Sidorova for Cantell TV (http://cantell.tv)

Cantell TV is the fastest growing provider of digital broadcasting coupled with telecommunications, allowing people to easily control, view, upload and share digital content through proprietary interface coupled with free phone calls. Cantell TV is committed to delivering infinite choices to your world of entertainment at the tip of your fingers.