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Archive for June, 2008

Man who killed burglary suspects cleared

posted by admin in cnn, news

HOUSTON, Texas (AP) — A Texas man who shot and killed two men he suspected of burglarizing his neighbor’s home was cleared in the shootings Monday by a grand jury.

Joe Horn, 61, shot the two men in November after he saw them crawling out the windows of a neighbor’s house in the Houston suburb of Pasadena.

Horn called 911 and told the dispatcher he had a shotgun and was going to kill the men. The dispatcher pleaded with him not to go outside, but Horn confronted the men with a 12-gauge shotgun and shot both in the back.

The message we’re trying to send today is the criminal justice system works, Harris County District Attorney Kenneth Magidson said.

Horn’s attorney, Tom Lambright, has said his client believed the two men had broken into his neighbor’s home and that he shot them only when they came into his yard and threatened him.

The two Horn suspected of committing burglary, Hernando Riascos Torres, 38, and Diego Ortiz, 30, were unemployed illegal immigrants from Colombia. Torres was deported to Colombia in 1999 after a 1994 cocaine-related conviction.

The episode touched off protests from civil rights activists who said the shooting was racially motivated and that Horn took the law into his own hands. Horn’s supporters defended his actions, saying he was protecting himself and being a good neighbor to a homeowner who was out of town.

found here.

Africa comes under pressure on Mugabe

posted by admin in cnn, news

CAIRO, Egypt (CNN) — African leaders have come under increasing pressure to reject the results of Zimbabwe’s widely discredited presidential runoff as the U.S. and other nations work on a draft resolution to put to the U.N. Security Council Wednesday, the U.S. State Department has said.

Zimbabwe President Robert Mugabe attended a two-day African Union summit in the Egyptian resort of Sharm el-Sheikh Monday, a meeting described by a U.N. official as a moment of truth.

This is the single greatest challenge to regional stability in southern Africa, not only because of its terrible humanitarian and security consequences but also because of the dangerous political precedent it sets, U.N. Deputy Secretary-General Asha-Rose Migiro said.

Mugabe — Zimbabwe’s only leader since its independence from Britain in 1980 — took the oath of office on Sunday, hours after election results showed he won Friday’s runoff. However, he was the only candidate in the vote.

Opposition leader Morgan Tsvangirai pulled out, citing political violence and intimidation. And international observers said the balloting was marred by voter intimidation. U.S. State Department spokesman Tom Casey Monday restated Washington’s condemnation of the sham election process, and urged the AU to do the same. Casey said the United States wants Mugabe’s government to enter into talks with the opposition, under the mediation of African leaders.

The United States and Britain have led international condemnation against Zimbabwe: U.S. Secretary of State Condoleezza Rice wants international action against Mugabe’s government, including U.N.-authorized sanctions.

British Prime Minister Gordon Brown voiced doubts that anyone would recognize Mugabe’s re-election.

I think the message that is coming from the whole of the world is that the so-called election will not be recognized as legitimate, Brown said Monday.

I would hope that the African Union with the United Nations will make it absolutely clear to Mr. Mugabe that there’s got to be change, a new government has got to be brought in and that when democracy is restored in Zimbabwe we will be prepared to help the Zimbabwean people, and the poverty, and the deprivation, and the famine that exists in some parts of the country.

As the 53-member AU convened, the Elders — a council of former world leaders led by former South African President Nelson Mandela — urged the AU to clearly state that Zimbabwe’s presidential runoff vote was illegitimate. Watch President Mugabe at summit

They occurred under the cloud of targeted political violence, precipitating the withdrawal of one of the two candidates, the Elders’ statement said. The African election observers left no doubt: the elections were neither free nor fair.

The AU’s observer mission announced Monday that the June 27 runoff fell short of the accepted standards because of pre-election violence.

The mission said it is encouraged that both parties have shown willingness to engage in constructive dialogue as a way forward for ensuring peace, stability and development in Zimbabwe.

Tsvangirai said Sunday that any negotiations with Mugabe’s ruling ZANU-PF party should be based upon the March 29 presidential election, in which Tsvangirai won the most votes but fell short of the 50 percent needed to avoid a runoff.

The pressure is building up against him, the opposition leader said, referring to Mugabe.

As far as we are concerned, we are nearer a solution than we have ever been because where does he go from here? He cannot solve the economic problem, he cannot solve the 8 million percent inflation by continuing to be in this intransigent mood. (Mugabe) has no option but to negotiate with the opposition,

African leaders are divided on how to deal with Zimbabwe.

Some have been outspoken in their condemnation, with Kenyan Prime Minister Raila Odinga saying he does not want Mugabe recognized as the legitimate head of state in Zimbabwe. Kenya reached a similar power-sharing agreement this year after a disputed presidential election that ended in bloodshed.

Others, like South African President Thabo Mbeki, have taken a softer approach.

Mbeki has said that a more conciliatory stance will allow for a settlement — such as the formation of a coalition government. The Southern African Development Community, or SADC, appointed Mbeki to mediate the Zimbabwe political dispute between Mugabe’s ZANU-PF party and Tsvangirai’s Movement for Democratic Change party.

The MDC, which has been critical of Mbeki’s refusal to criticize Mugabe, wants the AU to appoint an additional envoy to help in the mediation effort. The opposition party is also asking that AU peacekeepers be deployed to Zimbabwe — but that is unlikely to happen, as African peacekeepers are already stretched thin on the continent.

After his inauguration on Sunday, Mugabe indicated that he would be open to talks with the opposition.

Agencies report that Mugabe was greeted warmly by some other African leaders at meetings closed to the media. He was hugging everyone, pretty much everyone he could get close to, one delegate told The Associated Press. The agency also reported that Hosni Mubarak, president of Egypt, escorted Mugabe into the conference hall.

Following his inauguration on Sunday, Mugabe indicated that he would be open to talks with the opposition. Watch as Mugabe gets sworn in

It is my hope that sooner rather than later we shall as diverse political parties hold consultations towards such serious dialogue (that) will minimize our differences and enhance the areas of unity and cooperation between us, he said in a speech.

found here.

Anwar: Officials faked sodomy evidence

posted by admin in cnn, news

(CNN) — Malaysian opposition leader Anwar Ibrahim came out of hiding Monday, and says he has damaging evidence that proves senior members of the government faked evidence for sodomy charges against him.

I have new evidence about the fabrication of evidence against me in 1998, Anwar told CNN Monday. I totally reject these malicious attacks.

Anwar was the heir apparent to former premier Mahathir Mohamad until 1998, when he was sacked and charged for corruption and sodomy.

The sodomy conviction was overturned, but the corruption verdict was never lifted, barring him from running for political post until this year.

In the CNN interview, Anwar rejected the sodomy charges and also said he had evidence of threats on his life that caused him to go into hiding at the Turkish embassy in Kuala Lumpur.

CNN could not immediately reach members of Malaysia’s ruling party.

found here.

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Euro 2008 final result

posted by admin in 114

And Then There’s ThisFriday, June 27th, 2008

Both gold and silver were pretty quiet in Far East trading on Thursday morning. The London open gave no indication that prices were going to work their way slowly higher going into the Comex open. But about an hour before New York opened for business, gold and silver started going parabolic…and then went vertical on the Comex (AMEX: IAU) open.

As you are now more than aware, the bullion banks (not-for-profit sellers) hit the markets hard about 20 minutes after the Comex open…leaving all of us (including this writer) fantasizing on what might be if/when the dealers decide to stop selling and start covering their mega-short position. This is the fourth or fifth vertical price chart we’ve seen in both metals in the last 10 days of trading…all of them squashed shortly after the NY open.

The gold price was contained all through regular trading on the Comex, but surged higher once again in after hours trading. Silver didn’t fare as well, and its opening spike high was it for the day.

I must admit that I was surprised to see Thursday’s action hard on the heels of options expiry and before first day notice for July delivery…but the economic and financial news is now beyond horrific. However, if the HUI activity yesterday was any indication, then something is definitely up as the Dow got hammered…and precious metals stock buyers were out in force as the equity markets plunged…which is very encouraging.

Open interest numbers for Wednesday are as follows…gold o.i. fell another very respectable 4,900 contracts…but silver o.i. went the other way…up 1,717 contracts. There’s lot of switching and ’stuff’ going on around options expiry/first day notice, so I wouldn’t read a lot into this.

My first story today is more talk about intervention in the commodity markets. However this time, the London Metal Exchange (LME) is warning that intervention would be hugely counterproductive. The article is entitled “Curbing Speculation is Foolish, warns LME”. At least someone in this world has got their head screwed on straight. The link is here.

The second article is another Armageddon story…this one from Barclays Capital. It’s another Ambrose Evans-Pritchard piece from The Telegraph in London. The story is entitled “Barclays warns of a financial storm as Federal Reserve’s credibility crumbles”. The link is here.

Andy mills

Inflation is really picking up…Whether it’s steel or oil we see it everyplace. It’s exploding….The Fed has to be very careful not to signal that inflation is a secondary concern and something that can be dealt with later…” - Warren Buffett, 25 June 2008

I see in a Bloomberg story that analysts are backtracking on banking stocks after saying that “the worst is over”. And the chief of OPEC said that oil’s rise is mainly because of the dollar’s devaluation. Libya threatened to cut oil production in response to a new U.S. law. Seat belt fastened…and crash helmet at the ready…would be a good way to start the day. Hank Paulson should be a busy man. I must admit that what I see out there scares the hell out of me. Good luck to us all.

See you on Saturday morning.

Casey Research correspondent-at-large Ed Steer is a keen observer of the financial scene and a board member of GATA.org.

Source: And Then There’s This…Friday, June 27th, 2008


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