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Wednesday, March 19, 2008

03/19/08 - More On The Meriweher Deja Vu Story - Dose Anyone Know Why This Guy Is Allowed To Manage Other Peoples Money?


Greenwich Blog Post

The Federal Government Gives Corporate Welfare Long Term Capital And Bails Out

Meriwether, So That He Can Screw Up All Over Again.

Let's Stop Bailing Out Hedge Funds And Investment Banks Like Bear Sterns.

John Meriwether Back on the Edge?
By Jesse(Jesse)

JWM Partners opened a year after Russia's 1998 default resulted in almost $4 billion of losses for Greenwich, Connecticut-based Long-Term Capital. The Federal Reserve orchestrated a bailout by its 14 lenders. ...

- http://jessescrossroadscafe.blogspot.com/


See Also:

03/19/08 - Have You Kicked A Hedge Fund Guy Today - Things Go From Bad To Worse


Background Infromation On Meriwether:

John W. Meriwether
(born August 10, 1947 in Chicago, Illinois) is an American financial executive on Wall Street seen as a pioneer of fixed income arbitrage. John Meriwether earned an undergraduate business degree from Northwestern University and an MBA degree from the University of Chicago Graduate School of Business. At the University of Chicago, Meriwether studied alongside Jon Corzine, who would later become an executive at Goldman Sachs.

After graduation, Meriwether moved to New York City, where he worked as a bond trader at Salomon Brothers. At Salomon, Meriwether rose to become the head of the domestic fixed income arbitrage group in the early eighties and the vice-chairman of the company in 1988. In 1991, after Salomon was caught in a Treasury securities trading scandal, Meriwether paid a 50,000 dollar civil penalty and left the company.

Meriwether founded the Long-Term Capital Management hedge fund in Greenwich, Connecticut in 1994. LTCM notoriously collapsed in 1998.

Meriwether now runs JWM Partners, a Greenwich, Connecticut, hedge fund he started with about 250 million dollars under management in 1999, and with approximately $2.6 billion under management in 2006.

JWM Partners LLC, the investment firm run by ex-Long-Term Capital Management LP chief John Meriwether lost 24 percent in its $1 billion fixed-income hedge fund this year through March 14, according to two people with knowledge of the matter.

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Take away the right to say "f ck" and you take away the right to say "f ck the government."
~Lenny Bruce

03/19/08 - Peter Tesei said having the committee in place before the budget vote will help the project because the RTM will know who is overseeing it


First The Good News....

Selectmen give OK Greenwich High auditorium committee gets approval
Greenwich Post - Greenwich,CT

The Board of Selectmen unanimously approved Wednesday morning the creation of a building committee to oversee the renovation of Greenwich High School’s .

he committee so far includes eight voting members, including Board of Education Vice Chairman Leslie Moriarty and Board of Estimate and Taxation member William Kelly, a former school board member and supporter of the project. Genny Krob, co-president of the Friends of High School Performing Arts group and one of the leading advocates for the project, is also a voting member, along with GHS PTA co-president Leslie Cooper, Representative Town Meeting Education Committee Chairman Robert Bray, local engineer Joseph Ross, attorney Frank Napolitano and contractor Steven LoParco, also a former Board of Education member.

The creation of the committee is seen as a major step for the project before the RTM considers the 2008-09 municipal budget in May. The budget includes $2 million for architecture and engineering work related to the project, which had a feasibility study done this past year. Construction is tentatively set to start in 2009-10.

First Selectman Peter Tesei said having the committee in place before the budget vote will help the project because now the RTM will know who is overseeing it.

Having a set committee also allows the project to officially move forward.....


Now The Bad News...

Betty Sternberg Is Involved

... The committee contains two non voting, ex-officio members — Superintendent of Schools Betty Sternberg and Mr. Tesei.

MORE SCHOOL NEWS...

03/19/08 - Stop Punishing The Children - If The BET Should Save Money By Getting Rid Of Betty Sternberg And Her Failed Administrators



03/19/08 - May God Bless The Children Of Hamilton Avenue School Who Never Get To Compete On A Level Playing Field.


03/19/08 - "I can tell from the questions that were given to me that you're very curious about me," Charles Smith, 50, of Stamford



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To choose a good book, look in an inquisitor’s prohibited list.
~John Aikin

03/19/08 - Arest used fake invoices to pass off the money as legitimate business costs of the hotel, according to his indictment, and did not pay mor


Town resident pleads guilty to tax charge

Via The Greenwich Time

A Greenwich man pleaded guilty to one count of tax evasion in federal court in White Plains, N.Y., yesterday, admitting to using money from the Manhattan hotel he managed to renovate his Greenwich home.

Peter Arest, 62, of 12 Dwight Lane, admitted that in 2001 and 2002 he spent more than $180,000 belonging to The Hotel Metro on 35th Street in Manhattan to renovate a Greenwich home, according to the U.S. Attorney's Office for the Southern District of New York.

More From The Greenwich Time

Planning for safety: Seminars target cyclists, walkers

With an eye toward making it safer for walkers and bicyclists on Connecticut's roads, state officials will host seminars over the next few months to show city planners how to redesign intersections and sidewalks to better accommodate non-drivers.

Proposal would give cities last bid to keep firms

Diageo North America did it. So did UST Inc. and Xerox Corp.

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The test of democracy is freedom of criticism.
~David Ben-Gurion

03/19/08 - Advisory Board members co-chairwoman State Rep. Livvy Floren, Nancy Standard, Joan Warburg, Sue Baker, David Ogilvy and Ann Elliman


Town, tree conservancy pair up for planting

VIA The Greenwich Post

The Greenwich Tree Conservancy (GTC) observed its first anniversary by launching a new Commemorative Tree Program in partnership with the town.

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To limit the press is to insult a nation; to prohibit reading of certain books is to declare the inhabitants to be either fools or slaves.
~Claude-Adrien Helvétius

03/19/08 - Have You Kicked A Hedge Fund Guy Today - Things Go From Bad To Worse


John Meriwether, former Saloman Bros. Trader

John Meriwether's Bond Fund Loses 24% on Credit-Market Plunge
Bloomberg

The Greenwich, Connecticut- based firm, which is selling holdings to reduce borrowings and lower risk, didn't have any loans called, they said. ...

ALSO:

Stocks give back most of yesterday's gain on profit-takin




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God forbid that any book should be banned. The practice is as indefensible as infanticide.
~Rebecca West



03/19/08 - Stop Punishing The Children - If The BET Should Save Money By Getting Rid Of Betty Sternberg And Her Failed Administrators


PTA:Don't slash funds

Greenwich Time - Staff Writer

The head of the Greenwich PTA Council urged the Board of Estimate and Taxation last night to refrain from cutting the education budget to make up for the funds lost to the forced relocation of Hamilton Avenue School students because of mold.

During an hour-long public hearing on the proposed $373 million town budget, PTA Council President Julie Faryniarz told finance board members that she opposed any move that would diminish the quality of the education received by students in the district....

...
Mold was discovered late last month in the modular classrooms housing Hamilton Avenue School students while their own building -- one that had similar problems in the past -- is renovated. The town was forced to move the students to six other schools and incurred undetermined expenses from the relocation. The bill could grow as the town decides what to do with Glenville School students, who were supposed to occupy the modular units next while their building is renovated.

While the town is expected to appropriate money from its contingency fund to pay for the expenses, BET members have been signaling that they could look for budget savings from the schools....

...
Robert Tuthill, who is chairman of District 3/Chickahominy RTM delegation, said during the hearing that he had concerns about the proposed town budget being responsive to the crisis. If it is not, he said, the RTM could be forced to make significant changes during its May vote on the town budget.

"Certainly, Hamilton Avenue and Glenville need to be taken care of," Tuthill said...

Please Read....

03/13/08 - Just How Much Are The Taxpayers Of Greenwich Paying Superintendent Betty Sternberg And Her Failed Administrators To Lie To The Public?

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A free press can be good or bad, but, most certainly, without freedom a press will never be anything but bad.
~Albert Camus

03/19/08 - May God Bless The Children Of Hamilton Avenue School Who Never Get To Compete On A Level Playing Field.


Ham Ave. students start CMT

Greenwich Time - Staff Writer

...
The tests are important because they are used to gauge a school's compliance with the federal No Child Left Behind law. Third- and fourth-graders have another six days of testing while fifth-graders have another eight....

... While Hamilton Avenue School students are coming off a week's worth of canceled classes and a second week of getting acclimated to new surroundings, they have a good chance of doing well on the test despite the delays and disruptions, said John Curtin, assistant superintendent of research and evaluation.

"Those last three years have not been easy for that school community," he said. "They're pretty tough. They have faced adversity before. I've got to tell you, I wouldn't bet against them."....

This is the second time Hamilton Avenue School students have been moved because of mold, which also plagued their old school building, now under reconstruction. The severity of the mold in the temporary building prevented teachers and students from retrieving their books and supplies from the modular classrooms, and now some teachers are coping with a shortage of instructional materials. Officials are still awaiting mold test results to see when those materials can be safely removed....

..."We're working on it. We called some of the vendors we worked with and they sent us a lot of books that we're organizing and sending out.", said Kathy Greider, deputy superintendent of teaching and learning...

... Hamilton Avenue School Principal Damaris Rau said that most of the supply shortages have been addressed....

...As for the CMTs, Rau said she doesn't want to make any predictions.

"We'll see," she said. "We'll have to wait and see."

Please Read:

03/10/08 - Hamilton Avenue School Students Will Excell On The CMT's If The Biology Questions Are About How Mold Effects Children In A Small Classroom.


And:

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What progress we are making. In the Middle Ages they would have burned me. Now they are content with burning my books.

~Sigmund Freud, 1933

03/19/08 - "I can tell from the questions that were given to me that you're very curious about me," Charles Smith, 50, of Stamford


North Street School PTA members meet with new principal


Greenwich Time - Staff Writer

A soft-spoken school district administrator held court with parents and teachers at North Street School yesterday, giving them a run-down of his credentials and why he is qualified to take over as the school's new principal....

...starting out as a reading specialist, then as the director of a school for students with severe disabilities and later at a private for-profit agency where he helped create bilingual programs and develop pre-school programs for military bases.

In 1997, he joined the Greenwich public school system, first working as director of early childhood but when the Board of Education cut that position, Smith took another post providing technical support and training to teachers at Central Middle School and feeder elementary schools.

Most recently, Smith worked as a special education program administrator. He also has participated in committees that have been asked to formulate a new teacher evaluation system for the district....

... Parents, who at times had to ask the soft-spoken administrator to speak louder, had few questions for Smith during his formal presentation...

... Isabelle Filatov, a North Street School parent, said it was important to get a good feeling from their new principal, particularly because her 5-year-old son is just starting kindergarten.

"I'm here for the long haul," she said.

Please Read.....

02/27/08 - Once Again Failed Greenwich School Administrators Take Care Of Thier Own

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If you don't have this freedom of the press, then all these little fellows are weaseling around and doing their monkey business and they never get caught.
~Harold R. Medina


03/19/08 - Anti - War Protest Returns To The Greenwich Post Office


Greenwich Blog Post:

Maybe The The Post Office Protesters Were Right All Along About...

The Mis-Managed 500 Billion Dollar War That Costs An Additional 12 Billion A Month

Did You Know That 4,000 Connecticut Families Lost Thier Homes In January Due To Foreclosure?

Five Years of War
By Christine Stuart
3 pm Protest at Chris Shays' office, 10 Middle St. and throughout downtown Bridgeport 5 pm Vigil at the Greenwich Post Office Location: 310 Greenwich Ave., Greenwich 6 pm Northeast Connecticut Coalition for Peace and Justice Vigil at ...
CT News Junkie - http://www.ctnewsjunkie.com/

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Protesters gather for fifth anniversary of Iraq wa

Via The Greenwich Time

Five people were arrested Wednesday for blocking the front door of a federal courthouse during a protest to mark the fifth anniversary of the U.S. invasion of Iraq.

Among the five were Jim Barron, 80, of New Haven and his minister, the Rev. Kathleen McTigue. Also arrested were Caroline Bridgeman-Rees, 80, of Hamden and father and daughter Mark and Keely Colville of New Haven.....

.... Andrea Kowalski, 25, of Colchester, held a sign reading "Support the Troops, Bring them Home." Her brother and husband are serving in the Army in Iraq.

"I see it as my civic responsibility," she said. "Silence is agreement."

Clark Robertson, 59, a retired printer from Vernon, also felt compelled to attend.

"Life is more important than death," he said. "It's about greed, it's about power. It's based on lies."

The Rev. Allie Perry of the group Reclaiming the Prophetic Voice led a prayer.

"Our leaders walk a pathway drenched in blood. They use torture, they have hired mercenaries, they hold prisoners without trial and without hope for freedom," she said. "Strengthen us in the ways of peace."

Other protests were also planned throughout the state Wednesday, including one in front of the office of U.S. Sen. Joseph Lieberman's, I-Conn., a war supporter.

When you say your prayers tonight remember the....

Nearly 4,000 young men and women who have paid the ultimate price and 60,000 have been wounded.


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The peculiar evil of silencing the expression of an opinion is, that it is robbing the human race; posterity as well as the existing generation; those who dissent from the opinion, still more than those who hold it. If the opinion is right, they are deprived of the opportunity of exchanging error for truth: if wrong, they lose, what is almost as great a benefit, the clearer perception and livelier impression of truth, produced by its collision with error.

~John Stuart Mill, On Liberty, 1859

03/19/08 - “Feel the personal satisfaction of helping others and make a difference in your own community and in the life of a child,”


Girls Inc. seeks volunteers

Via The Greenwich Post

Girls Incorporated of Greenwich has several volunteer opportunities available for 2008. Those who become part of the team apply current skills and gain some new ones, meet new people, make new friends and develop professional contacts....

... Those interested may call volunteer coordinator Shawn Zimmerman at 531-5542 or e-mail SZimmerman3@gmail.com.

Ways to help include, volunteering time, donating extra products and supplies from your business, donating gently used items, donating computer supplies and printer ink, giving monitory donations, running a workshop, sharing a talent with girls, donating craft supplies, spreading the word about the group, donating tickets for an upcoming event or sharing a resource.

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I believe in censorship.
I made a fortune out of it.

~Mae West

03/19/98 - Greenwich Newswire


Greenwich News Reports

Education And Business

Greenwich High School club makes history in first-ever bocce ...
Greenwich Time - Greenwich,CT
By Hoa Nguyen

Members of Greenwich High School's Italian Club lined the sides of the gravel alleyway, pressing their bodies forward as if to will their ...

No happy ending in sight for Greenwich stores
Stamford Advocate - Stamford,CT
By Meredith Blake

GREENWICH - When Jenny Lawton purchased Just Books, Too, and Arcadia Coffee Co. in Old Greenwich with her husband, Thomas, she wanted them ...


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I am thankful for all the complaining I hear about our government because it means we have freedom of speech. ~Nancie J. Carmody

03/19/08 - “We respectfully believe that the town’s motion is without merit and ours has merit,” J. Joseph Bainton said. “We’ll let the judge deci


Town seeks to end beach suit

By Ken Borsuk,

Greenwich Post - Staff Reporter

The town is seeking a dismissal of a lawsuit brought against it by two Stamford men who claim the town violated their rights to free speech by not allowing them to get resident beach passes.

Paul Kempner and his co-plaintiff, James Schwartz, sued the town last year, claiming its beach policy violated their rights by denying them the opportunity to apply for and receive the same seasonal beach pass residents can get. In a motion filed March 7 with the United States District Court in Bridgeport, the town, which is being represented by outside counsel Michael Shea, asked the court to grant a summary judgment dismissing the suit because it cannot be shown that anyone suffered any legal injury and there is no evidence of any constitutional rights being violated.

“[Mr. Kempner] cannot prove his damages claim because his damages consist of legal fees he supposedly incurred in dealing with the legal consequences of his refusal to pay the beach entry fee on occasions when he bicycled to the beach,” the motion states.

It adds that Mr. Kempner did not engage in speech on those occasions, and is unable to show he intends to engage in any speech or even visit the beach because he just rides through on his bicycle.

The motion also argues Mr. Kempner’s claim for relief is moot because he is older than 64, and since February 2007, people 65 and older may visit the beach for free, even if they are not residents. Mr. Kempner’s previous claim that the town discriminated against him by charging him for biking through was earlier dismissed on that ground.

“The court should await a case involving proper plaintiffs with genuine free speech claims before embarking on a factual inquiry into whether the town can justify its beach entry fee,” the motion argues.

J. Joseph Bainton, Mr. Kempner’s attorney, said he will be filing a response in opposition to the town’s motion in court tomorrow. He will also file, on behalf of his client, a cross-motion calling for summary judgment and for the judge to rule in his favor on the issue of liability..........

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