Headlines May 25 2012 - Daily Hudson Valley News

Headlines May 25 2012

May 25th, 2012 | By | Category: Headlines Off The WALL

WHAT MAY HAPPEN WITH THE ECONOMIC AND DEBT CRISES OF GREECE IS NOT CLEAR. BUT IF THE SCENARIO DEVELOPS TO THE POINT THAT GREECE LEAVES THE EURO ZONE, EACH OF THE OTHER ECONOMIES IN THE EUROPEAN COMMUNITY HAVE AGREED TO FORMULATE THEIR OWN PLAN ‘B’ IN SUCH A CASE. THIS WAS DETERMINED IN AN HOUR-LONG TELECONFERENCE CALL TUESDAY WITH MEMBERS OF THE EUROGROUP WORKING GROUP, MADE UP OF E-U OFFICIALS WHO COORDINATE MEETINGS BETWEEN FINANCE MINISTERS OF MEMBER NATIONS. THE EFFORT TO HAVE INDIVIDUAL RESPONSES TO A GREEK PULLOUT FROM THE EURO ZONE WAS UNDERTAKEN PARTLY IN THE INTEREST OF AVOIDING LEAKS WHICH MIGHT BE MORE LIKELY TO OCCUR IF A BROAD PLAN OF ACTION WAS TO BE DRAFTED BY THE E-U AS A WHOLE.

IN YET ANOTHER DEVELOPMENT WITH THE POTENTIAL TO STRAIN U-S/PAKISTAN RELATIONS FURTHER, THE GOVERNMENT IN PAKISTAN HAS SENTENCED A DOCTOR TO A PRISON STRETCH OF 33 YEARS FOR TREASON. THE TREASONOUS ACT SHAKIL AFRIDI HAS BEEN CONVICTED OF INVOLVES ALLEGATIONS THAT HE RAN A BOGUS VACCINATION EFFORT THAT WAS COVER FOR HIS AID TO THE C-I-A IN THEIR INTELLIGENCE PURSUITS LEADING UP TO THE CAPTURE AND DEATH OF OSAMA BIN LADEN LAST YEAR. BECAUSE OF OTHER PROBLEMS WHICH HAVE ARISEN BETWEEN WASHINGTON AND ISLAMABAD, THE PAKISTANIS HAVE SHUT DOWN SUPPLY ROUTES THAT HAD SERVED U-S AND N-A-T-O TROOPS IN NEIGHBORING AFGHANISTAN.

THE DEBATE OVER REGULATION OF THE FINANCIAL SECTOR GOES ON. ALMOST TWO WEEKS AGO, THERE WAS A REPORT OF MULTI-(B) BILLION DOLLAR LOSSES POSTED BY JP MORGAN CHASE, PUTTING THAT GIANT BANK AND ITS’ C-E-O JAMIE DIMON UNDER THE MICROSCOPE. NOW IT’S FACEBOOK THAT’S ATTRACTING THE ATTENTION AND SCRUTINY OF REGULATORS FOLLOWING THE SOCIAL NETWORK’S INITIAL PUBLIC OFFERING LAST WEEK, WHICH PROVED TO BE UNDERWHELMING AFTER CONSIDERABLE HYPE BEFORE THE FACT. A WATCHDOG AGENCY WITHIN THE SECURITIES INDUSTRY WANTS TO KNOW WHAT ROLE MORGAN STANLEY MAY HAVE PLAYED IN TELLING ONLY CERTAIN CLIENTS OF THE INVESTMENT BANK ABOUT NEGATIVE REPORTS CONCERNING FACEBOOK JUST PRIOR TO FACEBOOK’S STOCK TRADING FOR THE FIRST TIME. RICK KETCHAM, AN OFFICIAL WITH THE FINANCIAL INDUSTRY REGULATORY AUTHORITY IS CALLING THAT QUESTION “A MATTER OF REGULATORY CONCERN” FOR BOTH HIS AGENCY AND THE SECURITIES AND EXCHANGE COMISSION.

IN THE WAKE OF THE ARAB SPRING, THE MOST POPULOUS ARAB NATION ON EARTH — EGYPT — CHOSE TO GOVERN ITSELF IN A NEW AND DIFFERENT WAY. IT TOOK TIME, BUT THE EGYPTIAN PEOPLE SAW THROUGH THEIR WISH FOR DEMOCRACY IN REMOVING DICTATOR HOSNI MUBARAK FROM POWER LAST YEAR. WHERE THINGS ARE HEADED FROM HERE WILL BE DETERMINED AT THE BALLOT BOX AS ELECTIONS ACROSS EGYPT ARE HAPPENING TODAY(WEDNESDAY). THE CHOICE BEFORE THE ELECTORATE IN EGYPT IS ONE BETWEEN ISLAMIST AND SECULAR ELEMENTS WHICH HAVE EMERGED AS THE MAJOR POLITICAL PLAYERS VYING FOR POPULAR SUPPORT.

POLICE IN THE CITY OF MIDDLETOWN HAVE MADE AN ARREST IN A SHOOTING INCIDENT FROM APRIL. COPS HAD BEEN ON THE LOOKOUT FOR A YOUNG NEWBURGH MAN, 18-YEAR-OLD TYRIN GAYLE WHO WAS WANTED AS THE SUSPECT IN THE SHOOTING OF ANOTHER 18-YEAR OLD MALE AT A NORTH STREET RESIDENCE ON THE 26TH OF APRIL. THE TWO HAD BEEN PLAYING VIDEO GAMES WHEN GAYLE IS ALLEGED TO HAVE SHOT THE OTHER MAN IN THE FOREHEAD WITH A SMALL CALIBRE HANDGUN. THE GUNSHOT WOULD FOUND THE BULLET LODGING ABOVE THE VICTIM’S EAR AND DID NOT PENETRATE THE FOREHEAD, ACCORDING TO INITIAL REPORTS PROVIDED BY MIDDLETOWN COPS AT THE TIME OF THE SHOOTING. THEY MANAGED TO CATCH UP WITH GAYLE AFTER HE WAS PICKED UP BY POLICE IN THE BIG APPLE ON UNRELATED CHARGES. GAYLE HAS BEEN ARRAIGNED IN CITY COURT BUT NO INFORMATION BEYOND THE ARRAIGNENT ITSELF IS YET AVAILABLE.

THERE WILL BE THE SECOND MEETING IN AS MANY DAYS THIS AFTERNOON BY OFFICIALS OF THE COUNTY OF ORANGE DEALING WITH THE IMMINENT SALE OF THE VALLEY VIEW NURSING HOME. PART OF TUESDAY’S REGULAR MONTHLY MEETING OF THE HEALTH AND MENTAL HEALTH COMMITTEE TOOK PLACE IN EXECUTIVE SESSION BEHIND CLOSED DOORS. TODAY’S GATHERING IS TO BE ENTIRELY CONFIDENTIAL IN NATURE WITH INTERVIEWS BEING CONDUCTED WITH AT LEAST THREE OF THE FOUR POTENTIAL BUYERS WHOSE PROPOSALS ARE UP FOR CONSIDERATION. ONE POINT OF CONTROVERSY HAS BEEN A TIMETABLE FOR VALLEY VIEW’S SALE THAT IS EITHER RUSHED OR UNATTAINABLE IN THE MINDS OF SOME COUNTY LAWMAKERS. AND THAT CAME UP AGAIN TUESDAY IN THE FORM OF AN ULTIMATUM FROM DEPUTY COUNTY EXECUTIVE JAMES O’ DONNELL. THE TIMES HERALD-RECORD THIS MORNING IS REPORTING THAT O’ DONNELL TOLD HEALTH AND MENTAL HEALTH COMMITTEE MEMBERS TUESDAY THAT IF LAWMAKERS DON’T APPROVE A SALE OF VALLEY VIEW ON JUNE 7 — TWO WEEKS FROM TOMORROW — THE PROCESS OF CLOSING THE NURSING HOME WILL BEGIN IN EARNEST. SECRECY CONTINUES TO SURROUND MUCH OF THE DECISION-MAKING PROCESS, AND SOME COUNTY LAWMAKERS HAVE BEEN CRITICAL OF WHAT THEY SEE AS A LACK OF DISCLOSURE ON THE PART OF THE EXECUTIVE WITH REGARD TO NOT ONLY THE VALLEY VIEW DEBATE, BUT ALSO DECISIONS ABOUT THE FATE OF THE GOVERNMENT CENTER.

AS PART OF STREAMLINING AT THE STATE DEPARTMENT OF CORRECTIONS LAST YEAR, GOVERNOR CUOMO MOVED TO CLOSE SEVEN STATE PRISONS CITING A DECLINING INMATE POPULATION AND OTHER FACTORS IN THE DECISION. ONE OF THOSE CLOSURES WAS AT THE MEDIUM-SECURITY MID-ORANGE CORRECTIONAL FACILITY IN THE ORANGE COUNTY TOWN OF WARWICK. THE INMATES ARE GONE, AND SO ARE THE C-O’S AND ADMINISTRATORS FROM MID-ORANGE AS THEY’VE BEEN SINCE OCTOBER. WARWICK SUPERVISOR MICHAEL SWEETON HAS LED EFFORTS TO RE-DEVELOP MID-ORANGE AND SAYS THE TOWN IS COURTING A POTENTIAL BUSINESS TENANT TO OCCUPY A PORTION OF THE PRISON PROPERTY, OVER 700 ACRES LARGE. SWEETON ISN’T READY TO DIVULGE THE IDENTITY OF THE PROSPECT BEYOND THAT IT’S A COMPANY IN THE FORTUNE 100 AND THAT A DECISION MAY BE FORTHCOMING SOON.

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Headlines provided by Bob Schaeffer for WALL Radio 1340 AM
Mark West in the Morning with Bob Schaeffer and Chris Mitchell

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