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The hopes and fears of all the year

28 Dec 2008 - Preaching the News for Sunday

Nearly two years ago, in April 2007, an undergraduate art student at the School of the Art Institute of Chicago unveiled a papier-mache sculpture of Barack Obama as a messianic figure, titled "Blessing." David Cordero, 24, made the sculpture for his senior show after noticing all the attention Obama had received since first hinting he might run for the presidency. Run Obama did, and win he did, and his election was overwhelmingly voted the top news story of the year by U.S. editors and news directors polled by the Associated Press. But as we prepare to celebrate the Savior's birth, Obama must contend with the almost messianic-like hope that many people hold for his presidency. Artist Cordero's explanation for creating his sculpture may prove a healthy cautionary tale: "All of this is a response to what I've been witnessing and hearing, this idea that Barack is sort of a potential savior that might come and absolve the country of all its sins. In a lot of ways it's about caution in assigning all these inflated expectations on one individual, and expecting them to change something that many hands have shaped." As Obama prepares to take office in a few weeks, he inherits a number of daunting challenges not of his own creation, not least of which is the nation's financial meltdown-voted the number-two story of the year in the AP poll. Obama will also be handed the long-running war in Iraq, another top-ten story of the year, not to mention the even longer-running war in Afghanistan. If that were not enough, the U.S. as well as other nations face the ongoing threat of terrorism, as demonstrated by another top story, the recent terrorist attack in Mumbai, India that killed 164 people. The historic political campaigns of two women-Hilary Clinton and Sarah Palin-also made the list of top-ten news stories. Though their campaigns were not victorious, both women finished the year with their political futures intact-Clinton as Obama's choice for U.S. Secretary of State, and Palin as a leading light of the conservative wing of the Republican Party. China and Russia were home to top stories of the year as well. China made the list for a triumph, its largely successful hosting of the Beijing Olympics, as well as a tragedy, a powerful earthquake in May that left more than 70,000 dead and led to the collapse of about 7,000 classrooms in shoddily built schools. The five-day Russian-Georgian war in August rounds out the list, a further reminder that Obama will inherit a number of complex and potentially volatile foreign-relations concerns. Stories that almost made the top ten included Cyclone Nargis, which killed more than 84,000 people in Myanmar; Hurricanes Gustav and Ike, which wreaked deadly damage in the Caribbean and on the U.S. Gulf Coast; and the seesaw fate of same-sex marriage in California, where a court ruling approving it was later overturned by a ballot measure. Several write-in votes were cast for two developments that occurred too late to be included on the AP ballot: the indictment of Illinois Gov. Rod Blagojevich and the efforts of struggling U.S. automakers to get a federal bailout. The alleged financial scam involving Bernard Madoff also was revealed too late to make the ballot. Several of the editors who voted commented on how two transcendent developments dominated the news in 2008. "As far as I am concerned, there were only two stories this year," wrote Linda Grist Cunningham of the Rockford (Illinois) Register Star. "Global economy collapses (sending every country into financial, political, and personal chaos) and Obama elected U.S. president, changing the way the America does business-financial, political, and personal." Source: Articles by Joel Roberts and David Crary for the Associated Press

automakers russia beijing olympics georgia cyclone nargis myanmar hurricane gustav hurricane ike same-sex marriage california bailout bernard madoff china sarah palin hilary clinton rod blagojevich barack obama david cordero school of the art institute of chicago associated press savior iraq war afghanistan war top-ten news stories terrorism mumbai global economy
Expected to plea: “I, Bernard, Madoff with your money”

15 Mar 2009 - Preaching the News for Sunday

"The decree of the Lord is trustworthy," the psalmist assures us this Sunday. But the decrees, statements, and promises disgraced financier Bernard Madoff made to investors apparently were not. He is expected to plead guilty on Thursday to 11 felony charges stemming from his decades-long Ponzi scheme, likely putting him in prison for the rest of his life. In documents unsealed Tuesday federal prosecutors demonstrated how Madoff allegedly deceived thousands of investors, used their money to illegally prop up his stock-trading business, and directed employees to generate false trading documents. Ten days before being arrested in December Madoff issued statements to clients claiming a total of $64.8 billion in account balances. Instead, prosecutors say, his firm had only a "small fraction" of that amount on hand. A court-appointed trustee overseeing the liquidation of Madoff's company has recovered only about $1 billion in assets so far. The Madoff fraud plunged some investors who thought they were wealthy into poverty and has forced numerous charities and foundations that invested with him to close. A former chairman of the NASDAQ stock exchange, Madoff is being charged with securities fraud, investment adviser fraud, mail fraud, wire fraud, three counts of money laundering, making false statements, perjury, false filing with the U.S. Securities and Exchange Commission, and theft from an employee-benefit plan. If he pleads guilty to all 11 charges, Madoff faces a maximum sentence of 150 years. Legal experts expect the actual sentence to be much lower, perhaps closer to 20 years if sentences run concurrently, but still effectively a life sentence for the 70-year-old. Source: An article by Amir Efrati and Robert Frank for the Wall Street Journal

bernard madoff ponzi scheme
Judgment day arrives

05 Jul 2009 - Preaching the News for Sunday

For decades investors looked at the returns financier Bernard Madoff was able to deliver with admiring words that echo this Sunday’s gospel question: “Where did this man get all this?” Having lost their fortunes, they now know they were victims of a monumental scam. Madoff, 71, was sentenced Monday to 150 years in prison. Federal District Judge Denny Chin condemned his crimes as “extraordinarily evil” and imposed a sentence that was three times as long as the federal probation office suggested and more than 10 times as long as defense lawyers had requested. Tearful victims told the court of the damage he had caused, describing him as a “psychopath” and a “monster” who had destroyed their lives. Michael Schwartz, who said Madoff had stolen money set aside to sustain his disabled brother, expressed the hope that “his jail cell will become his coffin.” Madoff apologized for the harm he inflicted on his clients, his employees, and his family. “I’m sorry,” he said, turned to the courtroom crowd. “I know that doesn’t help.” Madoff’s accountant, David Friehling, is the only other person charged so far in connection with the Ponzi scheme. But the ongoing investigation of the $65 billion fraud may implicate as many as 10 other people, officials said. Those pursuing the investigation are focusing on close associates of the convicted con man who insist they didn’t know of any wrongdoing. Articles by Patricia Hurtado for Bloomberg.com and Diane B. Henriques for the New York Times

bernard madoff ponzi scheme bernie madoff denny chin michael schwartz david friehling