Market maker Bernard L. Madoff arrested in $50B ‘giant Ponzi scheme’

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Market maker Bernard L. Madoff arrested in $50B ‘giant Ponzi scheme’
 Correction — January 10, 2009 This article incorrectly states that Mr Madoff attended Hofstra University Law School. His education was actually with Hofstra College, which he graduated from in 1960. 

Friday, December 12, 2008

Top broker and Wall Street adviser Bernard L. Madoff, aged 70, was arrested and charged by the FBI on Thursday with a single count of securities fraud, also known as stock fraud and investment fraud. He allegedly told senior employees of his firm on Wednesday that his $50 billion business “is all just one big lie” and that it was “basically, a giant Ponzi scheme (since at least 2005).” Mr. Madoff faces up to 20 years imprisonment and a fine of up to $5 million. FBI agent Theodore Cacioppi said Mr. Madoff’s investment advisory business had “deceived investors by operating a securities business in which he traded and lost investor money, and then paid certain investors purported returns on investment with the principal received from other, different investors, which resulted in investors’ losses of approximately $50 billion dollars.”

The former chairman of the Nasdaq Stock Market is also the founder and primary owner of Bernard L. Madoff Investment Securities LLC, the closely-held market-making firm he launched in 1960. The firm is one of the top market maker firms on Wall Street. He founded his family firm with an initial investment of $5,000, after attending Hofstra University Law School. He saved the money earned from a job lifeguarding at Rockaway Beach in Queens and a part time job installing underground sprinkler systems.

A force in Wall Street trading for nearly 50 years, he has been active in the National Association of Securities Dealers (NASD), a self-regulatory organization for the U.S. securities industry. His firm was one of the five most active firms in the development of the NASDAQ, having been known for “paying for order flow,” in other word paying a broker to execute a customer’s order through Madoff. He argued that the payment to the broker did not alter the price that the customer received. He ran the investment advisory as a secretive business, however.

Dan Horwitz, counsel of Mr. Madoff, in an interview, said that “he is a longstanding leader in the financial-services industry with an unblemished record; he is a person of integrity; he intends to fight to get through this unfortunate event.” Mr. Madoff was released on his own recognizance on the same day of his arrest, after his 2 sons turned him in, and posting $10 million bail secured by his Manhattan apartment. Without entering any plea, the Court set the preliminary hearing for January 12.

Madoff’s hedge fund scheme may rank among the biggest fraud in history. When former energy trading giant Enron filed for bankruptcy in 2001, one of the largest at the time, it had $63.4 billion in assets. The scheme would dwarf past Ponzis, and it would further be nearly five times the telecommunication company WorldCom fraud and bankruptcy proceedings in 2002.

The Securities and Exchange Commission filed a separate civil suit on Thursday against Bernard L. Madoff Investment Securities and its eponymous founder Mr. Madoff. It was docketed as “U.S. v. Madoff,” 08-MAG-02735, by the U.S. District Court for the Southern District of New York (Manhattan). SEC, New York associate director of enforcement, Andrew M. Calamari, asked the judge to issue seizure orders on the firm and its assets, and appoint a receiver. The SEC pleads, among others, that “it was an ongoing $50 billion swindle; our complaint alleges a stunning fraud that appears to be of epic proportions.” It further accused the defendant of “paying returns to certain investors out of the principal received from other, different investors” for years. Madoff’s hedge fund business had previously claimed to have served between 11 and 25 clients and had $17.1 billion in assets under management. But virtually all of the assets were missing.

United States District Court for the Southern District of New York Louis L. Stanton on Thursday appointed Lee Richards, a Manhattan lawyer, as the firm’s receiver. A hearing is set for Friday, for a ruling on the SEC’s petition to grant plenary powers to the receiver over the entire firm, and an absolute asset sequestration.

Doug Kass, president of hedge fund Seabreeze Partners Management said that “this is a major blow to confidence that is already shattered — anyone on the fence will probably try to take their money out.”

Wikinews interviews Great Britain men’s national wheelchair basketball player Joni Pollock

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Wikinews interviews Great Britain men’s national wheelchair basketball player Joni Pollock

Wednesday, July 25, 2012

Homebush Bay, New South Wales —Wikinews sat down with Great Britain men’s national wheelchair basketball player Joni Pollock before a practice session at the Rollers & Gliders World Challenge in Sydney.

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British-born Pollock was born with the condition spina bifida. He explained he could walk with difficulty up until age twelve or thirteen, after which he began using a wheelchair. Shortly after this, he began playing wheelchair basketball. He attended a disabilities tournament for children with disabilities in England, where he tried both wheelchair basketball, since he came from a town where team sports were popular; and wheelchair tennis, as he’d played with an able-bodied friend. Ultimately, he chose wheelchair basketball as it was a team sport.

Wikinews asked Pollock about being loud towards his team mates during the match on July 20 between the Australian Rollers and the Great Britain Bulldogs. He said he was out of wheelchair basketball for nine months due to a pressure sore and surgery on his shoulder, and has been making a comeback since January, with the doctors and physiotherapists giving him the all-clear in April. On that night, he said, the Australian team used bullying tactics and some of his teammates on the British team didn’t step up to win the game. He also said that no matter what team his team plays against, he has a target on his back because of his calibre of playing in the game, and his team failed to to understand it that night, leaving him frustrated with his team and himself; and, he hates coming to Australia during a Paralympic year since the home town —that is, Australian— referees do not protect the visiting team from the home team’s dirty playing, which puts the British team’s gold medal prospects in jeopardy.

Wikinews also asked Pollock his opinions regarding Oscar Pistorius. Pollock believes Pistorius shouldn’t be competing in the Olympics if other Paralympic athletes can’t compete. He also mentioned reservations about certain technical aspects, such as whether Pistorius would be the same height if he still had his legs rather then his prosthetic legs. Asked about 5 point players playing in wheelchair basketball, he said he believes 5 point players can play with other point players but not in the Paralympics, and said 5 point players currently play in the domestic league but not at the elite level, to boost the number of players participating and to help the development of the game.

Wikinews also questioned him about tattoos worn by members of the British team. In previous years, he said, only one or two forwards had tattoos, but now almost everyone has one as having tattoos is currently in fashion. He said he got his first tattoo at the age of sixteen and only recently had it removed. He also has tattoos on his right arm, depicting the logos of the Paralympics and World championships in which he competed.

Pollocks’s team begins its London campaign on August 30, against the Germany men’s national wheelchair basketball team.

Court rules teen must take chemotherapy

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Court rules teen must take chemotherapy

Monday, May 18, 2009

A judge in Minneapolis, Minnesota, United States ruled that a boy, Daniel Hauser, has been medically neglected by his parents and must take chemotherapy and radiation therapy for his cancer against his will.

Medical professionals testifying at the proceedings said that Daniel’s cancer, Hodgkin’s lymphoma, has a 90% survival rate with modern treatment, but only a 10% chance of survival without it.

The judge declared that the ruling was because there was a “compelling state interest in the life and welfare of Daniel sufficient to override the fundamental constitutional rights of both the parents and Daniel to the free exercise of religion and the due process right of the parents to direct the religious and other upbringing of their child.” as noted in his 60 page verdict.

The boy lives in Sleepy Eye, Minnesota and his mother is a member of the Nemenhah, a Native American style group that opposes medical practices that it believes to “harm the body.”

His parents first brought him for one out of six chemotherapy treatments and then refused to have the rest. In an initial filing, Daniel said that he was a medicine man and he himself made the decision to refuse the chemotherapy. An important question in the case was whether Daniel truly made the decision to refuse treatment, or whether he was pressured by his parents.

A vital piece of evidence was presented by a Thomas Sinas, an attorney for the boy’s court appointed guardian who doubted Daniel’s religious beliefs. Daniel also gave closed door testimony to the judge. The statement was released, and stated that Daniel’s faith wasn’t genuine, that he was shaken by the effects of his aunt’s chemotherapy.

“This matter … involves a 13-year-old child who has only a rudimentary understanding at best of the risks and benefits of chemotherapy,” said Judge John Rodenberg, “He genuinely opposes the imposition of chemotherapy. However, he does not believe he is ill currently. The fact is that he is very ill currently.”

Daniel’s court-appointed defense attorney, Philip Elbert, said, “I feel it’s a blow to families, it marginalizes the decisions that parents face every day in regard to their children’s medical care. It really affirms the role that big government is better at making our decisions for us.”

Daniel’s parents will be required to give him a chest X-ray and proceed to give him chemotherapy and radiation therapy if a doctor says that they would still be effective. If they refuse to comply, Daniel will be taken into custody.

Daniel’s mother, Colleen Hauser, said, “If Daniel resists, it is a great question of how he will be treated. He may have to be sedated and that brings up the issue of forced treatment.”

The judge said that the court has a right to force treatment because Daniel does not understand his illness and the risks and benefits of therapy enough to create an informed consent.

Arabs react to Israeli debate on Jerusalem’s Holy sites

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Arabs react to Israeli debate on Jerusalem’s Holy sites
July 19th, 2018 in Uncategorized | No Comments

Thursday, February 27, 2014

Islamic and Jordanian leaders responded yesterday to a debate conducted by the Israeli parliament, the Knesset, addressing current Arab control over holy sites in the Old City of Jerusalem including Al-Aqsa Mosque and the Dome of the Rock.

Last week, members of the Jordanian Parliament condemned the plan for a debate in the Knesset on the issue, but yesterday after the debate in Israel almost 50 of them had petitioned the Jordanian government to stop the enforcement of the 1994 Israel–Jordan peace treaty. The treaty allowed for the exchange of ambassadors and on that point, the Jordanian parliament voted on the recall of the nation’s ambassador to Israel. Jordan’s Prime Minister Abdullah Nsur said, in remarks to Qatari newspaper Al-Watan, any Israeli action affecting Jordanian control of the Holy sites would violate the treaty and Jordan could review whether or not the treaty had been invalidated. Meanwhile, the Organisation of Islamic Cooperation criticized the Knesset debate as a provocation.

Before the Israeli debate Tuesday, Palestinian protesters took to one of the Gates of the Temple Mount in the Old City, used by Jews, armed with firecrackers and rocks and were met by Israeli police.

On Tuesday, members of the Israeli Knesset began a debate on an issue it had never before broached. MK Moshe Feiglin of Likud started the debate about one of Jerusalem’s holiest sites, The Temple Mount. Feiglin spoke to freedom of religion and the right of Israelis to pray on the site controlled by the Arabs while opponents addressed their fears the sensitive topic could harm ongoing peace talks. He said, “Any terror organization can raise its flag there, [but] there can be no trace of the Israeli flag. Only Jews are forbidden to pray at this place.”

During the debate, Labor MK Eitan Cabel reacted to Feiglin’s motion, “Why stop at the Temple Mount? If you are the new messiah of our times, what about” — he named various specifics of the holy promise of the lands of the Greater Israel — “Why leave them behind?” A “Greater Israel” promised by God is generally considered off limits in civic discourse inside Israel. The Knesset did not vote on the issue.

Al-Aqsa Mosque ranks just behind Mecca and Medina as the holiest of Islamic sites. Jews consider the Temple Mount to be their holiest site.

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The Al-Aqsa Mosque from the Western Wall Plaza. Image: Wilson44691.

Southern aerial view of the Temple Mount in the Old City of Jerusalem. Image: Godot13.

The portal of the Al-Aqsa Mosque from the north. Image: Godot13.

Al-Fakhriyyah Minaret & Islamic Museum. Image: Godot13.

The Al-Aqsa Mosque in Jerusalem. Image: Jane Fresco.

The Dome of the Rock (close). Image: ???? ??????.

The outdoor Islamic Pulpit of the Cadi Borhan-ed-din Jerusalem Holy Land at the Al-Aqsa Mosque, Jerusalem. Image: Snapshots of The Past.

Al Aqsa Mosque from the Dome of the Rock. Image: MatthiasKabel.

The Dome of the Chain (Arabic: ??? ???????, Qubbat al-Silsila) in front of The Dome of the Rock. Image: Godot13.

Southern Wall of the Temple Mount in Jerusalem. Image: Wknight94.

British man survives artificial heart transplant

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British man survives artificial heart transplant
July 19th, 2018 in Uncategorized | No Comments

Wednesday, August 3, 2011

A 40-year-old man from the United Kingdom has survived an operation in which he was given a wholly artificial heart. It is believed that this is the first time in the UK that a patient has been able to return home with such an implant.

Matthew Green, a father of one, experienced the operation in Papworth Hospital, located in Cambridgeshire, England. His health has declined over the last few years, and he has suffered a substantial heart disorder, identified as arrhythmogenic right ventricular dysplasia (ARVD). He is waiting to have a human heart implanted. The disease would have claimed his life had the operation to implant a plastic heart not occurred. Approximately nine hundred operations of this nature have already taken place worldwide.

Having survived the transplant, Green stated that the plastic heart will “revolutionise” his life. “Before I couldn’t walk anywhere,” commented Green. He described his ability “to be with normal people again” as “fantastic”. Having the opportunity to live a relatively regular life “means the world” to Green.

Providing a nine-and-a-half litre blood flow at its peak, the plastic heart can provide roughly twice that of a resting human body. The artificial heart was implanted last June in a six-hour operation. Unlike other mechanical hearts, Green’s heart is powered by a pump that can be transported in a handheld bag.

Man auctions his life on eBay, is disappointed at sale price

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Man auctions his life on eBay, is disappointed at sale price
July 19th, 2018 in Uncategorized | No Comments

Monday, June 30, 2008

After auctioning off his entire life on eBay for A$399,300 (244 912.148) Ian Usher says he is “a little bit disappointed” at the final selling price.

The 44-year-old British immigrant living in Perth, Australia, put all of his worldly belongings up for sale on the popular auction website, including his three-bedroom house and all its contents, his car, motorcycle, jetski, skydiving gear, and his job at a rug store, for which he offered a two week trial period. He even offered introductions to his friends living in Perth.

Usher made the decision to sell his life after his five-year marriage suddenly ended. On his website, alife4sale.com, he explains that “despite my life being busy and fulfilled, I still miss my wife so much. Everything in my home is a reminder of the wonderful past we shared. So, after a year in this house I decided that it is time to sell it and move on.”

It was as much about moving on as it was about selling it for as much as I could get.

During the 7 day auction, which ended on Sunday, there were several bogus bids which brought the sale price as high as A$2.2 million, but the final price ended up at A$399,300, which was around A$100,000 less than Usher had hoped for. “I’m a little bit disappointed, but I’m still excited. It’s still enough to move forward and do what I said I was going to do, which is move on to the next part of my life,” Usher said. “It was as much about moving on as it was about selling it for as much as I could get.”

According to Reuters, the winning bidder, whose username is “mslmcc”, also lives in Australia, and has a 100 percent feedback rating. Usher says he hasn’t yet been able to figure out who the buyer is, because of the TV crews lined up in front of his home. “I’m trying to find some time to get on the computer and check it out … I haven’t looked (up) anything about them yet,” he said.

Usher now plans to go off in search of a new life. His initial plan, as he describes on his website, was to just walk out his front door with just his wallet and a passport and board a train, with no idea of where to go. He has since launched 100goals100weeks.com, which will document his attempt to complete 100 of his life goals in a span of 100 weeks. Some of these goals include getting a pilot’s license, climbing the Eiffel Tower, learning to play the didgeridoo, and shaking hands with billionaire Richard Branson.

“I was pretty aimless when I started this, and I had a vague notion of adventure, but I’ve come up with a much more solid plan, which is still very adventurous,” Usher says. He invites anyone who is interested to join him on his adventures.

Wikinews interviews John Wolfe, Democratic Party presidential challenger to Barack Obama

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Wikinews interviews John Wolfe, Democratic Party presidential challenger to Barack Obama
July 19th, 2018 in Uncategorized | No Comments

Sunday, May 20, 2012

U.S. Democratic Party presidential candidate John Wolfe, Jr. of Tennessee took some time to answer a few questions from Wikinews reporter William S. Saturn.

Wolfe, an attorney based out of Chattanooga, announced his intentions last year to challenge President Barack Obama in the Democratic Party presidential primaries. So far, he has appeared on the primary ballots in New Hampshire, Missouri, and Louisiana. In Louisiana, he had his strongest showing, winning 12 percent overall with over 15 percent in some congressional districts, qualifying him for Democratic National Convention delegates. However, because certain paperwork had not been filed, the party stripped Wolfe of the delegates. Wolfe says he will sue the party to receive them.

Wolfe will compete for additional delegates at the May 22 Arkansas primary and the May 29 Texas primary. He is the only challenger to Obama in Arkansas, where a May 10 Hendrix College poll of Democrats shows him with 38 percent support, just short of the 45 percent for Obama. Such an outing would top the margin of Texas prison inmate Keith Russell Judd, who finished 18 percent behind Obama with 41 percent in the West Virginia Democratic primary; the strongest showing yet against the incumbent president. Despite these prospects, the Democratic Party of Arkansas has already announced that if Wolfe wins any delegates in their primary, again, due to paperwork, the delegates will not be awarded. Wolfe will appear on the Texas ballot alongside Obama, activist Bob Ely, and historian Darcy Richardson, who ended his campaign last month.

Wolfe has previously run for U.S. Congress as the Democratic Party’s nominee. On his campaign website, he cites the influence “of the Pentagon, Wall Street, and corporations” on the Obama administration as a reason for his challenge, believing these negatively affect “loyal Americans, taxpayers and small businesses.” Wolfe calls for the usage of anti-trust laws to break up large banks, higher taxes on Wall Street, the creation of an “alternative federal reserve” to assist community banks, and the implementation of a single-payer health care system.

With Wikinews, Wolfe discusses his campaign, the presidency of Barack Obama, corporations, energy, the federal budget, immigration, and the nuclear situation in Iran among other issues.

Contents

  • 1 Campaign
  • 2 Challenging the incumbent
  • 3 Policy
  • 4 Related news
  • 5 Sources

Employees killed in Foxconn manufacturing factory

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Employees killed in Foxconn manufacturing factory
July 19th, 2018 in Uncategorized | No Comments

Thursday, May 26, 2011

On Friday evening, an explosion in Chengdu, China caused partial shutdown of a facility operated by Foxconn, one of the world’s biggest electronics manufacturers and a major supplier to companies like Hewlett-Packard, Dell, Sony, Apple, Motorola and Nokia. Initial investigations now suggest the explosion was caused by poor ventilation, which lead to high concentrations of combustible dust.

The blast happened at 7:18PM, around the time workers change shifts. A fire followed. Emergency services had control by 7:30PM. At least three people were killed, at least fifteen injured. Foxconn halted production to investigate, saying “All operations at the affected workshop remain suspended and production at all other workshops that carry out similar processing functions have also been halted pending the results of the investigation. All other production operations in our facilities in China continue operating normally.”

On Monday, city officials gave the cause as combustible dust in the air at a polishing workshop. Hong Kong-based labor rights group Students & Scholars Against Corporate Misbehavior said they reported aluminium dust problems in March when they reviewed working conditions at Foxconn. After the explosion, they commented that workers were complaining “the ventilation of the department is poor. Workers polish the iPad cases to make them shiny. In the process, there is lots of aluminum (aluminium) dust floating in the air. Workers always breathe in aluminum dust even though they put on masks. When workers take off their cotton gloves, their hands are covered with aluminum dust.”

Foxconn responded by saying the group was trying to “capitalize on the tragic accident” and misrepresented “Foxconn’s commitment to the health and safety of our employees.”

Foxconn is responsible for making iPads and iPhones for Apple. Research group IHS iSuppli said the explosion may cause loss of production of 500,000 iPads during this quarter of the year. They said there is a larger facility in Shenzhen, but it cannot cope with re-compensating the possible loss.

In depth: Buffalo, N.Y. hotel proposal controversy

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In depth: Buffalo, N.Y. hotel proposal controversy
July 19th, 2018 in Uncategorized | No Comments

Friday, May 26, 2006

Buffalo, N.Y. Hotel Proposal Controversy
Recent Developments
  • “120 year-old documents threaten development on site of Buffalo, N.Y. hotel proposal” — Wikinews, November 21, 2006
  • “Proposal for Buffalo, N.Y. hotel reportedly dead: parcels for sale “by owner”” — Wikinews, November 16, 2006
  • “Contract to buy properties on site of Buffalo, N.Y. hotel proposal extended” — Wikinews, October 2, 2006
  • “Court date “as needed” for lawsuit against Buffalo, N.Y. hotel proposal” — Wikinews, August 14, 2006
  • “Preliminary hearing for lawsuit against Buffalo, N.Y. hotel proposal rescheduled” — Wikinews, July 26, 2006
  • “Elmwood Village Hotel proposal in Buffalo, N.Y. withdrawn” — Wikinews, July 13, 2006
  • “Preliminary hearing against Buffalo, N.Y. hotel proposal delayed” — Wikinews, June 2, 2006
Original Story
  • “Hotel development proposal could displace Buffalo, NY business owners” — Wikinews, February 17, 2006

In February of 2006, the Savarino Services Construction Corp. proposed the construction of a seven million dollar hotel on Elmwood and Forest Avenues in Buffalo, New York. In order for the hotel to be built, at least five properties containing businesses and residents would have to be destroyed. It was not certain whether the properties were owned by Savarino or by the landlord Hans Mobius. The hotel was designed by Karl Frizlen of the Frizlen Group, and is planned to be a franchise of the Wyndham Hotels group.

Elmwood Avenue is known by the community as a popular shopping center, and Nancy Pollina of Don Apparel (who is “utterly against” the construction) claims it’s the only reason why students from Buffalo State College leave campus. Additionally, Michael Faust of Mondo Video said he did not want to “get kicked out of here [his video store property].”

In 1995, a Walgreens was proposed to be built on the same land, but Walgreens later withdrew its request for a variance because of pressure from the community. More recently, Pano Georgiadis tried to get the rights to demolish the Atwater House next to his restaurant on Elmwood Avenue, but was denied a permit due to the property’s historical value. He has since been an opponent to the hotel construction.

In the process of debating the hotel, it was thought that a hotel had previously existed on the proposed site, however; research done at the Buffalo and Erie County Historical Society had shown that no hotel had previously existed on the site.

Contents

  • 1 In depth
    • 1.1 The initial meeting
    • 1.2 Hotel redesign
    • 1.3 The second meeting and the planning board’s decision
    • 1.4 Threats of lawsuit
    • 1.5 Approval by the Common Council and Planning Board
    • 1.6 Lawsuit filed
    • 1.7 Proposal withdrawn
    • 1.8 Properties for sale
    • 1.9 Documents threaten hotel proposal, businesses on site
  • 2 Chronology
  • 3 Gallery

Manitoba volunteers go to war against Red River flooding

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Manitoba volunteers go to war against Red River flooding
July 19th, 2018 in Uncategorized | No Comments

Monday, April 6, 2009

Over 1,600 volunteers registered to help build approximately 65,000 of the 500,000 sandbags to create dikes 20.5 feet (6.2 meters) high to protect the City of Winnipeg, Manitoba in the war against the Red River of the North flood.

700 volunteers answered at the rural municipality of St. Andrews alone. Once sandbags are filled for West St. Paul, St. Andrews, and Selkirk, then frozen culverts must be cleared.

The height of the river is expected to be Thursday, and predictions are that it will be less than Flood of the Century of 1997. There is no precipitation in the forecast, and snow in the province should be melted by the end of the week.

“The fear right now is we have to get that ice out of the river. The Amphibex [Excavators] are still working and breaking the ice apart, and everyday we buy with the warm weather and the current, it is thinning the ice down a bit, so when it does start to move, the better chance it’ll move right out into the lake,” said Paul Guyder, the emergency coordinator for the RMs of St. Andrews and St. Clements.

“I feel that we’ve done everything humanly possible to get ready,” said Gary Doer, Premier of Manitoba, “But … there are fallibilities with human behaviour. We can take every preventative measure as human beings possible and we can still get Mother Nature proving again she is superior.”

Communities with ring diking will partially or fully close their dikes at the beginning of the week. Provincial officials are considering opening the Red River Floodway gates around mid-week before ice is fully melted.

Ice jams could cause flooding within the city, however opening the gates could spare neighbourhood flooding when the river rises to the estimated 6.3 meters (20.7 feet) height. The province does have back up plans for dealing with ice jams within the city if they do occur. The unpredictability of ice jams and the ensuing water level rise may cause neighbourhood flooding. The city is raising dikes where the river has jammed with ice in the past such as on tight curves and past bridges. Likewise there are excavators and backhoes positioned at these points.

Vulnerable neighbourhoods on the river banks have been reinforced with sandbag dikes at vulnerable areas from the massive volunteer effort over the weekend. Guyader feels no more extra volunteers are needed, however volunteers are still being asked to leave their names and number in case of unpredicted need. Existing personnel will assess roads, and help with clean up.

Approximately 400 of the 800 people who evacuated the Roseau River Anishinabe First Nation have returned to their homes.

Former Premier, Dufferin Roblin, brought forward the floodway as a protection for Winnipeg residents and economy following the 1950 Red River Flood. The Red River floodway, “Duff’s Ditch” was finally finished in 1968, and its floodway gates have been opened 20 times saving Winnipeg from an estimated CA$10 billion in damages. The floodway expansion began in 2005 at a price of $665 million.

Polish and Chinese experts have come to survey the Red River Floodway, and Dennis Walaker, mayor of Fargo, North Dakota recognises the need for Red River flood defences down river. “Every town that you drive by from the Canadian line up to Winnipeg is either elevated or ring-diked,” said Walaker.