NY stabbing victim comes home

Christopher McCarthy.jpgIn the good news department, Houstonian Christopher McCarthy, who was repeatedly stabbed in a shockingly random assault on a New York City subway a week ago, was released yesterday from a New York City hospital and is on his way back home to Houston. The man who assaulted McCarthy and several other subway travelers over a 12-hour period was later apprehended by NYC police.
Upon leaving the hospital, the classy 21 year-old McCarthy thanked New Yorkers for their kindness to his family and him, and expressed forgiveness for the man who attacked him. Welcome home, Chris.

The city that time forgot

New Orleans Landmark.jpgOn the heels of articles noted in earlier posts here and here, the New York Times continues its excellent series on the enormous difficulties involved in the rebuilding of New Orleans with this article that reports on the city’s strained public health system, which is attempting to cope with such things as a suicide rate that is three times higher than the pre-Hurricane Katrina rate. The article sums up the dreadful situation:

This is a city where thousands of people are living amid ruins that stretch for miles on end, where the vibrancy of life can be found only along the slivers of land next to the Mississippi. Garbage is piled up, the crime rate has soared, and as of Tuesday the National Guard and the state police were back in the city, patrolling streets that the Police Department has admitted it cannot handle on its own. The reminders of death are everywhere, and the emotional toll is now becoming clear.

Speaking of Hurricane Katrina, the Sun-Herald.com has compiled this extraordinary webpage that contains hundreds of “before and after” photographs of structures and landmarks affected by the storm. It’s well worth taking a few minutes to peruse the pictures and contemplate the enormity of the destruction facing the Mississippi-Louisiana Gulf Coast region.

Rather leaves CBS; Chung leaves asylum

dan rather.jpegconnie_chung.jpgFormer Houstonian Dan Rather‘s mercurial 44-year career at CBS News came to an end yesterday. The departure had been long anticipated after he stepped down as “CBS Evening News” anchor last year in the wake of a scandal over a report about President Bush’s Vietnam-era military service. Rather pulled no punches in publicly stating the reason for his resignation from CBS News: “[A]fter a protracted struggle, [CBS News] had not lived up to their obligation to allow me to do substantive work there.” The 74 year-old Rather is currently negotiating a deal to handle a weekly news program for Mark Cuban’s HDNet cable channel.
Meanwhile, on a less significant note, Rather’s former co-anchor at CBS News, Connie Chung, just had her dreadful show — “Weekend with Connie and Maury,” the MSNBC show with Chung and her husband, Maury Povich — mercifully terminated, but not before Chung gave this “Thanks for the Memories” musical number in farewell. Suffice it to say that I hope never to be caught in a karaoke bar with Chung.

So far, so good

rice logo.gifThe Rice Owls are off to a good start in the 2006 College World Series, winning their first two games over Georgia (6-4) and yesterday over Miami (3-2). In so doing, the Owls avoided the dreaded loser bracket task of having to win three games in three straight days just to have the opportunity to play in the best-of-three championship series that begins on Saturday evening. North Carolina is the only other team in the CWS with two wins and no losses, so the Owls and Carolina are currently the favorites to proceed to the championship series.
The Owls’ next game is on Wednesday at 7 p.m. (television by ESPN2) against the winner of today’s Miami-Oregon State game and, if the Owls win that one, then they proceed to the first game of the championship series on Saturday evening. If the Owls lose tomorrow’s game, then they play the winner of that game again on Thursday night at 7 p.m. for the right to play in the championship series. Consequently, a win in tomorrow’s game would be huge for the Owls, who would then be able to preserve key pitching depth for the championship series while avoiding another pre-championship series game on Thursday. Baseball America’s continually updated bracket is here and Baseball America’s excellent CWS page is here, along with Aaron Fitt and Will Kimmey’s blog on the CWS.
By the way, this NY Times article from over the weekend will be of interest to those who follow the Rice baseball program. The article chronicles the surgeries that each of the three top pitchers from Rice’s 2003 NCAA Championship Baseball team have undergone during the initial stages of their professional careers.

The sad state of New Orleans

andrew-jackson2.jpgOn the heels of this report that New Orleans has lost over 60% of its population since Hurricane Katrina last summer, this NY Times article reports that, despite billions of dollars in federal aid that is available, local New Orleans governmental officials cannot even agree on whether a government plan to faciliate the rebuilding of New Orleans is even being prepared, much less when such a plan will be issued.
Then yesterday, after a weekend of grisly violence, New Orleans Mayor C. Ray Nagin admitted that New Orleans police could not control the city’s crime problems and requested that the state send National Guard troops to help patrol the streets of New Orleans.
Meanwhile, amidst such dire problems, enormous resources are being expended on the civic largesse of supporting the city’s National League Football team.
What a mess.

More guilty pleas in gas trading-price reporting cases

gas trading2.jpgThree former natural gas traders pleaded guilty yesterday in San Francisco to conspiracy to manipulate the price of natural gas in interstate commerce in connection with criminal cases that are the same as federal prosecutors have pursued in Houston against former local traders. This previous post contains information on the Houston cases.
The three former traders admitted in their plea agreements that they conspired to report fictitious trades to Inside FERC, a natural gas industry newsletter, from roughly July 1, 2000 through Nov. 1, 2000 in an attempt to manipulate the published index prices of natural gas in the direction that would benefit their companies — Atlanta-based Mirant and Cincinnati-based Cinergy — natural gas positions in the market at the time. All three defendants entered into cooperation agreements with the Department of Justice and face up to five years in prison.
The guilty pleas resolve three more of over a dozen cases that the Justice Department has been pursuing in San Francisco and Houston in regard to alleged manipulation of natural gas trading indexes, which are used to value billions of dollars in gas contracts and derivatives. Industry publications such as Inside FERC use data from traders to calculate the index price of natural gas, which affects the level of profits that traders can generate. However, in each of these cases, it remains unclear in what context the allegedly false information was transmitted or whether the publication even used any false information. The government’s theory of criminal liability is that it needs only to prove that fake trades were reported to the publications and not that the trades were actually published or affected the markets.
Most of the traders charged in these cases have pled guilty under cooperation agreements with the DOJ, but several others are fighting the charges and currently awaiting trial, including former Dynegy trader Michelle Valencia and former El Paso trader Greg Singleton. Jury selection in the case against Valencia and Singleton is currently scheduled to begin on July 5, 2006 at 9 a.m. in U.S. District Judge Nancy F. Atlas’ court in Houston.

Have you heard about Dwayne Wade?

wade515.jpgInasmuch as I’m somewhat ambivalent about the Houston Rockets, I tend not to follow the NBA Playoffs all that closely.
However, even while not following the playoffs closely, it’s a bit hard not to realize that Dwayne Wade is something special.
If you haven’t heard, after losing the first two games of the best-of-seven series, Wade has now led the Miami Heat to a 3-2 series lead over the Mavericks as the series shifts back to Dallas for the sixth game and, if necessary, the seventh.

Dan Jenkins on professional golf and growing up in Texas

dan jenkins5.jpgAlthough it was mildly interesting to watch Phil Mickelson, Jim Furyk and Colin Montgomerie’s choking competition yesterday afternoon that handed the U.S. Open title to Geoff Ogilvy on an absurdly tricked-up Winged Foot Golf Club West Course, this Anthony Cotton/Denver Post interview of Clear Thinkers favorite Dan Jenkins is far more entertaining. Among Jenkins’ gems are the following:

Q: Do you like professional golf now?
I like the majors. I don’t care about the rest of it. It’s boring. If you take away Tiger (Woods) and Phil (Mickelson), there’s nothing. They’re the only two superstars out there right now. There’s no set decoration like there used to be, no 12, or 13 or 14 guys. It’s just a bunch of people you don’t care about. God forbid Tiger and Phil get hit by a truck, because I don’t know what they’d have left. . .
Maybe it’s just me, but I’m hearing [from] other people who don’t care either. That’s the best thing that’s happened to the LPGA. Everybody likes Michelle Wie and Paula Creamer and all of them. You’ve got to have glamour, you’ve got to have excitement in any sport. This is the worst period in (men’s) golf I’ve ever seen, in all of the thousands of years that I’ve been out here. [. . .]

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Remember the space shuttle?

NASA4.jpgAlthough seemingly already mothballed, NASA chief administrator Michael Griffin announced late last week that NASA will launch the space shuttle Discovery as planned on July 1. It will be only the second shuttle flight since the shuttle Columbia disintegrated over north Texas on February 1, 2003 during re-entry into the Earth’s atmosphere.
As noted earlier here, Griffin proposed the shelving of the space shuttle program by 2010 even before he became NASA’s chief administrator, and the latest mission will be the first of about 15 more flights between now and that projected cut-off date. The purpose of most of those missions is to continue construction and maintenance on the International Space Station and service the Hubble Space Telescope.
The Chronicle’s Eric Berger — who, by the way, is the best science blogger around — speculates here that Griffin’s patience for the space shuttle program is scant and that the upcoming Discovery mission is a “make or break” mission for the program. Consequently, if problems arise during any of the next few shuttle flights, then don’t be surprised when Griffin terminates the remaining shuttle flights and moves on. As noted earlier here, it’s time.

Understanding the next business scandal

backdating options_scandal.03.jpgCovering local business scandals and all, there has not been much time to address certain regulators and media members’ attempts to make the apparent widespread practice of backdating stock options (see this WSJ ($) chart of companies that engaged in the practice) as the next reason to bash business interests.
Inasmuch as the practice is really just another method of providing compensation to corporate executives, the issues surrounding the practice appear to be relatively straightforward — whether the options were properly disclosed (if so, then no big deal; if not, then that’s bad) and whether companies properly accounted for them. Clear thinkers favorite Stephen Bainbridge agrees while breaking down the issues pertaining to backdating options in this TCS Daily op-ed (blog post here):

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