Posts tagged: Really

Supreme Court considers when a ‘gift’ is really a bribe of officials

Tom Ramstack – AHN News Correspondent

Washington, DC, United States (AHN) – The Supreme Court met Friday to decide which cases it will hear, including one that would more closely define when a public official has taken a bribe.

The case involves a $3.2 billion sewer project in Birmingham, AL. Two county officials were convicted of taking bribes from construction companies that repaired and replaced the Jefferson County sewer system.

The Supreme Court is trying to decide whether anti-bribery laws can result in convictions even when the proof is sketchy whether public officials gave something in return for the money they took.

In other words, did they commit a crime by merely accepting money or must there also be proof they promised an illegal favor in return for the cash?

Lower courts said taking the money was enough to convict the two county officials and four contractors.

The evidence was based on an FBI investigation that began in 2002.

The defendants appealed the trial court’s judgment against them to the U.S. Court of Appeals for the 11th Circuit in Atlanta, which affirmed the convictions in a May 12, 2010, decision.

The appellate court’s ruling said, “We conclude the evidence at the trials overwhelmingly established the defendant-appellants’ guilt, and they have shown no reversible error in the district courts’ rulings, pre-trial or in the trials, in the cases consolidated.”

The main issue for the Supreme Court would be how it interprets Section 666 of the federal funds corruption statute.

The law forbids local government officials who are administering federal funds from “corruptly solicit[ing] or demand[ing] … or accept[ing] or agree[ing] to accept, anything of value from any person, intending to be influenced or rewarded in connection with any business, transaction, or series of transactions” of the local government involving $5,000 or more.

The law also requires a “corrupt” intent by the persons accepting the bribes.

County officials Chris McNair and Jack Swann said they had no corrupt intent.

The Justice Department brief says that in 1996 McNair approved contractors’ pay requests and contract modifications as no-bid contracts.

About the same time, McNair owned a photography studio that was renovated with materials and labor donated by two of the sewer project contractors, Rast Construction, Inc. and Roland Pugh Construction, Inc., the Justice Department’s brief says.

Pugh Construction and another contractor also paid to build a retirement home for McNair in Arkansas.

Swann, who negotiated no-bid contracts for the sewer project contractors, received materials and labor from them to renovate his home, the prosecutors’ brief says.

The sewer project contracts McNair and Swann negotiated or awarded were worth hundreds of millions of dollars.

During their trials, the county officials admitted receiving the services, but said they were acts of friendship rather than bribes.

Federal prosecutors say the county officials’ definition of gifts of friendship violates section 666 of the federal funds corruption statute.

Appeals courts have correctly and consistently ruled that public officials can be convicted of bribery “in cases involving an intent to exchange something of value for official acts, even where the official acts to be undertaken have not been determined with precision,” the government’s brief says.

The Supreme Court case is Rast v. U.S., Docket No. 10-516.

Article © AHN – All Rights Reserved

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Currency Trading – Are You Really Into Forex Day Trading?

There are many ways to trade the forex market and forex day trading is one of them. Although it is gaining popularity, forex day trading or forex scalping as it is more commonly called, is one of the more risky way to trade the currency market. It is a high paced game and requires a different skill set as compared to other forms of forex investments.

If you’re the type who likes the excitement and high adrenalin game of trading, forex day trading could be the one for you. It may even be more profitable than long term forex trading. This is because you can do more trades per day and assuming you are able to consistently make some profits from most of the trades, your profitability can actually be higher than that of long term traders.

Another advantage of day trading is you do not have to worry about holding the trades overnight. You will close all your trades at the end of each day and if something happens that will affect the currency of certain country over the weekends, you can still sleep in peace. On the other hand, the long term forex investor will be pouring cold sweat while waiting for the forex market to open.

Having said that, I must emphasize that forex day trading is not a bed of roses. It is a fact that more than 80% of forex day traders end up losing money. One of the reason is due to the high risk involved. Another is these traders are in the market to make quick buck and did not make an effort to do the necessary forex training to be a successful day trader.

In additoin, many of the day traders are trading on borrowed money. They have high leverage against their trading account. If they risk too much on one trade and if the trade went awry, it could potentially wipe out all their previous gains and they could end up in massive debt. The risk can be minimized if a day trader put in effort to master the skills of forex day trading.

If you are keen on day trading, you can try it out, but do it with care. There are many successful day traders who take the time and effort to create a successful forex trading system that is able to make them consistent profits day in and day out. If you find that you do not have the time and energy for day trading, you should explore other forms of forex trading that suits you as there is plenty of money to be made in the currency market.

To learn how to trade forex successfully using a simple, proven forex trading system, download my FREE 56-page ebook at http://www.forextradingpower.com now.

The author, Daniel Su, is the founder of http://www.ForexTradingPower.com where you can get free premium forex trading tips and resources.

Dansette

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