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.”

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Swine flu outbreaks appear globally; WHO raises pandemic alert level to 5

Wednesday, April 29, 2009

New cases of the swine flu virus have been reported around the world in recent days, prompting fear of a global influenza pandemic. As a result, the World Health Organization (WHO) raised the pandemic alert level to 5. The United Nations has warned that the disease can not be contained. At least 91 confirmed cases of the flu have been reported worldwide.

In a special report, Wikinews takes a look at the reaction to the outbreak, and how different countries around the world have been affected by it.

The disease, which is believed to have originated in Mexico, has now spread across the globe, with confirmed cases having been reported in Canada, the United Kingdom, Spain, New Zealand, Costa Rica and Israel. The United States has also reported its first death from the disease in a toddler. South Korea and France both had probable cases.

The WHO said on Tuesday that while it was not yet certain that the outbreak would turn into pandemic, countries should prepare for the worst. “Countries should take the opportunity to prepare for a pandemic,” said the acting assistant director-general for the WHO, Keiji Fukuda.

“Based on assessment of all available information, and following several expert consultations, I have decided to raise the current level of influenza pandemic alert from phase 4 to phase 5,” said Margaret Chan, the Director-General of the WHO, in a statement on Wednesday. “…All countries should immediately activate their pandemic preparedness plans. Countries should remain on high alert for unusual outbreaks of influenza-like illness and severe pneumonia.” After the announcement was made, Wikinews learned that the WHO website had crashed for several minutes, presumably due to high traffic volume.

There is no vaccine for swine flu. In 1976 during an outbreak of the virus, at least 500 people became seriously ill, and of them, 25 had died when inoculated with an attempt at a vaccination. The 500 that became ill developed a neurological disorder called Guillain-Barré syndrome (GBS) which caused paralysis “and is characterized by various degrees of weakness, sensory abnormalities and autonomic dysfunction.” Those who developed the disorder did so because of an immunopathological reaction to the drug. Nearly 40 million US residents, including then US president Gerald Ford, were inoculated.


Screening measures at Canadian airports have been raised on Tuesday to screen passengers returning from Mexico for symptoms of swine flu. The measures come amid reports that thirteen people have now been infected in the country, in four different provinces.

The Public Health Agency has recommended Canadians who have booked flights to Mexico to delay them if possible. Those who choose to fly anyway will be asked questions about their health after they return, such as whether they have had symptoms of the flu, like diarrhea, coughing, or a sore throat. If anyone answers in the affirmative, they may be further assessed and perhaps transferred to a quarantine officer, who will suggest that they seek medical help, or isolate themselves at home.

“These measures will help to prevent further spread and protect the health of Canadians and we thank you for your patience and co-operation with this process,” said the chief public health officer, David Butler-Jones.

Several Canadian airlines have also limited or cancelled flights to Mexico. Air Transat and its partner tour companies, Nolitours and Transat Holidays, have cancelled all flights bound to Mexico until June 1. West Jet has also stated that it will suspend all vacation planning and air flights for Cancun, Mazatlan, Cabo San Lucas, and other destinations in Mexico.

Egypt, which has not yet reported any cases of the flu, has recently begun a campaign to slaughter all 300,000 pigs in the country, despite assurances by health officials that the disease is not transmitted from animals to humans. “It has been decided to immediately start slaughtering all the pigs in Egypt using the full capacity of the country’s slaughterhouses,” Egypt’s health minister, Hatem el-Gabaly, told reporters.

Farmers have been protesting the measure. At one pig farming area in the country, crowds of farmers blockaded the roads to prevent health officials from entering to slaughter their pigs. Some of the farmers hurled stones at officials’ vehicles, and the latter was forced to retreat without killing any of the animals.

In Mexico, the epicentre of the outbreak, officials have announced up to 159 suspected deaths from the virus, out of a total of 2,498 suspected cases. The Mexican cabinet has announced that all flights departing from Mexico City will be suspended, while Argentina and Cuba have both cancelled all flights to the country. The European Union and the US have both issued warnings against traveling to Mexico.

The Royal Caribbean cruise line has suspended all stops in Mexico indefinitely, while Norwegian Cruise Line announced that its vessels will not make stops at Mexican ports until September of this year.

The government has ordered all restaurants in the country’s capital to serve only carry-out food, and closed archaeological sites with the intent of limiting large groupings of people. Churches, gyms, pool halls, and other institutions in Mexico City have been asked to close. School classes across the country have been suspended until May 6.

The Mexican government has estimated that the epidemic is costing companies in the capital at least US$57 million per day, and that tourism revenue has dropped by 36%. The finance ministry has set up a special fund of $450 million to fight the disease.

Thirteen confirmed cases have been known in New Zealand. All of them have been prescribed the antiviral drug Tamiflu.

New Zealand airports have now started to screen at least ten thousand people who arrive in the country from flights from Northern America. Those who display symptoms of the flu are taken aside by health authorities and placed into a quarantine.

“The number of suspected cases is likely in increase,” said Fran McGrath, the Deputy Director of Public Health. “While the numbers in any category will fluctuate, this is a pattern to be expected from an influenza outbreak. It is important to note that the 13 people we are treating as confirmed cases have all had mild flu symptoms, have received treatment and are all on the mend of have recovered.”

Spain’s health minister Trinidad Jinenez announced on Wednesday that a total of 53 persons in the country are under observation for the influenza. The number of confirmed cases in the country has been risen from four to ten, including one person who did not obtain the illness by traveling to Mexico.

Until now, Jimenez said that all of Spain’s confirmed cases involved persons who had recently visited Mexico, where the outbreak is believed to have began.

British Prime Minister Gordon Brown announced that five people who recently visited Mexico are now ill with the swine flu in the United Kingdom. “All of them have traveled recently from Mexico,” he said. “All of them have mild symptoms. All of them are receiving and responding well to treatment.”

The school of one the infected people, a twelve-year-old girl from Torbay, has been shut down and its 230 pupils given the drug Tamiflu, Brown said.

The Prime Minister said that the country is preparing for a possible pandemic. It has increased its stocks of antiviral drugs, enough for fifty million people, and ordered additional face masks for health workers. The government has encouraged all British residents to avoid travel to Mexico.

A 23-month-old boy from Mexico died at a Houston, Texas hospital on Wednesday, the first casualty from swine flu in the United States. The child had arrived in Brownsville, Texas, near the border with Mexico, with unspecified “underlying health issues” on April 4. Several days later, he presented symptoms of swine flu, and was hospitalized on April 13. The next day, the boy was transferred to a Houston hospital, where he remained until dying on Monday night of pneumonia brought on by the virus.

In response to the epidemic, Texas governor Rick Perry has given a disaster declaration. Schools have closed down statewide. Californian governor Arnold Schwarzenegger has also declared a state of emergency in his state.

The Centers for Disease Control and Prevention (CDC) updated the number of incidents of swine flu in the country to 64 on Tuesday.

President Barack Obama has asked Congress for a fund of $1.5 billion to fight the outbreak, saying that it is needed for “maximum flexibility to allow us to address this emerging situation.”

US health authorities have warned that more cases and fatalities from the flu are probable. “We expect to see more cases, more hospitalizations, and, unfortunately, we are likely to see more deaths from the outbreak,” said Kathleen Sebelius, the Health and Human Services secretary.

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Poker’s all about luck, says Swiss Supreme Court

Wednesday, June 2, 2010

The Supreme Court in Lausanne, Switzerland has ruled that Texas hold ’em poker is a game of luck, rather than a game of skill. As a result, only casinos can host poker tournaments in Switzerland. Private games with friends, even where money is at stake, are still permitted under the ruling.

Poker tournaments had been growing in popularity in the country, with many events held in hotels and bars. Such venues do not have to pay the 50% tax on profits levied on licensed casinos, nor comply with regulations combating money laundering and gambling addiction. Poker is now categorised alongside roulette and slot machines, which as games of luck can only be played inside casinos. Mathematics, strategy, and bluffing were less important in determining the result than chance, said the judges, overturning a lower court ruling to the opposite effect, and disagreeing with the stance of the country’s Federal Gaming Commission.

Before the ruling, it had been estimated by the Swiss Federation of Casinos that there were about 100 unlicensed poker tournaments every weekend. A Swiss poker website, SwissPokerTour.ch, has described the result as “a black day for all amateur poker players in Switzerland.”

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The Importance Of Energy Conferences Worldwide In 2011

There is indeed a huge significance of the energy conferences worldwide. In reality, energy has emerged to be one of the biggest needs for the people in the world today. Even no one can stay without energy at the moment. The fact of the matter is that energy has given a new lease of life to everyone. For that reason, several types of countries have been focusing on the importance and value of the energy conferences worldwide, including UK, Australia, France, Italy, Sweden,Norway,Canada,Saudi Arabia,Indonesia,Netherlands,Pakistan,India,Sri Lanka,Egypt,United States,China,Japanand many others.

Most importantly, energy corporations and industries have been spending a huge bulk of money on the organization and arrangement of the energy conferences worldwide. In addition, several types of sponsors and funds are being generated and promoted by the world’s largest funding organizations in an attempt to organize the energy conferences globally. Moreover, these energy corporations have been spending a huge amount of money and funds on the advertising products and accessories, including g- brochures, banners, invitation cards, envelopes and folders in a way to organize the energy conferences internationally.

[youtube]http://www.youtube.com/watch?v=GzbFgAuO8Vw[/youtube]

In 2011, the importance of energy conferences, meetings and seminars has been immensely increased all around the globe. That is why several types of energy conferences are being arranged by the organizers worldwide, including solarArabia, renewable energy worldAsia, power system protection, telecoms for smart grids, green mobility and so on. Most importantly, these all sorts of energy meetings and conferences have yet to be held in 2011. For that reason, the value of these energy events is immense in the current year.

Then, what is the ultimate agenda of these energy summits? Well the obvious mission of these energy seminars has to be spot on for the reason that world really needs energy and its resources all over the place. There are several types of countries and regions, which are offering ample amount of energy resources to the whole of the world these days. These include China,Iran,India,Saudi Arabia, and so on. Most pivotally, these countries have been arranging energy conferences worldwide. They are offering the cheapest energy sources to all other countries and regions of the world. So, it has to be said that these countries are playing a pivotal role in the proliferation of oomph worldwide. Last, but not the least, several energy corporations have their ultimate agenda to offer cheap electricity packages to the third world countries like Pakistan. All in all, energy conferences have indeed become a need and requirement for us all around the globe.

Article Source: sooperarticles.com/news-society-articles/energy-articles/importance-energy-conferences-worldwide-2011-638060.html

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Here you will learn more about health conferences and medical conferenceAuthor: Chaudhary Fahim

Aerial collision over Austria kills 8

Monday, March 5, 2007

An aerial collision near Zell am See, Austria has killed 8 people, 5 Swiss citizens, 1 French, 1 German and 1 Austrian.

The collision occurred Monday afternoon between a Super Puma helicopter belonging to Helog S.A, based in Küssnacht (Switzerland), and a private Diamond DA20 “Katana” light aircraft which had taken off from the aerodrome at Zell am See.

All 7 of the passengers and crew from the helicopter were pronounced dead at the scene, as was the pilot of the light aircraft, which had no passengers on board.

The debris from the accident spread over a 20 metre radius and bystanders near to the incident reported seeing a “huge ball of fire in the sky”.

The reason for the accident is presently unclear as both craft have been confirmed as passing pre-flight testing at their respective take-off locations. Furthermore, Zell am See tower radioed the helicopter that a plane was taking off, to which the helicopter replied positively. This conversation should have been heard over radio by the pilot of the plane.

The site of the accident is now being guarded by police, pending the arrival of an investigation team and a delegate of the state attorney.

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Yahoo closes user-created chat rooms over sexual conduct

Friday, June 24, 2005

Yahoo! (NASDAQ: YHOO) closed all of its user-created chat rooms due to controversy over sexually explicit channels aimed at minors. After a Houston, Texas television station KPRC reported on chat room names such as “Girls 13 And Under For Older Guys” and “Girls 13 And Up For Much Older Men” that were aimed at sex with children, the publicly held business Yahoo! was compelled to act by shutting down all chat rooms created by users and stopped the ability to create new user chat rooms. Online chat rooms created by the company itself are still in service and use.

Major brand name advertisers such as PepsiCo Inc., Georgia-Pacific Corp., State Farm Mutual Automobile Insurance Co., Countrywide Mortgage and T-Mobile withdrew ads placed on Yahoo! web pages that may have come under association with the offensive chat rooms. The company is also faced with a lawsuit seeking $10 million in damages that was filed by watchdog groups of internet portals on behalf of the parents and a 12-year-old victim of molestation. A man, who once operated a Yahoo Groups site where members traded child pornography, is also involved in the suit.

Other internet portals, such as AOL and MSN, also allow users to create their own chat rooms. These internet portals are different from Yahoo! in that they are subscription based, and only allow access to the rooms if the user is a subscriber to the service. MSN in its earliest versions of chat had monitors watch activity on its servers, but it was abandoned. Efforts to monitor chat for any effect appear to be futile. Geoff Sutton, the European general manager of Microsoft MSN, told Wired News at the time it cut free chat service in 28 countries that, “The straightforward truth of the matter is free, unmediated chat isn’t safe.”

According to a Reuters news story by Duncan Martell, an investigation by the U.S. Federal Bureau of Investigation that was targeted at Yahoo Groups users resulted in the arrest of more than 100 people in the United States. The lawsuit now brought against Yahoo! was filed on May 9 in U.S. District Court for the Eastern District of Texas. It charges that Yahoo! breached its duties in internet providership by allowing co-defendant Mark Bates and others to share child pornography on a chat room site called ‘Candyman’.

Yahoo!’s terms of use requires persons who create chat rooms to agree not to make available content that is “unlawful, harmful, threatening, abusive, harassing, defamatory, vulgar, obscene, libelous or otherwise objectionable.” Legal rulings to date imply that if internet service provider’s do monitor the activity in chat rooms, they incur some responsibility for its content, similarly to a publisher’s responsibility for the content found in one of its books.

The result is software providers who take a “hands-off” approach grant internet users the ability to add and create content to the World Wide Web that opens the door to contributions that range from great to sometimes objectionable, to out-right illegal, and often enlightening.

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Benefits Of Shag Wool Rugs In Your Home

Natural materials have had a comeback the past few years, led by the interest in reducing carbon footprints and using healthier products in our daily lives. One of the most overlooked products for the home is the common household rug. In the past few years, shag rugs have made a comeback, and shag wool rugs and shag bamboo rugs are leading the pack in terms of natural, eco-friendly, modern rugs.Shag rugs gained in popularity in the late 1970s and then again in the 1990s. Now they are back once again in the 21st century to compliment the rising contemporary and modern designs that incorporate sustainable materials. Bamboo products have become a fan favorite for those really into obtaining renewable and sustainable furniture. Bamboo has been used in traditional rugs, shag rugs, and even office chair mats. Bamboo is one of the fastest growing plants in the world, as well as one of the strongest. Its fibers can be manufactured in many ways, allowing this resource to be used often. As for bamboo rugs, they offer many benefits beyond their innate strength and durability. Softer than wool, cotton, or synthetic blends; bamboo shag rugs have found interest in modern homes because of its unique softness that out softened the other popular rug materials. Guests and those sensitive to allergies will be releived with bamboo rugs because they naturally have hypoallergenic, antibacterial, and antimicrobial properties. The health benefits of bamboo shag rugs are tremendous.Shag wool rugs are also a popular choice for modern and contemporary rugs, in both warm and cold weather locations. Wool naturally insulates well, meaning that during the summer wool can remain cooler longer, and in the winter it can stay warmer longer. Wool also has a higher ignition temperature and small flame spread in case of fire. Wool is also resistant to static electricity, making them less-likely to spark or cling to the body. This is especially useful as walking on rugs typically creates a static charge. A shag wool rugs may resist those annoying and partially harmful electric sparks.When choosing a shag wool rug, be sure that the wool has been extracted from humanely treated sheep. Most premium and humanely shaved wool products have been exported from New Zealand. Most sheep farmed in New Zealand live free-range and a part of non-intensive farming systems. Shag wool rugs from Anji Mountain Bamboo Rug Company and Surya are often from New Zealand to ensure top quality.

Court of Appeal upholds Ontario’s talks with Caledonia

Friday, December 15, 2006

The Ontario Court of Appeal yesterday has reaffirmed Ontario’s right to negotiate with Six Nations protesters on the disputed Douglas Creek Estates, a housing development, which was bought by the province, in Caledonia, Ontario.

The decision says that the attorney general and the OPP will decide if new proceedings will be launched against the protesters. The court decision also allows the protesters to continue occuping the land. It said Six Nations protesters are no longer occupying the land illegally because the Ontario government now owns the land and will let protesters continue, and that talks with both levels of government have “restored a measure of peace to the community.”

“Ontario is content to permit the peaceful occupation of its property,” the decision reads. “It has the right to do so. As a property owner it has the right to use its own land as it sees fit.”

Caledonia Mayor Marie Trainer said the decision shows that aboriginals are above the law. Mayor Trainer also said that she hoped the court of appeal would upheld a lower court order to halt negotiations with the province and federal government until protesters cleared the disputed land.

“It shows two rules of law — you and I couldn’t stay there illegally but they [the aboriginals] apparently can. That’s what’s irritating for everyone,” Trainer said. “It’s frustrating, especially when it’s illegal.”

Premier Dalton McGuinty said he was glad that the court reaffirmed the province’s right to continue talks with protesters. He also added that the dispute is a federal issue.

“We are now waiting for the federal government to bring a substantive proposal to the table that would involve a number of aspects related to this land claim, including the use of this specific parcel,” McGuinty said.

The Caledonia land dispute has been going on since February 28 and still has not been resolved. The native protesters occupied the Douglas Creek Estates, southwest of Hamilton, saying that the property belongs to them.

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United States wins Wheelchair Rugby Tri-Nations Series in Sydney

Friday, September 20, 2013

Cathedral Square, Sydney —The United States won the Wheelchair Rugby Tri-Nations Series against Australia and New Zealand at Cathedral Square in Sydney today.

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Game Four, played at 12:30 yesterday, was played between the New Zealand Wheel Blacks and the Australian Steelers before a lunchtime crowd. Australia scored six straight goals in second quarter, to lead 29-44 at half time, and eventually came out the winners 41-57. The game featured an unusual duel between two 3.5-point players, Australia’s Ryley Batt and New Zealand’s Barney Konerferisi.

In Game Five, played under lights at 17:30 yesterday, the United States proved too good for New Zealand, winning 36-62. Game Six followed immediately after at 19:30. This game, between Australia and United States attracted a sizable and animated crowd that filled the venue. Australia had only beaten the United States once in the last seven years. The Steelers managed to win gold at the 2012 Summer Paralympic Games in London without having to play them.

Australia opened the game with three straight goals, but the United States caught up, and the score was 14-15 at quarter time, after a last second United States score was counted. While the United States frequently rotated its players, the Steelers had Ryley Batt, Chris Bond, Ryan Scott and Nazim Erdem on the court the whole time. Their strong defence caused timeouts and subsequent turnovers. Low-pointer Ryan Scott became an unlikely hero by prompting two turnovers. Australia won 64-53.

Game Seven was the Semi-Final, between Australia and New Zealand, and was played at 12:00 today. The weather was warm and sunny. The New Zealanders performed a Haka, but it did not bring victory. This time Australia rotated its players, and Bond and Batt were on the court together only briefly just before half time, and again in the last four minutes. Australia won handily, 62-45.

The Final game was therefore between the United States and Australia under lights at 17:00 on today. The commentators called it “Friday Night Footy”. Australia once again played Bond, Batt, Erdem and Scott together, and took off to a three-goal lead, but the United States fought back with good defensive plays, tying the score at 14-all at quarter time. The United States scored three goals straight in the second quarter to take a 29-25 lead at half time. Hopes that Australia could repeat its win of the night before were dashed. The United States team had tight discipline and made few mistakes, in the end, winning 58-54.

Medals were presented to the players, coaches and team staff by Greg Hartung, the President of the Australian Paralympic Committee. The players of all three teams voted for the Most Valuable Player of the series, which went to Ryley Batt.

This is believed to be the first time that an international wheelchair rugby tournament has been held outdoors.

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United Kingdom to introduce graphic images on cigarette packets

Sunday, September 28, 2008

The United Kingdom is set to become the second European country to place graphic images on cigarette packets. 15 different images are to be placed on the packs of all brands of cigarettes. They will be introduced on October 1. The images will be introduced onto all other forms of tobacco by 2010.

The written warnings were introduced in 2003 and have been deemed a success by the Department of Health. A spokesman said that the written warnings had been a success with research showing more than 90,000 smokers had been motivated to call the NHS quit line because of them.

Despite being the only the second country in Europe to introduce the images several other countries have already placed them onto packets. These include Canada, Australia, Brazil, New Zealand and Singapore.

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Chief medical officer Sir Liam Donaldson said: “Written health warnings have encouraged many smokers to stop. These new stark picture warnings emphasis the harsh health realities of continuing to smoke.”

Not everyone is welcoming the new images. The smoking lobby group, Forest, said smokers were being unfairly targeted and called the images intrusive and offensive. Simon Clark, director of Forest, said the group supported education efforts “but these pictures are designed not just to educate but to shock and coerce people to give up a legal product”.

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