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Politics : PRESIDENT GEORGE W. BUSH -- Ignore unavailable to you. Want to Upgrade?


To: CYBERKEN who wrote (748697)9/6/2006 11:53:29 AM
From: Hope Praytochange  Respond to of 769670
 
Keys to the Jeep, a 20-trip PATH card and a bank deposit slip; perfectly ordinary things to carry on what began as a perfectly ordinary Tuesday. A firefighter’s sundered turnout coat. A daughter’s handmade fishing lure, never to be used again. A basketball jersey signed by the seventh and eighth graders who have lost their coach.

A death certificate with this box checked on Line 8: Homicide.

“How would you want your loved one to be remembered?” asked Lynn Tierney, the president of the Tribute Center, the first visitors’ center at ground zero, which will open today for private visits — victims’ relatives, survivors of the attack, neighbors, and rescue and recovery workers — then to the public on Sept. 18.

Occupying a storefront at 120 Liberty Street, opposite the World Trade Center site, the Tribute Center has four ground-floor galleries taking a visitor from the construction of the twin towers through 9/11 and its aftermath to a room where the dead are commemorated in hundreds of photographs on a 10-by-30-foot wall, with personal mementos nearby.

“While we build a grand memorial and memorial museum at the World Trade Center site,” Gov. George E. Pataki said yesterday, “the Tribute Center will be an interim destination for the millions of visitors who come here to learn and share experiences with the Sept. 11 community.”

This will be a long interim. The memorial is not to open until 2009.

Meanwhile, as many as 2,000 visitors are expected at the Tribute Center every day, said Jennifer Adams, the chief executive of the September 11th Families’ Association, which developed the center. BKSK Architects designed it. It cost about $3.4 million to build and was financed by the Lower Manhattan Development Corporation and the Port Authority of New York and New Jersey.

When it opens to the public, visitors will be asked to make a $10 contribution, or $40 for a family, though they can walk in for free. The center will be open from 10 a.m. to 6 p.m. on Monday, Wednesday, Thursday, Friday and Saturday, and from noon to 6 p.m. on Sunday and Tuesday.

Visitors will enter a gallery about the construction of the trade center and its vibrant everyday life, centered on an eight-foot-tall model.

They will turn a corner into the second gallery to find what may be the most unnerving artifact: a mangled section of an airliner’s fuselage with one whole passenger window recognizably intact. This riveted, rounded portal almost invites a viewer to imagine what an awful panorama it must have framed for someone that morning.

“We don’t want to know which plane this came from,” said Lee Ielpi, the vice president of the families’ association, explaining that in its anonymity, the wreckage stands for a more universal loss.

In the third gallery, within sight of a monumentally deformed steel beam, is one of Mr. Ielpi’s donations to the exhibition: the battered helmet and turnout coat, torn down the right side, that were worn by his son Jonathan. The helmet carries badge number 12642, which was Mr. Ielpi’s when he was a New York City firefighter and was passed on to Jonathan, who was killed on 9/11, then to Jonathan’s brother, Brendan, who is now a firefighter.

Responding to the center’s request for personal mementos, Evelyn Tepedino sent a pink and green fishing lure made by her daughter, Jody Nichilo, who worked in the north tower, and a note she wrote when she was about 10: “Dear Mom, Hi! How are you. I am fine. Well, I am writing this letter to tell you that I am going to wash the dishes tonight. O.K. Well, see you later. Love ya.”

Ms. Tepedino, who lives in Bay Ridge, Brooklyn, said it was difficult to choose a few remembrances. “There was so much to say,” she said. “How can I shorten it and make anyone aware of who she was?”

Theresa Roberts sent a basketball jersey signed by the team at St. Catherine’s Church in Glen Rock, N.J., in memory of her husband and their coach, Timothy J. Finnerty. “I had pictures and other articles,” she said, “but more than anything else, that shirt was who Tim was.”

“It means something that other people see in that shirt what I do,” she added. The jersey bears many signatures, including those of John Embry (“You pushed me to be a better player”), Daniel Kenny (“Your presence on the court made us all better players”) and Dane Osborn (“Your love for basketball inspired us all”).

In an even more intimate tribute, the family of Alfred J. Braca donated items that were recovered from his pockets, depicting someone who was simply on his way to work: Cantor Fitzgerald ID cards, $76 in cash, Jeep keys on a remote-lock fob with a panic button, a deposit slip still in its original triplicate form and several credit cards with 2002 expiration dates.

Ann Johnson wanted to convey a more pointed message by sending a copy of the death certificate issued for her son Scott. Regarding that ornate document, she hopes visitors will focus on Line 8, as she did in October 2001.

“I looked at it and saw the word ‘Homicide,’ and that broke my heart all over again,” Mrs. Johnson recalled. “We talk about those who were lost. We use all these euphemisms. But, in fact, it was murder.”
Tribute Center, an ‘Interim Destination’ Sept. 11 Memorial, Is Readied for Opening
By DAVID W. DUNLAP



To: CYBERKEN who wrote (748697)9/6/2006 10:33:57 PM
From: DuckTapeSunroof  Respond to of 769670
 
September 6, 2006
Feds Say They're Targeting Stock Options

By THE ASSOCIATED PRESS
nytimes.com
Filed at 7:59 p.m. ET

WASHINGTON (AP) -- The government is aggressively investigating the suspicious timing of stock options granted to top executives at scores of companies, federal officials said Wednesday.

Shareholders and employees have been ''ripped off by senior executives who rigged stock option programs ... to further enrich themselves,'' the chairman of the Senate Finance Committee said at a hearing.

The tax-writing committee, led by GOP Sen. Charles Grassley of Iowa, is considering reducing or eliminating a deduction that encourages companies to award executives with stock options. This kind of compensation is linked to a company's stock prices and by, extension, performance.

The Securities and Exchange Commission chairman expressed support for the idea.

Companies are required to pay taxes on compensation that exceeds $1 million a year received by each executive. There is an exception for pay tied to a company's financial performance; all of this can be deducted. This requirement has led companies to dole out stock options.

SEC chief Christopher Cox told the Senate Banking Committee that this rule ''deserves pride of place in the Museum of Unintended Consequences.'' He said the $1 million threshold was ''an unworkable price control.''

At least 79 public companies, including UnitedHealth Group Inc., The Home Depot Inc., personal-finance software maker Intuit Inc. and Barnes & Noble Inc., are under scrutiny by the Justice Department or the SEC, or both, for possible fraudulent reporting of stock option grants.

The Internal Revenue Service is conducting its own investigation for possible tax-law violations in option grants.

''We will apply our resources to this area with full rigor,'' IRS Commissioner Mark Everson said in testimony at the hearing.

Cox and the SEC's enforcement director, Linda Thomsen said the agency is investigating more than 100 companies.

This summer, the Justice Department and the SEC charged former officials of two technology companies, Brocade Communications Systems Inc. and Comverse Technology Inc.

With only two cases brought so far out of the scores of companies under investigation, the government is sending a message that ''most don't have to worry about it,'' Lynn Turner, a former SEC chief accountant, said at the Banking Committee hearing.

At issue in many investigations is a practice known as backdating: Stock options are issued retroactively to coincide with low points in a company's share price. This can fatten profits for options recipients when they sell their shares at higher market prices.

Backdating options can be legal as long as the practice is disclosed properly to investors and approved by the company's board. In some cases, however, the practice can run afoul of federal accounting and tax laws.

It can outrage company shareholders and the public when they see lavish compensation for executives, unrelated to their performance, even as companies stumble and lay off employees.

A new academic study found that corporate executives gained an average of $600,000 a year each from backdating of stock options between 2000 and 2004. By contrast, shareholders were hurt by an average loss in market value of 8 percent, or $500 million, for each affected company from the negative publicity of being under government investigation, the researchers at the University of Michigan found.

About 120 companies -- many of them in the technology sector -- are the subjects of government or internal inquiries into whether corporate insiders rigged options, without the proper disclosure or accounting, to ensure larger windfalls. The fallout: Shareholders have sued and some companies say they may have to restate earnings because past option grants may have distorted their financial results.

The SEC is focusing on cases of serious fraud, with elements such as deliberately lying, forging documents or deceiving directors or investors. In addition, the agency this summer adopted rules for what public companies must disclose regarding the dating of stock option grants to executives.

Possible tax issues in the IRS inquiry include whether deductions were taken correctly by companies regarding options that were backdated and whether executives who received options accurately reported their sale profits.

Everson also said the IRS's examination of compensation paid to executives of charities, begun in late 2004, has found problems with compensation reporting and loans made to executives and other officials.

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On the Net:

Securities and Exchange Commission: sec.gov

Justice Department: usdoj.gov

Internal Revenue Service: irs.gov