Pfizer to cut jobs in Michigan
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Pfizer to cut jobs in Michigan

Monday, January 22, 2007

Pfizer CEO Jeffery Kindler has announced that 2,410 jobs will be cut in Michigan, taking out three plants in the state. Pfizer has also announced that they will cut a total of 10 000 jobs by next year. The Ann Arbor, Kalamazoo, and Plymouth sites are representatives of the world’s largest drug manufacturing company.

A portion of these jobs will be reassigned in Pfizer plants in cities such as La Jolla, CA, Groton, CT, and Sandwich in the United Kingdom. These cuts come after Pfizer’s newest drug in development, torcetrapib, was scrapped late last year due to unexpected side effects.

The money spent researching the drug Torcetrapib ended with the loss of millions of dollars. This comes as a bigger blow to the region when coupled with ongoing losses to major car manufacturers in the Detroit area, and Gov. Jennifer Granholm said today, “We’re going to have a whole ‘Stick Around Ann Arbor’ campaign for these employees, because we want them to stay here.”

Among the other groups affected are Ann Arbor schools, to whom Pfizer pays millions of dollars, and local businesses. Most employees declined comment, as they are being asked by Pfizer not to talk with the media.

Pirates seize tourist yacht near Seychelles, troops deployed
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Pirates seize tourist yacht near Seychelles, troops deployed

Thursday, April 2, 2009

According to officials, Somali pirates have seized a luxury boat named the Ocean Explorer off the coast of the Seychelles archipelago in the Indian Ocean. Seven Seychellois crew members are believed to be on board. The boat is thought to be headed for Somalia.

Patrick Pillay, the Foreign Affairs Minister, said that the Seychelles government had contacted local naval forces who had pledged to “track down the boat.”

“The Indian Ocean Explorer has been seized by pirates about 600 miles west of the capital. What I’ve been told is they believe this has been taken to the Somali coast,” said Fergus Cochrane-Dyet, the British High Commissioner the Seychelles.

“As far as we know there were no foreign nationals on board. The vast majority of tourists come to the inner island resorts but a small number are more intrepid and visit the outer islands. I believe this yacht was used for visiting Aldabra,” she said.

This is not the first time Somali pirates have frequented the area: the Seychelles police chief stated that pirates held hostage three Seychellois sailors after their catamaran was hijacked in February.

Somali pirates, usually looking for a ransom, attacked over 130 merchant ships in the area in 2008. The International Maritime Bureau reports that number of attacks has increased by over 200% since 2007.

Platelet Rich Plasma Offering Alternative Orthopedic Process

Platelet Rich Plasma Offering Alternative Orthopedic Process by jonny waghDiseases have no age or gender bias in general. They can happen to anybody at ant point of time. Usually during the peak of youth one is busy in indulging in all sorts of busy work schedules, trying to amass as much wealth as one can in order to fulfill the dreams. However in the process the continuous wear and tear of the various joints and parts of one’s body is something that one must have paid the most attention is left all unattended and taken for granted. It is this repeated and deliberate neglect that leads on to the doorsteps of the disease pertaining to the joints and the veins. Though the platelet rich plasma has come up as a minimally invasive surgery process as remedy to the same, yet the best way out is still the prevention method. The minimally invasive surgery refers to the situation in which the conducted surgery involves the bare minimum exposure. The platelet rich plasma in fact is a kind of the same that aids to recover from various sports related injuries like the following:

  • Tennis Elbow
  • Patellar Tendonitis
  • Achilles Tendonitis
  • Early Stage of Osteoarthritis
  • The list continues with varying degrees of magnitude as far as the affected area is concerned. In case the affected area evinces signs of an early stage it is advisable to tend to it in ways other than that of the surgery. Though the ibid mentioned process is not that hassle oriented, however the lesser the body is exposed to them the better. The most obvious questions that will plague the mind of the individual in the preliminary level of contemplation are as below: What is the platelet rich plasma?Making use of the platelet rich plasma or commonly known as the PRP, involves a sequential process. The initiation of the same occurs with the collection of the individual’s blood sample. Post collection the next step involves the concentration of the platelets found in the blood sample of the respective individual. This concentration is done via the usage of the centrifuge. The platelets act like the guardians who fight with disease germs by default as a mechanism of the human body, hence contributing to the process of healing. This concentration is directly injected into the affected area. This way the platelet rich plasma speedens up the process of recovery. What does the minimally invasive surgery refer to?The minimally invasive surgery refers to the quick technique that leaves behind no scar pertaining to the surgery. The process involves a comparatively short and painless post operative phase of recovery. It involves the usage of local anesthesia. This treatment involves not only an ultrasound examination but also a physical examination to map the affected area. The time required is more or less an hour or so. Thus with the basic information on the minimally invasive surgery and the platelet rich plasma one must be amply clear of the undeniable contribution that they have made in order to enhance the medical arena and reduce the burden of pain suffered by the respective individualJonny Wagh is a surgeon on Knee replacement . So naturally she has good knowledge on minimally invasive surgery and especially on platelet rich plasma. For more information she suggests drsheinkop.com/.Article Source: eArticlesOnline.com

    Buffalo, N.Y. hotel proposal delayed further
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    Buffalo, N.Y. hotel proposal delayed further

    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

    Friday, March 10, 2006

    Buffalo, New York —The Common Council of Buffalo voted on Tuesday to send the Elmwood Village Hotel proposal “to committee for further discussion”, after citing the need for more public involvement.

    The Elmwood Village Hotel is a development proposal by the Savarino Construction Services Corporation, a project designed by the architect Karl Frizlen of The Frizlen Group. The hotel would be placed on the southeast corner of Elmwood and Forest Avenues in Buffalo.

    To make way for the project, at least five buildings located at 1109 to 1121 Elmwood Ave would be demolished. At least two properties on Forest Avenue could also be demolished. The Elmwood properties, according to Eva Hassett, Vice President of Savarion Construction, are “under contract”, but it is unclear if Savarino Construction actually owns the Elmwood properties. Hans Mobius, a former mayorial candidate, is still believed to be the current owner the properties. Mobius also owns 607 Forest Avenue.

    The properties 605 and 607 Forest Avenue could also be included in the proposal according to Hassett.

    “We would use a Special Development Plan to rezone 1119-1121 Elmwood and 605 Forest to a C-2 zoning category,” stated Hassett. It is possible that Savarino Construction may try to obtain a variance for 605 Forest, which would allow them to enforce eminent domain, should the hotel be allowed to go forward.

    The building at 607 Forest was also discussed to be rezoned, but it is unclear what the plans would be for that property. During the February 28 Common Council meeting, Hassett stated that the properties 605 and 607 were “now off the agenda”.

    Pano Georgiadis, owner of Pano’s Restaurant at 1081 Elmwood, owns the property at 605 Forest and attended Tuesday’s Common Council meeting.

    “Having a hotel is a bright idea. We all love the idea of a hotel, but the way that it is presented, is wishful thinking. This hotel does not fit. It’s like putting two gallons of water in a gallon jug, it does not fit. At the last meeting, the architect admitted that they are planning to put the undergound parking lot and the hotel, right at the property line. If I open my window, I will be able to touch the wall, that goes fifty feet high”, said Georgiadis.

    “There is a problem having a seventy-two room hotel and fifty-five parking spaces. That means that all the other cars will spill all over the neighborhood. The footprint is simply too small. If you have a bigger [parking] lot, and a smaller hotel, I will welcome a hotel. I have a parking lot at my own business, and I am chasing people all day long. Remember, the city says it has ‘zero tolerance [for illegal parking]’. Try telling that to the guy from Albany who came to see his kids, that are going to Buffalo State, who would get tickets totaling over a hundred dollars”, added Georgiadis.

    The city’s Planning Board is scheduled to meet on March 14, 2006 at 9:00 a.m. about the proposal. Although a discussion will take place, no vote is expected to be taken.

    At the moment, none of the properties are zoned for a hotel. Savarino Construction plans on asking for a C2 zoning permit. If that does not work, they plan to implement a new zoning plan called a “special development plan” which would allow for only a hotel on the site. That zone would not be able to be changed.

    “This [project] justifies Mobius’s refusal to invest in any maitenance[sic] or improvements”, on the properties said Clarence Carnahan, a local resident. “Where were the Council persons over the years? Where were the city inspectors over the years, to make sure that he maintained and improved his properties? The government was supposed to be protecting, not being preditorial. I see a predatorial issue here when it comes to this hotel. Over the years: Why has the local government been disfunctional when it came to Mobius’s properties? Refusal to invest in improvements, doesn’t that sound like a slumlord? Maybe I am missing a point here, but what kind of messages does this send to other slumlords that havn’t[sic] been jailed or fined? It’s [the hotel] trying to be pushed through.”

    Carnahan also presented signs for residents and or business owners who are opposed to the hotel, that could be placed in windows or on stakes in the yard. Some of the signs said, ‘No tell hotel’, ‘Hans off, no hotel’, ‘It takes more than a hotel to make a village’. and ‘Keep Elmwood free, no hotel’. Carnahan plans on making more signs for a protest to be held on Saturday March 18, at 2:00 p.m. (EST) on Elmwood and Forest. Some signs were given to individuals after the meeting.

    “First things first, Hans is the problem, and I don’t think it has been addressed. Let’s roll back the clock on this project. What can we do with Hans? There is such thing as eminent domain, which could be of greater interest to the community, to seize the property at its lowest assessed value”, said Nancy Pollina, co-owner of Don Apparel with Patty Morris at 1119 Elmwood. “There are so many ideas that have not been explored and we are about to give this parcel away, to a big developer.”

    Mobius has not returned any calls by Wikinews regarding the situation.

    A freelance journalist writing for Wikinews has obtained a letter, exclusively, addressed to one of the five business owners from Hans Mobius stating:

    There is a proposal to develop my property which you are currently renting. Because of opposition to this development, it does not look like it will happen. I will let you know if there any changes.

    Despite the letter, there have been no plans or decisions made to end the proposal.

    To date, none of the business owners or residents of 1119-1121 Elmwood have received an eviction notice.

    Business owners and residents gave an indication of what they would like to see happen at the corner; a project similar to one done locally last year. There, developers renovated two buildings on Auburn and Elmwood Avenues, merging the buildings into one thus allowing for more shop space. Among some of the shops to move in after the development were Cone Five Pottery, The Ruby Slipper, and Abraham’s Jewelers. Prior to the renovation work, the left building in the picture was boarded up for several years. Many of the concerned locals would like to see a similar development on Forest and Elmwood.

    Rocco Termini, a developer in Buffalo, proposed a similar design at the February 28 community meeting

    In an interview after the February 28 meeting, Termini stated, “I will be willing to take a look at this myself, or I would be more than happy to be partners with Sam, Sam Savarino”, who is President and Chief Executive Officer of Savarino Construction Services Corp.

    So far Savarino Construction has no plans to team up with Termini.

    New Internet addresses tested on World IPv6 Day
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    New Internet addresses tested on World IPv6 Day

    Wednesday, June 8, 2011

    Online organisations around the world are today testing Internet Protocol Version 6 (IPv6) — a new system of Internet addresses hoped to resolve the issue of the present system being at capacity. World IPv6 Day is checking everything works as planned.

    The current IPv4 standard was set up in the 1980s; it gives everything on the Internet a twelve-digit address and allows for 4.3 billion combinations. With these exhausted, IPv6 is designed to increase the limit 340 undecillion — that’s 340 trillion trillion trillion.

    Major websites including services run by Google, Facebook, and Yahoo! are taking part in the test, switching their content to use the new system. Facebook predicts 99.97% of users to be unaffected and Google anticipates 99.5% will not encounter problems. The remainder may encounter slow page loading.

    Fiji and Australia are among the first countries to have business-hours web traffic during the test. Internet Society of Australia President Tony Hill claims more than 100 global companies are involved.

    Silver Eagle Monster Boxes: The Best Way To Buy Silver In Bulk

    By Caroline Kent

    Silver Eagle Monster Boxes are a great way to purchase a large quantity of Silver Eagle coins. A monster box contains twenty five plastic coin tubes. Each tube contains twenty American Silver Eagle coins. That means each sealed U.S. Mint box will contain five hundred beautiful, uncirculated American Silver Eagles!

    Perhaps you you are hesitant about investing in such a large quantity of American Silver Eagles at one time. Here are what I believe are the two most important reasons for purchasing a Silver Eagle Monster Box:

    Cost Savings

    When you purchase American Eagle Silver coins, your price is based on the current market spot price. The dealer then adds a premium per silver bullion coin. The main advantage for buying Silver Eagle monster boxes is the cost savings. The greater the quantity of silver bullion coins purchased, the cheaper the price! Plus, most bullion dealers offer free shipping for large orders.

    Silver Bullion Shortage

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

    Another valid reason for purchasing Silver Eagle Monster Boxes is the shortage situation in silver bullion. Because of the selloff in the stock market, the financial turmoil in the credit markets and increase in bank failures, investors are turning to hard assets for protection and diversification. Unprecedented demand for silver bullion because of extreme investor demand has forced the the U.S. Mint to stop production of the 2008 edition of the Silver Eagle.

    The U.S. Mint has rationed American Silver Eagles since early spring and is supplying the silver bullion coins to dealers on an allocation basis only.

    Most dealers are shipping American Silver Eagle orders as they receive them from the U.S. Mint. In many cases, orders are experiencing significant delays and wait times of up to several months! Investors wishing to invest in Silver Eagles should purchase as many coins as they can afford now. There is a real risk that anyone wishing to purchase these silver bullion coins in the future will have to pay a huge premium to do so.

    I would strongly urge anyone interested in investing in Silver Eagle Monster Boxes to strongly consider purchasing them now, while they are still available.

    Here is the current supply status on Silver Eagles at the various mints and larger dealers:

    Silvertowne is no longer accepting any new silver bullion orders.

    NorthWest Territorial Mint will not be accepting any new walk-in orders until the online orders are caught up.

    Perth Mint are not accepting any new orders.

    The U.S. Mint is no longer selling American Silver Eagles.

    The Sunshine Mint has a backlog of orders for five months. They are a supplier of blanks to the U.S. Mint, btw.

    The American Silver Eagle coin is the most popular silver bullion coin. The Silver Eagle is not only beautiful but its silver content is guaranteed by the U.S. government. Each beautiful silver eagle coin contains 1 troy ounce of silver and is 99.9% pure. The American Silver Eagle is considered legal tender and can be converted to cash at any given time.

    About the Author: Silver Eagle Monster Boxes are an affordable way to purchase a large quantity of Silver Eagle coins. For great deals and selection, visit us now at: => SilverEagleBullion.com.

    Source: isnare.com

    Permanent Link: isnare.com/?aid=313401&ca=Finances

    Two largest known prime numbers discovered just two weeks apart, one qualifies for $100k prize
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    Two largest known prime numbers discovered just two weeks apart, one qualifies for $100k prize

    Thursday, September 18, 2008

    Two new records for the largest known prime number have been set, both breaking the 10 million digit threshold. On August 23, Edson Smith, a systems engineer for the Program in Computing laboratory at the University of California, Los Angeles in California, United States, confirmed the primality of the number through his work as a volunteer in the distributed computing project known as the Great Internet Mersenne Prime Search, or GIMPS. This new prime number is expressed as two to the 43,112,609th power minus one, and consists of 12,978,189 decimal digits when written out. This number qualifies GIMPS for a $100,000 award from the Electronic Frontier Foundation (EFF), offered to the first person or group to discover a prime number of 10 million digits or more. According to GIMPS’ prize agreement, $50,000 will be given to the UCLA Department of Mathematics, $25,000 will be given to charity, $20,000 will be split among previous discoverers of Mersenne primes, and GIMPS will keep the remainder for funding and other uses. Smith, who was contacted by Scientific American by phone, said that the discovery was “quite unexpected.”

    Just two weeks later, on September 6, another Mersenne prime was discovered, this time by German electrical engineer Hans-Michael Elvenich, who worked for the chemical company Lanxess in Germany. This number is expressed as two to the 37,156,667th power minus one, and is 11,185,272 digits long. However, since this prime number was discovered later than the one found on August 23, it does not qualify for the EFF prize. Elvenich said that it was a “finally a great success” after having participated in GIMPS for four years.

    A prime number is a positive integer that can be evenly divided only by 1 and itself. For example, 2, 3 and 11 are prime numbers. 21 is not a prime number because it is a product of 3 and 7. These types of prime numbers are called Mersenne primes, which can be expressed as one less than a power of two. Mersenne primes are rare, and only 46 are known up to now. The first few Mersenne primes are 3, 7, 31, 127 and 8191.

    These numbers took a total of several weeks to verify, using different software and hardware. Each number was independently checked by several members of GIMPS’ verification team, using 16-core systems of different configurations. The two primes were announced by GIMPS on September 16. Before these two discoveries, the two previously largest known prime numbers were discovered by UCMO professors Curtis Cooper and Steven Boone in Missouri, United States, and their record lasted almost three years. Historically, prime numbers discovered by GIMPS are larger than the one previously found. The only other exception was when the 29th Mersenne prime was discovered after the 30th and 31st were found.

    Founded by M.I.T. graduate George Woltman in 1996, GIMPS has found 12 Mersenne primes, or about one per year on average. Volunteers who wish to help find primes can download a program called Prime95, which runs in the background.

    Smaller prime numbers, such as those with a few hundred digits, are often used in cryptography. The recently discovered prime numbers are too large to have much practical value, although it is believed by some that such prime numbers may still have undiscovered uses. However, mathematics enthusiasts often seek them for fun, and the GIMPS community is already looking forward to finding a 100 million digit prime that will qualify for a $150,000 prize from the EFF.

    St. Anthony Foundation provides hope
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    St. Anthony Foundation provides hope

    Friday, September 23, 2005

    On the corner of Golden Gate Ave. and Jones St. in the Tenderloin, San Francisco, right next to the Civic Center you can see a throng of low-income and homeless people lining up outside of St. Anthony’s Dining Room hall which opens up it’s doors everyday at 11:30 a.m. Volunteers dressed in St. Anthony Foundation shirts help keep the lines moving as hundreds of homeless and low income people shuffle their way towards the dining hall underneath the watchful eyes of a small statue of St. Francis of Assisi.

    “There’s a lot of people who go hungry out here and it ain’t right.” says Jimmy Scott, a slightly brawny 44-year-old black man who has been living homeless in San Francisco for the past three years. “There are families out here with kids and everything and they have to walk around all night just to stay awake so they don’t get hurt or killed…Right here in the U.S. this is going on…it ain’t right.”

    The dining hall, which has been open for the past 54 years, is owned by the St. Anthony Foundation which helps low income and homeless people and families in the Civic Center, Tenderloin, and SOMA areas with clothing, shelter, food, drug rehabilitation, and many other services. St. Anthony’s administrative offices are found at 121 Golden Gate Ave. with the majority of the foundation’s buildings on Golden Gate Ave. and Jones St.

    “We are right in the heart of the homeless population of San Francisco,” says Barry Stenger, 55, who’s been working for the St. Anthony Foundation for one year, and is the Director of Development and Communications, “and people are pushed here because of the economic forces of San Francisco because it’s hard to be upper middle class in San Francisco.”

    According to the San Francisco Chamber of Commerce, “San Francisco’s cost of living remains one of the highest in the country” with the average household income in San Francisco being around $76,400 and the average price of housing being $543,000. Average household income for the United States in 2002, according to the U.S. Census Bureau, was $42,409 and the average price of housing for the United States according to the National Association of Realtors was $185,200 in 2004.

    “We served our 32 millionth meal on Tuesday,” said Stenger, “and we serve 2,500 meals a day. Some of our people who work here actually get served [food] here because they spend all their money towards rent and medical costs.”

    The St. Anthony Foundation was started by Fr. Alfred Boeddeker in 1950 one year after Fr. Boeddeker became pastor of St. Boniface church on Golden Gate St. where he was baptized as a child. During his lifetime, according to the foundation’s website, he was referred to as the “Patron St. of the Tenderloin” and had Boeddeker park named after him because of his, and his foundation’s, achievements with helping out the homeless and low income community.

    “[St. Anthony’s] is a good thing,” said Jimmy Scott, “they provide a good service and they feed people and they clothe them and provide furniture when you get housing and give you groceries when you have AIDS. It’s a good little organization.”

    “Our dining room is open 365 days a year.” Said Stenger. “Our other facilities are open seven days a week. We have a residence for senior women and our [free medical] clinic is open five days a week and we also have a furniture and clothing store. We have 12 programs all together.”

    Some of those programs are the Father Alfred Center which provides 61 men two programs for getting out of drug and alcohol abuse, the Employment Program/Learning Center which helps participants in educational and employment opportunities and provides each one with a personal staff advisor, and a Senior Outreach and Support Services center which states its mission is to “promote independence, self determination, and alleviate isolation” for seniors who are 60 and older.

    A few homeless people who were interviewed complained that St. Anthony’s had some staff who were rude and that they were kicked out of the dining hall; other homeless within the area refuted those claims saying St. Anthony’s has nice staff and only kicks people out who cause trouble.

    “It’s a good place and good people. Everybody is so kind and so respectful and everything is under control.” Said John Henderson, a tall and skinny 57-year-old homeless black man who has only been living in San Francisco for close to two months because he recently moved there from Phoenix, Arizona. “It’s pretty cool because they’re under control because yesterday I saw at Glide [Memorial Church which also has services for the poor and low income] and they were handing out food boxes and people were just rushing in and the woman in charge there was freaking out and so she just sat down. That would never happen at St. Anthony’s.”

    “And they clean too!” Henderson said laughing with a grin on his face referring to the fact that there are no drugs allowed in the premises. “Not that Glide ain’t clean if you know what I mean.”

    “We [also] have a whole division that deals with justice education and advocacy to change the system that brings people to our doorstep.” Said Stenger. “We hear a lot of appreciation from the people we serve. We get a lot of testimony from our clients who have become clean and sober. Sometimes we have to push them a little to get them out the door because they love the [foundation] so much because it has changed their lives.”

    This article features first-hand journalism by Wikinews members. See the collaboration page for more details.
    This article features first-hand journalism by Wikinews members. See the collaboration page for more details.

    US Supreme Court judge Ginsburg undergoes surgery for pancreatic cancer
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    US Supreme Court judge Ginsburg undergoes surgery for pancreatic cancer

    Thursday, February 5, 2009

    United States Supreme Court Associate Justice Ruth Bader Ginsburg, 75, has undergone surgery for early pancreatic cancer today. The disease was spotted during a routine check-up. She is likely to be hospitalised for ten days.

    “Justice Ginsburg had no symptoms prior to the incidental discovery of the lesion during a routine annual checkup in late January at the National Institutes of Health in Bethesda, Maryland,” the Supreme Court announced.

    Ginsburg underwent sugery and had chemotherapy for colorectal cancer in 1999; her mother and husband also suffered from cancer.

    She was appointed to the Supreme Court by President Bill Clinton in 1993, and is considered to be on the liberal wing of the nine-member court.

    A spokesman for President Barack Obama said that Obama’s thoughts and prayers are with Ginsburg.

    According to the American Cancer Society, the one-year survival rate for pancreatic cancer is 24%, and the five-year survival rate is 5%.

    Commonwealth Bank of Australia CEO apologies for financial planning scandal
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    Commonwealth Bank of Australia CEO apologies for financial planning scandal

    Thursday, July 3, 2014

    Ian Narev, the CEO of the Commonwealth Bank of Australia, this morning “unreservedly” apologised to clients who lost money in a scandal involving the bank’s financial planning services arm.

    Last week, a Senate enquiry found financial advisers from the Commonwealth Bank had made high-risk investments of clients’ money without the clients’ permission, resulting in hundreds of millions of dollars lost. The Senate enquiry called for a Royal Commission into the bank, and the Australian Securities and Investments Commission (ASIC).

    Mr Narev stated the bank’s performance in providing financial advice was “unacceptable”, and the bank was launching a scheme to compensate clients who lost money due to the planners’ actions.

    In a statement Mr Narev said, “Poor advice provided by some of our advisers between 2003 and 2012 caused financial loss and distress and I am truly sorry for that. […] There have been changes in management, structure and culture. We have also invested in new systems, implemented new processes, enhanced adviser supervision and improved training.”

    An investigation by Fairfax Media instigated the Senate inquiry into the Commonwealth Bank’s financial planning division and ASIC.

    Whistleblower Jeff Morris, who reported the misconduct of the bank to ASIC six years ago, said in an article for The Sydney Morning Herald that neither the bank nor ASIC should be in control of the compensation program.

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