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Business Glance: NYSE fines Schwab $1M for lax adviser oversight

Charles Schwab & Co., the biggest discount brokerage by assets, was fined $1 million by the New York Stock Exchange for failing to protect clients from investment advisers who stole their money. The theft took place because of Schwab\'s inadequate monitoring, the exchange said Tuesday in a statement. The advisers, who were working under contract with Schwab, began acting in 1998 and continued as late as the first quarter of 2003, the NYSE said. Schwab failed to inform clients that advisers transferred money from their accounts at Schwab to other people, and it failed to match clients\' signatures with those on forged checks, the exchange said. Schwab may have been \'\'squeezed\'\' by its business model, which relies on lower trading fees and less oversight than full- service brokerages, said Henning, now a professor at Wayne State University in Detroit. Schwab discovered at least two advisers misusing funds in 2001 and reported it to the SEC and the FBI, spokeswoman Alison Wertheim said.

College Hosts Speaker on Guantanamo Bay

General John D. Altenburg, Jr., head of military commissions at Guantanamo Bay , graduated from Wayne State University in 1966 and soon thereafter joined the army. He left the army in 1970, attended law school and began to practice law for the military. In 2004, he was appointed by Secretary of Defense Donald Rumsfeld to serve as the appointing authority of military commissions. Altenburg is therefore responsible for approving charges against individuals detained at Guantanamo Bay , approving plea agreements and appointing members of military commissions. "We're in a period in history when something has come up…and the law doesn't really have any way to account for it. Naturally, there is a lot of confusion," said Altenburg, who said that while al-Qaeda is not a nation protected under the Geneva conventions, it has more political clout than many established countries; he called rebellious belligerents and said the spirit of the Geneva Conventions says we can still hold them as detainees. "When one side captures people they hold them until the war is over. We had over 400,000 German and Italian POW's in the U.S. -- no one was saying when do they get a trial? What are you charging them with? Least of all the prisoners themselves." He said the Geneva Conventions mandate that prisoners can not be executed. He feels it is absurd that we should threaten death to the detainees at Guantanamo Bay , and it would alienate the international community.

U-M president's pay No. 1 in public schools

University of Michigan President Mary Sue Coleman, who earns $724,604 in pay and benefits, is the highest-paid president of a public university in the country, says a survey for the 2005-06 academic year scheduled for release today. Michigan State University President Lou Anna Simon is making $340,000 in total compensation this academic year. In 2004-05, Wayne State University President Irvin D. Reid earned $335,207 and Western Michigan University President Judith Bailey made $334,850, said the survey, which used the latest data available.

Beyonce at Wal-Mart? New ads hard act to swallow

Next time you\'re wandering the aisles at the local Wal-Mart, you might run into singer Beyonce Knowles doing some shopping of her own -- or at least that\'s what the world\'s largest retailer would have you believe. In an effort to appear more upscale and appeal to a broader consumer base, Wal-Mart Stores Inc. last week rolled out TV ads featuring, among other stars, Knowles and other members of the group Destiny\'s Child surrounded by Wal-Mart products. \"Do I think Donald Trump consumes a lot of Domino\'s Pizza? No. Does that mean he never eats Domino\'s? No. But is he an authentic source to tell me, the middle class or someone hovering over the poverty line, I should eat Domino\'s?\" said Jeff Stoltman, a Wayne State University marketing professor. \"People just don\'t identify him with that product.\" Stoltman said while it\'s important for companies to use celebrities consumers can connect with the products they endorse, more often than not celebrities prove to be assets because they draw attention to a brand.

WSU names six to engineering hall of fame

A Michigan developer, a Ford Motor Company auto safety design researcher, a structural consulting engineer, the U.S. Army vehicle research director, and two former vice presidents of Visteon and Medtronic, Inc. have been named to the Wayne State College of Engineering Hall of Fame. They will join a prestigious group of 94 engineering alumni with outstanding professional accomplishments when they are inducted at Night of the Stars, the college\'s annual celebration of achievement at the Detroit Science Center Nov. 17. The new inductees are West Bloomfield developer Lushman Grewal, Ford research engineer Priyaranjan Prasad, Desai/Nasr Consulting Engineers Vice President Athanacios Nasr, U.S. Army Tank Automotive Research, Development and Engineering Center Research Director Grace Bochenek, retired Visteon Vice President of Glass Systems Division Paul Gill, and former Medtronic Vice President and CFO Robert Ryan.

LTU to host discussion on affirmative action Nov. 21

Lawrence Technological University in Southfield is hosting a seminar Nov. 21 on the future of affirmative action in the state. As part of the school's Diversity Seminar Series, the 7 p.m. event will feature Ward Connerly, the California businessman who sponsored an initiative to ban racial preferences in that state through an amendment to the state constitution; and Wayne State University Law School Dean Frank Wu, author of Yellow: Race In America Beyond Black and White.

'To show the world Detroit '

Wayne State University Press last month published a coffee table book featuring Detroit architecture from the past 160 years. American City : Detroit Architecture 1845-2005 includes interior and exterior pictures and background on 50 Detroit landmarks, including: the Guardian and Fisher buildings, Detroit Public Library, the Michigan Central Railroad Station, the Renaissance Center and the Compuware Building . The book features photographs by William Zbaren and descriptions written by Robert Sharoff. Zbaren and Sharoff, who both live in Chicago , spent a year studying the city's buildings and monuments. Zbaren said their mission was "to show Detroit to Detroit and show the world Detroit ." "We looked at 150 years of architecture and that mighty sweep of style that came in and went out, from Beaux Arts to Art Deco to Modern," Sharoff said. "There's a lot of great architecture in Detroit ."

UM-Flint's value, name push enrollment up 5%

Wayne State University Provost Nancy Barrett comments in a story about enrollment data among Michigan 's universities which revealed a slight decline for WSU. "We've been growing by leaps and bounds, and I think this is a correction," Barrett said. She added that the university attracted an unusual number of recent high school grads during the past two years when it opened a new residence hall and added a MedStart program, guaranteeing qualified freshmen a spot in WSU's medical school after graduation.

Wayne State Prof Weighs in on Cox Case

Watching the political drama unfold over the past week, Wayne State University Political Science Professor Lyke Thompson said the futures of Michigan Attorney General Michael Cox and Attorney Geoffrey Fieger hinge on whether or not charges are filed against Fieger. Last week Cox accused Fieger of extortion and charges could be filed some time this week. \"I was surprised about the entanglement that they've all gotten themselves into,\" said Thompson. He said Cox's family values image will suffer because he cheated on his wife, but Fieger's reputation would suffer more if criminal charges are filed against him.

Children facing life

Life without parole. If it sounds unpleasant, downright harsh, it\'s supposed to. In Michigan, where the death penalty was banned in 1846, the mandatory punishment for a first-degree murder conviction is life in prison without the possibility of parole No matter how old one is, that\'s a long time because there is no hope for release, unless a governor is willing to risk political backlash and commute the sentence - an almost impossible hope. But for teenagers who are not yet considered adults, is life in prison without parole a reasonable punishment? Oakland County \'s history over the past four decades is fairly rich on this issue. One state senator, citing a study that found Michigan to be among the top states with such offenders, is pushing a bill that would ban life-without-parole sentences for offenders under age 18. Right now, a 17-year-old is an adult in the eyes of Michigan \'s criminal code. State Sen. Liz Brater, D-Ann Arbor, said young offenders deserve consideration for a second chance, not a guaranteed way out of prison, and she would do that by banning life-without-parole sentences for offenders under 18. Brater cited a recent Wayne State University poll that showed the public favors not locking young murderers away forever, as 72 percent of those polled believed violent offenders under 18 are strong candidates for rehabilitation.

Panel to debate affirmative action

EAST LANSING - The Intercollegiate Studies Institute and Toward A Fair Michigan are sponsoring a discussion on the topic \"Should a Free Society Allow Affirmative Action Preferences in Higher Education?\" The event will be held at 6:30 p.m. Monday at the Hannah Community Center , 819 Abbott Road and is free and open to the public. The experts who will participate are William Allen of Michigan State University and Robert Sedler of Wayne State University, who will argue in the negative, and Daniel Barnhizer of MSU and Thomas Weisskopf of the University of Michigan, who will argue in the affirmative.

Fighting phony drugs

Long a reality in foreign countries, the underworld of fake drugs is emerging as a major concern in the United States . More phony drugs are finding their way into Americans\' medicine cabinets, officials say, including hundreds of counterfeit pain pills recently smuggled into Michigan in makeshift packaging of plastic baggies and Scotch tape. An increase in Internet-purchased meds, combined with fast growth in the counterfeit drug trade is bringing more of the fake drugs into the country -- often unbeknownst to consumers. Some experts are skeptical of warnings from the drug industry and the FDA that counterfeits are a major threat. \"I don\'t think the problem is nearly as bad as some of the drug companies would have us believe,\" said Jesse Vivian, Wayne State University professor of pharmacy practice. \"Whenever I hear a legislator, politician or drug company say, \'This is terrible and can lead to a whole lot of suffering,\' I haven\'t seen a whole lot of evidence to back it up.\" Counterfeit drugs have been sold for decades in foreign countries without major consequences, Vivian said.

BUNGLED VOTES PROBED: State steps in after 9 Detroit precincts experience problems

Detroit elections officials lost track of ballots in nine precincts -- or almost 3,000 votes -- in Tuesday\'s election, and did not count them until two days after polls closed. State Elections Director Chris Thomas ordered city officials late Friday to keep their hands off voting records until he meets with them today. Detroit Elections Department Director Gloria Williams insisted Friday it was completely normal for poll workers to temporarily lose track of a few precinct results -- stored in computerized memory packs -- in a busy election, an assessment shared by Sean T. Smith, a computer consultant who oversaw the tabulation of the votes on hundreds of packs. Williams and Smith said there was no way anyone could tamper with the missing packs. Throughout the election night process, the memory packs holding all of the city votes are often in the hands of part-time or temporary workers, including some who are hired for election night alone, said Smith. The workers are told \"over and over\" that the memory packs are one of the most vital parts of counting the vote, Smith said. \"The challenge is always getting competent poll workers,\" said Smith, a 30-year-old sophomore at Wayne State University who has helped coordinate the city\'s election night computer networks since 2000. Memory packs usually go missing in city elections, Williams said. \"It was Thursday when we found them all,\" she said. \"That\'s normal. Very normal.\"