Tag: group

Bernie Madoff and the Honey Trap (Revised)

Detecting fraud is art, not science.  Harry Markopolos, the man who figured out Bernie Madoff’s fraud well in advance of the regulators, was a competitor of Madoff’s, obsessed with figuring out why Madoff’s results were so stable in all markets.  Because of his obsession, and his instinctive knowledge of those markets, he knew that there … Continue Reading

Nationwide Beef Processor Seeks Bankruptcy Protection Citing “Pink Slime” Furor

AFA Investment Inc. and its affiliates, including AFA Foods, American Foodservice Corporation, United Food Group, LLC, and American Fresh Foods (together "AFA"), one of the largest ground beef processors in the United States, have filed for Chapter 11 bankruptcy protection. AFA cited growing negative publicity over the use of boneless lean beef trimmings (identified as "lean finely … Continue Reading

Future of Food Litigation and Obama’s Food Safety Working Group

President Obama’s Food Safety Working Group announced its Key Findings on July 7. Three groups of initiatives were announced: 1) Salmonella, 2) National Traceback and Response System, and 3) Improved Organization of Federal Food Safety Responsibilities. All of these represent major shifts in food policy. Coming changes will impact nearly every part of the nation’s food … Continue Reading

Obama Administration Focuses on Food Safety

The Obama administration placed food safety front and center over the weekend. In his weekly radio address, President Obama on Saturday announced new leadership at the Food and Drug Administration and the creation of a panel to toughen food safety laws. Characterizing outdated food safety laws and the lack of resources at the FDA as “a … Continue Reading

PCA Files for Chapter 7 Bankruptcy

Peanut Corporation of America has filed for Chapter 7 liquidiation under the U.S. Bankruptcy Code in the Western District of Virginia. It claims its secured debt exceeds its assets, which means that persons harmed by salmonella in its peanut butter may only be able to collect to the extent of any insurance.… Continue Reading
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