Hedger Indicted in Largest Insider Trading Sequence of All Time– $276 Million

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WPCNR FBI WIRE.  From the Federal Bureau of Investigation. November 21, 2012:


Preet Bharara, the United States Attorney for the Southern District of New York, and April Brooks, the Special Agent in Charge of the Criminal Division of the New York Office of the Federal Bureau of Investigation (FBI), announced today the unsealing of insider trading charges against Mathew Martoma, a former portfolio manager for a division of a group of affiliated hedge funds (the hedge fund). Martoma allegedly used material, non-public information (“inside information”) that he received from a doctor who served as an adviser to Elan Corporation PLC (“Elan”) on the clinical trial of an Alzheimer’s Disease drug to make profits and avoid losses for the hedge fund in an amount totaling approximately $276 million.


Martoma was arrested at his home in Boca Raton, Florida, and made an initial appearance in federal court in West Palm Beach, Florida. He will appear in Manhattan federal court on Monday, November 26, 2012, at 10:00 a.m.


Manhattan U.S. Attorney Preet Bharara said, “Today, yet another privileged hedge fund professional stands accused of insider trading. The charges unsealed today describe cheating coming and going—specifically, insider trading first on the long side, and then on the short side, on a scale that has no historical precedent. As alleged, by cultivating and corrupting a doctor with access to secret drug data, Mathew Martoma and his hedge fund benefited from what might be the most lucrative inside tip of all time. As Martoma allegedly got sneak peeks at drug data, he first recommended that the hedge fund build up a massive position in Elan and Wyeth stock and then caused the fund to shed those shares after getting a secret look at the unexpectedly bad results of a clinical drug trial. And so, overnight, Martoma went from bull to bear. As a result of the blatant corruption of both the drug research and securities markets alleged, the hedge fund made profits and avoided losses of a staggering $276 million, and Martoma himself walked away with a $9 million bonus for his efforts. The SEC and FBI deserve particular praise for uncovering the facts leading to today’s charges.”


FBI Special Agent in Charge April Brooks stated, “Today’s arrest is the latest in the FBI’s five-year campaign to root out insider trading at hedge funds and expert networking firms, which has resulted in more than 70 arrests to date. What we see again is an unholy alliance between an insider willing to divulge valuable non-public information and a money manager to whom that information is as good as gold. The recurring theme through all of the contact between the insider and Martoma was their knowledge that what they were doing was wrong, prohibited by their respective employers’ policies, and illegal. They engaged in continual subterfuge to disguise or conceal their communications. A competitive advantage gained through superior research and analysis is one thing. Cheating is another matter altogether. If the information isn’t public, you can’t trade on it. We will continue to bring these cases so long as people fail to act accordingly.”


According to the allegations in the three-count criminal complaint unsealed today in Manhattan federal court:


During the period of the insider trading scheme, Martoma was a portfolio manager of the hedge fund and was responsible for investment decisions in public companies in the health care sector, including those at issue here, the drug companies Elan and Wyeth, that were involved in the development of experimental drugs to combat Alzheimer’s Disease. At the time, scientists and investors alike were awaiting the results of a clinical trial being conducted by Elan and Wyeth of a drug called bapineuzumab, which offered a novel but untested approach to the treatment of Alzheimer’s Disease (the “drug trial”).


In order to obtain inside information about the drug trial, Martoma arranged for approximately 42 paid consultations between 2006 and July 2008 with a leading Alzheimer’s Disease doctor (the doctor) who chaired the Safety Monitoring Committee (SMC) for the drug trial and who engaged in paid consultations with financial industry clients through an expert networking firm. Through an exploitation of Martoma’s personal and financial relationship through the expert networking firm with the doctor, Martoma used these consultations to obtain inside information about the drug trial that the doctor learned at the SMC meetings and through other communications with Elan and Wyeth. The doctor is now a cooperating witness (the “CW”) for the government and has entered into a non-prosecution agreement.


A number of the consultations were scheduled to take place soon after scheduled SMC meetings at which representatives from Elan and Wyeth reported on the status of the bapineuzumab drug trial and other developments. Because the expert networking firm had explicit rules prohibiting consultants from sharing inside information with clients, and because Martoma was required to inform the Expert Network of the purpose of his proposed consultations, Martoma and the CW would disguise the agenda for their conversations. In one case, for example, they claimed they would be talking about multiple sclerosis treatments and in another, Parkinson’s Disease, concealing that, in fact, they were discussing the drug trial.


The inside information Martoma initially received from the doctor consisted of generally positive safety data about which the doctor was aware through his chairmanship of the SMC. As a result, Martoma increased the holdings of Elan and Wyeth, and further recommended that the owner of the hedge fund (the “hedge fund owner”) increase the hedge fund’s position in Elan and Wyeth, which the hedge fund owner did. By June 30, 2008, the hedge fund held approximately $700 million worth of Elan and Wyeth equity securities.


In late June 2008, the CW was asked to present the detailed results of phase II of the drug trial at the International Conference on Alzheimer Disease (the “ICAD presentation”) on July 29, 2008. Until that time, he had only been privy to the safety results of the drug trial. In preparation for the ICAD presentation, the CW was made aware—for the first time—of the efficacy results scheduled for July 15, 2008, and they were negative, particularly in comparison with market expectations. The results raised serious questions about how well the drug worked and, in fact, whether it worked at all.


On July 17, 2008, the CW shared the negative results in a call with Martoma and also provided him with a draft power point presentation that had been created for the ICAD meeting and that was marked “Confidential, Do Not Distribute.”


Three days later, on July 20, 2008, Martoma sent the hedge fund owner an e-mail in which he wrote that “…It’s important [that we speak],” which they did, for approximately 20 minutes. The hedge fund owner then directed the hedge fund to sell Elan and Wyeth securities prior to the ICAD presentation. Over the next seven days, the hedge fund liquidated its entire position in Elan and almost all of its position in Wyeth—a total of 17.7 million shares worth approximately $700 million. The hedge fund also shorted Elan and Wyeth by approximately 7.75 million shares. This trading represented over 20 percent of the reported U.S. trading volume in Elan and 11 percent of the volume in Wyeth.


The day after the ICAD presentation, Elan stock closed approximately 42 percent lower and Wyeth shares fell approximately 12 percent.


Through this trading activity, the hedge fund is alleged to have earned profits and avoided losses of approximately $276 million.


* * *


Martoma, 38, is charged with one count of conspiracy to commit securities fraud and two counts of securities fraud. He faces a maximum penalty of five years in prison for the conspiracy charge and 20 years in prison on each of the two securities fraud charges. With respect to the conspiracy charges, he faces a maximum fine of $250,000 or twice the gross gain or loss derived from the crimes, and for the securities fraud charges, he faces a maximum fine of $5 million or twice the gross gain or loss derived from the crime on each charge.


Mr. Bharara praised the efforts of the FBI and also thanked the SEC for its assistance in the investigation. He added that the investigation is continuing.


This case was brought in coordination with President Barack Obama’s Financial Fraud Enforcement Task Force, on which Mr. Bharara serves as a Co-Chair of the Securities and Commodities Fraud Working Group. President Obama established the interagency Financial Fraud Enforcement Task Force to wage an aggressive, coordinated, and proactive effort to investigate and prosecute financial crimes. The task force includes representatives from a broad range of federal agencies, regulatory authorities, inspectors general, and state and local law enforcement who, working together, bring to bear a powerful array of criminal and civil enforcement resources. The task force is working to improve efforts across the federal executive branch and, with state and local partners, to investigate and prosecute significant financial crimes, ensure just and effective punishment for those who perpetrate financial crimes, combat discrimination in the lending and financial markets, and recover proceeds for victims of financial crimes.


This case is being handled by the Office’s Securities and Commodities Fraud Task Force. Assistant U.S. Attorney Arlo Devlin-Brown is in charge of the prosecution.


The charges contained in the complaint are merely accusations, and the defendant is presumed innocent unless and until proven guilty.

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80 Million Gallons Partial-Treated Sewage Continue to Flow Daily into Hudson

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WPCNR WATCH ON THE RIVER. November 20, 2012:


A spokesperson for the Westchester County Department of Health told WPCNR Monday the chlorine-treated raw effluent that has been pouring into the Hudson River from the Yonkers sewage treatment plant by the Ludlow railroad station would continue past today, the original date estimated for resumption of normal sewage treatment.


An estimated 80 million gallons of raw sewage a day (if not more, in its full capacity two years ago 100 million gallons of sewage was being treated a day), treated with chlorine only has been pouring into the Hudson for the last 22 days.


WPCNR, going from Health Department estimates, figures 1,860,000,000 gallons of the effluent with solids has flowed into the Hudson since October 29, the day of the storm surge.


Caren Halbfinger told WPCNR she had not day as yet when the plant would resume normal sewage treatment operations. She said that after repairs to the systems are completed the Department of Health would have to test the systems. She had no date when the plant would be back on line. She said the county would send out a news release announcing resumption of full capacity operations.

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Playland Repairs Still Being analyzed by County. Will Repair Before Turning Over

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WPCNR COUNTY-CLARION LEDGER. November 20, 1012:

 

County spokesperson, Donna Green, confirmed to WPCNR that the county would be undertaking and paying for repairs to the Playland boardwalk and ice casino at county expense before the county turns over Playland to Sustainable Playland.

 

The county estimated $12 Million of damage was done to the 1929-built amusement park,


including $6.3 million to the Boardwalks and fishing pier and $4.6 million for the Ice Casino Roof. Ms. Green, in a statement, said the county is still in the process of analyzing the damage. She could not put a timetable how long it would take to repair the park for an eventual opening in the spring:


 

“John, we don’t have a specific time frame (for repairs) yet, as we are still evaluating what needs to be done. I confirmed that we do not await the FEMA money, but there is a process that requires a capital project and approval of capital funding — and then of course we have the process of selecting contractors and then the actual work.”

 

The Playland Ice Casino is now closed, forcing many figure skating instructors and hockey teams that use the ice to scramble for ice time elsewhere in the county.

 

Greene said the county expects FEMA to reimburse about 75% of the total $25 Million in damage done to county parks and the $50 Million damage inflicted by Hurricane Sandy on county property (including the parks)

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District shortens Memorial Day Weekend Because of Sandy Days

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WPCNR SCHOOL DAYS. November 20, 2012:


At the Board of Education meeting Monday evening, Superintendt of  Schools, Dr. Christopher Clouet, announced that the 4 days of school that were cancelled during the week of power outages caused by Hurricane Sandy would be made up on Wednesday, March 27, the second day of  Spring vacation; and that school would be open on Thursday, May 23; Friday, May 24, and Tuesday, May 28 around Memorial Day Weekend.


Clouet said if any more days were lost two snow in the winter months that more time would possibly be made up on the spring vacation of  March 26.


The Superintendent reported that the state is considering the possibility of trimming the number of school days required this year to aid schools who face more snow day make-ups and have already used their snow days before the school year is only three months in.

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D.A. Will Retry Bradley on Charges Brought Against Him by His Wife.

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WPCNR WHITE PLAINS LAW JOURNAL. November 19, 2012:


The Westchester County District Attorney’s Office announced it will retry former White Plains Mayor Adam Bradley, reopening the case  against Mr. Bradley that was overturned by the Appellate Court in Brooklyn last month on the grounds that Mr. Bradley did not get a fair trial. The District Attorney’s office had 30 days in which to decide to appeal the case to the New York State Court of Appeals or retry the case.


Mr. Bradley is due in court Tuesday to set a new trial date.


 

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County Holds Line on Taxes. Lays Off 126 in New Budget

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WPCNR County Clarion-Ledger. From the Westchester County Department of Communications. November 14, 2012:


County Executive Robert P. Astorino today released a proposed $1.7 billion budget for 2013 that does not raise taxes, marking the third consecutive year that Astorino’s budgets have reduced or kept flat the county’s tax levy on property owners.


Faced with $97 million in automatic and uncontrollable cost hikes from unfunded state mandates and pre-existing labor contracts, the proposed budget nonetheless continues to deliver essential services and preserve the safety net for the county’s neediest residents. No layoffs are planned to the departments of Public Safety and Health and no service cuts are planned for the Bee-Line Bus system. Additional programs will be funded for legal services, veterans, seniors and victims of domestic violence.


The proposed budget now goes to the Board of Legislators, which has until Dec. 27 to adopt a final spending plan.


Actions necessary to balance the budget, which is required by law, include the following:



  • Reducing the workforce by 189 positions, including 126 layoffs – something that could have been averted had the county’s largest union agreed to contribute to the cost of its health care;

  • Participating in the state’s pension amortization program, which essentially means the county will defer approximately $35 million of 2013’s $91 million employee pension bill;

  • Bonding $13 million of court-ordered tax reductions, known as certioraris, so the money does not have to come from the operating budget.

 


“The story of this budget is not what is but what could have been,” said Astorino. “I pleaded with our largest union, the CSEA, to help avoid layoffs. Had they followed the lead of three other unions to start contributing to the cost their health care, we could have saved jobs and programs. But they refused. As a result, layoffs and other cuts are regrettably my only option. It’s sad and ironic that the union leadership charged with protecting the jobs of its members ignored my repeated requests to help save jobs.”


With Westchester County already facing the highest property taxes in the United States, Astorino said raising taxes was not an option. Since taking office, Astorino has cut county spending and the county property tax levy has been reduced by 2 percent. County taxes make up about 15-20 percent of a typical property tax bill. The remaining taxes are levied by local governments and special districts (15-20 percent), and school districts (60-70 percent).   


“So many of our homeowners are struggling, especially seniors whose biggest expense is often their property taxes,” said Astorino. “They need and deserve some help. Our focus has been and remains on preserving essential services – but also bringing down their costs so we can afford to keep our safety net in place for our most needy. This is what we owe our taxpayers.”


The proposed budget seeks to protect Westchester’s three triple-A ratings by continuing a bi-partisan pledge made last year with the Board of Legislators not to dip into the county’s unrestricted reserves or so-called “rainy day” fund to pay for day-to-day operations. Moody’s has put the county on a “negative outlook” because of concerns over continuously using the reserves. A downgrade from a AAA rating would make it more expensive to borrow money.


“Hurricane Sandy put a spotlight on the importance of making sure our reserves are available for emergencies,” said Astorino. “For years, the county had been using emergency funds to pay for operating expenses. It’s the equivalent of paying the cable bill with the kids’ college money. You can do it, but when you need the college money, you could be out of luck. The unrestricted reserve fund is for emergencies. Now more than ever we need to make sure it stays strong and is used in the way it is intended. Otherwise, we risk losing our excellent credit ratings, which will only make running government more expensive.”


In crafting the $1.719 billion proposed budget, Astorino had to make up an $85 million shortfall; the imbalance between a projected revenue increase of $12 million and a projected spending increase of $97 million.


Astorino said unfunded mandates forced on localities by Albany continue to pose a critical threat to the county’s finances. Medicaid, pensions and seven other unfunded state mandates will consume 85 percent of the county’s tax levy in 2013, leaving only 15 percent for local needs like parks, public safety and day care. He said the state’s 2 percent tax cap did little to help because it did nothing to curb state spending.


“A tax cap without a spending cap is a joke – a cruel one,” said Astorino. “One state mandate – pensions – puts the county over the tax cap. The bottom line is that for every dollar the county sends to Albany, it only gets 45 cents back. This kind of Albany math is crushing us.”


Layoffs would be far more numerous – and would in fact cripple county government, if the legislators do not agree to amortizing the pension costs and the bonding of certioraris, the county executive said. But here again, the “help” from Albany will end up costing local taxpayers. Because of its AAA credit ratings, the county can currently borrow at just over 1 percent in the market. But under state law, the county may only  borrow for pensions from the state, which charges 3 percent –  a difference that will cost Westchester residents an extra $2 million to $3 million.


Unlike pensions, the county can borrow for certioraris on its own. Astorino said that the cost of bonding the certioraris – something he is reluctantly advocating for, will cost the county only $40,000 annually over the five-year life of the bonds thanks to the county’s top credit rating.


The layoffs proposed by Astorino will affect most county departments, but fall most heavily on Social Services (75 jobs, a 6.6 percent reduction);  Parks (22 jobs, a 8.2 percent reduction); Public Works and Transportation (24 jobs, a 8.7 percent reduction). In addition to the 126 layoffs, 63 vacant positions will also be eliminated. The 189 job eliminations reflect a reduction of  almost 4 percent in the county’s overall workforce of 4,979.  


In asking the Civil Service Employees Association (CSEA) and several smaller county unions to contribute to the costs of their health care, Astorino was asking them to follow the lead of three other county unions that have, through collective bargaining, recently agreed to contribute. They are: Teamsters Local 456, which represents middle-level management; the Correction Officers Benevolent Association (COBA); and the Corrections Superior Officers Association (SOA). 


In addition, nonunion employees, including Astorino and his staff, have been contributing to their health care since 2010 when Astorino first proposed this.


 2013 COST INCREASES


            Major costs drivers in the 2013 budget include:


·        The county’s share of Medicaid, the federal and state mandated program to provide health care for the poor, up $8 million (to $224 million).


·        Employee pension costs are up $12 million (to $91 million).  Under the amortization program, the county would pay $35 million of this year’s pension costs over 10 years with an annual interest rate of 3 percent.


·        Employee health care up $5 million.


·        Employee salaries up $15 million.


                                                                                               


KEY 2013 REVENUES OF THE PROPOSED BUDGET


Revenues will be flat in 2013, rising only $12 million or less than 1 percent.  


·        Money raised from the county property tax will remain the same at $548 million.


·        The county’s portion of the sales tax is projected to increase by $12 million, or about 3 percent, for a total of $376 million.


·         State and federal aid is expected to be flat.


OTHER ACTIONS


·        Astorino has added $50,000 to the $1.7 million allocation for Legal Services of the Hudson Valley to expand programs out of the Peekskill office for veterans, seniors and victims of domestic violence, eviction and foreclosure proceedings.


·        The 2013 budget, just as the 2012 budget did, proposes cutting all funding – $3 million – for the three neighborhood health centers in Ossining, Peekskill and Mount Vernon. Astorino said these centers have strong surpluses, combined assets of  $57 million and the salaries of their three top executives total nearly $1 million. 


·        There are no cuts to Bee-Line buses.


·        The budget would reduce funding to the Cornell Cooperative Extension to $600,000, from $990,000.  


·        The county’s day care program will be budgeted at $26 million, the same allocation as 2012, and parents who receive non-mandated services will contribute up to 35 percent of their income above the poverty level. If parents have more than one child in the program, those children are free. The 35 percent parent share is necessary to fully fund the program and is the same rate parents in New York City and 20 other counties pay. This year, the program is expected to be over budget by $3 million.


·        The safety net for the county’s most needy will be preserved though a social services budget of more than $550 million.


·        All county parks and nature centers will remain open, but the number of curators will be reduced from six to three.


·        Playland will remain open in 2013, as the county proceeds with the Astorino initiative to turn operations over to Sustainable Playland Inc., a Rye-based not-for-profit that plans to retain the traditional summer amusements and introduce new activities to make the 100-acre park a year-round destination.


The assumptions in the 2013 budget are based on finishing 2012 with a balanced budget. With six weeks to go, the county is within 1 percent  of forecast and expects to meet its 2012 targets.


CAPITAL BUDGET


A separate capital budget for 2013 has also been submitted, which reflects the Astorino administration’s commitment to maintaining vital public infrastructure and promoting economic growth.


The total capital budget proposed for 2012 is $198 million, an increase of $33 million from 2012. Projects proposed include improvements to bridges, roads, sewers, water districts and the county airport, as well as technology upgrades and renovations to parks. There is added $10 million for  flood mitigation.

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Governor,FEMA Offer Immediate Repair of Homes. Aim: No Interim Shelters

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WPCNR THE POWER NEWS. From the Governor’s Office. November 14, 2012:


Governor Andrew M. Cuomo today announced that FEMA will issue Emergency Assistance for New Yorkers whose homes were affected by Hurricane Sandy. At the Governor’s request, FEMA will bring in contractors in order to perform basic repairs so that residents can return to their homes while more long term repairs are in progress. Only residents in the federally-declared declared counties are eligible to participate in this program.



Michael Byrne, Federal Coordinating Officer for FEMA, said, “The solution is to get people back into their homes safely, alleviating the need for alternative shelters. We are going to do this with the STEP program. This is an emergency program intended to provide a temporary fix to allow people to live at home while they recover.”


Homeowners in these localities who want to apply for assistance should contact their county or local officials to receive contractor support. Homeowners must be registered with FEMA, which they can do by calling 800-621-FEMA (3362).

FEMA has developed a two-step approach to helping individuals make necessary repairs to their homes. They will use the newly developed Sheltering and Temporary Essential Power (STEP) program in conjunction with the existing Individuals and Households Program (IHP) in order to keep individuals in their homes, therefore avoiding the need to find long term sheltering or housing solutions.


These (housing) programs can be accessed by individuals at the same time; participation in one does not preclude individuals from participating in the other.

“When Hurricane Sandy hit our state, New Yorkers saw their homes severely damaged or completely destroyed,” said Governor Cuomo. “Now it is time to restore and rebuild these homes, and help people get back in their homes in time for winter. The FEMA assistance will make a big difference as we continue New York’s long term recovery. I thank FEMA for their continued partnership during this difficult time.”

Nassau County Executive Edward P. Mangano stated, “Governor Cuomo and I worked tirelessly with FEMA to develop these new innovative housing options, which along with financial assistance, will help residents rebuild their lives and homes.”


The Individuals and Households Program provides assistance to individuals and households affected by a disaster to enable them to address necessary expenses and serious needs, which cannot be met through other forms of disaster assistance or insurance. Forms of housing assistance under IHP include temporary housing, repair, replacement, and semi-permanent/permanent housing construction.

Sheltering and Temporary Essential Power (STEP) program:


    · Enables families to remain in, or return to, their homes, as a form of shelter while permanent repairs are completed.
    · The program consists of three distinct elements:


        o Residential Electrical Meter Repair
        o Temporary Essential Electrical Measures
        o Rapid Temporary Exterior Repairs

      · Examples of eligible repairs include: patching windows or exterior doors, tarp on the roof, minor electrical work, necessary inspections for habitability.
      · State and local governments are eligible applicants for direct federal assistance and/or reimbursement of eligible costs under the STEP program.
      · Individual homeowners can then use FEMA traditional Individual Assistance to make permanent repairs to their homes.

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    1.4 Billion Gals Partial-Treated Sewage into Hudson. 7 More Days to Fix

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    WPCNR WATCH ON THE RIVER.  By John F. Bailey. November 13, 2012:


    Caren Halbfinger, spokesperson for the Westchester County Department of Health furnished WPCNR details on the damage Hurricane Sandy did to the Yonkers Ludlow Sewage Plant October 29.  According to her estimates, 1.4 billion gallons of raw sewage, miminally treated by chlorine only, has been diverted into the Hudson River due to the plant being shut down the last 15 days from Sandy damage.


    Ms. Halbfinger said she expected the plant to be repaired and functioning in 7 days.


    Here is what she has told us so far:


    1.     WPCNR:  What caused the Yonkers sewage plant to discharge the raw sewage into the Hudson?



    Halbfinger: The equipment was shut down to prevent an explosion and fire that could be caused by water hitting high voltage lines. In addition, the storm surge washed the Hudson into the basement of the plant, where much of the pumps and electrical equipment are located. All of the motors had to be taken apart, cleaned and repaired and parts had to be replaced, along with electrical controls. The whole plant had to be pumped out washed and disinfected and treated to prevent mold. All the insulation on the pipes had to be removed, the pipes had to be cleaned and the pipes will be reinsulated.



    WPCNR: When is it expected to be fixed? 


    Halbfinger:  Secondary treatment is expected in the next few days, but it will take at least a week for this biological process to start providing treatment.


     WPCNR: What was the delay in getting it fixed? What caused the delay?


    Halbfinger: We’re making steady progress, but the sheer size and scope of the work involved has been a tremendous undertaking by the Department of Environmental Facilities. The plant is about a half-mile long, and for most of this length, the basement was filled with water that had to be pumped out. 


    Then the basement had to be dried out. All of the pipes had to have their insulation removed, the salt water had to be washed from the pipe and then new insulation will be installed.


    We had 250 motors that had to be removed, repaired and reinstalled. It all takes time. Two 5,000 gallon tanks of polymer ruptured in the basement and that had to be cleaned up. It took time to get the needed parts and to make the repairs. And we’re in good company. Sewage treatment plants throughout the tri-state area have all been faced with similar problems.



    WPCNR: How many gallons of effluent were discharged for 15 days into the Hudson?  


    Halbfinger: We do not know the volume because the equipment that measures this was knocked out by the storm. However, we estimate that 120 million gallons was released the day of the storm, 100 million the day after, and 80 million gallons of partially treated sewage have been released daily since then.


     WPCNR: Was effluent treated?


    Halbfinger: Yes, from the time of the shutdown during the storm, the discharge was screened and treated with chlorine. This is called partial treatment. We are slowly getting back to normal. Since November 3, some of the settling tanks are back in business, and we have been removing sludge and organics from the waste water and trucking it away for disposal, as we did before the storm. This is called primary treatment.


     


     



     

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    President Obama will Visit Queens, Staten Island, Skipping Westchester

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    WPCNR THE POWER NEWS. November 13, 2012:


    WPCNR has learned that, as of Tuesday afternoon, President Obama is not scheduled to visit Westchester to view storm damage when he comes to New York City on Thursday.


     However, his ininerary could be changed.


     As of Tuesday afternoon, the President is expected to arrive shortly after 11 a.m. Thursday and visit the hard-hit areas along the Queens oceanfront where he will check on the recovery efforts and visit with storm victims. The President also is expected to journey to Staten Island to tour the devastated areas there. In all, President Obama’s visit to New York is expected to last about five hours.

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    Undetermined Amount of Untreated Raw Sewage Continues Streaming Into Hudson

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    WPCNR WATCH ON THE HUDSON. By John F. Bailey November 13. 2012:


    An unknown quantity of gallons of raw sewage still gushes non-stop into the Hudson River hour by hour from the Yonkers sewage treatment plant, the  Westchester County Department of  Health confirmed to WPCNR this afternoon.


    Caren Halbfinger, Director of  Public Information and Communication confirmed the Yonkers plant is undergoing repairs but the discharge of  undertimined scope has not been stopped had had no timetable at this time when it would be stopped and repairs made. 


    She said the damage to the Yonkers plant was as a result of  Hurricane Sandy but did not have details of the damage at this time and why it has taken 15 days to conduct repairs and the reason(s) for the delay.


     


     



     


     

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