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August 02, 2010 - Image 1

Resource type:
Text
Publication:
Michigan Daily Summer Weekly, 2010-08-02

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Ann Arbor, MI ONE-HUNDRED-TWENTY YEARS OF EDITORIAL FREEDOM Weekly summer Edition

NEWS
Polling stations to
relocate on campus
Voting stations in Univer-
sity residential halls will be
removed for security.
>> SEE PAGE 2
OPINION
The right choices
for city government
The Daily endorses candi-
dates for mayor and council-
members for Wards]1, 4 and 5.
>> SEE PAGE 4
ARTS
All is right at the
Michigan
As lesbian couple, Moore
and Bening stand out in "The
Kids Are All Right."
>> SEE PAGE 9
SPORTS
'M' boasts talented
running back group
Young backs show promise
after the departures of Minor
and Brown.
SEE PAGE 12
INDEX
VotC<XX, No. 146 @2010 The Michigan Daily
mlchigandailyxcom
NEWS .................... 2
OPINION ...............................4
CLASSIFIEDS......................... 6
SUDOKU.......................... 8
ARTS ................9
SPORTS ..............11

Yousef Rabhi speaks with Ann Arbor resident Dylan Manna (right) on a stop during his campaign for washtenaw County Board of
commissioners.
'U'student canvasses
for county office seat

ALUMNI
SEC alleges
University
donor fraud
Charges filed with court
against Samuel Wyly
for insider trading
By KYLE SWANSON
Daily News Editor
A prominent University donor
is facing serious scrutiny from the
Securities and Exchange Commis-
sion after questions have surfaced
about the legality of several of his
investment practices and transac-
titans.
According to documents filed
with the Federal District Court in
Manhattan, University alum Samuel
Wyly and his brother, Charles, are
at the center of an SEC investiga-
titn. The SEC's complaint filed with
the court alleges insider trading and
securities fraud at companies where
the Wylys served on the boards of
directors.
Samuel Wyly is a notable figure
on the University's campus, having
donated $10 million in 1997 to help
build the Business School's Sam Wyly
Hall - a facility that cost approxi-
mately $20 million to construct. At
the time, the gift was the largest ever
given by a donor to the school for
facility construction.
The SEC is alleging that, through
an extensive financial network in the
Caymen Islands and Isle of Man, the
Wyly brothers were able to sell more
than $750 million in stocks from four
publicly traded corporations where
they sat on the companies' boards
of directors. Additionally, SEC offi-
cials say the two brothers engaged in
See FRAUD, Page 8

Yousef Rabhi sets
sights on County Board
of Commissioners
By DYLAN CINTI
Daily StaffReporter
A community activist since pre-
school, LSA senior Yousef Rabhi is
no stranger to door-to-door cam-
paigning. Having canvassed for
current city council members Mike
Anglin (D-Ward 5) and Steven
Kunselman (D-Ward 3) in heavily

student-populated neighborhoods,
Rabhi decided to throw his hat into
the ring this year.
The 21-year-old is vying for
a spot on the Washtenaw Coun-
ty Board of Commissioners - a
group whose present members
range in age from late 30s to early
60s. Rabhi, who is running as a
Democrat in the County's 11th dis-
trict, will face three challengers
in tomorrow's state primary elec-
tions.
Among his challengers are
Mike Fried, a former chief admin-
istrator for the Wayne County
Prosectuor's office, and LuAnne

Bullington, a former computer sdr-
vices worker, according to an arti-
cle in AnnArbor.com.
Despite the competition, Rabhi
said he's very optimistic about his
chances.
"All signs point toward victo-
ry," Rabhi said in an interview with
The Michigan Daily on Saturday.
Since announcing his candi-
dacy in January, Rabhi said he has
built up a considerable base of sup-
port among local politicians and
organizations.
In addition to the public
endorsements of three current city
See ELECTIONS, Page 8

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