The states banking landscape is already pretty crowded, with a few giant players slugging it out with roughly 200 community banks and dozens of credit unions.
State and industry officials will meet Tuesday to begin discussing whether a big new player should enter this fray. This institution already has a massive revenue stream, and is not without political connections. Of course, it also has a few financial issues that could complicate things just a bit.
Dont worry. The Commonwealth of Massachusetts probably wont be sticking its logo on ATMs or branch signs anytime soon. But theres a real possibility that the ad hoc commission that convenes Tuesday could pave the way for the creation of a state-owned bank one that would be only the second of its kind in the nation.
The goal of a state-owned bank, from the Legislatures perspective, would be to ensure that loans are accessible to the businesses and individuals who need them. That access, in turn, would hopefully help accelerate the economic recovery.
Thats the idea, at least. Senate President Therese Murray started pushing the concept of a commission to study a state-owned bank in early 2010. By August, lawmakers carved this new commission into state statute as part of a broader economic development bill. The law required that the panel of 20 members be created within three months, and report back in a year. The first deadline has long since been blown, making the second deadline much harder to reach.
When the commission assembles for the first time, all eyes will be on North Dakota home to the countrys only state-owned bank. Its easy to see why Murray found North Dakotas success story appealing. The state has remained largely untouched by the ravages of the recent recession. Its lowest-in-the-nation jobless rate was an impeccable 3.6 percent in March, compared to a mediocre 8 percent here in Massachusetts.
Bank of North Dakota isnt your typical neighborhood bank. You cant just open a checking account or buy a CD with BND. No toasters for joining. No lollipops or doggie treats when you walk in the door. But the bank does act as a key backstop for commercial lending, makes it easier for students to get loans they need for school, provides financial backing for home loans, and helps farmers sustain and grow their operations.
More than one-third of this new commissions members are bank executives. Despite the skepticism in the banking community when Murray first floated the concept, these executives say theyre going into the process with an open mind.
Most would agree with Joe OLeary, a senior vice president with Flagstar Bank. OLeary says theres no need to create a state-backed bank that would duplicate the main functions of the states numerous community banks. But some services performed by BND, he says, are worth considering. He also says it would be important to ensure that loan recipients are picked based on their creditworthiness, not their political pull.
Bank of North Dakota generated a $62 million profit last year. But Reading Co-operative Bank CEO Julie Thurlow says shed caution other commission members against expecting a return on the investment overnight. It would be unrealistic, she says, to expect this bank to be any sort of solution for the state governments current budget woes.
Dick Gavegnono, CEO of East Boston Savings Bank, wouldnt argue with Thurlow on that point. But Gavegnono also says a plan for a state-owned bank should be aimed at making that bank self-sustaining as quickly as possible, as long as it has skilled professionals at the helm to assess borrowers creditworthiness. You cant just hit a button and send millions out the door without expecting to recover that money and then some in a reasonable timeframe.
Like most local bank CEOs, Century Bank CEO Barry Sloane doesnt see a reason to be alarmed about the current supply of loans in the area. Even as big national banks retrenched to lick their subprime-inflicted wounds, most Massachusetts community banks continued to grow their loan portfolios. Sloane says Century Bank, one of the largest community banks in the state, consistently expanded its lending levels each year throughout the recession.
None of these thoughts will come as a surprise to Division of Banks Commissioner David Cotney, co-chairman of the new commission. Cotney says the panel will also evaluate the states existing quasi-public lending agencies such as MassDevelopment and MassHousing as well as programs that use money controlled by the Treasurers office and the state pension fund.
Even if the commission decides a state-owned bank is a waste of time or resources, at least it will have tried to answer important questions about the role state government should play in helping inject some life into a sluggish, uncertain economy. After all, a 3.6-percent unemployment rate sure does look appealing right about now.
#6
When the property bubble collapsed in the 80s, state chartered banks and the state's that chartered them couldn't cover the loses, so we had a big bailout back then of non-FDIC institutions by the federal government. We were feed nightly scenes of Ma and Pa little farmer losing his homestead. Of course no one cared to point out that Ma and Pa had leveraged their holdings to play property speculation. One of the bad decisions during the Reagan administration. Remember history is only as long as you can remember as obviously demonstrated by this return to the game.
ARLINGTON, Va. (Army News Service, April 27, 2011) -- Soldiers are now able to obtain their citizenship faster than ever during a time of war, and may soon see United States Citizenship and Immigration Services personnel at their basic combat training location.
Soldiers looking to apply for citizenship can now do so during basic combat training and at a faster clip than they have been able to in the past. In addition, United States Citizenship and Immigration Services, or USCIS, officers may become a permanent fixture at places like Fort Jackson, S.C., officials said.
"If everything continues to align properly, we are aiming to have personnel at Fort Jackson soon and have been coordinating with the Army to have USCIS officers permanently stationed there," said Chris Rhatigan, spokeswoman for the USCIS. "We will no longer have to send our personnel [temporary duty] there and this will also open up opportunities for foreign national spouses and families of servicemembers."
The program, originally implemented in August 2009, allows recruits to apply for citizenship and start the application process during their basic combat training, said Capt. Carol Stahl, senior analyst for Recruiting and Retention, Army G-1.
"The Army has offered an expedited naturalization process for Soldiers for some time, however, since we have been at war for as long as we have, it was decided to allow Soldiers to begin the application process during their basic combat training rather than make them wait until they get to their first duty station," Stahl said.
USCIS personnel trek out to five Army basic combat training posts at least twice a week to administer the naturalization application process, Rhatigan said. Currently, they visit Fort Benning, Ga., Fort Jackson, Fort Knox, Ky., Fort Leonard Wood, Mo., and Fort Sill, Okla.
About 1,000 Soldiers were naturalized during basic combat training in 2010, according to USCIS statistics.
"While this program streamlines the process for servicemembers, it also smooths out the process for USCIS personnel," Rhatigan said. "We have offices in 29 different countries and we send teams to where the military serves, all over, including Guard and Reserve units."
The process takes several steps during basic combat training, Rhatigan said. USCIS officers start initial processing and mobile fingerprinting up front, the Soldier goes back to basic training and studies for the test. Upon passing the test and completion of basic combat training, newly trained Soldiers are ready to become naturalized American citizens.
"It really was a win for everyone because the Soldier gets his or her application processed faster, the Army potentially gets a naturalized citizen and the USCIS doesn't have to fly to war zones to collect fingerprints and administer the associated tasks," Stahl said.
More than citizenship is forged when the naturalization application process is initiated during basic combat training.
"While troops bond as warriors, they also bond as one citizen to another who will become an American," Rhatigan said. "Oftentimes troops support each other and will help applicants study for their exam and then show up to naturalization ceremonies to support their new buddies and fellow Americans."
Rhatigan stressed that just because a recruit is in the Army does not mean he or she is not subject to the same scrutiny that all other applicants are under during the application process.
"Depending on how old an individual is, they could have lived in several different countries and that may take a little longer to investigate," she said. "But it is a commitment on the USCIS's behalf to come on post at least twice a week to collect paperwork."
While the USCIS still holds naturalization ceremonies in theater, having just completed one in Afghanistan, the efforts remain on naturalizing Soldiers upon completion of their basic combat training, Rhatigan said.
"I think this is a great service we provide and we have worked very closely with the Department of Defense to make it happen. These are exceptional men and women and they deserve the best," she said. "For us, it allows us to go right to the training base and allows a servicemember to complete their basic combat training as a U.S. citizen. That opens up all kinds of doors for them."
Both Rhatigan and Stahl agreed the naturalization ceremonies held during family days at training bases are ones they won't likely forget.
"I have been to ceremonies at Fort Sill and Fort Jackson and you have this dynamic of families and troops present, and it just gives you goosebumps it is so moving," Rhatigan said. "The families are cheering, their fellow troops are cheering them on, people just really connect with this and it comes at a great time because all the work they put in to become a citizen culminates at the end of all the work they do to become a Soldier."
"It is amazing to see Soldiers receive their citizenship," Stahl said. "They walk around with a permanent grin they are just so proud. It is simply amazing."
DEPARTMENT OF DEFENSE
HEADQUARTERS REGIONAL COMMAND-SOUTH
COMBINED JOINT TASK FORCE-10
KANDAHAR AIRFIELD, AFGHANISTAN, APO AE 09355
April 29. 2011
Team RC-South,
Today marks the beginning of a new era for the United Kingdom and the British royal Family as his Royal Highness Prince William of Wales weds Mr. Catherine Middleton. Please join me in congratulating the new couple and the British people on the occasion of this happy event.
This event brings together two cherished and enduring institutuoins: thata of the royal Family and holy matrimony. The British monarch dates back the reign of Ebgert, King of Wessex, in 802, while the institution of marriage is enshrined in the canons of all the world's major religions.
As the people of the United Kingdom celebrate this addition to their royal Family, please take a moment to reflect on and appreciate the relationships we have formed in our own international Family here at Regional Command-South. May our combined efforts this spring sow seeds of hope and security for the people of Afghanistan and serve as worthy wedding gift to the royal couple.
Climb to Glory!
ORIGINAL SIGNED
James L. Terry
Major General, USA
Commanding
ORIGINAL SIGNED
Christopher K. Greca
Command Sergeant Major, USA
Command Sergeant Major,
[Al Jazeera] Members of a special army unit controlled by Laurent Gbagbo ... Former President-for-Life of Ivory Coast from 2000 to 2011. Laurent lost to Alassane Ouattara in 2010 but his representtive tore up the results on the teevee and he refused to vacate the presidential palace. French troops assisted the Oattara forces in extricating him from his Fuhrerbunker... , Ivory Coast's former president, are the leading suspects in the kidnapping of four foreigners earlier this month in Abidjan, the country's justice minister has said.
"An investigation has been launched over the kidnapping," Jeannot Kouadio Ahoussou said on Saturday. "There are several leads, the most serious being elements of the Elite Republican Guards," he said, referring to the elite army squad.
The four foreigners - two French, a Beninese and a Malaysian - were seized from Abidjan's Novotel Hotel on April 4 by gunnies.
They were taken at the height of the political crisis sparked by Gbagbo's refusal to step down following the November 28 elections against rival Alassane Ouattara, ...the current president-for-life of Ivory Coast. He actually beat his predecessor in an election before having to eject him from the presidential palazzo.... the internationally recognised winner.
House arrest
Gbagbo was eventually placed in durance vile by forces loyal to Ouattara on April 11 and is now under house arrest in the northern Korhogo town.
Authorities have said preliminary investigations have been launched against Gbagbo for crimes by his government.
After months of failed diplomacy, pro-Ouattara former rebels from the north launched an offensive in late March, seizing swathes of territory before becoming bogged down in urban combat.
UN and French forces intervened to destroy Gbagbo's heavy weapons in an operation that provided Ouattara forces the breakthrough they needed, ending a crisis that left well over 1,500 people dead and forced one million from their homes.
Thousands of people who decamped their homes during the post-election violence now say they too afraid to return home.
Posted by: Fred ||
05/01/2011 00:00 ||
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The Russian Energy Ministry has halted the exports of refined petroleum products for May, 2011, since the country has run out of fuel in some regions.
Since Prime Minister Vladimir Putin ...Second President of the Russian Federation and the first to remain sober. Because of constitutionally mandated term limits he is the current Prime Minister of Russia. His sock puppet, Dmitry Medvedev, was installed in the 2008 presidential elections. Putin is credited with bringing political stability and re-establishing something like the rule of law. During his eight years in office Russia's economy bounced back from crisis, seeing GDP increase, poverty decrease and average monthly salaries increase. During his presidency Putin passed into law a series of fundamental reforms, including a flat income tax of 13%, a reduced profits tax, and new land and legal codes. Under Putin, a new group of business magnates controlling significant swathes of Russia's economy has emerged, all of whom have close personal ties to Putin. The old bunch, without close personal ties to Putin, are in jail or in exile... suggested that pump prices be restrained in February, the oil situation in Russia has entered a period of crisis, and fuel companies have sought higher prices in other countries, The Moscow Times reports.
"I think that in May we must satisfy our own demand with the help of export cutbacks. As of today we have made an agreement that oil companies will deliver all volumes [of gasoline] to the domestic market," Deputy Energy Minister Sergei Kudryashov said at an emergency meeting with oil companies.
The amount of Russian petrol exported by rail in the first three months of this year rose to be 40 per cent higher than it was in the same period last year, which, in turn, caused the fuel stations in some parts of the country, including St Petersburg, to start running dry.
Officials have reported scenes of "panic" at filling stations in the Tomsk, Belgorod and Voronezh regions in western Russia, which have been hardest hit by gasoline shortage.
Russia is quite well-known for its exports of crude oil, but in terms of refined oil, the country lacks fame.
Russia exported only about three million tons of refined oil products in 2010 -- a fraction of total oil and gas exports, which are mostly made up of unrefined products.
The Energy Ministry said in a statement Thursday that supplies had been restored in the Altai region, but shortages have also been felt in Lipetsk, Kemerovo and Tula, where supplies of high octane gasoline are down to three to five days, the ministry said.
Other affected regions include Novosibirsk and Sakhalin. It has also been reported that some fuel blends had begun to run out in Smolensk on Thursday.
Oil companies have blamed the shortages on government support for car sales, which resulted in a boom of 1.91 million units sold in 2010, up 30 per cent on 2009, and a simultaneous policy of suppressing gasoline retail prices.
Rosneft and LUKoil -- Russia's two largest oil producers -- plan to set up corporate structures for Arctic transit and offshore exploration projects by August 1 as the companies seek to maintain output.
Posted by: Fred ||
05/01/2011 00:00 ||
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#1
The last time I checked, Russia is second only to Saudi Arabia in the amount of crude oil it pumps. Russia does use a great portion of its production, unlike SA.
Roughly 2,000 students have to decide by Sunday whether to accept a spot at Harvard. Here's some advice: Forget Harvard. If you want to earn big bucks and retire young, you're better off becoming a California prison guard.
The job might not sound glamorous, but a brochure from the California Department of Corrections and Rehabilitations boasts that it "has been called 'the greatest entry-level job in California'and for good reason. Our officers earn a great salary, and a retirement package you just can't find in private industry. We even pay you to attend our academy." That's rightinstead of paying more than $200,000 to attend Harvard, you could earn $3,050 a month at cadet academy.
It gets better.
Training only takes four months, and upon graduating you can look forward to a job with great health, dental and vision benefits and a starting base salary between $45,288 and $65,364. By comparison, Harvard grads can expect to earn $49,897 fresh out of college and $124,759 after 20 years.
As a California prison guard, you can make six figures in overtime and bonuses alone. While Harvard-educated lawyers and consultants often have to work long hours with little recompense besides Chinese take-out, prison guards receive time-and-a-half whenever they work more than 40 hours a week. One sergeant with a base salary of $81,683 collected $114,334 in overtime and $8,648 in bonuses last year, and he's not even the highest paid.
#1
Yup, the California Correctional Peace Officers Assn. (prison guard union) is one of the strongest and politically connected public unions in California.
#2
Tipper that was a good find. Around here Federal Corrections are the best. The work is not for everyone. Usually irregular shift work, Fewer officers per inmate. Then the high divorce rate.
The strong union could address some of those issues. Many of the inmates have it better on the inside than they ever had it outside. Corrections rely on high tech more and more. Then for inmates to survive you got to stay with you own kind. No rehab so recidivism rates have to be very high.
#3
Even in California recent polls are showing the voters are willing to take on the unions, although the [politicians aren't close to that point. Nonetheless, in the end no unionized government job is going to have anything near the pay and perks they do now.
#4
Yokay, I'll bite, is it just me or is the California DOCR + Sacramento trying hard not to say they expect the current illegal immigration bubble into CA vee over-the border, Cartels-led violence to MASSIVELY EXPAND = EXPLODE IN THE NEAR-TERM???
[KURT RUSSELL + ESCAPE FROM NEW YORK/LOS ANGELES here].
Silver is moderating, though. Still under $50. The silver cartel plays by very different rules than the gold cartel. However, for decades silver has tracked gold. But suddenly, the two charts are no longer aligned.
#3
Unless I am much mistaken, worse is on its way in the near term.
The US dollar has been sliding for a while. Silver is up 150% + in the last year.
This has the hallmarks of a monetary/sovereign debt crisis. Was it Ron Paul who wanted to audit the Fed? A Fed audit might be a good idea.
Has anybody read The Thing From Jeckyll Island? I have not but have heard a lot about it.
I think hard times might be ahead. If you are living in the US, don't worry but get out of US dollars and into anything else: australian corporate debt is firing right now, soft commodities like wheat/soy/rice.
Rising interest rates are an enemy of gold ONLY when they rise at a greater rate than inflation eats away at paper dollar savings.
If interest rates are 15% but paper dollars lose their purchasing power at a rate of 17% then gold should rise in real terms as people protect their assets.
Economically a weak US dollar can help the US in terms of making exports more competitive. That would give manufacturing a boost and help businesses create jobs.
It makes imports more expensive, cutting consumption and at the same time boosting jobs as people find it cheaper comparatively to buy US-made goods.
I remember when the Australian dollar was only worth US50c. We survived. I managed even to travel to the US. Now our dollar is well past parity at US$1.07 and many Aussies are struggling.
So don't worry too much with a devalued dollar just protect your savings!!
And start buying local... and defer overseas travel.
One last thought: When central banks sold all their gold it was $250-$450 per ounce. They picked the bottom to sell. What does that tell you about the economic brains behind central banks?
Now they are buying. Could this mark the top of the gold market? Not until Time magazine has gold on the cover.... and says it's a new era.
#4
Thank you most kindloy for that insightful piece anon1. Ms. Besoeker and I have not traveled in a couple of years. I was surfing overseas vacation sites just yesterday for a potential European trip when I return to the States. The costs of overseas hotels and travel in USD is absolutley staggering. Maybe we'll spend a few weeks up in to Door County instead, ha.
Posted by: Frank G ||
05/01/2011 11:08 Comments ||
Top||
#8
anon1, I haven't read The Creature from Jekyll Island, but I did listen to the one-hour synopsis presented by the author. He's an engaging speaker and the story - of the Fed's birth in 1910 - is horrifying. Unbelievable - yet, I believe it. No wonder they skip over this period of US history in skool. What we're seeing now is the whole charade coming apart.
#11
What does that tell you about the economic brains behind central banks?
Everything I needed to know about 'economic brains,' their over-inflated reputation, and their extreme arrogance, I learned when the housing bubble popped.
#12
On the contrary Anguper - they understand economics very well - you don't get to that level by being stupid.
It's just that their *goals* are different from ours. We are assuming that they want to reign in oil prices and the price of everything else. It isn't - it's just the opposite.
During the Clinton Administration [Robert Rubin, Sir Alan Greenspan and Lawrence Summers] between 1.3 and 1.5 million 400 oz tungsten blanks were allegedly manufactured by a very high-end, sophisticated refiner in the USA [more than 16 Thousand metric tonnes]. Subsequently, 640,000 of these tungsten blanks were gold plated and shipped to Ft. Knox.
The balance of this 1.3 million 1.5 million 400 oz tungsten cache was then allegedly sold into the international market, when the central bank "gold dumps" happened. Much of it ended up in Hong Kong.
Then in 2004, the Manhattan, New York, district attorney's office began an investigation of the office of the NYMEX Senior Vice President of Operations, who is responsible for retaining smelter and serial number records of all gold that passes through the exchange. That senior VP then disappeared and has not been seen again.
About the same time NM Rothschild & Sons Ltd., the London-based unit of investment bank Rothschild [ROT.UL], withdrew from gold trading.
And at the same time, the London Gold ETF, GLD, was established to purposefully deflect investment dollars away from legitimate gold pursuits and to create a likely destination for many of these salted tungsten bars where they would never see the light of day.
Then the FED got involved, creating a similar means to have fake gold bars permanently quarantined, while retaining the imaginary value of them as if they were pure gold.
But all of this has resulted in an international game of "gold, gold, who's got the gold?"
Medvedev set to defy pact with prime minister Vladimir Putin and seek second term, claims prominent politician
President Dmitry Medvedev is pushing to extend his tenure in the Kremlin against the wishes of Russia's powerful prime minister, Vladimir Putin, a senior politician from the country's ruling party has told the Guardian.
Konstantin Zatulin, a prominent MP with United Russia, which dominates parliament and is headed by Putin, said Medvedev's allies were waging a campaign to undermine the prime minister behind a public facade of unity between the two men.
Until recently it was widely assumed that Medvedev would not run in presidential elections next March, so that Putin could return to his old job and serve two more terms to 2024. Most analysts had presumed that Putin would put himself forward while Medvedev would bow out meekly after a single term.
However, Zatulin said in an interview that the president's aides were jockeying to keep him in the Kremlin by eroding Putin's support in parliament. "Medvedev wants to stay, he has broken the agreement and now Putin will have to persuade him to back off," he said.
A multi-volume chronology and reference guide set detailing three years of the Mexican Drug War between 2010 and 2012.
Rantburg.com and borderlandbeat.com correspondent and author Chris Covert presents his first non-fiction work detailing
the drug and gang related violence in Mexico.
Chris gives us Mexican press dispatches of drug and gang war violence
over three years, presented in a multi volume set intended to chronicle the death, violence and mayhem which has
dominated Mexico for six years.
Rantburg was assembled from recycled algorithms in the United States of America. No
trees were destroyed in the production of this weblog. We did hurt some, though. Sorry.
...Second President of the Russian Federation and the first to remain sober. Because of constitutionally mandated term limits he is the current Prime Minister of Russia. His sock puppet, Dmitry Medvedev, was installed in the 2008 presidential elections. Putin is credited with bringing political stability and re-establishing something like the rule of law. During his eight years in office Russia's economy bounced back from crisis, seeing GDP increase, poverty decrease and average monthly salaries increase. During his presidency Putin passed into law a series of fundamental reforms, including a flat income tax of 13%, a reduced profits tax, and new land and legal codes. Under Putin, a new group of business magnates controlling significant swathes of Russia's economy has emerged, all of whom have close personal ties to Putin. The old bunch, without close personal ties to Putin, are in jail or in exile...
