Inouye's Bank: Central Pacific woes mount, missed TARP loan payment
DEPOSITORS BE AWARE: Ron Migita, chairman and chief executive officer of Central Pacific Bank's parent company, disclosed during a conference call yesterday that the Federal Deposit Insurance Corp. and Hawaii Division of Financial Institutions reviewed the bank's financials in August and that he expects the bank will need to enter into a formal agreement with the two agencies requiring the company to address its asset quality, capital needs and liquidity.
The bank's stock plunged 35.3 percent, or 83 cents, to an all-time closing low of $1.52 yesterday. (Down another $0.20 = 13% loss by mid day today)
In addition, the bank deferred a $1.9 million interest payment owed last quarter to the U.S. Treasury for the $135 million it received in December as part of a federal bailout through the Troubled Asset Relief Program, or TARP. (Thanks, Dan Inouye, but we're not going to pay it back...)
RELATED INFORMATION: After Call From Senator Inouye’s Office, Small Hawaii Bank Got U.S. Aid
CPF Stock Chart: LINK (Did Inouye sell his shares when CPF stock ran up after obtaining the TARP loan?)
TARP Lobbying, new regs: New Treasury Guidelines Prohibit Congressional Lobbying on TARP
Lingle says teachers could take pay cuts instead of furloughs
The governor said schools could request exemptions from the school board to increase instruction time or convert waiver and planning days to instruction days. She also said the Department of Education, the school board and the teachers union could reopen contract talks and agree to a 5 percent pay cut instead of furloughs.
Lingle dismissed calls by some state lawmakers and educators for a special session to tap the state's hurricane relief fund to offset teacher furloughs. The governor, like state House Speaker Calvin Say, D-20th (St. Louis Heights, Palolo Valley, Wilhelmina Rise), said education spending should be dealt with next session in the larger context of the state's $1 billion budget deficit through June 2011.
Furlough case to be heard sooner
Two lawsuits seeking to stop Furlough Fridays at public schools will be heard two days earlier than planned next week in U.S. District Court....Ezra's staff said yesterday that the court date was changed to accommodate the schedule of one of the attorneys, who had a conflict on Nov. 5.
States set testing bar too low, U.S. official says
A Hawaii Department of Education official said the state's proficiency tests in math and reading are among the toughest in the nation.
(Why would that be? More failure = more money for DoE. The DoE is the natural result of a system which rewards failure.)
Train wreck ahead: Mayor willing to delay groundbreaking of Honolulu rail-transit project
The mayor is willing to "push back our groundbreaking schedule for at least another month to allow the appropriate federal, state and community organizations to cross the T's and dot the I's, (Mufi, you're RR is still gonna get sued, there is absoultely nothing you can do to stop tha) to bring to fruition what House transportation and infrastructure chair Congressman Jim Oberstar has described as 'the most exciting transportation project in the nation,'" Hannemann said in prepared remarks before today's 1:30 p.m. address.
(Better look up Oberstar's campaign contributions, too.)
Photo gallery: State of the Rail
PDF: Full text of mayor's speech
SB: 30-day rail delay a minor matter, Hannemann says
Delusion: Hawaii creates nearly 1,200 jobs with federal stimulus funds
Reality: Stimulating unemployment: Hawaii loses 17,000 jobs
Obamanomics math: 17000 / 1200 = 14.2 jobs lost for every one created
SB: City should avoid radical tax breaks
Hannemann met with Council Chairman Todd Apo, who had opposed a separate tax category for owner-occupants.
"He wanted to explain to me face to face how important this was and that it was enabling legislation, not implementing legislation," said Apo, who ended up being the swing vote in the 5-3 vote approving it.
The measure keeps the issue alive for further property tax rate review when the city budget process occurs in March.
Those voting against the measure accused Hannemann of manipulating the Council.
"I hope it has got nothing to do with a compromise on the landfill or the rail," grimaced Councilman Romy Cachola, referring to the 20-mile rail transit project. "I know there are things behind this."
RELATED: Djou: Homeowners' property tax vote "typical disgusting City Hall politics"
Bias on display: Good news for Djou sends columnists into apoplectic fits
Print editions of the Advertiser have given zero coverage to the 3Q congressional campaign results which show Charles Djou leading the next nearest competitor 2-1. The raw hatred shown in some of these columns gives a pretty good clue as to the reason--fear:
Shapiro: A low bar for Djou
Burris: Excitement on the Congressional front?
Antidotes: CQ Politics: Djou is "best candidate in a decade" -- district no longer "safe" for Dems , Congressional fund race: Djou leads more than 2-1
Drive a liberal pundit nuts>>> www.Djou.com
Honolulu police chief list down to 13
According to several sources close to the search, other candidates still under consideration are assistant chiefs Randy Macadangdang, Debora Tandal and Delbert Tatsuyama, Maj. Mark Nakagawa and Capt. Louis Kealoha, as well as retired officer and federal Drug Enforcement Administration officer Thomas Aiu and retired captain and former state Sheriff John Lum.
One source close to the situation identified Tandal, Kealoha and Aiu as the leading candidates.
Pflueger Ka Loko $ettles out of court, terms sealed
A global settlement of multiple Kaloko Dam lawsuits was announced today in Circuit Court Judge Kathleen Watanabe's courtroom, but the entire settlement is under seal and no public document was filed with the court.
Attorney Bert Sakuda, spokesman for several plaintiffs' attorneys representing the families of those killed in the dam breach, said the group hadn't agreed on a joint statement about the settlement and would not be issuing individual statements.
Attorney Ken Robinson, a private attorney representing the state of Hawaii in the cases, said the state's portion of the settlement will eventually be made public when presented to the state Legislature next session.
Pflueger will face the criminal charges beginning in April.
SB: Ka Loko settlement is reached
Hawaii County workers agree to furloughs
The county's contract with the Hawaii Government Employees Association ratified earlier this month includes up to 18 furlough days for the fiscal year that ends June 30 and up to 24 for the fiscal year that begins July 1.
The 1,002 employees represented by HGEA comprise less than half of the county's 2,717 employees. Police and firefighters are operating under contracts that give them raises worth $3.7 million next year. Negotiations are ongoing at the state level with United Public Workers, another union representing county workers.
Kenoi predicts a $44.8 million budget deficit for the fiscal year that starts July 1, based on $33.8 million less in projected revenues and $11 million more in projected expenses.
Employment expenses account for 65 percent to 70 percent of the county's operating budget. (Much of the rest goes to crony contractors.)
That shortfall could rise to $64 million if the state -- as it indicates it may do-- holds onto the county's $17.9 million share of the Transit Accommodations Tax on hotel rooms to balance its own budget.
(just imagine what it will be in Honolulu)
"Strategy" session: Kaua‘i hosts state’s mayors
All four mayors also spoke of the importance of working together to, as Kenoi put it, “amplify our voices.”
“This is the first time I’ve had this kind of relationship where all four mayors work together,” said Hannemann, mayor on O‘ahu since 2005.
Regarding the mayors’ own negotiations with the United Public Workers, Hannemann said talks are ongoing, and Carvalho said the four often discuss “strategy.”
ADV: Hawaii must unite in pandemic flu efforts
Fears that the vaccine is dangerous are overblown and unwarranted. The vaccine has been rigorously tested and is safer than contracting the virus, health experts say.
Hawaii Legislature, 2006: Thimerosal Veto: Saving Vaccines from Trial Lawyers
HUD takes action against Honolulu reverse mortgage lender
HUD says its review board was particularly concerned about one case in which Financial Mortgage USA steered an 88-year-old borrower into purchasing an annuity which would not mature until she reached her 104th birthday.