02-06-2023  3:48 am   •   PDX and SEA Weather
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NORTHWEST NEWS

Portland Cop Fired for Leaking False Allegations Against City Commissioner Reinstated

Mayor Ted Wheeler fired Brian Hunzeker after he leaked a false complaint saying city Commissioner Jo Ann Hardesty had been involved in a hit-and-run crash.

Hundreds of Portland City Workers on Strike for Better Pay

Workers represented by the union Laborers’ Local 483 have been without a contract since June. Negotiations over a new four-year deal broke down in December

Washington State Gov. Inslee Tests Positive for COVID-19

He plans to continue working. Trudi Inslee, the first spouse, has tested negative.

Oregon BIPOC Caucus Calls for Action to Support Victims of Gun Violence

The Legislative Black, Indigenous, People of Color (BIPOC) Caucus has released the following statement in response to the tragedy at Half Moon Bay, CA that left seven dead and one person wounded, all of whom were people of color

NEWS BRIEFS

Market Features Work of Local Black-Owned Businesses for Black History Month

MESO Makers Market in Portland to feature the work of 40 local, Black-owned small businesses to celebrate Black History Month in...

The Seattle Public Library's Homework Help Program Expands to Eight Locations and Increases Hours

Homework Help, The Seattle Public Library’s free after school tutoring service, will add two locations and increase hours in...

County Seeks Community Needs Survey Responses From Residents

Clark County Community Services is asking residents who are low-income to complete a survey to help determine what resources and...

"Meet Me at Higo" Opens in the Level 8 Gallery of The Seattle Public Library's Central Library

The traveling exhibit from the Wing Luke Museum tells a fascinating community and family history about Seattle’s Japantown ...

NAACP Portland Calls for Justice With Community Prayer Vigil

Community leaders will hold a prayer vigil Tuesday, Jan. 31 at noon, to reflect on the tragic brutality that led to the death of Tyre...

US states take control of abortion debate with funding focus

LAWRENCE, Kan. (AP) — Though the Insight Women’s Center sits at the epicenter of a reinvigorated battle in the nation’s culture wars, the only hint of its faith-based mission to dissuade people from getting abortions is the jazzy, piano rendition of “Jesus Loves Me” playing in a waiting...

Arrest made in stolen yacht rescue, 'Goonies' fish incident

SEATTLE (AP) — A stolen yacht. A dramatic Coast Guard rescue. A dead fish. And the famed home featured in the classic 1985 film “The Goonies.” Combined, Oregon police called it a series of “really odd” events along the Pacific Northwest coast spanning 48 hours that concluded...

Jones scores 18, Southern Illinois tops Missouri State 73-53

CARBONDALE, Ill. (AP) — Lance Jones' 18 points helped Southern Illinois defeat Missouri State 73-53 on Sunday. Jones also added four steals for the Salukis (18-7, 10-4 Missouri Valley Conference). Troy D'Amico shot 5 of 6 from the field and 4 for 4 from the line to add 15 points....

DeVries and Drake earn 85-82 2OT win over Valparaiso

VALPARAISO, Ind. (AP) — Tucker DeVries scored a career-high 32 points and grabbed 11 rebounds and Drake beat Valparaiso 85-82 in double overtime on Saturday night. Roman Penn scored 16 points and added 12 rebounds and six assists for the Bulldogs (19-6, 10-4 Missouri Valley...

OPINION

Updates That May Affect Your Tax Season

The IRS released a statement that taxpayers should brace themselves for small tax refunds due to no economic impact payments ...

Unaffordable Rental Costs Now Plague 44 Million People in Every State Economic Inequality Places Most Risk of Eviction on Blacks and the Poor

For the first time in more than two decades of research, every state now has renters who are nearing a financial breaking point in housing affordability. ...

The Beating and Murder of Mr. Tyre Nichols, A Black Man

Time to Abolish the Criminal Injustice System ...

It's Time to Irrigate the Fallow Ground of Minority Media Ownership

In 2023, one aspect of civil rights and racial justice that barely remains addressed is racial inclusion in media ownership. ...

AFRICAN AMERICANS IN THE NEWS

DeSantis eyes 2024 from afar as GOP rivals move toward runs

DES MOINES, Iowa (AP) — Florida Gov. Ron DeSantis may be months away from publicly declaring his presidential intentions, but his potential rivals aren't holding back. No fewer than a half dozen Republicans eyeing the White House have begun actively courting top political operatives...

At Nichols' funeral, Black America's grief on public display

MEMPHIS, Tenn. (AP) — The sound of the djembe drums started as a low tremble and grew more distinct as the musicians drew closer to the hundreds gathered inside the Memphis church. “We love you, Tyre,” the drummers chanted, referring to Tyre Nichols, a 29-year-old Black man...

Arkansas Gov. Sanders to give GOP response to Biden address

WASHINGTON (AP) — Arkansas Gov. Sarah Huckabee Sanders will deliver the Republican address to the nation in response to President Joe Biden's State of the Union speech next week as the GOP seeks to show it's creating a new generation of leaders. House Speaker Kevin McCarthy and...

ENTERTAINMENT

Why is R&B music more explicit than ever? It’s complicated.

NEW YORK (AP) — Tank was nervous after sending his manager a preview of “When We” — he’d never released a song that explicit. “He’s like, ‘You’re crazy, but it’s jammin'!’” the R&B singer recalled. “It ended up being my biggest record ever.” Released in...

Gordy, Robinson honored at reunion of Motown stars

LOS ANGELES (AP) — The Temptations, the Isley Brothers and the Four Tops turned back time, singing and dancing as if in their prime at a reunion of Motown stars. The occasion was to honor Motown Records founder Berry Gordy and singer-songwriter Smokey Robinson for their musical...

'Knock at the Cabin' knocks off 'Avatar' at the box office

NEW YORK (AP) — For the first time in almost two months, the box office doesn't belong to blue people. After seven weeks as the top film in theaters, “Avatar: The Way of Water” was finally knocked out of the No. 1 spot by the M. Night Shyamalan thriller “Knock at the Cabin”...

U.S. & WORLD NEWS

Sports pitch for level playing field in cricket-mad Pakistan

ISLAMABAD (AP) — On Islamabad’s outskirts, burly men bind together in a scrum on a rugby pitch that has seen...

Sinema's split from Democrats shows party discord in Arizona

PHOENIX (AP) — Kyrsten Sinema won Democrats a U.S. Senate seat from Arizona for the first time in a generation...

Victims to speak in court in Chasing Horse's sex abuse case

NORTH LAS VEGAS, Nev. (AP) — Victims, police detectives and federal agents are expected to speak in court Monday...

North Korea party meeting set to discuss 'urgent' food issue

SEOUL, South Korea (AP) — North Korea has scheduled a major political conference to discuss the “urgent...

Kosovo PM calls on West not to put pressure over Serb entity

PRISTINA, Kosovo (AP) — Kosovar Prime Minister Albin Kurti called on Western powers not to pressure his tiny...

'Loophole' excuses WHO officials accused of misconduct

LONDON (AP) — A confidential U.N. report into the alleged missteps by senior World Health Organization staffers...

James O\'Toole CNN Money

NEW YORK (CNNMoney) -- New York attorney general Eric Schneiderman has filed suit against JPMorgan over the creation and sale of mortgage-backed securities during the housing bubble, alleging that bankers from the now-JPMorgan-owned Bear Stearns perpetrated "a systemic fraud on thousands of investors."

JPMorgan acquired Bear Stearns in 2008 at a steep discount in a deal backed by the government. At the time, regulators were attempting to prevent ailing Bear from touching off a panic on Wall Street.

Having acquired Bear Stearns, JPMorgan is now legally responsible for it. Schneiderman's lawsuit is a civil action and does not name individual bankers as defendants.

The suit, filed Monday, alleges that Bear misled investors into believing that its staff had carefully evaluated the quality of the loans making up the mortgage-backed securities it was selling. In fact, the suit claims, Bear "systematically failed to fully evaluate the loans, largely ignored the defects that their limited review did uncover, and kept investors in the dark about both the inadequacy of their review procedures and the defects in the underlying loans."

"Furthermore, even when Defendants were made aware of these problems, they failed to reform their practices or to disclose material information to investors," the complaint says.

The suit seeks the return of ill-gotten gains, as well as an unspecified total in damages and restitution. It claims that risky mortgage-backed securities issued by Bear Stearns in the years 2006 and 2007 alone suffered some $22.5 billion in losses.

Mortgage-backed securities are financial products comprising groups of mortgages pooled together and sold to investors. They played a central role in the financial crisis, as subprime mortgages began to fail in large numbers with the bursting of the housing bubble. This left banks and investors saddled with these so-called "toxic assets" and helped prompt the Wall Street bailouts.

JPMorgan spokesman Joe Evangelisti emphasized the lawsuit's focus on Bear Stearns, "which we acquired over the course of a weekend at the behest of the U.S. Government."

"We're disappointed that the NYAG decided to pursue its civil action without ever offering us an opportunity to rebut the claims and without developing a full record -- instead relying on recycled claims already made by private plaintiffs," Evangelisti said in an email. "We intend to contest these allegations."

Schneiderman was tapped earlier this year to lead President Obama's mortgage-backed securities task force, convened to investigate banks accused of packaging and selling bad mortgages in the years leading up to the financial crisis. A spokeswoman for Schneiderman declined to comment on whether similar actions were planned against other large banks.

The task forced was announced amid criticism of the government's failure to hold individuals from the financial sector criminally accountable in connection with the crisis. In the only major criminal trial to date stemming from Wall Street's role in the meltdown, a pair of former Bear Stearns hedge-fund managers were found not guilty in 2009 of falsely inflating the value of mortgage-backed assets in their portfolios.

JPMorgan shares fell 0.7% in after-hours trading Monday. Elsewhere in the sector, Bank of America fell 0.2%, Wells Fargo fell 0.3% and Morgan Stanley fell 0.2%.

 

MLK Breakfast 2023

Photos from The Skanner Foundation's 37th Annual Martin Luther King, Jr. Breakfast.