07-05-2020  8:02 pm   •   PDX and SEA Weather
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NORTHWEST NEWS

Portland Black Community Frustrated as Violence Mars Protests

Black leaders condemn violence from small group of mostly-white activists as Rose City Justice suspends nightly marches

Protester Dies After Car Hits Two on Closed Freeway

Summer Taylor, 24, of Seattle died and Taylor and Diaz Love of Portland were injured. The driver, Dawit Kelete has been arrested

Police Union Contract Extended, Bargaining to Continue

Negotiations will resume in January 2021.

Inslee Heckled Off Stage During Tri-Cities Appearance

Speaking outdoors in Eastern Washington, the governor was repeatedly interrupted by hecklers as he urged residents to wear masks to prevent the spread of the coronavirus.

NEWS BRIEFS

Trump Blows His Twitter Dog Whistle on America’s Fair Housing Policies in the Suburbs

The president could be Tweeting on unemployment or COVID-19 infections but instead pushes housing discrimination ...

Zeta Phi Beta Sorority Awards Historic $100,000 Founders' Centennial Scholarship

Zeta celebrates 100 years with largest single recipient scholarship awarded by a historically Black Greek-lettered sorority or...

Nominations Being Accepted for the Gladys McCoy Lifetime Achievement Award

Gladys McCoy Lifetime Achievement Award was established in 1994 to honor Multnomah County residents who have contributed outstanding...

Shatter, LLC Launches to Elevate Diverse Voices in Progressive Politics

A collaboration of leading female political strategists aims to fill a void in the world of political consulting ...

New Director Takes Helm at Oregon Black Pioneers

In its 27-year history, the organization has never had an executive director, and has expressed confidence and optimism in Zachary A....

Protester killed on Seattle freeway was dedicated to cause

SEATTLE (AP) — A person killed Saturday when a man who drove his car onto a closed Seattle freeway and into a crowd protesting police brutality was remembered Sunday as someone who was dedicated to the cause. The other person hit in the incident, meanwhile, remained in serious condition...

Police: Men yelled racial slurs at Black family in Oregon

LINCOLN CITY, Ore. (AP) — Seven men were arrested after police say they taunted a Black family by yelling racial slurs and using Nazi salutes during a Fourth of July incident in an Oregon beach town.The men challenged police to a fight when officers arrived to the beach in Lincoln City and...

Iowa defensive back Jack Koerner hurt in jet ski accident

IOWA CITY, Iowa (AP) — Iowa defensive back Jack Koerner sustained serious injuries when he and a passenger on a jet ski collided with a boat on the Lake of the Ozarks in Missouri.According to a police report, Koerner and Cole Coffin were hurt at about 6:30 p.m. Friday when their watercraft...

Missouri football program pushes again for racial justice

COLUMBIA, Mo. (AP) — Ryan Walters had just arrived at the University of Missouri to coach safeties for the football program when a series of protests related to racial injustice led to the resignations of the system president and the chancellor of its flagship campus.The student-led movement...

OPINION

Editorial From the Publisher: Vote as Your Life Depends on It

The Republican-controlled Senate won’t pass the George Floyd Justice in Policing Act, no matter how hard Oregon’s senators and others work to push for change. ...

Banana Republic or Constitutional Democracy? The US Military May Decide

Will the military, when and if the chips are down, acts in accord with the Constitution and not out of loyalty to its commander-in-chief? ...

To Save Black Lives, and the Soul of Our Nation, Congress Must Act Boldly

For too long, Black people in America have been burdened with the unjust responsibility of keeping ourselves safe from police. ...

Racial Inequalities - Black America Has Solutions; White America Won't Approve Them

The problem is we have to secure approval of the solutions from the people who deny the problem's existence while reaping the benefits from it. ...

AFRICAN AMERICANS IN THE NEWS

'Lift Every Voice and Sing' hymn ignites hope across nation

LOS ANGELES (AP) — The Black national anthem was born more than a century ago, but the popular hymn within the African American community called “Lift Every Voice and Sing” has resurrected a beacon of hope during nationwide protests.In recent weeks, countless rallies were held...

Police: Men yelled racial slurs at Black family in Oregon

LINCOLN CITY, Ore. (AP) — Seven men were arrested after police say they taunted a Black family by yelling racial slurs and using Nazi salutes during a Fourth of July incident in an Oregon beach town.The men challenged police to a fight when officers arrived to the beach in Lincoln City and...

Democrats, Biden look to accelerate Southern political shift

ATLANTA (AP) — From Mississippi retiring its state flag to local governments removing Confederate statues from public spaces, a bipartisan push across the South is chipping away at reminders of the Civil War and Jim Crow segregation. Now, during a national reckoning on racism, Democratic...

ENTERTAINMENT

Hugh Downs, genial presence on TV news and game shows, dies

NEW YORK (AP) — Hugh Downs, the genial, versatile broadcaster who became one of television’s most familiar and welcome faces with more than 15,000 hours on news, game and talk shows, has died at age 99.Downs died of natural causes at his home in Scottsdale, Arizona, on Wednesday, said...

Review: A master class by Catherine Deneuve in 'The Truth'

Family may be the great subject of Japanese filmmaker Hirokazu Kore-eda, but he doesn't draw straightforward portraits. In Kore-eda's hands, family is more malleable. He tends to shift roles around like he's rearranging furniture, subtly remaking familiar dynamics until he has, without you knowing...

Union tells actors not to work on pandemic film 'Songbird'

LOS ANGELES (AP) — The union that represents film actors told its members Thursday not to work on the upcoming pandemic thriller “Songbird,” saying the filmmakers have not been up-front about safety measures and had not signed the proper agreements for the movie that is among...

U.S. & WORLD NEWS

NHL, NHLPA agree on protocols to resume season

The NHL and NHL Players' Association agreed Sunday on protocols to resume the season, a major step toward the...

Democrats, Biden look to accelerate Southern political shift

ATLANTA (AP) — From Mississippi retiring its state flag to local governments removing Confederate statues...

Broadway veteran Nick Cordero dies from virus complications

NEW YORK (AP) — Tony Award-nominated actor Nick Cordero, who specialized in playing tough guys on Broadway...

Crunch, crunch: Africa's locust outbreak is far from over

NAIROBI, Kenya (AP) — The crunch of young locusts comes with nearly every step. The worst outbreak of the...

Lebanon holds Baalbek concert despite virus, economic crisis

BAALBEK, Lebanon (AP) — Lebanon on Sunday hosted its annual music festival in the ancient northeastern city...

Anti-racism groups in Paris call out colonizer street names

PARIS (AP) — Paris police blocked anti-racism groups from leading a “de-colonial tour” of...

McMenamins
Jose Pagliery CNN Money

NEW YORK (CNNMoney) -- An Obama administration program is under fire, with federal investigators finding that community banks used the government's funds to pay back recession-era bailouts -- instead of lending the money to small businesses as originally intended.

The watchdog report released Tuesday found that $2.1 billion of the administration's $4 billion Small Business Lending Fund went to repaying bailouts. Many community banks were bailed out by the government in 2008 and 2009 under the Troubled Asset Relief Fund, or TARP, as it was commonly known.

CNNMoney has previously noted that the small business fund had failed to take off -- disbursing only $4 billion of the $30 billion it had originally carved out. The fund was established in 2011 to funnel cash to small firms, who were facing a borrowing crunch.

A significant number of banks used the small business lending program "to exit TARP using government funds... with little resulting benefit for small businesses," according to the report's author, Christy Romero, special inspector general for the Troubled Asset Relief Program.

The program's funds were cheaper -- with annual dividends of 1% for the first four years -- compared to the 5% to 9% for the TARP funds. To get the low rate, all a bank had to do was show a sufficient increase in its small business lending.

Romero found that the bailed out banks used 80% of the money to pay back TARP.

That's no surprise to Cliff McCauley, a banker in Texas who steered clear of both government programs.

"Everyone went in thinking it was one of the ways to pay back TARP," McCauley said. "It was disguised as promoting to encourage business lending."

McCauley, a senior executive vice president of Frost Bank in San Antonio, said the inspector's finding was inevitable. He said banks that had been bailed out were desperately looking for ways to pay back the expensive government bailout funds, especially at a time when the economy had just emerged from a recession and barely limping along.

About 332 banks and community lending groups took part in the small business lending program. Of those, 137 banks used those funds to pay back bailout money.

The Treasury Department said there's nothing wrong with the way the banks used the funds. In a memo last month, Deputy Assistant Secretary Don Graves pointed out that Congress intended that when it set up the fund.

Treasury also took issue with the report's findings that the program was ineffective, noting that 84% of TARP banks increased their small business lending. And their median lending increase was 18%.

However, Romero points out that the TARP banks received $2.7 billion in funds, and they increased small business lending by $3 billion -- or $1.13 for every dollar they received. What's more, 24 bailed-out banks in the program did not increase their small business lending at all.

Meanwhile, the non-TARP banks received $1.2 billion in funds and increased small business lending by $4.2 billion.

 

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