11-30-2021  4:49 pm   •   PDX and SEA Weather
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NORTHWEST NEWS

Attorney General Rosenblum Says She Won’t Run for Governor

Attorney General Ellen Rosenblum on Monday put to rest rumors and officially said she will not enter Oregon’s crowded race for governor.

Portland’s Black Population Grew in the Last Decade, but That’s Not the Whole Story

The Black population in North and Northeast Portland declined by 13.5% over the last 10 years as more than 3,000 Black residents moved away, new numbers from the 2020 census show.

City’s Budget Windfall Means More for Police, Despite NAACP Demands

Group calls out lack of engagement from City Hall.

Oregon Resists Dropping Controversial Investments

Oregon residents are increasingly pushing for the state to divest from fossil fuel companies and other controversial investments, but the state treasury is resisting and putting the onus on the Legislature.

NEWS BRIEFS

Open Enrollment Deadline Is Dec. 15 for Health Insurance Coverage Starting Jan. 1, 2022

Help applying and financial assistance is available through the Oregon Health Insurance Marketplace ...

Commissioners From Three Counties Select Lawrence-Spence to Fill Senate District 18 Vacancy

District 18 includes portions of west Portland and Tigard. ...

Congressional Black Caucus Issues a Statement on the Passing of Former Congresswoman Carrie P. Meek

Meek, the first Black person to represent Florida in Congress since the post-Civil War Reconstruction, died Sunday, Nov. 28 at her...

Vsp Global Partners With Black EyeCare Perspective to Eliminate Inequities and Increase Representation of People of Color in the Eye Care Industry

Partnership includes scholarships, leadership development, and outreach to prospective optometrists ...

Shop Local and Earn Free Parking With Parking Kitty

Find the purrfect gift for your loved ones by supporting small businesses and shopping local this holiday season, thanks to the...

Oregon governor calls for special session to protect renters

SALEM, Ore. (AP) — With winter coming and federal funds drying up, Oregon Gov. Kate Brown said Tuesday she'll call a special session of the Legislature Dec. 13 to approve state funding for rental assistance and extend eviction protections issued because of the COVID-19 pandemic. ...

Oregon tests voluntary electronic tool to verify vaccination

PORTLAND, Ore. (AP) — Oregon is working on an electronic vaccine verification tool that residents could use to share their COVID-19 vaccination status with businesses that ask for proof of verification. The Oregon Health Authority said the tool would be optional and people...

No. 25 Arkansas beats Missouri, caps best season since 2011

FAYETTEVILLE, Ark. (AP) — Sam Pittman grinned for almost the entirety of his postgame press conference Friday night. The Arkansas coach and his team had done something no others ever had. The No. 25 Razorbacks capped their regular season with a 34-17 victory over Missouri,...

Mizzou's Drinkwitz returning to Arkansas for rivalry game

FAYETTEVILLE, Ark. (AP) — Just 45 miles of interstate highway separate Eli Drinkwitz from where he started and where he is now as Missouri's head football coach. Raised in the small Arkansas town of Alma, Drinkwitz will come full circle Friday when his Tigers visit No. 25...

OPINION

State is Painting Lipstick on Its One-of-a-kind, Long-term-care Law

Starting in January, the unpopular law imposes a stiff new tax of 58 cents per 0 earned for every worker in the state ...

Giving Thanks

Just by being alive we can be sure of having moments of sadness as well as happiness. When you’re active in politics, you experience both wins and losses. Sometimes it can be hard to feel grateful. ...

Acting on Climate will Require an Emphasis on Environmental Justice

Climate change affects us all, but its effects aren’t distributed equally. ...

Small Businesses Cannot Survive With Current Level of Postal Service

At The Skanner News office we received an important piece of correspondence that was postmarked June 12, 2021, and delivered to us on November 4, 2021. ...

AFRICAN AMERICANS IN THE NEWS

Attorney: Potter will testify at trial; 4 jurors seated

MINNEAPOLIS (AP) — The suburban Minneapolis police officer who shot Daunte Wright will testify at her trial, her attorney said Tuesday as jury selection began with potential panelists questioned closely about their attitudes on policing, protests and the Black Lives Matter movement. ...

Black artist Josephine Baker honored at France's Pantheon

PARIS (AP) — Josephine Baker — the U.S.-born entertainer, anti-Nazi spy and civil rights activist — was inducted into France's Pantheon on Tuesday, becoming the first Black woman to receive the nation’s highest honor. Baker's voice resonated through streets of Paris'...

France is inducting entertainer Josephine Baker into its Pantheon, the 1st Black woman to earn nation’s highest honor

PARIS (AP) — France is inducting entertainer Josephine Baker into its Pantheon, the 1st Black woman to earn nation’s highest honor....

ENTERTAINMENT

Home of Marilyn Manson searched in sex assault investigation

LOS ANGELES (AP) — Media storage devices and other items were seized as a search warrant was served on the home of rocker Marilyn Manson in a months-long investigation of sexual assault and domestic violence, authorities said Tuesday. Manson, 52, whose legal name is Brian...

'The Lost Daughter' wins big at 31st Gotham Awards

NEW YORK (AP) — Maggie Gyllenhaal's Elena Ferrante adaptation “The Lost Daughter" won four Gotham Awards including best feature film at the 31st Gotham Awards, the annual New York independent film celebration that serves as a boozy kickoff to Oscar season. Gyllenhaal won...

Review: In memoir, it's good to be comedy king Mel Brooks

“All About Me! My Remarkable Life in Show Business” by Mel Brooks (Ballantine) Bagels and Nova Scotia lox for the writing team’s breakfast while punching up the script for “Blazing Saddles.” Earl Grey tea and English digestive biscuits while developing Gene Wilder’s...

U.S. & WORLD NEWS

November delivers another hit to sinking consumer confidence

WASHINGTON (AP) — U.S. consumer confidence fell to a nine-month low in November, clipped by rising prices and...

Detective: Brothers detailed how Jussie Smollett staged hoax

CHICAGO (AP) — Two brothers arrested for an alleged attack on Jussie Smollett recounted for Chicago police how...

States: Sackler family members abusing bankruptcy process

NEW YORK (AP) — A federal judge should reject a sweeping settlement to thousands of lawsuits against OxyContin...

German prosecutors probe alleged tax evasion by tax advisers

German investigators searched offices of accountancy firm PricewaterhouseCoopers and the homes of current and...

EU draft pulled after Vatican complains Christmas 'canceled'

ROME (AP) — The European Commission on Tuesday retracted internal communication guidelines that had proposed...

Brazil sees 2 confirmed omicron cases, Latin America's 1st

SAO PAULO (AP) — Health officials in Brazil have reported the country's first confirmed cases of the omicron...

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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