10-19-2019  5:34 am   •   PDX Weather    •   SEA weather  
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NORTHWEST NEWS

Washington State to Vote on Affirmative Action Referendum

More than two decades after voters banned affirmative action, the question of whether one's minority status should be considered in state employment, contracting, colleges admissions is back on the ballot

Merkley Introduces Legislation that Protects Access to Health Care for Those Who Cannot Afford Bail

Under current law, individuals in custody who have not been convicted of a crime are denied Medicare, Medicaid, and veterans’ benefits

New County Hire Aims to Build Trust, Transparency Between Community and Public Safety Officials

Leneice Rice will serve as a liaison focused on documenting and reporting feedback from a community whose faith in law enforcement has been tested

Hank Willis Thomas Exhibit Opens at Portland Art Museum

One of the most important conceptual artists of our time, his works examine the representation of race and the politics of visual culture

NEWS BRIEFS

GFO Offers African Americans Help in Solving Family Mysteries

The Genealogical Forum of Oregon is holding an African American Special Interest Group Saturday, Oct. 19 ...

Third Annual NAMC-WA Gala Features Leader on Minority Business Development

The topic of the Washington Chapter of the National Association of Minority Contractors' event was 'Community and Collaboration' ...

Building Bridges Event Aims to Strengthen Trust Between Communities

The 4th Annual Building Bridges of Understanding in Our Communities: Confronting Hate will be held in Tigard on...

The Black Man Project Kicks Off National Tour in Seattle

The first in a series of interactive conversations focused on Black men and vulnerability takes place in Seattle on October 25 ...

Protesters Rally in Ashland to Demand 'Impeach Trump Now'

Activists are rallying in Ashland Sunday Oct, 13 to demand impeachment proceedings ...

Oregon panel recommends barring ICE from courthouse arrests

SALEM, Ore. (AP) — Seeking to halt federal agents from arresting people in courthouses for immigration violations, a panel of judges in Oregon has asked the state's Supreme Court chief justice to impose a rule stating that no one should be subjected to arrest without a warrant.Several judges...

Washington state to vote on affirmative action referendum

OLYMPIA, Wash. (AP) — More than two decades after Washington state voters banned affirmative action, the question of whether one's minority status should be considered as a contributing factor in state employment, contracting and admission to public colleges and universities is back on the...

No. 22 Missouri heads to Vandy, 1st road trip since opener

NASHVILLE, Tenn. (AP) — Missouri coach Barry Odom knows only too well the dangers of going on the road and how a few mistakes can prove very costly.While some of his players my not remember that stunning loss at Wyoming to open this season, Odom hasn't forgotten."We're going to treat it just...

No. 22 Missouri ready to test road skills at Vanderbilt

No. 22 Missouri (5-1, 2-0 SEC) at Vanderbilt (1-5, 0-3), Saturday at 4 p.m. EDT (SEC Network).Line: Missouri by 20 1/2.Series record: Missouri 7-3-1.WHAT'S AT STAKE?Missouri can show they play as well on the road as at home coming off a five-game home stand. A win keeps them atop the SEC East....

OPINION

Atatiana Jefferson, Killed by Police Officer in Her Own Home

Atatiana Jefferson, a biology graduate who worked in the pharmaceutical industry and was contemplating becoming a doctor, lived a life of purpose that mattered ...

“Hell No!” That Is My Message to Those Who Would Divide Us 

Upon release from the South African jail, Nelson Mandela told UAW Local 600 members “It is you who have made the United States of America a superpower, a leader of the world" ...

Rep. Janelle Bynum Issues Response to the Latest Statement from Clackamas Town Center

State legislator questions official response after daughter questioned for ‘loitering’ in parking lot ...

Why Would HUD Gut Its Own Disparate Impact Rule?

"You can’t expand housing rights by limiting civil protections. The ’D’ in HUD doesn’t stand for ‘Discrimination’" ...

AFRICAN AMERICANS IN THE NEWS

Sharpton searches for the words to eulogize _ and galvanize

A life taken at the hands of police. A grieving family. A divided nation. A stirring eulogy by the Rev. Al Sharpton.The 65-year-old civil rights activist has become a constant of the Black Lives Matter era with his presence in the pulpit after police shootings of African Americans, showing up in...

Buttigieg removes attorney from fundraiser after backlash

WASHINGTON (AP) — Pete Buttigieg is returning campaign contributions from a former Chicago city attorney who led a vigorous effort to block the release of a video depicting the shooting of Laquan McDonald , a black teenager whose death at the hands of police stirred months of protest and...

Wisconsin students walk out to protest racial slur firing

MADISON, Wis. (AP) — Students at a Wisconsin high school skipped class Friday and marched through the streets of the state capital to protest the firing of a black security guard who was terminated for repeating a racial slur while telling a student not to call him that word.Scores of...

ENTERTAINMENT

Adam Lambert: Happy to see more LGBTQ artists find success

NEW YORK (AP) — Adam Lambert, who rose on the music scene as the runner-up on "America Idol" in 2009, says he's happy to see more mainstream LGBTQ artists find major success."I think it's less taboo to be queer in the music industry now because there's so many cases you can point to like,...

Jane Fonda returns to civil disobedience for climate change

WASHINGTON (AP) — Inspired by the climate activism of a Swedish teenager, Jane Fonda says she's returning to civil disobedience nearly a half-century after she was last arrested at a protest.Fonda, known for her opposition to the Vietnam War, was one of 17 climate protesters was arrested...

Naomi Wolf and publisher part ways amid delay of new book

NEW YORK (AP) — Naomi Wolf and her U.S. publisher have split up amid a dispute over her latest book, "Outrages."Wolf and Houghton Mifflin Harcourt announced separately Friday that they had "mutually and amicably agreed to part company" and that Houghton would not be releasing "Outrages."...

U.S. & WORLD NEWS

LeMahieu, Hicks lift Yanks over Astros, close to 3-2 in ALCS

NEW YORK (AP) — James Paxton was filled with nerves, and so were New York Yankees fans, worried the season...

Asylum-seeking Mexicans are more prominent at US border

CIUDAD JUAREZ, Mexico (AP) — Lizbeth Garcia tended to her 3-year-old son outside a tent pitched on a...

Trump outstripping Obama on pace of executive orders

WASHINGTON (AP) — It wasn't too long ago that Donald Trump derided presidential executive orders as "power...

Officials: Blast at Afghan mosque kills 62 during prayers

KABUL, Afghanistan (AP) — An explosion rocked a mosque in eastern Afghanistan as dozens of people gathered...

Thousands in Germany protest Turkish offensive in Syria

BERLIN (AP) — Thousands of people in the German city of Cologne are demonstrating against Turkey's...

Failed raid against El Chapo's son leaves 8 dead in Mexico

CULIACAN, Mexico (AP) — Mexican security forces aborted an attempt to capture a son of imprisoned drug lord...

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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