08-04-2020  10:48 am   •   PDX and SEA Weather
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NORTHWEST NEWS

Portland Police Declare Unlawful Assembly During Protest

Oregon Sen. Jeff Merkley and Portland City Commissioner Jo Ann Hardesty addressed event organised by NAACP focused on Black Lives Matter

Shootings Increase During Portland Protests

Between June 1 and end July 31, 2020 there were 125 reported shootings compared to a total of 59 shootings in 2019

Portland Protest Scene Relatively Calm After US Drawdown

Under the deal announced by Governor Kate Brown, the federal agents will withdraw in phases.

Portland Approves $114 M Relief Budget with Focus on Communities of Color

Commissioner Jo Ann Hardesty voted no, arguing for better houseless resources.

NEWS BRIEFS

New Rule by The U.S. Department of Education Would Misdirect $11M from Oregon Public Schools

U.S. Rep. Suzanne Bonamici, Sens. Ron Wyden and Jeff Merkley, and Reps. Peter DeFazio and Earl Blumenauer called a...

Barbara Bush Foundation Partners with Barbershop Books and Penguin to Provide Child-Friendly Reading Spaces in Baltimore and Detroit Barbershops

Developed in Harlem, Barbershop Books is a community-based program that leverages the cultural significance of barbershops in...

All Classical Portland Awards Grant to Support Emmanuel Henreid's 'Livin' in the Light'

Livin’ in the Light documents Onry’s experience as a Black, male, professional opera and crossover singer in Portland, Ore. ...

House Approves Legislation to Stop Trump Attack on Fair Housing

Ocasio-Cortez, Blumenauer amendment would block rollback of anti-discrimination rule ...

Louis Mair Named as New Principal at Harriet Tubman Middle School

Louis comes to Harriet Tubman from Georgia, where he was a leader in building an inclusive and supportive learning community. ...

25 virus cases reported at Oregon summer camp

PORTLAND, Ore. (AP) — At least 25 campers and staff members at a camp east of Portland, Oregon have tested positive for COVID-19.The Oregonian/OregonLive reports the virus was first detected July 18 at Trout Creek Bible Camp near Corbett when a staff member tested positive, and the camp shut...

Washington set to narrow down candidates in state primary

OLYMPIA, Wash. (AP) — Washington voters are narrowing down candidates for dozens of contests in Tuesday's “top two” primary, including the governor's race and an open U.S. House seat.Democratic Gov. Jay Inslee, who dropped a presidential bid last year, has drawn 35 opponents in...

Missouri's Drinkwitz takes side in mask-or-no-mask debate

COLUMBIA, Mo. (AP) — Eli Drinkwitz has been the head coach at Missouri for just over seven months. He has yet to lead the Tigers onto the football field, much less win a game, yet his role in the community already has forced him to take some important stands.First, it was supporting his new...

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...

OPINION

Bill Deiz urges Oregonians to Defend their Constitutional Rights

Elements of federal police, sent in by our president, are nightly tormenting our citizens with tear gas, impact munitions, kidnappings and beatings, and other criminal acts, in order to suppress our rights of free speech and free assembly ...

The Power of Love

Powerful lessons for me today on forgiveness. ...

Loretta Smith—Vote Yes

The Skanner News endorses Loretta Smith for City Commissioner, Position 2 ...

Essay on War Against Portlanders Who Support Black Lives Matter

The author questions how people can see only the cops' side when their criminality and lawlessness against peaceful protest is fueling the rage on the streets. ...

AFRICAN AMERICANS IN THE NEWS

Ganassi makes crew chief change for Matt Kenseth

CHARLOTTE, N.C. (AP) — Chip Ganassi Racing has made a crew chief change for the No. 42 driven by Matt Kenseth, with engineer Phil Surgen taking over for the remainder of the season.Surgen has been with the Ganassi organization since 2016. He replaces Chad Johnston, who had been the crew...

Virus ravages poor California county along Mexican border

CALEXICO, Calif. (AP) — Dr. Tien Vo's last stop of the night is the home of a 35-year-old woman who has diabetes, asthma, rheumatoid arthritis and, now, the coronavirus. The virus killed her father six days earlier. The oldest of her four children, a 15-year-old boy, learned he had it that...

Experts: Obstacles to charging police in Breonna Taylor case

LOUISVILLE, Ky. (AP) — Despite mounting public pressure to file criminal charges nearly five months after Breonna Taylor's death, prosecutors may face significant obstacles to bringing homicide-related charges against police officers who were shot at when sent to her house with a warrant,...

ENTERTAINMENT

Ben Samuel shares lessons learned from 'Dating Around'

NEW YORK (AP) — Ben Samuel hasn’t had any heart-to-hearts with Chris Harrison or asked dozens of eager women, “Will you accept this rose?” But that hasn’t stopped much of the internet from crowning the “Dating Around” participant as reality...

'Sobering' report shows hardening attitudes against media

NEW YORK (AP) — The distrust many Americans feel toward the news media, caught up like much of the nation's problems in the partisan divide, only seems to be getting worse.That was the conclusion of a “sobering” study of attitudes toward the press conducted by Knight Foundation...

Winfrey picks Isabel Wilkerson's 'Caste' for her book club

NEW YORK (AP) — If not for the coronavirus, Oprah Winfrey says, she would be out in the streets and marching with the Black Lives Matter protesters. She has instead found other ways to add her voice. She is working with Lionsgate on a multimedia adaptation of The New York Times' “1619...

U.S. & WORLD NEWS

Can you get the coronavirus from secondhand smoke?

Can you get the coronavirus from secondhand smoke? Secondhand smoke isn’t believed to directly spread the...

AP Exclusive: Rare wildflower could jeopardize lithium mine

RENO, Nev. (AP) — A botanist hired by a company planning to mine one of the most promising deposits of...

Virus ravages poor California county along Mexican border

CALEXICO, Calif. (AP) — Dr. Tien Vo's last stop of the night is the home of a 35-year-old woman who has...

Adios, España: Former king leaves for undisclosed location

MADRID (AP) — Speculation over the whereabouts and future of former monarch Juan Carlos gripped Spain on...

VIRUS DIARY: A friend dies but leaves something to hold onto

LONDON (AP) — My friend Greg died.I am not alone in losing a friend to COVID-19. Some 46,000 people in this...

India’s residency law in Kashmir amplifies demographic fears

SRINAGAR, India (AP) — For almost a century, no outsider was allowed to buy land and property in...

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By Karen Weise of Pro Publica for The Skanner News

Deep in an article Friday on the government's bailout of AIG, The New York Times cites sources saying that the Treasury Department's "point man" on AIG, Don Jester, was a former Goldman Sachs employee who owned stock in the bank even as he was making decisions on the bailout that ultimately channeled billions of taxpayer dollars to Goldman.
Owning stock in a company an official oversees typically is verboten, but because Jester was working as an outside contractor rather than an official employee, he was exempt from conflict-of interest rules.
Goldman Sachs stood to benefit from the AIG bailout because Goldman had roughly $20 billion in insurance-like credit-default swaps with AIG -- essentially bets by the investment bank that the housing market would go south. But if AIG collapsed, Goldman wouldn't be able to collect on the bets. When the government instead bailed out AIG, taxpayers paid out the swaps at full face value, and Goldman Sachs got $12.9 billion -- more than any other of AIG's customers.
Jester was Goldman's deputy CFO when he left the firm in 2005. And here's what the Times says about his investments in Goldman:
Mr. Jester, according to several people with knowledge of his financial holdings, still owned Goldman stock while overseeing Treasury's response to the A.I.G. crisis.
We contacted Jester this morning to comment on the story and confirm the stock ownership; we'll post an update when we get a response. His spokesperson, Michelle Davis, told the Times that Jester followed what the paper paraphrases as an "ethics plan to avoid conflict with all of his stock holdings" (According to a federal database search, Jester received $30,000 for six months consulting at the Treasury Department.)
Earlier this year, a Times op-ed online dubbed Jester one of the "mystery men" of the financial crisis and noted that Jester was at the center of the Treasury Department's response to AIG's impending collapse. During the chaotic two months in the fall of 2008, Timothy Geithner, then the head of the Federal Reserve Bank of New York, spoke on the phone with Jester 103 times -- more than other person aside from then-Treasury Secretary Henry Pauslon. Jester relocated to AIG's offices for a period of time, the paper reported.
The government's decision to have AIG pay out Goldman and others bets at full value has been controversial. The Times said while several of the Federal Reserve Bank of New York's outside advisors recommended it force banks to take losses on their bets with AIG, Jester advocated for full repayment:
According to the documents, Mr. Jester opposed bailout structures that required the banks to return cash to A.I.G. Nothing in the documents indicates that Mr. Jester advocated forcing Goldman and the other banks to accept a discount on the deals.
As an example of the advice against paying full value for the deals, the Times cited a presentation from an advisor to the New York Fed, which outlined five reasons banks should agree to concessions. The Federal Reserve Bank of New York defended its decisions to the Times:
"This was not about the banks," said Sarah J. Dahlgren, a senior vice president for the New York Fed who oversees A.I.G. "This was about stabilizing the system by preventing the disorderly collapse of A.I.G. and the potentially devastating consequences of that event for the U.S. and global economies"

Pro Publica is a non profit dedicated to investigative journalism in the public interest. Photo of the Goldman Sachs tower taken by BigMac on September 9, 2005. Wikipedia.

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