10-17-2019  4:11 am   •   PDX Weather    •   SEA weather  
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NORTHWEST NEWS

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

Grocery Workers Union Ratifies Contract with Stores

The United Food and Commercial Workers Union has agreed a three-year contract for stores in Oregon and Southwest Washington

PCC Weighing Community Input on Workforce Training Center, Affordable Housing in Cully

Portland Community College is compiling the results of door-to-door and online surveys

Lawsuit Filed Against Hilton Hotels in “Calling His Mother While Black” Discrimination Case

Jermaine Massey was ousted from the DoubleTree Hotel in Portland where he was a guest and forced to find lodging at around midnight

NEWS BRIEFS

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 ...

Black Women Help Kick off Sustainable Building Week

The event will be held at Portland’s first and only “green building” owned and operated by African-American women ...

Voter Registration Deadline for the November Special Election is Oct. 15 

The Special Election in Multnomah County will be held on Nov. 5, 2019 ...

Franklin High School’s Mercedes Muñoz Named Oregon Teacher of the Year

In a letter of recommendation, Muñoz was referred to as “a force of nurture.” ...

Oregon officer tower receives building sustainability award

PORTLAND, Ore. (AP) — One of Oregon's largest office buildings has achieved the highest level of certification from an organization promoting sustainability in building design, construction and operation.The Oregonian/OregonLive reported Wednesday that U.S. Bancorp Tower in Portland has...

Oregon waterway pesticide levels fall due to farming changes

SALEM, Ore. (AP) — Environmental regulators say pesticide levels in some Oregon waterways have dropped to fractions of former concentrations due to voluntary changes by farmers.The Capital Press reported Wednesday that the state Department of Environmental Quality found that growers who...

Bryant bounces back to lead Missouri over Mississippi

COLUMBIA, Mo. (AP) — Last week, when he heard a pop in his left knee after being hit low, Missouri quarterback Kelly Bryant briefly saw his college football career pass before his eyes. The injury wasn't as bad as it looked, and Bryant played like his old self in a 38-27 victory over...

Missouri out to stop Ole Miss ground game in SEC matchup

Ole Miss coach Matt Luke has watched every game Missouri has played this season, and he was no doubt excited by the way Wyoming ran wild against the Tigers in their season opener.It should have portended good things for the Rebels' own vaunted rushing attack.But the more Luke looked at the video,...

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

UK Labour lawmaker leaves party, says Corbyn unfit to serve

LONDON (AP) — A longtime U.K. Labour legislator has left the opposition party and warned that leader Jeremy Corbyn is unfit to become prime minister.Louise Ellman said Thursday she is leaving the party after 55 years because of Corbyn's failure to confront mounting anti-Semitism in its...

Cause for hope and caution following police shooting in home

In the days after Atatiana Jefferson's killing in her own home by a white Fort Worth police officer, many in the black community say they've seen at least initial signs of swifter action with the officer's arrest, but also are noticing some recurring and troubling themes.These include the release...

Fort Worth faith leaders want judge to enforce police reform

FORT WORTH, Texas (AP) — Community and faith leaders on Wednesday called on the Trump administration to open a civil rights investigation into the Fort Worth Police Department in the wake of a white officer's fatal shooting of a black woman in her home, saying the goal should be a police...

ENTERTAINMENT

2 writers claim they deserve credit on Lizzo's 'Truth Hurts'

NEW YORK (AP) — There's a debate about the truth behind Lizzo's "Truth Hurts."Lizzo's breakthrough tune, which spent six weeks on top of Billboard's Hot 100 chart this year, features the signature line: "I just took a DNA test, turns out I'm 100 percent that bitch." The lyric originated from...

Review: Pattinson and Dafoe shine in 'The Lighthouse'

Enter "The Lighthouse " at your own risk.This is a stark, moody, surreal and prolonged descent into seaside madness that will surely not be for everyone. But those who do choose to go on this black-and-white journey with Robert Pattinson and Willem Dafoe will ultimately find it a rewarding one,...

Farrow books sells across Australia despite legal threat

CANBERRA, Australia (AP) — Ronan Farrow's new book is being sold in Australia despite threats of defamation lawsuits that the Pulitzer-winning journalist believes led some Australian retailers to drop the bestseller."Catch and Kill" covers events leading to Farrow's New Yorker magazine...

U.S. & WORLD NEWS

Dubai bets billions that Expo 2020 won't be a desert mirage

DUBAI, United Arab Emirates (AP) — It rises out of what were once rolling sand dunes stretching toward the...

Chicago teachers to strike in nation's 3rd largest district

CHICAGO (AP) — Chicago parents and community groups are scrambling to prepare for a massive teachers'...

Cause for hope and caution following police shooting in home

In the days after Atatiana Jefferson's killing in her own home by a white Fort Worth police officer, many in the...

Former Nazi SS guard, 93, going on trial in Hamburg

HAMBURG, Germany (AP) — From his post as a young SS private in a watchtower in Nazi Germany's Stutthof...

Frustration and pride in Canada after a year of legal pot

VANCOUVER, British Columbia (AP) — The weed is expensive, the selection is limited, the black market...

Opposition lawmakers again shout down Hong Kong leader

HONG KONG (AP) — Hong Kong leader Carrie Lam was forced from the legislature for the second day on Thursday...

McMenamins
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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