Re: HAWAII BANK GOT U.S. HELP AFTER INOUYE'S AIDE PLACED CALL -- The Catbird's Forum

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Date Posted: 03:24:05 07/17/09 Fri
Author: Bobby N. Harmon
Subject:

Re: HAWAII BANK GOT U.S. HELP AFTER INOUYE'S AIDE PLACED CALL
In reply to: Bobby N. Harmon, CPCU 's message, "HAWAII BANK GOT U.S. HELP AFTER INOUYE'S AIDE PLACED CALL" on 22:48:59 07/01/09 Wed

"CPB PARENT'S SHARES FALL" - (An Exhibit in CV05-00030 - U S Dept of Justice vs Harmon)

July 17, 2009 1:36 AM

From: Bobby N. Harmon, CPCU

To: "President Barack Obama" , "U.S. Attorney General Eric Holder" , "David Farmer" , "Steven Guttman" , "Carol K. Muranaka" , "Judge David A. Ezra" , "Judge Kevin S.C. Chang" , "Judge Barry M. Kurren" , "Securities & Exchange Commission Enforcement Division" , "U.S. Treasury Dept. Office of Inspector General" , "Office of Inspector General US Dept of Justice" , "Executive Office for U.S. Trustees" , "Judge Robert Faris" , "SEC Office of The Inspector General" , "Hawaii State Bar Association" , "Hugh Jones" , "Insurance Division Fraud Branch" , "Lawrence Reifurth" , "Linda Lingle" , "Jo Ann Uchida" , "Office of Inspector General Civil Rights Complaints" , "Mark Bennett" , "American Arbitration Association" , "Judith Neustadter" , "Benjamin J. Cayetano" , "All Representatives" , "All Senators" , "Andrew Walden" , "Aon Insurance Managers" , "Arthur Rath" , "Benjamin Kudo" , "Bradley Tamm" , "Carl Morton" , "Charles Hurd" , "David Shapiro" , "Dee Jay Mailer" , "J C Shannon" , "James B Nicholson" , "James B. Farris" , "James Cribley" , "James Wriston" , "Jeffrey Watanabe" , "Jim Dooley" , "Joe Moore" , "John D. Finnegan" , "Judson Witham" , "Ken Conklin" , "Lyn Flanigan Anzai" , "Margery Bronster" , "Marsh Affinity Group" , "Michael N. Tanoue" , "Michelle Tucker" , "Nathan Aipa" , "Paul Alston" , "Randall Roth" , "Rick Daysog" , "Robert Bruce Graham" , "Robin Campaniano" , "Samuel P. King" , "William K Slate" , "Jim Terrack" , "Rocco Sansone" , "Ted Pettit" , "Laura Thielen" , "Vaughn & Lynda Robinson" , "Rebecca Christie" , "Catbird" , "James Duca" , "Ian Lind" , "Roy F. Hughes" , "Jack Cashill" , "Marshall Chriswell" , "Laser Haas" , "Lucy Komisar" , "Democrats.com" , "Debra Sweet" , "Jane Kirtley" , "John Jubinsky" , "Yamil Berard" , "Global Exchange" , "William K. Black" , "Carole Williams" , "Susan Tius" , "Human Rights in China" , "Michelle Malkin" , "Phil J. Berg" , "Amnesty International U.S.A." , "Michael Moore" , "California Anti-SLAPP Project" , "Thomas Fitton" , "Ron Branson" , "ACLU of Kentucky" , "ACLU Online" , "Louanne Kam" , "Paul Kiel" , "Fiona Tarazi" , "Eric Martinson" , "Bruce Nakaoka" , "Oswald Stender" , "Crystal Rose" ...

July 15, 2009

CPB parent's shares fall

BY RICK DAYSOG
Advertiser Staff Writer

Central Pacific Financial Corp.'s stock suffered its largest decline in more than two decades on news of a large second quarter loss and a new stock offering.

The parent of Central Pacific Bank said yesterday that it expects to report a net loss of $33 million to $37 million, or $1.22 per share to $1.35 per share, during the quarter ending June 30 due to increased loan and lease losses.

The company � which lost $146 million in the second quarter of 2008 � also said it plans to issue up to $100 million in new stock, which is more than the company's current market capitalization of $75.3 million.

Shares of Central Pacific fell 91 cents yesterday to close at $2.62 on the New York Stock Exchange. The 25.8 percent decline was the largest single-day percentage drop since at least September 1987 when the company began trading on a major market.

Analysts polled by SNL Financial had been expecting a loss of 58 cents per share for the second quarter.

"The loss was higher than expected, and it looks like the offering could be very dilutive if it gets done," Albert Savastano, an analyst at Fox-Pitt Kelton Cochran Caronia Waller, told Bloomberg News.

The company said it is taking prudent steps to manage its portfolio in a weak economic climate.

"While we are actively managing our credit portfolio in a diligent and focused manner, the ongoing economic downturn and the resultant deterioration in the Hawai'i and California commercial real estate markets is adversely impacting our quarterly results," said Ronald Migita, Central Pacific's chairman and CEO.

"We expect these challenging conditions to persist over the coming quarters."

According to the bank, total credit costs are expected to rise from the year-earlier's $29.6 million to $77 million to $83 million.

The company said its nonperforming assets will jump to $256 million to $266 million, which is up sharply from the year-earlier's $159.9 million.

Assets placed on nonperforming status during the recent quarter included four Hawai'i residential construction loans worth $36.4 million, five Hawai'i commercial construction loans valued at $30.3 million and four California commercial construction loans totaling $25.1 million, Central Pacific said.

As for the company's stock offering, the company said it will use the proceeds to strengthen its capital position and for general corporate purposes.

"Although we are 'well capitalized' for regulatory purposes, the proposed public offering is a prudent measure based on our expectations that the tough economic climate in Hawai'i and California will continue in the coming quarters," Migita said.

Founded in 1954, Central Pacific is the state's third-largest financial institution with $5.5 billion in assets and $4 billion in deposits.

The forecasted loss comes a year after Central Pacific reported a record $146 million loss for its second quarter 2008. That loss was due to troubled loans to California homebuilders hard-hit by the subprime lending crisis.

The 2008 losses led to the ouster of the company's charismatic CEO Clint Arnoldus and prompted the bank to seek a $135 million capital infusion from the federal government.

The bailout money was approved after a member of U.S. Sen. Daniel K. Inouye's staff contacted the Federal Deposit Insurance Corp. about Central Pacific's application with the federal government's Troubled Assets Relief Program, or TARP, according to the Washington Post and ProPublica, a New York-based nonprofit investigative newsroom.

The FDIC didn't give the bank a favorable recommendation but two weeks after the call by the Inouye staffer, the U.S Treasury Department approved the bailout money, the Post and ProPublica said.

Inouye, who owns between $350,000 and $700,000 in Central Pacific stock according to his financial disclosure filings, said he did not attempt to influence the outcome but that an aide had left a voice mail with the FDIC to clarify if it received Central Pacific's application, the Post and ProPublica said.

Both the FDIC and the Treasury said their decisions were not affected by the involvement of Inouye's office. Experts contacted by the Post and ProPublica said that even if Inouye were directly involved in the contacts with the FDIC, he would not have violated rules that the Senate sets for itself.

http://www.honoluluadvertiser.com/

* * *

July 17, 2009

Dear President Obama, Attorney General Holder, Trustee Farmer, Mr. Guttman, Ms. Neustadter, Judge Kevin Chang, Judge David Ezra, and All Concerned:

Due to the new discovery of facts that directly relate to this lawsuit which violates my constitutional rights of Free Speech and a Fair Trial, and Federal and State Anti-SLAPP statutes, I am adding the subject Exhibit.

You will find related information online at:

http://www.kycbs.net/Central-Pacific-Bank.htm
http://www.kycbs.net/CV05-00030-Witness-Inouye-Dan.htm
http://www.kycbs.net/CV05-00030-Witness-Matsumoto-Colbert.htm

Mr. Farmer and Mr. Guttman, in spite of all this factual evidence (not just "political opinions" or "conspiracy theories" as you have previously alleged), I am again asking that we attempt to reach a global settlement of this matter through confidential negotiation or mediation rather than continuing these costly and seemingly-endless court proceedings.

However, if you and your insurance carriers are still not willing to attempt to negotiate or mediate settlement in these cases, then I ask that you perform your mandated review of these two Exhibits in accordance with Judge Ezra's Order, and advise me, whether or not, you find that they are relevant and if they contain any so-called "protected subject matter".

I respectfully request your immediate reply. If I do not receive a response from you or your insurance carrier within 15 days, I will assume that you have found no "PSM" in these updated pages, and that you will NOT file any objections to my Motion.

Very truly yours,

Bobby N. Harmon, CPCU, ARM

Additional References:
http://www.kycbs.net/
http://www.kycbs.net/Apartheid-Hawaii.htm
http://www.kycbs.net/BH-CHRON-88-96.htm
http://www.kycbs.net/BH-CHRON-97-99.htm
http://www.kycbs.net/BH-Settlement-Chronology.htm
http://www.kycbs.net/Bishop.htm
http://www.kycbs.net/Broken-Trust-Book.htm
http://www.kycbs.net/Confessions.htm
http://www.kycbs.net/CV05-00030-OUST-vs-Harmon.htm
http://www.kycbs.net/Freedom-To-Sing.htm
http://www.kycbs.net/HarmonArbitration.htm
http://www.kycbs.net/JUSTICE.htm
http://www.kycbs.net/Lost-Generations.htm
http://www.kycbs.net/RICO-in-Paradise.htm
http://www.kycbs.net/SLAPP.htm
http://www.kycbs.net/Whistler.htm
http://voy.com/129276/
http://whistlersongs.blogspot.com

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