International News and Developments – Education under Attack in Australia

June 3, 2009

By Padmini Arhant

Prelude: The topic will touch base on the human rights violation and much more about the nation from “Down Under” – Australia.

The United States preoccupied in numerous important events unfolding by the hour, international community set their eyes on the much-anticipated speech from the U.S. President Barack Obama in Cairo, Egypt and,

Other industrialized nations engaged in criticizing China on the eve of Tiananmen Square anniversary; similar events involving the brutal racist attacks on Indian students lured to the Australian educational institutions could not compete effectively in the press and media coverage.

As a website committed towards issues generally isolated by the large focus groups in the media and press, a detailed analysis on the appalling incidents concerning Indian students systematically targeted for their ‘skin color’ in the new millennium, twenty first century is attention worthy.

Please stand by for the in-depth coverage on the topic presented shortly.

Meanwhile, please take a moment to review the You-Tube images of the incidents and the victims’ plight in the “socially-advanced” nation in southern hemisphere.

Thank you.

Padmini Arhant

Response to DCCC

April 16, 2009

Hon. Speaker of the House

Democratic Congressional Campaign Committee

430 South Capitol Street, SE

Washington DC 20003

April 4, 2009

Dear Madam Speaker,

It is an honor to receive your invitation to continue volunteering for the various issues highlighted in your letter.

Since I’m currently engaged in reviving my career, and attending to family interests placed on hold the entire past year due to my extensive involvement in the Presidential campaign 2008, there is an urgency to fulfill personal and financial commitments towards my young dependent family.

However, I will continue to serve humanity to the extent possible for the people at home and around the world.

I take this opportunity to wish you the best in your endeavors.

Thank you.

Sincerely,

Padmini Arhant

Economic Recovery Plan (ERP)

February 3, 2009

It is obvious from the headlines and news editorials across the nation that the economy is in deep recession.

San Jose Mercury News January 31, 2009 – Thank you.

GDP plunges at 3.8%, worst slide in quarter century

Autos – Valley car sales hit 15-year low – and 2009 looks worse

Wall Street – Worst January ever as Dow drops 8.8% this month

Washington – bruising battle over stimulus, Obama acts to bolster labor

Mortgage crisis spreading to affluent areas.

Meanwhile – Exxon Mobil sets U.S. record; $45.2 billion annual profit.

World Economic Forum in Davos, Switzerland concludes that the world is dealing with financial crisis with no solutions.

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Optimistic View

Despite such gloom and doom, there is light at the end of the tunnel.

A thorough review and analysis of the problems that primarily contributed to the current economic crisis is essential in understanding the fundamental cause of the present economic recession.

Then addressing each issue on priority basis including the failure of various stimulus packages by the previous administration must be an integral part of the remedial measures for the economic recovery.

It is common knowledge that the origin of the current recession stems from various sources,

1. Subprime mortgage crisis contributed to housing market decline.

2. The major components attributing to the decline in housing prices are foreclosures due to default homeowners and delinquencies in mortgage payments.

3. Financial institutions holding high-risk mortgage backed securities sought bailout of their insolvency with taxpayers’ generosity.

4. Banks and other financial institutions decided to stranglehold the credit market leading to liquidity freeze with an adverse effect on consumer based industry represented by small businesses, retail outlets, medium corporations and homeowners alike.

5. Small businesses, Retail industry and medium corporations as the foundations of the economic infrastructure could not survive or sustain growth in the absence of credit facilities blocked by the financial institutions.

6. As stated earlier on numerous occasions, the collapse of small businesses, retail industry and medium corporations have a domino effect on wholesale manufacturers ultimately owned by major corporations in any industry.

7. Hence, the layoffs triggered from the bottom of the economic pyramid spread across the aisle and all the way to the top affecting emerging and viable corporations in many sectors.

8. As a result, the unemployment rate went soaring up to 7.8% with most states reporting double digit in this respect.

9. The credit crunch combined with housing market crisis significantly hurt investor confidence and led to the selling frenzy of stocks and investments by short term and new investors in the stock market. In addition, the current static in the credit market and the general economy has forced average consumers to live off their investments and savings.

10. Despite, capital infusion through bailouts and consistent productivity by all industries, the dismal stock market performance is related to poor earnings from the sluggish consumer spending in the competitive market and globalized economy.

Therefore, Consumer spending is the catalyst for revival of the job sector and corporate growth with desired earnings eventually reflecting in the stock market performance.

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Primary Cause and Effect

Housing market crisis – Decline in housing prices due to Foreclosures, Delinquency in Mortgage Payments with no refinancing opportunities.

Liquidity freeze or Credit Crunch – Small businesses, Retail industry and Medium Corporations deprived of cash flow by banks and financial institutions declared bankruptcy and subsequently the manufacturing sectors as well as the large Corporations producing mass layoffs.

Inadequate Consumer spending – Because of rising unemployment and scarce financial resources with no access to home equity other than dwindling investments in savings and stock holdings.

Lack of Accountability and Transparency from previous bailouts – Wall Street bailout of $700 billion have not been followed through with Corporate executives rewarding themselves to a tune of $20 billion in extravagant bonuses and perks.

Inaction and dormant role by the Congressional Oversight Committee set up for overseeing the purpose of bailout i.e. activate lending to the deserving and qualified business sectors and homeowners has further exacerbated the credit crunch.

Alarming Deficit – Multi-trillion dollar deficit accumulated by the previous administration from excessive borrowings predominantly from China, Saudi Arabia and Japan precipitously diminished the dollar value in the international market.

GDP plunges because of trade imbalances and culmination of all of the above factors in the domestic front of the frail economy.

Financial Commitments – Funding two major wars in Iraq and Afghanistan exhausted the national treasury and reserves besides overshadowing the onset of economic recession at home.

Wasteful Spending – Some legislators’ penchant for pet projects aka pork barrel spending or earmarks to oblige excessive lobbying from campaign donors led to misappropriation of budget replacing funding for essential services benefiting children, disabled and mentally ill patients, senior citizens, veterans, youth population, retirees and all those at the bottom of the socio economic strata.

Ironically, budget is vigorously debated over matters that are counter-productive while ignoring the myopic view of issues…

Universal health care

Energy efficient programs

Overhauling of educational system particularly public schools, state and community colleges through adequate funding.

Effective environmental policies.

Investments in science and technology to advance research and development in the areas of stem cells, regenerative medicine and Genomics.

Creative Arts and learning with a broad perspective of cultural exchanges between nations.

Space exploration in search of knowledge and facts for humanitarian cause.

Channeling appropriation of funds towards Peace Corps to promote peace and diplomacy for national security as opposed to defense spending and proliferation of nuclear technology.

Veteran Affairs involving care and rehabilitation of combat forces during and post war period as well as extending housing, education and health care for their dependents.

Expansion of Sports and recreational activities for public schools and communities through federal funding to States as a measure to keep health care costs down.

An elaborate version will be presented on what federal and state governments can do for the citizens who are taxpayers, consumers and most importantly electorate in a democracy.

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Time for Action – Effective Strategies

Since the cause of the economic crises have been identified, it is time to address the problems with effective solutions i.e. strategies.

The nation desperately needs relief from the burgeoning crises:

Housing market crisis – Immediate measures required with a moratorium on foreclosures for two years supplemented with refinancing for default and delinquent mortgagees at the existing market rate or lower to adjust the deficiency in home value.

Liquidity Crisis or Credit Crunch – It is incumbent on the Treasury Secretary Timothy Geithner and the Federal Reserve Chairman Ben Bernanke along with Congress and the Congressional Oversight Committee to hold Wall Street accountable for the $700 billion taxpayers’ funds and demand they facilitate liquidity and honor the commitment to the taxpayers.

Failure to comply with the requirement should have implications such as sale of all those beneficiaries’ assets and financial instruments withheld as collateral during borrowing assuming the previous administration adhered to the regular lending practices particularly a bailout of this magnitude.

Corporations and legislators alike must be held accountable for their actions and inactions to demonstrate that no one is held above the law in the land of republic.

Consumer Spending President Barack Obama’s economic stimulus package for $819 billion passed by Congress and now the proposed package worth $867 billion for Senate approval deserves attention and action.

As discussed above, consumer spending is vital and instrumental to stimulate economy.

Again, consumers as victims of mass layoffs, debilitating job market, volatile stock market, and declining housing market have nothing to rely upon for income normally used in purchase of goods and services.

The cash strapped economy has evolved into a stagnant quagmire with disastrous consequences. It is imperative to relieve the economy with necessary tools that are contained in President Obama’s stimulus package.

President Barack Obama has unveiled the American Recovery and Reinvestment Act to revive the economy by easing the burden on consumers with debts, failing small businesses as well as Corporations in requirement of capital investment.

President Barack Obama during his weekly radio address acknowledged the urgency to get credit flowing again to families and businesses. The President further promised to help lower mortgage costs and extend loans to small businesses so they can create jobs.

The administration, the president said, would ensure that chief executives “are not draining funds that should be advancing our recovery,” and the assistance to the financial system would be accompanied by “unprecedented transparency, rigorous oversight and clear accountability, so taxpayers know how their money is being spent and whether it is achieving results.”

The President was empathetic towards homeowners, students and small businesses in need of loans but left to fend on their own while Banks have been extended a hand with a bailout.

There is obviously a stark contrast in the objectives between the stimulus package of last year and the current one by President Barack Obama.

According to an article by New York Times on this issue – “The previous administration’s The Troubled Asset Relief Program (TARP) was supposed to be used up to buy the banks’ troubled mortgage-related assets. But, the Bush administration’s Treasury Department shifted gears, using the program instead to shore up the banks by injecting them with capital.

But instead of being inspired to lend more, too many banks hoarded their new capital, critics of the financial industry say.”

President Obama is seriously committed towards alleviating the suffering of ordinary citizens with necessary tax breaks of $500 for individuals and $1000 per family and tax incentives to small businesses including corporations with limited resources.

The Obama administration’s economic stimulus package has specific targets to bolster the economy and welcome sharing of public concerns on issues related to jobs, business, mortgage situation…

Since the commencement of his Presidency, the President has pledged support for the victims of the worst economic crisis. It is apparent from the actions taken within short period of the President assuming office.

The new millennium has brought series of disasters on our nation with the economy hitting rock bottom. There are undeniable challenges ahead and it requires the entire nation to come together in resolving every crisis.

Even though, a new President was elected on the message of hope and change , it is the responsibility of every citizen and particularly the legislators as representatives of their constituents to act immediately in the approval of the proposed stimulus package.

Any procrastination will only lead to further deterioration of the worsening economy. It is not the time for partisan politics as the stakes are high with too many unfortunate events unfolding as time goes by.

The victims are none other than the electorate entrusting power to their legislators for action on normalization of job, stock and housing market.

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Summary of Economic Recovery Plan

President Barack Obama’s stimulus package is essential to revive consumer spending, housing market, job market and corporate growth directly influencing stock market performance.

It is important to ensure that pork barrel spending does not find its way in this stimulus package during deliberation by reluctant policymakers.

Economic recovery is inevitable with discipline, determination and drive –

To eliminate or minimize costs proven liabilities.

Strategic planning and monitoring through rigorous oversight.

Implementation of effective policies with guaranteed results.

Targeting problems with efficient programs.

Restoration and preservation of jobs through investments benefiting the workforce.

Reviewing tax structures to create incentives for business sectors dealing with liquidity crisis.

At the same time closing any gaps or loopholes for tax evasions by corporations and legislators.

Relieving homeowners with appropriate measures as suggested above.

Reform of institutions lacking in ethics and moral conduct.

Enforcement of law and order with consequences for non-compliance regardless of hierarchy.

Conscientious effort to reduce deficit by restraining overseas borrowing and commitment towards domestic economic growth within a specified timeframe.

Pursuit of common goals and objectives via collective action is important reflecting every individual’s desire to succeed in all endeavors.

Our nation provided opportunities, prosperity and happiness during economic boom and now it is the moment for all citizens to collaborate and help our newly elected President Barack Obama execute the tasks required for speedy economic recovery.

The fate of our nation is hanging in balance from the monumental crises and legislators in the Senate have an awesome responsibility to move forward and approve the economic stimulus package proposed by President Barack Obama to avert more calamities.

Thank you.

Padmini Arhant

Conflict of Interest

January 28, 2009

Secretary of State

By Padmini Arhant

Secretary of State position has been filled and the appointee, Senator Hillary Rodham Clinton has assumed office.

Did the Senate Foreign Relations Committee and the full Senate pay any attention to the substantial facts and evidences provided by citizens and news editorials on this matter as well as other cabinet post appointments?

Apparently not and that appears to be the interesting focus for concerned electorate.

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Bill Clinton made millions from foreign sources

By MATTHEW LEE, Associated Press Writer Matthew Lee, Associated Press Writer – 35 mins ago 01/27/09

WASHINGTON – Former President Bill Clinton earned nearly $6 million in speaking fees last year, almost all of it from foreign companies, according to financial documents filed by his wife, Secretary of State Hillary Rodham Clinton .

The documents obtained Tuesday by The Associated Press show that $4.6 million of the former president’s reported $5.7 million in 2008 honoraria came from foreign sources, including Kuwait’s national bank , other firms and groups in Canada, Germany, India, Malaysia , Mexico and Portugal and a Hong Kong-based company that spent $100,000 on federal lobbying last year.

Executives at many of the firms that paid honoraria to Bill Clinton have also donated large amounts of money to the Clinton Foundation , according to documents it released last year as part of an agreement with Congress on Hillary Clinton’s nomination as secretary of state.

That agreement was aimed at preventing the appearance of any conflict of interest between the ex-president’s charitable organization and his wife’s new job as the United States’ top diplomat.

In addition to Bill Clinton’s income from speaking fees, Hillary Clinton reported joint holdings of between $6.1 million and $30.3 million in a blind trust as well as cash, insurance and retirement accounts worth between $1 million and $5.2 million.
Hillary Clinton made between $50,000 and $100,000 in royalties from her 2003 memoir "Living History."

Bill Clinton earned between $100,000 and $1 million in royalties for his 2004 autobiography "My Life," the documents show. The Clintons reported no liabilities.

All senior officials in the Obama administration are required to complete a detailed disclosure of their personal finances, including spouse and children, which is updated yearly.

The two men selected to serve as Hillary Clinton’s deputy secretaries of state, Jacob Lew and James Steinberg , also filed financial disclosure forms.

Lew, a former Clinton administration official who recently headed Citigroup’s Alternative Investments unit, reported 2008 salary income of just over $1 million along with numerous investments, including between $50,000 and $100,000 in State of Israel bonds .
Steinberg, another former Clinton administration official who recently was a professor at the University of Texas, reported receiving $35,000 in 2008 for foreign speaking engagements, including three before Japanese media firms and one before the Confederation of Indian Industries in New Delhi.

The most Bill Clinton got from a foreign source was $1.25 million for appearing at five events sponsored by the Toronto-based Power Within Inc., a company that puts on motivational and training programs around North America , according to Hillary Clinton’s submission.

For one Power Within speech alone, delivered in Edmonton in June 2008, Clinton was paid $525,000, the most for any single event that year. For one event, he got $200,000 and for three others he received $175,000 each, the documents show.

The Hong Kong firm, Hybrid Kinetic Automotive Holdings, paid Clinton a $300,000 honorarium on Dec. 4, 2008. Twenty five days later, on Dec. 29, a man listed as the company’s chief financial officer, Jack Xi Deng, made a $25,000 cash donation to the Virginia gubernatorial campaign of Clinton confidant Terry McAuliffe , according to the Virginia Public Access Project.

According to the Center for Responsive Politics, the Hong Kong firm paid at least $100,000 in 2008 to lobbyists on immigration issues.

The other foreign honoraria Bill Clinton received in 2008 are:
$450,000 from AWD Holding AG , a German-based international financial services company.

$350,000 from the state-owned National Bank of Kuwait . The Kuwaiti government donated between $1 million and $5 million to the Clinton Foundation , according to the foundation’s disclosure.

$300,000 from Value Grupo Financiero SA de CV, a Mexico -based financial holding company , whose chief executive officer , Carlos Bremer Gutierrez, is one of the Clinton Foundation’s leading donors. Gutierrez donated between $250,001 to $500,000 to the foundation, according to foundation’s documents.

$250,000 from Germany’s Media Control Gmbh, which bills itself as the world’s leading provider of entertainment data and was founded by Karlheinz Koegel, who contributed $100,001 to $250,000 to the Clinton foundation.

$200,000 from Malaysia’s Petra Equities Management on behalf of the Sekhar Foundation run by Malaysian multimillionaire Vinod Sekhar who donated between $25,001 and $50,000 to the Clinton Foundation, according to its documents.

In addition to the foreign earnings,

Bill Clinton made just over $1 million from domestic speaking engagements, including $250,000 from MSG Entertainment , $225,000 from the National Association of Home Care and Hospice, $200,000 from the United Nations Association , $175,000 from the ING North America Insurance Corp., $125,000 from the Rodman and Renshaw Capital Group and $100,000 from the Hollywood Radio and Television Society.

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Voice of Concern:  By Padmini Arhant

I suppose,  now it must be clear to America why despite the impressive combined earnings by the then Senator and now newly appointed Secretary of State Hillary Clinton’s request for personal donation was not met .

The impression might be what could possibly a small, diminutive, frail and fragile individual’s support or the lack thereof do to powerful nominations and subsequent confirmation.

It was already proven during the election when several requests and demands were placed for endorsement of the Presidential candidates.

Otherwise, would any ordinary citizen be sought after relentlessly by the candidates for endorsement in a high profile and vigorously contested political battle?

Further, Supreme force representative’s subservient manner should not be translated as an inferior or a weak personality in any shape due to intimacy with natural phenomenon.

Regardless, the stark contrast between the powerful on earth and those representing the power of the universe is,

The latter are courageous in speaking the truth and standing up for justice and peace wherever and whenever it applies.

History is testimony that Prophets and messengers were subject to incredible endurance tests including death for some as in the case of Lord Jesus Christ.

In the ancient era, Prophets and Messiahs had to prove their identity and worthiness by performing wonders or miracles.

It ranged from bearing the cross and resurrection to life and possessing witnesses for the ability to walk on water.

Now, in the new millennium the expectation of the virtuous could still be to exhibit magic moments by spitting fire, moving mountains and relevantly excavation of economy from deep recession heading towards Great Depression.

Such expectations by those considering themselves extraordinary are not surprising.

In fact, up until recently the utterance of God and any discussions related to the highest grace was argued as undemocratic by calling for elimination of such discourse in public square.

Anyone challenging the might of the mortals is frequently dismissed as a questionable character and their concerns for humanity invalidated through defiance per recent demonstration of Cabinet posts confirmation.

All those bound by ethics and compliance of common law in a democracy rejecting the plea with presentation of facts and evidences against Hillary Clinton’s confirmation as well as other appointees are in denial of the highest authority.

Hence, the comment during the Radio talk show  on “Free Palestine” about public displays of prayers and worships as meaningless because of selective embracing of God by political figures.

Thus, forcing one to arrive at a conclusion that even “Almighty God” is a fair game in politics.

It goes to prove that Cabinet posts in any administration could be picked and chosen by the privileged members of a political party and some outsiders through virtue of their association with previous administrations leaving no opportunities for the deserving aspirants outside the circle in the so-called democracy.

Then why bother wasting  taxpayers’ dollars with senate hearing and confirmation process if the purpose is meant to be a mere formality?

With foreign governments and sources donating to Clinton foundation and honorarium for his speeches, should American electorate consider such generosity by these entities an act of pure benevolence for humanity and not have Clintons reciprocate in return?

Alternatively, are these donors so magnanimous that they are involved in a great humanitarian effort whilst ignoring the plight of the population in their own backyard?
Washington was to be changed and shaken up to give way to new political system.

Is shuffling the cabinet posts among the group consisting of those demanding party favors a fair selection process?

Does democracy really have a chance when Power is still the dominant force crushing the will of the republic?

The lawmakers awestruck by candidates despite controversial background  moved forward to fill positions in fulfillment of their obligations and responsibilities with no regard for due process.

New administration was sworn in with the pledge to America to change Washington corroded with corruption, cronyism and power politics into new era guided by the constitution and democratic values.

WASHINGTON (CNN) — Promising "a new era of openness in our country," President Obama signed executive orders Wednesday relating to ethics guidelines for staff members of his administration.

"Transparency and the rule of law will be the touchstones of this presidency," Obama said.

Has there been a breach of constitutional law in the Cabinet post appointments?

It is worth examining, as it appears to be the case according to some concerned citizens who are also legal experts in the constitutional law.

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Source: http://www.cato-at-liberty.org/2008/11/25/is-hillary-clinton-unconstitutional/ –

Thank you.

Is Hillary Clinton Unconstitutional?

Posted by Ilya Shapiro,  Previous: There’s No Change Here
It appears that there may be genuine constitutional problems with her expected nomination.  To wit, Article I, section 6, clause 2 reads:

Via http://press-pubs.uchicago.edu/founders/tocs/a1_6_2.html

Article 1, Section 6, Clause 2

No Senator or Representative shall, during the Time for which he was elected, be appointed to any civil Office under the Authority of the United States, which shall have been created, or the Emoluments whereof shall have been encreased during such time; and no Person holding any Office under the United States, shall be a Member of either House during his Continuance in Office.

That is, under this “Emoluments Clause,” members of Congress are expressly forbidden to take any appointed position within the government which was created or whose pay has been increased during their current term in office.

Now, a January 2008 executive order, promulgated in accordance with a statute from the 1990s that addressed cost of living adjustments for certain federal officials, raised the Secretary of State’s salary, thus constitutionally prohibiting any then-serving senator who remains in office from taking charge of Foggy Bottom. (Sen. Clinton’s current term began in January 2007 and expires in January 2013.)

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Source: http://volokh.com/posts/1227548910.shtml

Hillary Clinton and the Emoluments Clause:

There’s been talk about whether Sen. Hillary Clinton is disqualified from a position as Secretary of State by the Emoluments Clause:

Adam Bonin’s Daily Kos blog has a bit more on this, but the short version is that a Jan. 2008 executive order, promulgated pursuant to a 1990s cost of living adjustment statute, raised the salary of the Secretary of State, so the Emoluments Clause question is in play.

I very recently read an article by John O’Connor on the subject, The Emoluments Clause: An Anti-Federalist Intruder in a Federalist Constitution, 24 Hofstra L. Rev. 89 (1995), so I asked him what he thought.
Here’s his answer (some paragraph breaks added); please note that I have some comments at the end of this post that express a somewhat different view:

It seems to me that there are two questions regarding whether the Emoluments Clause to the U.S. Constitution (Art. I, § 6, cl. 2) renders Senator Hillary Clinton constitutionally ineligible for appointment as Secretary of State:

(1) whether Senator Clinton is now ineligible for appointment; and

(2) if Senator Clinton is ineligible for appointment, whether that ineligibility may be cured by the so-called “Saxbe Fix,” whereby the Secretary of State’s salary is reduced to the salary in effect before Senator Clinton’s current Senate term began.

I think it is beyond dispute that Senator Clinton is currently ineligible for appointment as secretary of State. I also believe that the better construction of the Emoluments Clause is that the “Saxbe Fix” does not remove this ineligibility.

The Saxbe Fix got its name because the Nixon administration sought to eliminate Senator William Saxbe’s ineligibility for appointment as Attorney General by reducing the salary of that office to the level that existed before Senator Saxbe’s appointment.

The Emoluments Clause provides that “[n]o Senator or Representative shall, during the Time for which he was elected, be appointed to any civil Office under the Authority of the United States, which shall have been created, or the Emoluments whereof shall have been encreased during such time.”

As I understand it, 5 U.S.C. § 5303 provides for an automatic annual increase in certain federal salaries, including the salary of the Secretary of State, unless the President certifies that an increase in salaries is inappropriate.

The salary of the Secretary of State has increased during Senator Clinton’s current Senate term, which does not end until 2012.

Therefore, under a straightforward application of the Emoluments Clause, Senator Clinton is ineligible for appointment as Secretary of State because the emoluments of that office “have been encreased” during Senator Clinton’s current Senate term, and this disability continues until the end of “the time for which [she] was elected, or until January 2013.

I do not believe it affects the analysis that the salary increase occurred as a result of an Executive Order or that the statute creating these quasi-automatic salary increases was enacted prior to Senator Clinton’s current term.

By its plain language, the Emoluments Clause applies when the office’s salary “shall have been encreased,” without regard to exactly how it was increased.

Indeed, an early proposed draft of the clause included language limiting it to an increase of emoluments “by the legislature of the U[nited] States,” and was later revised to encompass any increase in emoluments.

It is worth noting that several Framers thought, without much explication, that the clause was too lax as initially drafted. The clause also does not require that a Senator or Representative have voted for the increase.

This focus [on] a past act of increasing emoluments, rather than on the emoluments existing at the time of appointment suggests to me that the clause’s best reading is that an act of increasing emoluments renders members of Congress ineligible for appointment [to] the office until their respective congressional terms end.

In addition, one of the central theses of my law review article on the subject is that the purpose of the Emoluments Clause is disserved by the Saxbe Fix.

The records of the federal constitutional convention indicate two purposes underlying the Emoluments Clause:

(1) general anti-corruption, whereby Congress might conspire with the President to create offices, or to give existing offices exorbitant salaries, with the understanding that a Member of Congress would be appointed to the office; and

(2) limiting the size, importance, and reach of the federal bureaucracy.

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Republic Action:  By Padmini Arhant

It is important for the people of the Republic to awaken and ensure that elected representatives honor commitments towards their constituents and the nation  by respecting the constitutional law and abide by the common rules and regulations meant for all regardless of societal hierarchy.

Indeed, it is a huge disappointment that electorate is relevant only during the electoral process.

Once the ballots are cast and power entrusted to the lawmakers as the people representatives, the abuse of power is a reflex action with a tendency to discount and dismiss the will of democracy particularly during federal appointments and other legislative matters.

Any functional democracy requires that apart from transparency and accountability, the office of Presidency and Congress act with entire integrity in recruitments by not violating the trust of the people and the constitution governing the nation.

Additionally,  rather than personal choices for various cabinet posts contributing to ethical issues, the real change in Washington would be depicted if the cabinet posts were advertised for direct public appointments reflecting the acknowledgement of talent and caliber among the eligible electorate.

Is it too late to review the appointments that have already taken place?

Action is anytime better than inaction to confirm the power of democracy.

Shouldn’t we all know now from the past eight years’ legacy?

The voice of America is the only legitimate force that can bring about any Positive Change in every citizen’s life.

Thank you.

Padmini Arhant

P.S. Please review the insightful presentation “Secretary of State Nomination” on www.padminiarhant.com  for complete comprehension.

Conflict of Interest

January 28, 2009

Secretary of State

By Padmini Arhant

Secretary of State position has been filled and the appointee, Senator Hillary Rodham Clinton has assumed office.

Did the Senate Foreign Relations Committee and the full Senate pay any attention to the substantial facts and evidences provided by citizens and news editorials on this matter as well as other cabinet post appointments?

Apparently not and that appears to be the interesting focus for concerned electorate.

——————————————————–

Bill Clinton made millions from foreign sources

By MATTHEW LEE, Associated Press Writer Matthew Lee, Associated Press Writer – 35 mins ago

WASHINGTON – Former President Bill Clinton earned nearly $6 million in speaking fees last year, almost all of it from foreign companies, according to financial documents filed by his wife, Secretary of State Hillary Rodham Clinton .

The documents obtained Tuesday by The Associated Press show that $4.6 million of the former president’s reported $5.7 million in 2008 honoraria came from foreign sources, including Kuwait’s national bank , other firms and groups in Canada, Germany, India, Malaysia , Mexico and Portugal and a Hong Kong-based company that spent $100,000 on federal lobbying last year.

Executives at many of the firms that paid honoraria to Bill Clinton have also donated large amounts of money to the Clinton Foundation , according to documents it released last year as part of an agreement with Congress on Hillary Clinton’s nomination as secretary of state.

That agreement was aimed at preventing the appearance of any conflict of interest between the ex-president’s charitable organization and his wife’s new job as the United States’ top diplomat.

In addition to Bill Clinton’s income from speaking fees, Hillary Clinton reported joint holdings of between $6.1 million and $30.3 million in a blind trust as well as cash, insurance and retirement accounts worth between $1 million and $5.2 million.
Hillary Clinton made between $50,000 and $100,000 in royalties from her 2003 memoir "Living History."

Bill Clinton earned between $100,000 and $1 million in royalties for his 2004 autobiography "My Life," the documents show. The Clintons reported no liabilities.

All senior officials in the Obama administration are required to complete a detailed disclosure of their personal finances, including spouse and children, which is updated yearly.

The two men selected to serve as Hillary Clinton’s deputy secretaries of state, Jacob Lew and James Steinberg , also filed financial disclosure forms.

Lew, a former Clinton administration official who recently headed Citigroup’s Alternative Investments unit, reported 2008 salary income of just over $1 million along with numerous investments, including between $50,000 and $100,000 in State of Israel bonds .
Steinberg, another former Clinton administration official who recently was a professor at the University of Texas, reported receiving $35,000 in 2008 for foreign speaking engagements, including three before Japanese media firms and one before the Confederation of Indian Industries in New Delhi.

The most Bill Clinton got from a foreign source was $1.25 million for appearing at five events sponsored by the Toronto-based Power Within Inc., a company that puts on motivational and training programs around North America , according to Hillary Clinton’s submission.

For one Power Within speech alone, delivered in Edmonton in June 2008, Clinton was paid $525,000, the most for any single event that year. For one event, he got $200,000 and for three others he received $175,000 each, the documents show.

The Hong Kong firm, Hybrid Kinetic Automotive Holdings, paid Clinton a $300,000 honorarium on Dec. 4, 2008. Twenty five days later, on Dec. 29, a man listed as the company’s chief financial officer, Jack Xi Deng, made a $25,000 cash donation to the Virginia gubernatorial campaign of Clinton confidant Terry McAuliffe , according to the Virginia Public Access Project.

According to the Center for Responsive Politics, the Hong Kong firm paid at least $100,000 in 2008 to lobbyists on immigration issues.

The other foreign honoraria Bill Clinton received in 2008 are:
$450,000 from AWD Holding AG , a German-based international financial services company.

$350,000 from the state-owned National Bank of Kuwait . The Kuwaiti government donated between $1 million and $5 million to the Clinton Foundation , according to the foundation’s disclosure.

$300,000 from Value Grupo Financiero SA de CV, a Mexico -based financial holding company , whose chief executive officer , Carlos Bremer Gutierrez, is one of the Clinton Foundation’s leading donors. Gutierrez donated between $250,001 to $500,000 to the foundation, according to foundation’s documents.

$250,000 from Germany’s Media Control Gmbh, which bills itself as the world’s leading provider of entertainment data and was founded by Karlheinz Koegel, who contributed $100,001 to $250,000 to the Clinton foundation.

$200,000 from Malaysia’s Petra Equities Management on behalf of the Sekhar Foundation run by Malaysian multimillionaire Vinod Sekhar who donated between $25,001 and $50,000 to the Clinton Foundation, according to its documents.

In addition to the foreign earnings,

Bill Clinton made just over $1 million from domestic speaking engagements, including $250,000 from MSG Entertainment , $225,000 from the National Association of Home Care and Hospice, $200,000 from the United Nations Association , $175,000 from the ING North America Insurance Corp., $125,000 from the Rodman and Renshaw Capital Group and $100,000 from the Hollywood Radio and Television Society.

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Voice of Concern: By Padmini Arhant

I suppose, now it must be clear to America why despite the impressive combined earnings by the then Senator and now newly appointed Secretary of State Hillary Clinton’s request for personal donation was not met .

The impression might be what could possibly a small, diminutive, frail and fragile individual’s support or the lack thereof do to powerful nominations and subsequent confirmation.

It was already proven during the election when several requests and demands were placed for endorsement of the Presidential candidates.

Otherwise, would any ordinary citizen be sought after relentlessly for endorsement in a high profile and vigorously contested political battle by the contestants?

Further, Supreme force representative’s subservient manner should not be translated as an inferior or a weak personality in any shape due to intimacy with natural phenomenon.

Regardless, the stark contrast between the powerful on earth and those representing the power of the universe is,

The latter are courageous in speaking the truth and standing up for justice and peace wherever and whenever it applies.

History is testimony that Prophets and messengers were subject to incredible endurance tests including death for some as in the case of Lord Jesus Christ.

In the ancient era, Prophets and Messiahs had to prove their identity and worthiness by performing wonders or miracles.

It ranged from bearing the cross and resurrection to life and possessing witnesses for the ability to walk on water.

Now, in the new millennium the expectation of the virtuous could still be to exhibit magic moments by spitting fire, moving mountains and relevantly excavation of economy from deep recession heading towards Great Depression.

Such expectations by those considering themselves extraordinary are not surprising.

In fact, up until recently the utterance of God and any discussions related to the highest grace was argued as undemocratic by calling for elimination of such discourse in public square.

Anyone challenging the might of the mortals is frequently dismissed as a questionable character and their concerns for humanity invalidated through defiance per recent demonstration of Cabinet posts confirmation.

All those bound by ethics and compliance of common law in a democracy rejecting the plea with presentation of facts and evidences against Hillary Clinton’s confirmation as well as other appointees are in denial of the highest authority.

Hence, the comment during the Radio talk show on “Free Palestine” about public displays of prayers and worships as meaningless because of selective embracing of God by political figures.

Thus, forcing one to arrive at a conclusion that even “Almighty God” is a fair game in politics.

It goes to prove that Cabinet posts in any administration could be picked and chosen by the privileged members of a political party and some outsiders through virtue of their association with previous administrations leaving no opportunities for the deserving aspirants outside the circle in the so-called democracy.

Then why bother wasting taxpayers’ dollars with senate hearing and confirmation process if the purpose is meant to be a mere formality?

With foreign governments and sources donating to Clinton foundation and honorarium for his speeches, should American electorate consider such generosity by these entities an act of pure benevolence for humanity and not have Clintons reciprocate in return?

Alternatively, are these donors so magnanimous that they are involved in a great humanitarian effort whilst ignoring the plight of the population in their own backyard?

Washington was to be changed and shaken up to give way to new political system.

Is shuffling the cabinet posts among the group consisting of those demanding party favors a fair selection process?

Does democracy really have a chance when Power is still the dominant force crushing the will of the republic?

The lawmakers awestruck by candidates despite controversial background moved forward to fill positions in fulfillment of their obligations and responsibilities with no regard for due process.

New administration was sworn in with the pledge to America to change Washington corroded with corruption, cronyism and power politics into new era guided by the constitution and democratic values.

WASHINGTON (CNN) — Promising "a new era of openness in our country," President Obama signed executive orders Wednesday relating to ethics guidelines for staff members of his administration.

"Transparency and the rule of law will be the touchstones of this presidency," Obama said.

Has there been a breach of constitutional law in the Cabinet post appointments?

It is worth examining, as it appears to be the case according to some concerned citizens who are also legal experts in the constitutional law.

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Source: http://www.cato-at-liberty.org/2008/11/25/is-hillary-clinton-unconstitutional/ – Thank you.

Is Hillary Clinton Unconstitutional?

Posted by Ilya Shapiro , Previous: There’s No Change Here

It appears that there may be genuine constitutional problems with her expected nomination.  To wit, Article I, section 6, clause 2 reads:

Via http://press-pubs.uchicago.edu/founders/tocs/a1_6_2.html

Article 1, Section 6, Clause 2

No Senator or Representative shall, during the Time for which he was elected, be appointed to any civil Office under the Authority of the United States, which shall have been created, or the Emoluments whereof shall have been encreased during such time; and no Person holding any Office under the United States, shall be a Member of either House during his Continuance in Office.

That is, under this “Emoluments Clause,” members of Congress are expressly forbidden to take any appointed position within the government which was created or whose pay has been increased during their current term in office.

Now, a January 2008 executive order, promulgated in accordance with a statute from the 1990s that addressed cost of living adjustments for certain federal officials, raised the Secretary of State’s salary, thus constitutionally prohibiting any then-serving senator who remains in office from taking charge of Foggy Bottom. (Sen. Clinton’s current term began in January 2007 and expires in January 2013.)

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Source: http://volokh.com/posts/1227548910.shtml – Thank you.

Hillary Clinton and the Emoluments Clause:

There’s been talk about whether Sen. Hillary Clinton is disqualified from a position as Secretary of State by the Emoluments Clause:

Adam Bonin’s Daily Kos blog has a bit more on this, but the short version is that a Jan. 2008 executive order , promulgated pursuant to a 1990s cost of living adjustment statute, raised the salary of the Secretary of State, so the Emoluments Clause question is in play.

I very recently read an article by John O’Connor on the subject, The Emoluments Clause: An Anti-Federalist Intruder in a Federalist Constitution , 24 Hofstra L. Rev. 89 (1995) , so I asked him what he thought.

Here’s his answer (some paragraph breaks added); please note that I have some comments at the end of this post that express a somewhat different view:

It seems to me that there are two questions regarding whether the Emoluments Clause to the U.S. Constitution (Art. I, § 6, cl. 2) renders Senator Hillary Clinton constitutionally ineligible for appointment as Secretary of State:

(1) whether Senator Clinton is now ineligible for appointment; and

(2) if Senator Clinton is ineligible for appointment, whether that ineligibility may be cured by the so-called “Saxbe Fix,” whereby the Secretary of State’s salary is reduced to the salary in effect before Senator Clinton’s current Senate term began.

I think it is beyond dispute that Senator Clinton is currently ineligible for appointment as secretary of State. I also believe that the better construction of the Emoluments Clause is that the “Saxbe Fix” does not remove this ineligibility.

The Saxbe Fix got its name because the Nixon administration sought to eliminate Senator William Saxbe’s ineligibility for appointment as Attorney General by reducing the salary of that office to the level that existed before Senator Saxbe’s appointment.

The Emoluments Clause provides that “[n]o Senator or Representative shall, during the Time for which he was elected, be appointed to any civil Office under the Authority of the United States, which shall have been created, or the Emoluments whereof shall have been encreased during such time.”

As I understand it, 5 U.S.C. § 5303 provides for an automatic annual increase in certain federal salaries, including the salary of the Secretary of State, unless the President certifies that an increase in salaries is inappropriate.

The salary of the Secretary of State has increased during Senator Clinton’s current Senate term, which does not end until 2012.

Therefore, under a straightforward application of the Emoluments Clause, Senator Clinton is ineligible for appointment as Secretary of State because the emoluments of that office “have been encreased” during Senator Clinton’s current Senate term, and this disability continues until the end of “the time for which [she] was elected, or until January 2013.

I do not believe it affects the analysis that the salary increase occurred as a result of an Executive Order or that the statute creating these quasi-automatic salary increases was enacted prior to Senator Clinton’s current term.

By its plain language, the Emoluments Clause applies when the office’s salary “shall have been encreased,” without regard to exactly how it was increased.

Indeed, an early proposed draft of the clause included language limiting it to an increase of emoluments “by the legislature of the U[nited] States,” and was later revised to encompass any increase in emoluments.

It is worth noting that several Framers thought, without much explication, that the clause was too lax as initially drafted. The clause also does not require that a Senator or Representative have voted for the increase.

This focus [on] a past act of increasing emoluments, rather than on the emoluments existing at the time of appointment suggests to me that the clause’s best reading is that an act of increasing emoluments renders members of Congress ineligible for appointment [to] the office until their respective congressional terms end.

In addition, one of the central theses of my law review article on the subject is that the purpose of the Emoluments Clause is disserved by the Saxbe Fix.

The records of the federal constitutional convention indicate two purposes underlying the Emoluments Clause:

(1) general anti-corruption, whereby Congress might conspire with the President to create offices, or to give existing offices exorbitant salaries, with the understanding that a Member of Congress would be appointed to the office; and

(2) limiting the size, importance, and reach of the federal bureaucracy.

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Republic Action: By Padmini Arhant

It is important for the people of the Republic to awaken and ensure that elected representatives honor commitments towards their constituents and the nation by respecting the constitutional law and abide by the common rules and regulations meant for all regardless of societal hierarchy.

Indeed, it is a huge disappointment that electorate is relevant only during the electoral process.

Once the ballots are cast and power entrusted to the lawmakers as the people representatives, the abuse of power is a reflex action with a tendency to discount and dismiss the will of democracy particularly during federal appointments and other legislative matters.

Any functional democracy requires that apart from transparency and accountability, the office of Presidency and Congress act with entire integrity in recruitments by not violating the trust of the people and the constitution governing the nation.

Additionally, rather than personal choices for various cabinet posts contributing to ethical issues, the real change in Washington would be depicted if the cabinet posts were advertised for direct public appointments reflecting the acknowledgement of talent and caliber among the eligible electorate.

Is it too late to review the appointments that have already taken place?

Action is anytime better than inaction to confirm the power of democracy.

Shouldn’t we all know now from the past eight years’ legacy?

The voice of America is the only legitimate force that can bring about any Positive Change in every citizen’s life.

Thank you.

Padmini Arhant

P.S. Please review the insightful presentation “Secretary of State Nomination” on www.padminiarhant.com for complete comprehension.

Radio Show Schedule

January 22, 2009

I will be doing a live radio show for 120 minutes from 2.00P.M to 4.00P.M. (PST) on the following days:

January 23, 2009 Friday from 2.00 – 4.00 P.M (PST) to accommodate listeners from all time zones.

Category: Current Events

Topic: Corporate Bailout

Discussion:

What should financial institutions do with the taxpayers’ bailout?

Why have they not utilized those funds to stimulate economy?

What is public demand from them and the legislators?

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January 30, 2009, 120 minutes 2.00P.M – 4.00P.M

Category: Current Events

Topic: Economy and Health Care

What should the new administration do for you and the economy?

How do we fix the Health Care system?

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Podcast live : http://www.blogtalkradio.com/Padmini-A

Guest Call-in-number: (646) 727 -3778

I invite you all to participate in the public forum and share your concerns, ideas and knowledge.

Your comments and thoughts are welcome in the political discourse.

Let us keep democracy alive and help our new President Barack Obama and Vice President Joe Biden in rebuilding our nation.

Look forward to the session.

Thank you.

Padmini Arhant

P.S. My apologies for not being able to schedule a convenient time on January 21, 2009. I am aiming to provide as much time as possible through whatever avenues available in getting us back on our feet.

Your participation is a huge encouragement and always appreciated – Thank you again.

Renew America Together

January 19, 2009

Today is an important day as we commemorate the outstanding contribution of the civil rights leader and icon of peace DR. Martin Luther King Jr.

Dr. King remembered as a trailblazer with his dream to transcend race that has long been an impediment for social, economic and political progress. This year is particularly significant, due to the long awaited promise of America scheduled for delivery upon swearing in of the 44th President of the United States, Barack Obama to the office of Presidency on January 20, 2009.

Dr. King’s legacy span across the spectrum and focused on unity, equal rights and opportunities for all. Seldom, nations have sons like Dr. King to lay their life in pledge of support for humanity. It is truly an honor to be part of the nation with a hero like Dr. King paving the path for those human beings deprived of civil liberties and daring them to rise to the occasion.

If Dr. King were to be present today though he lives among us in spirit, the remarkable speech about his dream for a United America turning into reality with a bright and promising new President Barack Obama will serve as living testimony that change does not occur unless brought upon collectively.

As a nation, we ought to be proud of the great achievement with the election of the new President Barack Obama. Although, a milestone reached after several decades, there are still enormous tasks ahead in resolving racial prejudice, economic prosperity and social justice for those struggling at the bottom of the demographic data.

Dr. King is the beacon of light to courageously expel darkness in human minds that segregated one another, polarized the society and marginalized selective members of the human race. It is evident from history that freedom and equality for all comes with sacrifices by few and serve as the cornerstone for further developments in the future.

It is imperative now to get involved in activities for the common goal granting identical rights and privileges for all. We all have certain responsibilities as citizens and acknowledging them as the primary objective guaranteed to bear fruits for a better future.

Dr. King eloquently stated,

“Injustice anywhere is a threat to justice everywhere. We are caught in an inescapable network of mutuality, tied in a single garment of destiny. Whatever affects one directly, affects all indirectly.”

As much as there are unprecedented challenges and crisis ahead, we have brilliant prospects with the new Presidency of Barack Obama and Vice President Jo e Biden.

Deep in our heart, we believe that we shall overcome the trials and tribulations as a unified force of the human race representing the great United States.

Thank you.

Padmini Arhant

Banks Bailout – Accountability

January 11, 2009

It’s been a quarter since the banks bailout. The purpose of the bailout was to stimulate the economy by relieving the financial markets from liquidity crisis.

At least, that was the explanation offered by the Treasury Department and the Federal Reserve at the time of request.

They demanded that Congress approve the bailout to a tune of $700 billion as an emergency measure to avert the collapse of the financial market.

There were few stipulations to the approval of the bailout. The general expectation was to revive the housing market with a moratorium on foreclosures and overhauling of the existing loan programs to assist homeowners with affordable payments and ease the decline of the housing prices nationwide.

The other alternative to the housing market crisis was to utilize the bailout drawdown towards restructuring of the mortgage backed securities by allowing default homeowners dealing with foreclosures to refinance at the existing lowest market rate for a fixed period of two years, substituting the amount in the new economic stimulus package by President-elect Obama.

Despite financial bailout by taxpayers, the economic situation is deteriorating with the current unemployment soaring to 7.2 percent exceeding the Depression era. The criticism entirely directed towards government intervention in the revival process.

However, it is worth remembering that lack of oversight and accountability led the financial institutions to a dire state in the free market economy. The corporate executives as the beneficiaries have been responsible for the dysfunctional financial system even though none of them held accountable thus far.

The current administration assured taxpayers that financial bailout targets liquidity in the credit market, housing market decline particularly foreclosures, buy-back mortgage securities held as major liabilities on the banks’ financial reports and ease their burden to facilitate lending to homeowners and small businesses.

If the strategy followed through, it could have reduced the heat on the economy and set the pace for recovery.

In the absence of commitment by the banks, it would be appropriate for taxpayers to demand that the financial institutions release the funds towards lending and contribute to the economic stimulation as agreed to by them.

Failure to adhere to the agreement will result in the blockade of the remaining $350 billion that would be appropriated towards economic stimulus proposal by President-elect Obama.

In addition, the taxpayers’ also reserve the right to demand that the beneficiaries of the bailout return the earlier withdrawal currently hoarded for their undisclosed agenda with interest higher than the market rate.

It is time for checks and balances on the drawdown of $350 billion to various financial institutions.

Checks and Balances:

Have the objectives been achieved?

Is there an oversight committee on the financial bailout as agreed to the taxpayers?

Did the banks provide details of the secured amount to the taxpayers or the oversight committee?

Please be sure to read the articles presented below as they confirm the reality.

Thank you.

Padmini Arhant

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First and foremost, the beneficiaries of the bailout are:

As per http://moneynews.newsmax.com/streettalk/bailout_half_gone/2008/11/12/150364.html

Street Talk – Thank you.

Who Got Bailout Money So Far?

Wednesday, November 12, 2008 9:09 AM

"The Treasury Department’s $700 billion bailout plan, also known as the Troubled Asset Relief Program (TARP), is one of the main U.S. tools to address the financial crisis.

The Treasury Department on October 14 set aside $250 billion of the program to buy senior preferred shares and warrants in banks, thrifts and other financial institutions.

Half that money was allocated to nine big banks, the Treasury Department has said.

Another $38 billion has since been earmarked for regional or small banks, according to statements from individual banks.

On Monday, the department announced its single-biggest TARP investment — $40 billion in American International Group — which the government said would not come from the $250 billion bank capital program.

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The TARP has so far committed the following funding:

AIG $40 billion

JPMorgan $25 billion

Citigroup $25 billion

Wells Fargo $25 billion

Bank of America $15 billion

Merrill Lynch $10 billion

Goldman Sachs $10 billion

Morgan Stanley $10 billion

PNC Financial Services $7.7 billion

Bank of New York Mellon $3 billion

State Street Corp $2 billion

Capital One Financial $3.55 billion

Fifth Third Bancorp $3.45 billion

Regions Financial $3.5 billion

SunTrust Banks $3.5 billion

BB&T Corp $3.1 billion

KeyCorp $2.5 billion

Comerica $2.25 billion

Marshall & Ilsley Corp $1.7 billion

Northern Trust Corp $1.5 billion

Huntington Bancshares $1.4 billion

Zions Bancorp $1.4 billion

First Horizon National $866 million

City National Corp $395 million

Valley National Bancorp $330 million

UCBH Holdings Inc $298 million

Umpqua Holdings Corp $214 million

Washington Federal $200 million

First Niagara Financial $186 million

HF Financial Corp $25 million

Bank of Commerce $17 million

TOTAL: $203.08 billion

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INSURANCE COMPANIES

In addition to the TARP program’s $40 billion capital injection into AIG, the Federal Reserve is providing the company with up to $112.5 billion in separate loans and funds for asset purchases.
Aid to the huge insurance company came after counterparties and rating downgrades forced AIG to post large amounts of collateral for its credit derivatives positions.
Some other insurers are interested in cash infusions, but must own a thrift or bank in order to qualify under the terms of Treasury’s current capital injection program.

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BANKS, LENDERS

The TARP program set a November 14 deadline for smaller banks to apply for capital injection funds remaining in the pool of $250 billion. The deadline will be extended for non-publicly traded banks.

The government’s preferred shares will pay dividends of 5 percent annually for the first five years and 9 percent after that until the institution repurchases them. Participating banks must comply with Treasury restrictions on executive compensation, which limit tax deductibility of senior executive pay to $500,000.

They require bonuses to be "clawed back" if earnings statements or gains are later proven to be materially inaccurate and prohibit "golden parachute" payments to senior executives.”

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The following article has the response for all of the above issues:

December 23, 2008.

Economy in Crisis: By Matt Apuzzo, Associated Press, Washington – Thank you

Banks mum on bailout spending – They Refuse to provide Accounting

Elizabeth Warren, the congressional watchdog, appointed by Democrats—

“It takes a lot of nerve for banks not to give answers, she says.”

Think you could borrow money from a bank without saying what you were going to do with it?

Well, apparently when banks borrow from you they don’t feel the same need to say how the money is spent.

After receiving billions in aid from U.S. taxpayers, the nation’s largest banks say they can’t track exactly how they’re spending it. Some won’t even talk about it.

“We’re choosing not to disclose that,” said Kevin Heine, spokesman for Bank of New York Melon, which received about $3 billion.

Thomas Kelly, a spokesman for JPMORGAN Chase, which received $25 billion in emergency bailout money, said that while some of the money was lent, some was not, and the bank has not given any accounting of exactly how the money is being used.

“We have not disclosed that to the public. We’re declining to,” Kelly said.

The Associated Press contacted 21 banks that received at least $1billion in government money and asked four questions:

How much has been spent?

What was it spent on?

How much is being held in savings? And,

What ‘s the plan for the rest?

None of the banks provided specific answers.

“We ‘re not providing dollar-in, dollar-out tracking,” said Barry Koling, a spokesman for Atlanta, Ga.-based SunTrust Banks, which got $3.5billion in taxpayer dollars.

Some banks said they simply didn’t know where the money was going.

“We manage our capital in its aggregate,” said Regions Financial spokesman Tim Deighton, who said the Birmingham, Ala.- based company is not tracking how it is spending the $3.5billion it received as part of the financial bailout.

The answers highlight the secrecy surrounding the Troubled Asset Relief Program, which earmarked $700 billion – about the size of the Netherlands’ economy – to help rescue the financial industry.

The Treasury Department has been using the money to buy stock in U.S. banks, hoping that the sudden inflow of cash will get banks to start lending money.

There has been no accounting of how banks spend that money.

Lawmakers summoned bank executives to Capitol Hill last month i.e. November 2008, and implored them to lend the money – not to hoard it or spend it on corporate bonuses or junkets or to buy other banks.

But there is no process in place to make sure that’s happening, and there are no consequences for banks that don’t comply.

“It is entirely appropriate for the American people to know how their taxpayer dollars are being spent in private industry,” said Elizabeth Warren, the top congressional watchdog overseeing the financial bailout.

But, at least for now, there’s no way for taxpayers to find that out.

Pressured by the Bush administration to approve the money quickly, Congress attached nearly no strings to the $700 billion bailout in October, 2008.

And the Treasury Department, which doles out the money, never asked banks how it would be spent.

“Those are legitimate questions that should have been asked on Day One,” said Rep. Scott Garrett, R-N.J., a House Financial Services Committee member who opposed the bailout as it was rushed through Congress.

“Where is the money going to go to?

How is it going to be spent?

When are we going to get a record on it?”

Nearly every bank the AP questioned – including Citibank and Bank of America, two of the largest recipients of bailout money —– responded with generic public relations statements explaining that the money was being used to strengthen balance sheets and continue making loans to ease the credit crisis.

A few banks described company-specific programs, such as JPMorgan Chase’s plan to lend $5 billion to nonprofit and health care companies next year.

Richard Becker, senior vice president of Wisconsin-based Marshall & Ilsley, said the $1.75 billion in bailout money allowed the bank to temporarily stop foreclosing on homes.

But no bank provided even the most basic accounting for the federal money.

Some said the money couldn’t be tracked.

Bob Denham, a spokesman for North Carolina-based BB&T, said the bailout money “doesn’t have its own bucket.”

But he said taxpayer money wasn’t used in the bank’s recent purchase of a Florida insurance company.

Asked how he could be sure, since the money wasn’t being tracked, Denham said the bank would have made that deal regardless.

Others, such as Morgan Stanley spokeswoman Carissa Ramirez, offered to discuss the matter with reporters on condition of anonymity.

When the AP refused, Ramirez sent an e-mail saying:

“We are going to decline to comment on your story.”

Most banks wouldn’t say why they were keeping the details secret.

“We’re not sharing any other details. We’re just not at this time,” said Wendy Walker, a spokeswoman for Dallas-based Comerica, which received $2.25 billion from the government.

Lawmakers say they want to tighten restrictions on the remaining, yet-to-be-released $350 billion block of bailout money before more cash is handed out.

Treasury Secretary Henry Paulson said the department is trying to step up its monitoring of bank spending.

Warren, the congressional watchdog, appointed by Democrats, said her oversight panel will try to force the banks to say where they’ve spent the money.

“It would take a lot of nerve not to give answers,” she said.

But Warren said she’s surprised she even has to ask.

“If the appropriate restrictions were put on the money to begin with, if the appropriate transparency was in place, then we wouldn’t be in a position where you’re trying to call every recipient and get the basic information that should already be in public documents,” she said.
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Happy New Year!

January 1, 2009

Welcome to a New Beginning.

Indeed, the year 2008 was historic in many aspects.

Briefly, 2008 was the year of Salvation and Celebration.

Salvation of financial and manufacturing sectors to rescue our nation from the brink of collapse besides enabling world markets to perform the balancing act until concrete economic policies implemented at home.

Celebration in rejoicing the election of the first African American candidate Barack Obama as the 44th President of the United States by proving that challenges are overcome through unity, determination and optimism.

We have great many tasks ahead of us. It requires all of us to get started from day one in sharing the responsibilities of this incredible trash clearance.

It is comparable to a wild party by drunken, rambunctious, overgrown teenagers leaving a big mess behind for sober, sensible and mature adults to clean after them.

The ancient civilizations have great many proverbs and adages and one of them is,

"Yesterday’s the past and

Tomorrow’s the future

Today is a gift – which is why they call it the present"

Those who possess the blessing of the gift must act on it and not waste precious present by dwelling in the past or guessing the future.

However, one must learn from the past mistakes to avoid them now and in the future.

There is abundance energy, resolve and enthusiasm available among all of us for rebuilding the nation.

Collective involvement yields rapid progress.

Although, we have elected a new President to resolve too many crises, each and every one of us are obligated to ourselves and our children in showing that we care by demonstrating fiscal responsibility, energy conservation, environmental protection and,

Most importantly accepting one another as humans prior to any other identification for a better future.

The present situation has left us with no choice other than consider ways to;

Exercise frugality over wasteful spending

Living within rather than beyond means.

Invest resources wisely to safeguard present and future existence.

Establish peace over war .

At the minimal, engage in empathy and sympathy for those less fortunate at home and abroad.

Our actions and decisions largely contribute the outcome of any matter.

The events over the past eight years will serve as testimony in political history that performance lacking in moral judgment is a recipe for disaster.

It is also a rude awakening for democratic and free market systems that absence of oversight and accountability leads to regrettable consequences.

Henceforth, the new beginning must entail the protocol that Washington and Wall Street are accountable for budget plans, legislative measures, taxpayer bailouts and,

Ensure no preferential treatment to those abusing power during scrutiny of misdeeds and mismanagement.

Similar bindings are necessary on State legislators including Governors as well.

In fact, Congress representing the people and the judicial system must act against all those responsible for the current mayhem i.e. bankrupt economy and unjustified Iraq war to preserve law and order.

Our commitment to the present and future must involve effective leadership at all levels with the emphasis on result oriented planning and policymaking to address every crisis confronting the nation.

Above all, partisanship obstructing the legislation of every bill and policy is a major obstacle.

It is best to put conventional Washington and State politics to rest and recognize the importance of bipartisanship for solutions to every problem in national interest.

Overall, the journey is arduous but hope and promise combined with patience, perseverance and labor makes destination accessible.

Wishing you all a bright, prosperous and peaceful 2009.

Thank you.

Padmini Arhant

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