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Bill Black and JP Morgan's $13 Billion Deal with the Feds -- on KZYX, Friday, November 1 @ 9 AM, Pacific Time

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on Thursday, 31 October 2013 in Uncategorized
On Friday, November 1, at 9 AM, Pacific Time, "All About Money" returns to KZYX with a special edition show about JP Morgan's $13 billion deal with the feds to settle the bank's widespread mortgage fraud scandal that helped bring down Wall Street and the global economy seven years ago. It's the biggest fine in the history of U.S. banking.

But is $13 billion enough?

Professor Bill Black is our guest. 

Black is an associate professor of economics and law at the University of Missouri-Kansas City. He is the former bank regulator who led fraud investigations of the savings and loan crisis of the 1980s. He is the author of the book "The Best Way to Rob a Bank is to Own One". Black is also featured in Michael Moore's "Capitalism: A Love Story".

This is Black's third appearance on our show here at KZYX.

We'll also do a future show on JP Morgan's $13 billion deal with Bob Scheer, editor at TruthDig.com. We invited him to call-in tomorrow, too.

Finally, we'll be doing a future show with Gayle McLaughlin, Mayor of the City of Richmond. She may also call-in tomorrow.

Mayor McLaughlin, born into a working class union family, has been taking on Wall Street banks. In partnership with a private company, she is suing the banks for eminent domain over foreclosures in the City of Richmond -- essentially buying back the mortgages that are underwater for current market value. She then re-sells the discounted mortgages back to the homeowners that were being foreclosed and at risk for homelessness.

A number of banks have filed lawsuits against the proposal arguing it is an illegal use of eminent domain. Critics state that this plan would severely damage the mortgage industry. However, other cities such as Newark, New Jersey, North Las Vegas, and Seattle are considering adopting similar plans to alleviate the foreclosure crisis

Would this plan work in Mendocino County?

See: http://www.greenpartywatch.org/2013/08/01/richmond-ca-led-by-green-mayor-invokes-seizure-laws-to-save-homes/

Our show is broadcast live and can be heard at 88.1, 90.7, and 91.5 FM in the Counties of Mendocino, Lake, Humboldt, and Sonoma in northern California.

We also stream live from the web at www.kyx.org.

Listener call-in number is: (707) 895-2448.

* * *


WILLIAM K. BLACK

Black is an associate professor of economics and law at the University of Missouri-Kansas City. A former bank regulator who led investigations of the savings and loan crisis of the 1980s, He is the author of the book The Best Way to Rob a Bank is to Own One. He just wrote the piece "Will the JPMorgan Chase Settlement be Fair to the Public?" for CNN.com. The piece states: "If the reports of a proposed $13 billion settlement between the Justice Department and JPMorgan Chase & Co. are correct, the public and the company's shareholders will not see justice done.

"While the tentative deal is being portrayed as a larger settlement, it really represents the company coming forward with an additional $9 billion. The other $4 billion represents loan workouts that JPMorgan would do anyway to reduce its losses on mortgages that would otherwise cause it greater losses through foreclosure. ...

"A settlement of this kind would release JPMorgan and its officers from civil and criminal liability for a wide range of alleged frauds. Many of these alleged frauds added to the profits of JPMorgan and the companies it acquired. The shareholders should not be enriched by fraud.

"Where officers' frauds created profits that enriched the shareholders, JPMorgan should fire such officers, and the Justice Department should prosecute and recover any fraud proceeds. JPMorgan should pay the damages it caused to others through fraud. In cases where a firm's senior officers engage in a wide range of frauds, the courts should award punitive damages against the officers and the firm.

"The problem in terms of justice is when the frauds created fictional profits that enriched corporate officers through unjust bonuses but also created real losses that were booked by the company years later. The shareholders suffer twice from such frauds -- they paid the unjust bonuses and then have to bear the losses."

ROBERT SCHEER

Editor of TruthDig.com, Scheer just wrote the piece "What Fine? Why JPMorgan Is Laughing All the Way to the Bank," which states: "The point of accountability for the bank’s failing is crucial because [JPMorgan head Jamie] Dimon has been a leading opponent of tougher banking regulations since before even the 2008 crisis. In the 1990s, Dimon had worked with Sanford I. Weill of Citigroup in gutting the sensible restraints of the Glass-Steagall law, and once those restrictions on too-big-to-fail banks were removed, Dimon built JPMorgan Chase into what is now the biggest U.S. financial institution by assets. Dimon has been an outspoken opponent of even minor attempts to stiffen such regulations during the hearings on the Dodd-Frank legislation.

"Dimon denounced the tepid efforts of his old Chicago buddy-turned-president to bring a modicum of oversight to the financial industry and pointedly soured on the Democrats in the last election. This despite the fact that Obama had appointed former JPMorgan executive William Daley to be his chief of staff and that then-Treasury Secretary Timothy Geithner had more frequent contact with Dimon than with any other financial industry executive."

Scheer's books include The Great American Stickup: How Reagan Republicans and Clinton Democrats Enriched Wall Street While Mugging Main Street.
Richmond CA, led by Green mayor, invokes seizure laws to save homes | Green Party Watch
www.greenpartywatch.org
The New York Times recently published an article about Richmond, CA’s use of eminent domain to stop foreclosures. Gayle McLaughlin, the mayor of Rich
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MCPB Board of Directors

Welcome our new board members and thank our outgoing board members at the Annual Meeting of the Mendocino County Public Broadcasting Board of Directors

Point Noyo (previously The Cliff House)

1011 S Main Street 

Fort Bragg, CA 95437

Monday, May 2nd, 2016 6:00 pm

(No Host Bar/Food available for purchase)

New board members John Azzaro (At large); Jonathan Middlebrook (1st District); and Stuart Campbell (Programmer Elect) 

Outgoing board members are Bob Page and John Sakowicz


Here are the minutes from the last meeting, as yet unapproved.


KZYX/MENDOCINO COUNTY PUBLIC BROADCASTING

BOARD OF DIRECTORS MEETING

MARCH 7, 2016

WILLITS LIBRARY

 

MINUTES

 THE MEETING WAS CALLED TO ORDER AT 6:03 P.M.

ROLL CALL
Present: Meg Courtney, Lorraine Dechter, Jane Futcher, Jenness Hartley, Ed Keller, Benj Thomas, John Sakowicz

Absent: Clay Eubank

 

APPROVAL OF LAST MEETING’S MINUTES: Unanimous

 

MATTERS FROM THE BOARD PRESIDENT: Meg Courtney

—GROUND RULES: Meg appointed Jenness to be the Meeting Facilitator

—THANK YOUS: Meg expressed thanks to Lorraine Dechter, the new GM: Jane Futcher, elections coordinator and election ballot workers and stampers, including Jenness, Ed, Bob and several others. Ed Keller was thanked for building a covered area outside where staff can sit.

—FUNDRAISING: Meg mentioned some of the fundraisers coming up, including Amy Goodman in Willits, April 16; a Willits house party April 23; a Mother’s Day fundraiser with Starchild chocolate; a Church of the Boogie Woogie party with a Boogie Woogie diva in June. She thanked Catherine Keegan and Tim Bray for taking on many fundraising events for KZYX and for requiring board and staff do very little.

 

MATTERS FROM BOARD MEMBERS:

Jane Futcher reported that board election was proceeding and the on-air forum went well.

John Sakowicz welcomed Lorraine and expressed hope that KZYX will collaborate with low-power channels like KMEC, also using digital platforms and many new technologies that expand the station’s reach and can be the source of potential revenues.

 

STANDING COMMITTEE REPORTS

—Elections Report by Jane not needed because of above check-in

—No Finance Committee report due to Clay’s absence

 

PRESENTATION OF MENDOCINO COUNTY BOARD OF SUPERVISORS’ COMMENDATION TO MARY AIGNER BY TOM WOODHOUSE: Tom Woodhouse read an eloquently worded recognition of Mary Aigner’s 22 years of service as a staff member of KZYX. (See Attached)

 

COMMUNITY ADVISORY BOARD REPORT FROM ELLEN SAXE

Ellen summarized the results of a CAB public meeting in Elk in February. She chose an area that the station does not always reach out to but was disappointed with the turnout despite the fact that the meeting was well publicized. About 10 people attended. She said transparency of the board and station was a big issue and there were requests for:
1. On-air CAB meetings

2. On-air Board meetings

3. On-air discussions with board representatives

4. The board should stop using a closed board list serve and confidential meetings

5. Simple living membership of $25 should be announced on the air

6. Controversy comes from exclusion — Someone said that when the Mendocino School Board adopted a more open stance their meetings became less contentious and shorter.

 

Ellen reported many comments about the board’s conduct, including:

—Board should state what its rules are and follow the process

—Board should not let a few people make all the decisions

—Board should make transparency a priority

—Board needs to follow through as new board members replace outgoing members.

—Board should be more responsive.

Several of those attending want access to the membership list with an opt-out clause for folks who don’t want to be contacted.

Other suggestions:

—Hire a volunteer coordinator

—contact nonmembers through public meetings

—Restore safe harbor

—State what happened with Ukiah studio funds

—Start a program council that had decision-making power

—Pay attention to the South Coast so people in Gualala can tune in.

—Encourage more participation by young people

—Define and follow the process for choosing programmers

—Institute a grievance procedure for former programmers

—Form Ad Hoc committees of members for pursuing specific issues

—Take seriously the decline in membership

—Encourage and support local programmers

 

BREAKS: During the meeting, possibly during Ellen’s presentation, a reporter covering the meeting and a candidate for the board interrupted frequently and claimed the board president was not following clear procedures. The facilitator called short break to establish calm.

 

NO ACTION ITEMS

STATE OF THE STATION REPORT — Lorraine Dechter

Lorraine did not submit a written report. She introduced Jerry Fraley, the interim Operations Manager, who was not present, and Raoul Van Haul, who introduced himself and his long experience in broadcasting, particularly in Portland, Oregon. Lorraine announced new Native American programming, a five-minute syndicated segment for which she has not yet found the perfect time slot. She said our expenses for the month of January were triple what was budgeted because it was costly covering the vacant program manager and ops manager positions.

 PUBLIC COMMENT:

Jeff Wright: Thanked Lorraine for unraveling the “trainwreck she was left with.” Said the satellites studios are working better and he asked that the “safe harbor” from 10 p.m. to 6 a.m. be restored. He encouraged KZYZ to participate in joint events with KMUD and promote the Seven Rivers Network.

Sheila Dawn Tracy: Said members should be able to communicate with each other; wants safe harbor restore; would like a written GM report; feels new KZYX newsletter should have gone in the silent drive letter.

Sarah: Requested results of fundraisers and pledge drives be published on the KZYX Web site and promoted on the Web site in advance

Fran Koliner: Welcomed Lorraine

Ellen Saxe: Gave out her email address so others can receive summary of CAB meeting

Lyn Dee Johnson: Wants each board member to have a sign with their names so people know who they are; said this was an “emotional transition” that is hard on listeners, too, as they hear new voices on the air, etc. She, or someone else, remarked that the FCC investigation of KZXY led to a decision by the staff to end safe harbor because of concerns the station might lose its license if the FCC heard bad language on the air.

 

The meeting ended at 8 p.m.

Respectfully submitted by Jane Futcher, Board VP

 

Adendum: Mendocino Board of Supervisors’ letter of Commendation to Mary Aigner. Signed by Tom Woodhouse and Dan Gjerde, delivered at the meeting March 7, 2016

 

Mary Aigner tirelessly served Mendocino County for 22 years through her work at KZYX. During her tenure as program director, she exhibited an unflagging dedication to community radio in general and Mendocino County Public Broadcasting in particular. The station was more than a job to her, it was a career and a passion, often placed before her own personal life. 

 

Mary exhibited dedication to the listening community by

—Cultivating familiarity with the various communities of the region, and the issues

confronting each of them. She often helped to arrange discussions of those issues on the stations public affairs programs and newscasts’’

—Maintaining steadfast awareness, and unwaveringly correct instincts about the preferences

of the public radio listening community, and representing them in any meeting,

conversation, or decision in which she was involved. “How will it benefit the listeners?”

was the perspective she always brought to the table.

 —Facing recurring challenges from small segments of the community about programming,

remaining firmly rooted in her convictions and professional expertise about how to serve

the majority of listeners and how to make KZYX the best possible community station. 

  —Being willing to engage in conversation with any listener, and personally respond to their

questions and concerns

             

Mary exhibited dedication to the station by:

 —Understanding and being able to operate and manage all the stations equipment, and

keeping herself abreast of the evolving technology

—Being available 24/7 to handle last-minute changes, trouble-shoot technical difficulties and support other staff members in their efforts to seek resolution

 —Being available to facilitate special programming – coming in on weekends and evenings to update the stations automated broadcast system

 —Helping produce live remote broadcasts, and fundraising events

 —Remaining ever mindful of the regulations which govern public radio stations

              

Mary exhibited dedication to the stations volunteer programmers by:

—Training, guiding, and assisting on-air volunteers, whatever their level of skill or experience

 —Helping find substitute hosts for absent programmers, often filling in herself on short notice

—Always being available to programmers, even on weekends or when out of town, to instruct,

support, and trouble-shoot unexpected on-air difficulties

 —Actively interfacing with record companies, and content providers, to keep the flow of new

music and programming coming to the station

 —Alerting programmers to new music or events which might be of interest to their audience

 —Facilitating interview opportunities for programmers with performers and public figures

Tom Woodhouse & Dan Gjerde

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KZYX Phone Numbers

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Philo studio 707-895-2448

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