Many ranchers are from families who have lived here for over 100 years. They, with the miners who have been chased off, built this state and this country. They spend their money here. They employ people who spend their money here. They pay property taxes here. They keep food prices reasonable here. They donate time and money to their community, here. They own private land that is used as winter habitat for game animals, so hunters spend their money here. They pay grazing fees that help keep access to the national forests open for tourists here.
Think about it. If you kick the cattle off the range, as Western Watersheds wishes to do, the beef market will bottom out as ranchers sell off the animals they can no longer feed. The reduced beef value will cause all beef growers to cut back production. The cut back in beef production will cause a surplus of feed grains (corn, oats, barley etc.) Everyone knows a surplus of supply causes prices to drop. Grain farmers who go year to year just getting by will go out of business and only large, company run operations will remain. Once the surplus of beef has been exhausted the prices for the remaining beef will skyrocket as the demand will stay but the supply will be limited to beef produced in feedlots. The increase in beef prices will in turn cause an increase in the price of feed grains as beef growers attempt to keep up with demand using the depleted grain market. The increase in feed grain prices will cause a similar hardship to poultry and dairy production. How much can you afford to feed your family?
Grain fed beef is high in omega six while lacking the proper balance of omega 3, thus the cancer rate in humans will go up, Range fed beef is high in omega 3 with the proper balance of omega 6. The objective of the "environmental" groups is the destruction of all industrialism including those resources which support Industrialism.
If we fail, foreign corporations will come in and take over our public lands. They want to take our resources, gold, oil, timber, water, etc. etc. while we helplessly watch them do it. Every thing you have been led to believe in is straight out of UNICEP… a foreign think tank. Funny how connecting the dots places the world bank behind this scheme. Your lands, your resources, are their collateral for this National Debt, and, just like a mortgage, repossession or takeover is slowly occurring. Time to wake up. While we fight over our Public Land, and how to run it, or protect it, they are stealing it.
Do not support the U.N.'s agenda to abolish the Declaration of Independence as well as private property rights. Every thing Western Water Sheds supports is counter productive to a free society. The abolishing of Private Property Rights is the number one objective behind sustainable development agendas. By removing the most powerful users of our lands, "public" which is a legal term and does not refer to you or I, paves the way to removing casual use, as in hunting, fishing, hiking, skiing, wild life viewing, all of those activities are not sustainable. Once again, get educated. Start with the Earth Summit-Agenda 21- The United Nations Progamme Of Action From Rio… ISBN-92-1-100509-4.
Bill Clinton signed the executive order implementing this program, or as some so intelligently label it "Conspiracy Theory." It is a conspiracy and it is being implemented by your leaders.
Showing posts with label Idaho. Show all posts
Showing posts with label Idaho. Show all posts
Saturday, December 26, 2009
Wednesday, April 29, 2009
The Story of First Bank of Idaho - Small Banks … or Big Government?
(REPRINTED BY PERMISSION OF "Save Community Banks" savecommunitybanks@gmail.com)
Small Banks … or Big Government?The Story of First Bank of Idaho The following information tells the story of how an excellent locally-owned community bank was intentionally destroyed by government agencies who – through inappropriate use of their powers – used technicalities to seize valuable bank assets and – in effect – give them to a large, TARP-funded bank. In 1997, a group of Sun Valley/Ketchum business leaders and bankers determined that the large regional and national banks operating in the community were not able to adequately respond to the challenging nature of the community’s unique mountain resort environment. As is typical of all resort communities, activity fluctuates significantly with the seasons. Approximately 90 shareholders invested $8 million, 10 staff members were hired, and First Bank of Idaho was opened. Within the first year, the bank had $20 million in assets. Since that first year, the bank has accomplished the following:
* Grew from one branch to three in the Sun Valley/Ketchum area;* Expanded into the Jackson Hole, Wyoming area with three branches in Jackson Hole, a branch in Driggs, Idaho, and a branch in Victor, Idaho;* Increased assets to $480 million;* Raised approximately an additional $30 million in capital;* Generated $8 million in net profits;* Became the market leader in the Sun Valley/Ketchum area (38% market share);* Created over 140 new jobs.As important, the bank became a vital community partner, donating over $500,000 to Sun Valley/Ketchum non-profit organizations, supporting local events with employee volunteers, and providing leadership to a number of organizations including Rotary, the Chamber of Commerce, and many non-profits. First Bank of Idaho represents the true essence of a “community bank” – one that is able to help community members achieve their dreams and become active participants in creating a vibrant economy. At no time did the bank participate in the sub-prime mortgage market or invest in risky real estate loans or securities. Unfortunately, due to the national economic downturn, which has affected the communities in which it operates, the bank experienced the same challenges as most American banks. At the time this document was drafted, First Bank of Idaho was threatened with being sold to another bank by the Federal Deposit Insurance Corporation (FDIC) and the Office of Thrift Supervision (OTS). This is the story of a board of directors that did not act quickly enough to raise capital during the precipitous downturn in the national and local economy, and of good loans that were made to responsible people based on the most accurate data available at the time. It is, however, also the story of big government agencies that claimed to be protecting bank customers and taxpayers, but who in fact have aggressively destroyed an organization that was only committed to protecting the interests of its customers, its shareholders and its communities. While it is undeniable that the bank was suffering from liquidity issues, the actions taken by the government agencies were not necessary to protect customers or taxpayers and purposely impeded the bank’s ability to recover its sound footing. The decline started last fall, when dropping real estate values affected the viability of a number of large loans. The bank aggressively identified these problem loans (unlike most large banks nationwide) and shared their concerns and their management plans for these loans with the OTS (also unlike most large banks nationwide). This proactive approach, in a good faith attempt to comply with mark to market accounting requirements and “subsequent transaction” rules established by the Financial Account Standards Board (FASB), resulted in the bank reporting a loss of $4.5 million in 2008. This was the first loss for the bank in nine years. As part of its efforts to bring its capital ratios back into balance, the bank set a goal to shrink its loan portfolio by $50 million. In general, a 10% capital ratio is required to maintain a bank’s rating as “well capitalized”. When (in early 2009) the loss for 2008 was accounted for, the bank’s ratio fell to 9.83% - hardly a draconian situation. At that time, the OTS presented a memo of understanding to the bank that offered the bank time - through June 30, 2009 - to raise an additional $10 million in capital to bring its capital ratio up to 12%. The OTS also informed the bank that it could qualify for a matching amount in TARP funds should it raise that equity. Had the bank been given until June 30, 2009, to raise this capital (as promised by the OTS), the new equity and TARP funds would have resulted in its having a capital ratio in the 14% range, well in excess of the OTS requirement. The additional capital also would have been sufficient to help the bank weather the remainder of the economic downturn. An investment banking firm was hired in January, 2009, to solicit capital. In late March, meetings were held with eight potential investors. However, during the time that the board was soliciting additional capital, the government agencies took two unexpected and unnecessary actions that severely restricted the bank’s liquidity: 1. The Federal Reserve reduced the bank’s line of credit from $140 million to $86 million, which was the amount the bank had outstanding at the time. In other words, this action effectively prevented the bank from making further loans of any kind. The bank’s advance rate also was reduced from 70% - 80% to 20% - 40%. This also impaired the amount of funds available to make loans and support operations.2. The OTS and FDIC downgraded the bank’s rating and eliminated its access to brokered CD markets including the Certificate of Deposit Account Registry (CDARS) program. This significantly limited the bank’s ability to borrow funds or to accept deposits for the program.These two actions by the government agencies put a severe strain on the bank’s liquidity as it no longer had access to traditional sources of money to fund the shortfall between deposits and loans. In an effort to provide insurance to as many of its clients as possible, the bank had moved approximately $13 million into the CDARS program. These funds comprised core deposits that had been held by the bank for years. In early/mid April, the bank was forced to send at least $9 million in its CDARS deposits that had matured to other lbanks because they were no longer insured by the FDIC. In addition, it had to turn away another $5 million which customers wanted to deposit. Just as the bank was expecting offers from potential investors, the FDIC/OTS placed the bank under a Cease and Desist order. This effectively meant that the bank could not increase or grow its loan portfolio. Simultaneously, local newspapers learned of the Cease and Desist order and announced it to the community (the bank did not release this information, which means that government agencies probably “leaked” the news of their own actions). The only possible result of leaking this information would be to prevent the bank from saving itself. In response to the local news articles, a number of bank clients have understandably pulled deposits, further affecting liquidity. On April 15, the bank received an offer from potential investors that would put it back into a “well capitalized” position in return for controlling interest. This, with FDIC approval, would allow the bank to once again participate in the brokered CD market and the CDARS program and effectively solve its liquidity issues. But instead of helping the bank, the OTS indicated that it would be unlikely that TARP funds would be provided. There was no explanation to the bank of why the OTS might renege on its earlier promise of $10 million in TARP matching funds if the bank found $10 million in additional investments. It then informed the bank that an OTS marketing team was being sent to Ketchum to prepare the bank for an assisted sale to another bank. OTS refused to identify the purchasing bank. Sources have indicated that this recommendation for the assisted sale was sitting on FDIC Chairman Sheila Baer’s desk as the bank was working to obtain the necessary capital, proving that the government never intended to allow the bank to save itself. The OTS indicated that an assisted sale would “protect” customers of the bank, even though those customers were largely already protected by FDIC insurance. The alarming alacrity with which the OTS moved toward the assisted sale virtually guaranteed the destruction of this once highly successful, and still potentially viable, community-based institution. Jobs will be lost, businesses that were supported by the bank during down times will suffer, and strong independent community spirit will be compromised. In addition, all 284 investors who believed in establishing a local community bank will lose almost all of their investments. So, while it is undeniable that the bank board might not have acted quickly enough to bring in capital, it also is clear that the OTS targeted this bank for sale to a larger bank and had no intention of allowing it to save itself, an action that would save taxpayers tens of millions of dollars. In effect, government agencies have used banking technicalities to take over an essentially viable community bank and effectively sell its assets to a large bank for far less than they are worth. Worse, these same government agencies have used their powers to prevent this community bank from saving itself through outside private investment that was willing and ready to come to the rescue. We believe that First Bank is not the only community bank suffering this fate. In fact, some community bankers are predicting that the regulatory agencies’ current actions will lead to the dissolution of hundreds – if not thousands – of community banks. It appears that the government agencies are targeting banks that have potential future strength, while others that have been under Cease and Desist Orders for months are being left alone. Examples of banks in that are perhaps in worse condition than First Bank of Idaho that are being left alone include Syringa Bank in Boise, West Sound Bank in Seattle, and America West in Spokane. We share this story not in an effort to save First Bank of Idaho; it is already too late for that. We share this story because we believe it is a much larger story and that the impact is severe for the future of our communities, and our country. This is, in reality, the story of big government pursuing the destruction of small institutions to benefit the larger institutions that contributed to the start of the economic decline. Is this what our new administration supports? Is this what President Obama meant is his State of the Union address when he said, “It’s not about helping banks – it’s about helping people. Because when credit is available again, that young family can finally buy a new home. And then some company will hire workers to build it. And then those workers will have money to spend, and if they can get a loan too, maybe they’ll finally buy that car, or open their own business. Investors will return to the market, and American families will see their retirement secured once more. Slowly, but surely, confidence will return, and our economy will recover.” Is sacrificing small banks for the benefit of larger, government-supported banks really in the best interests in our communities? Will the banks who wouldn’t, and couldn’t, help our community 12 years ago really supply the financial support necessary to help our unique communities thrive? While the regulators may not have technically done anything outside of their authority, the spirit of the power they are granted by law has unquestionably been violated in this situation.(postscript)This story does not have a happy ending.On Friday, April 24, the OTS sold off First Bank of Idaho to US Bank, even though the board and management had viable options to support the continued operations of the bank. The shareholders have lost millions of dollars of their investments, the community has lost an important advocate for its economy, and also lost a source of pride. Employees who gave their all to save the bank are devastated, and possibly unemployed. Potential investors who were working steadfastly to save the bank will direct their money elsewhere.The FDIC’s press release stated: “The FDIC estimates that the cost to the Deposit Insurance Fund will be $191.2 million.” (No one at First Bank of Idaho knows anything about a $191.2 million FDIC loss. Indeed, if the OTS had waited three or four more days to allow outside investors to bail out the bank, taxpayers would not have lost a dime! The OTS was well aware that such an investor was ready and willing to act.)According to the press release, “U.S. Bank's acquisition of the deposits of First Bank of Idaho was the ‘least costly’ resolution for the FDIC's Deposit Insurance Fund compared to alternatives. Was it really the least costly resolution given that the bank was within days of regaining liquidity?A review of the FDIC’s Failed Bank List indicates that three other small community banks were closed on the 24th: First Bank of Beverly Hills in Calabasas, California; Heritage Bank in Farmington Hills, Michigan; and American Southern Bank in Kennesaw, Georgia.
QUESTIONS: The most obvious questions the public should have answered about their government’s actions in regard to First Bank of Idaho are the following:
1. Why did the FDIC and the OTS aggressively come after a small community bank that was experiencing far less dangerous problems than many other banks and dishonestly report to the public that they were taking over and selling the bank in order to save taxpayers money? After all, there were hundreds of banks around the country (and some in Idaho) that were in far worse shape. Is it because First Bank of Idaho had tens of millions of dollars in assets that could be virtually given to TARP-supported super banks that are controlled by the government?
2. Why did FDIC/OTS repeatedly assure First Bank of Idaho that it could get TARP funds if it could find $10 million in private investment and then renege on this assurance when the bank actually found the investors? Is it because FDIC/OTS had already targeted the bank’s assets on behalf of TARP-supported, government-controlled banks? If so, is the government literally stealing private assets from American citizens?
3. Why did FDIC/OTS refuse to allow First Bank of Idaho to receive some $17 million in private investment that would have completely solved the bank’s problems at no cost to the taxpayer and instead – upon learning that the investors were prepared to act – suddenly ignore the June 30, 2009, deadline it had given the bank and immediately fly 40 people into Sun Valley from around the country, take over the bank, sell its assets for an undisclosed price to US Bank, and put out a press release stating that the closure of this bank would cost taxpayers over $191 million? If FDIC/OTS knew (they did) that private investors were ready to act and that this action would both save the bank and save the taxpayers $191 million, why did they seize the bank?
Internet Link :
http://sunvalleyonline.com/information/linkexchange_view.asp?I=&LinkName=
UPDATE 4/29/2009: The following sources should now be willing to confirm the details of the story:
- Wilson McElhinny, Chair, First Bank of Idaho Board of Directors
- Nancy Shauer, Director, First Bank of Idaho Board of Directors
- Karl Bick, Director, First Bank of Idaho Board of Directors
- Author still prefers to remain anonymous.
By Save Community Banks
Monday, April 27, 2009
Small Banks … or Big Government?The Story of First Bank of Idaho The following information tells the story of how an excellent locally-owned community bank was intentionally destroyed by government agencies who – through inappropriate use of their powers – used technicalities to seize valuable bank assets and – in effect – give them to a large, TARP-funded bank. In 1997, a group of Sun Valley/Ketchum business leaders and bankers determined that the large regional and national banks operating in the community were not able to adequately respond to the challenging nature of the community’s unique mountain resort environment. As is typical of all resort communities, activity fluctuates significantly with the seasons. Approximately 90 shareholders invested $8 million, 10 staff members were hired, and First Bank of Idaho was opened. Within the first year, the bank had $20 million in assets. Since that first year, the bank has accomplished the following:
* Grew from one branch to three in the Sun Valley/Ketchum area;* Expanded into the Jackson Hole, Wyoming area with three branches in Jackson Hole, a branch in Driggs, Idaho, and a branch in Victor, Idaho;* Increased assets to $480 million;* Raised approximately an additional $30 million in capital;* Generated $8 million in net profits;* Became the market leader in the Sun Valley/Ketchum area (38% market share);* Created over 140 new jobs.As important, the bank became a vital community partner, donating over $500,000 to Sun Valley/Ketchum non-profit organizations, supporting local events with employee volunteers, and providing leadership to a number of organizations including Rotary, the Chamber of Commerce, and many non-profits. First Bank of Idaho represents the true essence of a “community bank” – one that is able to help community members achieve their dreams and become active participants in creating a vibrant economy. At no time did the bank participate in the sub-prime mortgage market or invest in risky real estate loans or securities. Unfortunately, due to the national economic downturn, which has affected the communities in which it operates, the bank experienced the same challenges as most American banks. At the time this document was drafted, First Bank of Idaho was threatened with being sold to another bank by the Federal Deposit Insurance Corporation (FDIC) and the Office of Thrift Supervision (OTS). This is the story of a board of directors that did not act quickly enough to raise capital during the precipitous downturn in the national and local economy, and of good loans that were made to responsible people based on the most accurate data available at the time. It is, however, also the story of big government agencies that claimed to be protecting bank customers and taxpayers, but who in fact have aggressively destroyed an organization that was only committed to protecting the interests of its customers, its shareholders and its communities. While it is undeniable that the bank was suffering from liquidity issues, the actions taken by the government agencies were not necessary to protect customers or taxpayers and purposely impeded the bank’s ability to recover its sound footing. The decline started last fall, when dropping real estate values affected the viability of a number of large loans. The bank aggressively identified these problem loans (unlike most large banks nationwide) and shared their concerns and their management plans for these loans with the OTS (also unlike most large banks nationwide). This proactive approach, in a good faith attempt to comply with mark to market accounting requirements and “subsequent transaction” rules established by the Financial Account Standards Board (FASB), resulted in the bank reporting a loss of $4.5 million in 2008. This was the first loss for the bank in nine years. As part of its efforts to bring its capital ratios back into balance, the bank set a goal to shrink its loan portfolio by $50 million. In general, a 10% capital ratio is required to maintain a bank’s rating as “well capitalized”. When (in early 2009) the loss for 2008 was accounted for, the bank’s ratio fell to 9.83% - hardly a draconian situation. At that time, the OTS presented a memo of understanding to the bank that offered the bank time - through June 30, 2009 - to raise an additional $10 million in capital to bring its capital ratio up to 12%. The OTS also informed the bank that it could qualify for a matching amount in TARP funds should it raise that equity. Had the bank been given until June 30, 2009, to raise this capital (as promised by the OTS), the new equity and TARP funds would have resulted in its having a capital ratio in the 14% range, well in excess of the OTS requirement. The additional capital also would have been sufficient to help the bank weather the remainder of the economic downturn. An investment banking firm was hired in January, 2009, to solicit capital. In late March, meetings were held with eight potential investors. However, during the time that the board was soliciting additional capital, the government agencies took two unexpected and unnecessary actions that severely restricted the bank’s liquidity: 1. The Federal Reserve reduced the bank’s line of credit from $140 million to $86 million, which was the amount the bank had outstanding at the time. In other words, this action effectively prevented the bank from making further loans of any kind. The bank’s advance rate also was reduced from 70% - 80% to 20% - 40%. This also impaired the amount of funds available to make loans and support operations.2. The OTS and FDIC downgraded the bank’s rating and eliminated its access to brokered CD markets including the Certificate of Deposit Account Registry (CDARS) program. This significantly limited the bank’s ability to borrow funds or to accept deposits for the program.These two actions by the government agencies put a severe strain on the bank’s liquidity as it no longer had access to traditional sources of money to fund the shortfall between deposits and loans. In an effort to provide insurance to as many of its clients as possible, the bank had moved approximately $13 million into the CDARS program. These funds comprised core deposits that had been held by the bank for years. In early/mid April, the bank was forced to send at least $9 million in its CDARS deposits that had matured to other lbanks because they were no longer insured by the FDIC. In addition, it had to turn away another $5 million which customers wanted to deposit. Just as the bank was expecting offers from potential investors, the FDIC/OTS placed the bank under a Cease and Desist order. This effectively meant that the bank could not increase or grow its loan portfolio. Simultaneously, local newspapers learned of the Cease and Desist order and announced it to the community (the bank did not release this information, which means that government agencies probably “leaked” the news of their own actions). The only possible result of leaking this information would be to prevent the bank from saving itself. In response to the local news articles, a number of bank clients have understandably pulled deposits, further affecting liquidity. On April 15, the bank received an offer from potential investors that would put it back into a “well capitalized” position in return for controlling interest. This, with FDIC approval, would allow the bank to once again participate in the brokered CD market and the CDARS program and effectively solve its liquidity issues. But instead of helping the bank, the OTS indicated that it would be unlikely that TARP funds would be provided. There was no explanation to the bank of why the OTS might renege on its earlier promise of $10 million in TARP matching funds if the bank found $10 million in additional investments. It then informed the bank that an OTS marketing team was being sent to Ketchum to prepare the bank for an assisted sale to another bank. OTS refused to identify the purchasing bank. Sources have indicated that this recommendation for the assisted sale was sitting on FDIC Chairman Sheila Baer’s desk as the bank was working to obtain the necessary capital, proving that the government never intended to allow the bank to save itself. The OTS indicated that an assisted sale would “protect” customers of the bank, even though those customers were largely already protected by FDIC insurance. The alarming alacrity with which the OTS moved toward the assisted sale virtually guaranteed the destruction of this once highly successful, and still potentially viable, community-based institution. Jobs will be lost, businesses that were supported by the bank during down times will suffer, and strong independent community spirit will be compromised. In addition, all 284 investors who believed in establishing a local community bank will lose almost all of their investments. So, while it is undeniable that the bank board might not have acted quickly enough to bring in capital, it also is clear that the OTS targeted this bank for sale to a larger bank and had no intention of allowing it to save itself, an action that would save taxpayers tens of millions of dollars. In effect, government agencies have used banking technicalities to take over an essentially viable community bank and effectively sell its assets to a large bank for far less than they are worth. Worse, these same government agencies have used their powers to prevent this community bank from saving itself through outside private investment that was willing and ready to come to the rescue. We believe that First Bank is not the only community bank suffering this fate. In fact, some community bankers are predicting that the regulatory agencies’ current actions will lead to the dissolution of hundreds – if not thousands – of community banks. It appears that the government agencies are targeting banks that have potential future strength, while others that have been under Cease and Desist Orders for months are being left alone. Examples of banks in that are perhaps in worse condition than First Bank of Idaho that are being left alone include Syringa Bank in Boise, West Sound Bank in Seattle, and America West in Spokane. We share this story not in an effort to save First Bank of Idaho; it is already too late for that. We share this story because we believe it is a much larger story and that the impact is severe for the future of our communities, and our country. This is, in reality, the story of big government pursuing the destruction of small institutions to benefit the larger institutions that contributed to the start of the economic decline. Is this what our new administration supports? Is this what President Obama meant is his State of the Union address when he said, “It’s not about helping banks – it’s about helping people. Because when credit is available again, that young family can finally buy a new home. And then some company will hire workers to build it. And then those workers will have money to spend, and if they can get a loan too, maybe they’ll finally buy that car, or open their own business. Investors will return to the market, and American families will see their retirement secured once more. Slowly, but surely, confidence will return, and our economy will recover.” Is sacrificing small banks for the benefit of larger, government-supported banks really in the best interests in our communities? Will the banks who wouldn’t, and couldn’t, help our community 12 years ago really supply the financial support necessary to help our unique communities thrive? While the regulators may not have technically done anything outside of their authority, the spirit of the power they are granted by law has unquestionably been violated in this situation.(postscript)This story does not have a happy ending.On Friday, April 24, the OTS sold off First Bank of Idaho to US Bank, even though the board and management had viable options to support the continued operations of the bank. The shareholders have lost millions of dollars of their investments, the community has lost an important advocate for its economy, and also lost a source of pride. Employees who gave their all to save the bank are devastated, and possibly unemployed. Potential investors who were working steadfastly to save the bank will direct their money elsewhere.The FDIC’s press release stated: “The FDIC estimates that the cost to the Deposit Insurance Fund will be $191.2 million.” (No one at First Bank of Idaho knows anything about a $191.2 million FDIC loss. Indeed, if the OTS had waited three or four more days to allow outside investors to bail out the bank, taxpayers would not have lost a dime! The OTS was well aware that such an investor was ready and willing to act.)According to the press release, “U.S. Bank's acquisition of the deposits of First Bank of Idaho was the ‘least costly’ resolution for the FDIC's Deposit Insurance Fund compared to alternatives. Was it really the least costly resolution given that the bank was within days of regaining liquidity?A review of the FDIC’s Failed Bank List indicates that three other small community banks were closed on the 24th: First Bank of Beverly Hills in Calabasas, California; Heritage Bank in Farmington Hills, Michigan; and American Southern Bank in Kennesaw, Georgia.
QUESTIONS: The most obvious questions the public should have answered about their government’s actions in regard to First Bank of Idaho are the following:
1. Why did the FDIC and the OTS aggressively come after a small community bank that was experiencing far less dangerous problems than many other banks and dishonestly report to the public that they were taking over and selling the bank in order to save taxpayers money? After all, there were hundreds of banks around the country (and some in Idaho) that were in far worse shape. Is it because First Bank of Idaho had tens of millions of dollars in assets that could be virtually given to TARP-supported super banks that are controlled by the government?
2. Why did FDIC/OTS repeatedly assure First Bank of Idaho that it could get TARP funds if it could find $10 million in private investment and then renege on this assurance when the bank actually found the investors? Is it because FDIC/OTS had already targeted the bank’s assets on behalf of TARP-supported, government-controlled banks? If so, is the government literally stealing private assets from American citizens?
3. Why did FDIC/OTS refuse to allow First Bank of Idaho to receive some $17 million in private investment that would have completely solved the bank’s problems at no cost to the taxpayer and instead – upon learning that the investors were prepared to act – suddenly ignore the June 30, 2009, deadline it had given the bank and immediately fly 40 people into Sun Valley from around the country, take over the bank, sell its assets for an undisclosed price to US Bank, and put out a press release stating that the closure of this bank would cost taxpayers over $191 million? If FDIC/OTS knew (they did) that private investors were ready to act and that this action would both save the bank and save the taxpayers $191 million, why did they seize the bank?
Internet Link :
http://sunvalleyonline.com/information/linkexchange_view.asp?I=&LinkName=
Saturday, February 9, 2008
Idaho Winter
Glad this wasn't my house!
Warning!!
Idaho is an absolutely horrid place to live, with all the daily bear & rabid moose and wolf attacks, the endless days of subzero cold, the never ending snow, and not to mention the jackalope raids! I don't know how anybody can survive here! So, if you've recently eaten, and value a good meal, I suggest you leave immediately! The following blog is very misleading, believe me, you would never want to visit, let alone, live here!
We woke up this morning to another Bluebird day! My thermometer says it is 32 degrees F. uotside. (It sits where the sun can hit it, so it may be off a bit). 2 days ago, we were isolated from the world. All roads leading into and out of our valley were closed due to blowing and drifting snow. We have about 4 feet of snow on the level here in Bellevue. The Sun Valley Ski area claims 93 inches on the top of Bald Mountain. I don't ski, so I haven't been up there to verify that, but would not be surprised. There is enough snow on the surrounding hills to cover all the sagebrush, and most of the Chokecherry thickets. We finally had to get the snow off our roof. The snow load wasn't too bad, but we were building up a serious ice dam. I may try to go out later and remove the snow from my old shed. I built it from 2 X 4 scraps and plywood. It has held up for 3 winters so far, but this one may put a strain on it.
This from the www. 12/24/2008
"From the Diary of a new member of the BACK TO THE LANDers (kalifornians)
Aug. 12 - FINALLY Moved into our new home in N Idaho from busy S Calif . It is so beautiful here. The hills and river valleys are so picturesque. I have a beautiful old oak
tree in my front yard. Can hardly wait to see the change in the seasons. This
is truly God's Country.
Oct. 14 - Idaho is such a gorgeous place to live, one of the real special
places on Earth. The leaves are turning a multitude of different colors. I
love all of the shades of reds, oranges and yellows, they are so bright. I
want to walk through all of the beautiful hills and spot some white tail
deer. They are so graceful, certainly they must be the most peaceful
creatures on Earth. This must be paradise.
Nov. 11 - Deer season opens this week. I can't imagine why anyone would
want to shoot these elegant animals. They are the very symbol of peace and
tranquility here in Idaho . I hope it snows soon. I love it here!
Dec. 2 - It snowed last night. I woke to the usual wonderful sight:
everything covered in a beautiful blanket of white. The oak tree is
magnificent. It looks like a postcard. We went out and swept the snow
from the steps and driveway. The air is so crisp, clean and refreshing. We
had a snowball fight. I won, and the snowplow came down the street. He must
have gotten too close to the driveway because we had to go out and shovel
the end of the driveway again. What a beautiful place. Nature in harmony.
I love it here!
Dec. 12 - More snow last night. I love it! The plow did his cute little
trick again. What a rascal. A winter wonderland. I love it here!
Dec. 19 - More snow - couldn't get out of the driveway to get to work in
time. I'm exhausted from all of the shoveling. And that snowplow!
Dec. 21 - More of that white s### coming down. I've got blisters on my
hands and a kink in my back. I think that the snowplow driver waits
around the corner until I'm done shoveling the driveway. A@@@@le.
Dec. 25 - White Christmas? More freakin' snow. If I ever get my hands on
the sonofagun who drives that snowplow, I swear I'll cast$$te him. And
why don't they use more salt on these roads to melt this crap??
Dec. 28 - It hasn't stopped snowing since Christmas. I have been inside
since then, except of course when that SOB "Snowplow Harry" comes by.
Can't go anywhere, cars are buried up to the windows. Weather man says to
expect another 10 inches. Do you have any idea how many shovelfuls 10 inches is???
Jan. 1 - Happy New Year? The way it's coming down it won't melt until the
4th of July! The snowplow got stuck down the road and the sh--head
Actually had the balls to come and ask to borrow a shovel! I told him I'd broken
six already this season.
Jan. 4 - Finally got out of the house. We went to the store to get some
food and a darn deer ran out in front of my car and I hit the b@@ard.
It did $3,000 in damage to the car. Those beasts NEED to be killed. The
hunters should be able to hunt ALL YEAR if you ask me.
Jan. 27 - Warmed up a little and rained today. The rain turned the snow
into ice and the weight of it broke the main limb of the oak tree in the
front yard and it went through the roof. I should have cut that old piece
of sh)t into fireplace wood when I had the chance.
May 23 - Took my car to the local garage. Would you believe the whole
underside of the car is rusted away from all of that darn salt they dump
on the road? Car looks like a bashed up, heap of rusted cow s>>t.
May 10 - Sold the car, the house, and moved to Florida . I can't imagine
why anyone in their freakin' right mind would ever want to live in the God forsaken
State of Idaho …"
Thursday, August 23, 2007
Idaho Wild Fire
The Castle Rock Fire, just 17 miles north of my home, reached status as the #1 priority fire in the USA.
Monday, July 23, 2007
Why Idaho?
Name: Joseph Glahn Born: 3/5/1829 Place: Prussia, Germany Citizenship: 6/29/1855 Place: St. Louis, Missouri Died: 5/1/1864 Place: Virginia City, Montana Married: 5/5/1860 Place: S. Kansas City, Missouri To: Susan Louisa Eisele
Joseph came to America sometime prior to 1850. It was his plan to return to the country of his origin, but was told he would have to join the German army if he did so. In a letter to his parents he stated that if this was so, then “the honored King may have my inheritance”. Joseph was given travel money by his parents, which was “enough to get me to St. Louis, but not enough to go completely around the world”.About 1850, he made his way to the gold fields of California where he apparently found enough gold “that now I don’t need to work for anyone else, and have enough to get by comfortably”. Apparently a brother accompanied Joseph to America. There is little information about him. Joseph at one time felt that his brother did not care about him any more; although Joseph had helped him all he could from the time he came to this country. There was also mention of a nephew of Boneparrt’s who returned to “the old country”. Joseph and his brother were apparently preceded to America by other relatives. A letter from Henry F. Glahn dated 1910, to Andrew M. Glahn states: “Several years after my parents came to this country, a Mr. Joseph and Boneparrt Glahn came to America, and they were either my fathers Nephews or Cousins, I cannot positively say. This Joseph Glahn worked with my father a few years at the Wagon trade, then they both went West”. (About 1890) “Boneparrt Glahn came to my house on a visit of about two weeks. He affirmed the report of Joseph’s death, stating that he was killed, and that he, Boneparrt, was anxious to know where Joseph’s children were”.Henry’s parents were Christian Glahn and Mary Antonia (Wand). Henry was born in Prussia, Germany in 1841. He and his parents came to America in 1843. Joseph, his bride, and his young son, Andrew, apparently went to Virginia City, Montana, where Joseph was killed May 1, 1864. How he was killed is not known at this time. It is safe to assume he was probably looking for gold, and his death may have been related. Family lore says he was bushwhacked.His wife, Susan Louisa (Eisele) was remarried to Richard M. Johnson on August 7, 1865.
Richard Johnson’s marriage to Susan Louisa (Eisele) (Glahn)Richard Martin Johnson was born in August of 1832 in Pennsylvania. He married Susan on August 7, 1865, just 15 months after the death of Susan’s first husband, Joseph Glahn.To this union were born six additional children, four girls and two boys. The first, Rosa, was born May 20, 1867, in Kelso Valley, Kern County, California. May 20, 1884, she was married to Charles Carothers, at Bellevue, Idaho. She died at Richland, Oregon on February 6, 1906.Richard Johnson was born December 9, 1870 at Havilah, Kern County, California. Ten months later, he died (10/27/1871), at Havilah, California.Daisy Johnson was born February 22, 1872 in Los Angeles, California. She was married to Wade Lane on August 17, 1891, in Boistfort, Washington. She died February 3, 1945, in Detroit, Michigan.Next was another son, Edgar Johnson, born February 4, 1877 on Bishop Creek, Inyo County, California. Edgar married Nettie Capron in Lewis County, Washington, in November of 1900. He died at Prineville, Oregon, August 7, 1940.Elma May Johnson was the next daughter. She was born May 6, 1878 on Bishop Creek, Inyo, California. She died on January 6, 1883 and was buried at Bellevue, Idaho.The youngest daughter, Maud Grace Johnson was born November 10, 1878, also at Bishop Creek, California. Maud married Ory Capron in Lewis County, Washington, on December 20, 1903, at the age of twenty-five years. She died November 26, 1973, and was buried at Boistfort, Washington.
Andrew Martin Glahn was the only son of Joseph Glahn and Susan Louisa Eisele. He was born at Westport, Missouri on October 24, 1861. When he was but two and a half years old, his father, Joseph was bushwhacked at Virginia City, Montana. After Joseph’s death, Andrew’s mother, Susan, remarried, and Andrew was raised with his half brothers and sisters. There seems to be no information regarding what age he was when he struck out on his own, but it appears he was in California with his new family until he came with them to Idaho, as evidenced by the death of his half sister, Elma May, in 1883. At some point in his travels, he was to meet his future bride, Mamie Hauk, who was born in Westport, Missouri. His trail is dimmed by time, until we find him September 12, 1898, in Quartzburg, Idaho, where he wrote to his future bride. “9 years is a long time to stay in one place. I could not sit down and figer up the diferant jobs and diferant places I have bin.” The letter stated that he was boarding at Six dollars per week, and that he had a single room, for which he was paying a dollar fifty per month. He was working in a mine, and was paid three dollars per day. “That is miners wages” He said he was working in the “Ioway” mine. “There is a tunnel on this mine that is 1,000 feet long. Then there is a station or room cut out in solid rock, and in that room, there is an engine for hoisting purposes. There is a shaft which goes down 112 feet, then there is a ‘drift’ run off 200 feet. From where I work to the surface is 650 feet.” Everything is pretty high here. Meals single or other than by the week are fifty cents. Beds are also fifty cents. Provisions can be gotten here cheap by ordering from Boise City. About the country, he ad the following to say: It is a beautiful country in summer. There is no healthier place in the world. It is a timbered country consisting of Fir, Spruce, and Pine. It is in a basin hemmed in by mountains. The snowfall is about four feet on the level in the winter. The mail is brought in by Stage in the summer time, and by Sleighs in the winter. It leaves Boise City in the morning and gets here in the evening. It is 55 miles to Boise City. Quartzburg is about 100 inhabitants. It is about one and a half miles to Garnet Town, about the size of this place. It is about three miles over to Placerville, which has about 400 inhabitants. Eight miles to Centerville, about the size of Placerville. 18 miles to Idaho City, the County seat of Boise County. It is about 18 miles to Garden Valley, a farming community, lying on the Payette River. Other places adjacent are Hogam, Sweet Jerusalem, and Horseshoe Bend. At Placerville they have put in a big dredge boat to work Placer ground. “I suppose it has cost over $100,000. At Centerville there is a large dredge boat being built. This machinery is to be run by electricity. There has been an electric plant built up on Moore’s creek this summer. This is an old country, but still in its infancy. This country has been mined since the 1860’s and many of the old log cabins that were put up in ’63 to ’65 are still standing. The country looks old and ancient, and the people are old and ancient, too. I never saw so many old Ivory-haired people in my life, from 65 to 95 years of age, and hale and hearty looking old people. The old gentleman that owns this mine where I am working is over 80 years old, and still he will get out and do a whole lot of work. I like this place, and it agrees with me. I weigh 170 pounds, and never felt better in my life. How would you like to give up city life for frontier life in Idaho?
Joseph came to America sometime prior to 1850. It was his plan to return to the country of his origin, but was told he would have to join the German army if he did so. In a letter to his parents he stated that if this was so, then “the honored King may have my inheritance”. Joseph was given travel money by his parents, which was “enough to get me to St. Louis, but not enough to go completely around the world”.About 1850, he made his way to the gold fields of California where he apparently found enough gold “that now I don’t need to work for anyone else, and have enough to get by comfortably”. Apparently a brother accompanied Joseph to America. There is little information about him. Joseph at one time felt that his brother did not care about him any more; although Joseph had helped him all he could from the time he came to this country. There was also mention of a nephew of Boneparrt’s who returned to “the old country”. Joseph and his brother were apparently preceded to America by other relatives. A letter from Henry F. Glahn dated 1910, to Andrew M. Glahn states: “Several years after my parents came to this country, a Mr. Joseph and Boneparrt Glahn came to America, and they were either my fathers Nephews or Cousins, I cannot positively say. This Joseph Glahn worked with my father a few years at the Wagon trade, then they both went West”. (About 1890) “Boneparrt Glahn came to my house on a visit of about two weeks. He affirmed the report of Joseph’s death, stating that he was killed, and that he, Boneparrt, was anxious to know where Joseph’s children were”.Henry’s parents were Christian Glahn and Mary Antonia (Wand). Henry was born in Prussia, Germany in 1841. He and his parents came to America in 1843. Joseph, his bride, and his young son, Andrew, apparently went to Virginia City, Montana, where Joseph was killed May 1, 1864. How he was killed is not known at this time. It is safe to assume he was probably looking for gold, and his death may have been related. Family lore says he was bushwhacked.His wife, Susan Louisa (Eisele) was remarried to Richard M. Johnson on August 7, 1865.
Richard Johnson’s marriage to Susan Louisa (Eisele) (Glahn)Richard Martin Johnson was born in August of 1832 in Pennsylvania. He married Susan on August 7, 1865, just 15 months after the death of Susan’s first husband, Joseph Glahn.To this union were born six additional children, four girls and two boys. The first, Rosa, was born May 20, 1867, in Kelso Valley, Kern County, California. May 20, 1884, she was married to Charles Carothers, at Bellevue, Idaho. She died at Richland, Oregon on February 6, 1906.Richard Johnson was born December 9, 1870 at Havilah, Kern County, California. Ten months later, he died (10/27/1871), at Havilah, California.Daisy Johnson was born February 22, 1872 in Los Angeles, California. She was married to Wade Lane on August 17, 1891, in Boistfort, Washington. She died February 3, 1945, in Detroit, Michigan.Next was another son, Edgar Johnson, born February 4, 1877 on Bishop Creek, Inyo County, California. Edgar married Nettie Capron in Lewis County, Washington, in November of 1900. He died at Prineville, Oregon, August 7, 1940.Elma May Johnson was the next daughter. She was born May 6, 1878 on Bishop Creek, Inyo, California. She died on January 6, 1883 and was buried at Bellevue, Idaho.The youngest daughter, Maud Grace Johnson was born November 10, 1878, also at Bishop Creek, California. Maud married Ory Capron in Lewis County, Washington, on December 20, 1903, at the age of twenty-five years. She died November 26, 1973, and was buried at Boistfort, Washington.
Andrew Martin Glahn was the only son of Joseph Glahn and Susan Louisa Eisele. He was born at Westport, Missouri on October 24, 1861. When he was but two and a half years old, his father, Joseph was bushwhacked at Virginia City, Montana. After Joseph’s death, Andrew’s mother, Susan, remarried, and Andrew was raised with his half brothers and sisters. There seems to be no information regarding what age he was when he struck out on his own, but it appears he was in California with his new family until he came with them to Idaho, as evidenced by the death of his half sister, Elma May, in 1883. At some point in his travels, he was to meet his future bride, Mamie Hauk, who was born in Westport, Missouri. His trail is dimmed by time, until we find him September 12, 1898, in Quartzburg, Idaho, where he wrote to his future bride. “9 years is a long time to stay in one place. I could not sit down and figer up the diferant jobs and diferant places I have bin.” The letter stated that he was boarding at Six dollars per week, and that he had a single room, for which he was paying a dollar fifty per month. He was working in a mine, and was paid three dollars per day. “That is miners wages” He said he was working in the “Ioway” mine. “There is a tunnel on this mine that is 1,000 feet long. Then there is a station or room cut out in solid rock, and in that room, there is an engine for hoisting purposes. There is a shaft which goes down 112 feet, then there is a ‘drift’ run off 200 feet. From where I work to the surface is 650 feet.” Everything is pretty high here. Meals single or other than by the week are fifty cents. Beds are also fifty cents. Provisions can be gotten here cheap by ordering from Boise City. About the country, he ad the following to say: It is a beautiful country in summer. There is no healthier place in the world. It is a timbered country consisting of Fir, Spruce, and Pine. It is in a basin hemmed in by mountains. The snowfall is about four feet on the level in the winter. The mail is brought in by Stage in the summer time, and by Sleighs in the winter. It leaves Boise City in the morning and gets here in the evening. It is 55 miles to Boise City. Quartzburg is about 100 inhabitants. It is about one and a half miles to Garnet Town, about the size of this place. It is about three miles over to Placerville, which has about 400 inhabitants. Eight miles to Centerville, about the size of Placerville. 18 miles to Idaho City, the County seat of Boise County. It is about 18 miles to Garden Valley, a farming community, lying on the Payette River. Other places adjacent are Hogam, Sweet Jerusalem, and Horseshoe Bend. At Placerville they have put in a big dredge boat to work Placer ground. “I suppose it has cost over $100,000. At Centerville there is a large dredge boat being built. This machinery is to be run by electricity. There has been an electric plant built up on Moore’s creek this summer. This is an old country, but still in its infancy. This country has been mined since the 1860’s and many of the old log cabins that were put up in ’63 to ’65 are still standing. The country looks old and ancient, and the people are old and ancient, too. I never saw so many old Ivory-haired people in my life, from 65 to 95 years of age, and hale and hearty looking old people. The old gentleman that owns this mine where I am working is over 80 years old, and still he will get out and do a whole lot of work. I like this place, and it agrees with me. I weigh 170 pounds, and never felt better in my life. How would you like to give up city life for frontier life in Idaho?
Subscribe to:
Posts (Atom)