Monday, July 22, 2013

Health Plan Cost for New Yorkers Set to Fall 50% - NYTimes.com

Health Plan Cost for New Yorkers Set to Fall 50% - NYTimes.com:

Health Plan Cost for New Yorkers Set to Fall 50%

Individuals buying health insurance on their own will see their premiums tumble next year in New York State as changes under thefederal health care law take effect, Gov. Andrew M. Cuomo announced on Wednesday.
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State insurance regulators say they have approved rates for 2014 that are at least 50 percent lower on average than those currently available in New York. Beginning in October, individuals in New York City who now pay $1,000 a month or more for coverage will be able to shop for health insurance for as little as $308 monthly. With federal subsidies, the cost will be even lower.
Supporters of the new health care law, the Affordable Care Act, credited the drop in rates to the online purchasing exchanges the law created, which they say are spurring competition among insurers that are anticipating an influx of new customers. The law requires that an exchange be started in every state.
“Health insurance has suddenly become affordable in New York,” said Elisabeth Benjamin, vice president for health initiatives with the Community Service Society of New York. “It’s not bargain-basement prices, but we’re going from Bergdorf’s to Filene’s here.”
“The extraordinary decline in New York’s insurance ratesfor individual consumers demonstrates the profound promise of the Affordable Care Act,” she added.
Administration officials, long confronted by Republicans and other critics of President Obama’s signature law, were quick to add New York to the list of states that appear to be successfully carrying out the law and setting up exchanges.
“We’re seeing in New York what we’ve seen in other states like California and Oregon — that competition and transparency in the marketplaces are leading to affordable and new choices for families,” said Joanne Peters, a spokeswoman for the Department of Healthand Human Services.
The new premium rates do not affect a majority of New Yorkers, who receive insurance through their employers, only those who must purchase it on their own. Because the cost of individual coverage has soared, only 17,000 New Yorkers currently buy insurance on their own. About 2.6 million are uninsured in New York State.
State officials estimate as many as 615,000 individuals will buy health insurance on their own in the first few years the health law is in effect. In addition to lower premiums, about three-quarters of those people will be eligible for the subsidies available to lower-income individuals.
“New York’s health benefits exchange will offer the type of real competition that helps drive down health insurance costs for consumers and businesses,” said Mr. Cuomo.
The plans to be offered on the exchanges all meet certain basic requirements, as laid out in the law, but are in four categories from most generous to least: platinum, gold, silver and bronze. An individual with annual income of $17,000 will pay about $55 a month for a silver plan, state regulators said. A person with a $20,000 income will pay about $85 a month for a silver plan, while someone earning $25,000 will pay about $145 a month for a silver plan.
The least expensive plans, some offered by newcomers to the market, may not offer wide access to hospitals and doctors, experts said.
While the rates will fall over all, apples-to-apples comparisons are impossible from this year to next because all of the plans are essentially new insurance products.
The rates for small businesses, which are considerably lower than for individuals, will not fall as precipitously. But small businesses will be eligible for tax credits, and the exchanges will make it easier for them to select a plan. Roughly 15,000 plans are available today to small businesses, and choosing among them is particularly challenging.
“Where New York previously had a dizzying array of thousands upon thousands of plans, small businesses will now be able to truly comparison-shop for the best prices,” said Benjamin M. Lawsky, the state’s top financial regulator.
Officials at the state Department of Financial Services say they have approved 17 insurers to sell individual coverage through the New York exchange, including eight that are just entering the state’s commercial market. Many of these are insurers specializing inMedicaid plans that cater to low-income individuals.
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Humanity Imperiled : The Path To Disaster By Noam Chomsky

Humanity Imperiled : The Path To Disaster By Noam Chomsky:
Humanity Imperiled : The Path To Disaster
By Noam Chomsky
04 June, 2013
TomDispatch.com
What is the future likely to bring? A reasonable stance might be to try to look at the human species from the outside. So imagine that you’re an extraterrestrial observer who is trying to figure out what’s happening here or, for that matter, imagine you’re an historian 100 years from now -- assuming there are any historians 100 years from now, which is not obvious -- and you’re looking back at what’s happening today. You’d see something quite remarkable.
For the first time in the history of the human species, we have clearly developed the capacity to destroy ourselves. That’s been true since 1945. It’s now being finally recognized that there are more long-term processes like environmental destruction leading in the same direction, maybe not to total destruction, but at least to the destruction of the capacity for a decent existence.
And there are other dangers like pandemics, which have to do with globalization and interaction. So there are processes underway and institutions right in place, like nuclear weapons systems, which could lead to a serious blow to, or maybe the termination of, an organized existence.
How to Destroy a Planet Without Really Trying
The question is: What are people doing about it? None of this is a secret. It’s all perfectly open. In fact, you have to make an effort not to see it.
There have been a range of reactions. There are those who are trying hard to do something about these threats, and others who are acting to escalate them. If you look at who they are, this future historian or extraterrestrial observer would see something strange indeed. Trying to mitigate or overcome these threats are the least developed societies, the indigenous populations, or the remnants of them, tribal societies andfirst nations in Canada. They’re not talking about nuclear war but environmental disaster, and they’re really trying to do something about it.
In fact, all over the world -- Australia, India, South America -- there are battles going on, sometimes wars. In India, it’s a major war over direct environmental destruction, with tribal societies trying to resist resource extraction operations that are extremely harmful locally, but also in their general consequences. In societies where indigenous populations have an influence, many are taking a strong stand. The strongest of any country with regard to global warming is in Bolivia, which has an indigenous majority and constitutional requirements that protect the “rights of nature.”
Ecuador, which also has a large indigenous population, is the only oil exporter I know of where the government is seeking aid to help keep that oil in the ground, instead of producing and exporting it -- and the ground is where it ought to be.
Venezuelan President Hugo Chavez, who died recently and was the object of mockery, insult, and hatred throughout the Western world, attended a session of the U.N. General Assembly a few years ago where he elicited all sorts of ridicule for calling George W. Bush a devil. He also gave a speech there that was quite interesting. Of course, Venezuela is a major oil producer. Oil is practically their whole gross domestic product. In that speech, he warned of the dangers of the overuse of fossil fuels and urged producer and consumer countries to get together and try to work out ways to reduce fossil fuel use. That was pretty amazing on the part of an oil producer. You know, he was part Indian, of indigenous background. Unlike the funny things he did, this aspect of his actions at the U.N. was never even reported.
So, at one extreme you have indigenous, tribal societies trying to stem the race to disaster. At the other extreme, the richest, most powerful societies in world history, like the United States and Canada, are racing full-speed ahead to destroy the environment as quickly as possible. Unlike Ecuador, and indigenous societies throughout the world, they want to extract every drop of hydrocarbons from the ground with all possible speed.
Both political parties, President Obama, the media, and the international press seem to be looking forward with great enthusiasm to what they call “a century of energy independence” for the United States. Energy independence is an almost meaningless concept, but put that aside. What they mean is: we’ll have a century in which to maximize the use of fossil fuels and contribute to destroying the world.
And that’s pretty much the case everywhere. Admittedly, when it comes to alternative energy development, Europe is doing something. Meanwhile, the United States, the richest and most powerful country in world history, is the only nation among perhaps 100 relevant ones that doesn’t have a national policy for restricting the use of fossil fuels, that doesn’t even have renewable energy targets. It’s not because the population doesn’t want it. Americans are pretty close to the international norm in their concern about global warming. It’s institutional structures that block change. Business interests don’t want it and they’re overwhelmingly powerful in determining policy, so you get a big gap between opinion and policy on lots of issues, including this one.
So that’s what the future historian -- if there is one -- would see. He might also read today’s scientific journals. Just about every one you open has a more dire prediction than the last.
“The Most Dangerous Moment in History”
The other issue is nuclear war. It’s been known for a long time that if there were to be a first strike by a major power, even with no retaliation, it would probably destroy civilization just because of the nuclear-winter consequences that would follow. You can read about it in the Bulletin of Atomic Scientists. It’s well understood. So the danger has always been a lot worse than we thought it was.
We’ve just passed the 50th anniversary of the Cuban Missile Crisis, which was called “the most dangerous moment in history” by historian Arthur Schlesinger, President John F. Kennedy’s advisor. Which it was. It was a very close call, and not the only time either. In some ways, however, the worst aspect of these grim events is that the lessons haven’t been learned.
What happened in the missile crisis in October 1962 has been prettified to make it look as if acts of courage and thoughtfulness abounded. The truth is that the whole episode was almost insane. There was a point, as the missile crisis was reaching its peak, when Soviet Premier Nikita Khrushchev wrote to Kennedy offering to settle it by a public announcement of a withdrawal of Russian missiles from Cuba and U.S. missiles from Turkey. Actually, Kennedy hadn’t even known that the U.S. had missiles in Turkey at the time. They were being withdrawn anyway, because they were being replaced by more lethal Polaris nuclear submarines, which were invulnerable.
So that was the offer. Kennedy and his advisors considered it -- and rejected it. At the time, Kennedy himself was estimating the likelihood of nuclear war at a third to a half. So Kennedy was willing to accept a very high risk of massive destruction in order to establish the principle that we -- and only we -- have the right to offensive missiles beyond our borders, in fact anywhere we like, no matter what the risk to others -- and to ourselves, if matters fall out of control. We have that right, but no one else does.
Kennedy did, however, accept a secret agreement to withdraw the missiles the U.S. was already withdrawing, as long as it was never made public. Khrushchev, in other words, had to openly withdraw the Russian missiles while the U.S. secretly withdrew its obsolete ones; that is, Khrushchev had to be humiliated and Kennedy had to maintain his macho image. He’s greatly praised for this: courage and coolness under threat, and so on. The horror of his decisions is not even mentioned -- try to find it on the record.
And to add a little more, a couple of months before the crisis blew up the United States had sent missiles with nuclear warheads to Okinawa. These were aimed at China during a period of great regional tension.
Well, who cares? We have the right to do anything we want anywhere in the world. That was one grim lesson from that era, but there were others to come.
Ten years after that, in 1973, Secretary of State Henry Kissinger called a high-level nuclear alert. It was his way of warning the Russians not to interfere in the ongoing Israel-Arab war and, in particular, not to interfere after he had informed the Israelis that they could violate a ceasefire the U.S. and Russia had just agreed upon. Fortunately, nothing happened.
Ten years later, President Ronald Reagan was in office. Soon after he entered the White House, he and his advisors had the Air Force start penetrating Russian air space to try to elicit information about Russian warning systems, Operation Able Archer. Essentially, these were mock attacks. The Russians were uncertain, some high-level officials fearing that this was a step towards a real first strike. Fortunately, they didn’t react, though it was a close call. And it goes on like that.
What to Make of the Iranian and North Korean Nuclear Crises
At the moment, the nuclear issue is regularly on front pages in the cases of North Korea and Iran. There are ways to deal with these ongoing crises. Maybe they wouldn’t work, but at least you could try. They are, however, not even being considered, not even reported.
Take the case of Iran, which is considered in the West -- not in the Arab world, not in Asia -- the gravest threat to world peace. It’s a Western obsession, and it’s interesting to look into the reasons for it, but I’ll put that aside here. Is there a way to deal with the supposed gravest threat to world peace? Actually there are quite a few. One way, a pretty sensible one, was proposed a couple of months ago at a meeting of the non-aligned countries in Tehran. In fact, they were just reiterating a proposal that’s been around for decades, pressed particularly by Egypt, and has been approved by the U.N. General Assembly.
The proposal is to move toward establishing a nuclear-weapons-free zone in the region. That wouldn’t be the answer to everything, but it would be a pretty significant step forward. And there were ways to proceed. Under U.N. auspices, there was to be an international conference in Finland last December to try to implement plans to move toward this. What happened?
You won’t read about it in the newspapers because it wasn’t reported -- only in specialist journals. In early November, Iran agreed to attend the meeting. A couple of days later Obama cancelled the meeting, saying the time wasn’t right. The European Parliament issued a statement calling for it to continue, as did the Arab states. Nothing resulted. So we’ll move toward ever-harsher sanctions against the Iranian population -- it doesn’t hurt the regime -- and maybe war. Who knows what will happen?
In Northeast Asia, it’s the same sort of thing. North Korea may be the craziest country in the world. It’s certainly a good competitor for that title. But it does make sense to try to figure out what’s in the minds of people when they’re acting in crazy ways. Why would they behave the way they do? Just imagine ourselves in their situation. Imagine what it meant in the Korean War years of the early 1950s for your country to be totally leveled, everything destroyed by a huge superpower, which furthermore was gloating about what it was doing. Imagine the imprint that would leave behind.
Bear in mind that the North Korean leadership is likely to have read the public military journals of this superpower at that time explaining that, since everything else in North Korea had been destroyed, the air force was sent to destroy North Korea’s dams, huge dams that controlled the water supply -- a war crime, by the way, for which people were hanged in Nuremberg. And these official journals were talking excitedly about how wonderful it was to see the water pouring down, digging out the valleys, and the Asians scurrying around trying to survive. The journals were exulting in what this meant to those “Asians,” horrors beyond our imagination. It meant the destruction of their rice crop, which in turn meant starvation and death. How magnificent! It’s not in our memory, but it’s in their memory.
Let’s turn to the present. There’s an interesting recent history. In 1993, Israel and North Korea were moving towards an agreement in which North Korea would stop sending any missiles or military technology to the Middle East and Israel would recognize that country. President Clinton intervened and blocked it. Shortly after that, in retaliation, North Korea carried out a minor missile test. The U.S. and North Korea did then reach a framework agreement in 1994 that halted its nuclear work and was more or less honored by both sides. When George W. Bush came into office, North Korea had maybe one nuclear weapon and verifiably wasn’t producing any more.
Bush immediately launched his aggressive militarism, threatening North Korea -- “axis of evil” and all that -- so North Korea got back to work on its nuclear program. By the time Bush left office, they had eight to 10nuclear weapons and a missile system, another great neocon achievement. In between, other things happened. In 2005, the U.S. and North Korea actually reached an agreement in which North Korea was to end all nuclear weapons and missile development. In return, the West, but mainly the United States, was to provide a light-water reactor for its medical needs and end aggressive statements. They would then form a nonaggression pact and move toward accommodation.
It was pretty promising, but almost immediately Bush undermined it. He withdrew the offer of the light-water reactor and initiated programs to compel banks to stop handling any North Korean transactions, even perfectly legal ones. The North Koreans reacted by reviving their nuclear weapons program. And that’s the way it’s been going.
It’s well known. You can read it in straight, mainstream American scholarship. What they say is: it’s a pretty crazy regime, but it’s also following a kind of tit-for-tat policy. You make a hostile gesture and we’ll respond with some crazy gesture of our own. You make an accommodating gesture and we’ll reciprocate in some way.
Lately, for instance, there have been South Korean-U.S. military exercises on the Korean peninsula which, from the North’s point of view, have got to look threatening. We’d think they were threatening if they were going on in Canada and aimed at us. In the course of these, the most advanced bombers in history, Stealth B-2s and B-52s, are carrying out simulated nuclear bombing attacks right on North Korea’s borders.
This surely sets off alarm bells from the past. They remember that past, so they’re reacting in a very aggressive, extreme way. Well, what comes to the West from all this is how crazy and how awful the North Korean leaders are. Yes, they are. But that’s hardly the whole story, and this is the way the world is going.
It’s not that there are no alternatives. The alternatives just aren’t being taken. That’s dangerous. So if you ask what the world is going to look like, it’s not a pretty picture. Unless people do something about it. We always can.
Noam Chomsky is Institute Professor Emeritus in the MIT Department of Linguistics and Philosophy. He is the author of numerous best-selling political works, including Hopes and ProspectsMaking the Future, and most recently (with interviewer David Barsamian), Power Systems: Conversations on Global Democratic Uprisings and the New Challenges to U.S. Empire (The American Empire Project, Metropolitan Books).
[Note: This piece was adapted (with the help of Noam Chomsky) from an online video interview that Javier Naranjo, a Colombian poet and professor, did for the website What, which is dedicated to integrating knowledge from different fields with the aim of encouraging the balance between the individual, society, and the environment.]

Copyright 2013 Noam Chomsky
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Sunday, July 21, 2013

7 Mind Blowing Moments From Zimmerman Juror B37's First Interview | ThinkProgress

7 Mind Blowing Moments From Zimmerman Juror B37's First Interview | ThinkProgress:
Anderson Cooper interviews juror B37. (photo: CNN)
Anderson Cooper interviews juror B37. (photo: CNN)

7 Mind Blowing Moments From Zimmerman Juror B37's First Interview

By Igor Volsky, ThinkProgress
16 July 13

Monday night, one of the jurors in the George Zimmerman trial offered shocking insight into how the group of six women reached its decision to acquit the defendant of all charges in the murder of 17-year-old Trayvon Martin.
In an interview with CNN's Anderson Cooper, Juror B-37 - who initially planned to write a book about the trial - revealed that the jurors considered Florida's Stand Your Ground law in reaching their verdict, appeared to strongly sympathize with the defendant, and felt that race played no factor in the incident. Below are Juror B-37's most surprising revelations:
1. Martin was responsible for his own death.
JUROR: It was just hard, thinking that somebody lost their life, and there's nothing else that could be done about it. I mean, it's what happened. It's sad. It's a tragedy this happened, but it happened. And I think both were responsible for the situation they had gotten themselves into. I think both of them could have walked away. It just didn't happen.
2. Juror felt just as sorry for Zimmerman.
COOPER: Do you feel sorry for Trayvon Martin

JUROR: I feel sorry for both of them. I feel sorry for Trayvon, in the situation he was in. And I feel sorry for George because of the situation he got himself in.
3. Zimmerman should continue to serve as a neighborhood watchman because he has learned his lesson about going too far.
COOPER: Is George Zimmerman somebody you would like to have on a neighborhood watch in your community? 

JUROR: If he didn't go too far. I mean, you can always go too far. He just didn't stop at the limitations that he should have stopped at. 

COOPER: So is that a yes or - if he didn't go too far. Is he somebody prone, you think, to going too far? Is he somebody you would feel comfortable - 

JUROR: I think he was frustrated. I think he was frustrated with the whole situation in the neighborhood, with the break-ins and the robberies. And they actually arrested somebody not that long ago. I - I mean, I would feel comfortable having George, but I think he's learned a good lesson. 

COOPER: So you would feel comfortable having him now, because you think he's learned a lesson from all of this? 

JUROR: Exactly. I think he just didn't know when to stop. He was frustrated, and things just got out of hand.
4. Verdict hinged on "Stand Your Ground" law, even though Zimmerman did not use it in his defense.
COOPER: Because of the two options you had, second degree murder or manslaughter, you felt neither applied? 

JUROR: Right. Because of the heat of the moment and the Stand Your Ground. He had a right to defend himself. If he felt threatened that his life was going to be taken away from him or he was going to have bodily harm, he had a right.
5. Zimmerman was only guilty of using poor judgment and was "egged" on to follow Martin by the 9/11 operator.
COOPER: Do you think he's guilty of something? 

JUROR: I think he's guilty of not using good judgment. When he was in the car and he called 911, he shouldn't have gotten out of that car. But the 911 operator also, when he was talking to him, kind of egged him on.
6. Race played absolutely no factor in Zimmerman's profiling of Martin.
JUROR: I think just circumstances caused George to think that he might be a robber, or trying to do something bad in the neighborhood because of all that had gone on previously. There were unbelievable, a number of robberies in the neighborhood. 

COOPER: So you don't believe race played a role in this case? 

JUROR: I don't think it did. I think if there was another person, Spanish, white, Asian, if they came in the same situation where Trayvon was, I think George would have reacted the exact same way. 

COOPER: Why do you think George Zimmerman found Trayvon Martin suspicious then? 

JUROR: Because he was cutting through the back, it was raining. He said he was looking in houses as he was walking down the road. Kind of just not having a purpose to where he was going. He was stopping and starting. But I mean, that's George's rendition of it, but I think the situation where Trayvon got into him being late at night, dark at night, raining, and anybody would think anybody walking down the road stopping and turning and looking, if that's exactly what happened, is suspicious. And George said that he didn't recognize who he was. 

COOPER: Well, was that a common belief on the jury that race was not - that race did not play a role in this? 

JUROR: I think all of us thought that race did not play a role. [...] 

COOPER: It didn't come up, the question of, did George Zimmerman profile Trayvon Martin because he was African-American? 

JUROR: No, I think he just profiled him because he was the neighborhood watch, and he profiled anyone who came in acting strange. I think it was just circumstances happened that he saw Trayvon at the exact time that he thought he was suspicious.
7. Zimmerman's history of reporting black men to the police and his decision to follow Martin played no role in the verdict.
COOPER: So whether it was George Zimmerman getting out of the vehicle, whether he was right to get out of the vehicle, whether he was a wannabe cop, whether he was overeager, none of that in the final analysis, mattered. What mattered was those seconds before the shot went off, did George Zimmerman fear for his life? 

JUROR: Exactly. That's exactly what happened.
Juror B-37 twice used the phrase "George said," even though Zimmerman himself didn't testify. Tapes of Zimmerman explaining the incident were shown in the courtroom.
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What's The Dumbest Thing You Could Say To A Congresswoman Who Lost Her Legs In Battle? Um, THIS.

What's The Dumbest Thing You Could Say To A Congresswoman Who Lost Her Legs In Battle? Um, THIS.:
(Congresswomen blasts a cheat who took advantage of the system to describe himself as veteran.) 8 min of righteous rage.

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Friday, July 19, 2013

Another Massive Settlement for Chase

Another Massive Settlement for Chase:
JP Morgan Chase CEO Jamie Dimon. (photo: Chris Ratcliffe/Getty Images)
JP Morgan Chase CEO Jamie Dimon. (photo: Chris Ratcliffe/Getty Images)

Another Massive Settlement for Chase

By Matt Taibbi, Rolling Stone
19 July 13

uring the financial crisis, while Dr. Evil-ish Wall Street villains like Goldman and Lehman Brothers were getting all the bad press, pundits continually referred to J.P. Morgan Chase as the "good bank." The myth of Chase as the finance sector's one upstanding rock of rectitude reached its zenith in July of 2009 with an embarrassingly hagiographic piece in the New York Times entitled, "In Washington, One Bank Chief Still Holds Sway." In that one, the paper breathlessly praised Jamie Dimon for emerging from "the disgrace of his industry" to become Barack Obama's "favorite banker."
Chase and Jamie Dimon kept that rep for a good long time. As late as 2011, Dimon's name was being floated around Washington very seriously as a potential replacement for Tim Geithner's Treasury Secretary post. Even when Dimon showed up on the Hill last year to testify (read: obfuscate) about the infamous "London Whale" episode, Senators on the banking committee - who, as writer George Zornick noted, had collected a cumulative $522,088 in donations from Chase - slobbered all over Dimon and shelved the important London Whale matter to ask the great genius's advice on how to fix the economy.
Well, there's some more news about the "good bank" - Chase is about to pay yet another ginormous settlement for cheating and stealing from the public. According to the Wall Street Journal, the Federal Energy Regulatory Commission (FERC) will fine Chase "close to $1 billion" for manipulating energy prices in Enron-esque fashion in Michigan and California. The story is interesting in itself - and we'll write more about it later - but for now, it's just the fact of yet another massive settlement for this bank that's so interesting.
In the three-year period between 2009-2012, Chase paid out over $16 billion in litigation costs. Notedfinancial analyst Josh Rosner of Graham Fisher slammed Chase in a report earlier this year, pointing out that these settlements and legal costs represented a staggering 12% of Chase's net revenue during this time. There couldn't possibly be a clearer demonstration of the modern banking model, in which companies break rules/laws as a matter of course, and simply pay fines as a cost - a significant cost - of doing business.
For sheer curiosity's sake, I thought I'd list, in capsule form, some of the capers Chase has been caught up in in recent years:
  • They were fined $153 million for the infamous "Magnetar" fund case, another scam in which a bank allowed a hedge fund to create a "born-to-lose" mortgage portfolio to bet against. Very similar to the Abacus case that's at the heart of the ongoing "Fabulous Fab" trial;

  • Chase paid $228 million for its role in the egregious municipal bond bid-rigging case we wrote about in Rolling Stone in 2011;
  • Chase paid $297 million to the SEC last November for fraud involving mortgage-backed securities;
  • Chase paid $75 million in cash and generously agreed to forego $647 million in fines in the Jefferson County, Alabama mess, in which a small-town pol was bribed into green-lighting a series of deadly swap deals;
  • In two separate orders this spring, Chase was reprimanded by the OCC and the Fed for money-laundering behaviors similar to the infamous HSBC case, and also for regulatory failures and fraud in the London Whale episode. There was a separate FBI investigation into the London Whale probe in which they allegedly lied to customers and investors about the loss;
  • They're under investigation for allegedly failing to disclose Bernie Madoff's trading activities to authorities;
  • They were one of 13 banks asked to pay up in this year's $9.3 billion robosigning settlement;
  • They were one of four banks last year to settle for a total of $394 million with the OCC for improper mortgage servicing practices;
  • They were ordered by the CFTC to pay $20 million last year for improper segregation of customer funds (this was part of the Lehman investigation). The CFTC also fined Chase $600,000 last year for violating position limits in the cotton markets;
  • Last year, Chase paid a $45 million settlement to the federal government for improperly racking up fees for veterans in mortgage refinancings. Hey, if you're going to steal from everyone, you can't leave out those veterans overseas!
  • In 2010, Chase paid $25 million to the state of Florida for selling unregistered bonds to a state-run municipal money-market fund;

  • The bank last year was convicted in Europe along with several other banks for fraudulent sales of derivatives to the city of Milan. A total of about $120 million was seized from Chase and three other banks.
There have been so many settlements with so many agencies around the world (I'm in a hurry and can't get to Chase's messes in Britain, Japan and elsewhere) that they're almost impossible to count. Some papers are reporting that Chase is being investigated by as many as eight different agencies in the U.S. alone.
There are some other civil actions left out, too, like the $110 million class-action settlement for improper charging of overdraft fees, or their part in the gigantic $6 billion settlement completed last yearinvolving Visa, MasterCard and other credit card providers for manipulating card service rates. And states like California have only just begun crawling up Chase's backside for its role in the lunatic filing of erroneous credit card collection lawsuits, a scam outed by whistleblower Linda Almonte.
Chase is turning into the Zelig of the corruption era. In virtually every corruption scandal, the bank is in the background somewhere. The HSBC money-laundering mess? Chase was reprimanded for similar abuses. The Madoff story? They're under investigation there. MF Global? As banker to Jon Corzine's notorious firm, they were part of a $546 million settlement to return money to MF Global's outraged customers. Jefferson County? That was them. And again, you might have heard of Abacus, but Magnetar was just as bad. Not that anyone's counting or anything.
Memo to colleagues on the White House pool: could someone please ask the president if Jamie Dimon is still his favorite banker?
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Sunday, July 14, 2013

Blackwater was CIA's extension, founder Erik Prince admits — RT USA

Blackwater was CIA's extension, founder Erik Prince admits — RT USA:

Blackwater was CIA's extension, founder Erik Prince admits

Published time: March 14, 2013 19:01
Edited time: March 14, 2013 23:28
A picture taken on July 5, 2005 shows contractors of the US private security firm Blackwater securing the site of a roadside bomb attack near the Iranian embassy in central Baghdad. (AFP Photo / Ahmad Al-Rubaye)
A picture taken on July 5, 2005 shows contractors of the US private security firm Blackwater securing the site of a roadside bomb attack near the Iranian embassy in central Baghdad. (AFP Photo / Ahmad Al-Rubaye)
Erik Prince, founder of Blackwater - now known as Academi - claims his firm “became a virtual extension of the CIA,” taking orders from the agency.
Erik Prince, chairman of the Prince Group. (AFP Photo / Tim Sloan)
Erik Prince, chairman of the Prince Group. (AFP Photo / Tim Sloan)
In an interview published Thursday by the Daily Beast, Prince revealed how deeply connected Blackwater was to the Central Intelligence Agency, especially in the early 2000s. Last month, federal prosecutors dropped felony charges against Blackwater personnel after it was revealed that the employees had been acting under the orders of the US government. After a three-year-long prosecution, most of the company’s executives walked free and two men received nothing more than probation, house arrest and $5,000 fines.

But the tens of thousands of pages of court documents from the case shed light on an argument the company made throughout those three years – that Blackwater itself was an extension of the CIA.
“Blackwater’s work with the CIA began when we provided specialized instructors and facilities that the Agency lacked,” Prince told the Daily Beast.“In the years that followed, the company became a virtual extension of the CIA because we were asked time and again to carry out dangerous missions, which the agency either could not or would not do in-house.”
Initially, lawmakers believed the CIA was “looking for skills and capabilities, and they had to go to outside contractors like Blackwater to make sure they could accomplish their mission,” said retired Congressman Pete Hoekstra. But the relationship was in fact much closer than believed.
When King Abdullah of Jordan visited the US in 2005, he took a trip to the Blackwater headquarters in Moyock, North Carolina, where company executives awarded him two gifts – a modified Bushmaster AR-15 rifle and a Remington shotgun. The weapons were labeled with the Blackwater logo, but Prince says that the CIA asked the company to give Abdullah the guns “when people at the agency had forgotten to get gifts for him.”
In a 2008 raid of the Blackwater headquarters, the Bureau of Alcohol, Tobacco, Firearms and Explosives (ATF) discovered that the weapons given to Abdullah had been registered as personal property by two employees at the agency – and there was no paperwork indicating that they were now in the possession of Jordanian royalty.
Additionally, the ATF found that many of Blackwater’s weapons had been purchased illegally. Some of these weapons, which included Romanian AK-47s and 17 Bushmaster AR-13s, had illegally had their barrels shortened and been exported to other countries in violation of federal gun laws.
A sign marks the entrance of Blackwaterís training facility. (AFP Photo / Scott Olson)
A sign marks the entrance of Blackwaterís training facility. (AFP Photo / Scott Olson)

Blackwater argued that in all of these instances, it had been working on behalf of the CIA. Court documents include depositions from CIA executives testifying that Blackwater provided weapons and training for them. One court document even lists “Erik P” as a CIA officer himself.
“The CIA routinely used Blackwater in missions throughout the world,” one document reads. “These efforts were made under written and unwritten contracts and through informal requests. On many occasions the CIA paid Blackwater nothing for its assistance. Blackwater also employed CIA officers and agents, and provided cover to CIA agents and officers operating in covert and clandestine assignments. In many respects, Blackwater, or at least portions of Blackwater, was an extension of the CIA.”
Prince told the Daily Beast that he agreed to provide the CIA with free services out of “patriotic duty”. And even though he sold Blackwater, now known as Academi, for $200 million, he continues to hold a grudge against prosecutors for going after the company.
“Blackwater carried out countless life-threatening missions for the CIA,” he said. “And in return, the government chose to prosecute my people for doing exactly what was asked of them.”
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