The Central Pacific Bank Bailout & Senator Dan Inouye - Conflicts of Interest? -- The Catbird's Forum

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Date Posted: 22:52:57 12/10/08 Wed
Author: Bobby N. Harmon
Subject:

The Central Pacific Bank Bailout & Senator Dan Inouye - Conflicts of Interest?

CV05-00030 - David C. Farmer vs. Harmon: Exhibit: "Central Pacific Bank...Bailout" & Witness Sen. Dan Inouye

Wednesday, December 10, 2008 11:54 PM

From: "Bobby Harmon"

To: "David Farmer" , "Steven Guttman" , "Carol K. Muranaka" , "Michael Mukasey"

December 9, 2008

Central Pacific Bank gets $135 million from federal government's bailout

By Rick Daysog
Advertiser Staff Writer

The parent of Central Pacific Bank will receive $135 million from the federal government�s bank bailout program.

Central Pacific Financial Corp. said today that it received preliminary approval to participate in the U.S. Department of Treasury�s Capital Purchase program.

Central Pacific reported a net loss of $146.3 million during its second quarter after the company wrote down a large portion of its loans to California homebuilders hard-hit by the subprime lending crisis.

The company returned to profitability during the third quarter with a $3 million net profit.
�This capital will further strengthen the fundamentals of our bank and provide additional resources to support our commercial and retail customers here in Hawaii,� said Ron Migita, Central Pacific�s president and CEO.

In the deal, Central Pacific said it will issue $135 million in senior preferred stock to the Treasury Department. The Treasury Department will receive warrants to purchase another $20 million in the company�s common stock.

Shares of Central Pacific dipped $1.07 this afternoon to $11.76 on the New York Stock Exchange.

http://www.honoluluadvertiser.com/article/20081209/BREAKING03/81209052

++++++++++++

December 10, 2008

Dear Mr. Farmer; Mr. Guttman; Ms. Muranaka; Attorney General Mukasey, and All Concerned:

Due to the discovery of the NEW FACTS shown above, I have updated the subject Exhibit.

What makes this Exhibit so IMPORTANT is the fact that Senator Dan Inouye has a clear conflict of interest in this bailout of Central Pacific Bank due to his personal financial interests and close relationships with individuals and other corporations connected with this bank.

The important question this raises for our country is whether or not Senator Inouye, and any other representatives in Congress who have financial interests in these banks, auto manufacturers, etc., should be EXCUSING THEMSELVES from voting on these tax-payer financed bailouts DUE TO CONFLICTS OF INTEREST.

You will find a copy of my letter dated December 10, 2008, and related pages, attached and on-line at:

http://www.kycbs.net/CV05-00030-Farmer-12-10-8.htm
http://www.kycbs.net/Central-Pacific-Bank.htm
http://www.kycbs.net/Witness-Inouye-Dan.htm

Please advise me immediately if this new Exhibit contains any "PROTECTED SUBJECT MATTER" which is prohibited by ORDER of Judge David A. Ezra.

As I am required by the Court's order to submit each of these new or updated exhibits and witness descriptions for your review and approval, I am of the firm belief that Judge Ezra's Order constitutes a PRIOR RESTRAINT of my FREEDOM OF SPEECH.

If you and Judge Ezra would like to put a stop to this approval process NOW, then I would again suggest that we, and our respective insurance carriers (including Chubb Group, XL Insurance, and Island Insurance Co.) make a good-faith effort to reach a global settlement of this case through confidential negotiation or mediation.

If you and your professional liability insurance carriers are NOT willing to negotiate or mediate a settlement, however, then I ask that, in light of all the new facts presented in these Exhibits and witness descriptions, advise me whether or not you intend to OBJECT to my filing a Motion to reopen this case.

Your immediate reply is requested. If I do not receive a response from you within 15 days, I will assume that you have found no "prohibited subject matter" in these updated pages, and that you will NOT file any objections to my Motion to reopen this case.

Very truly yours,

Bobby N. Harmon, CPCU, ARM

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