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Date Posted: 04:57:01 03/25/09 Wed
Author: Bobby N. Harmon
Subject: AIG FALLOUT ... CEO PAY ... KAMEHAMEHA SCHOOLS TRUSTEE PAY REVISITED ...

CV05-00030 - David C. Farmer vs Harmon - Exhibit: "AIG Fallout...CEO Pay...Trustee Pay Revisited" & Witnesses: Robin Campaniano, Constance Lau, Ben Cayetano, Judge Colleen Hirai, Douglas Ing, Corbett Kalama, Diane Plotts, Robert Kihune, Nainoa Thompson, David Farmer...

Tuesday, March 24, 2009 5:51 PM

From: Bobby N. Harmon, CPCU

To: "Barack H. Obama" , "Eric Holder" , "David Farmer" , "Steven Guttman" , "Carol K. Muranaka" , "David A. Ezra" , "Judith Neustadter" , "Kevin S.C. Chang" , "Barry M. Kurren" , "Securities & Exchange Commission Enforcement Division" , "U.S. Treasury Dept. Office of Inspector General" , "Office of Inspector General US Dept of Justice" , "Executive Office for U.S. Trustees" , "Bunny Greenhouse" , "Robert Faris" , "Anthony Romero" , "ACLU of Kentucky" , "Electronic Freedom Foundation" , "Public Citizen" , "Thomas Fitton" , "SEC Office of The Inspector General"

Cc: "ACLU Hawaii" , "All Representatives" , "All Senators" , "Andrew Walden" , "Aon Insurance Managers" , "Arthur Rath" , "Benjamin Kudo" , "Bradley Tamm" , "Carl Morton" , "Charles Goodwin" , "Charles Hurd" , "David Shapiro" , "Dee Jay Mailer" , "Dorothy Sellers" , "Executive Office for U.S. Trustees" , "Hugh Jones" , "Insurance Division Fraud Branch" , "J C Shannon" , "James B Nicholson" , "James B. Farris" , "James Cribley" , "James Wriston" , "Jeffrey Watanabe" , "Jim Dooley" , "Jo Ann Uchida" , "Joe Moore" , "John D. Finnegan" , "John Goemans" , "Judge Lloyd King" , "Judith Neustadter" , "Judson Witham" , "Ken Conklin" , "Kenneth Hipp" , "Lawrence Reifurth" , "Linda Lingle" , "Lyn Flanigan Anzai" , "Margery Bronster" , "Marsh Affinity Group" , "Michael N. Tanoue" , "Michelle Tucker" , "Nathan Aipa" , "Office of Inspector General Civil Rights Complaints" , "Office of the U.S. Trustee District of Hawaii" , "Paul Alston" , "Randall Roth" , "Rick Daysog" , "Robert Bruce Graham" , "Robin Campaniano" , "Samuel P. King" , "Susan Tius" , "William K Slate" , "Jim Terrack" , "Don Michak" , "Rocco Sansone" , "Ted Pettit" , "Mark Burch" , "Laura Thielen" , "Vaughn & Lynda Robinson" , "Rebecca Christie" , "Catbird" , "James Duca" , "Ian Lind" , "Roy F. Hughes" , "Malia Zimmerman" , "Elisa Yadao" , "Ray Fuqua" , "Jack Cashill" , "Bo Gritz" , "Marshall Chriswell" , "Tom Flocco" , "Michael Moore" , "Eric Shine" , "Laser Haas" , "Lucy Komisar" , "Democrats.com" , "Debra Sweet" , "Jane Kirtley" , "V K Durham"

AIG Fallout
March 24th, 2009 by Rick

Fallout from AIG bonus controversy is beginning to be felt by the insurer’s local operations.
In a March 16 letter to customers, AIG Hawaii CEO Robin Campaniano wrote that “some of you have contacted us to express your concern, and we share your frustration.”

Campaniano distanced the local insurer from its Mainland parent, which was sharply criticized by Congress and activist groups for issuing huge bonus checks to executives after receiving more than $180 billion in taxpayer-funded bailouts.

“The bonus payout by the holding company does not have any financial implications to AIG Hawaii, nor does it have any effect on your insurance premium or policy coverage,” (BH: LIES!) Campaniano wrote.

“Last year we made a decision to stand by our customers in these tough economic tiems and we did not grant any performance bonuses in 2008. In addition, we made the decision that no employee of AIG Hawaii will receive salary increases or performance bonuses in 2009.”

AIG Hawaii is the third-largest auto insurer here and employs more than 300 workers statewide.

The company has sold more than $131 million in life insurance products, $29 million in homeowners policies and $90 million auto insurance policies statewide, according to the state Insurance Division.

Campaniano’s move to distance the local company makes sense. The bonus furor puts a huge target on AIG and competitors like State Farm and Geico are likely to capitalize on the controversy.

Tags: AIG, bailout, insurance

CEO Pay
March 18th, 2009 by Rick

It's proxy season so executive pay figures for 2008 are beginning to trickle out.

At the top of the list, Allen Doane earned nearly $5 million last year as CEO and chairman of Alexander & Baldwin Inc. But Doane's 2008 compensation was down sharply from his 2007 pay of $8.6 billion.

Hawaiian Electric Industries Inc. CEO Constance Lau received a $2 million pay increase, upping her 2008 pay package to nearly $3.9 million.

Lau's increase came in a year the company experience significant challenges, including lower earnings at its American Savings Bank unit and a Dec. 26 islandwide outage that cut off power to Hawaiian Electric Co.'s 294,000 customers on Oahu.

Rounding out the list, Bank of Hawaii CEO Allan Landon earned about $2.5 million last year, which was down about $100,000 from his 2007 pay.

Look for updates to this list as more local companies file their proxies with the Securities and Exchange Commission. In the future, I'll publish a more listing in the Honolulu Advertiser newspaper once all of the proxies are filed.

Tags: Alexander & Baldwin Inc., Bank of Hawaii Corp., CEO pay, Hawaiian Electric Industries Inc.

Trustee Pay Revisited
March 17th, 2009 by Rick

Trustees of the Kamehameha Schools received much deserved applause last month when they rejected a court-approved pay increase plan and instead took a 10 percent pay cut.

After all, it's the prudent thing to do in face of the trust’s weakened financial condition, members of the Kamehameha Schools ohana have said.

But others, including former Gov. Ben Cayetano believe the way trustee pay is set is still out of whack and opens the trust to the type of abuses that haunted the estate during the late 1990s.

Previously, trustee pay was based on a formula set by law which entitled them to up to 2 percent of the estate’s annual gross. That resulted in $1 million-a-year trustee pay checks that nearly got the trust's tax-exempt status revoked by the Internal Revenue Service.

Now, trustee pay is supposed to be set at reasonable levels. Every several years, a Probate Court-appointed panel is supposed to come up with recommendations on what those reasonable levels are.

In 2004, the panel approved raising trustees maximum pay by more than 69 percent, generating much criticism among the schools’ ohana and the state Attorney General.

Probate Judge Colleen Hirai approved that increase but trustees turned it down.

Last year, the panel approved a similar plan before trustees decided to take their pay cut.

The increase was again opposed by some members of the Kamehameha ohana as well as by the Attorney General’s office.

According to Cayetano, the lack of a more permanent trustee compensation schedule exposes the trust to future controversies.

In the past, the lucrative trustee compensation served as the “root cause for the ethical and political problems” that plagued the estate during the 1980s and 1990s, Cayetano wrote in his recently published memoir “Ben.”

It not only led to corrupted trust but it also tarnished the state Legislature and the state judiciary.

No doubt, the ethical characters of current Trustees Nainoa Thompson, Douglas Ing, Robert Kihune, Diane Plotts and Corbett Kalama are unquestioned. All are dedicated to the trust’s mission of educating native Hawaiian children.

But in approving steep pay raises for the trustees, Cayetano see a potential for history repeating itself:

“One could only wonder whether the panel, the probate judge and the new trustees had learned any lessons from the Bishop Estate controversy,” he wrote.

“The failure of the new trustees to ‘clean house’ left me wondering whether the problems that vexed the old trustees and the Bishop Estate would emerge again one day when the passing of time had blurred the reasons the reforms were made in the first place.”

Tags: Ben Cayetano, Kamehameha Schools, Trustee pay

Hawaiian Air Upgrade
March 10th, 2009 by Rick

Airline stocks may be reeling but one Wall Street analyst is recommending buying stock in Hawaiian Airlines' parent.

Morgan Stanley's William Greene said yesterday that “it’s time to buy the survivors among U.S. airlines,” including Hawaiian Holdings Inc., JetBlue Airways and Southwest Airlines.

Greene cited Hawaiian’s “near-monopoly” in the interisland market after last year’s shutdown of Aloha Airlines, and the company’s limited exposure to the downturn in the business and international markets.

The report gave a boost to Hawaiian shares, which rose 26 cents to close at $2.77 the Nasdaq market yesterday.

For the year, Hawaiian stock is off about 3.6 percent. It's down about 75 percent from its 52-week high of $11.10 on Sept. 15.

“Shares are pricing in an overly bearish scenario on fuel and ‘09 revenue,” Greene wrote. “In our view, it is difficult to justify HA’s valuation, particularly since they recently reaffirmed 1Q revenue guidance at their investor day.”

Tags: Airlines, Hawaiian Airlines, Morgan Stanley

http://bizbites.honadvblogs.com/

# # #

References:
http://www.kycbs.net/AIG.htm
http://www.kycbs.net/Alexander-Baldwin.htm
http://www.kycbs.net/Allied-World-Assurance.htm
http://www.kycbs.net/Aloha-Air.htm
http://www.kycbs.net/American-Savings-Bank.htm
http://www.kycbs.net/AOL.htm
http://www.kycbs.net/Aon.htm
http://www.kycbs.net/Arthur-Andersen.htm
http://www.kycbs.net/Bailing-Out-Wall-Street.htm
http://www.kycbs.net/Bank-of-America.htm
http://www.kycbs.net/Bank-of-Hawaii.htm
http://www.kycbs.net/Bank-of-Honolulu.htm
http://www.kycbs.net/Central-Pacific-Bank.htm
http://www.kycbs.net/ChubbGroup.htm
http://www.kycbs.net/CITIGROUP.htm
http://www.kycbs.net/CV05-00030-Witness-Alston-Paul.htm
http://www.kycbs.net/CV05-00030-Witness-Bennett-Mark.htm
http://www.kycbs.net/CV05-00030-Witness-Bush-George.htm
http://www.kycbs.net/CV05-00030-Witness-Campaniano-Robin.htm
http://www.kycbs.net/CV05-00030-Witness-Case-Dan.htm
http://www.kycbs.net/CV05-00030-Witness-Case-Jeffrey.htm
http://www.kycbs.net/CV05-00030-Witness-Case-Steve.htm
http://www.kycbs.net/CV05-00030-Witness-Cayetano-Ben.htm
http://www.kycbs.net/CV05-00030-Witness-Chang-Kevin.htm
http://www.kycbs.net/CV05-00030-Witness-Clinton-Bill.htm
http://www.kycbs.net/CV05-00030-Witness-Clinton-Hillary.htm
http://www.kycbs.net/CV05-00030-Witness-Daysog-Rick.htm
http://www.kycbs.net/CV05-00030-Witness-Ezra-David.htm
http://www.kycbs.net/CV05-00030-Witness-Faris-Robert.htm
http://www.kycbs.net/CV05-00030-Witness-Fuqua-Judith.htm
http://www.kycbs.net/CV05-00030-Witness-Geithner-Timothy.htm
http://www.kycbs.net/CV05-00030-Witness-Gonzales-Alberto.htm
http://www.kycbs.net/CV05-00030-Witness-Greenberg-Hank.htm
http://www.kycbs.net/CV05-00030-Witness-Greenberg-Jeff.htm
http://www.kycbs.net/CV05-00030-Witness-Hifo-Eden.htm
http://www.kycbs.net/CV05-00030-Witness-Hirai-Colleen.htm
http://www.kycbs.net/CV05-00030-Witness-Holder-Eric.htm
http://www.kycbs.net/CV05-00030-Witness-Ing-Douglas.htm
http://www.kycbs.net/CV05-00030-Witness-Kalama-Corbett.htm
http://www.kycbs.net/CV05-00030-Witness-Kihune-Robert.htm
http://www.kycbs.net/CV05-00030-Witness-King-Lloyd.htm
http://www.kycbs.net/CV05-00030-Witness-King-Samuel.htm
http://www.kycbs.net/CV05-00030-Witness-Kurren-Barry.htm
http://www.kycbs.net/CV05-00030-Witness-Kurren-Faye.htm
http://www.kycbs.net/CV05-00030-Witness-Lau-Constance.htm
http://www.kycbs.net/CV05-00030-Witness-Liddy-Edward.htm
http://www.kycbs.net/CV05-00030-Witness-Lingle-Linda.htm
http://www.kycbs.net/CV05-00030-Witness-Matsumoto-Colbert.htm
http://www.kycbs.net/CV05-00030-Witness-Obama-Barack.htm
http://www.kycbs.net/CV05-00030-Witness-OHare-Dean.htm
http://www.kycbs.net/CV05-00030-Witness-Paulson-Henry.htm
http://www.kycbs.net/CV05-00030-Witness-Plotts-Diane.htm
http://www.kycbs.net/CV05-00030-Witness-Farmer-David.htm
http://www.kycbs.net/CV05-00030-Witness-Giacometti-Guido.htm
http://www.kycbs.net/CV05-00030-Witness-Guttman-Steven.htm
http://www.kycbs.net/CV05-00030-Witness-Lau-Constance.htm
http://www.kycbs.net/CV05-00030-Witness-Lingle-Linda.htm
http://www.kycbs.net/CV05-00030-Witness-Rewald-Ron.htm
http://www.kycbs.net/CV05-00030-Witness-Rubin-Robert.htm
http://www.kycbs.net/CV05-00030-Witness-Sia-Sukamto.htm
http://www.kycbs.net/CV05-00030-Witness-Thompson-Nainoa.htm
http://www.kycbs.net/CV05-00030-Witness-Waihee-John.htm
http://www.kycbs.net/First-Hawaiian-Bank.htm
http://www.kycbs.net/GoldmanSachs.htm
http://www.kycbs.net/Hawaiian-Air.htm
http://www.kycbs.net/Hawaiian-Electric.htm
http://www.kycbs.net/Hawaii-Superferry.htm
http://www.kycbs.net/NestEggs.htm
http://www.kycbs.net/No-Bailout-for-Billionaires.htm
http://www.kycbs.net/PriceWaterhouse.htm
http://www.kycbs.net/Punahou.htm
http://www.kycbs.net/SandwichIsles.htm
http://www.kycbs.net/Travelers-St-Paul.htm
http://www.kycbs.net/Treasury.htm
http://www.kycbs.net/WallStreet.htm
http://www.kycbs.net/XL.htm
http://www.kycbs.net/Zurich.htm

March 24, 2009

Dear President Obama, Attorney General Holder, Mr. Farmer; Mr. Guttman; Ms. Muranaka; Judge Ezra, Judge Chang, Judge Kurren, and All Concerned:

This references the subject Exhibit which provides more factual evidence of fraud, tax evasion, money-laundering, racketeering, bad faith, violation of anti-SLAPP statutes, and undisclosed conflicts of interest among various entities involved in this lawsuit.

In view of all the facts that I have presented in this and hundreds of other Exhibits, it is beyond comprehension that Judges Eden Hifo (fka Bambi Weil), Kevin Chang, David Ezra, Barry Kurren, Lloyd King, and Robert Faris, and Trustees Mary Lou Woo, James Nicholson, and David C. Farmer; the American Arbitration Association arbitrator Judith Neustadter Fuqua, and attorney Steven Guttman can still claim that they were non-conflicted, impartial, and unbiased in this case.

In spite of all this factual evidence, however, I am again asking that we attempt to reach a global settlement of this matter through confidential negotiation or mediation rather than continuing these costly and seemingly-endless court proceedings.

If you still are NOT willing to attempt to negotiate or mediate a settlement, then I ask that you do your required review this new Exhibit and advise me if you find it contains any so-called "protected subject matter", and whether or not you intend to OBJECT to my filing a Motion to reopen this case.

Mr. Farmer, I respectfully request your immediate reply. If I do not receive a response from you or your insurance carrier within 15 days, I will assume that you have found no "protected subject matter" in these updated pages, and that you will NOT file any objections to my Motion.

Very truly yours,

Bobby N. Harmon, CPCU, ARM

Related links:
http://www.kycbs.net/Apartheid-Hawaii.htm
http://www.kycbs.net/Bailing-Out-Wall-Street.htm
http://www.kycbs.net/Broken-Trust-Book.htm
http://www.kycbs.net/Confessions.htm
http://www.kycbs.net/Freedom-To-Sing.htm
http://www.kycbs.net/HarmonArbitration.htm
http://www.kycbs.net/JUSTICE.htm
http://www.kycbs.net/Lost-Generations.htm
http://www.kycbs.net/No-Bailout-for-Billionaires.htm
http://www.kycbs.net/PunaConnection.htm
http://www.kycbs.net/SLAPP.htm

Fax cc:
President Barack Obama - Fax: 202-456-2461
David Farmer, Esq., Trustee, U.S. Dept of Justice, c/o Steven Guttman, Esq., Kessner Duca, et al, Fax: 808-529-7177
Carol Muranaka, Assistant U.S. Trustee - Fax: 808-522-8156
Judith Neustadter Fuqua - Fax: 808-242-1972
Judge David Ezra - Fax: 808-541-3575
Judge Robert Faris - Fax: 808-522-8120
Judge Kevin Chang - Fax: 808-541-1181
Judge Barry Kurren - Fax: 808-541-1181
Ed Kubo, U.S. Attorney, Hawaii - Fax: 808-541-2958
Mark Bennett, Hawaii Attorney General - Fax: 808-586-1239
Hugh Jones, Deputy Attorney General - Fax: 808-586-1477
Governor Linda Lingle, State of Hawaii - Fax: 808-586-0006
Lawrence Reifurth, Director, Hawaii DCCA - Fax: 808-586-2640
Robin Campaniano, President & CEO, AIG Hawaii - Fax: 808-524-0768
Jeffrey P. Schmidt, Hawaii Insurance Commissioner - Fax: 808-586-2806
Janet Kamerman, Special Agent in Charge, FBI Honolulu - Fax: 808-566-4470
Dee Jay Mailer, J. Douglas Ing, Robert Kihune, Corbett Kalama, Francis Keala, Nainoa Thompson, Diane Plotts, Constance Lau, Kamehameha Schools - Fax: 808-541-5305
Colleen Wong, Louanne Kam, Legal Affairs Dept, Kamehameha Schools - Fax: 808-541-5305
Dennis Tsuhako, CPA, (formerly of PricewaterhouseCoopers) Fax: 808-531-3433
Warren Price, Esq., Fax: 808-533-0549
Rocco Sansone, CPCU, Sr. VP, Marsh & McLennan - Fax: 808-585-3510
James Cribley, President, P&C Insurance Company - Fax: 808-523-1888
Robert Katz, Esq. & Matt Tsukazaki, Esq., Torkildson, Katz, et al - Fax: 808-523-6001
Barry Marr, Esq., Kenneth Hipp, Esq., Marr, Jones & Wang - Fax: 808-536-6700
Jeffrey Sia, Esq., Ayabe, Chong, et al - Fax: 808-526-3491
Roy Hughes, Esq., Hughes & Taosaka - Fax: 808-521-7489
Colbert Matsumoto, Chairman & CEO, Island Insurance Co. - Fax: 808-275-8132
Representative Mazie Hirono - Fax: 202-225-4987

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