Category Archives: Treasury

When China Collapses Financially, it Takes Other Enterprises Down, Oil

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China loses control of economy and production is falling.

Investment in China has been a bad bet for many months.

One big issue could be some of the university investments and pension funds along with State pension funds. If you think 2008 was bad, things can could get worse. Let take a look at California.

California Public Pension Funds Lost $5 Billion On Fossil Fuel Investments In One Year

Two of California’s massive public pension funds lost more than $5 billion on investments in coal, oil and natural gas in just 12 months.

According to a report released by environmental group 350.org, the California Public Employees’ Retirement System (CalPERS) lost $3 billion and the California State Teachers’ Retirement System (CalSTRS) lost $2.1 billion from their holdings in the top 200 fossil fuel companies between June 2014 and June of this year.

Combined, the two funds lost a total of $840 million from their stock investments in coal companies alone — one-fourth of the value of their coal holdings.

Meanwhile, Bloomberg reported earlier this month that CalPERS, the largest public pension fund in the US, lost $40 million on just one oil company, Pioneer Natural Resources Co.

Together, CalPERS and CalSTRS represent a total of nearly 2.6 million Californians and their families.

“This is a material loss of money, which directly impacts the strength of the pension fund,” Matthew Patsky, CEO of Trillium Asset Management, which performed the analysis on behalf of 350, said in a statement. “Fossil fuel stocks are volatile investments. Investors and fiduciaries should take this moment to reassess their financial involvement in carbon pollution, climate disruption and the financial risk fossil fuels plays in their portfolio.”

The report comes as California legislators are set to consider a bill that would force CalPERS and CalSTRS to divest from fossil fuels, at least in part.

State Senate President Pro Tem Kevin De León introduced S.B. 185 earlier this year as part of a larger package of legislation intended to address global warming and its impacts. S.B 185 would require both CalPERS and CalSTRS to divest from companies that earn at least half of their revenue from coal mining operations.

The state senate approved the entire package of climate legislation in the Spring. S.B 185 is expected to be considered by California’s lower legislative chamber, the State Assembly, later this month.

“This bill is the right thing to do from both the economic and social perspective,” State Sen. Jerry Hill, who co-authored S.B 185, told the San Francisco Chronicle. “We should be moving to sources of energy, and investments, that are socially responsible and will take us from the 20th century and into the 21st.”

CalPERS has holdings in about 30 coal companies with a combined market value of $167 million that would be impacted by SB185, per the SF Chronicle. CalSTRS holds about $40 million in coal investments that would be affected.

“On behalf of teachers across the state, I have been urging CalSTRS to take our investments out of fossil fuels,” Jane Vosburg, a CalSTRS member and organizer with Fossil Fuel California, said in a statement. “Financial experts have long warned about the high risk of fossil fuel investments. Teachers’ pension funds should not be invested in an industry that threatens human civilization.”

If S.B. 185 passes, the California pension funds will become the latest institutions to join the growing divestment movement, a worldwide effort to compel pension funds, religious institutions, universities and other investors to divest their financial holdings in fossil fuel companies.

“It’s important to see that fossil fuels in general, and coal in particular, are risky bets for the pension system,” said Brett Fleishman, a senior analyst with 350.org. “When folks are saying divestment is risky, we can say, ‘Well, not divesting is risky.’

US crude oil dives below $40 a barrel in opening trade

New York (AFP) – US crude oil prices continued to fall Monday, diving below $40 a barrel to their lowest level since 2009, amid a global market selloff sparked by fears of China’s slowdown.

US benchmark West Texas Intermediate (WTI) for October delivery tumbled by $1.39 to $39.06 a barrel on the New York Mercantile Exchange around 1305 GMT. On Friday the contract had slipped below $40 in intraday trade.

As Iran now is increasing drilling output, oil will go lower in the price per barrel. Sounds good but not so much.

 

US Patent Office, Fraudulent Employees Play Golf

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Is there any government agency that is without scandal? The fleecing of the taxpayer is without limits.

The 29 page investigation report is here.

Since we tend to forget, how about a reminder that Barack Obama said he would go through the budget line by line.

Well in 2011: GOP: Obama never scoured budget ‘line by line’

The Hill: House Republicans are arguing President Obama broke a promise to scour the federal budget “line by line” to look for savings. 

Obama made the promise during the 2008 campaign, but House Energy and Commerce Investigations subcommittee Chairman Cliff Stearns (R-Fla.) and committee Republicans insisted Wednesday there is no evidence that the Office of Management and Budget (OMB) conducted such an exhaustive review.

Stearns also said that the $17 billion in program savings Obama’s budget office found was half of that found in the Bush administration.

Republicans said that Obama’s review does not differ from the ordinary presidential budget process and that the president has exaggerated any savings found by including tax increases and savings from drawing down the wars in Iraq and Afghanistan.

Congressional Research Service expert Clinton Brass said he would be “surprised” if the president would be able to take the time to read his entire budget. He testified that the administration has produced a list of programs to be terminated or reduced, but that such a list was also produced in prior administrations.

Democrats at a Wednesday hearing said Obama was speaking figuratively when he said he would conduct a line by line review.

“If this is a ‘gotcha’ hearing on whether the administration has actually done a line-by-line review, I reject its premise,” Rep. Henry Waxman (D-Calif.) said. “There is no question if it has examined the budget closely … I am afraid my colleagues have misunderstood a figure of speech.”

Republicans were irate that OMB would not send Budget Director Jack Lew to explain whether a line-by-line review was conducted. Committee ranking member Rep. Diana DeGette (D-Colo.) also said she regretted that OMB would not send anyone to testify.

Committee staff said that OMB told them Lew does not testify to subcommittees, and since there is no confirmed deputy director, there is no one available to testify.

At the hearing, Waxman said Congress should look in the mirror at its own budget failings. He pointed out that Speaker John Boehner (R-Ohio) promised to do away with omnibus spending bills and is now contemplating one. He also said Congress has delegated important responsibilities to the deficit supercommittee.

*** None of these things are working out well at all, certainly since 2011. So how about that Patent Office?

Government Employee Paid to Golf, Play Pool

Half of worker’s hours at the U.S. Patent Office were fraudulent
FreeBeacon:

Taxpayers paid a government worker at the U.S. Patent Office to play golf and pool, according to an investigation by the Commerce Department’s Office of Inspector General (OIG) that found nearly half of the employee’s billed hours were fraudulent.

The employee, who worked as a patent examiner in the U.S. Patent and Trademark Office (USPTO), earned over $70,000 a year despite “egregious time and attendance abuse,” which was not checked by managers at the office. The employee, referred to in the report as “Examiner A,” resigned after learning of the OIG’s investigation.

“According to the evidence, Examiner A received payment for over 18 full weeks of work, in aggregate, that he did not actually work,” the audit said. “Ultimately, USPTO management’s system of internal controls did not detect Examiner A’s time and attendance abuse; to the contrary, these issues did not come to light until a whistleblower submitted anonymous notes to the examiner’s supervisor and another manager.”

The anonymous letter in August 2014 that sparked the investigation said the employee “never shows up to work,” “seems to get away with anything,” and that he would only come into the office at the end of every quarter to submit “garbage” work.

“The note questioned how the supervisors could ‘allow this type of behavior’ to occur and why Examiner A had not ‘been fired by now for performance,’” the OIG said.

In all, the employee “committed at least 730 hours of time and attendance abuse, resulting in the payment of approximately $25,500 for hours not worked in FY 2014 alone.” The majority of the hours he did not enter the office building, or use his government-issued laptop.

The abused hours accounted for 43 percent of the employee’s total hours for the year. The hours amounted to 91 eight-hour workdays, or roughly 3 months. The OIG recorded 58 full workdays where there was no evidence that he entered the building.

However, the OIG said the employee likely got away with being paid for more hours he was not working because the employee was “given the benefit of the doubt.”

The employee was paid for full days of work, even though he often left to “hit golf balls at Golf Bar, play pool, or socialize at restaurants.”

The OIG examined instant messages between the employee and his coworkers about hitting the driving range.

One message occurred just before 1 p.m., after the employee spent less than 3 hours at the USPTO office.

“Ok, did u wanna [hit golf balls at Golf Bar] today at all?” he said. His coworker replied, “actually yeah, let’s just go there now?”

“I’ll walk over lemme just hit the restroom,” the employee said.

The other employee also said he was probably leaving soon anyway, saying, “godda go watch walking dead, etc.”

On another occasion the employee tried to convince a colleague to leave to play pool because he was “bored,” but they declined because they were “writing up a case.”

“Call me later if you wanna chill,” he said.

The USPTO did not review the employee’s time and attendance records despite “numerous red flags” the OIG said. The employee also was not fired despite receiving an “unacceptable” performance rating in 2012, 2013, and 2014, and “numerous complaints” about his work.

The employee’s supervisor said he “never suspected” that he was violating work policies, and cited that numerous employees at the USPTO have flexible work schedules that allow telecommuting.

The OIG has found attendance abuse in the agency before. Paralegals working for the agency were “paid to do nothing,” passing their time watching Netflix, doing laundry, and shopping online, costing taxpayers at least $5 million.

The audit warned that telework abuse could be widespread, given that nearly 10,000 patent office employees work from home at least once a week, and 5,000 work from home full time, or four to five days each week.

“While this report presents a case study of only one individual’s time and attendance abuse at USPTO, it illustrates the difficulties in preventing and detecting such activity in USPTO’s geographically dispersed workforce,” the OIG said.

“Although the USPTO has touted the benefits of its telework program, such as a reduction in rent, increases in employee satisfaction and retention, and a workforce much less affected by severe weather and traffic, this and other OIG efforts show that these programs also carry risks for abuse,” they said.

The OIG said the agency should try to recover the $25,500 in fraudulent pay through the legal system.

 

Who is This David Kendall, the Clinton’s Lawyer

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If and it is a big IF, some of the Hillary emails in question were not marked with any classified designations, then one must take a hard look at all of Hillary’s inner circle with particular emphasis on Huma Abedin. Why? Huma sent emails to Hillary which was a collection of several classified electronic dispatches that were classified and summarized them into a regular and unprotected email. Confused? More here. Heh, there were passages about snipers, people movement and vehicles.

It seems the New York Times has an axe to grind with the Clintons, imagine that. But the NYT is the go to media outlet when it comes to the White House and it cannot be forgotten that it was in fact the New York Times that was first to draw blood with regard to the Clintons. This was likely due to, but not proven at the hands of Valerie Jarrett protecting the White House from any concocted Clinton scheme and scandal.

Do, who is David Kendall? There must be some praise to the New York Times as they did list some, albeit, some Clinton scandals but the list if far from complete.

As a side matter, it will also come down to who can out-lawyer who in Washington DC…will Kendall always win?

From Whitewater to Email: David Kendall, the Clintons’ Dogged Lawyer

WASHINGTON — At first, he had to worry about a remote piece of land in Arkansas that no one wanted. Then there were billing records that went missing before mysteriously reappearing in the White House. And of course there was the blue dress.

Today, the object of concern for David E. Kendall is a tiny thumb drive that sat in a safe at his law firm until a couple weeks ago before attracting the attention of Congress, the F.B.I. and the news media. Once again, the whirlpool of Washington politics has arrived at Mr. Kendall’s doorstep as he defends perhaps the world’s most famous client.

For more than 20 years, Mr. Kendall has been on the front lines for Bill and Hillary Rodham Clinton as their personal lawyer, battling investigators and litigants in the superheated environment where law and politics meet. From Whitewater to impeachment, he has waged legal warfare to keep the Clintons’ political careers on track. So as Mrs. Clinton faces questions about her use of a personal email server as secretary of state, no one is surprised she turned to Mr. Kendall.

The latest furor has put Mr. Kendall under a spotlight in a way that discomfits the tight-lipped and camera-shy lawyer. From Mrs. Clinton’s foes come public questions about why he had the thumb drive containing her email and whether he secured it properly. From Mrs. Clinton’s friends come private questions about whether he has managed the situation effectively and whether he should be more outspoken to protect a Democratic presidential candidate leading in the polls.

“They always say, ‘Is Kendall the lawyer to do this or that?’” said James Carville, the former political strategist for Mr. Clinton who expresses great admiration for Mr. Kendall. “I never saw that there was a huge conflict. But you know, sometimes lawyers are lawyers and spokespeople are spokespeople.”

Mr. Kendall, said Mr. Carville, is not a public pit bull. “He has no bluster about him,” Mr. Carville said. “He’s aggressive, but he doesn’t have an in-your-face kind of thing about him. I don’t think he views that as his role. The chances that he’s going to talk to the press are way beyond remote.”

Unsurprisingly, Mr. Kendall declined to comment last week. But he enjoys Mrs. Clinton’s deep confidence.

“He has their complete trust, and he’s earned their complete trust,” said Robert Barnett, another lawyer for the Clintons and a partner with Mr. Kendall at Williams & Connolly in Washington. “There’s nobody more dedicated to his clients than David Kendall. There’s nobody who spends more time thinking about how to help his clients than David Kendall.”

To critics, that is the problem. Mr. Kendall, who turned over the thumb drive to the Justice Department on Aug. 6, has become so integrated into the Clinton apparatus that he risks crossing the line from lawyer to participant, they said. Two Republican senators wrote him letters in recent weeks questioning his handling of the thumb drive.

“The problem with the Clintons is once you begin working with them or acting as their agent you often get caught up in their scandals,” said Tom Fitton, the president of Judicial Watch, a watchdog group suing over Mrs. Clinton’s email. “So now Mr. Kendall is stuck having to explain his handling of the classified information Mrs. Clinton gave him.” More from the NYT’s here.

Who is at Fault When it Comes to Syria Refugees?

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This matter comes down to no policy on the war in Syria and the misguided, yet no less corrupt leaders in this matter include the National Security Council at the White House, Barack Obama himself and the failed control and management at the State Department which began with Hillary Clinton and now with John Kerry.

The United Nations is at the core of the mismanagement and Western countries are left to clean up the mess, while some are now saying NO.

U.N. Calls on Western Nations to Shelter Syrian Refugees

“In the case of Syrian refugees, our intelligence on the ground is alarmingly slim, making it harder to identify extremists,” said Representative Michael McCaul, Republican of Texas and chairman of the House Homeland Security Committee.

The United Nations high commissioner for refugees, António Guterres, has stepped up calls for industrialized countries, including the United States, to shelter 130,000 Syrian refugees over the next two years.

The figure is a fraction of the nearly four million refugees who have poured into the countries bordering Syria — chiefly Jordan, Lebanon and Turkey — straining their resources and plunging many displaced people into poverty.

So far, the high commissioner’s pleas have not been met. Governments around the world have promised to take in just under two-thirds of what the United Nations is urging, while a great many more Syrians have chosen to make perilous journeys by land and sea in search of asylum in Europe. More here from the New York Times.

McCaul Says Admitting Unvetted Syrian Refugees into the U.S. is “Very Dangerous”

WASHINGTON, D.C. – Chairman Michael McCaul, of the House Homeland Security Committee, wrote a letter to President Obama last Thursday expressing concerns over the Administration’s announced plans to resettle some 2,000 Syrian refugees in the United States this year. Terrorists have made known their plans to attempt to exploit refugee programs to sneak terrorists into the West and the U.S. homeland. Chairman McCaul’s letter points out the potential national security threat this poses to the United States.

Chairman McCaul: “Despite all evidence towards our homeland’s vulnerability to foreign fighters, the Administration still plans to resettle Syrian refugees into the United States. The Director of the National Counterterrorism Center and the Deputy Director of the FBI both sat before my Committee this Congress and expressed their concern with admitting refugees we can’t properly vet from the global epicenter of terrorism and extremism in Syria. America has a proud tradition of welcoming refugees from around the world, but in this special situation the Obama Administration’s Syrian refugee plan is very dangerous.”

Read Chairman McCaul’s letter HERE.

 

The Subcommittee on Counterterrorism and Intelligence will hold a hearing on June 24th to examine the refugee resettlement program and discuss vulnerabilities to our security exposed by the Administration’s plan.

It was last year that Barack Obama lifted restrictions on the refugee program.

U.S. eases rules to admit more Syrian refugees, after 31 last year

President Barack Obama’s administration announced on Wednesday that it had eased some immigration rules to allow more of the millions of Syrians forced from their homes during the country’s three-year civil war to come to the United States.

Only 31 Syrian refugees – out of an estimated 2.3 million – were admitted in the fiscal year that ended in October, prompting demands for change from rights advocates and many lawmakers.

Hundreds of thousands of Syrians have been taken in by neighboring countries such as Jordan, Lebanon and Turkey.

The rules changes granted exemptions on a case by case basis to the “material support” bar in U.S. immigration law, according to an announcement in the Federal Register signed by Secretary of State John Kerry and Jeh Johnson, the Secretary of Homeland Security.

That bar had made it impossible for anyone who had provided any support to armed rebel groups to come to the United States, even if the groups themselves receive aid from Washington.

The advocacy group Human Rights First said, for example, that the existing law had been invoked to bar a refugee who had been robbed of $4 and his lunch by armed rebels, and a florist who had sold bouquets to a group the United States had designated as a terrorist organization.

“These exemptions will help address the plight of Syrian refugees who are caught up in the worst humanitarian crisis in a generation,” Illinois Senator Richard Durbin, chairman of the U.S. Senate subcommittee on human rights, said in a statement.

It was not immediately clear how many Syrians would be affected by the rules change.

By early January, 135,000 Syrians had applied for asylum in the United States. But the strict restrictions on immigration, many instituted to prevent terrorists from entering the country, had kept almost all of them out.

Washington has provided $1.3 billion in humanitarian assistance to aid Syrian refugees. This year, the United Nations is also trying to relocate 30,000 displaced Syrians it considers especially vulnerable. Witnesses at a Senate hearing last month had testified that Washington would normally accept half.

How Servers are Really Involved in Hillary’s Server-Gate

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Hillary admits during an interview she has an iPad and iPhone along with her NON-Government issued Blackberry.

Okay, we were told that Bill had one and it was not expandable for Hillary to use when she was a senator. She bought one of her own. Then we hear about a server that was in a bathroom, a server that was in a data center in New Jersey, yet are we sure we have an accurate could, an accurate handle on locations and what does the FBI have at this point?

Hillary’s emails WERE backed up to another server – and it may still exist – as the FBI works to figure out how well the data was scrubbed

DailyMail: Tens of thousands of emails once housed on former secretary of state Hillary Clinton’s private computer server were moved to another device after a Colorado company took possession of the device in 2013, leaving open the possibility that copies of messages Clinton later chose to delete might still exist.
The FBI seized the server this week in a stunning move, signaling a new intensity in the investigation into whether Clinton knowingly send or received top-secret classified information through her private address while she was America’s top diplomat.
Bloomberg reported Thursday night that Barbara Wells, an attorney for Platte River Networks, Inc., confirmed that while the server hardware now controlled by the FBI ‘is blank and does not contain any useful data,’ its contents could still be safe and sound elsewhere.
That’s because the server’s messages were ‘migrated’ to another server that still exists, she said, before ending the Bloomberg interview without specifying where that device is located and who owns it – only that her company no longer has it.

‘The data on the old server is not now available on any server or device that is under Platte River’s control,’ Wells said.
A Monmouth University poll, released Wednesday, shows that 52 per cent of American voters believe the federal government should pursue a criminal investigation in the case.
That number might soon grow: The Monmouth survey was conducted before the server landed in the hands of law enforcement, along with three thumb drives held by her lawyer that reportedly contain raw copies of 30,490 emails she handed over to State Department investigators late last year.
A random sample of 40 of those messages examined by U.S. Intelligence Community Inspector General Charles McCullough’s office included two that contained information later classified as ‘top secret.’
Another 31,830 emails, however, were deleted at Clinton’s request after her staffers sifted through them and determined that they were personal in nature.
Republicans on Capitol Hill cried foul in March after she casually acknowledged during a combative press conference that she had made that decision without oversight from anyone in government.
Clinton and her presidential campaign have insisted, most recently in a 4,000-word explanation this week, that those messages were not work-related.

Clinton used an ‘@clintonemail.com’ address exclusively during her four years as secretary of state instead of keeping her correspondence on a ‘@state.gov’ account. That made it more likely that her emails were open to hackers, and made it impossible for the State Department to keep a complete archive.
An aide to a Republican member of the Senate Intelligence Committee told DailyMail.com that McCCullough has been pressed to give Congress regular updates if more classified information is discovered.
‘We’re not letting go of this,’ he said, while denying that going after Clinton was a political exercise.
‘I don’t care if it’s Hillary Clinton or Ted Cruz,’ he said, naming a Texas senator who is running for president, but who is not a committee member. ‘If we don’t aggressively follow this wherever it leads, what good are we?’
It’s not clear if Clinton’s long-deleted data actually exists on another machine, even though Wells says it was once moved there.
But even if it’s gone for good, the FBI’s digital forensic experts may be able to recover some or all of it from the ‘clean’ Platte River server – depending on the method that was used to ‘wipe’ it.
Methods also exist to determine if traces of a malicious hack remain behind.
Hard drives store information in large sections that are separate from a ‘directory’ block – a sort of table of contents that tells a computer where to find each file’s many constituent pieces. Click here for a timeline of email facts, dates and people.