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United States: President Obama Signs Executive Order Streamlining Declassification of Government Information

January 25, 2010 | Author: Editor

To link to this article, copy this persistent link:
http://www.loc.gov/lawweb/servlet/lloc_news?disp3_l205401789_text

(Jan. 25, 2010) On December 29, 2009, President Barack Obama issued an executive order intended to allow researchers to gain access more quickly to formerly classified national security information.

Executive Order 13,526, “Classified National Security Information,” makes several changes to make information that should no longer be classified more readily available. These include:

1) Establishing a National Declassification Center within the National Archives that will coordinate and streamline the declassification process, with priorities set by the Archivist of the United States with the input of researchers and the public;

2) Establishing the principle that no records may remain classified indefinitely;

3) Providing enforceable deadlines for declassifying documents, generally between 10 to 25 years from the time of classification; and

4) Requiring executive branch agencies to review their classification guidance documents to ensure they do not require unnecessary classification.

President Obama also issued a memorandum to the heads of executive departments and agencies outlining the implementation of the requirements of the Executive Order. (Classified National Security Information, Executive Order No. 13,526, 75 Fed. Reg. 707 (Jan. 5, 2010), available at http://edocket.access.gpo.gov/2010/pdf/E9-31418.pdf; Presidential Memorandum, Implementation of the Executive Order, “Classified National Security Information,” 75 Fed. Reg. 733 (Jan. 5, 2010), available at http://edocket.access.gpo.gov/2010/pdf/E9-31424.pdf.)

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General Reinsurance Corporation Enters into Agreement Resolving Its Role in Fraudulent Reinsurance Transaction with AIG

January 20, 2010 | Author: Editor

WASHINGTON – General Reinsurance Corporation (General Re), a Connecticut–based corporation, has entered into an agreement with the Department of Justice related to its role in a fraudulent scheme from 2000 through 2004 to manipulate AIG’s financial statements, the Justice Department announced. General Re is a subsidiary of Berkshire Hathaway Inc., a company incorporated in Delaware with its principal place of business in Omaha, Neb.

Also as part of the agreement announced today, General Re has agreed to pay $19.5 million to the U.S. Postal Inspection Service Consumer Fraud Fund. General Re previously contributed $5 million to the fund as forfeiture of the illicit $5 million accommodation fee it received from AIG. General Re has agreed to pay $60.5 million through a civil class action settlement to AIG’s injured shareholders. In addition, the U.S. Securities and Exchange Commission (SEC) announced today that General Re has agreed to pay $12.2 million to settle the SEC’s charges related in part to this scheme

As part of its resolution with the Justice Department, General Re has admitted that its most senior management engaged in a scheme to falsely inflate AIG’s reported loss reserves, a key indicator of financial health to insurance industry analysts and investors. According to the statement of facts, the fraud was carried out through the use of two sham reinsurance transactions between subsidiaries of AIG and General Re in response to analysts’ criticism of a $59 million decrease in AIG’s loss reserves for the third quarter of 2000.

According to the statement of facts, the two sham transactions increased AIG’s loss reserves by $250 million in the fourth quarter of 2000 and $250 million in the first quarter of 2001, masking a declining trend in loss reserves in the face of premium growth. AIG restated the transactions in filings with the SEC in May 2005. Evidence presented at the related federal criminal trial of four former General Re officers and one former AIG officer established that when the investigation was disclosed to investors by AIG and through various media outlets between Feb. 14 and March 14, 2005, shares of AIG stock dropped from $73.12 to $61.92. Subsequently, on Oct. 31, 2008, the U.S. District Court presiding over the trial found that AIG’s shareholders lost between $544 million and $597 million as a consequence of the fraudulent scheme.

General Re has admitted that its senior management who were involved in the scheme knew that the true purpose of the transactions was to permit AIG to falsely report increasing loss reserves in its statements to analysts, investors and in its SEC filings. As part of the agreement, General Re admitted its senior management participated in structuring a sham reinsurance transaction and creating a phony paper trail to make it appear as though General Re’s subsidiary, Cologne Re Dublin, had solicited reinsurance from AIG when the evidence demonstrated that the parties knew AIG wanted the transaction to manipulate its financial statements. Additionally, General Re entered into a secret side deal whereby AIG would never have to pay any losses under the contracts; AIG would return to General Re’s subsidiary the $10 million in premiums General Re’s subsidiary paid to AIG and AIG paid General Re an illicit accommodation $5 million fee for entering into the transaction.

The agreement announced today requires General Re, for a term of three years, to maintain significant internal corporate remediation provisions it has already implemented, including: (1) appointment of an independent member to General Re’s Board of Directors, who will also be a member of the Audit Committee; (2) the attendance of General Re’s Audit Committee meetings by representatives of Berkshire Hathaway Inc.; (3) the creation of a Complex Transaction Committee, consisting of senior managers that, among other responsibilities, will review relevant actuarial protocols for reinsurance contracts and will review on a quarterly basis certain reinsurance transactions to ensure that they are not designed to assist other parties in falsifying, manipulating and/or window-dressing its financial statements; (4) to enhance the review and reporting roles of its Internal Audit Group; (5) to establish a Risk Committee charged with examining risk exposure in underwriting transactions; (6) to implement enhanced underwriting rules for reinsurance and deposit transactions; (7) to ensure proper training and ethical compliance in risk-transfer protocols applicable to reinsurance contracts; and (8) to dissolve its subsidiary, Cologne Re Dublin, that had helped to structure the sham transaction.

In addition, the agreement requires General Re to acknowledge its obligation toward restitution to AIG’s shareholders who were injured as a consequence of General Re’s and AIG’s conduct. As part of the agreement, the Justice Department acknowledged that General Re has agreed to contribute $60.5 million, exclusive of attorneys’ fees and expenses, toward a civil settlement with AIG’s injured shareholders, which, when combined with payments contributed or agreed to be contributed by other third-parties involved in the fraudulent scheme, will satisfy the loss amount determined by the U.S. District Court in the related criminal proceedings.

The agreement recognizes General Re’s willingness to conduct an internal investigation; its ongoing cooperation with the Justice Department and the SEC; its disclosure to the Justice Department and the SEC of other unrelated finite reinsurance transactions of concern; its willingness to accept responsibility for the conduct of its senior officers; its agreement to undertake remedial measures; and its demonstration of future compliance with the federal securities laws and Generally Accepted Accounting Principles. These factors contributed to the Department’s agreement not to prosecute General Re for this conduct, provided that General Re satisfies its ongoing obligations under the agreement.

The prosecution of General Re was conducted by Principal Deputy Chief Paul E. Pelletier and Assistant Chief Adam Safwat of the Criminal Division’s Fraud Section. The U.S. Postal Inspection Service participated in the investigation with the Justice Department. The prosecution of the individuals from General Re and AIG was conducted jointly by the Fraud Section, the U.S. Attorney’s Office for the Eastern District of Virginia and the U.S. Attorney’s Office for the District of Connecticut. The Justice Department also acknowledges and expresses its appreciation for the significant assistance provided by the SEC’s Enforcement Division.

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Minnesota Hospital to Pay U.S. to Resolve Allegations of False Claims Involving Unnecessary Admissions

January 4, 2010 | Author: Editor

WASHINGTON – Wheaton Community Hospital, the City of Wheaton, Minn. and Dr. Stanley Gallagher (collectively WCH) have agreed to pay $846,461 to settle allegations that their hospital admission practices violated the False Claims Act, the Justice Department announced today.

This settlement resolves allegations that WCH knowingly made false claims to Medicare for unreasonable and unnecessary hospital admissions. Specifically, the government contended that, from 1998 to 2004, WCH admitted some patients and kept others admitted to acute care when doing so was not medically necessary. The defendants then billed Medicare for the cost of these hospital admissions.

“Hospitals and doctors have a responsibility to provide patients with reasonable and necessary care. When they neglect those obligations, patients and taxpayers suffer,” said Tony West, Assistant Attorney General for the Justice Department’s Civil Division.

The allegations against WCH arose from a lawsuit filed in federal court in Minnesota under the qui tam, or whistleblower, provisions of the False Claims Act, which allow private individuals to file civil actions on behalf of the United States and share in any recovery. Dr. Steven Radjenovich, the whisteblower in this case, formerly practiced at Wheaton Community Hospital with Dr. Gallagher. Dr. Radjenovich will receive $203,150 as his share of the settlement with WCH.

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Iran Uncovers Wolves in Sheeps Clothes

December 19, 2009 | Author: Editor

Condemning the Government of Iran for its state-sponsored persecution of the Baha’i minority in Iran and its continued violation of the International Covenants on Human Rights. (Introduced in Senate)

SRES 71 IS

111th CONGRESS

1st Session

Condemning the Government of Iran for its state-sponsored persecution of the Baha’i minority in Iran and its continued violation of the International Covenants on Human Rights.

March 9, 2009

Mr. WYDEN (for himself, Mr. MENENDEZ, Mr. WHITEHOUSE, Ms. SNOWE, and Mr. BROWNBACK) submitted the following resolution; which was referred to the Committee on Foreign Relations

Condemning the Government of Iran for its state-sponsored persecution of the Baha’i minority in Iran and its continued violation of the International Covenants on Human Rights.

Whereas, in 1982, 1984, 1988, 1990, 1992, 1994, 1996, 2000, 2006, and 2008, Congress declared that it deplored the religious persecution by the Government of Iran of the Baha’i community and would hold the Government of Iran responsible for upholding the rights of all Iranian nationals, including members of the Baha’i faith;

Whereas, in November 2007, the Iranian Ministry of Information in Shiraz jailed Baha’is Ms. Raha Sabet, age 33, Mr. Sasan Taqva, age 32, and Ms. Haleh Roohi, age 29, for educating underprivileged children and gave them 4-year prison terms, which they are serving;

Whereas Ms. Sabet, Mr. Taqva, and Ms. Rooshi were targeted solely on the basis of their religion;

Whereas, on January 23, 2008, the Department of State released a statement urging the Government of Iran to release all individuals held without due process and a fair trial, including the 3 young Baha’is being held in an Iranian Ministry of Intelligence detention center in Shiraz;

Whereas, in March and May of 2008, Iranian intelligence officials in Mashhad and Tehran arrested and imprisoned Mrs. Fariba Kamalabadi, Mr. Jamaloddin Khanjani, Mr. Afif Naeimi, Mr. Saeid Rezaie, Mr. Behrouz Tavakkoli, Mrs. Mahvash Sabet, and Mr. Vahid Tizfahm, the members of the coordinating group for the Baha’i community in Iran;

Whereas, on February 11, 2009, the deputy prosecutor in Tehran, Mr. Hassan Haddad, announced that those seven leaders will go on trial at a Revolutionary Court on charges of `espionage for Israel, insulting religious sanctities and propaganda against the Islamic Republic’;

Whereas the lawyer for these seven leaders, Mrs. Shirin Ebadi, the Nobel Laureate, has been denied all access to the prisoners and their files;

Whereas these seven Baha’i leaders were targeted solely on the basis of their religion; and

Whereas the Government of Iran is party to the International Covenants on Human Rights: Now, therefore, be it

Resolved,

RESOLUTION

IN THE SENATE OF THE UNITED STATES

S. RES. 71

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Success In Copenhagen

December 19, 2009 | Author: Editor

In a much-anticipated United Nations climate change conference in Copenhagen, Denmark, the President arrived after nearly two weeks of work with the firm intention of seizing the opportunity to get something solid done. And as he explained in remarks at the end of the day, defying many expectations, the world will not leave empty-handed:

Today we’ve made meaningful and unprecedented — made a meaningful and unprecedented breakthrough here in Copenhagen. For the first time in history all major economies have come together to accept their responsibility to take action to confront the threat of climate change.

Let me first recount what our approach was throughout the year and coming into this conference. To begin with, we’ve reaffirmed America’s commitment to transform our energy economy at home. We’ve made historic investments in renewable energy that have already put people back to work. We’ve raised our fuel efficiency standards. And we have renewed American leadership in international climate negotiations.

Most importantly, we remain committed to comprehensive legislation that will create millions of new American jobs, power new industry, and enhance our national security by reducing our dependence on foreign oil.

That effort at home serves as a foundation for our leadership around the world. Because of the actions we’re taking we came here to Copenhagen with an ambitious target to reduce our emissions. We agreed to join an international effort to provide financing to help developing countries, particularly the poorest and most vulnerable, adapt to climate change. And we reaffirmed the necessity of listing our national actions and commitments in a transparent way.

These three components — transparency, mitigation and finance — form the basis of the common approach that the United States and our partners embraced here in Copenhagen. Throughout the day we worked with many countries to establish a new consensus around these three points, a consensus that will serve as a foundation for global action to confront the threat of climate change for years to come.

This success would have not been possible without the hard work of many countries and many leaders — and I have to add that because of weather constraints in Washington I am leaving before the final vote, but we feel confident that we are moving in the direction of a significant accord.

In addition to our close allies who did so much to advance this effort, I worked throughout the day with Prime Minister Meles of Ethiopia, who was representing Africa, as well as Premier Wen of China, Prime Minister Singh of India, President Lula of Brazil, and President Zuma of South Africa, to achieve what I believe will be an important milestone.

Earlier this evening I had a meeting with the last four leaders I mentioned — from China, India, Brazil, and South Africa. And that’s where we agreed to list our national actions and commitments, to provide information on the implementation of these actions through national communications, with international consultations and analysis under clearly defined guidelines. We agreed to set a mitigation target to limit warming to no more than 2 degrees Celsius, and importantly, to take action to meet this objective consistent with science.

Taken together these actions will help us begin to meet our responsibilities to leave our children and our grandchildren a cleaner and safer planet.
Now, this progress did not come easily, and we know that this progress alone is not enough. Going forward, we’re going to have to build on the momentum that we’ve established here in Copenhagen to ensure that international action to significantly reduce emissions is sustained and sufficient over time. We’ve come a long way, but we have much further to go.

To continue moving forward we must draw on the effort that allowed us to succeed here today — engagement among nations that represent a baseline of mutual interest and mutual respect. Climate change threatens us all; therefore, we must bridge old divides and build new partnerships to meet this great challenge of our time. That’s what we’ve begun to do here today.

For energy holds out not just the perils of a warming climate, but also the promise of a more peaceful and prosperous tomorrow. If America leads in developing clean energy, we will lead in growing our economy, in putting our people back to work, and in leaving a stronger and more secure country to our children.

And around the world, energy is an issue that demands our leadership. The time has come for us to get off the sidelines and to shape the future that we seek. That’s why I came to Copenhagen today, and that’s why I’m committed to working in common effort with countries from around the globe. That’s also why I believe what we have achieved in Copenhagen will not be the end but rather the beginning, the beginning of a new era of international action.

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OneWest Bank, FSB, Pasadena, California, Assumes All of the Deposits of First Federal Bank of California, Santa Monica, California

December 18, 2009 | Author: Editor

OneWest Bank, FSB, Pasadena, California, Assumes All of the Deposits of First Federal Bank of California, Santa Monica, California

FOR IMMEDIATE RELEASE
December 18, 2009

First Federal Bank of California, a Federal Savings Bank, Santa Monica, California, was closed today by the Office of Thrift Supervision, which appointed the Federal Deposit Insurance Corporation (FDIC) as receiver. To protect the depositors, the FDIC entered into a purchase and assumption agreement with OneWest Bank, FSB, Pasadena, California, to assume all of the deposits of First Federal Bank of California.

The 39 branches of First Federal Bank of California will reopen on Saturday as branches of OneWest Bank, FSB. Depositors of First Federal Bank of California will automatically become depositors of OneWest Bank, FSB. Deposits will continue to be insured by the FDIC, so there is no need for customers to change their banking relationship to retain their deposit insurance coverage. Customers should continue to use their existing branch until OneWest Bank, FSB can fully integrate the deposit records of First Federal Bank of California.

This evening and over the weekend, depositors of First Federal Bank of California can access their money by writing checks or using ATM or debit cards. Checks drawn on the bank will continue to be processed. Loan customers should continue to make their payments as usual.

As of September 30, 2009, First Federal Bank of California had approximately $6.1 billion in total assets and $4.5 billion in total deposits. OneWest Bank, FSB did not pay the FDIC a premium for the deposits of First Federal Bank of California. In addition to assuming all of the deposits of the failed bank, OneWest Bank, FSB agreed to purchase essentially all of the assets.

The FDIC and OneWest Bank, FSB entered into a loss-share transaction on $5.3 billion of First Federal Bank of California’s assets. OneWest Bank, FSB will share in the losses on the asset pools covered under the loss-share agreement. The loss-share transaction is projected to maximize returns on the assets covered by keeping them in the private sector. The transaction also is expected to minimize disruptions for loan customers. For more information on loss share, please visit: http://www.fdic.gov/bank/individual/failed/lossshare/index.html.

Customers who have questions about today’s transaction can call the FDIC toll-free at 1-800-930-1849. The phone number will be operational this evening until 9:00 p.m., Pacific Standard Time (PST); on Saturday from 9:00 a.m. to 6:00 p.m., PST; on Sunday from noon to 6:00 p.m., PST; and thereafter from 8:00 a.m. to 8:00 p.m., PST. Interested parties also can visit the FDIC’s Web site at http://www.fdic.gov/bank/individual/failed/firstfederal-ca.html.

Due to the Christmas Holiday, the toll-free number will not be operational between the hours of 3 p.m., Thursday, December 24, and 8:00 a.m., Monday, December 28. At that time the toll-free number will resume its normal hours.

The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $146.3 million. OneWest Bank, FSB’s acquisition of all the deposits was the “least costly” resolution for the FDIC’s DIF compared to all alternatives. First Federal Bank of California is the 140th FDIC-insured institution to fail in the nation this year, and the seventeenth in California. The last FDIC-insured institution to be closed in the state was Imperial Capital Bank, La Jolla, earlier today.

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City National Bank, Los Angeles, California, Assumes All of the Deposits of Imperial Capital Bank, La Jolla, California

December 18, 2009 | Author: Editor

FOR IMMEDIATE RELEASE
December 18, 2009

Imperial Capital Bank, La Jolla, California, was closed today by the California Department of Financial Institutions, which appointed the Federal Deposit Insurance Corporation (FDIC) as receiver. To protect the depositors, the FDIC entered into a purchase and assumption agreement with City National Bank, Los Angeles, California, to assume all of the deposits of Imperial Capital Bank.

The nine branches of Imperial Capital Bank will reopen during normal business hours on Monday as branches of City National Bank. Depositors of Imperial Capital Bank will automatically become depositors of City National Bank. Deposits will continue to be insured by the FDIC, so there is no need for customers to change their banking relationship to retain their deposit insurance coverage. Customers should continue to use their existing branch until they receive notice from City National Bank that it has completed systems changes to allow other City National Bank branches to process their accounts as well.

This evening and over the weekend, depositors of Imperial Capital Bank can access their money by writing checks or using ATM or debit cards. Checks drawn on the bank will continue to be processed. Loan customers should continue to make their payments as usual.

As of September 30, 2009, Imperial Capital Bank had approximately $4.0 billion in total assets and $2.8 billion in total deposits. City National Bank paid the FDIC a .24 percent premium for the right to assume all of the deposits of Imperial Capital Bank. In addition to assuming all of the deposits of the failed bank, City National Bank agreed to purchase $3.3 billion of the failed bank’s assets. The FDIC will retain the remaining assets for later disposition.

The FDIC and City National Bank entered into a loss-share transaction on $2.5 billion of Imperial Capital Bank’s assets. City National Bank will share in the losses on the asset pools covered under the loss-share agreement. The loss-share transaction is projected to maximize returns on the assets covered by keeping them in the private sector. The transaction also is expected to minimize disruptions for loan customers. For more information on loss share, please visit: http://www.fdic.gov/bank/individual/failed/lossshare/index.html.

Customers who have questions about today’s transaction can call the FDIC toll-free at 1-800-613-0523. The phone number will be operational this evening until 9:00 p.m., Pacific Standard Time (PST); on Saturday from 9:00 a.m. to 6:00 p.m., PST; on Sunday from noon to 6:00 p.m., PST; and thereafter from 8:00 a.m. to 8:00 p.m., PST. Interested parties also can visit the FDIC’s Web site at http://www.fdic.gov/bank/individual/failed/imperialcapital.html .

The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $619.2 million. City National Bank’s acquisition of all the deposits was the “least costly” resolution for the FDIC’s DIF compared to all alternatives. Imperial Capital Bank is the 139th FDIC-insured institution to fail in the nation this year, and the sixteenth in California. The last FDIC-insured institution closed in the state was Pacific Coast National Bank, San Clemente, on November 13, 2009.

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Bank Closing – Imperial Capital Bank, La Jolla, CA

December 18, 2009 | Author: Editor

On Friday, December 18, 2009, Imperial Capital Bank (CERT #26348), La Jolla, CA was closed by the California Department of Financial Institutions. All deposits, excluding certain brokered deposits, were transferred to the acquiring institution; for further information, please visit the FDIC web site: Imperial Capital Bank (www.fdic.gov).

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Hancock Bank, Gulfport, Mississippi, Assumes All of the Deposits of Peoples First Community Bank, Panama City, Florida

December 18, 2009 | Author: Editor

FOR IMMEDIATE RELEASE
December 18, 2009

Peoples First Community Bank, Panama City, Florida, was closed today by the Office of Thrift Supervision, which appointed the Federal Deposit Insurance Corporation (FDIC) as receiver. To protect the depositors, the FDIC entered into a purchase and assumption agreement with Hancock Bank, Gulfport, Mississippi, to assume all of the deposits of Peoples First Community Bank.

The 29 branches of Peoples First Community Bank will reopen during normal business hours beginning Saturday as branches of Hancock Bank. Depositors of Peoples First Community Bank will automatically become depositors of Hancock Bank. Deposits will continue to be insured by the FDIC, so there is no need for customers to change their banking relationship to retain their deposit insurance coverage. Customers should continue to use their existing branch until they receive notice from Hancock Bank that it has completed systems changes to allow other Hancock Bank branches to process their accounts as well.

This evening and over the weekend, depositors of Peoples First Community Bank can access their money by writing checks or using ATM or debit cards. Checks drawn on the bank will continue to be processed. Loan customers should continue to make their payments as usual.

As of September 30, 2009, Peoples First Community Bank had approximately $1.8 billion in total assets and $1.7 billion in total deposits. The Hancock Bank will pay the FDIC a premium of one percent to assume all of the deposits of Peoples First Community Bank. In addition to assuming all of the deposits of the failed bank, Hancock Bank agreed to purchase approximately $1.6 billion of the failed bank’s assets. The FDIC retained the remaining assets for later disposition.

The FDIC and Hancock Bank entered into a loss-share transaction on approximately $1.4 billion of Peoples First Community Bank’s assets. Hancock Bank will share in the losses on the asset pools covered under the loss-share agreement. The loss-share transaction is projected to maximize returns on the assets covered by keeping them in the private sector. The transaction also is expected to minimize disruptions for loan customers. For more information on loss share, please visit: http://www.fdic.gov/bank/individual/failed/lossshare/index.html.

Customers who have questions about today’s transaction can call the FDIC toll-free at 1-800-523-8177. The phone number will be operational this evening until 9:00 p.m., Eastern Standard Time (EST); on Saturday from 9:00 a.m. to 6:00 p.m., EST; on Sunday from noon to 6:00 p.m., EST; and thereafter from 8:00 a.m. to 8:00 p.m., EST. Due to the Christmas Holiday, the toll-free number will not be operational between the hours of 3 p.m., Thursday, December 24, and 8:00 a.m., Monday, December 28. At that time the toll-free number will resume its normal hours.

Interested parties also can visit the FDIC’s Web site at http://www.fdic.gov/bank/individual/failed/peoplesfirst-fl.html.

The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $556.7 million. Hancock Bank’s acquisition of all the deposits was the “least costly” resolution for the FDIC’s DIF compared to all alternatives. Peoples First Community Bank is the 135th FDIC-insured institution to fail in the nation this year, and the fourteenth in Florida. The last FDIC-insured institution closed in the state was Republic Federal Bank, N.A., Miami, on December 11, 2009.

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Bank Closing Peoples First Community Bank Panama City, FL

December 18, 2009 | Author: Editor

On Friday, December 18, 2009, Peoples First Community Bank (CERT #32167), Panama City, FL was closed by the Office of Thrift Supervision. All deposits, excluding certain brokered deposits, were transferred to the acquiring institution; for further information, please visit the FDIC web site: Peoples First Community Bank (www.fdic.gov).