Daily Archives: October 7, 2012

Third-party candidates press on with their own debates

Green Party candidate Jill Stein and former Libertarian Party New Mexico Governor Gary Johnson on DemocracyNow with their own debate. Here is the video. Click here.

California Governor Brown Urges Action to Reduce Gas Prices



SACRAMENTO — Governor Edmund G. Brown Jr. today directed the California Air Resources Board (CARB) to take emergency steps to increase the state’s gasoline supply and bring down fuel prices.


The Governor directed the board to immediately allow oil refineries to make an early transition to winter-blend gasoline. Winter-blend gasoline typically isn’t sold until after October 31.


“Gas prices in California have risen to their highest levels ever, with unacceptable cost impacts on consumers and small businesses,” said Governor Brown. “I am directing the Air Resources Board to immediately take whatever steps are necessary to allow an early transition to winter-blend gasoline.”


Winter-blend gasoline is a mixture that evaporates more quickly than the gasoline sold in summer months, which takes longer to evaporate and is better for air quality during the smog season. Allowing an early transition to winter-blend gasoline could increase California’s fuel supply by up to an estimated 8-10 percent with only negligible air quality impacts.


Gas prices in California have skyrocketed over the past week due to a tightening of fuel supplies caused by shutdowns at Tesoro and Exxon refineries. The Exxon refinery came back online Friday and Tesoro is scheduled to resume production early next week. Combined, these actions are expected to stabilize and reduce fuel prices.


The text of the Governor’s letter to the California Air Resources Board (CARB) is below:


October 7, 2012


Mary Nichols, Chairman

California Air Resources Board

1001 I Street

Sacramento, CA 95812


Chairman Nichols:


California is temporarily experiencing tight gasoline supplies that are causing dramatic spikes in the price consumers must pay to fuel their vehicles. Gas prices in the State have set new record highs, and gas is completely unavailable at some stations in southern California. If this situation continues, it may cause unacceptable price impacts for consumers and small businesses, significant economic disruption, and serious harm to public safety and welfare.


California refiners are required to produce a summer-blend gasoline through October in most areas of the State. After October 31, a winter-blend gasoline is allowed. Due to the composition of the gasoline, refiners can produce more of the winter-blend than the summer-blend.


In light of the tight gasoline supplies and resulting price spikes, we should not wait until the end of the month to start production of our winter-blend gasoline. Allowing refiners to make an early transition to winter-blend gasoline could quickly increase fuel supply and provide a much needed safety valve with negligible air quality impacts. Accordingly, I am directing that the Air Resources Board immediately take whatever steps are necessary to allow for an early transition to winter-blend gasoline to be manufactured, imported, distributed, and sold in California.


Edmund G. Brown Jr.


New poll of the week



Last week’s poll had asked: Who do you think can manage the banks? There was a tie of answers between FDIC and some other government agency. This week’s poll is now up which ends 10/14/12.

Documents signed with finger confirmed the bad practices by Spanish bank Caixanova

It’s bank bad practices globally. From El Pais newspaper translated in English:

The trade policy of the former Caixanova, one of the two entitieswhose merger resulted Novagalicia , extend the maximum possible sale ofpreferred stock to enhance the look of your accounts has had dramatic consequences for many savers.Despite the recommendations of the National Securities Market Commission (CNMV) to market these products only to investors with knowledge of the mechanics of financial markets, the entity Vigo got to sell this product to people who are illiterate, as shown in the document illustrating this information. The purchase order is signed with your fingerprint for a elderly woman, resident in Cangas do Morrazo. In this case it is an imposition for 6,000 euros, as on many other occasions, offered to the payer as a deposit that could be retrieved at any time.

Various circulars sent from headquarters of Caixanova to branches between 2004 and 2009 encouraged employees to place subordinated debt and preference shares “retail”, with the objective of providing its own resources to the entity, supporting compliance with the criteria of creditworthiness, sustain growth in lending, pushing the boundaries of risk concentration and allow the development of strategic projects. However, this sales strategy collides with the instructions of the CNMV to market with products such prudence opaque. Therefore, it was the realization of applying suitability tests before allowing a client should subscribe to a product of this type.

And here is a story of Spanish customers that are angry at the bank, felt cheated by the bank,  lost half of their money, and trapped in a complex bank product. From El Pais newspaper translated in English:

“I looked into his eyes and let go without blinking: I have cheated, the product that was not got your savings deposit, was something else, now have half of what you had.” Thus explained an employee of the former Victor Caixanova MN, a resident of the town of Moana Pontevedra, what had happened to the money he thought safe in a conventional savings deposit. Víctor is one more than the 43,000 Galicians who invested all or part of their savings in a financial product that the CNMV recommended only for seasoned investors sell, the preference shares . Moana, with just over 19,000 inhabitants, it is almost impossible to talk to someone not directly affected or have a family member who has purchased these shares. Shares traded on a secondary market in which sales and purchases are balanced between the entity’s own customers. suffered losses vary according to the different emissions but around 50% of total investments.

The economic situation is desperate Victor. Suffers a permanent disability after working for years in a metal sector company. His wife is unemployed and he receives a monthly allowance of 670 euros for his injury. With that they have to support her two sons. All savings are preference shares and subordinated debentures. The story of what happened is very similar to dozens of victims. The employee of the branch who attended him for years called him one day and I recommend moving your money to a new tank that offered a good return and also allowed him to recover some or all of your money at any time. Victor agreed as fully trusted the employee, whom he knew since childhood. In December last year he found that he could not recover the money deposited and received the explanation already mentioned of whom had previously advised. Victor now expected to reach a solution by the entity or the central and regional governments. Your situation does not allow face a long trial.

Moana was the first place in Galicia where affected gathered on one platform and began to make all kinds of events inside and outside the village. The three branches of Banco Novagalicia in town often have to close its doors by the protests. Currently there are more than 800 residents that make up the platform but adds each week, on average, a dozen more. And there are many who suffer in silence because the problem does not want to admit in public that they were deceived.Antonio R., a spokesman of the platform, explains that in every family there is at least one affected and sometimes become three or four because sometimes even the parents signed preferential agreements for their children, when they thought they were leaving their savings safely in a deposit. Antonio invested his savings of ten years of work and now it has become unemployed and without much of the money.



Foreclosure fiasco has Portland woman furious

Four months after Bank of America admitted making mistakes in threatening to foreclose on a Portland woman’s home, the bank is back at it again. view full article

After reviewing Brown’s case, Whang, with the Oregon Attorney General’s office, said it appears Bank of America violated terms of that settlement by sending erroneous information to a credit bureau.

You can watch the video.