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The Buzzards Behind the
Blinds at First Hawaiian Bank
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September 26, 2000
Untold Tales of the West
by Greg Wongham
There’s a story unfolding throughout the western part of America (Utah, Nevada, California, Nevada, Washington, Oregon, and Idaho) that is not being told and unlike the great sagas of pioneering men and women that founded of the country, this story of the West is being hushed up and here's the reason why.
This story is about the banking company, Bank of the West, and the bank holding company that controls it, BancWest.
BancWest was created when Hawaii’s second largest bank, 1st Hawaiian Bank merged with Bank of the West, which is controlled by the French banking firm BanqueWest. This consolidation of capital between European, Hawaii and the California based Bank of the West has created the 2nd largest bank in Utah. They will have 118 branches in Northern and Central California, 30 branches in Oregon, 9 branches in Washington, 68 branches in Utah and Idaho and 23 branches in New Mexico and 7 in Las Vegas, Nevada.
The public should be concerned about these mega changes in the banking system because of the similarities they bare to the changes in the banking system that caused the failure of the thrift banks throughout the country in the ‘80s. The failure of the thrifts amounted to $328 billion of losses and in 1989, the closing of the Federal Savings and Loan Insurance Company (FSLIC). If the Federal Deposit Insurance Company (FDIC) falls victim to the myriad of unforeseen banking problems that arose in the ‘80s, then a crisis exist that threatens the principles of the FDIC and exposes the ordinary citizen to financial ruin.
The politically connected role of 1st Hawaiian Bank is integrally linked to Washington and Wall Street. It existed during the tenure of former Secretary of the Treasury, William Simon, who served during the Reagan Administration (1970-1979), and through the tenure of former Secretary of the Treasury Robert Rubin, who served during the Clinton Administration (1993-1999), until he resigned in May of 1999. 1st Hawaiian’s CEO, Walter Dods and former Governor John Waihee, as well as, Hawaii’s present Governor Ben Cayetano were listed as guest who were slept overnight and met with President Clinton at the White house. The mere fact that these people are acquainted is no crime, so, what's the problem?
The problems are based on loan losses that may have been carried on the books of 1st Hawaiian Bank since 1975, when Hawaii’s first thrift bank failed. 1st Hawaiian took over the ailing thrift at the behest of then (D) Governor George Ariyoshi, who was also one of the bank’s directors. From 1975 to 1983, nine of Hawaii’s 20 thrift banks, as well as, Hawaii’s equivalent of the FSLIC, Thrift Guaranty, failed. Hawaii’s Thrift Guaranty was established by the State legislature and contained provisions that mandated that the monies contributed into Thrift Guaranty would come from the 20 State chartered banks.
The monies would be used to insure depositors accounts up to $10,000 per account. In 1985, 1st Hawaiian Bank’s CEO, Walter Dods was reported to have come to the rescue of the State’s thrifts by loaning the State $32 million, which would eventually be repaid by the taxpayers of Hawaii.
A run on the Hawaii banks ensued, based on the outcry from the public surrounding rumors of insider deals and political corruption linking the Governor and his brother James Ariyoshi. Hawaii’s Democratic Party machine appointed Ms Donna Tanoue as the Hawaii Bank Examiner after he was made the scapegoat for stalling and not taking action sooner. Ms. Tanoue white-washed the situation; and, in the end; no one was held accountable and no one did time. Reports suggested that the Governor had intervened on behalf of his good friend and long time political supporter, developer Norman Inaba. This was similar to the classic question that arose across the country as one thrift after another failed, it ask, “what are the risks when a bank loans the majority of its money to one developer?”
The loan losses that have been carried on the books of 1st Hawaiian as “goodwill” assets came back to haunt the bank in 1998, as the bank attempted to expand and buy-out other banks. The Federal Deposit Insurance Company (FDIC) standards required banks to set aside cash reserves to cover both old and new loan losses. The bank realized that this might present problems for them and their future plans to expand. That’s when the Hawaii Democratic machine was able to influence President Clinton to appoint Ms. Donna Tanoue to the position of Chairman, of the FDIC. Since then, the FDIC has lessened their standards and a record number of banks have failed. The results of which is that the FDIC has lost money.
The greatest threat to the people of California, Utah, Nevada, Washington, Oregon, Idaho, New Mexico, Colorado and the other western states that the Bank of the West will call home, lies in the fact that the FDIC is the agency that decides whether or not, one bank has the financial capacity to buy out another bank. If Ms. Tanoue is allowed to cover-up for her politically connected banker friends as she did before; then the public should beware of the financial losses that may accrue if the bank’s losses rise...
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www.kycbs.net/First-Hawaiian-Bank.htm
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The Buzzards Behind the Blinds at
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Date originally posted: August 28, 2008
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