I heard the rumor two days ago Colonial was shutting down today, now Bloomberg confirmed it:
"Aug. 14 (Bloomberg) -- BB&T Corp., the North Carolina lender that bought back a $3.1 billion stake from the U.S. government, is taking over offices and deposits of Colonial BancGroup Inc., according to a person familiar with the matter.
Colonial, Alabama’s second-largest bank, is being closed by regulators today, the person said, becoming the largest U.S. bank failure of 2009 after an expansion into Florida saddled the lender with more than $1.7 billion in soured real-estate loans.
Colonial said last month there was “substantial doubt” it could survive and on Aug. 7 said its warehouse mortgage-lending business is the target of a U.S. criminal probe. The Securities and Exchange Commission issued subpoenas for documents related to accounting for loan loss reserves and participation in the Troubled Asset Relief Program, the bank said..." Bloomberg story
This will be the sixth-largest banking failure in American history and Auburn is going to suck. There is also a good chance this will wipe out the FDIC fund, forcing the agency to ask Congress for more funding. This will cause major problems in the mortgage industry as mortgage industry website The Implode-O-Meter reports it issued credit lines for 70 mortgage companies. Unless they can obtain warehouse lines very soon and almost immediately, these companies will be forced to go out of business.
Colonial was apparently on the brink of collapse. CBS4 in Montomery, Alabama reported:
"U.S. District Judge Adalberto Jordan froze $1 billion of Colonial Bank's assets on Thursday and said the bank is on the brink of collapsing. The ruling came after Bank of America won a temporary injunction preventing Colonial from spending the money or trying to sell of any loans.
Bank of America's lawsuit involved thousands of mortgages that were held in trust by Colonial. Bank of America claims it is owed more than $1 billion in assets, but Colonial has not paid the amount.
Trading of Colonial BancGroup's shares were halted by the New York Stock Exchange on Friday."
What is also unusual is the FDIC is seizing the bank before the close of business today.
Friday, August 14, 2009
Down goes Colonial. Down goes Auburn!!!
Bell hires Burwell
Defendant Robbie Bell retained Ridgeland attorney G. Todd Burwell (formerly a partner with Larry Latham) in Hall v. Bell. Mr. Burwell filed a notice of appearance in Hinds County Circuit Court this week.
Note: For all posts covering the Heather Spencer murder, please refer to sidebar.
Thursday, August 13, 2009
"Obama knows little about Americans"
Pulitzer Prize-winner Dorothy Rabinowitz blisters Obama in the Wall Street Journal yesterday:
"The election over, the warming glow of those armies of supporters gone, his capacity to tolerate criticism and dissent from his policies grows thinner apace. His lectures, explaining his health-care proposals, and why they'll be good for everybody, are clearly not going down well with his national audience.
This would have to do with the fact that the real Barack Obama—product of the academic left, social reformer with a program, is now before that audience, and what they hear in this lecture about one of the central concerns in their lives—his message freighted with generalities—they are not prepared to buy. They are not prepared to believe that our first most important concern now is health-care reform or all will go under.
The president has a problem. For, despite a great election victory, Mr. Obama, it becomes ever clearer, knows little about Americans. He knows the crowds—he is at home with those. He is a stranger to the country's heart and character.He seems unable to grasp what runs counter to its nature. That Americans don't take well, for instance, to bullying, especially of the moralizing kind, implicit in those speeches on health care for everybody. Neither do they wish to be taken where they don't know they want to go and being told it's good for them...." column
Click Here to Read More..
Judge Green gives D.A. 15 minutes with Stuart Irby
Judge Green issued her order yesterday on the State's Motion to Compel Testimony in the Karen Irby case. Judge Green refers to Mr. Irby as a "recalcritant" witness and ruled there was no spousal privilege concerning his testimony since the State is charging his wife with Aggravated Assault against him. The Court ruled:
"Stuart Irby shall present himself for a fact-based interview on September 16, 2009 for a period not longer than fifteen minutes with the District Attorney and fifteen minutes with the attorney for the Defendant Karen Irby at a time and place convenient for Stuart Irby unless a primary physician charged with Stuart Irby's medical care on or before August 31, 2009 provides the Court with a medical statement that Mr. Irby is physically, emotionally, and/or mentally unable to participate in said interview. ..." Copy of order
Does anyone want to bet Mr. Irby will be cleared by a doctor to participate in the interview or if he will do a great impersonation of Hillary Clinton if he is interviewed? What is also interesting is Holloman tells the Court he and Mr. Irby have communicated but never about the case. I'm sure Mr. Holloman met his ethical obligations as an attorney before the Court in making such a claim as he is a man of sterling reputation and character. The case keeps getting more interesting.
Market Ticker: Regions insolvent?
"Check out the footnotes to Regions Financial Corp.’s latest quarterly report, and you’ll see a remarkable disclosure. There, in an easy-to-read chart, the company divulged that the loans on its books as of June 30 were worth $22.8 billion less than what its balance sheet said. The Birmingham, Alabama-based bank’s shareholder equity, by comparison, was just $18.7 billion.
So, if it weren’t for the inflated loan values, Regions’ equity would be less than zero. Meanwhile, the government continues to classify Regions as “well capitalized.” Article
Irby update
The Irby file is back home after taking a little vacation in Judge Green's office. It was just a week-long trip and no word if it received the spa treatment or got a sunburn. However, there was one new thing filed and that was defense attorney Joe Holloman's response to the State's Motion to Compel Testimony. The response is only one page and unlike Ms. Binder's earlier response, has no histrionics nor wild accusations against the prosecution, it just concisely states his objections: the State has no statutory authority nor "procedural basis" to compel a witness to testify.
Copy of response
Wednesday, August 12, 2009
Millsaps student killed in SW Louisiana
(Clockwise: Malin, Jese Sam (on right), Freyou, Hebert)
A Millsaps student was beaten to death in New Iberia, LA:
"NEW IBERIA, La. (AP) — Authorities in Iberia Parish have arrested three people charged in the beating death of a 19-year-old college student in New Iberia.
Advertisement
The Iberia Parish Sheriff’s Office says 23-year-old Thomas Hebert and 19-year-old Jesa Sam have been charged with second-degree murder. Another suspect, 18-year-old Sherani Freyou, has been charged with principal to second-degree murder.
The arrests were made after Joseph Adam Malin Jr. was found lying in an open lot around 3 p.m. Friday. The suspects were arrested later that day and police say Malin may not have been the intended target. Authorities say the beating may have been a case of mistaken identity.
Malin’s mother says her son had graduated with honors from Hargrave Military Academy in Virginia and attended Millsaps College in Mississippi." Article
This case is apparently a story about a kid went to Hargave Military Academy, graduated with honors, attended Millsaps, and was making something of his life. On Tigerdroppings.com, one poster wrote "I went to school with the victim Adam before he went to Hargrave. This is a shame and I hope the judge throws the book at all 3 of them. Adam really was a good kid."
Unfortunately for Adam, this piece of New Iberia trash named Sherami told her "bros" he sexually assaulted her. The Sheriff said they mistook him for her "alleged" boyfriend. KLFY reported " detectives say Freyou not only pointed out an innocent man, she also lied about being raped. "
According to her Myspace page, Sherami apparently just got out of jail (surprise) and her brother is currently incarcerated. Her mom has a very interesting Myspace page as well, showing the apple doesn't fall too far from the tree. The Lafayette Grapevine website discovered more details about Ms. Sherami and her friends gangsta lifestyle. Her sister Shae posted this on her Myspace page:
"sherami u r ma sister but what u did to adam was wrong u knew that was adam and yet u still did what u did what was u thinkin sherami it was adam not motley and u knew that and u cant say u didnt uve been known motley for 3 yrs now u knew the differance my question is WHY???? i still have love for u onlly cuz ur ma sister but its really fucked up how all this took place over ur lie or lies u r were u r b/c of what U DID not b/c of nobody else i hope it eats u up inside knowin that adam is goin and never did u anything he was always nice to u let u use his phone gave u a cig when u needed or asked all around was just really sweet to u i love u but u hurt me alot specially when i found out that u intiated thomas and jesa to beat adam ive been crying since it happen so i hope u know that u didnt just take someone son or brother but u took away a good friend and the happest person anyone would have ever met but u have to live with it nobody else "
Ugh. Sherami's sister, Shae, also showed up on Tigerdroppings and has a few things to say about it. Although the thread is more than 15 pages long, she makes quite a few comments that don't cast her or her family in too good of a light. At least my TD brethren gave the b***h hell. Too bad that was all they could give her.
Aside from that, remember the Malin family in your prayers as they suffer through this horrific tragedy.
Note: Lafayette newspaper story, Read the comments
Food Fight!!!
Y'all Politics posted this video taking a shot at Childers a few days ago:
The left-wing bloggers in town didn't like it so they decided to make a few comments of their own. First local attorney Jim Craig called the ad anti-Semitic on his blog:
"At Y'all Politics, the focus has been on Rep. Travis Childers, who has yet to declare himself on the President's proposal. And this time YP has gone too far. The two-minute video attack on Rep. Childers' visit to Israel is -- yes, I will say it -- Anti-Semitic. What else do you call an ad that plays Jewish music in the background, tells the Representative to "get a souvenir yarmulke" on the trip and shows pictures of orthodox Jews juxtaposed with Americans at Town Hall meetings? (Note: I am attacking the ad, not the website or its owner.).."
Ipse Blogit
Then of course, the Jackson Free Press takes a shot at Y'all as it can't stand the fact that the Clarion-Ledger published an article about Y'all Politics last Sunday:
"Apparently, though, this is the same blogger that was featured in the Ledger on Sunday. It's stunning to see local-corporate media give credence to bloggers who post unsubstantiated rumor, not to mention ugly anti-Islamic, anti-woman and now anti-Semitic rhetoric. Either the mainstream media are blind to extremism, or they don't care. Not sure which is worse..."
Blog post
Meet Nikki Haley
Nikki Haley from David Thompson on Vimeo.
Meet Nikki Haley, Republican extraordinaire in South Carolina and a candidate for Governor of that state. A conservative who has taken on her state's Republican establishment. She is bright, funny, well-informed and very articulate. This is her appearance at Redstate's recent gathering in Atlanta. Enjoy. Click Here to Read More..
Tuesday, August 11, 2009
Is this journalism?
Still mad over the selection of Tougaloo College as the home of the Civil Rights Museum, the Jackson Free Press pens an article that can't even be classified as journalism:
"Rumors are circulating that Tougaloo College may have to abandon site development of the Mississippi Civil Rights Museum near the college's campus because of funding issues.
"I know I have heard from a source with city government that Tougaloo is supposed to be having some issues securing enough money to continue with the development," Ward 2 Councilman Chokwe Lumumba told the Jackson Free Press. "I wish the college well in its endeavor to make the museum a reality, but I have heard from a source that the money to fund it isn't turning out very easy to acquire with the economy like it is." article?
No sources, just a report of "rumors". THIS is ethical journalism?
Harvey: It's called accountability
Seems our new Mayor ran into a couple of members of the City Council who are intent on keeping an eye on the city payroll and he didn't like it:
"Mayor Harvey Johnson Jr. faced off against City Council members on Monday by refusing to provide a weekly accounting of city payroll
For years, council members - who approve payroll - have gotten a weekly list of employees and their salaries before their vote. Johnson said he no longer would provide that list because assembling it is "onerous." Johnson bristled under questions from Ward 1 Councilman Jeff Weill, who routinely asks detailed questions about the weekly payroll and claims dockets that add up into the millions of dollars. Johnson said Weill was meddling in executive department affairs. "You are getting into management of the day-to-day operations," he said.
"There are prerogatives that the mayor has and prerogatives that the council has. ... Those have been out of sync."...
Johnson said it may be possible to present the council with a quarterly list of city employees."
Article
Sorry Harvey, but the City Council has every right to inspect what you are asking them to approve, although a monthly payroll would probably be an acceptable compromise. In case you haven't noticed, city finances are a wreck and tax revenues will probably decline for the next twelve months or more. It is the responsibility of the Council to hold the executive branch accountable for how money is spent and how many employees are on the payroll. It's OUR money and we aren't going to listen to any politicians who just say "trust us".
Schiff: healthcare bill is fascism
Worth listening to. Just remember, he NAILED this economic crisis three years ago when everyone literally laughed at him.
Monday, August 10, 2009
OK Ladies, Let's Have Our Own Vote!
Forget gangsters and mobsters. Movies are meant to make you smile, laugh, cry and/or miss your first love.
Vote on your favorites in the poll on right. (Stiletto, you can sleep at night now).
Thinking of modifying your mortgage? Read the fine print
Martin Feldstein, once President Reagan's Chairman of his Council of Economic Advisors, pens some ideas in the Wall Street Journal about how the government can remedy the housing crisis. Some of the proposals are good ones, as he focuses on the principal, as opposed to Obama's approach, which focuses more on the interest rate. However, there is one little part that would sabotage the whole deal and is something used currently in some modifications:
"defaults happen because in the United States, unlike almost every other country, mortgages are effectively no-recourse loans. If a homeowner defaults, the creditor can take the house but is unable to take other assets or income to make good on the remaining unpaid mortgage balance. In some states creditors have the legal right to pursue other assets or income. But personal bankruptcy rules limiting what they can take give them little incentive to do so. No-recourse mortgages increase foreclosures, resulting in more properties being thrown on the market, and lead to an excess decline in house prices....
Any homeowner with a loan-to-value ratio over 120% could apply for a reduction in his mortgage balance. The government and the creditor would then share equally in the cost of writing the loan balance down to 120% of the value of the home. But the homeowner who opts for this write-down would be obliged to convert the remaining mortgage to a loan with full recourse that could not be discharged in bankruptcy. Federal legislation would be needed to modify state mortgage and bankruptcy rules to allow homeowners to obtain the new type of mortgage..." Column
The banks get bailouts. The Fed bails out Fannie and Freddie. Everyone gets a bailout except for the drowning homeowner who must pay several pounds of flesh to Shylock while Shylock is living high on the hog because the same homeowner's taxes bailed him out. It is also prudent to check the fine print in any proposed modification, as some servicers are already requiring homeowners agree to these clauses before they obtain any relief. This suggestion is a bad idea for homeowners as they will be at the complete mercy of the banks regardless of their personal circumstances. Get sick and can't make the house note? Tough luck, the bank is coming for your paycheck. Lose your job and lost the house? Don't worry, they'll just garnish your unemployment benefits.
As for the Obamabots, someone should ask them why Obama and the Democrats haven't changed the bankruptcy laws while they dump hundreds of billions into the banks who put us in the mess while the little guy continues to get screwed. Now if they did change the bankruptcy laws, THAT would be some real change.
Waller & Hosemann lead primary poll.
Very interesting. I put up a 'lil ole poll about Republican candidates for Governor in 2011 and the results were very interesting, to say the least. Mississippi Supreme Court Justice Bill Waller edged out Secretary of State Delbert Hosemann by two votes. Even more curious was Hoseman and Waller both doubled the amount of votes for the acknowledged front-runner for the job, Lieutenant Governor Phil Bryant. Just as interesting was the fact Chip Pickering, previously touted as a leading candidate for the job, only received 13 votes, only 3%.
Phil Bryant | 60 (17%) |
Delbert Hosemann | 112 (33%) |
David Landrum | 4 (1%) |
Amy Tuck | 19 (5%) |
Chip Pickering | 13 (3%) |
Greg Harper | 12 (3%) |
Billy Hewes | 4 (1%) |
Bill Waller | 114 (33%) |
Update on your favorite case
I reported Friday the Irby file was not in the Circuit Clerk's office but instead was in the possession of Judge Tomie Green. I spoke to her administrator this morning and was told the file was not under seal but that Judge Green was reviewing it. It will, of course, be interesting to see how long the "review" is.
Click Here to Read More..
Newest poll: Favorite gangster movie.
Vote for your favorite. Sorry, no Godfather III, it doesn't deserve to be listed in any such poll.
Click Here to Read More..
This is the guy who runs your economy
Don't forget Geithner is his protege.
Sunday, August 9, 2009
Congrats to Y'all Politics
Alan "Maddawg" Lange gets some street cred as Sid Salter pimps his website in the Clarion-Ledger today. Last year the newspaper published a similar interview with NMC of FOLO fame. Nice to see some of us are finally getting noticed by the media.
Click Here to Read More..
Mortgage industry catastrophe looming?
Two disasters took place in the mortgage industry this week. Mortgage lender Taylor, Bean, & Whitaker ceased operations and Colonial Bank became the subject of a criminal investigation. TBW was the twelfth largest lender overall and the third largest in FHA originations. HUD suspended TBW Monday from selling or servicing FHA-insured mortgages. The Wall Street Journal reported HUD terminated its relationship with TBW because "Taylor Bean failed to submit a required annual financial report and to disclose to the FHA “certain irregular transactions that raised concerns of fraud.” Thousands of borrowers found themselves stranded at the closing table as loans that had closed but not funded became worthless paper. Purchases were delayed as desperate borrowes were forced to obtain financing from other lenders. These homebuyers will probably pay more money as they will have to pay for another appraisal, a different set of fees, and a different interest rate.
While the mortgage industry can survive the closure of TBW, it will have a more difficult time surviving the closure of Colonial Bank, which is currently under a criminal investigation by the federal government. The Montgomery, Alabama-based bank is the largest issuer of credit lines to mortgage lenders nationwide.
Many mortgage companies and lenders use credit lines (also called warehouse lines) to fund mortgages. After closing, the loan "sits" on their line of credit until it is sold to a servicer such as Citi or Well Fargo. Credit lines are the lifeblood of the mortgage industry as most mortgage lending would come to a screeching halt if they disappeared. Unfortunately for the mortgage industry, The New York Times reports the feds are investigating this very part of Colonial's operations:
"In a regulatory filing, the company said the Alabama State Banking Department might appoint the Federal Deposit Insurance Corporation as receiver or conservator for its banking unit after Aug. 12.
Earlier this week, the agency that investigates misuse of federal bailout money raided Colonial’s mortgage warehouse lending division in Orlando, Fla. The Securities and Exchange Commission also issued subpoenas to the company seeking disclosures related to its participation in the Troubled Asset Relief Program and its accounting for loan-loss reserves."
Article
A seizure by FDIC would make Colonial the sixth-largest bank failure in American history. There are many lenders sitting on pins and needles right now. If the warehouse lending division ceased operations, these same lenders (many of which are small banks and local mortgage companies) will probably be forced out of business as Realty Mortgage was a few months ago when Bank of America cancelled its credit line. Some will say that is just an opportunity for competitors to grab market share. Such uninformed thinking ignores the fact that the resulting demand will completely overwhelm the markets capacity for underwriting, funding, and servicing mortgages. The surviving lenders don't care about market share when it takes 60 days to get a file underwritten and everyone is screaming at them for being so slow. Market share doesn't mean much when the lender's systems shut down because the demand to lock loans was twice its capacity, causing everything to crash.
What probably needs to happen is either the Fed, Fannie, or Freddie needs to prepare to start issuing lines of credit to qualified lenders. Unfortunately, this means the Fed would be regulating non-depository institutions, which is very controversial. Keep your eyes on Colonial Bank for the next few weeks as its going to determine the fate of the mortgage industry.
Saturday, August 8, 2009
If Frank Melton was white............
Warning: This video is really creepy.
Food Fight!!!
Over at Jim Craig and Matt Eichelberger's blog, Yours truly and you know who get into it.
Click Here to Read More..
Mish: "Unemployment likely to continue rising"
The government said yesterday unemployment was at 9.4%, giving them a reason to celebrate. Never mind that each month this year the figure has been revised each month and is always in a negative direction. Financial blogger "Mish" Shedlock had a few things to say about this report:
" The official unemployment rate is 9.4% and rising. However, if you start counting all the people that want a job but gave up, all the people with part-time jobs that want a full-time job, all the people who dropped off the unemployment rolls because their unemployment benefits ran out, etc., you get a closer picture of what the unemployment rate is. That number is in the last row labeled U-6. (Mish analyzes many tables in his column. Well worth reading.)
It reflects how unemployment feels to the average Joe on the street. U-6 is 16.3%. Both U-6 and U-3 (the so called "official" unemployment number) are poised to rise further although most likely at a slower pace than earlier this year.
Looking ahead, there is no driver for jobs and states in forced cutback mode are making matters far worse.
Unemployment is likely to continue rising until sometime in 2010."
Rest of Mish's analysis
Over at The Market Ticker, Karl Denninger points out the labor participate rate fell by .2%, Add it back in and the unemployment figure is 9.6%, not the ballyhooed 9.4% figure.
Friday, August 7, 2009
We are the priests..........
Some you know who......... and something for you Libertarians....
Here is copy of Irby gag order, file not in Circuit Clerk's office
Copy of Judge Green's order
I linked a copy of Judge Green's gag order in the Irby case. It states:
"This Court reminds and Orders (Court's emphasis) all officers of the Court to strictly comply with Rule 9.01, Pretrial Publicity, of the Mississippi Uniform Rules of Circuit Court and County Court Practice or be subject to sanctions by the court..."
I also included in the link a copy of the notice for the "Omnibus Hearing" set for February 15, 2010. It should be noted that the Irby file is NOT in the Hinds County Circuit Clerk's office. In its place was a red file containing the above order and notices. It is unknown if Judge Green sealed the file or is only reviewing it and will return it to the public domain. If Judge Green sealed it, such judicial conduct should not be allowed to stand as the public has a VERY STRONG interest in what takes place in this case. The public has a right to read the indictment and any appropriate motions or other documents. Such conduct gives an appearance that actually harms Mrs. Irby's cause and thus harms her defense. Judge Green should return the file to the Circuit Clerk.
Additional commentary by NMC: NMC's Column
Note: Calls to Judge Green's adminstrator were placed today. There was no answer.
Shylock comes for his pound of flesh
Jefferson County is bankrupt. It laid off two-thirds of its employees this week and its government is close to being non-existent. The crisis was caused by the county's decision to refinance its water and sewer bonds with financial derivatives known as interest-rate swaps, something Jackson is considering right now (see posts on this subject in lower sidebar). The Wall Street Journal reported Jefferson County's woes are of no concern to Wall Street as it wants not just the blood but the turnip also:
NEW YORK (Dow Jones)--The Bank of New York Mellon Corp. (BK) Monday filed suit against Alabama's financially-strapped Jefferson County, seeking to expedite payments for holders of the county's $3.2 billion in outstanding debt.
The bank, which is the trustee for the owners of Jefferson County's auction-rate and variable-rate debt issued by the sewer system, argues the county failed to pay $331.7 million in principal payments on warrants due for redemption since June 2008.
In a complaint filed this week with the Circuit Court of Jefferson County, BNY Mellon asked to appoint a receiver, or custodian, for the county's sewer system. It also seeks a court order that would require the county to raise sewer fees and levy other charges to pay bondholders.
BNY Mellon also says in the suit that the county has failed "to operate the system in a manner that will generate net revenues sufficient to service the county's warrant obligations," and that the work on the county's sewer system has been "fraught with fraud and abuse."
The most densely populated county in Alabama, Jefferson's finances have been in dire straights after it placed interest rate bets using derivative instruments that backfired. The derivatives were meant to help the county lower its financing costs.
Since last summer, the county has been struggling to meet payments and keep up with services. In an effort to raise funds, the county tried to impose an occupational tax that was ruled invalid by a circuit court judge earlier this year.
As a result, this week Jefferson County furloughed roughly one-third of its 3,000 employees.
The 36-page lawsuit points out that 21 former county officials and three former county commissioners have been indicted or convicted of crimes related to work on the system.
The Bank of New York Mellon lawsuit follows a similar lawsuit last fall in the U.S. District Court for the Northern District of Alabama, involving the bank as well as municipal bond insurance companies Financial Guaranty Insurance Company, Syncora Guarantee Inc. and XL Capital Assurance. The court said in June it lacked jurisdiction to grant the request.
Standard & Poor's Ratings Service Monday warned it could lower its junk bond rating on the county's sewer system revenue bonds to default status if the county misses principal or interest payments on outstanding auction-rate bonds. S&P in April 2008 lowered its rating to default status on certain of the county's variable-rate debt because it missed a principal payment.
Moody's Investors Service has a junk rating on all of Jefferson County's outstanding sewer revenue debt."
Harvey: Hope you are paying attention.
Thursday, August 6, 2009
I report, you decide.
She is saying something about um, something. Guess I'll have to watch it a few more times figure out what it is.
NMC: "A real disaster"
NMC's criticism of Judge Green's order
NMC makes it quite clear he does not like Judge Green's order requiring the attorneys in the Irby case to file all motions with her first as she will decide what appears in the public file with the Circuit Clerk:
"This inverts the normal rule– a lawyer files a motion and it’s public record unless the Court is asked to seal it. What is going on here?
Are we about to see cases in which the presumption is that proceedings are under seal unless the court rules otherwise? With a supine press verging on bankruptcy, this is terrible, terrible news.
There’s Karen Irby news in Kingfish’s post. But this ruling from Judge Green is a real disasster for public scrutiny of government."
Legal Expert or Media Hound?
The issue of whether any judicial corruption took place in the Robbie Bell prosecution is settled now that Professor Matt Steffey has spoken to us from Mount Sinai. The Robbie Bell prosecution was a reunion of sorts for the Ed Peters gang: Tom Royals (Ed Peters' former partner and defense attorney, George Bell, III's lawyer), Cynthia Speetjeens (defense attorney for Robbie Bell and Bobby DeLaughter and prosecutor under Peters), Tommy Mayfield (George Bell, III's lawyer and prosecutor under Peters), Bobby DeLaughter and Ed Peters. Then there was the matter of Peters' friend Frank Melton putting pressure on JPD to make the case "go away" as sources have told JJ.
Judge DeLaughter heard Ms. Bell's arraignment and was scheduled to preside over her trial when he was removed from the bench. After reading Eaton, Kirk, other cases such as Shelton, it doesn't take a genius to figure out what was going on here after reading through the police reports on the Heather Spencer murder posted last week. There is a reason one gets Ed Peters for a lawyer and gets the case assigned to his boy. However, Rat Stiffey states: "I think there is no reason at all to believe that Judge DeLaughter in any way conspired with Ed Peters.. or anybody else in disposing of the charges against Ms. Bell."
Really Professor Steffey? Let's look at the facts. Steffey didn't practice law in Hinds County, much less try criminal cases, but instead practiced for a short while in Florida very early in his career. He has been a professor for over twenty years. Regular lawyers know his type: such professors in the Never-never-land that is the law school classroom, while they are slugging it out in the trenches with clients, prosecutors, and judges, getting their hands dirty while the pretty-boy REMF's go on t.v. and appear as experts. The real lawyers know who is in whose pocket or which lawyers are connected, while the "expert" talks about theory. Steffey was not even an authority on criminal law. The only reason he became a criminal law professor was that in the late 90's a professor left, so MCSOL assigned him to teach criminal law classes. Prior to this charge, he taught Constitutional Law, Admiralty, and other non-criminal law courses. The media began interviewing him as an "expert" because he was the local criminal law professor and they needed someone who can go on camera on short notice.
If he was a real lawyer and practiced criminal law while Ed Peters was District Attorney, he would know some of the garbage that went on under Peters' tenure in the Hinds County District Attorney's office. How prosecutors saw their cases reassigned to other prosecutors who then dropped the charges if his little pets just happened to be the lawyers representing the defendant. How Peters would indict people "on a dare" to quote the Shelton case. How Peters was indicted several times while the Mississippi Bar looked the other way. Steffey merely shows his ignorance to the local legal community which laughed very hard when it heard this "expert opinion".
Wednesday, August 5, 2009
Green Orders Irby to Submit to Interview, Imposes Gag Order, Announces February "Omnibus Hearing"
It was a dark day outside in Jackson as storm clouds gathered today inside Judge Tomie Green's courtroom. Dark was the weather, dark was the demeanor of the attorneys, dark were the suits. Two sides sparring in opposing motions, one seeking the testimony of a material witness and the other using every trick possible to frustrate the prosecution.
Judge Green orders Stuart Irby to be available for September interview & imposes gag order
Will write more later but here are the highlights from the Irby hearing I attended today:
1. Hinds County Circuit Judge Tomie Green ordered Stuart M. Irby, Sr. be made available on September 16, 2009 for a 30 minute interview.
2. Judge Green gave his attorney, Ms. Lisa Binder, until August 31 to file any medical statements on Mr. Irby's condition or any limitations he requires during the interview.
3. Judge Green dealt with the standing issue. She told Ms. Binder she could be "present, but not particiapte.".
4. Judge Green is enforcing rule 9.01 and said she will "strictly enforce that rule".
5. Judge Green required both parties to file all motions with her first for her approval. She also stated her approval must be required before any motions can appear in the open file available to the public in the circuit clerk's office.
6. Judge Green ordered an omnibus hearing be held on Feburary 15, 2010 to consider and adjudicate all motions.
Will write longer post later.
Irby Wars: Episode ?: The State Strikes Back
Update: Copy of State's Response
The State filed a "Motion to Strike Lisa Binder's Esquire Response dated July 24, 2009 Due to Lack of Standing" yesterday in Hinds County Circuit Court (Motion will be made available later on JJ).
The State claims Ms. Binder's response should be stricken "as she lacks standing in this matter to assert a response." The State then makes the following points:
1. "On July 20, 2009, the State filed its Motion to Preserve the Testimony of Stuart Irby and its Motion to Allow Filing of Document Under Seal. The Motions were filed simultaneously and on the same date. The former motion was filed seeking the specific relief requested within, the latter was filed to protect the privacy interests of Mr. Irby."
2. Ms. Binder accused the State in her response of violating Mr. Irby's right to privacy as she claimed the State "apparently disseminated Mr. Irby's medical records without any authority or agreement from Mr. Irby or order of this Court." The motion responds in a strong manner: "These assertions by Ms. Binder are reckless, slanderous, and have absolutely no basis in fact" and that a "cursory inquiry by Ms Binder would have revealed" that his medical records were provided only to Joe Holloman (Mrs. Irby's lawyer), Ms. Binder, and the Court.
3. The State further seeks to rebut Ms. Binder's claim it "disseminated" Mr. Irby's medical records to the public: "The District Attorney's Office upon the filing of its original motion in the Circuit Clerk's office did not include Mr. Irby's medical records (I can verify that claim as they were not in the public file.) The omission of the medical records was an additional, precautionary measure to prevent any unauthorized "third person" (who?...me?) from obtaining access to Mr. Irby's medical records before the Court had an opportunity to review the State's motion to file this exhibit under seal. Ms. Binder's allegations are false, reckless, and disparaging on the reputation on the Hinds County District Attorney's office."
4. The State then argues "Lastly and most importantly, Mr. Irby is a material witness to not one, but two homicides. Mr. Irby was present in the car that collided with a vehicle from which all accounts was in the proper lane at the time of the fatal collision. Simply put, the District Attorney's Office has the right and a duty to speak with Mr. Irby about the specific events and circumstances surrounding the collision which led to the untimely deaths of Daniel Pogue and Lisa Dedousis. The information sought is known only to the defendant, and her husband Mr. Irby. The State concedes that while no witness can be compelled to speak with the District Attorney's Office, the District Attorney should be ablet o communicate from Mr. IRby directly- and not through a lawyer, as to whether he is willing to participate in this criminal investigation. Mr. Irby's civil liberties are not at stake as he is not the subject of a criminal investigation. Ms. Binder's presence to date has hindered the State's ability to effectively investigate this criminal matter should not be tolerated."
This is getting interesting.
Tuesday, August 4, 2009
Schiff on the market rally
Don't think anyone is laughing at him now. You might disagree with him but take him seriously.
Jefferson County faces Doomsday
It's finally happened: Jefferson County, Alabama faces Doomsday. Its finances have finally imploded, as the county will probably enter into bankruptcy:
"BIRMINGHAM, Alabama (Reuters) - Alabama's debt-ridden Jefferson County laid off about two-thirds of its 3,600 employees on Monday because of plummeting revenues, a move that will sharply curtail services in areas ranging from roads to courthouses.
The cuts are just the latest blow to Jefferson, whose population of 660,000 includes Birmingham, the state's largest city and its economic powerhouse. They come after the county racked up around $4 billion in debt by using exotic financial instruments to fund a revamp of its sewer system.
The work-force cuts will hit the roads and transportation, revenue and security departments, and reductions will also affect the courthouse and information technology department as well as laborers paid on an hourly basis, according to a senior county official...." Article
This angers me a little, as the media in Jackson has been negligent in its duty to report local city business of this nature to the public. Unless one reads this blog, watched a couple of minor stories on WLBT that didn't get into the details, or read the Northside Sun, one would have no idea Jackson is considering refinancing some of its bonds with these same "exotic financial instruments." Several reporters have told me it's over their heads, people don't care, or it's just too much to cover. The Clarion-Ledger is not interested in this story and the one publication that should cover it, the Mississippi Business Journal, is too busy writing puff pieces to make their advertisers happy, as it should be called the Business Edition of VIP Magazine or something similar. But hey, they support Jackson as they moved downtown, so in the eyes of Downtown Jackson Partners, which should be concerned about this matter, they are ok people.
Well, the article above is WHY they should cover this story. The time to report it is not after the budget has blown up and the people have no one left in city government but before it happens. No one in the media has grilled Rick Hill and asked him some tough questions. He has yet to explain what happens if the interest rates move the wrong way. He was once asked if what happened to Jefferson County could happen to Jackson. He said it couldn't but his answer makes one wonder if he even understood what took place in Alabama. Mr. Hill has not been forthcoming with details and still has not explained why the fees are much higher than the fees paid for the original underwriting of the bonds. All he has said is it can't happen here and to trust him. Sorry Mr. Hill, I've seen too many of these weapons of financial destruction cripple too many budgets around the country to accept that from a bureaucrat whose answers make me wonder if he even understands how these things work.
Don't take my word for as gospel on this subject. I have collected all my posts on this subject and placed them in a sidebar on the lower right-hand side of this blog page. If anyone in the media wants to cover this and doesn't understand the subject matter, contact me. I'll be more than happy to explain it to you, as on this subject I care more about the reporter just getting the story out there than giving me credit. I have posted all available public documents on these refinances (they were obtained through public records requests). Additional public records requests have been submitted for information on the revised proposal. Unless you want what is taking place in Jefferson County to happen here as well, it's time to quit whining how this is over your heads and start learning how this stuff works.
Monday, August 3, 2009
Housecleaning
Added Jim Craig and Matt Eichelberger's blog, Ipse Blogit, to the feeds in the center column. That gives me a couple of conservative local blogs and a couple of more liberal ones to balance it out along with the other feeds. The idea is to give you a good diversity of news and opinion if you skim through the feeds. Also updated the Heather Spencer sidebar and added two new ones for the municipal bond refinance and the Karen Irby case as quite a few posts have been written these subjects and I want to make it easier for the readers to access them.
Click Here to Read More..
Market Ticker gives you the rest of the story
Karl Denninger of the Market Ticker was on CNBC last week to discuss the GDP numbers. True to form, Kneale talked over him the whole time and wouldn't let him get a word in edgewise into the conversation. Here is his actual discussion later on the GDP report. Unlike CNBC, he actually delves into the numbers and translates them into plain English for you.
In his post yesterday, he points out FDIC is essentially broke. Post: "Is the FDIC broke and covering it up?" He will be on Kim Wade's radio show Wednesday. His weekly radio show is today at 3:30 on his website.
Sunday, August 2, 2009
Irby Attorney Replies to Prosecutor's Motion. The Drama Heats Up.
Lisa Binder, Stuart M. Irby's attorney, filed a response last week to the State's motion to compel testimony. Patrick Beasley, the Hinds County prosecutor, claimed in his motion Mr. Irby was a material witness, Ms. Binder said he had extensive medical injuries and could not talk to them, and the State states a need to obtain his testimony in case his condition deteriorated. Copy of Response to Motion
Ms. Binder's used very strong language and made some serious accusations in her filing:
"Mr. Irby is still in the process of recovery from traumatic brain injuries suffered in the collision. (Notice she doesn't use the word "accident".)..... The State apparently obtained Mr. Irby's medical records through post-indictment measures. Not only did the State obtain such records through post-indictment it apparently disseminated (emphasis added by Binder, hereafter emphasis added by me) without any authority or agreement from Mr. Irby or order of this court. The District Attorney's office did not deliver a copy of those medical records to counsel for Mr. Irby until after it filed the Motion, which was months after the State's receipt of them. By filing the Motion and Counsel's letter without seal, the State interjected confidential information regarding Mr. Irby's medical condition into these public proceedings, which ultimately, as could be reasonably anticipated, ended up published to the world. This conduct of the District Attorney's office is in contradiction to Mr. Irby's rights, the Mississippi Constitution, and HIPAA regulations...."
The District Attorney's office is clearly under pressure in this matter but it has crossed the line into overzealousness at the least. It has obtained and disseminated medical records post-indictment in a matter contrary to Mr. Irby's right to privacy, Federal Law, and HIPAA regulations.......
Wherefore, premises considered, counsel for Stuart Irby prays for a dismissal of the State's motion, and further prays for guidance of this Court with reference to the issues raised herein, including the State's use of post-indictment measures to procure medical records and the dissemination of medical records and/or information regarding Mr. Irby's medical condition without the order of this court."
After reading both motions one wonders if Ms. Binder is a drama queen or a brilliant attorney playing a hidden card. I suspect drama queen in this case because her answer overlooks one very important and highly relevant fact: the State filed Mr. Irby's medical records under seal! His records were never "disseminated" to the public, to quote Ms. Binder. The State refers to them as "Exhibit A" in its motion. However, there is NO "Exhibit A" in the motion filed in the Circuit Clerk's office. The reason for this is it was filed under seal with the court and is thus NOT available to the public. It appears the State made every effort to respect Mr. Irby's medical privacy and did not "disseminate" his medical records to the public.
This is a frivolous objection and Judge Green should treat it as such. Considering Mr. Irby is the victim in this case and the State is actually his lawyer, it has certain rights in regards to his medical records. Ms. Binder knows this all too well as for years she was known as one of the better attorneys in Jackson. If I was Mr. Irby, I would seriously debate whether I should pay Ms. Binder her fee for writing this motion as it's obvious she didn't do her basic research and is making false allegations in her answer that breach her duty to the court.
Note: It should also be observed that Ms. Binder, who now lives in Nashville, was one of the better divorce attorneys in Jackson as well as being a tough litigator.
No comment.
Check out the website for the American Consulate in Jerusalem. There is something not mentioned on it. Care to guess what it is?
Click Here to Read More..
Saturday, August 1, 2009
Saturday night open thread
Watching Exodus (starring Paul Newman) tonight and trying out an Argentinian Cab. Open thread.
Click Here to Read More..
Panasia voted Best Asian Restaurant in JJ poll
Panasia was voted the Best Asian Restaurant in the poll last week but it was close although I still can't believe Kroger sushi bar took second place. Disclosure: I voted for Little Tokyo.
Bonsai | 9 (4%) |
Ichibans | 13 (5%) |
Little Tokyo | 23 (10%) |
Nagoya | 22 (10%) |
China Bell | 6 (2%) |
Panasia | 33 (15%) |
Kyoto | 9 (4%) |
OEC | 0 (0%) |
Kroger Sushi bar (hehe) | 30 (13%) |
Sakurabana | 14 (6%) |
China Buffet | 3 (1%) |
Golden Dragon | 27 (12%) |
Sun Koon | 2 (0%) |
Ding How | 6 (2%) |
Saigon's | 5 (2%) |
Thai Kitchen | 11 (5%) |
Haru | 7 (3%) |
"The Arabic world is an intellectual outlier"
Ilan Berman writes in the American Spectator writes about how uneducated the Arab world is and how the population is prey for radical Muslims who have come to dominate education in Pakistan and other areas:
"Between the eighth and tenth centuries, Islamic thinkers pioneered significant new knowledge in mathematics and astronomy. The same period saw the translation and dissemination of classic books of literature and Greek philosophy throughout the Muslim world, and new inventions that aided technological and scientific discovery. Subsequent years, however, saw a systematic closing of the Muslim mind, as the “gates” of ijtihad -open, scholarly interpretation of Quranic texts—were “closed” and clerical authority replaced intellectual inquiry.
The cumulative effects of this change have been profound. Today the Muslim world suffers from a crisis of education—one that has systematically stripped that part of the world of the ability to compete in the “geography of ideas.” Exactly how deep this deficit runs is painfully clear. In its 2008 report on educational reform in the Middle East and North Africa, the World Bank notes that the countries of the region as a whole score far below countries like Chile and Estonia in every area of “knowledge”— from the skills and education level of their populations to the presence of an infrastructure that reinforces and rewards learning. Adult illiteracy in Arab states, meanwhile, stands at some 50 percent, nearly double that of the rest of the Third World.
Intellectual curiosity, meanwhile, is sorely lacking. As a whole, Arab countries translate “about 330 books annually, one-fifth of the number that Greece translates,” the UN Development Programme’s 2002 Arab Human Development Report pointed out. “The cumulative total of translated books since the Caliph Maa’moun’s time (the ninth century) is about 100,000, almost the average that Spain translates in one year.” The Arabic world, in other words, is an intellectual outlier, an area of the planet that has failed to keep pace with others in the arena of thought, ideas, and innovation..." Article
Two sides of the Pickering coin
It's interesting how different sides see the Pickering, um, affair currently being played out in the courts and media. Former star reporter now turned liberal curmudgeon Bill Minor fires away at Chip Pickering this week while taking a break from attending Al-anon meetings:
"The 45-year-old Pickering filed for divorce from Leisha in June, 2008, but the final decree has been sealed in what smacks of a cover up by the Madison County Chancery court......
Since Ms. Creekmore-Byrd resides in a posh Northeast Jackson neighborhood, Leisha’s lawsuit was filed in Hinds County. Significantly, Chip had moved in May out of his family’s Flora residence to a house just down the block from his alleged mistress. Creekmore had shed her former husband, a Dr. Byrd, in 2007.....
More will unfold on the extramarital career of Pickering, the family values lawmaking advocate, but betrayal of his former constituency already seems obvious." Column
Meanwhile the more conservative Madison County Journal defends Pickering while ignoring the role the judge played in this whole, um, affair:
"But, so far, there is no evidence whatsoever to suggest that Chip Pickering had an affair that led to the breakup of his marriage or that Gov. Haley R. Barbour offered him Trent Lott's U.S. Senate seat.....
The lawsuit reads like a Jerry Springer episode and the allegations have saddened the hearts of so many Madison countians who developed personal relationships with the Pickerings as they served this district and called Madison County home....
Chip Pickering the honorable? Yes, until there is credible evidence otherwise - and then and only then should he be subjected to a public stoning by any who are worthy to cast stones." Editorial
