Tuesday, April 24, 2018

A few recent Greensboro Parking Deck related records request responses and some Roy Carroll links

Greensboro developer Roy Carroll says Bellemeade parking deck project is dead as city backs out of deal



Vaughan said Tuesday 
that she did not have time to comment on the matter

Richard Barron
News and Record


Of the two decks the city has been planning in recent months, 
the Bellemeade deck seemed to be the least controversial by far.

Richard Barron
News and Record


Carroll, whose commercial and apartment property holdings 
are worth more than $2 billion, 
said this is a rare moment that has caught him flat-footed.

Richard Barron
News and Record


Downtown needs more parking spaces to keep up with future development demands,
according to an analysis the city commissioned last month.

The author of the analysis: Kimley-Horn, 
the engineering firm the city hired to design a $30 million deck 
on south Davie Street. 

The city released Kimley-Horn's analysis last week, 
in part to quiet critics of the south Davie deck 
and a second $30 million deck the city is planning to build on Bellemeade Street.

Margaret Moffett
News and Record

Downtown Greensboro needs more parking, says firm designing Davie Street deck


http://www.greensboro.com/news/local_news/downtown-greensboro-needs-more-parking-says-firm-designing-davie-street/article_20186604-254b-5180-acfa-322c8f4cd80c.html


The city's last comprehensive study on the need for downtown parking happened in 2008. 

Two years later, the city published a study identifying sites for parking decks.  

In 2015, the Greensboro Department of Transportation reviewed the 2010 study. 

GDOT determined that the findings in the 2010 study were still valid 
— although city officials have conceded 
that GDOT didn't produce a new document or report to back up that claim.

Margaret Moffett
News and Record


Robbie Perkins declines to say whether he is involved with Roy Carroll's parking deck deal or the Publix incentives

http://greensboroperformingarts.blogspot.com/2018/04/robbie-perkins-declines-to-say-whether.htm


I made a bunch of phone calls today trying to find out who the realtor is for Roy Carroll's Publix Greensboro incentive deal

http://greensboroperformingarts.blogspot.com/2018/03/i-made-bunch-of-phone-calls-today.html

Publix' "Project Sky"; From the City of Greensboro's secret meeting on the Publix incentive deal, compliments of Roch Smith Jr.; $250 million turned into $400 million

http://greensboroperformingarts.blogspot.com/2018/03/publix-project-sky-from-city-of.html


City Council Give Away; June 16, 2015; $188,280.87 of water and sewer for Roy Carroll hidden in item 9 of the consent agenda for Greensboro's City Council meeting

http://greensboroperformingarts.blogspot.com/2015/06/city-council-give-away-june-16-2015.html


How much did the city spend to get the sewer line installed under I-40 for Roy Carroll's AMEX backup data center project?

http://hartzman.blogspot.com/2014/01/how-much-did-city-spend-to-get-sewer.html



City Council Give Away; June 16, 2015; $188,280.87 of water and sewer for Roy Carroll hidden in item 9 of the consent agenda for Greensboro's City Council meeting

http://greensboroperformingarts.blogspot.com/2015/06/city-council-give-away-june-16-2015.html


...The nine areas were labeled as ...Birch Creek, Rock Creek and Carolina Corporate Center."

http://hartzman.blogspot.com/2012/08/city-to-become-land-developer-by-rhino.html


“An application has not been made yet with the Local Government Commission related to financing for the Elm St. Hotel parking deck project or the CHI downtown parking deck project.”

http://greensboroperformingarts.blogspot.com/2018/03/an-application-has-not-been-made-yet.html

Greensboro City Manager Jim Westmoreland's Climax; "In response to your public records request concerning the City of Greensboro legislation which states the City is obligated to provide "off-street parking (both surface lots and parking decks) to meet the needs of downtown businesses" cited by Jim Westmoreland, attached is a copy of the City of Greensboro Code 16-156, Ord. No. 87-50"

http://greensboroperformingarts.blogspot.com/2018/02/greensboro-city-manager-jim.html

Mike Barber's 2017 Greensboro City Council campaign finance payoff for going after Randall Kaplan, Kathy Manning and George House, with some Yvonne Johnson, Tony Wilkins, Goldie Wells, Nancy Vaughan, Sharon Hightower, Justin Outling, Nancy Hoffmann, Jim Kee and Marty Kotis

http://greensboroperformingarts.blogspot.com/2018/02/mike-barbers-2017-greensboro-city.html

STPAC VIP Parking Control Fraud Math

http://greensboroperformingarts.blogspot.com/2017/12/stpac-vip-parking-control-fraud-math.html

Downtown Greensboro Parking Deck Math = City Council lied to our community and may have broken a few laws

http://greensboroperformingarts.blogspot.com/2017/12/downtown-greensboro-parking-deck-math.html

On April 18, 2017, Justin Outling seconded and voted to give Brooks Pierce Partner George House Greensboro taxpayer monies while Justin worked at Brooks Pierce

http://greensboroperformingarts.blogspot.com/2017/11/on-april-18-2017-justin-outling.html

Ethical Responsibilities of the Governing Body of the City of Greensboro

http://hartzman.blogspot.com/2013/04/ethical-responsibilities-of-governing.html

Tammi Thurm's employer's wife Kay Hagan's $2,700 for Kathy Manning, days before Tammi voted Randall and House $30 million for a parking deck, among other Manning donor's exploits

http://greensboroperformingarts.blogspot.com/2018/02/tammi-thurms-employers-wife-kay-hagans.html

Greensboro City Council member Tammi Thurm's former employer Randall Kaplan's Wife and Congressional Candidate Kathy Manning's Tammi Thurm $1,000 contribution before she voted them a $30 million unneeded parking deck from which they will personally profit

http://greensboroperformingarts.blogspot.com/2018/01/former-greensboro-city-council-member.html

Downtown Greensboro Parking Deck Math = City Council lied to our community and may have broken a few laws

http://greensboroperformingarts.blogspot.com/2017/12/downtown-greensboro-parking-deck-math.html

When in doubt, buy a newspaper and buy as many local politicians as possible, by Roy Carroll and John Hammer

http://greensboroperformingarts.blogspot.com/2016/02/when-in-doubt-buy-newspaper-and-buy-as.html

Roy Carroll and Tuggle Duggins' payoffs to Greensboro's City Council for their parking deck

http://greensboroperformingarts.blogspot.com/2018/02/roy-carroll-and-tuggle-duggins-payoffs.html

Nancy Vaghan's 2017 Roy Carroll payoff for his parking deck

http://greensboroperformingarts.blogspot.com/2018/01/nancy-vaghans-2017-roy-carroll-payoff.html

Are the parking deck deals for Randall and Roy "Rackets"?

http://greensboroperformingarts.blogspot.com/2017/12/are-parking-deck-deals-for-randall-and.html

A mix of Gary Kenton's letter to the editor and Hartzman's, "Voters should follow money connections", with some public records requests submitted to the City of Greensboro

http://greensboroperformingarts.blogspot.com/2017/11/a-mix-of-gary-kentons-letter-to-editor.html

Saturday, April 21, 2018

Tornado Quotes That Should Be Remembered

Greensboro, North Carolina is currently recovering from the largest natural disaster to ever hit the city of 270,000 people, but as snippets from local media and social media point out, the bigger disaster might be the shape the city was in before the tornado hit. How will a city in which so many were already suffering possibly find the means to rebuild its poorest communities?

How many poor homeowners will end up losing their homes altogether?



"But nobody comes for Acts of Man. Just Acts of God."
-Gwen Frisbie-Fulton, Shout out to the community response to the tornado;  on Facebook

That quote was the inspiration for this article.


"According to the Greensboro Housing Hub, more than half of Greensboro households are low-income."
--Nancy McLaughlin, House condemned: 'What happens to people like me?'  Greensboro News & Record

Think about that. What kind of city allows more than half of their population to remain poor while going on spending sprees for things the citizens neither want nor need?

"In addition, Contreras said 16 schools in the system are without electricity. Alternate locations will be set up for students who depend on the schools for their meals." --The Associated Press via WRAL, The Latest: More than 33,000 without power after storms

As of November 2017 Guilford County Schools served 32,000 breakfasts and 44,500 lunches daily. That includes summer vacation too. Locally our lower than average drop out rates can probably be attributed to free meals being available to qualifying students up to 18 years old.


"Ya’ll, this is coming from a place of gratitude and love - NO MORE BOTTLED WATER! Literally, our cups runneth over! All areas currently have all the water they can use right now." Greensboro City Councilwoman Michelle Kennedy on Facebook

I couldn't help but wonder how much money was wasted on bottled water that simply wasn't needed. I watched truck loads of bottled water get delivered to places where no one wanted it only to be carried home by volunteers at the end of the day to make room for things that were needed. Relief efforts require more than volunteers, relief efforts require government to manage the volunteers. Otherwise, why have government at all?

"Pence says FEMA is assessing the damage and evaluating the level of impact in the area in an effort to show that people are not alone.

"I'm here to assure the people of this community and of North Carolina that we are with you," Pence said."
   Fox8 Vice President Mike Pence tours parts of Greensboro that were devastated by tornado

I promise, those statements will come back to bite the Vice President. After all, like every other vice president he has no power to keep his promises. That is, unless something happens to Trump.

“We have to keep in mind that our residents are living in a war zone,” said Greensboro Mayor Nancy Vaughan about the damage. “Today everyone is grateful to be alive, as we’re grateful for them to be alive.” --Yasmine Regester, Carolina Peacemaker Community comes together in tornado aftermath

Mayor Vaughan had long been twisting the life out of Greensboro's working class communities being the first mayor in many years to run up a budget deficit while increasing taxes. If anything else goes wrong with relief operations she'll probably not be so grateful.

Oops!

"We came across a friendly neighbor who had been in his home for days. He hadn't eaten for a couple of days. He could barely get to the door," Lowe said." WFMY News 2 Volunteers Help Elderly Tornado Victim Who Hadn't Eaten in Days

You see, this one really hits home with me as my 85 year old, elderly mother and I live nearby and not one person has ever knocked on our doors. Momma doesn't drive anymore and she isn't able to walk to the places where food is being prepared. Our electricity was out until Wednesday night but what if it had been out longer? What if my mother had no one to care for her? Thankfully I was able to go out and get food but how many were not?

And why was no one from the City of Greensboro tasked with making sure every home was checked and rechecked?

Seems sometimes they don't even come for the acts of God.

Wednesday, April 18, 2018

City of Greensboro lowers retirement plan fees, and our local press didn't tell anyone, and never lifted a finger when they had a chance


From 2015; Please help save $35,122,520 for City of Greensboro employees

City of Greensboro executive management is in possession of the following information which should provide roughly $125 per year in investment and administrative fee savings for about 2,780 City employees in Greensboro's 457 qualified retirement plan (like a 401k).

ICMA-RC's proposal for Winston Salem dated November 30, 2011 states "based on a full plan take over of approximately $20 million in plan assets with 1,149 participants." and "ICMA-RC's minimum annual revenue requirement is 0.34% of assets with a five year contract term."


And "Any revenue received from investment companies above our revenue requirement would be provided to the plan as an administrative allowance", which Greensboro currently isn't offered, as ICMA-RC now takes "Any revenue received from investment companies above" Greensboro's revenue requirement.

Winston Salem's report showing an Administrative Allowance;


Greensboro is currently allowing ICMA-RC to take excess fees from Greensboro's employees, as Winston Salem negotiated the excess fees to be returned to their employees' accounts.

Greensboro's report showing no Administrative Allowance;


ICMA-RC's proposal for Winston Salem also states "If there is a shortfall in revenue, ICMA-RC and the City shall mutually agree upon a method to make up the shortfall necessary to meet the revenue requirement", meaning there is a floor to how much ICMA-RC needs in revenues per participant, which Greensboro's Mary Vigue via Jim Westmoreland denied in a breach of trust to City of Greensboro employees.
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The retirement plan consultant's letter to Winston Salem dated December 18, 2014 states "with respect to assets held in the Stable Value fund, the expense ratio of this fund includes 0.34% fee attributable to ICMA-RC services." and "the investment management fee appearing for the Stable Value fund is 0.48%."

And "the original “fee agreement” for ICMA-RC administration/recordkeeping services is 0.34% of plan assets; [Retirement Plan] Consulting will be monitoring the total dollar amount of these fees to ensure they remain reasonable given the inherent escalation of dollar revenue attributable to asset based fee structures (assuming the plan is growing e.g. new contributions and earnings).

Thus, we may determine the 0.34% fee needs to be calibrated lower in the future due to the growth in plan assets. 

Alternatively, we will also evaluate a “flat dollar” fee arrangement for ICMA-RC services."
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$20 million x 0.34% = $68,000 ICMA-RC minimum annual revenue requirement for 1,149 participants

$68,000 / 1,149 = $59.18 per participant
.
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As of the 1st quarter of 2014, Greensboro had $87,898,314 in its ICMA-RC 457 plan

Greensboro has 2,781 participants.

2,781 x $59.18 = $164,580    Greensboro is now paying $242,640 for no reason

$164,580 / $87,898,314 = 0.19%
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Greensboro should ask ICMA-RC to match Winston Salem's pricing;

For ICMA's VT PLUS [Stable Value] Fund, which had $36,415,538 as of 2014's first quarter,
0.19% + 0.48% = 0.67% instead of 0.82%.

The total cost for Greensboro's $36,415,538 stable value fund should be at most;
$36,415,538 x 0.67% = $243,984

0.67% instead of 0.82% = 0.15%

0.15% of $36,415,538 = $54,623 in savings, which would increase the yield to participants by about the same 0.15%.

By mirroring the Federal Government's Thrift Savings Plan, Greensboro could dramatically lower the cost and increase the returns via low cost index funds, whose expense ratios could be a bit lower if assets in each are larger than $5 million;

Vanguard Intermediate-Term Bond Index Fund Admiral Shares
Expense Ratio = 0.10% + 0.19% = 0.29%

Vanguard Extended Market Idx Signal
Expense Ratio = 0.10% + 0.19% = 0.29%

Vanguard FTSE All-World ex-US Index Fund Admiral
Expense Ratio = 0.15% + 0.19% = 0.34%

Vanguard 500 Index Fund Admiral Shares
Expense Ratio = 0.05% + 0.19% = 0.24%
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$87,898,314 total - $36,415,538 Stable Value = $51,482,776

The total cost for Greensboro's $51,482,776 in bond and equity funds should be at most, about the average of 0.29% + 0.29% + 0.34% + 0.24;

0.29% + 0.29% + 0.34% + 0.24% = 0.29%

$51,482,776 x 0.29% = $149,300

$149,300 + $243,984 = $393,284 maximum total annual cost

$393,284 / $87,898,314 = 0.45%
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As of 2014's 1st quarter, Greensboro's plan cost and estimated annual cost of $741,132;

$741,132 / $87,898,314 = 0.84%
.
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$741,132 - $393,284 = $347,848 in total annual savings

$347,848 / 2,781 participants = about $125 more per participant in year one.

In 30 years, another $125 per year per employee compounded at 7% should leave another $12,634 each by mirroring the federal government's Thrift Savings Plan, designed with low cost index funds by federal employees for themselves, instead of a D.C. "non-profit" whose CEO makes more than $2 million per year.

$12,634 x 2,780 = $35,122,520

Renegotiating Greensboro's 457 plan fees could save plan participants about $347,848 per year, but City Manager Jim Westmoreland and Assistant City Manager Mary Vigue, indirectly affiliated with the plan's administrators, worked to prevent lower costs with the help of financial industry lobbyists.

Westmoreland and Vigue have acted in the best interests of a retirement plan company connected to their management association instead of the employees they are supposed to represent.

Please help retain more money in our community instead of letting Greensboro's retirement plan provider skim more than necessary by contacting City Council to advocate for the reallocation and renegotiation of the plan's funds and fees.

It's the right thing to do.

George Hartzman.
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401k, 457, 403b's and the Federal Government's Thrift Savings Plan

http://hartzman.blogspot.com/2014/11/401k-457-403bs-and-federal-governments.html

Suggested City of Greensboro ICMA-RC fund changes by James Weight, Director, Relationship Management, Mid-Atlantic Region

http://hartzman.blogspot.com/2015/01/suggested-city-of-greensboro-icma-rc.html

"TriMet's 401(k)-type plan on the screen behind him and said that, outside the federal government's Thrift Savings Plan, this was "the best I've ever seen."

http://hartzman.blogspot.com/2015/01/trimets-401k-type-plan-on-screen-behind.html

How Jim Westmoreland, Mary Vigue and ICMA-RC's lobbyists shafted Greensboro's employees

http://hartzman.blogspot.com/2014/12/how-jim-westmoreland-mary-vigue-and.html

Concerning the contents of an information request concerning Greensboro's 457 plan

http://hartzman.blogspot.com/2014/12/concerning-contents-of-information.html

Greensboro ICMA-RC 457 plan fund alternatives which City management refuses to look into

http://hartzman.blogspot.com/2014/11/greensboro-icma-rc-457-plan-fund.html

Emails between City of Greensboro, Charlotte and some Winston Salem employees and their 457 Retirement Plan Provider

http://greensboroperformingarts.blogspot.com/2015/01/emails-between-city-of-greensboro.html

Thursday, April 12, 2018

"concerning all documentation concerning the financial sustainability of the Tanger Performing Arts Center

From: Kurt
to: "hartzman
date: Thu, Apr 12, 2018 at 1:51 PM
subject: City of Greensboro Public Records Request #7857

In response to your public records request #7857 concerning all documentation concerning the financial sustainability of the Tanger Performing Arts Center since 1/1/17, the City of Greensboro Coliseum responds, “The Coliseum has no records responsive to this request.  The Tanger Center budget for a full year of operation is being developed now.”

I hope this information is helpful to you.

Thank you for your public records request,
.
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The City of Greensboro won't/can't produce a document confirming $41,826,000 of private contributions for the TPAC listed on the application for the debt approval,  meaning the application filed by Greensboro with the N.C. Local Government Commission has a bunch of numbers on paper, not backed up by underlying documentation or confirmed confirmation;


"In response to your public records request for the application with the Local Government Commission for approval of Bonds and Trust Agreement for financing the Steven Tanger Performing Arts Center, the City of Greensboro Finance and Administrative Services has provided the attached Application for LGC Approval of TPAC Limited Obligation Bonds";

From the application;


Questions asked in response to what was provided in the public records request;

"Are there any attachments?
.
.
"Thank you for your email! I have contacted the City of Greensboro’s Finance and Administrative Services concerning the records that you have requested. I will email them to you as soon as the records are ready.

Thanks,

Kurt Brenneman, PIRT Administrator
Libraries"
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From a Roch Smith City of Greensboro records request on STPAC funding; The City doesn't really know how much of the private donations received are actually in hand, and Walker Sanders of The Community Foundation of Greensboro appears to have not released the information while making investment fees on an unknown amount of assets.



The City didn't come up with anyone elected or on staff which even asked for information confirming the whereabouts of more than $40 million


"Manning and Walker Sanders, the president of the Community Foundation,
also announced that they had met their goal
of raising $38.5 million from private donors."

Dawn DeCwikiel-Kane
Financially Illiterate News and Record reporter



"Costs for the entire project will be covered by private donations,
hotel and motel tax revenues, ticket fees and parking revenues
— not taxpayer money, [Matt] Brown said.

The venue originally was projected to cost $65 million,
with $30 million coming from the city of Greensboro and $35 million from private donors."

Dawn DeCwikiel-Kane
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Greensboro's City Council violated their oaths of office;

...lawful oaths for discovery of truth and establishing right 
are necessary and highly conducive to the important end of good government; 
and being most solemn appeals to Almighty God, 
as the omniscient witness of truth and the just and omnipotent avenger of falsehood, 
and whereas, lawful affirmations for the discovery of truth and establishing right 
are necessary and highly conducive to the important end of good government, 
therefore, such oaths and affirmations ought to be taken and administered
with the utmost solemnity.

§ 11-1. Oaths and affirmations to be administered with solemnity

Discovery of truth on TPAC didn't happen, and if it did, voting for the measures was a violation of the City of Greensboro oath of office and an unfaithful act.

From December 17, 2017's City Council meeting;


City taxpayers are going to borrow $43,450,000, which will cost $65,987,494.98, and no one at the City of Greensboro government level is able to produce any information as to where the private donations are, or what the money is invested in

The Local Government Commission, including North Carolina State Treasurer Dale Folewell and Greensboro's taxpayers have been played for fools, courtesy of the News and Record, Roy Carroll, via the Rhino Times' John Hammer, Matt Brown, Rick Lusk, Jim Westmoreland, Tammi Thurm, Allen Johnson, Nancy Vaughan, Nancy Hoffmann, Justin Outling, Marikay Abuzuaiter, and Yvonne Johnson, and the general population will remain uninformed with the help of the above persons.

Ethical Responsibilities of the Governing Body of the City of Greensboro;


Any City Council member who voted for a project without confirming where all the money was coming from violated Greensboro's City Charter
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About the Local Government Commission

In 1931 the North Carolina General Assembly established the Local Government Commission to help address the problems in local government finance caused by the depression.

Asistance to local governments and public authorities in North Carolina. It is staffed by the Department of State Treasurer and approves the issuance of debt for all units of local government and assists those units with fiscal management. 

The primary mission of the LGC is focused in three areas of responsibility and authority. First, a unit of government must seek LGC approval before it can borrow money. In reviewing each proposed borrowing, the LGC examines whether the amount being borrowed is adequate and reasonable for the projects and is an amount the unit can reasonably afford to repay. Second, once a borrowing is approved, the LGC is responsible for selling the debt (or bonds) on the unit’s behalf.

While state agencies in some other states are charged with approving local government debt; it is the combination of the power of approval with the power of sale that makes the LGC unique in the nation.

Third, the LGC staff regulates annual financial reporting by oversight of the annual independent auditing of local governments, by monitoring the fiscal health of local governments and by offering broad assistance in financial administration to local governments.

The Commission is composed of nine members: the State Treasurer, the Secretary of State, the State Auditor, the Secretary of Revenue, and five others by appointment

Primary Contacts
Main Number
(919) 814-4000

Press
press@nctreasurer.com
(919) 814-3820

Mailing Address
Department of State Treasurer
3200 Atlantic Avenue
Raleigh, NC 27604 

Fraud, Waste & Abuse Hotline 
1-855-90FRAUD
(1-855-903-7283)

Financial Operations
  
Accounting
(919) 814-3900

Banking
(919) 814-3900

Core Banking System Help Desk
(919) 814-3916  

Office of State Treasurer

Main Number
(919) 814-3800

Media Line
(919) 814-3820
press@nctreasurer.com

State and Local Government

Main Number
(919) 814-4300 

N.C. Local Government Commission;

Dale R. Folwell, CPA 

Elaine Marshall 

Beth Wood

Joshua Bass 

Viola Harris 

Scott Padgett 

Edward Munn 

Mike Philbeck 

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A financing update for the now $90 million Steven Tanger Center for the Performing Arts (STPAC), of which the City won't provide any details of underlying math, and won't provide anyone who knows to ask about it;

"Dear Mr. Hartzman,

In response to your public records request #7470 concerning any data or information concerning anticipated parking revenue impact associated with downtown Greensboro’s new performing arts center, relative to the creation of two new parking decks within the same area, the City of Greensboro Department of Transportation responded that it does not have any records responsive to your request."
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From the application;


Questions asked in response to what was provided in the public records request;

"Are there any attachments?

Please provide the underlying documents under number 11 that are not included."



"Please provide the underlying documents related to projection of underlying net revenues.   Lcg-108d.

The actual revenue not listed on same page.  And number 2. Normal growth estimate."


"Thank you for your email! I have contacted the City of Greensboro’s Finance and Administrative Services concerning the records that you have requested. I will email them to you as soon as the records are ready.

Thanks,

Kurt Brenneman, PIRT Administrator
Libraries"
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Why would Greensboro's finance department not fill out the whole form?

Does the Local Government Commission have a habit of rubber stamping municiple projects like this without complete information?
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"from: George
to: "Brenneman,
"Westmoreland, Jim" <Jim.Westmoreland@greensboro-nc.gov>,
Thomas.Carruthers
"Druga, Marlene" <
"Lusk, Rick"
"Moffett, Margaret"
Jeffrey Sykes
nancy.vaughan
Sharon Hightower
Justin Outling
"Abuzuaiter, Marikay"
date: Mon, Feb 19, 2018 at 6:24 PM
subject: Re: City of Greensboro Public Records Requests #7634, 7635, and 7636

I have asked for a meeting to explain this information twice or three times.

Please set up a meeting with someone who can go through this with me.

Thanks,


g"
,
,
Tue, Feb 20, 2018 at 8:43 AM

Dear Mr. Hartzman,

Good morning! I am locating someone who can review the financial statements provided in response to Public Records Requests #7634, 7635, and 7636 with you.
Many thanks,

Kurt
.
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Sat, Feb 24, 2018 at 8:24 AM

How is the review person issue coming?

g

Never happened

Please provide the application to the Local Government Commission for the TPAC project

http://greensboroperformingarts.blogspot.com/2018/02/please-provide-application-to-local.html

How to mislead a community on $23,108,494.98 Publicly Funded TPAC costs, by Greensboro's City Council, Staff and the 'Private Donors' who knew and said nothing

http://greensboroperformingarts.blogspot.com/2018/02/how-to-mislead-community-on-2310849498.html

From a Roch Smith City of Greensboro records request on STPAC funding; The City doesn't really know how much of the private donations received are actually in hand, and Walker Sanders of The Community Foundation of Greensboro appears to have not released the information while making investment fees on an unknown amount of assets

http://greensboroperformingarts.blogspot.com/2018/02/from-roch-smith-city-of-greensboro.html

Greensboro City Manager Jim Westmoreland's Climax; "In response to your public records request concerning the City of Greensboro legislation which states the City is obligated to provide "off-street parking (both surface lots and parking decks) to meet the needs of downtown businesses" cited by Jim Westmoreland, attached is a copy of the City of Greensboro Code 16-156, Ord. No. 87-50"

http://greensboroperformingarts.blogspot.com/2018/02/greensboro-city-manager-jim.html

Mike Barber's 2017 Greensboro City Council campaign finance payoff for going after Randall Kaplan, Kathy Manning and George House, with some Yvonne Johnson, Tony Wilkins, Goldie Wells, Nancy Vaughan, Sharon Hightower, Justin Outling, Nancy Hoffmann, Jim Kee and Marty Kotis

http://greensboroperformingarts.blogspot.com/2018/02/mike-barbers-2017-greensboro-city.html

STPAC VIP Parking Control Fraud Math

http://greensboroperformingarts.blogspot.com/2017/12/stpac-vip-parking-control-fraud-math.html

Downtown Greensboro Parking Deck Math = City Council lied to our community and may have broken a few laws

http://greensboroperformingarts.blogspot.com/2017/12/downtown-greensboro-parking-deck-math.html

On April 18, 2017, Justin Outling seconded and voted to give Brooks Pierce Partner George House Greensboro taxpayer monies while Justin worked at Brooks Pierce

http://greensboroperformingarts.blogspot.com/2017/11/on-april-18-2017-justin-outling.html

Ethical Responsibilities of the Governing Body of the City of Greensboro

http://hartzman.blogspot.com/2013/04/ethical-responsibilities-of-governing.html

Greensboro's Tanger Center Budget, as of 12/19/2017; Tammi Thurm voted for legislation which gave her boss' brother $586,000

http://greensboroperformingarts.blogspot.com/2018/01/greensboros-tanger-center-budget-as-of.html

Two reasons among many that a GPAC with 3,000 seats probably won't work as well as DPAC with 2,700 seats

http://hartzman.blogspot.com/2013/06/one-reason-among-many-that-gpac-with.html

Downtown Greensboro Parking Deck Math = City Council lied to our community and may have broken a few laws

http://greensboroperformingarts.blogspot.com/2017/12/downtown-greensboro-parking-deck-math.html

Congrats to Roy Carroll and Randall Kaplan; Your names appear nowhere on $56 million in taxpayer handouts

http://greensboroperformingarts.blogspot.com/2017/11/congrats-to-roy-carroll-and-randall.html
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from: George
to: Dale Folwell @nctreasurer.com>,
jbaughman   sosnc
beth_wood  ncauditor
J Bass <jbbass05
violaharris39
padgetts    concordnc
M Beck <mdphilbeck
date: Sun, Mar 4, 2018 at 8:29 AM
subject: Re: How to mislead a community on $23,108,494.98 Publicly Funded TPAC costs, by Greensboro's City Council, Staff and the 'Private Donors' who knew and said nothing

Incomplete STPAC debt financing application; "In response to your public records request for the application with the Local Government Commission for approval of Bonds and Trust Agreement for financing the Steven Tanger Performing Arts Center, the City of Greensboro Finance and Administrative Services has provided the attached Application for LGC Approval of TPAC Limited Obligation Bonds"

http://greensboroperformingarts.blogspot.com/2018/03/incomplete-stpac-debt-financing.html
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According to the City, dated January 26, 2018, the total amount expected to be repaid by revenues associated with the Steven Tanger Performing Arts Center is $65,987,494.98;


The citizenry was told total 'Public Funding' was $42.879 million;



$42.879 million - $65,987,494.98 = $23,108,494.98 more than the City informed the public of

In 2022, the TPAC revenue generators will have to come up with $2,864,792.20 in Annual Net Debt Service.

31 estimated events have no charge

149 - 31 = 118

$2,864,792.20 / 118 = $24,277.90 per shows with sold tickets needed to cover the debt costs, from Hotel, Motel Taxes, Ticket User Fees, Garage Parking, and 331 VIP Parking Spots

The venue itself is expected to lose somewhere between $173,400 to $388,312 per year;

http://www.greensboro-nc.gov/modules/showdocument.aspx?documentid=21349

Most of these numbers came out before Uber and Lyft came on the scene

As the map by City of Greensboro's Adam Fisher notes, there are 488 free on street parking spots within 1,200 feet of the site, not counting the VF and the Marriott parking across the street;
http://3.bp.blogspot.com/-M4ftDgh8hyA/UMeTCJft0rI/AAAAAAAABzo/KM4IT1k3rGU/s1600/Inside%2BCircle.jpg
$2,864,792.20 / 12 = $238,732.68 needed to cover the debt costs per month, not counting ongoing operating losses of somewhere between $173,400 to $388,312 per year, both of which are probably low

The costs are unsustainable, and 'they' knew it

Please hold those who knew and misled our City's taxpayers accountable 
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Unanswered City of Greensboro STPAC related public records requests etc...

Please provide the City's estimation of STPAC patrons parking and staying at the Marriott, Roy Carroll and Randall Kaplan hotels

Please provide the application to the Local Government Commission for the TPAC project

Please provide the City's estimation of Uber, taxi services to be utilized by STPAC patrons

Please provide documentation showing expected STPAC ticket fee revenue

Please provide documentation itemizing "$41.826M PRIVATE FUNDING TOTAL" for the STPAC

Please provide any documents or communications between anyone at the City and CFGG concerning private donations for STPAC since January 1, 2017.

Please provide documentation showing how many total VIP parking spaces are planned for STPAC
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On US Senator Kay Hagan's Brother in Law David Hagan, Making a Nice Slice off Greensboro's Taxpayers while Sitting on CFGG's Board


Performing Arts Center: "[Notable]...Task Force Members"

GPAC Development / Marketing Task Force; Kathy Manning, co-chair

GPAC Economic Impact / Feasibility Task Force; Randall Kaplan

GPAC Development / Marketing Task Force; George House, one of Randall's partners


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City Council minutes, February 7, 2012



Downtown Greensboro Parking Deck Math = City Council lied to our community and may have broken a few laws

STPAC VIP Parking Control Fraud Math

On Margaret Moffett's "Downtown parking decks may be a thing of the past", Justin Outling, Tammi Thurm and our coming tax increase to pay for handouts to millionaires

Looks like The Steven Tanger Center for the Performing Arts is going to cost a lot more than the reported $89.7 million

Are the parking deck deals for Randall and Roy "Rackets"?

On Greensboro's News and Record's "Officials: Cone Denim's legal access increases with deck" by Margaret Moffett

Jeff Sykes carves up Nancy Vaughan, Roy Carroll, Randall Kaplan and the rest of the crooked crew in downtown Greensboro

A mix of Gary Kenton's letter to the editor and Hartzman's, "Voters should follow money connections", with some public records requests submitted to the City of Greensboro

Monday, April 9, 2018

Please provide all documentation and communications concerning fee reductions within the City of Greensboro's ICMA-RC Plan since 1/1/18

Thanks,

g

Please provide the City of Greensboro's most recent and plan year end ICMA-RC Plan Service Report (PSR).

Thanks,

g

From 2015; Please help save $35,122,520 for City of Greensboro employees

City of Greensboro executive management is in possession of the following information which should provide roughly $125 per year in investment and administrative fee savings for about 2,780 City employees in Greensboro's 457 qualified retirement plan (like a 401k).

ICMA-RC's proposal for Winston Salem dated November 30, 2011 states "based on a full plan take over of approximately $20 million in plan assets with 1,149 participants." and "ICMA-RC's minimum annual revenue requirement is 0.34% of assets with a five year contract term."


And "Any revenue received from investment companies above our revenue requirement would be provided to the plan as an administrative allowance", which Greensboro currently isn't offered, as ICMA-RC now takes "Any revenue received from investment companies above" Greensboro's revenue requirement.

Winston Salem's report showing an Administrative Allowance;


Greensboro is currently allowing ICMA-RC to take excess fees from Greensboro's employees, as Winston Salem negotiated the excess fees to be returned to their employees' accounts.

Greensboro's report showing no Administrative Allowance;


ICMA-RC's proposal for Winston Salem also states "If there is a shortfall in revenue, ICMA-RC and the City shall mutually agree upon a method to make up the shortfall necessary to meet the revenue requirement", meaning there is a floor to how much ICMA-RC needs in revenues per participant, which Greensboro's Mary Vigue via Jim Westmoreland denied in a breach of trust to City of Greensboro employees.
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The retirement plan consultant's letter to Winston Salem dated December 18, 2014 states "with respect to assets held in the Stable Value fund, the expense ratio of this fund includes 0.34% fee attributable to ICMA-RC services." and "the investment management fee appearing for the Stable Value fund is 0.48%."

And "the original “fee agreement” for ICMA-RC administration/recordkeeping services is 0.34% of plan assets; [Retirement Plan] Consulting will be monitoring the total dollar amount of these fees to ensure they remain reasonable given the inherent escalation of dollar revenue attributable to asset based fee structures (assuming the plan is growing e.g. new contributions and earnings).

Thus, we may determine the 0.34% fee needs to be calibrated lower in the future due to the growth in plan assets. 

Alternatively, we will also evaluate a “flat dollar” fee arrangement for ICMA-RC services."
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$20 million x 0.34% = $68,000 ICMA-RC minimum annual revenue requirement for 1,149 participants

$68,000 / 1,149 = $59.18 per participant
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As of the 1st quarter of 2014, Greensboro had $87,898,314 in its ICMA-RC 457 plan

Greensboro has 2,781 participants.

2,781 x $59.18 = $164,580    Greensboro is now paying $242,640 for no reason

$164,580 / $87,898,314 = 0.19%
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Greensboro should ask ICMA-RC to match Winston Salem's pricing;

For ICMA's VT PLUS [Stable Value] Fund, which had $36,415,538 as of 2014's first quarter,
0.19% + 0.48% = 0.67% instead of 0.82%.

The total cost for Greensboro's $36,415,538 stable value fund should be at most;
$36,415,538 x 0.67% = $243,984

0.67% instead of 0.82% = 0.15%

0.15% of $36,415,538 = $54,623 in savings, which would increase the yield to participants by about the same 0.15%.

By mirroring the Federal Government's Thrift Savings Plan, Greensboro could dramatically lower the cost and increase the returns via low cost index funds, whose expense ratios could be a bit lower if assets in each are larger than $5 million;

Vanguard Intermediate-Term Bond Index Fund Admiral Shares
Expense Ratio = 0.10% + 0.19% = 0.29%

Vanguard Extended Market Idx Signal
Expense Ratio = 0.10% + 0.19% = 0.29%

Vanguard FTSE All-World ex-US Index Fund Admiral
Expense Ratio = 0.15% + 0.19% = 0.34%

Vanguard 500 Index Fund Admiral Shares
Expense Ratio = 0.05% + 0.19% = 0.24%
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$87,898,314 total - $36,415,538 Stable Value = $51,482,776

The total cost for Greensboro's $51,482,776 in bond and equity funds should be at most, about the average of 0.29% + 0.29% + 0.34% + 0.24;

0.29% + 0.29% + 0.34% + 0.24% = 0.29%

$51,482,776 x 0.29% = $149,300

$149,300 + $243,984 = $393,284 maximum total annual cost

$393,284 / $87,898,314 = 0.45%
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As of 2014's 1st quarter, Greensboro's plan cost and estimated annual cost of $741,132;

$741,132 / $87,898,314 = 0.84%
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$741,132 - $393,284 = $347,848 in total annual savings

$347,848 / 2,781 participants = about $125 more per participant in year one.

In 30 years, another $125 per year per employee compounded at 7% should leave another $12,634 each by mirroring the federal government's Thrift Savings Plan, designed with low cost index funds by federal employees for themselves, instead of a D.C. "non-profit" whose CEO makes more than $2 million per year.

$12,634 x 2,780 = $35,122,520

Renegotiating Greensboro's 457 plan fees could save plan participants about $347,848 per year, but City Manager Jim Westmoreland and Assistant City Manager Mary Vigue, indirectly affiliated with the plan's administrators, worked to prevent lower costs with the help of financial industry lobbyists.

Westmoreland and Vigue have acted in the best interests of a retirement plan company connected to their management association instead of the employees they are supposed to represent.

Please help retain more money in our community instead of letting Greensboro's retirement plan provider skim more than necessary by contacting City Council to advocate for the reallocation and renegotiation of the plan's funds and fees.

It's the right thing to do.

George Hartzman.
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401k, 457, 403b's and the Federal Government's Thrift Savings Plan

http://hartzman.blogspot.com/2014/11/401k-457-403bs-and-federal-governments.html

Suggested City of Greensboro ICMA-RC fund changes by James Weight, Director, Relationship Management, Mid-Atlantic Region

http://hartzman.blogspot.com/2015/01/suggested-city-of-greensboro-icma-rc.html

"TriMet's 401(k)-type plan on the screen behind him and said that, outside the federal government's Thrift Savings Plan, this was "the best I've ever seen."

http://hartzman.blogspot.com/2015/01/trimets-401k-type-plan-on-screen-behind.html

How Jim Westmoreland, Mary Vigue and ICMA-RC's lobbyists shafted Greensboro's employees

http://hartzman.blogspot.com/2014/12/how-jim-westmoreland-mary-vigue-and.html

Concerning the contents of an information request concerning Greensboro's 457 plan

http://hartzman.blogspot.com/2014/12/concerning-contents-of-information.html

Greensboro ICMA-RC 457 plan fund alternatives which City management refuses to look into

http://hartzman.blogspot.com/2014/11/greensboro-icma-rc-457-plan-fund.html

Emails between City of Greensboro, Charlotte and some Winston Salem employees and their 457 Retirement Plan Provider

http://greensboroperformingarts.blogspot.com/2015/01/emails-between-city-of-greensboro.html



From a meeting with Congressman Mark Walker's staff, after which Mark did nothing = Walker has joined the national "keep the financial industry unaccountable" club

Wells Fargo Securities Fraud

George Hartzman
2506 Baytree Drive
Greensboro, NC  27455

1. In 2008 and 2009, unknown to shareholders and the public but known to Wells Fargo CEO John Stumpf among others, Wells Fargo borrowed from the U.S. Federal Reserve Bank's (FED) Term Auction Facility (TAF), representing massive, material undisclosed loans and a credit line with the FED, details of which were not disclosed within Wells Fargo's 2008 and 2009 Securities and Exchange Commission (SEC) filings and Wachovia merger related litigation pleadings.

2. Unencumbered Collateral, representing assets free and clear of any encumbrances such as creditor claims or liens, showed that Wells Fargo had an unreported FED credit line worth tens of billions (far right column);

https://www.federalreserve.gov/newsevents/reform_taf.htm

3. Wells Fargo's 2008 era Annual Reports;

https://www.wellsfargohistory.com/archives/annual-reports/wells-fargo-three/

Search for "Term Auction" results for 2008 = Zero.

Search for "Discount Window", which Wachovia borrowed from before merging with Wells Fargo on October 6, 2008 results = Zero.

Search for “TAF” results for 2008 = “Staff”

4. Wells Fargo's 2008 annual report certified by John Stumpf, didn’t disclose the overall size of FED’s TAF credit lines, terms, interest charges, dates, collateral, values or amounts of U.S. Government provided financial assistance in violation of SEC and Sarbanes Oxley (SARBOX) reporting laws.

5. In an interview on Tuesday, June 10, 2008, after Wells Fargo borrowed billions from the FED’s TAF, representing 15.27% of the company's market capitalization, John Stumpf stated "I have a general aversion to using public money, our citizen's money, to bail out problems for a particular sector" and "...in our company's case, to be able to not only pay for the credit hits we took, we actually added to our reserves" and "We added organically to capital", which wasn’t’ true.

http://www.marketplace.org/2008/06/10/business/interview-transcript-john-stumpf

6. In March, 2009, Senator Bernie Sanders website reported "During the worst financial crisis in our nation's history since the Great Depression - a crisis which has led to the largest taxpayer bailout ever - the very least we can do is explain to the American people what the Federal Reserve is doing with their hard-earned taxpayer dollars," Sanders said.  At a Senate Budget Committee hearing on March 3 [2009], Sanders asked Fed Chairman Ben Bernanke to name the hundreds of banks that took money since the financial crisis began.  Bernanke refused to name any of the financial institutions and would not say what the banks are doing with the money.  Sanders noted that a separate $700 billion financial rescue package that was signed into law last October requires the Treasury Department to identify recipients of bailout funds.

http://www.sanders.senate.gov/newsroom/news/?id=531a8de5-e7db-4dc9-a126-6d1d1285178f

https://www.youtube.com/watch?v=rCWXrMCGJT4

7. On December 21, 2011, after the FED was forced to reveal who got what, then Wells Fargo Executive Vice President and Controller Richard D. Levy responded to an inquiry by the SEC's Stephanie L. Hunsaker stated "We have become aware through various news reports that you may have accessed various Federal Reserve and Federal Deposit Insurance Corporation sponsored funding programs during 2008 and 2009, including the Term Auction Facility (TAF)..." And "you do not appear to have provided any discussion about certain other programs that were in existence at this time, such as the TAF…”

8. If the SEC became aware through the news that Wells Fargo borrowed billions from the FED, Wells Fargo didn't report material information to the SEC in filings certified by John Stumpf.

9. Wells Fargo’s response stated "We did participate in the Term Auction Facility (TAF) during 2008 through August 2009." And "At December 31, 2008, our short-term borrowings under TAF totaled $72.5 billion, which included $40 billion of TAF borrowings by Wachovia Corporation at the time of acquisition.  However, the TAF borrowings were classified differently in the legacy Wells Fargo and Wachovia accounting systems..., which resulted in our reporting of $32.5 billion of the TAF borrowings in the “Commercial paper and other short-term borrowings” line item, and the $40 billion of Wachovia TAF borrowings reported in the “Federal funds purchased and securities sold under agreements to repurchase” line item of Note 13 (Short-Term Borrowings) in our 2008 Form 10-K.  Despite the accounting systems difference, our management did not distinguish TAF from other sources of short-term borrowings [GH; meaning both company’s accounting was combined for the fourth quarter of 2008, as there was no Wachovia 2008 annual report]" and “nor did we access the Federal Reserve’s discount window for liquidity purposes during 2008 and 2009”, yet Wachovia did.

https://www.sec.gov/Archives/edgar/data/72971/000119312511349117/filename1.htm

Wells Fargo Insider Trading

10. After borrowing $1.6 billion from TAF on January 17, 2008 with a $47.9 billion FED credit line, John Stumpf exorcised 68,980 shares of Wells Fargo stock worth $2,077,815.  On May 5, 2008, Stumpf bought 1,550 shares of Wells Fargo worth 44,841 and was not charged for Insider Trading and Securities Fraud.

On June 6, 2008, while Wells Fargo was in possession of undisclosed FED TAF loans, former Wells Chairman Richard M. Kovacevich purchased 40,398 of Wells Fargo stock valued at $1,052,367 and was not charged for Insider Trading and Securities Fraud.

http://www.insider-monitor.com/trading/cik72971-3.html

11. During 2008, Wells Fargo stock option related insider transactions also involved Atkins Howard I (Senior Executive VP & CFO), Milligan Cynthia (Director), White Julie M (Executive Vice President), Runstad Judith M (Director), Swenson Susan (Director), Quigley Philip (Director), Oman Mark C (Sr. Executive Vice President), Tolstedt Carrie L (Sr. Executive Vice President) and Loughlin Michael J (Executive Vice President).  See above link.

Wachovia

12. Before arriving on July 9, 2008 as CEO of Wachovia, Robert Steel was in a ‘need to know position’ of massive undisclosed material FED borrowing as Under Secretary for Domestic Finance of the United States Treasury under former Goldman Sachs colleague Hank Paulson.

13. On March 31, 2011, Bloomberg reported “During the financial crisis and prior to the Wells Fargo merger while still an independent company [GH; but after the merger with Wells Fargo was announced on October 3, 2008], Wachovia borrowed and repaid funds from the discount window,” Mary Eshet, spokeswoman for San Francisco-based Wells Fargo, said..." unmentioned in Controller Richard D. Levy's December 21, 2011 response to an inquiry by the SEC's Stephanie L. Hunsaker without consequence in item 9.

http://www.bloomberg.com/news/articles/2011-03-31/wachovia-held-29-billion-in-fed-s-discount-window-borrowing

On April 4, 2011, Bloomberg reported "Wachovia Corp. was the only U.S. bank among the top five discount-window borrowers as the crisis peaked.  The company, based in Charlotte, North Carolina, borrowed $29 billion from the discount window on Oct. 6, in the week after it almost collapsed, the data show. …The Wells Fargo deal closed at the end of 2008.  Wells Fargo spokeswoman Mary Eshet declined to comment on Wachovia’s discount-window borrowing" after commenting on Wachovia’s discount window borrowing on March 31, 2011.

http://www.bloomberg.com/news/articles/2011-04-01/foreign-banks-tapped-fed-s-lifeline-most-as-bernanke-kept-borrowers-secret

14. On October 31, 2008, WELLS FARGO & COMPANY FORM S-4 REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933, which prominently listed James M. Strother, Esq., Executive Vice President and General Counsel of Wells Fargo, stated; "Liquidity continued to decline and by the end of September 26, Wachovia’s management was concerned that, without accessing the Federal Reserve’s discount borrowing window, Wachovia’s banking subsidiaries would not be able to fund normal banking activities on Monday, September 29. Wachovia had been regularly reviewing its liquidity situation with the Federal Reserve and the OCC, who on that day remained on site." after Wachovia borrowed $12.5 billion from the FED’s Term Auction Facility and $29 billion from the FED’s discount window on October 6, 2008, violating security reporting laws on October 31, 2008, by not disclosing the type, terms, interest charges, dates, collateral, values or amounts of federal financial assistance provided by the FED, in violation of SEC and Sarbanes Oxley reporting laws.  The FED’s Discount Window data for 2008 is missing from their website.

https://www.sec.gov/Archives/edgar/data/72971/000095012308013965/y72243sv4.htm

https://www.federalreserve.gov/newsevents/reform_discount_window.htm

15.

https://www.federalreserve.gov/newsevents/reform_taf.htm

16. On March 27, 2008, Wachovia borrowed an undisclosed $3.5 billion from the Federal Reserve’s Term Auction Facility with $65.8 billion in Unencumbered Assets, which showed Wachovia had a massive unreported Federal Reserve material liquid credit line bigger than Wells Fargo’s.

17. On 6/30/2008, Wachovia's outstanding Federal Reserve provided Term Auction Facility borrowings totaled $10 billion, representing a material 29.82% of the company's market capitalization.

18. Wachovia Corporation's June 30, 2008 form 10-Q certified by Robert Steel did not disclose the type, terms, interest charges, dates, collateral, values or amounts of federal financial assistance provided by the FED’s TAF.

https://www.sec.gov/Archives/edgar/data/36995/000095014408006316/g14577qe10vq.htm

19. On July 22, 2008, Mr. Steel personally purchased 1,000,000 shares of Wachovia’s stock, among others and without consequence, as Wachovia’ undisclosed Federal Reserve Term Auction Facility (TAF) borrowing reached $12.5 billion, representing a material 34.85% of the company's market capitalization.

http://www.insider-monitor.com/trading/cik36995.html

20. In an interview with CNBC's Jim Cramer On Monday, September 15, 2008, Robert Steel said "I think it's really about...transparency.  People have to understand the assets and really be able to say, this is what I own" and "Complete disclosure" and "we can work through this with transparency, liquidity and capital" and "Our strategy was to give you all the data" and "we're raising capital ourselves by basically shrinking the balance sheet, cutting the dividend, cutting expenses.  We can create more capital ourselves that way", which wasn't true.

After Jim Cramer asked "Should there be any sort of quick regulatory relief from the SEC that would make life easier to be able to make your bank much stronger?", Mr. Steel lied when he responded "I don't think it's about my bank", which wasn't true, as the SEC and FED allowed violations of SARBOX reporting requirements by both Wells Fargo and Wachovia among others for Steel to have been able to make the statement without being charged for insider trading and securities fraud.

http://www.cnbc.com/id/26728133#

21. On 9/25/2008, when Wachovia borrowed an undisclosed $5 billion from the FED's TAF, Wachovia’s unreported credit line was $56.8 billion.

22. Wachovia Corporation's form 10-Q for the quarterly period ended September 30, 2008 pursuant to 18 U.S.C. Section 1350 as adopted pursuant to section 906 of the Sarbanes-Oxley Act of 2002 certified by Robert Steel, did not disclose the type, terms, interest charges, dates, collateral, values or amounts of financial assistance provided by the FED and other material terms.

The SEC filing misled shareholders and violated securities laws when it stated "I, Robert K. Steel, certify that:  I have reviewed this Quarterly Report on Form 10-Q for the quarter ended September 30, 2008 of Wachovia Corporation;  Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report."

http://www.taxpayer.net/user_uploads/file/Bailout/BankBios/WellsFargo/Finance/WACHOVIACORP%2010Q%203rd%20qtr%202008.pdf

23. An October 3, 2008 "Statement from Wells Fargo and Wachovia" states "Wells Fargo & Company (NYSE:WFC) and Wachovia Corporation (NYSE:WB) said today they have signed a definitive agreement for the merger of the two companies including all of Wachovia's banking operations in a whole company transaction requiring no financial assistance from the Federal Deposit Insurance Corporation (FDIC) or any other government agency", which wasn’t true.

http://www.bloomberg.com/news/articles/2008-10-03/statement-from-wells-fargo-and-wachoviabusinessweek-business-news-stock-market-and-financial-advice

24. The FED unanimously approved Wachovia's merger with Wells Fargo on October 12, 2008 as Wachovia's FED TAF and Discount Window borrowings were a material 449.72% of Wachovia’s market capitalization.

25. Federal employees at the FED, SEC and FDIC must have known Wachovia and Wells Fargo CEO's Robert Steel and John Stumpf did not disclose FED TAF and Discount Window borrowings in merger related SEC filings and Wells Fargo’s 2008 annual report, after the merger.

26. Wachovia’s market capitalization lost about $42.672 billion between the first undisclosed TAF loan borrowing with a $65.4 billion credit line and the Wells Fargo merger.

27. On November 17, 2008, Robinson Bradshaw's Robert Fuller filed a BRIEF OF DEFENDANT WACHOVIA CORPORATION AND OF INDIVIDUAL DEFENDANTS OPPOSING PRELIMINARY INJUNCTION in defense of the Wells Fargo Wachovia merger which stated; "In the three-week period prior to October 3, Wachovia experienced an acute liquidity crisis that, ...placed Wachovia on the brink of receivership" without disclosing Wachovia's available FED borrowings and credit lines.  And "Without the Wells merger, Wachovia either had to pursue a sale of assets ... or go into FDIC receivership and suffer a complete and certain loss of its shareholders' equity." without disclosing Wachovia's available FED credit lines.  And "financial market participants, depositors, and other counterparties had begun refusing to deal with Wachovia" after Wachovia's Robert Steel didn't disclose the firm's available FED credit lines.  And "The merger agreement had the desired effect of providing assurance to third parties that allowed Wachovia to obtain access to capital and recover stability" after Wachovia's Robert Steel and Wells Fargo’s John Stumpf failed to disclose Wachovia’s or Wells Fargo’s FED borrowing or available access to capital via FED credit lines.  And "Despite diligent, persistent, and continuous efforts after the board meeting on September 16 to raise capital, sell assets ... Wachovia had been unable to reach any definitive agreement with a third party that would allow Wachovia to resolve its liquidity issues and avoid FDIC receivership" while Wachovia was in possession of an undisclosed FED credit line totaling $56.838 billion, which Robert Steel was aware of and John Stumpf should have been.

28. On December 31, 2008, Wachovia had no borrowings from the Fed's Discount Window, and $40 billion in borrowings from the TAF, while Wells Fargo borrowed $32.5 billion from the TAF, totaling a material $72.5 billion borrowed on the eve of a merger transaction executives from both companies said no government agencies were involved in, which wasn't true.

29. Wells Fargo CEO John Stumpf knew and proceeded with the merger, signing false SEC certifications in the process.

30. After the Wachovia merger, Wells Fargo's 2008 annual report certified by John Stumpf, didn’t disclose Wachovia’s Discount Window borrowing, TAF or the overall size of FED’s TAF loans and credit lines, interest rates and maturities, all of which were material inside information known to Wells Fargo CEO John Stumpf and Wachovia CEO Robert Steel, but few others.

31. An example of what Wachovia and Wells Fargo should have disclosed in Zions Bancorporation's fiscal year ended December 31, 2008 form 10-k, which states; "In December 2007, the Federal Reserve Board announced a new program, the Term Auction Facility (“TAF”), to make 28 day loans to banks in the United States and to foreign banks through foreign central banks. These loans are made using an auction process. Zions Bank is currently participating in the TAF and may continue to do so as long as money can be borrowed at an attractive rate. The amount that can be borrowed is based upon the amount of collateral that has been pledged to the Federal Reserve Bank. At December 31, 2008, $1.8 billion in borrowings were outstanding under this program as compared to $450 million at December 31, 2007. However, by February 13, 2009, the TAF borrowings outstanding had been reduced to $500 million. At December 31, 2008, the amount available for additional Federal Reserve borrowings was approximately $4.3 billion, which had increased to $5.7 billion by February 13, 2009. An additional $1.3 billion could be borrowed at December 31, 2008 upon the pledging of additional available collateral.

At December 31, 2008, the Company’s subsidiary banks had a total of $13.1 billion of immediately available, unused borrowing capacity at the Fed and various FHLBs, which had increased to $14.3 billion as of February 13, 2009."

http://www.sec.gov/Archives/edgar/data/109380/000119312509040927/d10k.htm

32. On February 17, 2016, I survived a motion to dismiss in a federal court as a pro se litigant which implicates John Stumpf and other Wells Fargo executives with false SEC certifications, securities fraud and insider trading during the financial crisis.

The “MEMORANDUM OPINION AND ORDER; OSTEEN, JR., District Judge; GEORGE HARTZMAN, Plaintiff, v. WELLS FARGO & COMPANY, Defendant; 1:14CV808” states I have an "objectively reasonable belief" that John Stumpf and Robert Steel violated securities laws;

“…Defendant also alleges that the SEC at some point inquired about these SEC filings, citing to a letter between Wells Fargo and the SEC. (Id. ¶ 21.) Finally, Plaintiff alleges both that the Securities Division of the North Carolina Department of the Secretary of State found enough merit to his concerns on this issue to refer them to FINRA and the SEC, and former SEC officials who were interviewed about the issue found plausible violations among his concerns.

...the court finds that Plaintiff has met his burden of pleading an objectively reasonable belief regarding Wells Fargo’s alleged failure to include the receipt of federal monies in its SEC filings...

...Plaintiff has alleged enough to show the objective reasonableness of his concerns.  If financial experts and the SEC itself were concerned about the materiality of these non-disclosures and possible violations of the securities laws, it is contrary to reason to find it unreasonable for Plaintiff to have believed they were violations as well.  As such, the court finds that Plaintiff has alleged that he had an objectively reasonable belief that these actions constituted a violation of the law..."

33. After paying former Goldman Sachs colleague Peter Weinberg's Perella Weinberg Partners $25 million and Robert Steels' former employer Goldman Sachs $25 million to advise Wachovia on the merger with Wells Fargo, Steel became CEO of Perella Weinberg Partners in 2014.
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Safety Save

http://greensboroperformingarts.blogspot.com/2016/11/safety-save.html

Getting closer; "Wells Fargo sales scandal extends to brokerage unit: US senators"

http://greensboroperformingarts.blogspot.com/2016/11/getting-closer-wells-fargo-sales.html

Just in case...

http://greensboroperformingarts.blogspot.com/2016/10/just-in-case.html

We are supposed to meet in early November

http://greensboroperformingarts.blogspot.com/2016/10/we-are-supposed-to-meet-in-early.html

NPR's Chris Arnold; "Former Wells Fargo Employees Join Class Action Lawsuit"

http://greensboroperformingarts.blogspot.com/2016/10/nprs-chris-arnold-former-wells-fargo.html

Awesome; "Former Federal Investigator Says Government Didn't Investigate Wells Fargo Whistleblower Cases"

http://greensboroperformingarts.blogspot.com/2016/10/awesome-former-federal-investigator.html

North Carolina's Consumer Protection Division doesn't really care about helping Wells Fargo's clients

http://greensboroperformingarts.blogspot.com/2016/10/north-carolinas-consumer-protection.html

Warren 'News and Record owner' "Buffett made billions amid Wells Fargo fraud" with the help of Allen Johnson and Amanda Lehmert among others

http://greensboroperformingarts.blogspot.com/2016/10/warren-news-and-record-owner-buffett.html

The CFPB didn't do anything about Wells Fargo until the LA Times did

http://greensboroperformingarts.blogspot.com/2016/10/the-cfpb-didnt-do-anything-about-wells.html

I received a call yesterday from the following two Department of Labor personnel

http://greensboroperformingarts.blogspot.com/2016/10/i-received-call-yesterday-from.html

Dear George Hartzman,

http://greensboroperformingarts.blogspot.com/2016/10/dear-george-hartzman.html

For a meeting with Congressman Mark Walker's office at 10:00 this morning, just in case...

http://greensboroperformingarts.blogspot.com/2016/10/for-meeting-with-congressman-mark.html

John Stumpf's Sarbanes Oxley Securities Fraud at Wells Fargo

http://greensboroperformingarts.blogspot.com/2016/10/john-stumpfs-sarbanes-oxley-securities.html

How Wells Fargo Board Whistleblower Communications didn't get to the board's ethics committee

http://greensboroperformingarts.blogspot.com/2016/09/how-wells-fargo-board-whistleblower.html

"Wells Fargo Whistleblower Claims Get New Scrutiny in Labor Review"

http://greensboroperformingarts.blogspot.com/2016/09/wells-fargo-whistleblower-claims-get.html

From the comments; "Wells Fargo CEO John Stumpf has got to resign now"

http://greensboroperformingarts.blogspot.com/2016/09/from-comments-wells-fargo-ceo-john.html

Wells Fargo Securities Fraud and Insider Trading

http://greensboroperformingarts.blogspot.com/2016/09/wells-fargo-securities-fraud-and.html

Wells Fargo FORM 10-Q QUARTERLY REPORT, 11 — Legal Actions = No mention of Hartzman surviving a motion to dismiss

http://greensboroperformingarts.blogspot.com/2016/09/wells-fargo-form-10-q-quarterly-report.html

Dear Andrew Brod and friends who know who they are; "Wells Fargo's community banking exec reportedly leaving with $124.6 million"

http://greensboroperformingarts.blogspot.com/2016/09/dear-andrew-brod-and-friends-who-know.html