All posts by Hutchins AAron

Born in Deutschland 1965, hometown was Bütthart, parents were not U.S. government employees. However, when father was tricked into joining the U.S. Air Force Civil Service, in 1969, with the promise that we could remain in Germany, we were promptly shipped off to Iran. Due to one of my Iranian educators being disappeared, along with her husband, by the U.S. ally Shah of Iran's Israeli & U.S. created Savak (for the then official terrorist act of promoting the idea that women can vote), and due to my U.S. citizen mother being placed on Savak's Terrorist Arrest List (for supporting the idea that women should vote, at that time the U.S. ally Shah of Iran did not allow women to vote, now they can) we left Iran for the United States in 1973, literally in the middle of the night. At the U.S. Embassy airbase the CIA operated Gooney Bird (C-47) was so packed with other U.S. citizens fleeing our ally Iran (because the Shah gave the OK to arrest any U.S. citizen for such terrorist acts as promoting the concept of voting) that we were turned away by the Loadmaster and had to take a chance on a civilian flight out of Tehran's airport. My father told me he and my mother had three culture shocks; first when they arrived in Germany as civilians, then after being shipped off to Iran as U.S. government employees, then again returning to the United States as unemployed civilians (because so much had changed in the U.S. while they were gone, their only news source was the U.S. Armed Forces Radio & Television Service which heavily censored information about the home front). Since I graduated high school in 1982 I've worked for U.S. government contractors and state & local government agencies (in California), convenience store manager in California, retail/property management in Georgia, California and Idaho. Spent the 1990s in the TV news business producing number one rated local news programs in California, Arizona and Idaho. 14+ years with California and Idaho Army National Guard and the U.S. Air Force. Obtained a BA degree in International Studies from Idaho State University at the age of 42. Unemployed since 2015, so don't tell me the economy has recovered.
Business/Economics, International, Technology

Corporate Incompetence: Olympus made extremely stupid investment deal, or was it a conspiracy?

The latest revelation about Japanese camera maker Olympus is that they lost most of their money in what looks like a deliberately stupid stock buy back program.

On November 8 it was revealed that Olympus has been almost broke since the late 1990s, and was cooking their accounting books.  Now we have an explanation of how they finally lost most of their money.

The book cooking was just the beginning.  In 2008 Olympus bought a British surgical equipment maker, Gyrus Group.

Olympus paid a stock brokerage company, located in the tax haven Caribbean island of Cayman, to handle the buyout.  That company was called AXAM.  Total payment to AXAM was 17 billion yen (about U.S.$220 million), in cash and Gyrus stocks.

In 2010, Olympus bought back the stock for a total of 60 billion yen (about U.S.$770 million)!  AXAM closed up shop three months later!

Talk about corporate incompetence, Olympus officials violated the golden rule of investing: Buy low, sell high.  But was it incompetence or a conspiracy?  It’s very suspicious that Olympus used a broker in a known tax haven country, who then closed up shop after Olympus bought back the Gyrus stocks, at grossly inflated prices.

To add to the conspiracy theory, it has just been revealed by NHK in Japan, that Olympus fired its independent accounting auditors when they began to question the company’s accounting books.

In 2009 the independent auditors questioned Olympus officials’ buyouts of three Japanese companies between 2006 and 2008.  All the companies were considered bad investments.  To make it more questionable, the auditors pointed out that Olympus had a yearly revenue of 2 billion yen (about U.S.$30 million), at most.  The three Japanese companies cost Olympus more than 73 billion yen (about U.S.$940 million)!

The Japanese Securities and Exchange Surveillance Commission claim it will investigate the Olympus scandal.

 

 

 

 

International, Technology, U.S.

World War 3: British government officials leak info about invasion of Iran; Merry Xmas

“We’re expecting something as early as Christmas, or very early in the New Year.”-unnamed British Foreign Office source

The British media outlet Daily Mail has been publishing what they claim are leaked details of the coming attack on Iran, by Israel, United Kingdom and the United States.

On November 2 they published an article that says the U.K. and the U.S. are working on the details of a joint military operation against Iran.  It said that President Barack Obama wants vengeance for a supposed plot to assassinate a Saudi Arabian official (which in reality was a failed DEA/FBI sting operation), and that Obama and Prime Minister David Cameron are using the latest IAEA report as justification.

The Daily Mail says the invasion of Iran will be made by British and U.S. forces from Iraq and Afghanistan, as well as from the Persian Gulf.  Israel will use its air force (including its growing arsenal of ballistic missiles) against Iran.

Whitehall (a term referring to the British royal family “Her Majesty’s Government” which oversees the operation of the U.K. government, the Queen is the c in c of British forces) officials claim that Iran has suddenly appeared “newly aggressive, and we are not quite sure why.”

The Daily Mail also said that Obama does not want a new war before the 2012 elections, but is being pressured by Israel.

The British newspaper Guardian also published similar articles.

On November 10, the Daily Mail published an article that said Israel would launch air strikes against Iran by the end of December. That report came from British intelligence officials.

British Ministry of Defense officials said their concern about Iran getting the bomb, is that other middle eastern countries will follow suit:  “The bigger concern is it will be impossible to stop Saudi Arabia and Turkey from developing their own weapons.”

Israeli Defense Minister Ehud Barak continues to imply a possible Israeli military strike against Iran’s nuclear program: “We continue to recommend to our friends in the world and to ourselves, not to take any option off the table.”

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Business/Economics, Idaho, U.S.

Occupy America: Foreclosure is not the end, Idaho one of many states that allow banks to sue you for money they lost on your home foreclosure. It’s now part of Wall Street’s new investment scheme

“I wish somebody had come to us, you know, in the months before all of this happened and said, look, you really, really should look at a short sale or taking any other option other than foreclosure.”-Ben Jensen, Idahoan who lost home to foreclosure and was still sued by Bank of America

Did you know that as many as 40 U.S. states allow banks, and debt collectors to sue you even after a home foreclosure is finalized?  It’s called ‘deficiency judgment’.

Idaho attorney Brian Webb, says he’s seeing a sudden increase in such legal action by Corporate America:  “I only probably handled five or six in 2010; versus 2011, it’s been, you know, off the top of my head, between 15 and 25 deficiency cases.”

If you lose your home to foreclosure you could get hit with a lawsuit fives years after the fact: “In many other states around the country, homeowners find themselves subject to deficiency actions one, two, three, four or five years after they’ve been foreclosed.”-Geoff Walsh, National Consumer Law Center

Another Idaho attorney, Terri Pickens, says the sudden increase in deficiency judgments are due to a disturbing new trend; banks are selling their deficiency claims to collection agencies.  It’s all part of Wall Street’s new “investment” strategy: “I do know some private investors who are coming in and purchasing up bank loan packages and have been paying literally pennies on the dollar; just sitting on the paper, waiting for the right time to collect on it.”

 


 

 

 

 

Technology, U.S.

Day After Tomorrow: Alaska hit by storm of “Epic Proportions”, new National Emergency Alert System fails

“This is a storm of epic proportions. We’re not out of the woods with this.”-Jeff Osiensky, National Weather Service

A storm as strong as a category 3 hurricane/typhoon hit the coast of Alaska the night of November 9.  Anchorage saw ocean surge of 10 feet above normal. The last time a similar storm hit Alaska was in November 1974.

The Weather Service says Alaska can expect three to four inches of snow for November 10.  There is “a potent upper level disturbance” rotating around the Bering Sea.

Ironically, Wednesday’s planned test of the new National Emergency Alert System was cancelled in Alaska because of the weather, I’d say that shows the new Emergency Alert system failed.

 

 

Business/Economics, Idaho, U.S.

Occupy Idaho: Bank sues Mayor for business loan, Mayor says her business is not in trouble

Coeur d’Alene Mayor Sandi Bloem was shocked to learn that her jewelry store is being sued for more than $80,000.

Panhandle State Bank says the lawsuit is over a $75,000 loan made back in 2005.  Bloem says she was in the process of renegotiating the loan, and never had any indication the bank was going to sue.  She says her jewelry store is not in financial trouble, even though the bank says she failed to pay off the loan.

 

Business/Economics, International, U.S.

No Economic Recovery for the U.S.: Dell Computer founder says the U.S. is no longer the land of opportunity. Go west young man, to China

“I would go to China at age 19 and start my company there. It’s a much better environment.”-Michael Dell

That’s what founder and CEO of Dell computers reportedly told PBS interviewer Charlie Rose, after being asked about doing things over.

Like Steve Jobs, Michael Dell is a college drop out, who went on to build a successful computer company.  Dell is the number two computer company in the U.S., Apple is third.

It’s not a good sign when the founder of the number two computer maker in the U.S. says the new generation of entrepreneurs should move to China.

 

 

 

 

Business/Economics, Idaho, U.S.

What Economic Recovery? U.S. Home foreclosures on their way back up, Idaho makes top ten list (again)

After several months of what looked like a downward trend in home foreclosures, October had a 7% increase from the month before.

The reason for what looked like a downward trend was because the big banks and mortgage companies had been holding back, mainly due to red tape and just too many cases to go after: “The October foreclosure numbers continue to show strong signs that foreclosure activity is coming out of the rain delay we’ve been in for the past year as lenders corrected foreclosure paperwork and processing problems.”-James Saccacio, RealtyTrac

Nevada is still the number one state for foreclosures, although Las Vegas dropped to 5th place for cities.  Stockton, California, is now the number city in the U.S. for foreclosures.

Nevada, California, Arizona, Florida and Michigan are the top five losing states, making up 53% of the country’s home foreclosures.

The next five most losing states are Georgia, Illinois, Idaho, Oregon and Colorado.

 

Business/Economics, Idaho, International, U.S.

Global Economic War, Global Food Crisis, What Economic Recovery? Big Potato producer Simplot to close plants, laying off 800 east Idaho workers (updated with pictures)

In the name of efficiency, and international competition, J.R. Simplot is building a new potato processing plant.  It will use only 250 employees.  The problem is that the new highly efficient Simplot potato factory will replace three existing plants (in Nampa, Caldwell & Aberdeen), resulting in 800 Idahoans losing their jobs.  That’s a net loss of 550 jobs.

East Idaho doesn’t have a big population so the job loses will hit hard: “It’s going to have a negative impact on Nampa and Caldwell and the whole country. We’re encouraged that they will remain in Caldwell, but certainly concerned about the overall impact of job loss.”-Steve Fultz, Caldwell Economic Development Council

J.R. Simplot officials say it’s necessary to build such an efficient factory, because global competition in the food market is getting tougher.  In fact potato prices for this years potato season have fallen to the point that Idaho farmers will be lucky to break even.

At least Simplot employees have been given a decent heads up; it’ll be at least two years before the new super efficient potato processing plant will be completed.

J.R. Simplot has been streamlining operations in Idaho since the 1990s.  Simplot’s corporate headquarters used to be in Chubbuck, Idaho.  But they closed it down and moved to Boise right after I moved to Chubbuck.

Their Chubbuck HQ was replaced with the TJ Maxx/IHOP strip mall.

Former location of J.R. Simplot Corporate HQ, Chubbuck, Idaho

The metal awnings/canopies covering the Simplot HQ entryway can now be seen in front of the Pocatello City Hall.

Ex Simplot Chubbuck HQ canopies adding charecter to the otherwise drab Pocatello City Hall

 

Business/Economics, Idaho, International, Technology, U.S.

Corporate Incompetence: Idaho radioactive Plutonium & Americium contamination update

On November 8, the Idaho National Laboratory (INL) announced that 17 employees were exposed to plutonium.  The INL now says it is 16 employees who were exposed, but, the number of those testing positive for contamination is going up.

The INL has also released more info on how their employees got exposed to deadly plutonium.  The affected area at the decommissioned Zero Power Physics Reactor has been isolated.

Japanese media are reporting that seven workers are now confirmed to be contaminated.  At least three workers are undergoing additional checks after lung examinations pointed to possible internal exposure.

Local east Idaho media are reporting that two employees tested positive for Americium 241 in their lungs.  INL officials say it’s almost sure that their lungs are contaminated with plutonium as well.

The Japanese and Idaho media are giving conflicting info on how the workers were exposed.

Idaho media says INL employees accidentally ruptured 30 year old containers filled with plutonium.  Japanese media says the workers found the containers already ruptured, with powder spilling out.  They opened the containers to see what the powder was.  It was oxidized plutonium that had turned to dust.  The Japanese media says the INL is trying to find out how the containers were ruptured.  INL officials suspect the containers were ruptured a long time ago, which would explain the oxidized (rusted) plutonium (it also means employees might have been exposed to plutonium since 1981).

The INL is currently run by contractor Battelle Energy Alliance.

 

 

Business/Economics, U.S.

United Police States of America: Doing time in California prisons will now cost you $142 per day

“We believe that 25% of the people who go through our jail systems can afford to pay for their jail stay.  If we just grab 25% of those, that would save the county or the city $6.7 million.”-Jeff Stone, County Supervisor

Riverside County, in California, has decided to charge prisoners $142.42 per day. The county says it’s an effort to “save” money, but it looks more like a way for the county to make a profit. When they say they could save $6.7 million, that’s actually how much money they’d take in from prisoners.

The problem is that once they start making big money from charging prisoners, the county government will get addicted to that form of revenue and start making up reasons to put people in prison. Don’t laugh, it’s happened before, and is going on right now with Corporate America operated for profit prisons.

The ACLU is concerned: “Programs like this certainly do raise very serious Constitutional questions.  We’re seeing it increasingly in jurisdictions around the country.”-Will Matthews, American Civil Liberties Union

Attorney’s for the county said there is nothing illegal about charging prisoners for their stay.  But they warned officials that not all prisoners can afford to pay for their keep: “In order to be reimbursed, the court must determine that the defendant has the ability to pay all or a portion of these costs. Many defendants who are incarcerated lack the financial means, after the payments of fines and penalties, to reimburse these costs.”-Pamela Walls, county attorney