Miami's troubled US Century Bank ... by gimleteye

US Century Bank represents the hubris of the housing boom and crash; wealth through land speculation, converting farmland and open space to suburban sprawl, and replacing wetlands with subdivisions. That, in a nutshell, is US Century Bank. Although US Century had plenty of company among the gears and cogs tying up to the Wall Street profit machine, its stands out for a board of directors including Jose Cancela and Rodney Barreto whose lobbying work at County Hall is modeled after the bank founder, Sergio Pino who turned a plumbing supply business into political influence at Miami International Airport, then parlayed a fortune into US Century Homes, and a prominent political role in the ascendency of Gov. Jeb Bush and President George W. Bush. His showroom on Le Jeune Avenue near MIA was once Bush Campaign Headquarters. It is now a weekend flea market.

Altogether the Wall Street profit machine needed a thousand places like Miami-Dade to drive the US economy off a cliff with its trillions of unregulated financial instruments tied to derivatives fabricated from housing and related development. But Miami-Dade was very special, and US Century Bank a special place in the constellation.

US Century Bank stands out because its founders, GOP consiglieres like Barreto and political insiders including bank chairman Ramon Rasco, long ago had the Miami-Dade County Commission "wired" for zoning approvals and the rubber-stamped growth-at-any-cost. Rasco was the principal organizer of Homestead Air Force Base Developers, Inc., or, HABDI and the no-bid deal to convert the air base into a private commercial airport; a deal that crashed and burned in 2002 -- although its litigation lingered on-- and one of the greatest boondoggles in Miami history. Natacha Seijas, the county commissioner who was ringleader of the HABDI plan on the inside, is now subject to a second recall effort by voters who likely have no idea of her role as top facilitator.

In the past year, US Century Bank fell to "troubled" status according to Bauer Financial. Although Bauer rates the bank as "well-capitalized", the bank likely includes $50 million from the Troubled Asset Relief Program, or, TARP, in its Tier 1 capital.

Where US Century really stands out, though, from in the Bauer Financial universe is the category of loans to insiders. As a percentage of total loans, US Century loans in this category is 44 times greater than its peer group, as of Sept. 30, 2010. As a percentage of bank net work, loans to insiders is 80 times greater than its peer group.

In November 2009, Miami New Times reported, " ...The bank's chief credit officer, William Garzozi, says U.S. Century adheres to strict federal banking rules. Directors, he says, are offered the same rates and terms as regular banking customers. “And there is a limit as to how much you can lend,” Garzozi says. “We are nowhere near our limit.” Asked if any of the insider loans are behind or in trouble, Garzozi replies, “No, not at all.” In 2009, the bank lost $44 million.

As of Sept 30, 2010, Bauer offers the following statistics:


US Century Bank represents the business model of land speculation in farmland outside the Urban Development Boundary. Drive out to the edge of Krome Avenue on a quiet Sunday: see what the end of the housing boom looks like. It includes bank branches of US Century, waiting for the next tranche of sprawl to glide through the permitting mills. It is a forlorn part of the world and didn't need to be that way. US Century Bank got what it wanted, and so did the Miami Dade County Commission in the ragged edge of ghost suburbs, a tidal wave of foreclosures, and no accountability. None at all.

Vile Natacha Seijas' Recall Petitions Will Be Submitted Today! By Geniusofdespair

Political Action Committee (PAC) Miami Voice heads to the Miami-Dade County Clerk of Courts office this morning to submit signed petitions calling for the recall of Miami-Dade County District 13 Commissioner Natacha Seijas.

Miami Voice PAC will submit 4,704 of the collected petitions to be certified by the Miami-Dade County Clerk of the Court Harvey Ruvin. Miami Voice PAC was required to submit 4% of the number of registered voters in District 13, a total of 3,591.

3:43PM Miami Herald: "Miami-Dade Clerk of Courts Harvey Ruvin said his office received five boxes of petitions. "We're proceeding to take those petitions and to start scanning them. They will be processed in the same professional and transparent manner we're using to process the petitions for the mayor," Ruvin said.

Wikileaks ... is the collateral damage worth its suppression? by gimleteye

As I read more than a week of front page stories in the national press about disclosures through diplomatic cables made available through Wikileaks, my feelings are mixed but mainly on the side of Wikileaks. That the release of nearly a quarter million cables has put anyone's life in jeopardy is horrific, but it is rare-- very rare-- that the tectonic plates of modern politics are shifted by information.

Although the content could be gleaned from news reports, the specific points are in fact international news. On Sunday, the New York Times public editor asked the relevant question: would you rather have someone else hold this information from you, or would you rather decide its merits, yourself? Count me in the latter group. I've seen enough of insider dealing-- and withholding of information-- at the local level of Miami-Dade politics to last me several lifetimes.

I don't know Assange, what kind of man he is, or whether any of the mainstream media's descriptions (arrogant, an alleged sex offender, etc. etc.) are true in the whole, in part, or not at all. But I do know: I would much rather have the information from Wikileaks, than not.

Who can be surprised about any of the disclosures or the fact that diplomacy frequently involves a fierce struggle between alternate versions of reality? The most important disclosure of Wikileaks to the American public, is the extent to which our own values and national security has been recklessly squandered on maintaining illusions that our way of life can go on indefinitely, despite our addictions to oil and to US debt purchased by China. That our own diplomacy is complicit in downplaying the risks to us-- to you and to me, taxpayers-- is the bottom line.

I'm not sure that Wikileaks will move American power at all. Mitch McConnell, the US senator from Kentucky (GOP), appears to be the spokeman for the ruling class, calling Assange's work "treasonable" and that if he can't be brought to justice, then the laws much change. McConnell scares me more than Assange. The truth can set you free, if you are willing to hear it. These days, the evidence is not so good. The Governor of Kentucky is planning, as reported by the New York Times, on supporting state funding to build a new tourist attraction: a full-scale Ark. Its purpose: to support jobs.

I suppose that is really where McConnell belongs, hawking tickets. No one needs Wikileaks to make the Kentucky Ark a great success, and even more than God's word, that is their point.

Looking at Absentee Ballot Results in Miami Dade County by Geniusofdespair

I do know that Republicans tend to use Absentee ballots more than Democrats but it doesn't explain all the lopsided elections that are won on absentee ballots in non-partisan races. Lets look at the numbers on a few partisan elections to try to understand the Absentee ballot phenomena. I need all the sleuths out there to speculate on the Absentee ballot advantage in the comment section.

Congressional Election:
David Rivera election day had 29,885 votes. Absentee he had 21,797 and early voting he had 11,6353 total of 63,364.
Joe Garcia (DEM) election day had 31,218 votes. Absentee he had 11,788 and early voting he had 11,753 total of 54,800. Ethically challenged Rivera won the election solely on absentees with almost twice as many.

Governor's Race in Miami-Dade County:
Rick Scott got 93,626 on election day, Absentee he had 73,474, and early voting he had 37,739. Total votes 204,918.
Alex Sink (DEM) got 165,412 on election day, Absentee ballots she had 52,729 and early voting she had 56,290. Total votes 274,638.

Attorney General Race in Miami Dade County:
Pam Bondi got 96,678 on election day, Absentee she got 71,330 and early voting she got 36,699. Total votes 204,792.
Dan Gelber (DEM) got 148,064 on election day, Absentee he got 49,449 and early voting he got 53,473. Total votes 251,170.

Commissioner of Agriculture in Miami Dade County:
Adam Putnam got 96,614 on election day, Absentee he got 72,623 and early voting he got 38,281. Total votes 207,599.
Scott Maddox (DEM) 138,412 on election day, Absentee he got 43,574 and early voting he got 48,632. Total votes 230,795.

State Representative:
Gustavo Barreiro got 5,656 on election day, Absentee he got 4,725 and early voting he got 2,333. Total votes 12,714.
Luis Garcia (DEM) got 7,077 on election day, Absentee he got 3,412 and early voting he got 2,725. Total votes 13,221.

U.S. Senator in Miami Dade County:
Marco Rubio got 102,456 on election day, Absentee he got 78,223 and early voting he got 39,539.
Meek/Crist got 159,658 on election day, Absentee they got 52,011 and early voting they got 55,874.

In all cases the Republican won the Absentee vote no matter if they won or lost the election. Why do Republicans have such an Absentee voter advantage? I want to hear from you! To me, there is something wrong with this picture. Especially I find it odd that in non-partisan local elections several candidates reported to me they were polling high and then lost ONLY because of the absentee votes. (There were a few ADA votes on most races I did not note).

Art Basel Weekend: Visit to Art Miami. By Geniusofdespair

Here is a sampling of the art at Art Miami.


See More by hitting read more...
This vase is by Lino Tagliapietra and was displayed by the Schantz Gallery. Although I loved it, I would be too afraid that I would break it.

Pepe 'Le Pew" Diaz Featured in the Newspaper AGAIN! By Geniusofdespair

Pepe can't seem to keep out of the newspaper lately. He is editorialized today in the Miami Herald:

"The phenomenal rise of U.S. Construction as a contractor at Miami International Airport since it hired Miami-Dade County Commissioner Jose “Pepe” Diaz in 2008 should raise ethical questions. And once more point to the obvious answer: the need for charter reform.

U.S. Construction had never had an airport contract until after hiring Mr. Diaz, who is vice chair of the County Commission’s airport and seaport committee and thus a key player on contracting decisions. True, there had been no big MIA contracts for several years, and U.S. Construction has not done a bad job.

Nevertheless, perceptions matter. U.S. Construction has pulled nearly three dozen building permits at MIA, according to Miami Herald staff writers Matthew Haggman’s and Martha Brannigan’s Nov. 28 report."

News from the Ruby, Red and Rosy World of Jeb Bush ... by gimleteye

In an exclusive interview with conservative newsfeed, Newsmax, former Florida Governor Jeb Bush shows again-- no surprise--an arid world. Since leaving the Governor's Office in Florida, Jeb has been cosseted by corporate board memberships that don't require much except mastery of talking points aimed straight down the GOP fairway. For Newsmax, Jeb takes a driver to outgoing Gov. Charlie Crist (if Crist runs for office again, "he will be crushed".) He takes a sand wedge to the reputation of his brother, the former president, lifting it above Obama's-- or at least trying to.

One of his favorites is a parental gesture: his advice to President Obama is to "just chill". That's what Jebster suggests President Obama do. The interview also discloses Jeb is a great proponent of re-cycling. His best ideas are old polymers from the toxic, chemical soup of "free market" radicalism that led Florida and the nation into the worst housing bust in history and the economy into a virtual free fall.

“The second thing would be to create a pro-growth agenda for the country. If the country grew at 3.5 percent instead of 1.5 percent over a 10-year period, in the 10th year that variation of 2 percent, say, would create the economy of Germany." OK, the Bush GOP drove the economy into the ground with its last "pro-growth" agenda. Remember, The Ownership Society? Crafted by the Latin Builders Association and the National Association of Homebuilders: mortgages to anyone who could fog a mirror. The Bush GOP facilitated the greatest wealth transfer out of the middle class in US history. Now how are they going to fix the deficit? More homebuilders, more drywall, more roads and infrastructure and water pipes with spigots attached for campaign contributions.

Then the Jebster says, "We should trust people interacting amongst themselves, investing in their own dreams, to far more prosperity than all of this command-and-control environment that exists in Washington." There you have it: the oldest canards in the Karl Rove playbook: command-and-control. As in, if I am a polluter, I dare you to stop me from flushing my pollution into the Everglades or anywhere else.

The real target of the GOP isn't taxes. The tax issue, honestly, is a red herring for the GOP, because of the small numerical base: wage earners above $250,000 can't win a national election. It is all about profits from that base, that can be directed into political campaigns. More pollution, more profit.

That's why the true GOP target of the Republican Congress is the U.S. Environmental Protection Agency; an agency that struggles for footing under Democrat and Republican administrations. The bottom line: we really, really don't like to clean up after ourselves. Politico gets it right, "GOP lawmakers say they want to upend a host of Environmental Protection Agency rules by whatever means possible, including the Congressional Review Act, a rarely used legislative tool that allows Congress to essentially veto recently completed agency regulations."

The GOP doesn't like command-and-control unless when expressed as federal judicial appointments made by Republican presidents. That's the GOP activist agenda: justices who will upend the notion of vigorous pollution control.

In the Newsmax interview, Jeb tries to be the man about the woman who un-mans the GOP. "She’s managed to figure out how to deal with this almost irrational displeasure of her. She turns it into a huge political strength. That requires just great political instincts... " Hitler required great political instincts, too, to conjure pre-war Germany's witless mob. In the arid world of Jeb Bush, Palin's instincts are admirable.

Art Basel Weekend: The Design Center Dec. 3rd. By Geniusofdespair

Except for "Gallery 101/Exhibit" I found the Design Center a dud last night. At one time this was the place to go at night on Art Basel weekend - I remember street music, glass blowing and many open galleries and stores. Was I there the wrong night? Anyway, there was at least this gallery to enjoy:


Dog by Jason Shawn Alexander


Revolution by Charles Pfahl (it is not 3 dimensional)


Indian Larry by Chambliss Grobbi

First Time...Ever I Saw Your Face: Jim Morin. By Geniusofdespair

Watch the video on Jim Morin on the Miami Herald site. You get to see and hear the man behind the humorous Herald cartoons. You have got to feel sorry for the Miami Herald when you watch this video. During the 1 minute time frame they have an "H" logo that interrupts the video in a jarring fashion a few times (starting at 29 seconds on the counter). Why? Is this a subliminal message gone terribly wrong? It was annoying to me and meaningless -- the logo isn't that recognizable. Back to Jim, also love the Pepe Diaz Cartoon today.


My Title: Roberta Flack: First Time Ever I Saw Your Face. BTW, she lives in Aventura and her signature song is one of my favorites. Best male version is not Elvis' but George Michaels. Then there is the opera version by Jose Carreras.

So Long, Charlie Crist ... by gimleteye

What a strange state, Florida. Charlie Crist in the Palm Beach Post. His exit interview. What does he consider his major accomplishment? "At the top of his list: a once-sweeping Everglades deal, though it was severely scaled back by Republican lawmakers."

Yes, Governor, and I supported your bid to be US Senator because of it. What you did-- and as Eyeonmiami reported -- was historic. Why, then, if the acquisition of US Sugar lands for the public and for the Everglades was at the top of your list of achievements, did you not run on this accomplishment for US Senate? If you ask former US Senator Bob Graham what does he consider his major achievements, he will also cite restoring the Everglades. But in comparison to Charlie Crist, Graham was a scarecrow to Charlie's tin man.

It is well worth taking a step back and thinking about Florida politics; the visible and the invisible. In 2010, the visible politics were all about the economy, but Charlie Crist believes-- and I believe, with him-- that his biggest achievement was on the environment. Too bad he couldn't make that clear and no one in the mainstream press cared to divine what was so obvious to us. So long, Charlie Crist.

Vile Natacha Seijas' Recall Deja Vu. By Geniusofdespair

Word on the street is Vile Natacha will face another recall shortly. Vanessa Brito told me the petition were going in this week and she told Miami New Times as well. Tim Elfink said:

"Well, don't start putting your long-term investments into commissioners' coffers just yet. Miami Voice plans to deliver its first round of signatures -- thousands backing the recall of the "vile" Natacha Seijas, as our friends at Eye on Miami have dubbed the Wicked Witch of West Dade -- to the clerk of courts by the end of the week..."

When Natacha Seijas got recalled last time the PAC Citizens to Protect the People's Choice was formed and as you can see in the graphic above, Stephen Cody was the lawyer hired at $22,600 to help her foil the recall. He represented her in the cursive writing caper (Ruvin threw out petitions because instead of printing their name - people joined letters where it said "print.") The petition gathers went to court and got the thrown out petitions reinstated. Long story short, Natacha was forced into a recall election and won her commission post again.

There is one big problem with this PAC. The total contributions are $2,800, yet the amount spent was $71,026.77. Where did the money come from? It should be on this ledger sheet.

Obviously there is one odd amount, $25,000 went out to a PAC controlled by Fred Frost of the AFL-CIO union. It says a donation. Was it a donation FROM Working Families Count put in the wrong column? Whatever, there is something very wrong with this PAC's accounting and I would like to see where ALL of the $71,026 came from.

Expect more of this kind of creative accounting unless someone report's this PAC. Please report it someone. Also very curious, the filing documents for this PAC are missing so we don't know who the treasurer is and the Corporation formed with this name is defunct. The names on the corporation were Julio Garuz, Daniel Hernandez and Olga Ochoa. The Registering agent: None other than Stephen Cody.

World Cup 2018 to Russia, 2022 to Qatar ... by gimleteye

Well, I can't wait to go to Russian and Qatar for the World Cup. I mean, when you could go to Spain or Portugal instead? Yes it's going to be rockin' in vodka soaked Moscow, and you'll have four years to sober up for Qatar.

That Damn Hat Lady. By Geniuofdespair

Like Miami isn't embarrassed enough already in the United States, now Frederica Wilson has done us in again, having Congress laughing at us. With so many issue of importance she is focused on how to change congressional rules on hat wearing which will help only one person: HER. I have a message for you Frederica: STOP IMMEDIATELY!

Focus on something that will help us and NOT YOU and for God's sake, don't make us look foolish ever again in Washington. I am tired of getting laughed at. Get your staff to research REAL issues not the history of hat wearing. What a sorry state of affairs, I don't know how you can get respect from your fellow Congressmen and women ever again. Nice Going Congresswoman Frederica Wilson!

US Construction, more ... by gimleteye

Very interesting US Construction corporate wiki. US Construction is the pop-up leader in contracts at Miami International Airport. It also employs Pepe Diaz, county commissioner. If you know who the principals are, of any of these related corporate interests, please let us know by using our email addresses for full confidentiality.

Art Basel: The Videos. By Geniusofdespair

The Kinetic Art at Art Basel Miami Beach (my soundtrack):



People Watching At Art Basel Miami Beach:



If you want to look at a good Art Basel week video from 2009 try this link. Good Music and a lot of graffiti mural painting.

Art Basel Miami Beach. By Geniusofdespair

I went, I saw, I took a few photos, last one is a Picasso...the only painting I wanted although the button man (center) was pretty interesting.

Shannon Estenoz appointed Everglades Restoration Initiatives Director ... by gimletye

WASHINGTON, D.C. – Secretary of the Interior Ken Salazar today announced the appointment of Shannon Estenoz to be the department’s Director of Everglades Restoration Initiatives, his senior representative in South Florida for Everglades restoration.

Estenoz succeeds Terrence C. “Rock” Salt, who is now the principal deputy assistant secretary of the Army (civil works).


“Shannon brings to this position more than a decade of experience, leadership and passion for Everglades restoration,” Secretary Salazar said. “With her vast knowledge of Everglades issues and long involvement in South Florida water management issues, she is the right person to keep the federal and state partnership moving ahead to achieve our restoration goals.”

Estenoz will develop departmental policy for the Everglades and coordinate the work of the three Interior agencies - the National Park Service, Fish and Wildlife Service, and U.S. Geological Survey - that are involved in the restoration effort. She will also work with the South Florida Ecosystem Restoration Task Force, which was established by Congress in 1996 to facilitate intergovernmental collaboration among the federal, state, tribal and local governments.

Estenoz will report directly to Assistant Secretary of the Interior for Fish and Wildlife and Parks Tom Strickland, who chairs the task force.

“I am pleased that Shannon is joining our team,” Strickland said. “Her experience on the South Florida Water Management District Governing Board gives her a unique perspective to understand the challenges facing the state and federal partners as we move forward to restore the Everglades. Shannon’s pragmatic approach to problem solving will be invaluable as we fashion win-win solutions to benefit the environment and economy of South Florida.”

A Florida native and resident of Plantation, Estenoz holds degrees in civil engineering and international affairs and has more than a decade of experience in restoring the Everglades. She has served in appointed positions under Florida Governors Lawton Chiles, Jeb Bush and Charlie Crist, with her most recent service as a member of the Governing Board of the South Florida Water Management District. In that capacity she chairs the South Florida Water Management District’s Water Resources Advisory Commission and the Broward Water Resources Task Force.

Estenoz previously headed up the Suncoast Regional Office of the National Parks Conservation Association and served as the World Wildlife Fund’s Everglades Program Director.

###

Who are the shareholders of US Construction? by gimleteye

It is a fact of Miami life that even within legitimate business activity there is a shadow economy that ties back to the stronghold of local politics. Miami International Airport, the region's largest employer, is the prime example. County commissioners, stretching back decades, figured out ways to reward campaign contributors through lucrative airport concessions. It was standard practice by some of the biggest political players who have fallen on hard times. Sergio Pino, comes to mind who obtained for many years the minority share of ownership of airport concessions. Pino parlayed that fortune into US Century Homes, that raced to build an empire from suburban sprawl in west Dade farmland and wetlands (tracking the housing boom and then bust), and US Century Bank.

But unlike ordinary people who find themselves drowning and in panic when the banks foreclose on their homes, there is no shortage of breathing room for the big borrowers who cannot pay their mortgages; and who may or may not be shareholders or just 'friends of family' with banks that also have the letters, "U.S." in their name. (The attached graphic, from the June 30, 2010 Bauer Financial Report shows the extent to which insiders at US Century Bank benefit, compared to its peers. There is no disclosure regarding loan terms for these specific insiders, but the relative deviancy speaks volumes.)

Which brings me around to US Construction, the source of income for Pepe Diaz, county commissioner, and a company recently featured in the Miami Herald as jumping to the head of the line of contracts at Miami International Airport. Who are the shareholders of US Construction?

There is a rumor floating around, that former county mayor Alex Penelas is involved in US Construction; either directly or indirectly through one of his longtime proxies. This wouldn't be much of a surprise if it were confirmed. Penelas' rise in Miami-Dade County was directly through Miami International Airport: an entire squadron of lobbyists led by Chris Korge, Rodney Barreto, and later-- his chief of staff, Brian May-- generated wealth through the airport.

Penelas was the bright star of Democratic politics, much like Marco Rubio is today for the Republicans, until he crashed and burned in the aftermath of the 2000 presidential election when, during the recount of Miami-Dade ballots, Penelas and his cohort, Herman Echevarria, were reportedly "in Spain on business". Ah, Spain and its shadowy bankers in Miami. Now that is another hidden story that might be revealed in the fullness of time.

Pepe 'Le Pew' Diaz's Award is Barf Meter Worthy. By Geniusofdespair

Miami Dade County Commissioner Jose “Pepe” Diaz was honored by the Minority Chamber of Commerce as “Miami-Dade Commissioner of the Decade” at the organization’s Awards Banquet on Thursday, November 18.

Commissioner of the Decade? You can't see me but I am shaking my head in disbelief but what more could I expect from a Chamber of Commerce.

He is pictured with his date, or is he clutching his Chamber Award? Does it matter which it is?

Jackie Bueno Sousa wrote about Pepe Diaz today in the Miami Herald. Read it, not because Eye On Miami is mentioned in the column, she is actually on target.