Just like every other catastrophe at Fukushima, I will bet that Tepco/Japan does nothing to stop the flow. If they are going to perish, they plan to take as many of us with them as possible. Don’t plan on any other govt. to work with them. The past shows that our govts don’t care about our lives either!
TV: Nuclear waste “flowing out to sea” from underground tunnels at Fukushima — 950 Billion Bq/m³ of cesium in Unit 2 shaft next to ocean — 11,000 tons estimated in tunnels — ‘Stream’ of moving water — Gov’t regulators ‘urgently assessing’ problems, ‘sense of crisis’ needed (VIDEO)
NHK, July, 30, 2014 (emphasis added): TEPCO initially planned to freeze radioactive wastewater that’s been flowing into underground utility tunnels at the plant. It hoped the measure would prevent the wastewater from mixing with groundwater and flowing out to sea. But 3 months into the project, the water hasn’t frozen as planned. […] Utility tunnels between the No. 2 and No. 3 reactors and the sea are estimated to hold a total of 11,000 tons of radiation-contaminated wastewater.
NHK transcript, July 23, 2014: The work isn’t going as planned […] Water used to cool melted fuel […] has been reaching the soil […] and seeping into the sea. Workers want to freeze the water inside the tunnels before it can leak into the ground. […] Regulators have been skeptical [and] suggested other options such as filling the tunnels with concrete.
Asahi Shimbun, July 24, 2014: NRA instructed TEPCO to pump out contaminated water in the trenches as early as possible because water inside the underground tunnels could be leaking into the surrounding soil. […] A large volume of radioactive water […] has to be removed. […] Although the operations were scheduled to be completed at the end of May […] TEPCO said a small stream of water in the trenches has hampered the freezing operations. […] The delay in draining the radioactive water from the tunnels could slow the construction of the frozen wall […]
NHK, July 9, 2014: At Wednesday’s meeting of the Nuclear Regulation Authority [officials] decided to urgently assess a range of problems [and] discussed a delay in work to freeze wastewater in underground utility tunnels at the plant to block further inflows of water and stop contaminated water from leaking out to sea. Members urged that the effort be speeded up. Some expresseddoubt as to whether the plant’s operator has a sense of crisis.
See Tepco’s June 1, 2011 ‘Plan to prevent water leakage containing highly concentrated radioactive materials to outside environment in Fukushima Daiichi nuclear power plant’ showing a two month ‘roadmap’ for containing the leaking tunnels (appendix 19) here.
Official detects radiation spike on California beach, now at 500% normal levels — ‘Befuddled’ as to why it’s so high, claims there’s no ‘immediate’ health concern — Public’s interest in Fukushima nuclear waste rising (VIDEO)
Published: January 4th, 2014 at 12:07 am ET
By ENENews Email Article
404 comments
Half Moon Bay Review, Jan. 3, 2014 at 8:21p ET: [San Mateo] County health officials first learned of the radiation levels last week, and they sent their own inspector on Dec. 28 to Pacifica […] the county inspector measured the beach to have a radiation level of about 100 micro-REM per hour [1 microsievert per hour], or about five times the normal amount. […] Although the radiation levels were clearly higher than is typical, [San Mateo County environmental health director Dean Peterson] emphasized that it was still not unsafe for humans. […] Peterson admitted he was “befuddled” as to why radiation levels were higher than normal, but he was skeptical that the Fukushima meltdown could be the cause. He noted that many innocuous items could spike the radiation levels in an area, including red-painted disposable eating utensils. […] Peterson forwarded the matter to the U.S. Environmental Protection Agency and state Department of Public Health […]
Dean Peterson, San Mateo County environmental health director: “It’s not something that we feel is an immediate public health concern […] We’re not even close to the point of saying that any of this is from Fukushima. […] I honestly think the end result of this is that it’s just higher levels of background radiation.”
The Half Moon Bay Review articleprovides details on the YouTube video that spurred local officials into action: An amateur video of a Geiger counter showing high radiation levels at a Coastside beach has drawn the attention of local, state and federal public health officials. […] the short video has galvanized public concerns that radioactive material could be landing on the local coastline from Japan as a result of the 2011 meltdown of the Fukushima Daiichi reactors. […] First posted last week on YouTube, the seven-minute video shows the meter of a Geiger counter as an off-camera man measures different spots on the beach south of Pillar Point Harbor. The gadget’s alarm begins ringing as its radiation reading ratchets up to about 150 counts per minute, or roughly five times the typical amount found in the environment. […] In a blog entry, the unidentified poster of the video noted that he has been monitoring local beaches for two years before noticing a sudden rise in radiation levels in recent days. […] In the following days other amateurs with Geiger counters began posting similar videos online. […] “We can’t comment on anybody’s media creation. We really have no way of knowing right now whether it’s valid or not,” said [state Public Health] spokeswoman Wendy Hopkins.
Researchers: Radioactive materials detected off California, levels spike to 400% normal — Crew then discovers ‘island’ of tsunami debris — Never seen so much garbage in ocean before — TV: “Disturbing new images from Pacific… looks like islands of plastic” 1,000 miles from coast — 7 tons and 80 ft. long, can walk on it as if land (VIDEO & PHOTOS)
Algalita Marine Research Institute Blog, July 7, 2014: Radioactive Rope — Just after midday a piece of rope was pulled aboard. As part of our logging protocol, I brought out the Geiger counter and took a reading. The ambient reading that morning had been about 30 CPM so it was a surprise when the reader climbed, and spiked at 120 CPM – our highest reading yet.
Agency: Dead Conjoined Baby Gray Whales found on West Coast of N. America — Could be first ever recorded — 2 heads and 2 tails, joined in middle (PHOTOS & VIDEO)
Published: January 7th, 2014 at 5:06 pm ET By ENENews Email Article 214 comments
Pete Thomas Outdoors, Jan.6, 2014: Scientists find conjoined gray whale calves in Baja California lagoon; discovery could be a first[…] It might be the first documented case of conjoined twin gray whales. […] A database search at the Natural History Museum of Los Angeles County did not reveal published instances of conjoined gray whale twins, or what might also be referred to as Siamese gray whale twins […] Alisa Schulman-Janiger, an American Cetacean Society researcher, pointed out that the twins were underdeveloped and said that pointed to a premature birth. She also wondered about the fate of the mother. […] They give birth during the southbound journey, or in the lagoons, and nurse their calves for several weeks before migrating back to the Bering and Chukchi seas. […]
Presna Latina News Agency, Jan. 7, 2014: Fishermen of the Mexican state of Baja California Sur found a baby whale dead with two heads and two tails, which is now under guard of the Directorate General of Wildlife. According to the National Commission of Natural Protected Areas (Conanp) the finding occurred on the afternoon of Sunday […] This is a Conjoined Baby Gray Whales, because there are the two bodies, two heads and two tails, joined by the ventral region, Bermudez told the newspaper El Universal. […]
Huffington Post, Jan. 7, 2014: Conjoined ‘Siamese’ Gray Whale Twins Could Be First Ever […] Footage of the discovery was posted to YouTube where some commenters speculated as to whether the birth defect was perhaps related to Japan’s Fukushima nuclear plant disaster. […] The carcasses have […] reportedly been collected for study […]
L.A. Times, Jan. 6, 2014: The number of gray whales spotted migrating south off the Southern California coast in December was double what it was compared with the same period last year […] whale spotters in December counted 364 gray whales heading south to Baja California […] More than 20,000 gray whales migrate each year from Arctic waters in the north to the shallow lagoons and bays of Baja California. […]
NOAA Fisheries, October 17, 2012: […] scientists were recently surprised to discover that some gray whales from a critically endangered population in Asia cross the Pacific every year to winter off the coast of North America. […] The Eastern North Pacific population […] migrates along the west coast of North America to Baja California […] in 2010, researchers […] tagged a male gray whale with a satellite transmitter near Sakhalin Island and then watched, surprised, as he made his way to the coast of Oregon. The next year, a tagged female made the same journey. […] Were these two whales just a couple of rolling stones, or do gray whales commonly cross the Pacific? […] [Dave Weller, a marine mammal biologist at NOAA’s Southwest Fisheries Science Center] and his colleagues sequentially compared each of 181 photos of whales near Sakhalin Island with more than a thousand photos of whales off the coast of North America. They found ten matches. Because most of the whales that winter on the North American coast do not appear in the photo catalog, the number of matches turned up in this study is probably only a fraction of the number of gray whales that cross the Pacific. […]
Nuclear Industry’s Cover-Up, Lies And Denial: Beware of the French Nuclear Model
by Harsh Kapoor
To this day, contradictory estimations of the magnitude as well as the consequences of the Fukushima disaster continue to illustrate how an iron hand seems to tightly control information, in the ‘larger interests’, and the world’s major nuclear energy firms, pro-nuclear lobbies, Japan itself along with international authorities such as WHO, IAEA or CTBTO, seem to be engaged in the organised downplaying and retention of a precious information that citizens’ groups claim is already in their possession. Secrecy is built into the nuclear establishment’s mindset everywhere, and it prevails across the nuclear industry internationally.
Starting after WWII, in Japan itself, the Hiroshima and Nagasaki nuclear bombs victims were made invisible to the public eye and discriminated, and in the same go were their concerns regarding nuclear dangers; while the USA promoted their ‘Atoms for Peace’ programme in the war-battered country, the real push came in the seventies from Japan which went on to build 55 reactors.
Today, there seems to be grand collusion between high level technocrats (an influential nuclear lobby sits in Japan’s Ministry of Economy Trade and Industry; METI), and builders and operators of the nuclear plants (the Federation of Electricity Companies—FEPC; the Nuclear and Industrial Safety Agency—NISA; and the industrial groups that build the nuclear power plants—Toshiba, Hitachi, Mitsubishi). They fund the media to assure the public opinion that nuclear energy is perfectly safe.
The Japanese Democratic Party Government that came to power in 2009 (after a five-decade uninterrupted rule by the LDP) changed nothing. It had heavy support from Rengo, the power trade union federation whose key member unions are in the nuclear energy and electricity sectors.
Negligence, cover-up and falsification of data were routinely used to keep nuclear incidents away from public eye: in 2002, some 10 odd nuclear electricity companies were found to have been involved in such corruption or cover up of incidents dating 1970. Tepco, the owner and operator of the Fukushima plant, was one of the main accused and its officials had to resign. Between 2005 and 2009, there were over a dozen incidents in Fukushima. But the Japanese establishment imposed its preference for an invisible crisis management.
Japan and France have an interlocking nuclear connection. As far back as in the 1970s, the Japanese nuclear power utilities began shipping their spent fuel to France, to be reprocessed at Areva’s plant in La Hague (France is the principal stakeholder in Areva), and since 1999, France has been sending MOX—that is, mixed oxyde fuel—supplies to Japan. France has supported Japan’s nuclear programmes, especially building the reprocessing facility in Honshu. According to Areva, four of the 55 nuclear reactors in Japan function with MOX fuel, including one in Fukushima.
For long years, there has been a controversy over the safe use of MOX fuel in nuclear reactors. In May 2001, Greenpeace filed a case on the dangers of using MOX fuel supplied by Areva in the Fukushima reactor No 3.
However, the nuclear technocrats’ lobby is no less powerful in France than it is in Japan: in the early 1970s it imposed, without public debate, a nuclear energy economy in France that was developed at breathtaking pace in less than 15 years. Manufacture of pro-nuclear public opinion is big business particularly since it is the tax payer who pays for France’s nuclear electricity. Just this year, Areva spent 15 million euros on TV spots.
France in Damage Control over Fukushima
EVER since the Fukushima nuclear disaster struck on March 11, 2011, Tepco, the Japanese and French authorities and Areva, albeit slowly forced to admit the gravity of the situation, are doing their best to protect the nuclear energy sector from economic and political consequences. Sarkozy, the first head of state to visit Japan after the nuclear accident, took this occasion to publicly reaffirm his faith in the safety and pertinence of the nuclear option, and especially in the EPR reactors made by Areva, while the CEO of Areva who accompanied him had earlier stated publicly that ‘Fukushima was not a nuclear catastrophe’.
In sheer contradiction with these statements are the following facts: Areva evacuated its German employees in charge of the maintenance of Fukushima on the very next day of the accident ( March 12); France immediately called a Cabinet meeting to discuss strategies to protect the nuclear industry and its sales of nuclear plants to China, India, Libya, etc; the magistrate in charge for long years of a court case against the inaction and disinformation of the French authorities regarding the 1986 radioactive clouds from Chernobyl was all of a sudden evicted from handling the case; nuclear authorities have launched an information blitz, with daily press conferences for the past two weeks to counter growing public concern about the nuclear sector.
Dancing French Nuclear Can-Can will come at a Heavy Price
FRANCE signed a major contract with the Indian Government for a purchase of six EPR reactors for a nuclear plant site in Jaitapur in Maharashtra; given the extraordinarily large quantity of plutonium content needed in reactor fuel for the EPRs, they are possibly the most dangerous nuclear reactors.
India’s nukedom present the French nuclear industry as a model. There is a not so bright side that the Indians should know before they proceed to take the nuclear road with French involvement.
As elsewhere, there is an uncanny silence in France around nuclear matters. Decision-making elites are pro-nuclear, so are practically all MPs, regional or local elected bodies and all political formations from Left to Right to Centre, as well as interest groups that include mainstream media, consumers’ organisations and major national trade unions—even the communist CGT union which is a key actor in the nuclear energy plant operator EDF. This explains why citizens in France are still so ill-informed regarding health hazards.
However, as most nuclear plants in France are now old and subsequently present a higher risk of radioactive contamination for the 30,000 workers of the nuclear sector, the nuclear plant operators have massively turned towards sub-contracting the highly dangerous tasks involving repair, maintenance and modifications, thereby escaping the strict health and safety norms; today, subcontractors maintain 80 per cent of the French nuclear industry as opposed to 50 per cent in the 1970s. With privatisation, France now faces workers protesting the erosion of their rights and the increased dangers and risks to public safety when the time cycle of tasks is reduced.
Nuclear France is a water guzzling machine: state owned EDF withdraws up to 19 billion cubic metres of water per year from rivers and lakes, that is, roughly half of the fresh water drawn in the country. While the average Indian nuclear reactors are about 200 MW in size, the proposed French EPRs are 1500 MW and will consume even more water.
Additionally, there are problems with the waters used for cooling reactors, since it hotter when released back into the water sources. These problems increase in hot weather: during the heat wave that affected France in 2003, 17 nuclear power reactors had to be scaled back in operation or turned off, because of the rapid rise in rivers or lakes temperature that would have affected wild life fauna and flora. What will happen in India, where the weather conditions are much hotter?
France had nearly 200 uranium mines that are now all shut. But over 160 million tonnes of nuclear residue from the mines were disposed off and given away to the construction and building industry to be used as land leveling: there are stadiums, parking areas, roads, town-ships that have used this radioactive residue and people who live on it do not know.
Today, France imports uranium from its former African colonies, mostly Niger, and the ecological and social costs are hidden, as Areva which runs mines in Niger does not maintain epidemio-logical health records of communities in the mining regions.
Although France pretends that nuclear energy guarantees the country’s energy independence, securing continued access to these crucial resources has obvious consequences on France’s foreign policy and on its eventual military presence in Africa. Trouble has been brewing uranium mining areas in Niger. The recent kidnapping and assassination of two Areva engineers in Niger point at the fragility of this ‘independence’.
The numerous nuclear incidents and accidents that occured in France have been underplayed: in 1969, in Saint Laurent des Eaux, Loire et Cher, there was partial fusion of 50 kg of uranium, and the same accident happened again in the same plant in 1980 when 20 pounds of radioactive fuel melted. Some 400 EDF employees were sent to clean the site, but since then EDF has decided to call on the sub-contractors of such risky interven-tions. Similarly on December 27, 1999, the Blayais nuclear plant near the city of Bordeaux was struck by the storm Martin, followed by a flood; the plant was surrounded by water and cut off from the world for 13 hours, with 50 employees. 3 of the 4 reactors were considered lost.
In 2008, a uranium leak contaminated 100 workers in Tricastin: a documentary film RAS Nucleaire records inspectors being told to ignore malfunctions, employees hiding incidents for fear of sanctions, work teams feeling no longer responsible due to growing externalisation of tasks point to growing risks for collective security.
‘Small’ incidents have multiplied, with about 100 level one alerts a year, but the soft pro-nuclear propaganda makes risky industry acceptable. In India too, there is an accepted culture of post-hazard compensation rather than risk prevention. Bhopal still stares in our face.
Warnings have been addressed to the French authorities: an EDF study states that the back up generators of 19 reactors are at risk of malfunction, scientists alerted that 16 reactors are at serious risks of flooding, Paris’ police headquarters claim that there are no plans in place to protect people in case of an accident in a nuclear plant while seven sites comprising 18 reactors are within a radius of 225 km, the group Sortir du Nucleaire revealed that in 2007 EDF falsified the seismic data so as not to have to undertake expensive upgradation work, etc.
France did not solve the problem of nuclear waste storage: its waste was and is largely still sent to the former Soviet Union. A project of storage in Burne was opposed by the population.
But the La Hague Reprocessing Plant, in Normandy, is functioning: it reprocesses reactor fuel. MOX (mixed oxide fuel) is made from reprocessing spent fuel; and contains a very high degree of plutonium and this reprocessing results in massive releases by factors of several thousands compared to radioactive releases from nuclear reactors, of radioactive gases and liquids and the creation of solid waste. So-called low level wastes are discharged into the English Channel and into the air, while they often contain highly radioactive and long lived isotopes, in violation of the 1970 London Dumping Convention. Discharges from the La Hague as well as the UK Sellafield reprocessing plants resulted in contaminating beaches and seas as far as the Artic Circle. Two independent medical studies found elevated rates of leukemia among young people living around La Hague and similarly around Sellafield. The sea around La Hague has been measured 17 million times more radioactive than normal sea water. La Hague routinely releases a highly toxic radioactive gases including concentrationq of krypton-85 found at levels 90 000 times higher than in nature. Some 83 metric tons of plutonium is stored in La Hague, making it a very dangerous location.
French Anti-Nuclear Voices
WHILE France does not allow the public to make an informed opinion regarding the health and ecological costs of the nuclear energy option, small but vocal organisations campaign for transparency and alert public opinion. Among them are 700 groups that are part of the network Sortir du Nucleaire, the Observatoire du Nucleaire, the citizen’s independant nuclear lab CRIIRAD that was set in response to the Chernobyl disaster, Greenpeace France, ACDN. Working against huge odds, they face witchhunts and intimidation of activists, court cases filed against them, breaking into their offices, thefts of their computers and computer surveillance. People seem to have forgotten the 1985 the French secret service bombed and sunk the ship Rainbow warrior (belonging to Greenpeace) in distant New Zealand.
The extraordinarily high quality of public documentation generated by these groups on the dark underside of the French nuclear programme merits emulation by others internationally.
Conclusion
AFTER Fukushima and on the 25th anniversary of the Chernobyl disaster, the ‘business as usual’ ways of the nuclear establishment should not go unchallenged. The 1959 accord between the IAEA and WHO has to be revoked for the WHO to independently monitor and engage in public research over health and safety long term effects of Fukushima. The 1994 Convention on Nuclear Safety must be revised giving high powers to the IAEA to conduct safety checks on all functioning nuclear power reactors across the globe, till they are decommissioned.
As the tight official wraps over nuclear matters prevent credible independent information, the Indian civil society must demand a full scale independent review of the unaccountable ways of its nuclear energy sector and a moratorium on all reactor construction. India’s nuclear industry be made to come under the purview of the Central Information Commission. A parliamentary committee must call for a full hearing on safety of India’s nuclear installations, including uranium mines and radioactive waste storage and transport activities. Misleading declarations of Indian public servants in wake of the Fukushima accident should be challenged in court by citizens groups.
The author is an independent political activist who was till recently based in France. He is the founder of South Asia Citizens Web – www.sacw.net
Officials in U.S. report “very rare mutations” in Pacific sea life — “Never seen anything like this” — Photos show red crabs completely white, “shockingly bright blue… almost unnatural”, or with yellow legs — Environment “could play a role” — Also observed recently by Japan (VIDEO)
Published: July 22nd, 2014 at 11:02 am ET
By ENENews
Nome Nugget (pdf), July 10, 2014: EXTRAORDINARY— Crab fisherman Frank MacFarland shows a rare blue-colored red king crab that he found in his commercial crabbing pots […] According to ADF&G [Alaska Dept. of Fish & Game] biologists, the blue color is most likely a rare genetic mutation. Biologists also report rare occurrences of white red king crab.
ABC News, Jul 19, 2014: It is extremely unusual for red king crabs to be blue. Scott Kent, of the Alaska Department of Fish and Game in Nome, told the AP that blue crabs turn up “once in a blue moon.” He suspects the crab’s unusual coloring is the result of a mutation.
Anchorage Daily News, July 12, 2014 (emphasis added): Alaska The crab’s shell was a deep periwinkle, likely the result of a naturally occurring genetic mutation, Kent said. The rare discovery thrilled Norton Sound fishery managers and biologists in the Northwest Alaska city. […] Justin Noffsker [assistant plant manager at the Norton Sound Seafood Center] said he’s never seen anything like this […] In his 11 years with the Alaska Department of Fish and Game, Kent had never seen a blue red king crab either […] In September, during a pot survey in Cape Nome, Kent saw his first white red king crab, another rare coloration believed to be caused by a genetic mutation. He has also recently seen piebald crabs,spotted with irregular patches of white. Another had a red carapace but yellow legs. All the variations are considered to be the kind of “normal, random, very rare” mutations that occur within animal populations, Kent said. The environment and the crab’s diet could play a role, he said, but he doubts it. […] In January, wholesalers in Hokkaido, Japan, found [a blue-colored red king crab] in a Russian shipment.
Anchorage Daily News, July 12, 2014: a crab with a deep lavender shell [is] the likely result of a genetic mutation. It was a rare discovery, one that thrilled Norton Sound fishery managers and area biologists who said such sightings are few and far between.
KNOM, July 18, 2014: Onlookers have called it “shockingly bright blue,” “almost unnatural,” and “like that can’t possibly be real.” >> Full broadcast here
TV: 8 times more babies than usual born without brain near U.S. nuclear site; Much higher rate than anywhere else in country — “It’s scary the cause is such a mystery” — CNN: Experts speak out over failure of officials to conduct proper investigation — “The lamest excuse I’ve ever heard” (VIDEO)
Published: June 23rd, 2014 at 5:25 pm ET By ENENews
KEPR, May 14, 2014 (Emphasis Added): Serious and sometimes fatal birth defects are much more prevalent right here than anywhere else in the country. Benton, Franklin and Yakima Counties are being hit the hardest by neural tube defects, from spina bifida to anencephaly [fatal defect where large part of brain/skull is missing]. “it’s scary that the cause of this is such a mystery,” said Candelaria Murillo. […] Rate of babies being born without a brainin our part of the state is eight times the national average.
AP and other media outlets put the figure at “at least four times the national rate”. However, theYakima Herald reports: “[Officials] issued a news release Jan. 30 announcing that eight cases of anencephaly had occurred in Yakima County in 2012. Typically [they] expect only one all year.”
NBC News, June 17, 2014: Health officials, scientists and other experts gathered to discuss the cause of an alarming local spike in the disorder […] [Local residents] wanted to know exactly how long the problem had been going on, whether it could be linked to diet, occupation, geography — or the Hanford nuclear plant in nearby Richland. State officials reiterated their previous answers — no, no, no and no […] “The next step is to interview the mothers and fathers of these babies,” [Allison Ashley-Koch, an anencephaly expert at the Duke University Medical Center for Human Genetics] said. “The challenge at this point is that many of these conceptions happened four years ago. So for parents to try and remember particular eating habits, environmental exposures and such is challenging.” […] “I believe it is an ongoing problem and I believe that the environment might have something to do with it,” Don Dufault said.
Oregon Public Broadcasting, June 16, 2014: Health officials have discounted several possible causes including: pesticide exposure, nitrates in water wells, and radiation from the Hanford Nuclear Reservation.
Obstetrician Anita Showalter: “First thing I ask […] what environmental thing might have happened […] that we don’t know or understand yet?” […] She wonders if there might be chemicals present […]
CNN, June 1, 2014: Nearly two years after the state of Washington was alerted to a possible cluster of babies born with severe birth defects, experts are speaking out, criticizing the state health department for not doing enough to save babies’ lives. […] TheWashington Department of Health has steadfastly refused to interview the parents of these babies and has failed to accept offers of help from world-renowned anencephaly experts. “It really looks like they’re dragging their feet,” said Richard Finnell, a pediatric geneticist and birth defect expert at the University of Texas. He said that to find the cause of the cluster, state investigators need to speak with the parents of children with birth defects […] Butthe state has not contacted these parents. […] A team of experts […] offered help to Washington investigators back in February but hasn’t received a response. “We’re frustrated that they’re not moving more quickly to find the cause,” said Janee Gelineau-van Waes […] an associate professor of pharmacology at the Creighton University School of Medicine […] “It’s very intrusive to start knocking on doors of people who’ve had a pretty major trauma in their lives,” [state epidemiologist, Juliet VanEenwyk] said. “That’s the lamest excuse I’ve ever heard,” said Billy Petersen, reflecting the viewpoint of several families interviewed by CNN whose children have neural tube defects. “We want to talk to them,” he said. “We’d do anything to help find out why our baby died and help other families. We don’t want anyone else to go through what we’ve been through.”
Top U.S. Official: “The reality is, no technology exists anywhere to solve problem” of Fukushima’s melted fuel — TV: Molten mass “will scorch into the earth” if not cooled, a ‘China Syndrome’; Geysers of radioactive steam shooting up for miles around (VIDEOS)
NHK: Experts say that one of the most difficult challenges of decommissioning the plant is removing fuel debris… And Magwood says that there is no magic wand to wipeout this problem.
William Magwood, US Nuclear Regulatory Commission: I think people have to be realistic how difficult this is, how long it’s going to take. During my visit to Japan this week, people have asked me from time to time, “Are there technologies in the US that can help solve this problem?” The reality is there is no technology that exists anywhere to solve this problem.
Narrator: With the [water] pumps off, the core is being uncovered and its temperature is over 2,000 degrees and rising. When the core reaches 5,000 degrees it will melt, becoming a molten mass — metallic lava that will burn through the 8 inch steel containment vessel. Once out of the plant it will scorch into the earth itself. What happens next could become an unrivaled technological disaster.
Wilborn Hampton, New York Times reporter: They reach the water table, it will immediately turn to steam, boiling steam. There will be geysers of radioactivity steam shooting up in parking lots and driveways and streets and houses for miles around.
Narrator: The nightmare scenario is known as the ‘China Syndrome’. Land surrounding the plant will become uninhabitable. A study some years earlier has suggested upwards of 40,000 people could die if the ‘China Syndrome’ becomes reality.
Japan experts warn of more quakes off Fukushima coast — Gov’t: There’s fear ‘relatively large’ ones will occur — Recent M6.8 a “delayed tectonic reaction” to M9.0 on 3/11 — “This is just one aftershock of several to come… could occur in next 2 weeks” (VIDEO)
AFP, July 11, 2014 (emphasis added): Japan braced for more aftershocks of giant 2011 quake— Seismologists said [the M6.8] earthquake that struck near Japan’s shuttered Fukushima nuclear site early Saturday was an aftershock of the tremor that sparked 2011′s deadly tsunami, and warned of more to come. […] Seismologist Yasuhiro Yoshida of the Japan Meteorological Agency said it was a delayed tectonic reaction to the 9.0-magnitude quake which left the Fukushima nuclear power plant in a meltdown crisis […]
Inquisitr, July 12, 2014: […] experts warn that this is just one aftershock of several to come from 2011′s killer quake […] According to Japan Today, seismologists warn that the Fukushima earthquake was a delayed reaction to the monster quake from 2011. Seismologist Yasuhiro Yoshida of the Japan Meteorological Agency said, “There are fears that relatively large earthquakes will occasionally occur in the ocean area where aftershocks of the great earthquake continue […] The aftershock activity has been steadily declining on a long-term basis. But aftershocks, accompanied by tsunamis, will still occur.” Yoshida mentioned that aftershocks could occur in the next two weeks […]
IRIB, July 12, 2014: Experts warn of quake aftershocks in Japan — Experts have warned that Japan’s northeastern coast, where the Fukushima nuclear power plant lies, is prone to more aftershocks of the huge 2011 earthquake. The warning came after a quake measuring 6.8 on the Richter scale hit near the Fukushima nuclear site on Saturday morning.
Do we look and act like a bunch of bumbling idiots, or what? Three and a half years, Tepco has done nothing to fix their major fuck up @ Fukushima. Now, while they have no idea where the cores have managed to get to, and we face, geysers of radiation shooting up into the atmosphere, and Tepco still is doing nothing, and they warn of more major quakes. Tepco will still do nothing. Hell, at least Russia did what they had to do. They did not leave the schools right beside the plant open, and send kids into the schools, with actual knowledge it would kill those kids.
Please, quit allowing the excuses. Scientists and Professors in Japan has said they are being brainwashed, and the areas are not fit to live in. I hope everyone has cancelled their plans to visit the Olympics!
When I was a kid, there was a cartoon. Two vultures in a tree, looking around, really bored. One says to the other: “What ya wanna do?” The other replies, “I dunno, whatya wanna do?” That is what has gone on at Fukushima. Hell, I dunno, maybe if we do nothing, nobody will know it happened. I won’t tell, if you won’t tell. What the hell?!?
The rest of the world, stands around with their fingers in their butts, and let’s them get away with it. Can you imagine the long term impact that, we as Americans are going to endure? Your great grandchildren may not even resemble a human. And yall stand around like nothing has happened? Are you sure that you were qualified to reproduce?
Think about it.
Japan Nuclear Prof.: Fukushima plant now a ‘swamp of radioactive material’ — Can’t stop pumping in more water because they…
Japan Correspondent: It’s very scary, officials trying to brainwash public about Fukushima crisis — Professor: We’re wrapping our heads more and more around Fukushima’s legacy… human impact becoming more clear… that’s a very big and serious issue here — “Virtually no public support for nuclear power” (AUDIO)
KWMR 90.5 FM, July 14, 2014 (h/t Fukushima Response) — Umi Hagitani, interpreter, Japan correspondent for Ecological Options Network (at 9:30 in): The survivors of the nuclear power accident and supporters of children… are asking the city of Koriyama to evacuate them because of the exposure to the radiation. But the women of Fukushima, their statement demanded that the reduction of the radioactive exposure is more urgent than the current federal policies and practices in Japan, which is to force people to remain in the contaminated area… Many students of the 5th and 6th grade in elementary school, they attend something called a cancer seminar where they learn about how cancer is such a typical story for many people, they don’t have to worry about it… They’re trying to even build a junior high school and high school combined together by 2020 in Futuba County — that is the closest place to the Fukushima Daiichi. But the administration of the town invited and made a survey of the kids, and I guess kids were not told about the options that they could evacuate, they made it look like they’re interested in coming back. It seems that right now the Abe cabinet has already schemed out a lot of brainwashing and making people feel that it’s possible to decontaminate — and its making the suffering of the people invisible… I feel like that after 3 years, there are more cover-ups and silencing the survivors of this ongoing nuclear accident in Fukushima Daiichi, and it’s really well supported by the structural power hierarchy… it’s very scary to see this. The current situation is that the Ministry of Environment is putting fake radioactive monitors all over. >> Full KWMR broadcast here
ABC 90.3 FM, July 14, 2014 — Dr. Robert Jacobs, associate professor at Hiroshima City University (at 3:15 in): It’s become a much more common and regular thing you read in the newspapers and topic of discussion among people in Japan… it’s become increasingly a topic of conversation because we do here have to deal with the fact that it’s every day pouring radiation into the sea. We’re wrapping our heads more and more around the legacy of it… The human impact is unfolding in more clear view than it did at first, so that’s a very big and serious issue here… People are very, very aware of [contamination in the food supply]… People are very anxious about it… There’s virtually no public support for nuclear power, especially in the communities in which the plants are located. >> Full ABC broadcast here
NHK, July 16, 2014: An NHK survey [on] the government’s policy to allow the restarting of nuclear power plants that pass safety screening [found] 21 percent supported the policy […]
NHK, July 14, 2014: Prime Minister Shinzo Abe has suggested his cabinet’s new security policy may have influenced the outcome of a gubernatorial election in western Japan. Voters rejected the candidate recommended by Abe’s Liberal Democratic Party in the Sunday race in Shiga Prefecture. They elected an independent instead [who] campaigned on the promise of phasing out nuclear power generation in Japan.
Officials: Radioactive material released into air from Fukushima plant, areas far away being contaminated — Gov’t tracking plumes using emergency prediction system — “Large amount” of radioactive substances will soon be released (PHOTOS & VIDEO)
Kyodo News, July 14, 2014: Debris cleanup at Fukushima reactor may have contaminated rice crops [in] areas located more than 20 km from the crippled nuclear plant. Farm ministry officials said they could not deny the possibility […] A Tepco spokesman said the company does not deny the possibility that its cleanup work is to blame but added it isn’t clear whether that was the direct cause of the contamination.
NHK, July 14, 2014: Rice paddies located about 20 kilometers from the Fukushima Daiichi plant were found contaminated with radioactive cesium blown by the wind. The Fukushima Prefectural government revealed that last year’s harvested ricefrom 14 locations in the city of Minami Soma contained more than 100 becquerels of cesium per kilogram. This is beyond the government’s safety limit. […] [TEPCO] said it will increase monitoring of the spreading dust. Neither the ministry nor the utility told Minami Soma City officials the work at the plant may have contaminated the crop. City officials say they were greatly startled. They said the ministry should have explained the matter to local authorities much earlier. […] TEPCO is scheduled to conduct a large-scale debris removal work at Number One reactor. For this, it plans to disassemble covers which had been put to prevent the radioactive materials from spreading.
The Asahi Shimbun, July 14, 2014: [There’s] strong indications that earlier removal work contaminated rice paddies far from the stricken facility […] Although the utility has since suspended its clearing operations at the plant, the company plans to soon dismantle a cover installed on the No. 1 reactor building, where highly contaminated debris remains to be removed. TEPCO has not told the public about the ministry’s findings. […] the ministry concluded that the radioactive substances had been newly released […] The ministry is pointing to Aug. 19, when […] dose rates increased at five measuring points 2.8 to 8.3 km north-northwest […] the System for Prediction of Environmental Emergency Dose Information (SPEEDI) estimated that the released particles would reach the city within three hours. […] the utility said it has yet to learn how far the released particles spread. The company said its plans to dismantle the cover on the No. 1 reactor building will be the fastest way to remove wreckage from the site. TEPCO […] acknowledged that the procedure will still lead to the release of a large amount of radioactive substances, and the spread of the substances will depend on the weather and the wind direction.
PHOTO CAPTION: “The black spots on rice harvested in Minami-Soma, Fukushima Prefecture, show radioactive substances.”
Emotional interview with Navy sailor suffering after Fukushima exposure: Others with same symptoms “told to be quiet… nobody’s heard from them” — Health is worsening, worried I’m going to die — Can’t really use legs or arms, hands ‘barely functional’ — Rashes all over body, spasms, shaking — Doctors tell us “it’s all psychological” (AUDIO)
21:30 in — November 2011 I noticed something was wrong… The black-out was the first thing… I started dealing with gastrointestinal issues, at first I thought I was coming down with a stomach bug… Fevers as high as 102.9°F… January 2012 was the first time I was hospitalized… [They] sent me home with a sinus infection. Three days later I was readmitted to the hospital because my lymph nodes were swelling… that’s when my legs buckled and the muscle weakness started to onset… it’s been ascending from legs, trunk, arms, hands… I can’t really use the muscles much at all. I’m down to about 20 lbs. of grip strength in my hands, which is barely functional… I do have to catheterize every 4 hours in order to empty the bladder. The migraines still get worse. The fevers still come and go, and they keep calling it a fever of unknown origin. My vitamin D is in the gutter, they just keep calling it an unspecified vitamin D deficiency… 2nd degree burns on my legs just from being out in the sun for 3 or 4 hours… that had never been a concern. Nobody can figure it out. I’ve been getting these rashes that come and go; they’ll go up my arms, my neck, around my eyes, back, stomach, legs. I deal with tremors and spasms… I am [in a wheelchair]… There’s days I don’t even get out of bed… for a long time I thought I was the only one. I had no idea there were other individuals that were even sick or dealing with ailments… Doctors wouldn’t tell us anything… I’ve had doctors tell me maybe you’re better off not knowing what you’re dealing with… You can’t have over 100 or 200 people sick, and one who has died last April, and say there is absolutely no health risk.
35:00 in — Finding out that there’s more people that are sick, finding out there were some other individuals at Walter Reed [Hospital]… almost identical symptoms to what I was dealing with… they we’re told to be quiet, and next thing I know they’re, who knows where they’re at, nobody’s heard from them, nobody has seen them. I have a buddy at Walter Reed right now, whose going through the same exact thing, very similar to what I’m dealing with — maybe 6 months to a year behind on the symptoms… His wife would call my wife and my wife would explain what he could expect next and sure as anything that happens next… Him and I both had doctors who have actively tried to convince us that there’s physically nothing wrong and it’s all psychological… This is ridiculous… He’s also in a wheelchair and when he went to the clinic to get fitted for a wheelchair, this doctor told him that it’s all in his head, and he doesn’t need a wheelchair… This is uncalled for.
46:00 in — We now realize how bad it was… the worst disaster in history, then it’s time to acknowledge the fact that, yeah there is a problem, and there are going to be some effects on human life… If the worst case happens, and some more folks pass — I would have to be naive to think that nobody else is going to pass away from this — it’s only a matter of time before there’s more lives lost. I would be lying if I don’t think every day that I’m going to be next because of how bad my health keeps going downhill.
Justice Department, Federal and State Partners Secure Record $13 Billion Global Settlement with JPMorgan for Misleading Investors About Securities Containing Toxic Mortgages
*CORRECTION: The release below previously stated that New York is receiving $613.8 million in this settlement, however, the number is $613.0 million. This correction notice was posted on Nov. 20, 2013.*
The Justice Department, along with federal and state partners, today announced a $13 billion settlement with JPMorgan – the largest settlement with a single entity in American history – to resolve federal and state civil claims arising out of the packaging, marketing, sale and issuance of residential mortgage-backed securities (RMBS) by JPMorgan, Bear Stearns and Washington Mutual prior to Jan. 1, 2009. As part of the settlement, JPMorgan acknowledged it made serious misrepresentations to the public – including the investing public – about numerous RMBS transactions. The resolution also requires JPMorgan to provide much needed relief to underwater homeowners and potential homebuyers, including those in distressed areas of the country. The settlement does not absolve JPMorgan or its employees from facing any possible criminal charges.
This settlement is part of the ongoing efforts of President Obama’s Financial Fraud Enforcement Task Force’s RMBS Working Group.
“Without a doubt, the conduct uncovered in this investigation helped sow the seeds of the mortgage meltdown,” said Attorney General Eric Holder. “JPMorgan was not the only financial institution during this period to knowingly bundle toxic loans and sell them to unsuspecting investors, but that is no excuse for the firm’s behavior. The size and scope of this resolution should send a clear signal that the Justice Department’s financial fraud investigations are far from over. No firm, no matter how profitable, is above the law, and the passage of time is no shield from accountability. I want to personally thank the RMBS Working Group for its tireless work not only in this case, but also in the investigations that remain ongoing.”
The settlement includes a statement of facts, in which JPMorgan acknowledges that it regularly represented to RMBS investors that the mortgage loans in various securities complied with underwriting guidelines. Contrary to those representations, as the statement of facts explains, on a number of different occasions, JPMorgan employees knew that the loans in question did not comply with those guidelines and were not otherwise appropriate for securitization, but they allowed the loans to be securitized – and those securities to be sold – without disclosing this information to investors. This conduct, along with similar conduct by other banks that bundled toxic loans into securities and misled investors who purchased those securities, contributed to the financial crisis. “Through this $13 billion resolution, we are demanding accountability and requiring remediation from those who helped create a financial storm that devastated millions of Americans,” said Associate Attorney General Tony West. “The conduct JPMorgan has acknowledged – packaging risky home loans into securities, then selling them without disclosing their low quality to investors – contributed to the wreckage of the financial crisis. By requiring JPMorgan both to pay the largest FIRREA penalty in history and provide needed consumer relief to areas hardest hit by the financial crisis, we rectify some of that harm today.”
Of the record-breaking $13 billion resolution, $9 billion will be paid to settle federal and state civil claims by various entities related to RMBS. Of that $9 billion, JPMorgan will pay $2 billion as a civil penalty to settle the Justice Department claims under the Financial Institutions Reform, Recovery, and Enforcement Act (FIRREA), $1.4 billion to settle federal and state securities claims by the National Credit Union Administration (NCUA), $515.4 million to settle federal and state securities claims by the Federal Deposit Insurance Corporation (FDIC), $4 billion to settle federal and state claims by the Federal Housing Finance Agency (FHFA), $298.9 million to settle claims by the State of California, $19.7 million to settle claims by the State of Delaware, $100 million to settle claims by the State of Illinois, $34.4 million to settle claims by the Commonwealth of Massachusetts, and $613 million to settle claims by the State of New York.
JPMorgan will pay out the remaining $4 billion in the form of relief to aid consumers harmed by the unlawful conduct of JPMorgan, Bear Stearns and Washington Mutual. That relief will take various forms, including principal forgiveness, loan modification, targeted originations and efforts to reduce blight. An independent monitor will be appointed to determine whether JPMorgan is satisfying its obligations. If JPMorgan fails to live up to its agreement by Dec. 31, 2017, it must pay liquidated damages in the amount of the shortfall to NeighborWorks America, a non-profit organization and leader in providing affordable housing and facilitating community development.
The U.S. Attorney’s Offices for the Eastern District of California and Eastern District of Pennsylvania and the Justice Department’s Civil Division, along with the U.S. Attorney’s Office for the Northern District of Texas, conducted investigations into JPMorgan’s, Washington Mutual’s and Bear Stearns’ practices related to the sale and issuance of RMBS between 2005 and 2008.
“Today’s global settlement underscores the power of FIRREA and other civil enforcement tools for combatting financial fraud,” said Assistant Attorney General for the Civil Division Stuart F. Delery, co-chair of the RMBS Working Group. “The Civil Division, working with the U.S. Attorney’s Offices and our state and agency partners, will continue to use every available resource to aggressively pursue those responsible for the financial crisis.”
“Abuses in the mortgage-backed securities industry helped turn a crisis in the housing market into an international financial crisis,” said U.S. Attorney for the Eastern District of California Benjamin Wagner. “The impacts were staggering. JPMorgan sold securities knowing that many of the loans backing those certificates were toxic. Credit unions, banks and other investor victims across the country, including many in the Eastern District of California, continue to struggle with losses they suffered as a result. In the Eastern District of California, we have worked hard to prosecute fraud in the mortgage industry. We are equally committed to holding accountable those in the securities industry who profited through the sale of defective mortgages.” “Today’s settlement represents another significant step towards holding accountable those banks which exploited the residential mortgage-backed securities market and harmed numerous individuals and entities in the process,” said U.S. Attorney for the Eastern District of Pennsylvania Zane David Memeger. “These banks packaged and sold toxic mortgage-backed securities, which violated the law and contributed to the financial crisis. It is particularly important that JPMorgan, after assuming the significant assets of Washington Mutual Bank, is now also held responsible for the unscrupulous and deceptive conduct of Washington Mutual, one of the biggest players in the mortgage-backed securities market.”
This settlement resolves only civil claims arising out of the RMBS packaged, marketed, sold and issued by JPMorgan, Bear Stearns and Washington Mutual. The agreement does not release individuals from civil charges, nor does it release JPMorgan or any individuals from potential criminal prosecution. In addition, as part of the settlement, JPMorgan has pledged to fully cooperate in investigations related to the conduct covered by the agreement.
To keep JPMorgan from seeking reimbursement from the federal government for any money it pays pursuant to this resolution, the Justice Department required language in the settlement agreement which prohibits JPMorgan from demanding indemnification from the FDIC, both in its capacity as a corporate entity and as the receiver for Washington Mutual.
“The settlement announced today will provide a significant recovery for six FDIC receiverships. It also fully protects the FDIC from indemnification claims out of this settlement,” said FDIC Chairman Martin J. Gruenberg. “The FDIC will continue to pursue litigation where necessary in order to recover as much as possible for FDIC receiverships, money that is ultimately returned to the Deposit Insurance Fund, uninsured depositors and creditors of failed banks.”
“NCUA’s Board extends our thanks and appreciation to our attorneys and to the Department of Justice, who have worked closely together for more than three years to bring this matter to a successful resolution,” said NCUA Board Chairman Debbie Matz. “The faulty mortgage-backed securities created and packaged by JPMorgan and other institutions created a crisis in the credit union industry, and we’re pleased a measure of accountability has been reached.”
“JPMorgan and the banks it bought securitized billions of dollars of defective mortgages,” said Acting FHFA Inspector General Michael P. Stephens. “Investors, including Fannie Mae and Freddie Mac, suffered enormous losses by purchasing RMBS from JPMorgan, Washington Mutual and Bear Stearns not knowing about those defects. Today’s settlement is a significant, but by no means final step by FHFA-OIG and its law enforcement partners to hold accountable those who committed acts of fraud and deceit. We are proud to have worked with the Department of Justice, the U.S. attorneys in Sacramento and Philadelphia and the New York and California state attorneys general; they have been great partners and we look forward to our continued work together.”
The attorneys general of New York, California, Delaware, Illinois and Massachusetts also conducted related investigations that were critical to bringing about this settlement.
“Since my first day in office, I have insisted that there must be accountability for the misconduct that led to the crash of the housing market and the collapse of the American economy,” said New York Attorney General Eric Schneiderman, Co-Chair of the RMBS Working Group. “This historic deal, which will bring long overdue relief to homeowners around the country and across New York, is exactly what our working group was created to do. We refused to allow systemic frauds that harmed so many New York homeowners and investors to simply be forgotten, and as a result we’ve won a major victory today in the fight to hold those who caused the financial crisis accountable.”
“JP Morgan Chase profited by giving California’s pension funds incomplete information about mortgage investments,” California Attorney General Kamala D. Harris said. “This settlement returns the money to California’s pension funds that JP Morgan wrongfully took from them.”
“Our financial system only works when everyone plays by the rules,” said Delaware Attorney General Beau Biden. “Today, as a result of our coordinated investigations, we are holding accountable one of the financial institutions that, by breaking those rules, helped cause the economic crisis that brought our nation to its knees. Even as the American people recover from this crisis, we will continue to seek accountability on their behalf.”
“We are still cleaning up the mess that Wall Street made with its reckless investment schemes and fraudulent conduct,” said Illinois Attorney General Lisa Madigan. “Today’s settlement with JPMorgan will assist Illinois in recovering its losses from the dangerous and deceptive securities that put our economy on the path to destruction.”
“This is a historic settlement that will help us to hold accountable those investment banks that played a role in creating and exacerbating the housing crisis,” said Massachusetts Attorney General Martha Coakley. “We appreciate the work of the Department of Justice and the other enforcement agencies in bringing about this resolution and look forward to continuing to work together in other securitization cases.”
The RMBS Working Group is a federal and state law enforcement effort focused on investigating fraud and abuse in the RMBS market that helped lead to the 2008 financial crisis. The RMBS Working Group brings together more than 200 attorneys, investigators, analysts and staff from dozens of state and federal agencies including the Department of Justice, 10 U.S. attorney’s offices, the FBI, the Securities and Exchange Commission (SEC), the Department of Housing and Urban Development (HUD), HUD’s Office of Inspector General, the FHFA-OIG, the Office of the Special Inspector General for the Troubled Asset Relief Program, the Federal Reserve Board’s Office of Inspector General, the Recovery Accountability and Transparency Board, the Financial Crimes Enforcement Network, and more than 10 state attorneys general offices around the country.
The RMBS Working Group is led by five co-chairs: Assistant Attorney General for the Civil Division Stuart Delery, Acting Assistant Attorney General for the Criminal Division Mythili Raman, Co-Director of the SEC’s Division of Enforcement George Canellos, U.S. Attorney for the District of Colorado John Walsh and New York Attorney General Eric Schneiderman.
Learn more about the RMBS Working Group and the Financial Fraud Enforcement Task Force at: http://www.stopfraud.gov.
This Settlement Agreement (“Agreement”) is entered into between the United States
acting through the United States Department of Justice (“Department of Justice”), along with the
States of California, Delaware, Illinois, and New York and the Commonwealth of Massachusetts,
acting through their respective Attorneys General (collectively, “the States”), and Citigroup Inc.
(“Citigroup”). The United States, the States, and Citigroup are collectively referred to herein as
“the Parties.”
RECITALS
A. The Department of Justice conducted investigations of the packaging, marketing,
sale, structuring, arrangement, and issuance of residential mortgage-backed securities (“RMBS”)
and collateralized debt obligations (“CDOs”) by Citigroup between 2006 and 2007. Based on
those investigations, the United States believes that there is an evidentiary basis to compromise
potential legal claims by the United States against Citigroup for violations of federal laws in
connection with the packaging, marketing, sale, structuring, arrangement, and issuance of RMBS
and CDOs.
B. The States, based on their independent investigations of the same conduct, believe
that there is an evidentiary basis to compromise potential legal claims by California, Delaware,
Illinois, Massachusetts, and New York against Citigroup for state law violations in connection
with the packaging, marketing, sale, structuring, arrangement, and issuance of RMBS and CDOs.
C. Citigroup has resolved claims filed by the Federal Deposit Insurance Corporation
as Receiver for Strategic Capital Bank, and the Federal Deposit Insurance Corporation as
Receiver for Colonial Bank (collectively, “FDIC”), alleging violations of federal and state
securities laws in connection with private-label RMBS issued, underwritten, and/or sold by
Citigroup. The terms of the resolution of those claims are memorialized in a separate agreement,
attached as Exhibit A.
D. Citigroup acknowledges the facts set out in the Statement of Facts set forth in
Annex 1, attached and hereby incorporated.
E. In consideration of the mutual promises and obligations of this Agreement, the
Parties agree and covenant as follows:
TERMS AND CONDITIONS
1. Payment. Citigroup shall pay a total amount of $4,500,000,000.00 to resolve pending
and potential legal claims in connection with the packaging, marketing, sale, structuring,
arrangement, and issuance of RMBS and CDOs by Citigroup (“Settlement Amount”). As set out
below, $4,000,000,000.00 of that amount will be deposited in the United States Treasury and the
remainder is paid to resolve the claims of the States and the FDIC, pursuant to the subsequent
provisions of this Paragraph 1.
A. Within fifteen business days of receiving written payment processing instructions
from the Department of Justice, Office of the Associate Attorney General, Citigroup shall pay
$4,208,250,000.00 of the Settlement Amount by electronic funds transfer to the Department of
Justice.
i. $4,000,000,000.00 of the Settlement Amount, and no other amount, is a civil
monetary penalty recovered pursuant to the Financial Institutions Reform,
Recovery and Enforcement Act of 1989 (“FIRREA”), 12 U.S.C. § 1833a. It will
be deposited in the General Fund of the United States Treasury.
ii. $208,250,000.00 and no other amount, is paid by Citigroup in settlement of the
claims of the FDIC identified in Recital Paragraph C, pursuant to the settlement
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agreement attached hereto as Exhibit A, the terms of which are not altered or
affected by this Agreement.
B. $102,700,000.00, and no other amount, will be paid by Citigroup to the State of
California pursuant to Paragraph 6, below, and the terms of written payment instructions from
the State of California, Office of the Attorney General. Payment shall be made by electronic
funds transfer within fifteen business days of receiving written payment processing instructions
from the State of California, Office of the Attorney General.
C. $7,350,000.00, and no other amount, will be paid by Citigroup to the State of
Delaware pursuant to Paragraph 7, below, and the terms of written payment instructions from the
State of Delaware, Office of the Attorney General. Payment shall be made by electronic funds
transfer within fifteen business days of receiving written payment processing instructions from
the State of Delaware, Office of the Attorney General.
D. $44,000,000.00, and no other amount, will be paid by Citigroup to the State of
Illinois pursuant to Paragraph 8, below, and the terms of written payment instructions from the
State of Illinois, Office of the Attorney General. Payment shall be made by electronic funds
transfer within fifteen business days of receiving written payment processing instructions from
the State of Illinois, Office of the Attorney General.
E. $45,700,000.00, and no other amount, will be paid by Citigroup to the
Commonwealth of Massachusetts pursuant to Paragraph 9, below, and the terms of written
payment instructions from the Commonwealth of Massachusetts, Office of the Attorney General.
Payment shall be made by electronic funds transfer within fifteen business days of receiving
written payment processing instructions from the Commonwealth of Massachusetts, Office of the
Attorney General.
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F. $92,000,000.00, and no other amount, will be paid by Citigroup to the State of
New York pursuant to Paragraph 10, below, and the terms of written payment instructions from
the State of New York, Office of the Attorney General. Payment shall be made by electronic
funds transfer within fifteen business days of receiving written payment processing instructions
from the State of New York, Office of the Attorney General.
2. Consumer Relief. In addition, Citigroup shall provide $2.5 billion worth of consumer
relief as set forth in Annex 2, attached and hereby incorporated as a term of this Agreement. The
value of consumer relief provided shall be calculated and enforced pursuant to the terms of
Annex 2. An independent monitor will be appointed to determine whether Citigroup has
satisfied the obligations contained in this Paragraph (such monitor to be Thomas J. Perrelli), and
any costs associated with said Monitor shall be borne by Citigroup.
3. Covered Conduct. “Covered Conduct” as used herein is defined as the creation,
pooling, structuring, arranging, formation, packaging, marketing, underwriting, sale, or issuance
prior to January 1, 2009 by Citigroup of the RMBS and CDOs identified in Annex 3, attached
and hereby incorporated. Covered Conduct includes representations, disclosures, or nondisclosures
to RMBS investors made in connection with the activities set forth above about the
underlying residential mortgage loans, where the representation or non-disclosure involves
information about or obtained during the process of originating, acquiring, securitizing,
underwriting, or servicing residential mortgage loans included in the RMBS identified in
Annex 3. Covered Conduct also includes representations, disclosures, or non-disclosures made
in connection with the activities set forth above about the CDOs identified in Annex 3, attached
and hereby incorporated. Covered Conduct does not include: (i) conduct relating to the
origination of residential mortgages, except representations or non-disclosures to investors in the
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RMBS listed in Annex 3 about origination of, or about information obtained in the course of
originating, such loans; (ii) origination conduct unrelated to securitization, such as soliciting,
aiding or abetting borrower fraud; (iii) the servicing of residential mortgage loans, except
representations or non-disclosures to investors in the RMBS listed in Annex 3 about servicing, or
information obtained in the course of servicing, such loans; or (iv) representations or nondisclosures
made in connection with the trading of RMBS, except to the extent that the
representations or non-disclosures are in the offering materials for the underlying RMBS listed in
Annex 3.
4. Cooperation. Until the date upon which all investigations and any prosecution arising
out of the Covered Conduct are concluded by the Department of Justice, whether or not they are
concluded within the term of this Agreement, Citigroup shall, subject to applicable laws or
regulations: (a) cooperate fully with the Department of Justice (including the Federal Bureau of
Investigation) and any other law enforcement agency designated by the Department of Justice
regarding matters arising out of the Covered Conduct; (b) assist the Department of Justice in any
investigation or prosecution arising out of the Covered Conduct by providing logistical and
technical support for any meeting, interview, grand jury proceeding, or any trial or other court
proceeding; (c) use its best efforts to secure the attendance and truthful statements or testimony
of any officer, director, agent, or employee of any of the entities released in Paragraph 5 at any
meeting or interview or before the grand jury or at any trial or other court proceeding regarding
matters arising out of the Covered Conduct; and (d) provide the Department of Justice, upon
request, all non-privileged information, documents, records, or other tangible evidence regarding
matters arising out of the Covered Conduct about which the Department or any designated law
enforcement agency inquires.
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5. Releases by the United States. Subject to the exceptions in Paragraph 12 (“Excluded
Claims”), and conditioned upon Citigroup’s full payment of the Settlement Amount (of which
$4 billion will be paid as a civil monetary penalty pursuant to FIRREA, 12 U.S.C. § 1833a), and
Citigroup’s agreement, by executing this Agreement, to satisfy the terms in Paragraph 2
(“Consumer Relief”) and Paragraph 4 (“Cooperation”), the United States fully and finally
releases Citigroup and each of its current and former subsidiaries and affiliated entities
(collectively, the “Released Entities”), and each of their respective successors and assigns from
any civil claim the United States has against the Released Entities for the Covered Conduct
arising under FIRREA, 12 U.S.C. § l833a; the False Claims Act, 31 U.S.C. §§ 3729, et seq.; the
Program Fraud Civil Remedies Act, 31 U.S.C. §§ 3801, et seq.; the Racketeer Influenced and
Corrupt Organizations Act, 18 U.S.C. §§ 1961, et seq.; the Injunctions Against Fraud Act, 18
U.S.C. § 1345; common law theories of negligence, payment by mistake, unjust enrichment,
money had and received, breach of fiduciary duty, breach of contract, misrepresentation, deceit,
fraud, and aiding and abetting any of the foregoing; or that the Civil Division of the Department
of Justice has actual and present authority to assert and compromise pursuant to 28 C.F.R.
§ 0.45.
6. Releases by the California Attorney General. Subject to the exceptions in
Paragraph 12 (Excluded Claims), and conditioned solely upon Citigroup’s full payment of the
Settlement Amount (of which $102,700,000.00 will be paid to the Office of the California
Attorney General, in accordance with written payment instructions from the California Attorney
General, to remediate harms to the State, pursuant to California Government Code §§ 12650-
12656 and 12658, allegedly resulting from unlawful conduct of the Released Entities), the
California Attorney General fully and finally releases the Released Entities from any civil or
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administrative claim for the Covered Conduct that the California Attorney General has authority
to bring, including but not limited to: California Corporate Securities Law of 1968, Cal.
Corporations Code § 25000 et seq., California Government Code §§ 12658 and 12660 and
California Government Code §§ 12650-12656, common law theories of negligence, payment by
mistake, unjust enrichment, money had and received, breach of fiduciary duty, breach of
contract, misrepresentation, deceit, fraud and aiding and abetting any of the foregoing. The
California Attorney General executes this release in her official capacity and releases only claims
that the California Attorney General has the authority to release for the Covered Conduct. The
California Attorney General agrees that no portion of the funds in this paragraph is received as a
civil penalty or fine, including, but not limited to any civil penalty or fine imposed under
California Government Code § 12651. The California Attorney General and Citigroup
acknowledge that they have been advised by their attorneys of the contents and effect of Section
1542 of the California Civil Code (“Section 1542”) and hereby expressly waive with respect to
this Agreement any and all provisions, rights, and benefits conferred by Section 1542.
7. Releases by the State of Delaware. Subject to the exceptions in Paragraph 12
(Excluded Claims), and conditioned solely upon Citigroup’s full payment of the Settlement
Amount (of which $7,350,000.00 will be paid to the State of Delaware, in accordance with
written payment instructions from the State of Delaware, Office of the Attorney General, to
remediate harms to the State allegedly resulting from unlawful conduct of the Released Entities),
the Delaware Department of Justice fully and finally releases the Released Entities from any civil
or administrative claim for the Covered Conduct that it has authority to bring, including but not
limited to: 6 Del. C. Chapter 12 (the Delaware False Claims and Reporting Act), 6 Del. C.
§§ 2511 et seq. (the Delaware Consumer Fraud Act), 6 Del. C. Chapter 73 (the Delaware
7
Securities Act), and common law theories of negligence, payment by mistake, unjust enrichment,
money had and received, breach of fiduciary duty, breach of contract, misrepresentation, deceit,
fraud and aiding and abetting any of the foregoing. The State of Delaware agrees that no portion
of the funds in this paragraph is received as a civil penalty or fine, including, but not limited to
any civil penalty or fine imposed under 6 Del. C. § 1201 or § 2522.
8. Releases by the State of Illinois. Subject to the exceptions in Paragraph 12 (Excluded
Claims), and conditioned solely upon Citigroup’s full payment of the Settlement Amount (of
which $44,000,000.00 will be paid to the State of Illinois, Office of the Attorney General, in
accordance with the written payment instructions from the State of Illinois, Office of the
Attorney General, to remediate harms to the State allegedly resulting from unlawful conduct of
the Released Entities), the Illinois Attorney General of the State of Illinois fully and finally
releases the Released Entities from any civil or administrative claim for the Covered Conduct
that it has authority to bring, including but not limited to: Illinois Securities Law of 1953, 815
Ill. Comp. Stat. 5/1 et seq., and common law theories of negligence, payment by mistake, unjust
enrichment, money had and received, breach of fiduciary duty, breach of contract,
misrepresentation, deceit, fraud and aiding and abetting any of the foregoing. The State of
Illinois agrees that no portion of the funds in this paragraph is received as a civil penalty or fine.
9. Releases of the Commonwealth of Massachusetts. Subject to the exceptions in
Paragraph 12 (Excluded Claims), and conditioned solely upon Citigroup’s full payment of the
Settlement Amount (of which $45,700,000.00 will be paid to the Commonwealth of
Massachusetts, in accordance with the written payment instructions from the Commonwealth of
Massachusetts, to remediate harms to the Commonwealth allegedly resulting from unlawful
conduct of the Released Entities), the Attorney General of the Commonwealth of Massachusetts
8
fully and finally releases the Released Entities from any civil claim for the Covered Conduct that
she has authority to bring, including but not limited to: M.G.L. c. 93A, M.G.L. c. 12, and
common law theories of negligence, payment by mistake, unjust enrichment, money had and
received, breach of fiduciary duty, breach of contract, misrepresentation, deceit, fraud and aiding
and abetting any of the foregoing. The payment to the Commonwealth of Massachusetts shall be
made to a trustee chosen by the Commonwealth, which shall hold the monies and distribute them
as directed by the Massachusetts Office of the Attorney General for consumer relief,
compensation to the Commonwealth and its entities, and pursuant to M.G.L. c. 12 § 4A,
implementation of this Agreement and related purposes. Funds or portions of the funds
remaining in the trust after 90 days, at the discretion of the Massachusetts Office of the Attorney
General, may be transferred to the Massachusetts Treasury. The Commonwealth of
Massachusetts agrees that no portion of the funds in this paragraph is received as a civil penalty
or fine.
10. Releases by the State of New York. Subject to the exceptions in Paragraph 12
(Excluded Claims), and conditioned solely upon Citigroup’s full payment of the Settlement
Amount (of which $92,000,000.00 will be paid to the State of New York, in accordance with
written payment instructions from the State of New York, Office of the Attorney General, to
remediate harms to the State allegedly resulting from unlawful conduct of the Released Entities),
the State of New York, by Eric T. Schneiderman, Attorney General of the State of New York,
fully and finally releases the Released Entities from any civil or administrative claim for the
Covered Conduct that it has authority to bring, including but not limited to any such claim
under: New York General Business Law Article 23A, New York Executive Law § 63(12), and
common law theories of negligence, payment by mistake, unjust enrichment, money had and
9
received, breach of fiduciary duty, breach of contract, misrepresentation, deceit, fraud and aiding
and abetting any of the foregoing. The payment to the State of New York shall be used, to the
maximum extent possible, for purposes of redeveloping and revitalizing housing and home
ownership and rebuilding communities in the State, and for programs intended to avoid
preventable foreclosures, to ameliorate the effects of the foreclosure crisis, to provide funding for
housing counselors and legal assistance, housing remediation and anti-blight projects, for code
enforcement, and to enhance law enforcement efforts involving financial fraud or unfair or
deceptive acts or practices. The State of New York agrees that no portion of the funds in this
paragraph is received as a civil penalty or fine.
11. Releases by the FDIC. The release of claims by the FDIC is contained in a separate
settlement agreement with Citi, attached as Exhibit A. Any release of claims by the FDIC is
governed solely by that separate settlement agreement.
12. Excluded Claims. Notwithstanding the releases in Paragraphs 5-11 of this Agreement,
or any other term(s) of this Agreement, the following claims are specifically reserved and not
released by this Agreement:
a. Any criminal liability;
b. Any liability of any individual;
c. Any liability arising under Title 26 of the United States Code (the Internal
Revenue Code);
d. Any liability to or claims of the FDIC (in its capacity as a corporation, receiver, or
conservator), except as expressly set forth in the separate agreement with the
FDIC;
10
e. Any claim related to compliance with the National Mortgage Settlement
(“NMS”), or to compliance with the related agreements reached between the
settling banks and individual states;
f. Any liability to or claims of the United States of America, the Department of
Housing and Urban Development/Federal Housing Administration, the
Department of Veterans Affairs, or Fannie Mae or Freddie Mac relating to whole
loans insured, guaranteed, or purchased by the Department of Housing and Urban
Development/Federal Housing Administration, the Department of Veterans
Affairs, or Fannie Mae or Freddie Mac, except claims based on or arising from
the securitizations of any such loans in the RMBS or CDOs listed in Annex 1.
g. Any administrative liability, including the suspension and debarment rights of any
federal agency;
h. Any liability based upon obligations created by this Settlement Agreement;
i. Any liability for the claims or conduct alleged in the following qui tam actions,
and no setoff related to amounts paid under this Agreement shall be applied to any
recovery in connection with any of these actions:
(i) United States, et al. ex rel. Szymoniak v. American Home Mortgage
Servicing, Inc. et al., No. 0:10-cv-01465-JFA (D.S.C.), and United States
ex rel. Szymoniak v. ACE Securities Corp. et al., No. 13-cv-464-JFA
(D.S.C.); and
(ii) United States ex rel. [Sealed] v. [Sealed], as disclosed to Citigroup;
j. Claims raised in Commonwealth of Massachusetts v. Bank of America, N.A., et
al., Civ. No. 11-4363 (BLS1)(Massachusetts Suffolk Superior Court); and
11
k. Any claims related to the alleged manipulation of the London Interbank Offered
Rate or other currency benchmarks.
13. Releases by Citigroup. Citigroup and any current or former affiliated entity and any of
their respective successors and assigns fully and finally release the United States and the States,
and their officers, agents, employees, and servants, from any claims (including attorney’s fees,
costs, and expenses of every kind and however denominated) that Citigroup has asserted, could
have asserted, or may assert in the future against the United States and the States, and their
officers, agents, employees, and servants, related to the Covered Conduct and the investigation
and civil prosecution to date thereof.
14. Waiver of Potential FDIC Indemnification Claims by Citi. Citigroup hereby
irrevocably waives any right that it otherwise might have to seek (and in any event agrees that it
shall not seek) any form of indemnification, reimbursement or contribution from the FDIC in any
capacity, including the FDIC in its Corporate Capacity or the FDIC in its Receiver Capacity for
any payment that is a portion of the Settlement Amount set forth in Paragraph 1 of this
Agreement or of the Consumer Relief set forth in Paragraph 2 of this Agreement, including
payments to the United States and the States made pursuant to Paragraphs 1 and 2 of this
Agreement.
15. Waiver of Potential Defenses by Citigroup. Citigroup and any current or former
affiliated entity (to the extent that Citigroup retains liability for the Covered Conduct associated
with such affiliated entity) and any of their respective successors and assigns waive and shall not
assert any defenses Citigroup may have to any criminal prosecution or administrative action
relating to the Covered Conduct that may be based in whole or in part on a contention that, under
12
the Double Jeopardy Clause in the Fifth Amendment of the Constitution, or under the Excessive
Fines Clause in the Eighth Amendment of the Constitution, this Agreement bars a remedy sought
in such criminal prosecution or administrative action.
16. Unallowable Costs Defined. All costs (as defined in the Federal Acquisition Regulation,
48 C.F.R. § 31.205-47) incurred by or on behalf of Citigroup, and its present or former officers,
directors, employees, shareholders, and agents in connection with:
a. the matters covered by this Agreement;
b. the United States’ audit(s) and civil investigation(s) of the matters covered by this
Agreement;
c. Citigroup’s investigation, defense, and corrective actions undertaken in response
to the United States’ audit(s) and civil and any criminal investigation(s) in
connection with the matters covered by this Agreement (including attorney’s
fees);
d. the negotiation and performance of this Agreement; and
e. the payment Citigroup makes to the United States pursuant to this Agreement, are
unallowable costs for government contracting purposes (hereinafter referred to as
“Unallowable Costs”).
17. Future Treatment of Unallowable Costs. Unallowable Costs will be separately
determined and accounted for by Citigroup, and Citigroup shall not charge such Unallowable
Costs directly or indirectly to any contract with the United States.
18. This Agreement is governed by the laws of the United States. The Parties agree that the
exclusive jurisdiction and venue for any dispute relating to this Agreement is the United States
District Court for the Eastern District of New York.
13
19. The Parties acknowledge that this Agreement is made without any trial or adjudication or
finding of any issue of fact or law, and is not a final order of any court or governmental
authority.
20. Each Party shall bear its own legal and other costs incurred in connection with this
matter, including the preparation and performance of this Agreement.
21. Each party and signatory to this Agreement represents that it freely and voluntarily enters
into this Agreement without any degree of duress or compulsion.
22. Nothing in this Agreement in any way alters the terms of the NMS, or Citigroup’s
obligations under the NMS.
23. Nothing in this Agreement constitutes an agreement by the United States concerning the
characterization of the Settlement Amount for the purposes of the Internal Revenue laws,
Title 26 of the United States Code.
24. For the purposes of construing the Agreement, this Agreement shall be deemed to have
been drafted by all Parties and shall not, therefore, be construed against any Party for that reason
in any dispute.
25. This Agreement constitutes the complete agreement between the Parties. This
Agreement may not be amended except by written consent of the Parties.
26. The undersigned counsel represent and warrant that they are fully authorized to execute
this Agreement on behalf of the persons and entities indicated below.
27. This Agreement may be executed in counterparts, each of which constitutes an original
and all of which constitute one and the same Agreement.
28. This Agreement is binding on Citigroup’s successors, transferees, heirs, and assigns.
14
29. All parties consent to the disclosure to the public of this Agreement, and information
about this Agreement, by Citigroup, the United States, the States, and the FDIC whose separate
settlement agreement is referenced herein and attached as an exhibit to this Agreement.
30. This Agreement is effective on the date of signature of the last signatory to the
Agreement (“Effective Date of this Agreement”). Facsimiles of signatures shall constitute
acceptable, binding signatures for purposes of this Agreement.
15
For the California Department of Justice:
California Attorney General
California Department of Justice
455 Golden Gate, Suite 1000
San Francisco, CA 941 02
Phone: (415) 703-5500
Dated: 7 I!J I/ [ I I
…
For the State of Illinois:
LISA MADIGAN
Attorney General State of Illinois
500 South Second Street .
Springfield, IL 62706
Phone: (217) 782-1090
Dated: -vr, I’1 I L1)’ 2A> /,,( —–f—-‘——–.,
For the Commonwealth of Massachusetts:
Office of the Attorney General
Attorney General Martha Coakley
GLENN KAPLAN
Assistant Attorney General
One Ashburton Place
Boston, MA 02108
Phone: (617)727-2200
Dated:
By:
Justice Department, Federal and State Partners Secure Record $7 Billion Global Settlement with Citigroup for Misleading Investors About Securities Containing Toxic Mortgages
Citigroup to Pay the Largest Penalty of Its Kind – $4 Billion
The Justice Department, along with federal and state partners, today announced a $7 billion settlement with Citigroup Inc. to resolve federal and state civil claims related to Citigroup’s conduct in the packaging, securitization, marketing, sale and issuance of residential mortgage-backed securities (RMBS) prior to Jan. 1, 2009. The resolution includes a $4 billion civil penalty – the largest penalty to date under the Financial Institutions Reform, Recovery and Enforcement Act (FIRREA). As part of the settlement, Citigroup acknowledged it made serious misrepresentations to the public – including the investing public – about the mortgage loans it securitized in RMBS. The resolution also requires Citigroup to provide relief to underwater homeowners, distressed borrowers and affected communities through a variety of means including financing affordable rental housing developments for low-income families in high-cost areas. The settlement does not absolve Citigroup or its employees from facing any possible criminal charges.
This settlement is part of the ongoing efforts of President Obama’s Financial Fraud Enforcement Task Force’s RMBS Working Group, which has recovered $20 billion to date for American consumers and investors.
“This historic penalty is appropriate given the strength of the evidence of the wrongdoing committed by Citi,” said Attorney General Eric Holder. “The bank’s activities contributed mightily to the financial crisis that devastated our economy in 2008. Taken together, we believe the size and scope of this resolution goes beyond what could be considered the mere cost of doing business. Citi is not the first financial institution to be held accountable by this Justice Department, and it will certainly not be the last.”
The settlement includes an agreed upon statement of facts that describes how Citigroup made representations to RMBS investors about the quality of the mortgage loans it securitized and sold to investors. Contrary to those representations, Citigroup securitized and sold RMBS with underlying mortgage loans that it knew had material defects. As the statement of facts explains, on a number of occasions, Citigroup employees learned that significant percentages of the mortgage loans reviewed in due diligence had material defects. In one instance, a Citigroup trader stated in an internal email that he “went through the Diligence Reports and think[s] [they] should start praying . . . [he] would not be surprised if half of these loans went down. . . It’s amazing that some of these loans were closed at all.” Citigroup nevertheless securitized the loan pools containing defective loans and sold the resulting RMBS to investors for billions of dollars. This conduct, along with similar conduct by other banks that bundled defective and toxic loans into securities and misled investors who purchased those securities, contributed to the financial crisis.
“Today, we hold Citi accountable for its contributing role in creating the financial crisis, not only by demanding the largest civil penalty in history, but also by requiring innovative consumer relief that will help rectify the harm caused by Citi’s conduct,” said Associate Attorney General Tony West. “In addition to the principal reductions and loan modifications we’ve built into previous resolutions, this consumer relief menu includes new measures such as $200 million in typically hard-to-obtain financing that will facilitate the construction of affordable rental housing, bringing relief to families pushed into the rental market in the wake of the financial crisis.”
Of the $7 billion resolution, $4.5 billion will be paid to settle federal and state civil claims by various entities related to RMBS: Citigroup will pay $4 billion as a civil penalty to settle the Justice Department claims under FIRREA, $208.25 million to settle federal and state securities claims by the Federal Deposit Insurance Corporation (FDIC), $102.7 million to settle claims by the state of California, $92 million to settle claims by the state of New York, $44 million to settle claims by the state of Illinois, $45.7 million to settle claims by the Commonwealth of Massachusetts, and $7.35 to settle claims by the state of Delaware.
Citigroup will pay out the remaining $2.5 billion in the form of relief to aid consumers harmed by the unlawful conduct of Citigroup. That relief will take various forms, including loan modification for underwater homeowners, refinancing for distressed borrowers, down payment and closing cost assistance to homebuyers, donations to organizations assisting communities in redevelopment and affordable rental housing for low-income families in high-cost areas. An independent monitor will be appointed to determine whether Citigroup is satisfying its obligations. If Citigroup fails to live up to its agreement by the end of 2018, it must pay liquidated damages in the amount of the shortfall to NeighborWorks America, a non-profit organization and leader in providing affordable housing and facilitating community development.
The U.S. Attorney’s Offices for the Eastern District of New York and the District of Colorado conducted investigations into Citigroup’s practices related to the sale and issuance of RMBS between 2006 and 2007.
“The strength of our financial markets depends on the truth of the representations that banks provide to investors and the public every day,” said U.S. Attorney John Walsh for the District of Colorado, Co-Chair of the RMBS Working Group. “Today’s $7 billion settlement is a major step toward restoring public confidence in those markets. Due to the tireless work by the Department of Justice, Citigroup is being forced to take responsibility for its home mortgage securitization misconduct in the years leading up to the financial crisis. As important a step as this settlement is, however, the work of the RMBS working group is far from done, we will continue to pursue our investigations and cases vigorously because many other banks have not yet taken responsibility for their misconduct in packaging and selling RMBS securities.”
“After nearly 50 subpoenas to Citigroup, Trustees, Servicers, Due Diligence providers and their employees, and after collecting nearly 25 million documents relating to every residential mortgage backed security issued or underwritten by Citigroup in 2006 and 2007, our teams found that the misconduct in Citigroup’s deals devastated the nation and the world’s economies, touching everyone,” said U.S. Attorney of the Eastern District of New York Loretta Lynch. “The investors in Citigroup RMBS included federally-insured financial institutions, as well as a host of states, cities, public and union pension and benefit funds, universities, religious charities, and hospitals, among others. These are our neighbors in Colorado, New York and around the country, hard-working people who saved and put away for retirement, only to see their savings decimated.”
This settlement resolves civil claims against Citigroup arising out of certain securities packaged, securitized, structured, marketed, and sold by Citigroup. The agreement does not release individuals from civil charges, nor does it release Citigroup or any individuals from potential criminal prosecution. In addition, as part of the settlement, Citigroup has pledged to fully cooperate in investigations related to the conduct covered by the agreement.
Michael Stephens, Acting Inspector General for the Federal Housing Finance Agency said, “Citigroup securitized billions of dollars of defective mortgages, after which investors suffered enormous losses by purchasing RMBS from Citi not knowing about those defects. Today’s settlement is another significant step by FHFA-OIG and its law enforcement partners to hold accountable those who committed acts of fraud and deceit in the lead up to the financial crisis, and is a necessary step toward reviving a sound RMBS market that is crucial to the housing industry and the American economy. We are proud to have worked with the Department of Justice, the U.S. Attorneys’ Offices in the Eastern District of New York and the District of Colorado. They have been great partners and we look forward to our continued work together.”
The underlying investigation was led by Assistant U.S. Attorneys Richard K. Hayes, Kevin Traskos, Lila Bateman, John Vagelatos, J. Chris Larson and Edward K. Newman, with the support of agents from the Office of the Inspector General for the Federal Housing Finance Agency, in conjunction with the President’s Financial Fraud Enforcement Task Force’s RMBS Working Group.
The RMBS Working Group is a federal and state law enforcement effort focused on investigating fraud and abuse in the RMBS market that helped lead to the 2008 financial crisis. The RMBS Working Group brings together more than 200 attorneys, investigators, analysts and staff from dozens of state and federal agencies including the Department of Justice, 10 U.S. Attorneys’ Offices, the FBI, the Securities and Exchange Commission (SEC), the Department of Housing and Urban Development (HUD), HUD’s Office of Inspector General, the FHFA-OIG, the Office of the Special Inspector General for the Troubled Asset Relief Program, the Federal Reserve Board’s Office of Inspector General, the Recovery Accountability and Transparency Board, the Financial Crimes Enforcement Network, and more than 10 state Attorneys General offices around the country.
The RMBS Working Group is led by its Director Geoffrey Graber and its five co-chairs: Assistant Attorney General for the Civil Division Stuart Delery, Assistant Attorney General for the Criminal Division Leslie Caldwell, Director of the SEC’s Division of Enforcement Andrew Ceresney, U.S. Attorney for the District of Colorado John Walsh and New York Attorney General Eric Schneiderman.
Learn more about the RMBS Working Group and the Financial Fraud Enforcement Task Force at: http://www.stopfraud.gov .
Not long ago, there was a very strange night sky with a rainbow in Atlanta area.
Trying to find out the reason, which I suspected, but wanted confirmed, I went to twitter. During the winter, the Atlanta weather persons and I had conversed, about the snow storm. Anyway, I figured it anyone would know, it would be a meteorologist. So long story short, I went to Twitter, and there were already tons of pictures showing exactly what I had seen. Even though the sun had set, the weather persons posting responses and pix, just maintained that it was the “perfect” time and situation for the colors.
Well, having not been born yesterday, and living with a man that has studied sunsets (artist), we knew better. I could not, no matter how I tried, get anyone to admit the reasons behind the colors.
If you go to this link, there is a picture of which I speak:
the link itself explains why “Cesium sky”. I ran across this picture looking for something that was entirely different. When I began looking at the many different pictures posted, I came to realize how legitimate the pictures were. These pictures were not just some idiot believing they could make claims about the sky, but someone who had real knowledge, and had studied more intensely than most.
I still don’t know who this person is…but you judge for yourself. It was a cesium rainbow in the Atlanta pictures, I know that for sure now. No doubt about it. The sad part about all this is, not only is Fukushima radiation most likely going to kill us all, but the sky has been forever changed. Nothing will ever be quite the same as the skies before Fukushima. Cesium changes light spectrums. The sight above shows all that, if you dig and find what you are looking at.
More quakes hit Fukushima — Official: We ordered workers to evacuate areas after M6.8 hit by nuclear plant — Expert: Typhoon causing increased radioactive runoff into ocean? Storm passed over epicenter of quakes — Another typhoon developing in same area as Neoguri; Japan urged to monitor progress (VIDEO)
Bloomberg: [Tepco] crews prepared for strong winds and heavy rains at its wrecked Fukushima atomic plant […] The storm was skirting Japan’s eastern coast […] offshore wind speeds in Fukushima could reach 61 kilometers an hour, the JMA
said. […] The Fukushima Dai-Ichi station’s reactor buildings are strong enough to withstand storm winds and rains, [Tepco] said in an e-mailed statement. Equipment being used for the plant’s decommissioning was being secured ahead of the storm, the company said. Crews have also built high dams around storage tanks holding contaminated water as an extra precaution against leaks, site superintendent Akira Ono said in the statement.
AFP: The site’s operator said workers were bracing for the storm. “We are tying up cables and hoses… and making sure cranes and booms don’t fall,” a company spokesman said. “We will also beef up patrols in areas where water could flow in,” he said.
Kathryn Higley, head of Oregon St. Univ. nuclear engineering department: Radioactive Runoff[…] While the downpour may increase the amount of radioactive runoff from the plant into the ocean, it will be offset by dilution from off-shore rains […] “There may be a flushing of contaminated soils and sediments from rivers and streams out into the ocean, but I wouldn’t anticipate any increased dose effects,” Higley said in an e-mail.
AFP: A minor tsunami hit Japan’s Miyagi prefecture early on Saturday after a strong 6.8-magnitude quake jolted the northeastern Pacific coast, prompting advisories for regions including around the crippled Fukushima nuclear plant. A tsunami of 20 centimetres was observed at 5.12am local time in Ishinomaki, Miyagi prefecture, the Japan Meteorological Agency said. […] “We have not seen any damage or any change in radiation gauges after the quake,” said TEPCO spokesman Masahiro Asaoka. “Today’s operation has yet to start but we ordered workers to evacuate to high places,” Asaoka said. The meteorological agency advised people to leave the coast immediately, while Japan’s public broadcaster NHK said some local authorities had issued evacuation advisories.
Bloomberg: U.S. Navy is tracking a tropical depression about 689 kilometers east-southeast of Andersen Air Force Base on Guam. [Jim Andrews, a meteorologist with AccuWeather] said the depression may grow into a typhoon and move northward next week. He said Japan, China, Taiwan and South Korea should monitor its progress.
The Weather Channel: ANOTHER Typhoon Threat Ahead? — Tropical Storm Nine is churning in the western Pacific Ocean, not far from where Super Typhoon Negouri first developed. […] a more ominous future may be in store. This system is expected to strengthen to a typhoon this weekend […] what will become Typhoon Rammasun (Thai for the God of thunder) is expected to continue intensifying, possibly rapidly, into early next week […] The key uncertainty in the track is whether the steering upper-level ridge of high pressure gives way to a weak southward dip in the jet stream […] that would bend Rammasun northward […] It is far too early to determine the exact path of the storm. […] future Typhoon Rammasun may approach the northern or central Philippines by Wednesday, possibly as a strong typhoon.
So, they claim puzzling? Hell just last week, they said the same thing about the “Very strong quake” that hit the New Mexico border near the WIPP nuclear facility. Puzzling? That is a hell of a way to look at it. Damn people, the globalists and the government have ganged up on the American people. We are just a skip and a hop from extinction, and they call it puzzling when something happens, at a nuclear site.
CAN WE SAY HARP? What do you think, we have a government, that claims by the year 2025 they will finally understand how to control the weather. Till then, all hell will cut loose, while they extinct us, while they learn wtf they are doing!
Think about the WIPP site for a few minutes. Ever since the “accident” first happened, the government has insisted that the little bit of radiation that escaped, could hurt no one. That was what? February? Each month, they have let it slip that it was a little more than they first let on. Last night, I posted where they have been releasing the hell out of plutonium and americium, on a continuous basis. I guess since no one has kicked over dead yet, they will just keep letting it escape, cause they claim that they don’t know what to do about it.
Sounds familiar. I could have sworn that was the same thing that Tepco said about Fukushima, and that one is going to radiate the whole world. Tepco could not figure out what to do, so they did nothing. The worst disaster mankind will ever have to face. But Wait!!! Maybe no, the good ole USA might just step up to meet them.
Damn it, the Russians wasted no time on Chernobyl. We have the Japanese sitting with their thumbs up their butts for three and a half years now. 3.5 Years, 40 months!?! Now here we are, five months 5 months, almost half a year, and we cannot figure out what to do. What? Our scientists suddenly became brain dead? The scientists have all turned into sheeple like the rest of the country?
So now, our stupid, irresponsible asses, have puzzling earthquakes at nuclear power plants, causing another catastrophe. I guess no one can figure out that they need to turn the reactors off, and quit using the damned things. We are not responsible enough to use nuclear anything. I read and hear about people being “dumbed down”, but I had no idea that our scientists were getting dumber too.
Then we have Georgia Power Company/Southern Company building more nuclear plants, and we Georgians are paying for them right now, and they won’t even be in working conditions, or their power used in our areas, and we are forced to pay for the construction.
No! We are nowhere near responsible enough to be playing with radiation. We have already killed the Pacific Ocean. Ok now, everyone think back to Grammer school. What did they teach us? That once the oceans die, we die. Period. Got that? We are on the slow radiation death, a death that will extinct humans.
I need your help! I would like to do an article (blog) on the public’s view whether President Obama should be impeached or tried for treason, or if you believe he is not guilty of any wrong doing.
I would like for this to be more than just a survey with statistics, I want to share what you believe to be true, what action we should take if any. Controversy swarms around Obama like a nest of wasp.
Obama’s approval rating is well below 50% and dropping daily. Has Obama’s action’s or lack of merited enough for impeachment and possibly to be tried for treason?
I will not use names in my article…..all of your comments will be anonymous.
Would like a response to the following questions in addition to your comments.
I swear! It never ceases to amaze me, the stupidity of the public. Everyone sitting around with their fingers in their asses while we are continually nuked! What the f–k is wrong with people? Is it Ok that you children’s children will be unrecognizable as humans? What are you people thinking?
No one gives a shit! What is going on? Years ago, when 3-Mile Island was going on, people became afraid of nuclear reactors, and rightfully so. Now, the horrible scary news about Fukushima, WIPP, and Hanford are just like totally ignored by you people! Hell, I didn’t have kids, and I am more frantic about the situation than the people with kids, and grandkids. What the fuck are you people paying attention to? Nothing?
Yes, I am mad! Mad as hell! All the people that protested in the 60’s early 70’s what the hell are yall thinking? Shit! You…
Fox News: “Leak at Fukushima nuclear plant threatens dangerous meltdown… Trouble is looming” — Officials: “No idea when it can resume cooling system for spent fuel pool” (PHOTOS)
NHK WORLD, Jul. 7, 2014: No prospect to resume cooling No.5 fuel pool — The operator of the Fukushima Daiichi nuclear power plant says it has no idea when it can resume the cooling system for one of the spent fuel pools. [TEPCO] halted the cooling system at the No.5 reactor on Sunday after workers found seawater leaking from a pipe. Seawater is used to lower the temperature ofcoolant water […] they are still considering how to repair the pipe. […] TEPCO says the temperature will reach the company’s safety limit of 65 degrees in a little over a week. The operator plans to channel seawater into the pool to curb the rise in temperature.
Fox News, Jul. 7, 2014: Leak at Fukushima nuclear plant threatens dangerous meltdown — Trouble is looming at Japan’s Fukushima nuclear plant, as a leak has forced the shutdown of a cooling system that could cause temperatures to exceed dangerous levels. […] If the system is not repaired within the next nine days, temperatures are expected to soar […] Sunday, the temperature in the pool that holds the rods was about 73 degrees Fahrenheit but started increasing by 0.193 degrees per hour, TEPCO says. If no new cold water is pumped in at this rate, it will reach the dangerous threshold of 149 degrees (F) in roughly the next week. Such temperatures would increase the possibility of dangerous reactions and more radiation leaks in the plant.
A government-contracted security force threatened to arrest doctors and nurses if they divulged any information about the contagion threat at a refugee camp housing illegal alien children at Lackland Air Force Base in San Antonio, Texas, sources say.
In spite of the threat, several former camp workers broke their confidentiality agreements…
A former nurse at the camp told me she was horrified by what she saw.
‘We have so many kids coming in that there was no way to control all of the sickness – all this stuff coming into the country,” she said. “We were very concerned at one point about strep going around the base.’
Both the counselor and the nurse said their superiors tried to cover up the extent of the illnesses.
‘When they found out the kids had scabies, the charge nurse was adamant – ‘Don’t mention that. Don’t say scabies,’’ the…
when the reader climbed, and spiked at 120 CPM – our highest reading yet.
Officials in U.S. report “very rare mutations” in Pacific sea life — “Never seen anything like this” — Photos show red crabs completely white, “shockingly bright blue… almost unnatural”, or with yellow legs — Environment “could play a role” — Also observed recently by Japan (VIDEO)
the Japan Meteorological Agency said it was a delayed tectonic reaction to the 9.0-magnitude quake which left the Fukushima nuclear power plant in a meltdown crisis […]
from 14 locations in the city of Minami Soma contained more than 100 becquerels of cesium per kilogram. This is beyond the government’s safety limit. […] [TEPCO] said it will increase monitoring of the spreading dust. Neither the ministry nor the utility told Minami Soma City officials the work at the plant may have contaminated the crop. City officials say they were greatly startled. They said the ministry should have explained the matter to local authorities much earlier. […] TEPCO is scheduled to conduct a large-scale debris removal work at Number One reactor. For this, it plans to disassemble covers which had been put to prevent the radioactive materials from spreading.
public about the ministry’s findings. […] the ministry concluded that the radioactive substances had been newly released […] The ministry is pointing to Aug. 19, when […] dose rates increased at five measuring points 2.8 to 8.3 km north-northwest […] the System for Prediction of Environmental Emergency Dose Information (SPEEDI) estimated that the released particles would reach the city within three hours. […] the utility said it has yet to learn how far the released particles spread. The company said its plans to dismantle the cover on the No. 1 reactor building will be the fastest way to remove wreckage from the site. TEPCO […] acknowledged that the procedure will still lead to the release of a large amount of radioactive substances, and the spread of the substances will depend on the weather and the wind direction.
coolant water […] they are still considering how to repair the pipe. […] TEPCO says the temperature will reach the company’s safety limit of 65 degrees in a little over a week. The operator plans to channel seawater into the pool to curb the rise in temperature.
