The Californian from Salinas, California • 5

Californian NEWS Tuesday, July 21, 2009 5A Bailout official: Banks misused TARP funds The Washington Post WASHINGTON Many of the banks that got federal aid to support increased lending have instead used some of the money to make investments, repay debts or buy other banks, according to a new report from the special inspector general overseeing the government's financial rescue program. The report surveyed 360 banks that got money through the end of January and found that 110 had invested at least some of it, that 52 had repaid debts and that 15 had used funds to buy other banks. Roughly 80 percent of respondents, or 300 banks, also said at least some of the money had supported new lending. More disclosure requested The report by special inspector general Neil Barofsky calls on the Treasury Department to require regular, more detailed information from banks about their use of federal aid provided under the Troubled Asset Relief Program, or TARP. The Treasury has refused to collect such information.

Doing so is "essential to meet Treasury's stated goal of bringing transparency to the TARP program and informing the American people and their representatives in Congress about what is being done with their money," the report said. In a written response, the Treasury again rejected that call. Officials have taken the view that the exact use of the Interior halts mining at Grand Canyon federal aid cannot be tracked because money given to a bank is like water poured into an ocean. "Although it might be tempting to do so, it is not possible to say that investment of TARP dollars resulted in particular loans, investments or other activities by the Allison, the assistant treasury secretary who administers the rescue program, wrote in a letter to Barofsky. The Treasury has required 21 of the nation's largest banks to file public reports each month showing the dollar volume of their new lending.

The government so far has invested more than $200 billion in more than 600 banks under a program that began in October with investments in nine of the largest banks. Some banks have started to repay the aid even as others continue to apply for it. Officials said the program intended to increase the capital reserves of healthy banks, allowing them to make more loans. From om the beginning, however, the government invested in troubled banks most prominently Citigroup that had publicly announced intentions to reduce lending. The government has also used the money to encourage mergers, such as Bank of America's acquisition of Merrill Lynch and PNC's deal for National City.

The report provides the most comprehensive look to date at how banks have used the money, based on voluntary responses to a March survey. New claims will be barred for two years; permanent ban studied The Associated Press FLAGSTAFF, Ariz. Thousands of mining claims dot 1 million acres near the Grand Canyon, and Interior Secretary Ken Salazar says his department has a responsibility to ensure those resources are developed in a way that protects communities, treasured landscapes and watersheds. The Interior Department announced Monday that it is barring the filing of new mining claims, including for uranium, on the acreage for two years. Meanwhile, his department will study whether the land should be permanently withdrawn from mining activity.

"Over the next two years, we will gather the best science and input from the public, members of Congress, tribes and stakeholders, and we will thoughtfully evaluate whether these lands should be withdrawn from new mining claims for a longer period of time," Salazar said in a statement. Protections The land being set aside covers 633,547 acres under the control of the U.S. Bureau of Land Management and 360,002 acres in Kaibab National Forest. The protections offered by the Interior Department won't affect uranium mining claims already filed. It's not possible to prevent existing claims from being This April 2008 photo provided by shows equipment typically used in for uranium at a site south of the National Park in Arizona.

developed under the General Mining Act of 1872 unless Congress appropriates money for the department to buy them. The announcement comes ahead of today's congressional hearing on a bill to set aside more than 1 million acres of federal lands north and south of the canyon. The bill's sponsor, Democratic U.S. Rep. CIT secures $3B financing from bondholders NEW YORK Commercial lender CIT Group Inc.

confirmed late Monday that it has secured a $3 billion bailout from its bondholders, averting an immediate bankruptcy filing and giving the company some breathing SALINAS Tia The Associated Press Juana room to restructure its debt. It's a new twist in the financial crisis: A major bank on the verge of a rescue only this time the bailout isn't coming from the government. The deal marks the first time since the banking crisis erupted that private investors are stepping in to save a big OBITUARIES 18, 2009, Tia emphysema, breathed her farmhouse many oththe Deprespart of the of a milder 1943, she atgraduated the crux of she stood for. with her famihearty Thanksand packother. Even every birthas well as Generous to a Father's Day immediate, exmade a light moments she lived husband of 49 Summ(Edward), her granddaughters Summers, Hayand Hunter appreciation to and Dr.

John and also Marquita, who she came to at Struve 227 Monte- of flowers, Association and Salinas, Calif. Invite family and friends from across the country to sign the guest book at Legacy.com tion Vice President Luke Popovich said current laws and regulations are effective for protecting the environment from mining activity. "So this decision appears on its face to be wholly unjustified and even dumbfounding in view of the near 10 percent jobless Popovich said. Environmentalists, who contend mining leaves the Grand Canyon vulnerable to environmental damage, said that permanent protecpraised the decision but tion is the goal. 0 the first quarter of next year.

It does not guarantee CIT will avoid bankruptcy. CIT said the rescue includes a $3 billion secured term loan with a 2.5-year maturity, which will ensure that its small and midsized business customers continue to have access to credit. SALINAS Baby Carlitos Immanuel Frias-Soliz Baby Carlitos Immanuel Frias-Soliz, 2 months' old, passed away Friday, July 17, 2009, in Salinas. He was born May 9, 2009, in Salinas. Survivors: Parents, Christopher C.

Soliz and Carmen A. Frias of Salinas; maternal grandparents, Lucia Irma Tovar of Oklahoma City, Okla. and Armando Frias of Salinas; maternal great-grandmother, Carmen Frias of San Diego; maternal -grandparents, Felipe and Irma Andazola of Oklahoma City, paternal grandparents, Antoinette Crosby of Seaside and Christpher Soliz of Salinas; paternal greatgrandmother, Carmen Riley of Salinas; aunts, Carmen Soliz and Cynthia and Carlos Petty; uncles, Antonio and Zander Soliz, Armando, Jacinto, and Jonathan Frias; and cousin, Armando Frias Jr. Visitation: Was held from 5 to 9 p.m. Monday, July 20, at Healey Mortuary, 405 N.

Sanborn Road, Salinas. Funeral services: Was held 7 p.m. Monday, July 20, at the Healey Mortuary Chapel. Memorials: Contributions to help defray expenses can be made directly to the family. Arrangements: Healey Mortuary and Crematory, www.healeymortuary.com.

INDIO Mary Kathryn "Kathy" Martin Mary Kathryn "Kathy" Martin, 62, of Indio, passed away Monday, July 13, 2009. Kathy was born May 5, 1947, in Upland, the youngest daughter of John and Helen Ross. She spent her early life in Ontario and later attended University of the Pacific. While visiting Hawaii she met her husband of 42 years, Jack Martin. Soon after, they moved to Salinas where they raised their family.

During her childrearing years she was an active participant in a variety of school and community activities including volunteering at the Steinbeck House. After many years in Salinas, they relocated to Indio in 2002. Survivors: Her husband, Jack Martin; her children, Chrystina Gallo, Jennifer Reynolds, Ryan Martin and their spouses; her sister, Jane Tangeman and spouse; five grandchildren, Nicholas Gallo, Mae and Lucy Reynolds, Steven and Jacob Martin, and extended family including John and Nan Martin, and Mae Martin. Celebration of Life: 2 p.m. Saturday, July 25, at the Heritage Palms Ballroom, 44291 South Heritage Palms Road in Indio.

Memorials: In lieu of flowers, donations can be made to the Alzheimer's Association. THE ASSOCIATED PRESS the Center for Biological Diversity the mining industry to explore east entrance to Grand Canyon Raul Grijalva of Arizona, and environmental groups had been looking to Salazar for temporary protections at the Grand Canyon while the legislation is pending. Objections The announcement drew an immediate objection from the mining industry. National Mining Associa- "This decisive action to protect the Grand Canyon sends an important signal that President Obama is committed to prioritizing the public interest when it comes to managing America's natural resources," said Jane Danowitz, U.S. public lands program director at the Pew Environment Group.

There are as many, as 10,000 existing mining claims on BLM and U.S. Forest Service lands near the Grand Canyon for all types of hard-rock exploration. Some 1,100 uranium mining claims are within five miles of the Grand Canyon National Park. Most of the claims for uranium are staked in the Arizona Strip, a sparsely populated area immediately north of the Grand Canyon National Park known for its high -grade uranium ore. Operations in the area ceased some 20 years ago, when the price plummeted for uranium used for nuclear energy, weapons and medicine.

Astronauts attach spare parts to space station financial firm without federal help or oversight. The lifeline for CIT, whose clients include Dunkin' Donuts franchises and clothing maker Eddie Bauer, aims to sustain the company long enough for it to rework its heavy debt load, which includes $7.4 billion due in The Associated Press CAPECANAVERAL, Fla. The astronauts aboard the shuttle-station complex celebrated the 40th anniversary of man's first moon landing with their own spacewalk Monday, heading outside to stockpile some big spare parts. In the second outing of their mission, David Wolf and Thomas Marshburn anchored a 6-foot dish antenna on the International Space Station for future use, then did the same with a hefty pump and an engine for a rail car. The spacewalk unfolded 40 years to the day that two other astronauts Neil Armstrong and Buzz Aldrin strolled the moon's dusty surface.

It was the 202nd spacewalk by Americans since the Apollo 11 lunar excursion. Inside Mission Control, a clock counted down to 4:17 p.m. EDT, the moment the Eagle set down on the Sea of Tranquility on July 20, 1969. It wasn't until two hours later, as the spacewalk was ending, that the astronauts made note of this "special day." Earlier in the day at a Washington news conference, some of the Apollo astronauts, including Aldrin, suggested the $100 billion poured into the space station had not yielded much and that the outpost would be bet- THE ASSOCIATED PRESS President Barack Obama meets with the Apollo 11 astronauts, from left, Buzz Aldrin, Michael Collins and Neil Armstong on Monday. In the Maggini, held hands last hard She was in Olustee, er farmers sion, the huge climate tended from Salinas Tia's who she There was ly summers giving ages from when her day and the birth fault, she card, tended, or sing inside remained Survivors: and those years Ernie ers of son, Gregory Nicole ley Maggini, Briggs, The her caring Schatz for to the staff brought care for Memorial Laporte Celebration rey Memorials: donations Hospice, 93907.

Online Maggini early morning hours on Saturday, July 72, after a spirited, valiant battle with with her daughter and her husband, -won born breath, an and 1936, peacefully went four-roomed to sleep. Sept. 1, in a to Guy and Ollie Foreman. Like and families in Oklahoma affected by drought and the dust storms, she was migration to California for those in search and a better life. Landing in Salinas in Fremont Elementary School, Alisal, and High School in 1954.

devotion to family was legendary; it was was, both ends and the middle of all nothing she loved more than being at the cabin on Donner Lake, feasts, Christmas mornings with ribbons one end of the living room to the struggle was staggering, she attended every graduation of her six grandchildren, of her great grandchild, Ashlyn. never forgot a Mother's Day card, a anniversary or birthday of anyone in her "adopted" family. Celebrating family of her that, even at her most difficult unwavering and radiant. It was beautiful to have lived when that live on to treasure her are her Maggini of Salinas, daughters Roxanna Roseville (Jan), Erin Briggs of Salinas Maggini of Carmel (Dana), her Hemm (Colby), Jade Summers, Tia her grandsons Guy Maggini and her great granddaughter, Ashlyn Hemm. family would like to extend a heartfelt physicians, Dr.

John Rinderknecht their excellent medical care and kindness at VNA and Hospice, especially her joy and gave her comfort every time her. services: 12 p.m. Friday, July 24, Chapel, 41 West San Luis Salinas. of Life: Will follow at The Pub, Salinas. The family is requesting, in lieu be made to the Visiting Nurses 6 Quail Run Circle, Suite 101, Arrangements: Struve and Laporte Chapel.

condolences: www.struveandlaporte.com ter used as a testbed for human missions to Mars and even asteroids. "We've spent a lot of money up there for almost nothing," said Apollo 13 commander Jim Lovell. "It's almost a white elephant and until we can really get a return on our investment of that particular project, then it was money wasted." Meanwhile, the $15.6 million space station toilet that broke down Sunday was up and running again, after the crew added some new parts. The commode one of three on the linked station and shuttle Endeavour was out of action for about 24 hours. Custom MISHANES Soil Blends 455-1876 9000104739 FREE TEETH WHITENING Valid only for new patients with insurance.

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