Roswell Daily Record
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acknowledged there would be adverse market reaction, but said turmoil would be temporary. The only other option, he said, would have been to hold early elections, which would have been “an avoidance of our responsibilities” which could have “dragged us into a state of being in danger of bankruptcy.” Papandreou has also called a vote of confidence in his government, to be held midnight Friday. “The government is not falling,” insisted Angelos
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years. The state will direct all of the funding to the Collateral Support Participation Program, a new loan participation program which will help alleviate bank risk through subordinated programs While the program takes away most of the risk for banks, there would still be a small portion of risk of around 10 percent. John Brooks, director of commercial lending for the New Mexico Finance Authority, explained the program to those in attendance at the Roswell Chamber of Commerce Tuesday morning. Brooks said the idea for the pro-
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Controversy generated by a federal investigation into state investment deals, including some by the pension fund, caused his Albuquerque accounting firm to break apart and be sold, according to the lawsuit. The firm had 70 employees, but Malott now operates his own one-person firm. Among the defendants is for mer state investment officer Gary Bland; Anthony Correra, a friend and political supporter of Richardson; and Marc Correra, his son. The younger Correra shared in nearly $22 million in fees as a third-party placement agent for deals involving the educational pension fund and the Investment Council, according to state records. Bland dismissed Malott’s lawsuit, saying the allegations against him were groundless. Other defendants are Aldus Equity Partners and the company’s so-founder, Saul Meyer, and Deutsche Bank AG, which owned a
controlling interest in Aldus. The now-defunct firm served as an adviser to the pension fund and the Investment Council. It was fired in 2009 after being implicated in a New York state pension scandal. Meyer has pleaded guilty to securities fraud in the New York case and in his plea statement to a New York court said he recommended investments in New Mexico because of political pressures. No charges have been announced by federal prosecutors in New Mexico as part of their investigation. lawsuit said The Deutsche Bank learned of Meyer’s wrongdoing in 2006 during its acquisition negotiations with Aldus. Other Aldus partners wanted to oust Meyer but the bank insisted he stay in the firm, according to the lawsuit. Deutsche Bank spokeswoman Mayura Hooper said the bank will vigorously defend itself against the suit, which she said “is without merit.” Bland resigned in October 2009 amid the federal investigation into state investment deals. He was
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appointed by Richardson in 2003, and Anthony Correra served on a committee that recommended Bland for the job as state investment officer. The lawsuit described the elder Correra as the “consummate con artist.” Correra is a former Wall Street stockbroker who lost his securities license because of insider trading allegations. His lawyer didn’t immediately respond to a request for comment. Malott resigned from the
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were hit hard. The value of the dollar rose, and bond prices jumped so dramatically that analysts said they were stunned. Analysts said the bond action reflected fears that the tur moil in Greece would tear at the fabric of Europe’s financial system and create a crisis that could engulf the entire European Union, which together forms the world’s largest economy. But it was unclear whether Papandreou’s government would last long enough for the referendum to take place — or even until Friday’s confidence vote. attract businesses. “[The program is] one more of those incentives that we need to purely understand and take advantage of in our recruiting and retension efforts in Roswell and Chaves County,” Donnell said. He said that the city needs to take advantage of its local assets, such as agriculture and the Roswell Industrial Air Center, in order to understand the city’s future growth potential. “How do we marry up those local assets to the incentives potentially being provided by the state and federal programs. Where are we now, where are we going to go in the future, and how can we take advantage of those resources,” he said. j.bergman@roswell-record.com
pension fund gover ning board last year after it was disclosed he borrowed $350,000 from the elder Correra. The loan has been repaid with interest, according to Malott. The lawsuit said the Correras kept Malott “in the dark about the true facts; namely, that defendant Correra Jr. was playing on his father’s relationships and influences to garner multimillion-dollar unlawful payoffs in connection with public investments.” W14AB
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or disapprove, a project. The project becomes merely an informational item at that time, according to Brooks. In an interview after the talk, Bob Donnell, executive director of the Roswell-Chaves County Economic Development Corp., said the program is another tool that the city, and county, could potentially take advantage of to either help expand an existing business or to recruit new opportunities to the city. Donnell said one of the conversations that needs to happen concerns the identification and understanding of the needs in the community. Describing the program as an incentive, Donnell said it could also be used as a marketing tool to
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submit an application to the bank. The bank then readmits everything needed for its credit decision to the finance authority so the organization can make a determination as well. The application process was also made easier by the removal of the legislative approval by the NMFA. The organization was able to get rid of the legislative process of approving projects for two years. Brooks said next year it is the organization’s hope that it will be able to get the process per manently waived. To of fset this change, once a project is approved, the NMFA takes that approval to the Legislative Oversight Committee, for discussion. The committee does not have the authority to approve,
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Federal requirement of 10:1 private capital leverage. “Before we can invest one dollar into a project there has to be 10 dollars of private funds invested into it. So there’s a 10 to 1 requirement. That requirement has to be met in five years,” Brooks said. Banks that participate in the program must have good standing with the Federal Reserve and other relevant regulators. The bank’s lending limits, the number of employees in its commercial lending department, and its expertise with the proposed business and industry, will also be examined by the NMFA. The program also provides a simple, single, stream lined application process. Businesses first
Papandreou will also attend. Merkel also spoke by telephone Tuesday with Papandreou, his office said. The response was brutal in the international financial markets, especially in Europe. Greece’s general price index plunged to close down 6.92 percent, while in Germany the Dax index, the major stock market average, lost 5 percent — the equivalent of about 600 points on the Dow. The French stock market closed down 5.4 percent, the Italian 6.7 percent and London 2.2 percent. In New York, the stocks of major banks like Citigroup and JPMorgan Chase
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farmers have been relying on groundwater pumped throughout the summer to water their crops. They received less than half of the 3.2 acre-feet that were allotted last year. Next year, they could see allotments dip below a single acre-foot. An acre-foot is about 326,000 gallons, enough to meet the annual water needs of one to two U.S. households. “If you don’t have access to a supplemental well, you just really have a tough decision on your hands,” said Dudley Jones, manager of the Carlsbad Irrigation District, which serves about 660 farmers. “For some people, it’s going to be hard to make it,” he said in an interview Tuesday. The Carlsbad district currently has just 12,800 acre-feet of water stored in three upstream reservoirs. “That’s as low as we’ve been in many, many years,” Jones said. “If you believe in the weather forecasts and the La Niña weather patter n, it’s not looking optimistic in 2012.” Jones said the district has been looking for ways to save every drop, including sealing cracks in infrastructure at various points in its system. The Elephant Butte Irrigation District along the southern portion of the Rio Grande is doing the same to limit evaporation and seepage of water from its system. This year marked the shortest irrigation season on record for the Elephant Butte district, and officials said next year is shaping up to be just as short.
leave the alliance of 17 nations that use the euro. European leaders made no secret of their displeasure. “This announcement surprised all of Europe,” said a clearly annoyed French President Nicolas Sarkozy, who has been scrambling to save face for Europe before he hosts leaders of the Group of 20 major world economies later this week. Sarkozy and Ger man Chancellor Angela Merkel, who have been at the forefront of Europe’s efforts to contain national debt, talked by phone and agreed to convene emergency talks today in Cannes, France.
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gram stemmed from a series of conversations between the NMFA, the NMEDD, community bankers, large banks and various businesses. The general consensus from these conversations was that there was a funding gap, in terms of collateral support. Small businesses based in New Mexico, that have 750 employees or less, are eligible to apply for the program given they meet certain qualifications and project requirements. Eligible projects include, but are not limited to, those concerning land, building, and infrastructure, and businesses looking to obtain working capital. The program is also designed to ensure that New Mexico meets the
But Greeks have been outraged by repeated rounds of tax increases and salary and pension cuts imposed as the government struggles to meet the conditions of a first, $153 billion bailout the country has been relying on since May 2010. With Greece facing a fourth year of recession next year, unions have held frequent strikes, and protests have often degenerated into riots. A Greek rejection of the second rescue package could cause bank failures in Europe and perhaps a new recession in Europe, the market for 20 percent of American exports. It could also cause Greece to
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plement next season’s supplies. The problem is the district is concerned its ability to store water in the future could be compromised by how the federal government manages the Rio Grande. The district is weighing in on a lawsuit New Mexico Attorney General Gary King filed earlier this year against the Bureau of Reclamation. The state contends the agency wrongfully made 65,000 acre-feet of water stored at Elephant Butte Reservoir available for release to Texas. King has said the water rightfully belongs to New Mexico and that the agency’s actions were illegal and violated the interstate compact that gover ns how the river is divided among New Mexico, Colorado, Texas and Mexico. The agency disputes the allegations and has asked a federal court to dismiss King’s complaint. The Middle Rio Grande Conservancy District began holding back its share of irrigation water in September, knowing that any savings would become a valuable safety net the following year. Rain in early October helped bolster the river’s natural flows, allowing farmers to irrigate through the end of the season, Shah said. Farmers farther down the Rio Grande and those in southeastern New Mexico have been less fortunate. Along the Pecos River,
Tolkas, a deputy government spokesman. Papandreou’s decision could upend a deal that was the product of months of work by European leaders who were trying, sometimes opposed by their own people, to agree on the details of a second bailout for Greece and shore up their own economies in the name of saving the euro, the common currency. The deal would require banks that hold Greek government bonds to accept 50 percent losses and provide Greece with about $140 billion in rescue loans from European nations and the International Monetary Fund.
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