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Fukushima Radiation Cleanup May Take 3 More Years, Kyodo Reports – Bloomberg

Fukushima Radiation Cleanup May Take 3 More Years, Kyodo Reports – Bloomberg.

Japan’s government may extend its decontamination work near the Fukushima Dai-Ichi nuclear plant by up to three years, Kyodo News reported yesterday, citing unidentified government officials.

Radiation cleanup work in 11 areas in Fukushima Prefecture was scheduled to be completed by March 31 under a government plan announced in January last year, according to Kyodo. The environment ministry expects a delay in the project to the year beginning April 2016 amid opposition from locals to the setup of temporary storage facilities, Kyodo said.

A record earthquake and tsunami in March 2011 wrecked the nuclear plant run by Tokyo Electric Power Co. (9501), causing radioactive leaks that forced the evacuation of about 160,000 people. The government said last week it will assume decontamination costs from the Fukushima nuclear meltdowns in order to accelerate the rebuilding of the region.

Decontamination costs near the Fukushima site, 150 miles (240 kilometers) north of Tokyo, are estimated at about 2.5 trillion yen ($24 billion), the government’s Nuclear Emergency Response Headquarters said in a statement Dec. 20. The government plans to recover the costs through a sale of its shares in Tepco.

The environment ministry will release a revised schedule for the cleanup work soon, according to Kyodo.

To contact the reporter on this story: Marco Lui in Tokyo at mlui11@bloomberg.net

To contact the editor responsible for this story: Gearoid Reidy at greidy1@bloomberg.net

 

Treasury’s deceit exposed by this ballsy government official

Treasury’s deceit exposed by this ballsy government official. (source)

October 29, 2013
Sovereign Valley Farm, Chile

Do you remember the $700 billion bailout of the financial system in 2008?

It seems these days that most investors do not. People are partying like it’s 1929… as if all the issues and challenges that plagued the banking sector just a few years ago have miraculously vanished.

This thinking is absurd, and even a casual glance at the balance sheets of so many banks in the West shows objectively that the entire system is still precariously leveraged, undercapitalized, and illiquid.

In the wake of the bailout, Congress created a special position to oversee how the funds were spent. Like anything else in government, they used an unnecessarily long name followed by a catchy acronym–

Special Inspector General for the Troubled Asset Relief Program, or SIGTARP.

(The first SIGTARP was a former federal prosecutor who had previously indicted 50 leaders of the Revolutionary Armed Forces of Colombia… just the right man to keep a watchful eye on bankers.)

SIGTARP just released its quarterly report to Congress… and it’s scatching, suggesting that “the toxic corporate culture that led up to the crisis and TARP has not sufficiently changed.”

There are some real zingers in the 518 page report, including:

  • “[F]raudulent bankers. . . sought TARP bailout dollars to have taxpayers fill in the holes on their fraud-riddled books.”
  • “Some bankers cultivated a culture of self dealing, criminally concealing that the bank was funding their luxury lifestyles, believing they were entitled to the finest money could buy. . .”
  • “They were trusted to exercise good judgment and make sound decisions. However, they abused that trust. Many times they abused that trust for their own personal benefit.”

Moreover, the report calls into question the Treasury Department’s administration of the bailout.

For example, many banks have been delinquent in making TARP payments, or payments to one of TARP’s sub-programs.

Yet while many banks are delinquent by 1-2 quarters, according to the report, roughly 3% of the banks who received funds under the Community Development Capital Initiative are more than –two years– behind in their payments.

Yet the Treasury Department has done nothing to enforce terms on behalf of taxpayers.

Most alarmingly, though, the report throws a giant red flag on the Treasury Department’s deceit.

In 2011, the report states, 137 banks took in billions of dollars of funding from the Treasury under the Small Business Lending Fund (SBLF). They then used those funds to repay their TARP loans.

In other words, they repaid taxpayer money with more taxpayer money.

But the Treasury Department still reported that TARP was being repaid, suggesting in a May 2013 press release: “Taxpayers have already earned a significant profit from TARP’s bank programs.”

Total BS, says the report.

SIGTARP writes that “Treasury should not. . . call these funds “repayments” or “recoveries”. Treasury owes taxpayers fundamental, clear, and accurate transparency and reporting on monies actually repaid.”

Something tells me this woman isn’t going to have a particularly long career in government.

And given the Obama’s administration’s track record against whistleblowers, SIGTARP had better start booking her flight to Moscow. Or better yet, marry a Brazilian.

 

Bigger than that: (The difficulty of) looking at climate change

Bigger than that: (The difficulty of) looking at climate change. (FULL ARTICLE)

Late last week, in the lobby of a particularly unglamorous downtown San Francisco building, a group of passionate but polite activists met with a bureaucrat who stepped forward to hear what they had to say about the fate of the Earth. The activists wanted to save the world.  The particular part of it that might be under their control involved getting the San Francisco Retirement board to divest its half a billion dollars in fossil fuel holdings, one piece of the international divestment movement that arose a year ago.

Sometimes the fate of the Earth boils down to getting one person with modest powers to budge.

The bureaucrat had a hundred reasons why changing course was, well, too much of a change. This public official wanted to operate under ordinary-times rules and the idea that climate change has thrust us into extraordinary times (and that divesting didn’t necessarily entail financial loss or even financial risk) was apparently too much to accept….

N.S.A. Sifting Broader Set of Data Crossing U.S. Border – NYTimes.com

N.S.A. Sifting Broader Set of Data Crossing U.S. Border – NYTimes.com.

 

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