Ryan Lochte: When Wealth, Athletic Ability, Nationality, Race, and Gender Blurs Accountability–His Story of Armed Robbery Collapsed; Teammates Held in Brazil to Provide Statements, while Lochte Is in the United States

Ryan Lochte, 32, competed as a swimmer in the 2016 Summer Olympics in Rio de Janeiro, Brazil. After completing his events, however, he became involved in an incident outside of the Olympic Village.

On Sunday August 14, 2016, Lochte stated that he had property taken at gunpoint in an interview with NBC’s Billy Bush. Present with Lochte were U.S. Olympic teammates Gunnar Bentz, Jack Conger, and James Feigen. Lochte continued his account, with some changed details, in an interview with Matt Lauer on August 18 (http://www.today.com/news/ryan-lochte-defends-rio-robbery-account-matt-lauer-we-wouldn-t101973).

Lochte also posted a statement on his Instagram account.

Brazilian authorities conducted an investigation and found that the facts did not accord with Lochte’s version of events. (In addition, Brazilian police recommended that the prosecutor file charges against Lochte and Feigen (the elder men of the four) for filing a false police report of a crime.)


[Update (August 19, 2016): Ryan Lochte offers a so-called apology second explanation for the incident in Brazil. (Media in the United States are far too lenient (yet also way too inclusive) with the word “apology.” It’s shameful. Lochte said he was robbed of his property at gunpoint with NBC’s Billy Bush on Sunday August 14, 2016. This so-called statement is unacceptable.)

Separately, as reported in the Washington Post, James Feigen will make a payment of $10,800 to a Brazilian charity, Instituto Reação (in Portuguese), and will then be free to leave Brazil.]


Seeming to want to refocus attention on the Olympic Games, a spokesman for the International Olympic Committee, Mario Andrada, asked for people to consider the event an occurrence of error.

“These kids tried to have fun, they tried to represent their country to the best of their abilities,” Andrada said. “They competed under gigantic pressure. Let’s give these kids a break. They had fun, they made a mistake, life goes on.”

Kids? It is necessary to mention the ages of the adult athletes involved:

Name Age Net Worth
Ryan Lochte 32 (3-Aug-84) (estimated net worth of $3 million)
Gunnar Bentz 20 (3-Jan-96)
Jack Conger 21 (26-Sept-94)
James Feigen 26 (26-Sept-89)

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The swimmers involved are young adults, not children. In addition, the statement gives a broad latitude to excuse  misbehavior by athletes. That Lochte left his teammates to carry the weight of this situation shows his unwillingness to accept responsibility for one’s actions and failure to support his friends/fellow teammates. (Also, one must consider whether an equivalent light hand would be offered to nonwhite athletes (or athletes from non-wealthy nations).)

All is not lost if Lochte sorts out and repairs this unfortunate event, including paying for damages to the gasoline station and making amends with the authorities of the Olympic host city of Rio de Janeiro. If not, then Lochte has lost my respect.

[Author’s Note: The other three seem to have been caught up in this cover-up situation and left to fend for themselves. I do believe that a second chance is merited (for these 3). If only this mercy were universally provided to all human beings who make mistakes, the world would be a much better place.)]

Of note: Amini Fonua, swimmer and Olympic athlete from Tonga, posted a tweet in support of Feigen.

Federal Reserve Board: H.2 Release for Week Ending August 6, 2016; H.4.1 Release (Balance Sheet) for Week Ending August 12, 2016

The Federal Reserve Board (Board) publishes a weekly digest of its activities on its website. The digest is called the H.2 Release and is published every Thursday. The release for the week ending August 6, 2016, is below.

H.2 Release–Actions of the Board, Its Staff, and the Federal Reserve Banks; Applications and Reports Received

Category Action Taken
Bank Holding Companies Chemical Financial Corporation, Midland, Michigan — to merge with Talmer Bancorp, Inc., Troy, and thereby indirectly acquire Talmer Bank & Trust; and for Chemical Bank, Midland, to merge with Talmer Bank & Trust, Troy, and thereby establish branches.

-Approved, August 5, 2016

 

Forms Forms — initial Board review to extend with revision the Debit card issuer survey (FR 3064a) and to extend without revision the Payment card network survey (FR 3064b).

-Proposed, August 2, 2016

 

Monetary and Financial Policy Term Deposit Facility — floating-rate offering of seven-day term deposits with an early withdrawal feature, same-day settlement, and a maximum tender amount of $5 billion on August 11, 2016.

-Announced, August 4, 2016

 

 

Personnel Division of Reserve Bank Operations and Payment Systems — appointment of Marta Chaffee as senior associate director.

-Announced, August 2, 2016

Regulations and Policies Rules of Practice for Hearings — publication for comment of interim final rule adjusting the Board’s civil money penalties to account for inflation.

-Announced, August 1, 2016

 

Enforcement Calwest Bancorp, Rancho Santa Margarita, California — written agreement dated April 29, 2011, terminated July 28, 2016.

-Announced, August 2, 2016

 

Elgin Bancshares, Inc., Elgin, Illinois — written agreement dated January 19, 2011, terminated July 27, 2016.

-Announced, August 2, 2016

 

FEB Bancshares, Inc., Louisville, Alabama — written agreement dated December 21, 2010, terminated July 28, 2016.

-Announced, August 2, 2016

 

The Goldman Sachs Group, Inc., New York, New York, and Goldman, Sachs & Co. (together, “Goldman Sachs”) — issuance of a consent cease-and-desist order and assessment of a civil money penalty on Goldman Sachs, and notice of intent to prohibit and notice of assessment of a civil money penalty against Joseph Jiampietro, a former institution-affiliated party of Goldman, Sachs & Co.

-Approved, August 2, 2016

 

Village Bank and Trust Financial Corp, Midlothian, Virginia — written agreement dated June 26, 2012, terminated July 28, 2016.

-Announced, August 2, 2016

 

Federal Reserve Board: Balance Sheet (H.4.1 Release)

The Board publishes data of factors affecting reserve balances. The digest is called the H.4.1 Release, and they are published every Thursday (or the next business day if the publication date falls on a federal holiday). The release for August 12, 2016, is below.

[Note: The blog will cover the line titled “Total Factors Supplying Reserve Funds.”]

H.4.1 Release–Factors Affecting Reserve Balances

Total factors supplying reserve funds (as of August 11, 2016): $4,514,504 (in millions of dollars). (On September 26, 2007, this amount was $900,473 (in millions of dollars)).

(See the release for further information.)

Federal Reserve Board: H.2 Release for Week Ending July 30, 2016; H.4.1 Release (Balance Sheet) for Week Ending August 5, 2016

The Federal Reserve Board (Board) publishes a weekly digest of its activities on its website. The digest is called the H.2 Release and is published every Thursday. The release for the week ending July 30, 2016, is below.

H.2 Release–Actions of the Board, Its Staff, and the Federal Reserve Banks; Applications and Reports Received

Category Action Taken
Bank Holding Companies Huntington Bancshares Incorporated, Columbus, Ohio — to merge with FirstMerit Corporation, Akron, and thereby indirectly acquire FirstMerit Bank, N.A.

-Approved, July 28, 2016

 

Banking Supervision and Regulation Resolution Plans — approval of letters, issued jointly with the Federal Deposit Insurance Corporation, to extend the filing date for the 2016 resolution plan submissions of 38 firms to December 31, 2017.

-Approved, July 27, 2016

 

Forms Forms — final Board review to extend without revision the Report of Selected Balance Sheet Items for Discount Window Borrowers (FR 2046) and to extend with revision the Payments Research Survey (FR 3067).

-Approved, July 28, 2016

 

Regulations and Policies Margin and Capital Requirements for Covered Swap Entities — interagency final rule to exempt certain commercial and financial end users from margin requirements for certain swaps not cleared through a clearinghouse, in accordance with the Terrorism Risk Insurance Program Reauthorization Act.

-Approved, July 18, 2016

(A/C)

 

Enforcement CCF Holding Company, Jonesboro, Georgia — written agreement dated October 19, 2010, terminated July 22, 2016.

-Announced, July 28, 2016

 

Columbus Junction State Bank, Columbus Junction, Iowa — issuance of consent orders of prohibition against Thomas H. Huston and T. Mark Huston, former institution-affiliated parties of Columbus Junction State Bank, a former state member bank.

-Announced, July 28, 2016

 

Federal Reserve Board: Balance Sheet (H.4.1 Release)

The Board publishes data of factors affecting reserve balances. The digest is called the H.4.1 Release, and they are published every Thursday (or the next business day if the publication date falls on a federal holiday). The release for August 5, 2016, is below.

[Note: The blog will cover the line titled “Total Factors Supplying Reserve Funds.”]

H.4.1 Release–Factors Affecting Reserve Balances

Total factors supplying reserve funds (as of August 4, 2016):  $4,512,433 (in millions of dollars). (On September 26, 2007, this amount was $900,473 (in millions of dollars)).

(See the release for further information.)

Federal Reserve Board: H.2 Release for Week Ending July 23, 2016; H.4.1 Release (Balance Sheet) for Week Ending July 28, 2016

The Federal Reserve Board (Board) publishes a weekly digest of its activities on its website. The digest is called the H.2 Release and is published every Thursday. The release for the week ending July 23, 2016, is below.

H.2 Release–Actions of the Board, Its Staff, and the Federal Reserve Banks; Applications and Reports Received

Category Action Taken
Extensions of Time Regulation YY — requests by (1) Societe Generale to delay the requirement to establish a U.S. intermediate holding company (IHC) for six months; and (2) Banco Bilbao Vizcaya Argentaria for a six-month extension of time to transfer five U.S. subsidiaries to its IHC.

-Granted, July 5, 2016

(A/C)

 

 

 

Forms Forms — initial Board review to extend with revision the Capital Assessments and Stress Testing information collection (FR Y-14A/Q/M).

-Proposed, July 20, 2016

 

 

Regulations and Policies Regulations Z (Truth in Lending) and M (Consumer Leasing) — publication for comment of interagency amendments to official staff interpretations to clarify the method used to determine thresholds for exempting (1) certain consumer credit and lease transactions from the Truth in Lending Act and Consumer Leasing Act, respectively, and (2) certain small loans from the real estate appraisal requirements for higher-priced mortgages, both based on changes in the consumer price index.

-Approved, July 18, 2016

 

 

Enforcement UBS AG, Zurich Switzerland, and Barclays Bank, PLC, London, England — issuance of a consent order of prohibition against Matthew Gardiner, a former institution-affiliated party of UBS AG and Barclays Bank, PLC.

-Announced, July 19, 2016

 

 

 

Federal Reserve Board: Balance Sheet (H.4.1 Release)

The Board publishes data of factors affecting reserve balances. The digest is called the H.4.1 Release, and they are published every Thursday (or the next business day if the publication date falls on a federal holiday). The release for July 28, 2016, is below.

[Note: The blog will cover the line titled “Total Factors Supplying Reserve Funds.”]

H.4.1 Release–Factors Affecting Reserve Balances

Total factors supplying reserve funds (as of July 27, 2016):  $4,509,806 (in millions of dollars). (On September 26, 2007, this amount was $900,473 (in millions of dollars)).

(See the release for further information.)

Federal Reserve Board: H.2 Release for Week Ending July 16, 2016; H.4.1 Release (Balance Sheet) for Week Ending July 21, 2016

The Federal Reserve Board (Board) publishes a weekly digest of its activities on its website. The digest is called the H.2 Release and is published every Thursday. The release for the week ending July 16, 2016, is below.

H.2 Release–Actions of the Board, Its Staff, and the Federal Reserve Banks; Applications and Reports Received

Category Action Taken
Forms Forms — initial Board review to extend with revision the Savings Association Holding Company Report (FR H-(b)11).

-Proposed, July 14, 2016

 

Regulations and Policies Community Reinvestment Act — final new and revised interagency questions and answers regarding community reinvestment.

-Approved, July 5, 2016

(A/C)

Minority Depository Institutions — annual report to Congress on preserving minority depository institutions, in accordance with the Dodd-Frank Act.

-Approved, July 15, 2016

 

Prepaid Cards — annual report to Congress on government-administered, general-use prepaid cards, in accordance with the Dodd-Frank Act.

-Approved, July 6, 2016

(A/C)

Rules of Practice for Hearings — interim final rule to adjust the Board’s civil monetary penalties to account for inflation, and determination that notice and comment procedures are unnecessary prior to adoption of the interim final rule.

-Approved, July 5, 2016

(A/C)

 

Enforcement Northpointe Bancshares, Inc., Grand Rapids, Michigan — written agreement dated January 21, 2009, terminated July 12, 2016.

-Announced, July 14, 2016

 

Federal Reserve Board: Balance Sheet (H.4.1 Release)

The Board publishes data of factors affecting reserve balances. The digest is called the H.4.1 Release, and they are published every Thursday (or the next business day if the publication date falls on a federal holiday). The release for July 21, 2016, is below.

[Note: The blog will cover the line titled “Total Factors Supplying Reserve Funds.”]

H.4.1 Release–Factors Affecting Reserve Balances

Total factors supplying reserve funds (as of July 20, 2016):  $4,526,668 (in millions of dollars). (On September 26, 2007, this amount was $900,473 (in millions of dollars)).

(See the release for further information.)

Futility of “Colorblindness”: David Clarke and the Absurdity of Using Black Skin as Cover for the “American Way”

David Clarke, a sheriff for Milwaukee County, Wisconsin, wrote an inflammatory op-ed for the Hill newspaper. In the column, Clarke attempts the impossible to–

  • offload police responsibility for killings of citizens (black, brown, and white) onto the group Black Lives Matter (BLM);
  • ignore the suffering of the deceased’s families, friends, and communities; and
  • discredit and condemn BLM (and Occupy Wall Street) as responsible for the war veterans that preyed upon police officers in Dallas, Texas, and Baton Rouge, Louisiana.
david clarke and spouse
David Clarke, Sheriff of Milwaukee County, Wisc., and spouse

In short, the column was a masterpiece of deflection of the broken image of police officers–“Officer Friendly“; the social media video of the killings of Alton Sterling and the aftermath video of the shooting of Philando Castile (and the many instances of killings before them) put an end to that image for good. Image-conscious people do not like to be unmasked, and thus the response will be fierce.

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Most disturbing of all was Clarke’s attempt to deflect criticism by using his black skin color as cover for his apology for white supremacy and white superiority. It is the reason why white supremacists use Clarke and Larry Elder to continue the abuse of black people–to state it’s not white people doing it but a black (white) person. It’s quite unseemly and perverse for people who say they are black to turn around and attack black people (while simultaneously asking for exemption from the debasement that they argue for others). I have no respect for abusive and hate-filled people like Clarke and Elder.

The essence of the column is that the so-called American way is the status quo, including white supremacy, absolute respect for authority figures, and police killings of unarmed people. People who question this status quo are threats that must be quashed. The column is quite irresponsible for a law enforcement official to make, as it encourages ignoring the First Amendment of the Constitution, accepts white supremacy (and black exclusion) as a legitimate part of the culture of the United States, and encourages authoritarianism. All three are unacceptable.

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Virginia Slave Law, 1705

Part of the solution is clear:  The police departments must remove predatory police officers from their ranks immediately. For background information, read Babiak, Paul and Robert D. Hare (2006). “Snakes in Suits:  When Psychopaths Go to Work.”

Federal Reserve Board: H.2 Release for Week Ending July 9, 2016; H.4.1 Release (Balance Sheet) for Week Ending July 14, 2016

The Federal Reserve Board (Board) publishes a weekly digest of its activities on its website. The digest is called the H.2 Release and is published every Thursday. The release for the week ending July 9, 2016, is below.

H.2 Release–Actions of the Board, Its Staff, and the Federal Reserve Banks; Applications and Reports Received

Category Action Taken
Bank Holding Companies KeyCorp, Cleveland, Ohio — to acquire First Niagara Financial Group, Inc., Buffalo, New York, and thereby indirectly acquire First Niagara Bank, National Association.

-Approved, July 8, 2016

Regulations and Policies Conformance Period for Volcker Rule — extension to July 21, 2017, for banking entities to conform their legacy covered-fund activities and investments that were in place before December 31, 2013, in accordance with section 619 of the Dodd-Frank Act.

-Approved, July 5, 2016

Federal Reserve Board: Balance Sheet (H.4.1 Release)

The Board publishes data of factors affecting reserve balances. The digest is called the H.4.1 Release, and they are published every Thursday (or the next business day if the publication date falls on a federal holiday). The release for July 14, 2016, is below.

[Note: The blog will cover the line titled “Total Factors Supplying Reserve Funds.”]

H.4.1 Release–Factors Affecting Reserve Balances

Total factors supplying reserve funds (as of July 13, 2016): $4,517,653 (in millions of dollars). (On September 26, 2007, this amount was $900,473 (in millions of dollars)).

(See the release for further information.)