#1 The Obama-Auchi Connection: First Hawaiian Bank avoids subprime lending, record profi
02-02-2009, 08:42 PM
- Join Date
- Aug 2005
Banks worldwide are still reeling from the effects of non-performing loans on their books. But First Hawaiian Bank didn't participate in the Democrat-mandated sub-prime mortgage lending spree of 2005-07 which created the current economic crisis. So they have done very well while other banks flounder.
Interestingly, First Hawaiian's ownership structure leads back to Nadhmi Auchi, a former Iraqi Baathist official of Saddam Hussein's government, who more recently financed business ventures with now-convicted-felon and Chicago political 'fixer' Tony Rezko creating a condition of "longstanding indebtedness" of Rezko to Auchi's holding company. Rezko funded the political campaigns of impeached Illinois Governor Rod Blagojevich and President Barack Obama. Rezko also assisted Obama in the purchase of his Chicago mansion.
The Honolulu Advertiser reports: "A large part of the growth was due to a 20.8 percent increase in the bank's loan and lease volume. For the quarter, that sector totaled $7.9 billion, the bank said. Total assets increased by 1.8 percent to $12.8 billion. The bank's nonperforming assets as a percentage of total assets remained one of the nation's lowest at 0.1 percent."
Even more interesting, look who First Hawaiian is owned by....
"Founded in 1858, First Hawaiian is a unit of BancWest Corp., which is a wholly owned subsidiary of BNP Paribas, France's largest bank by market value....."
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