Saturday, September 18, 2021
Hawai'i Free Press

Current Articles | Archives

Monday, February 2, 2009
The Obama-Auchi Connection: First Hawaiian Bank avoids subprime lending, makes record profit
By Andrew Walden @ 12:34 PM :: 7947 Views

by Andrew Walden

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 BNP Paribas, a large French bank. According to the website of Cipaf, an investment vehicle of Nadhmi Auchi’s General Mediterranean Holdings (GMH), Cipaf is “amongst the topmost investors in the enlarged BNP Paribas.”*  Nadhmi Auchi, a former Iraqi Baathist official of Saddam Hussein's government, 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....."

To put the pieces together, here are a selection of articles on Barack Obama, Rod Blagojevich, Tony Rezko, and Nadhmi Auchi, once described as BNP Paribas' largest private shareholder:

Obama's Iraqi Oil-for-Food Connection

Iraqi Billionaire threatens reporters investigating Obama-Rezko affair

Lehman Bros: Obama’s Rezko-Auchi Conflict of Interest

Obama’s Fannie Mae/Freddie Mac connection

Mansion 'mistake' piles the pressure on Barack Obama

Barack Obama Reading List

 

* (Update 3-24-09) What is the status of Auchi’s companies’ interest in BNP Paribas? The website of Auchi’s Luxembourg-based "Compagnie Internationale de Participations Bancaires en Financières SA" (CIPAF) boasts, “Until the merger of BNP and Paribas, the Cipaf group was one of the largest independent shareholders of Compagnie Financière de Paribas. Since the merger, it ranks amongst the topmost investors in the enlarged BNP Paribas, now a leading European banking group.”

But Auchi’s lawyers of the London firm Carter-Ruck in a February 10, 2009 letter to this writer claim, “It is untrue that our client is the largest private shareholder in BNP Paribas. Our client had a minority shareholding in Paribas when it was bought by BNP. As a result of the shareholding he then became a minority shareholder in BNP Paribas….Since the merger our client sold his shareholding in the bank.”

The careful reader will note there is no flat statement that Auchi and his companies today own no shares of BNP Paribas. The 2004 Annual Report of CIPAF states: “During the year the directors decided to divest the company of its holdings in BNP Paribas profitably, but continued to deal in options.” Likewise the 2004 Annual Report of Auchi’s holding company GMH asserts, “After many years, the Group has divested itself of all its shareholding in BNP Paribas, but continues to deal in options.”

So why does CIPAF now publicly describe itself--and by extension GMH—as “amongst the topmost investors in the enlarged BNP Paribas….” The GMH website, updated January 2, 2007, describes the activities of CIPAF and Paribas regarding the acquisition and subsequent sale of two Luxembourg banks but mentions nothing about any divestiture of BNP Paribas stock. There is no mention of BNP Paribas in the 2005 and 2006 annual reports of GMH and CIPAF. The 2007 and 2008 Annual Reports are not yet available online for either company.

Has CIPAF/GMH trading in the options market for BNP Paribas stock led to CIPAF again owning BNP Paribas stock? The “Wayback” Internet archive indicates that the CIPAF website was archived with an update on February 8, 2005--about the time the 2004 Annual Report was issued. The site was next archived with an update November 29, 2007. So readers are left with a non-denial denial from Carter-Ruck, contradictory statements from the four year old Annual Reports and the more recent websites, and the absence of the 2007 and 2008 Annual Reports from GMH and CIPAF.

Links

TEXT "follow HawaiiFreePress" to 40404

Register to Vote

2aHawaii

808 Silent Majority

ACA Signups Hawaii

Alliance Defending Freedom

Aloha Pregnancy Care Center

American Council of Trustees and Alumni

AntiPlanner

Antonio Gramsci Reading List

A Place for Women in Waipio

Astronomy Hawaii

Back da Blue Hawaii

Ballotpedia Hawaii

Better Hawaii

Broken Trust

Build More Hawaiian Homes Working Group

ChinaTownWatch.com

Christian Homeschoolers of Hawaii

Cliff Slater's Second Opinion

DVids Hawaii

FIRE

Fix Oahu!

Frontline: The Fixers

Genetic Literacy Project

Grassroot Institute

Habele.org

Hawaii Aquarium Fish Report

Hawaii Aviation Preservation Society

Hawaii Catholic TV

Hawaii Christian Coalition

Hawaii Cigar Association

Hawaii Coalition Against Legalized Gambling

Hawaii ConCon Info

Hawaii Credit Union Watch

Hawaii Crop Improvement Association

Hawaii Debt Clock

Hawaii Defense Foundation

Hawaii Family Advocates

Hawaii Family Forum

Hawaii Farmers and Ranchers United

Hawaii Farmer's Daughter

Hawaii Federalist Society

Hawaii Federation of Republican Women

Hawaii Future Project

Hawaii Gathering of Eagles

Hawaii History Blog

Hawaii Homeschool Association

Hawaii Jihadi Trial

Hawaii Legal News

Hawaii Life Alliance

Hawaii March for Life

Hawaii's Partnership for Appropriate & Compassionate Care

Hawaii Public Charter School Network

Hawaii Rifle Association

Hawaii Shippers Council

Hawaii Smokers Alliance

Hawaii State Data Lab

Hawaii Together

HIEC.Coop

HiFiCo

Hiram Fong Papers

Homeschool Legal Defense Hawaii

Honolulu Navy League

Honolulu Traffic

House Minority Blog

Imua TMT

Inouye-Kwock, NYT 1992

Inside the Nature Conservancy

Inverse Condemnation

Investigative Project on Terrorism

July 4 in Hawaii

Kakaako Cares

Keep Hawaii's Heroes

Land and Power in Hawaii

Legislative Committee Analysis Tool

Lessons in Firearm Education

Lingle Years

Malulani Foundation

Managed Care Matters -- Hawaii

Malama Pregnancy Center of Maui

Mauna Kea Recreational Users Group

MentalIllnessPolicy.org

Military Home Educators' Network Oahu

Missile Defense Advocacy

MIS Veterans Hawaii

NAMI Hawaii

Natatorium.org

National Christian Foundation Hawaii

National Parents Org Hawaii

New Hawaiian

NFIB Hawaii News

No GMO Means No Aloha

Not Dead Yet, Hawaii

NRA-ILA Hawaii

Oahu Alternative Transport

Obookiah

OHA Lies

Opt Out Today

OurFutureHawaii.com

Patients Rights Council Hawaii

PEACE Hawaii

People vs Machine

Pritchett Cartoons

Pro-GMO Hawaii

P.U.E.O.

RailRipoff.com

Rental by Owner Awareness Assn

ReRoute the Rail

Research Institute for Hawaii USA

Rick Hamada Show

RJ Rummel

Robotics Organizing Committee

Save Dillingham Airfield

School Choice in Hawaii

SenatorFong.com

Sink the Jones Act

Statehood for Guam

Tax Foundation of Hawaii

The Real Hanabusa

Time Out Honolulu

Trustee Akina KWO Columns

UCC Truths

US Tax Foundation Hawaii Info

VAREP Honolulu

Waagey.org

West Maui Taxpayers Association

What Natalie Thinks

Whole Life Hawaii

Yes2TMT