First Business Bank Of Madison $1.4 Million Third Quarter 'Profit' Report To Securities And Exchange Commission (SEC) Questioned
Squeeze on long term AARP members is not a hug
Published on November 21, 2009
by Media Office
(OfficialWire)
MAD CITY, WI
Dr. Dan Budenz
Results Especially Questionable Given Economic Environment
Banks – don’t you just love them? First Business Bank President and CEO Corey Chambas wrote to shareholders, “We are pleased to announce that First Business earned $1.4 million for the third quarter of 2009. These results are especially noteworthy given the economic environment in which we are operating.” He continues on before stating, “This growth is particularly satisfying as loan growth across the industry was actually negative for the quarter.”
Customers and Shareholders may have a different perspective especially in light of the horrendous pressures (No TARP monies here!) on small businesses and retirees these days. Those concerns were particularly high in the third quarter as many long term (15 plus years) employees jumped ship for other area jobs in the banking industry. Most notable was Vice President Tony Larson’s leap to Town Bank of Madison.
I will do my Paul Harvey impersonation in print and present, “The rest of the story” in this series on Predatory Paper and Practices in the New World of Finance. Corey Chambas was given the task of clarifying a few ‘disclosures’ to the SEC as follows:
Hi Corey,
I always congratulate you and First Business Bank on the achievements we have shared with you in the past 16 plus years. I questioned in the past (as did others) why First Business Bank was seeking what many of us shareholders felt was unnecessary and possibly destructive TARP monies.
I question now how much of the $1.4 million in third quarter 'profits' was the result of squeezing customers by unnecessarily calling long term loans and lines due? How much in 'profits' were the result of questionable foreclosure activity that resulted in the Bank charging and receiving excessive accelerated penalty fees and fee piling in the third quarter?
How much 'profit' came from long-term customers and investors vs. newer customers of 2 yrs. or less? How many card-carrying members of AARP were divested of funds from these third quarter overly aggressive Banking practices? I am especially concerned about reported mistakes and poor service especially when the Bank was experiencing a mass exodus of key long-term employees in the third quarter? I am equally concerned with the loss of our 15 plus year representative Vice President Tony Larson.
How much additional unreported third quarter monies were garnered by 'Debt Collectors' assigned by First Business Bank to mercilessly go after Customers/Shareholders? Again, please report on new customers vs. old and how many AARP members were affected? Please give an annual accounting of the above to date and a projection for the fourth quarter 'profits' if you will.
I have not heard of any response yet but will keep you informed. First Business Bank stock has never taken off even in the good old pre recession era. Many shareholders question why at each and every annual shareholders meetings but the answer eludes all.
Updates:
Drew Peterson Murder Trial
I spoke with Drew Peterson Attorney Joel Brodsky of Chicago recently regarding the “180 degree turn” he expects, “most rational persons will make when new evidence is revealed by the defense team regarding the tub accident death of Peterson wife number three Kathleen Savio.“ Although a ‘mini trial’ is scheduled for January 15 2010, Brodsky filed a motion for dismissal as the prosecution is cited for withholding evidence again in this case. This time informal police and investigative notes have not been turned over despite repeated requests. The constitutionality of the prosecution’s new Hearsay “Drew” Law continues to be challenged by the Brodsky team. Attorney Joe Sommers vs Assistant D.A. Paul Humphrey
Speaking of with holding evidence and breaches of our constitution, friends of Attorney Joseph Sommers are swarming to his support again. One friend, Jay Reifert of Fitchburg Wisconsin was critical of the ‘tip of the iceberg only’ coverage of this case by the Wisconsin Media. He shared the following (my selected excerpts):
(Attorney Joseph Sommers) had a client--Raisbeck--who was being railroaded by a corrupt Dane County Court system.
I'm not talking about a system which is merely inefficient or in which the innocent occasionally get swept up with the guilty...but a system which, in this matter, was set up to profit certain large law firms, which can seek huge monetary settlements if they can get the right convictions in criminal court.
Raisbeck was caught up in this kind of a set-up...and Sommers was not going to merely sit back and allow his client to become yet another victim of this machine. Whether Sommers knew this machine existed from the start, or discovered it along the way from the verifiable lies and/or misstatements of the prosecution in Raisbeck's case, is anyone's guess.
It sickens me that the court system cares more about decorum, than of the damage that corrupt players can wreak upon innocent defendants.
He was extremely lucky to have found representation from Sommers, who is likely, the only defense attorney in this area who would have taken on the system, to keep it from absolutely destroying the life of Raisbeck and his family.
So, now in return...the system is bent on destroying Sommers, for having dared to shine the light on the corruption and, yes...racketeering that seems to have found a foothold in the Dane County Court System.
Sadly, the Wisconsin State Journal, and other media outlets--which could have at least given Sommers a chance to avoid being railroaded, by telling his full story...instead of just the parts that would not embarrass people who give them access for other stories--failed to do their jobs of keeping the public informed, and have thereby sacrificed Sommers to yet another system.
And we wonder why we have such a hard time finding true heroes in today's society. They are out there. Joe Sommers is just such a hero.
For my part, I would like to see a fund established to pay, or help pay, any kind of monetary penalty that might be lodged against Attorney Sommers.
As of right now, I understand that he may be hit with around a $92,000.00 penalty, from the Office of Lawyer Regulation.
We cannot afford to have attorneys of integrity being forced out of business due to issues of decorum, when verifiable corruption is the root cause of the incivility. To make assisting more crucial, Mr. Sommers is responsible for the care of a large family--I believe twelve in total--and lives in a modest home in Oregon, Wisconsin. He is not some fat cat lawyer. He is pretty much a Joe Everyman, except that he will not bend on his principles, no matter what the cost.
This is our chance to share in those principles...I hope that readers may take an interest in this matter, and also help out with defraying the expenses which have come about as a result of Attorney Sommers' refusal to allow his client to be railroaded. For my part, I'm going to be contributing $250.00, presuming a fund will be established...and am also willing to help set up a volunteer operation to seek additional funds from other citizens.
The system may be able to railroad good people...but we, as citizens, are not bound by the ridiculous dictates of the system, and can fully negate the wrongful impact. Sommers deserves our help.
Jay Reifert Fitchburg, Wisconsin
You know what Jay, what is happening to Attorney Joe Sommers in Mad City is happening to thousands of American citizens each and every day. Our inefficient, outdated and corrupt Judicial and Justice (Punishment Factory) System requires a constitution check up every 3000 prosecuted innocents or so. We are obviously long overdue in the tune up department.
My wife and I recently saw the movie, “Law Abiding Citizen.” Although it is not the tune up I would recommend, you know the line has been crossed when the impaired and dishonest Judges and prosecutors receive cheers from the audience when they receive their ‘Hollywood Justice’ for running up their rate of ‘convictions’ to insure their jobs and political advancement. Lets stop paying for stupidity and lack of common sense and decency in our Judicial and Justice system. Vote the idiots and players out of office. Prosecutors need prosecution and corrections needs correcting. Keep emailing me your personal stories please!
Don’t forget to support the annual “INTERNATIONAL WEEK OF SOBRIETY AND SERENITY starting January 5th through the 12th 2010.
Daniel T. Budenz Ph.D. has been licensed as a Psychotherapist, Supervisory Addictions Counselor III, Forensic Therapist and International Addictions Specialist over a 30-year career. He is advocating worldwide licensing for Internet practice. He is a Consumer Advocate fighting for “Family Cures” tm and is President of American Family Institute and it's growing online products and rehabilitation services. He resides in Madison Wisconsin and Orlando Florida. Dr. Dan has been partner/owner of Mental Health and Addiction Treatment Centers including a Specialty Hospital for Impaired Physicians and Professionals in Madison with De Paul Hospital. He is Executive Producer of the 2010 Full Length Teen Comedy “MAY DAY” release featuring Geoffrey Lewis and Todd Bridges. He is finishing the first volume of what may be the first never ending book "Analyzing Monsters" - “Family Cures”. The book includes his role in the Drew Peterson Case and others. For information on Volume One and other products email him or visit www.drdancelebrityshrink.com.
Contact
American Family Institute
Media Office drdantb@gmail.com
Tel: (608) 345-4593
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