The Las Vegas ReviewJournal would like to have your comments about Silver State Bancorp story

[grantcart]

For Background information on how Silver State Bancorp lost almost $ 100 million dollars in capitalization and $ 62 million in operating revenue during the 100+ days Andrew McCain was on the Board of Directors and Chairman of the Audit Committee before he resigned 'in the middle of the night, followed by the resignation of the CEO and the Chairman of the Board go here:

http://www.democraticunderground.com/discuss/duboard.php?az=view_all&address=132x6571120


The Las Vegas Review Journal has conducted an extensive review of the facts with a huge investment of reporter and editorial time to cover this story in depth. They have gone deep into the history of the facts and have let their readership understand how one of their banks has suffered massive loses and the shareholders have lost almost $ 100 million in 100 days.

Here below is their complete story on the matter:



Silver State Bancorp reports $62.7 million loss in 2Q
Silver State Bancorp, $1.9 billion-asset holding company for the similarly named Henderson bank, reported a second-quarter loss of $62.7 million loss, compared with net income of $6.2 million for the second quarter last year.

The loss stemmed from the company's loan loss reserves increase and write off of the premium paid for a bank in Arizona.

If you go to the link you will see that they would like to have your opinion on their story.

Let's flood them with our opinion:


http://www.lvrj.com/breaking_news/26187579.html



Please help flood the MSM with reaction on this story and keep this thread kicked ---- thank you


on edit please add your comments to the thread below.

It will be helpful in doing a follow up campaign against the newspaper -- thank you.

[Kdillard]

1. kick and rec

[grantcart]

7. thanks Kdillard please stop by the Link and let the LV Reveiw know

what you think about their indept reporting.

[goclark]

13. got it grantcart on my way to the link

[BlooInBloo]

2. Is this a Big Shitpile issue? Or something else?

[grantcart]

4. this is it 3 glorious sentences

[grantcart]

3. here's mine

I was astonished to read your brief description of SSB Share collapse. Andrew McCain joins the board April 1 and resigns in the middle of the night 116 days latter with a total loss of capitalization of $ 113 million or at the astounding rate of $ 981,000 per day and that is all that you can say?

Are you aware that some are raising questions about the link between this and the CMKM scandal?

Why have you refused to inform your readers that in addition to McCain the CEO and the Chairman of the Board have also resigned?

There actually is no Pulitzer Prize given to local newspapers for their help in suppressing a news with national importance.

[zanne]

5. If we ever needed proof of the MSM's bias, this is it.

There's been more coverage of Obama's "controversial skinniness" than of McCain's son suddenly resigning from the board right before the bank goes belly up.

[grantcart]

6. please leave a comment at the link

[ccharles000]

8. Kick

[grantcart]

12. thanks ccharles

please drop by the ReviewJournal and let them know what you thought about their story.

they want to hear from you.

[cliffordu]

9. Kicked and recc'd

[grantcart]

10. thanks clifford please give the folks at the review your opinion

they would like to hear from you

[cliffordu]

11. Done.

[nc4bo]

14. Sounds like that article needed a little help. done. nt

[nc4bo]

15. Is this normal?

The About and Forward-Looking Statement paragraphs.

http://www.investors.com/breakingnews.asp?journalid=77895338

About Silver State Bancorp

Silver State Bancorp, through its wholly-owned subsidiary, Silver State Bank, currently operates thirteen full service branches in southern Nevada and four full service branches in the Phoenix/Scottsdale market area. Silver State Bank also operates loan production offices located in Nevada, California, Washington, Oregon, Utah, Colorado and Florida. Please visit www.silverstatebancorp.com for more information. The deposit accounts of Silver State Bank are insured up to the applicable limits by the Federal Deposit Insurance Corporation.

Forward-Looking Statements

This press release contains forward-looking statements. Terms such as "will," "should," "plan," "intend," "expect," "continue," "believe," "anticipate," "seek," and similar expressions are forward-looking in nature and reflect management's view only as the date hereof. Actual results and events could differ materially from those expressed or anticipated and are subject to a number of risks and uncertainties including but not limited to fluctuations in interest rates, asset quality, government regulations, economic conditions and competition in the geographic and business areas in which Silver State Bancorp conducts its operations. We undertake no obligation to review or update any forward-looking statements, whether as a result of new information, future events, or otherwise.

SOURCE: Silver State Bancorp

No matter, I just found that 2nd paragraph to be hilariously ironic, and I'm not laughing.

[ChimpersMcSmirkers]

16. A concerned chimp chimed in, thanks for helping to keep this alive.

[grantcart]

19. tks chimpster

[Chloroplast]

17. Thank you so much! K&R!

I'm tired of the media doing half-assed work and I'm going to start hitting them where it hurts: their advertisers. If our complaints fall on deaf ears in the newsroom, then I'll start contacting their sponsors refusing to buy their products or services if they support half-truths. May not seem like much but when 4 out of 10 products are owned by one corporation, they'll start to notice.

[grantcart]

18. thankyou chloroplast

[AZBlue]

28. Welcome to DU!! And, excellent plan.

Hit them where it hurts them the most - their purse.

[AZBlue]

20. Commented & rec'd!!

Thank you for your diligence.

[KharmaTrain]

21. Have You Contacted TalkingPoints Memo?

I'm sure Josh Marshall and his group would love to see your work and this story...and could give it some much needed exposure.

:kick:

[grantcart]

23. thanks

[Barack_America]

22. This article could use some help too...

http://www.lvrj.com/business/26204139.html

Talks about other bank officials who resigned/were replaced, with no mention of McCain.

Funny that! :eyes:

[Cha]

24. Rec'd~My pleasure.thanks

grant!

[grantcart]

25. thanks zidzi

[Cha]

26. You're welcome..

:)

[Vinca]

27. I don't know who Dominic is, but I love him -

"As usual, the traditional media covers up for John McCain. Heavens, we can't report that the son of a clueless Republican presidential candidate may be involved in criminal activities. It might remind people of Johnny's S&L involvement in the '80s...and his adultery, his mistreatment of his crippled wife, flip-flops, pay-offs from the oil industry, his bad temper, his obvious racism, his absolute man-love for George W. Bush and his total sellout of any ethics and integrity he ever had, if any. I find it funny when Clinton got caught having an adulterous affair that's all you heard on the MSM 24/7. But McCain boinks a 24 year-old millionairess behind his invalid wife's back and leaves her so he can have money for his political campaigns, and all we here about is what a great hero he is. So tell me this, MSM, as I ask this question for the 2435th time: how does being a POW qualify you for being president, and why should it shield you from the press reporting on your shortcomings, flaws and character issues?"

[phrigndumass]

29. Kickin'

It wouldn't let me leave a comment. I blame Microsoft, lol

[saltpoint]

30. Kick -- & will do.

Thanks, grantcart.

[SwampG8r]

31. done and done

[grantcart]

38. thanks

[ruggerson]

32. kick

n/t

[davidpdx]

33. It's amazing when I googled

Andrew McCain, Silver State Bank, I only got a few hits.

Forbes-No mention of Andrew McCain

LV Review-As cited by the OP 3 sentences about the story, Andrew McCain was briefly mentioned. Another full story, no mention of Andrew McCain. The third story I found did mention him:

http://www.lvrj.com/news/25958074.html

The Arizona Republic-Mentioned in two articles on July 30 and Aug 1st (They must really not like the McCains)

The Phoenix Business Journal-No mention of Andrew McCain

Reuters-No mention of Andrew McCain

Market Watch (WSJ)-No mention of Andrew McCain

Wall Street Journal-Brief mention of Andrew McCain stepping down from the board of directors

KLVS and KVBS-No mention of Andrew McCain

Las Vegas Sun- THANK GOD FOR YOUR PAPER: Great Article

http://www.lasvegassun.com/news/2008/aug/01/economy-blamed-henderson-banks-quarterly-loss/

FOX Business News: WHAT? FOX?

http://www.foxbusiness.com/story/markets/industries/finance/silver-state-bancorp-announces-director-resignation/

UPI:

http://www.upi.com/Top_News/2008/07/27/McCains_son_resigns_from_bank_boards/UPI-16621217199157/


It looks like this is getting regional coverage in the Southwest, but not much outside that.

[grantcart]

34. thanks for this

[davidpdx]

36. No problem

I was feeling a little obsessive compulsive.

[factcheckr]

35. About the Las Vegas RJ

Bear in mind that the Review Journal, the largest circulation newspaper in Nevada, is one of the most right-wing, anti-union, anti-Democrat papers in the country.

[grantcart]

37. thanks

are there any Democratic papers in the state?

[PA Democrat]

39. I posted a comment. It hasn't showed up yet.

Website says it may take up to 48 hours before comments are reviewed and posted. How convenient.

[nc4bo]

40. Just finished emailing 48 national and local news organizations operating within my zipcode.

I used http://www.congress.org/congressorg/dbq/media/ and it helped make a tough job very easy.

I'm off to email some more using my childhood home's zip code for Round 2.

It's probably a fruitless mission but I'm tired of the bullsh*t lies, cover-ups and negligence.

[grantcart]

41. great idea

[nc4bo]

42. Something I just found on my own and then found on DU....

How ironic some things in the world truly are.

For instance, how much of a coincidence is it that your son ( and former Director of Silver State Bank) would also be on the Board of the Banner Health Alzheimer's Institute? What's really a coincidence is how many DU'ers have been saying that John McCain seems to be suffering symptoms of Alzheimer's. Wow, remarkable, eh?

Here's Banner Health: http://www.bannerhealth.com/_Alzheimers/Alzheimers_Disease_Institute.htm

Recently appointed to the Board of Phoenix Chamber of Commerce:

"Andy" McCain was appointed to the Greater Phoenix Chamber of Commerce as VP and CFO (Hensley Company) in July, 2008:
http://www.phoenixchamber.com/About/BoardDirectors/index.html. I also think it's curious (not wrong, just curious) not to make an announcement of his addition to the Chamber of Commerce, especially since it's such a high level position. The only evidence is this simple one-liner on the Board of Director's page: "2008-2009 Board of Directors of the Greater Phoenix Chamber of Commerce: Roster as of July 1, 2008".

One more:

Silver State Bancorp Announces Management Reorganization

Last update: 8:45 a.m. EDT Aug. 1, 2008
HENDERSON, Nev., Aug 01, 2008 (BUSINESS WIRE) -- Silver State Bancorp
(SSBX 0.90, -0.38, -29.7%) today announced the resignation of Corey L. Johnson as President and Chief Executive Officer of the Company and as Chief Executive Officer of Silver State Bank, the Company's wholly-owned bank subsidiary. The Company also announced the resignation of Silver State Bancorp's and Silver State Bank's Chairman of the Board, Bryan S. Norby.
Both Mr. Johnson and Mr. Norby will continue serving as directors on the Company's and the Bank's Board of Directors.

Heeheehee, things that make you go hmmmmmmmm.



:kick: