THE CASH STUFF FOR 11-25-24

 SUPPORTERS OF SAU CONCERNED 

ABOUT TERMS OF ‘PREDATORY”

$7 MILLION LOAN

By Cash Michaels

Contributing writer

What was at first seen as a financial lifeline, is now being criticized as anything but, by supporters of St. Augustine’s University, as the troubled private historically black institution continues to battle back to solvency.

At issue are the terms of a $7 million loan SAU officials secured last May from a Durham-based venture capital group, Gothic Ventures, which, according to critics, reportedly required SAU to pay a 24% interest rate and 2% loan management fee, in addition to a $75,000 “due diligence and documentation fee.”

And what did SAU have to provide as collateral for the loan? Its main Raleigh campus, and at least 40 other pieces of property on more than 11 acres around the SAU campus. If the school defaults on the loan, which comes due on June 30, 2025, those properties are forfeited to Gothic Ventures.

SAU reportedly has the right to extend the maturity date of the loan until December 31, 2025, and can secure up to $30 million in total.

To say that the terms of the $7 million loan outraged SAU supporters would be an understatement. 

Several SAU alumni, along with civil rights activists from ONE Wake, Durham CAN, the Center for Responsible Lending, Save SAU Coalition and members of the clergy, held a press conference in downtown Raleigh Nov. 20th to protest the loan agreement between the school and Gothic Ventures.

Those SAU supporters demanded that Gothic Ventures reduce the 24% high interest rate to just 9%, or waive the pre-payment penalty so that another lender can take over the loan with more favorable terms.

“Saint Augustine’s University’s continued existence rides on achieving an equitable resolution to financial challenges and problems facing the historically Black university that could jeopardize its ability to serve current and future students,” a news release from the protesting supporters stated.

Kip Johnson, founded of Gothic Ventures, said his company reached out to SAU once their financial problems became well known, and officials there responded.

“The interest rate was based on the financial challenges facing the university which included its most recent audit report indicating concerns about the university’s ability to continue operating as a going concern, the lack of audited financial statements for the last several years, historical losses because revenues exceeded expenses, significant outstanding debt, IRS liens on the university’s property, and the suspension of the university’s accreditation,” Johnson wrote in an email to WRAL-TV.

“While we hoped that the government or a foundation or a bank would provide the funds necessary to keep the university open, that did not happen,: Johnson added.

According to published reports, $3 million of the $7 million loan went to satisfying past due and upcoming payroll taxes; almost $2 million to the U.S. Dept. of Education; and the rest to pay off student refunds, several outstanding audits, property insurance and appraisals, among other expenses.

With an upcoming meeting about maintaining its accreditation scheduled for next month, SAU has reportedly instituted deep cuts to its operation to cut expenses by $17 million, including eliminating 67 staff positions, ending under-enrolled programs, and “settling outstanding balances with vendors,” according to a press release.

“While we recognize the seriousness of these financial adjustments, these decisions are essential for safeguarding the future of Saint Augustine’s University and the students we serve,” the release continued.

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                                      WILMINGTON POLICE CHIEF DONNY WILLIAMS

BLACK LEADERS IN WILMINGTON

DEFEND BLACK POLICE CHIEF,

BELIEVE HE’S TARGETED FOR OUSTER

By Cash Michaels

Contributing writer

Black leadership in Wilmington, including the local NAACP chapter and the New Hanover County National Black Leadership Caucus, gathered last week to defend the port city’s first African-American police chief, Donny Williams Nov. 19th, after two former command staff officers of the Wilmington Police Dept. (WPD) alleged harassment and mismanagement by Chief Williams and the department.

Reportedly, a damning third-party investigation confirms some of those allegations, but that report has not been made public as of press time.

Wilmington Black leadership isn’t buying it though, stating that they see a pattern of moves being made to oust African-American officials, beginning with the firing of Dr. Charles Foust, the first black superintendent of New Hanover County Public Schools several months ago.

"Wilmington has not socially (nor) politically healed from 1898," Sonya Patrick, chair of the NHC National Black Leadership Caucus said, . "This is ... racially motivated at the expense of the taxpayers and it shouldn't even be tolerated."

“1898” is a reference to when white supremacists, in an effort to take back Wilmington from African-American economic and political leadership on Nov. 10th, 1898, violently attacked blacks, taking over the city in a coup that has lasted, many say, to present day.

Patrick also noted the resignation of William Buster, the former president of the NHC Endowment.

"We don't want history to repeat itself and we see a pattern here," she continued.. "This is not coincidence. This is a national agenda that is definitely happening here in New Hanover [County] with an attack on our Black leaders."

LeRon Montgomery, president of the New Hanover County Chapter of the NAACP, echoed Sonya Patrick’s warning.

“The NAACP calls for an end to these unwarranted claims about the integrity of Chief Donny Williams’ leadership,” Montgomery said, noting that he has spoken with Chief Williams, and the allegations are not true.

Both Montgomery and Ms. Patrick lauded Chief Williams, and the positive changes, they say, he’s brought to the police department since being promoted to chief in 2020.

One of Chief Williams first actions was to dismiss three white officers who were heard speaking negatively about Black protesters on a recording. 

Reportedly, one of the complaining officers about Williams, a retired police captain,  received a letter from Wilmington City Manager Tony Caudle, telling him, "the appropriate steps are being taken to address the substantiated claims you brought forward.”

For his part, Chief Williams denied the charges against him, documented where he has been the target of racial slurs by some of his fellow officers, and white officers who resist seeing African-Americans in leadership roles.

“Do we have pockets of racism? Yes. Absolutely. Any large organization is going to have people with different views. I said this back in 2022, and I’m going to say it again: judge our officers by the color of their hearts, not by the color of their skin,” Williams told reporters in his office Nov. 20th.

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NEW CASH COMMENTARY FOR MONDAY, NOV. 25TH, 2024

                                                                    CASH MICHAELS

                                    THE JOB HASN’T CHANGED

by Cash Michaels

During the course of the 2024 campaign, and certainly even before, the news media in this country, of which I consider myself a proud member, did our best to both inform, and then warn the American people about the great harm a second term of Donald Trump would mean to our future.

That was our job.

This nation’s news media learned during Trump’s first run for the White House in 2016 that we couldn’t apply the same rules to covering him that were applied to other politicians seeking elective office.

We had to cover him differently, because this was a man who ignored the common rules of the road, and did, and said, anything to gain advantage, including lie, demean, defame and completely step out of the line of respectability to win.

History clearly shows that to have been his behavior during the 2016 Republican presidential primary, during the election campaign against Democrat Hillary Clinton, again in his 2020 campaign against Democrat Joe Biden and subsequent loaded charges of the election being stolen, and then finally in the 2024 GOP primaries and general election contests against Biden and Vice President Kamala Harris.

And through all of that, the news media’s difficult, but necessary job in this country has been to cover Trump honestly, not only reporting what he says, but what he actually means.

A lot of times, he made it too easy for us, bluntly telling us what he means, allowing those of us who are opinion journalists to evaluate what the prognosis is for the nation and world if Trump is given the power to actually follow through.

Doesn’t make sense to just report what he says, and not factually evaluate what the ramifications could be for the average citizen.

But ultimately our job is not to back off, but stay focused and committed to the task at hand, regardless of the negative reaction, possible threats, or loss of popularity. 

Making sure that the people who depend on us are fully, and accurately informed, is what our job is, especially now that Trump has won the presidency a second time, and promises a second term that will be unlike anything we’ve ever seen in American history.

Mass deportations, dramatic changes to health policy, the elimination of vital agencies of the federal government, massive tariffs attached to foreign goods affecting prices on every day goods. Our job remains to stay on the job, because American life is about to change in ways that we never dreamed of.

The news media in this country must also keep a running record of what campaign promises Trump fails to keep, so that citizens understand that everything they may have heard from him or his campaign may not have been as truthful as they believed.

As we prepare for Trump and his administration to officially take over on January 20th, 2025, we in the news media must make note of the fact that some in our profession have already shown themselves not up to the challenge of fulfilling their jobs.

Right before Election Day 2024 ended, Jeff Bezos, owner of The Washington Post and Amazon, reportedly killed an endorsement from the influential newspaper of Democrat Kamala Harris, saying that for the first time in decades, The Post would not be endorsing a presidential candidate because, suddenly, the owner felt it wasn’t the paper’s role.

Word was Bezos was concerned about an economic backlash against his business empire from the powerful forces backing Trump if he allowed the Post’s endorsement of VP Harris to be published.

Other prominent newspapers across the country also withheld their endorsements.

        Joe Scarborough and Mika Brezenski, hosts of MSNBC's "Morning Joe" political talk program, telling their audience recently that after seven years of not talking to Donald Trump because of a personal falling out, the pair will now change direction on their show and try to include him as a guest for dialogue, even though they know that he will use them and their program to lie and mislead the American people.

        Joe and Mika admitted to flying down to Trump's Mar-a-largo Florida resort to meet with Trump for 90 minutes and come to som kind of mutual understanding.

        The pair were brutally lambasted for bowing down to Trump in a transparent way to hopefully increase their failing ratings. Most observers agree that all they're doing is giving Trump another platform to spread his particular brand of lies and vicious attacks, not engage in thoughtful discussion of public policy.

        Reportedly, Morning Joe has been steadily losing viewers ever since Joe and Mika made their ill-fated announcement.

Bottomline is while major media entities in this nation are being intimidated by political forces to cower, a strong news media is needed more than ever to stand strong, stay on the job, and let the chips fall where they may.

No, reporting is not opinion making, and nor should it be. But opinion making should be fact-based, and hard-hitting perspective. Those two together serve as the life’s blood of fully understanding what our public officials are up to and why when they're elected to office.

Ultimately, for those of us in the media, the job has not changed. Now that Trump has returned to the presidency, reporters and opinion writers must be clear, the job may be harder, but we should not be intimidated.

We should do the job honestly, accurately, and deliberately. 

        We owe that to the people who still trust us, no matter what.

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THE NEW CASH COMMENTARY FOR NOV. 21, 2024

                                                                   CASH MICHAELS

BEHOLD, THE CLOWN CAR COMETH!

      by Cash Michaels

Now that we’ve all resigned ourselves to the fact that the next four years of the presidency are going to be eye-opening and jaw-dropping, to say the least, let’s prepare ourselves for some of the craziest crap ever.

In fact, if I read the Trump tea leaves correctly, buckle up for executive orders and off-the-wall directives coming down like stormwater, hurting the average American who never asked for them. You can expect a bunch of ridiculous laws from our new all-Republican Congress to go along with the incoming calamity and cockamamie governance.

And beyond the convicted criminal-in-chief and his MAGAbot minions in Congress, are his star-dudded cabinet appointments - some of the most off-the-wall bunch of backward personalities ever to be appointed to anything. A grand assortment of alleged criminals and MAGA-psychos who just wouldn't fit in where proper thinking and decency are the rule.

Let’s be clear, these people, whose names and reputations I will disturb you with in just a moment, weren’t chosen because they are the best available to serve the American people.

Perish the thought!

Trump chose them because they are the best available to serve him and screw with the status quo. That’s their only job in life from this point on, unless he fires some of them or they come to their senses, as in Trump’s previous administration, and they quit to save their sanities.

This from CNN:

Trump on the campaign trail made no secret of his plans if he won a second term. Many of his most committed supporters regard the federal government as a liberal deep state that has failed to respond to their needs. Trump, moreover, is still seething over the establishment’s attempts to rein him in during his first White House term. So selecting Cabinet picks who are seen as unqualified to lead their departments may be an attempt to deal a blow against the credibility of government in itself.

Maggie Haberman of the NY Times says Trump made these picks to “shock the system.” The Washington Examiner calls them his  “team of disruptors.” So you see, he’s already playing games with us.

Consequently, the very selection of these …uh…individuals, tells us Trump plans to strong-arm rule, unimpeded by common sense or established laws or protocols, from Day One.

These are all “yessir boss” people to the bone, and I defy anyone to find so much as a morsel of benefit from their selection for the nation.

Behold, the clown car cometh!

Let’s start with Republican former Congressman Matt Gaetz of Florida, nominated to serve as...egads... U.S. attorney general. Fortunately, Gaetz got a smell of his own bad breath  and pulled his name out of consideration for the post.

Talk about someone even your average Republican detests. This is the same Matt Gaetz accused of allegedly having sexual relations with an underage child and trafficking her across state lines to do so, in addition to illegal drug usage. Gaetz was never charged with a crime, but was investigated by the House Ethics Committee, whose sealed report is now the hottest term paper in the nation Senators are demanding to see. 

         Call Gaetz the poster boy for monster dirt and mega slime.

What could Trump possibly see in this perverted boy wonder that’s worth fighting for?

Fact remains, Trump always wanted another Roy Cohn - someone nasty, dirty, and snake-like to do his bidding, especially when it comes to going after his political enemies.

This from The Washington Examiner about Gaetz:

“We ought to have a full court press against this WEAPONIZED government that has been turned against our people,” Gaetz wrote on X before deleting the post mere hours before his nomination as attorney general was announced. “And if that means ABOLISHING every one of the three letter agencies, from the FBI to the ATF, I’m ready to get going!”

Who better than a young fiend who loves hurting people for breakfast when given the power. Gaetz was reportedly having problems being guaranteed confirmation by the new GOP Senate, though there were signs of softening. Apparently he’s a bridge too far, a bridge that Trump was willing to fight for. At press time, Gaetz pulled his name out of consideration, so fortunately, we dodged that bullet, America.

Robert F. Kennedy, Jr. - talk about cuckoo for Coco Puffs. RFK, Jr. is up for secretary of Health and Human Services, a prominent anti-vaxxer, to be put in charge of managing the nation’s vaccine supply, in addition to fluoridation in our water (he doesn’t believe it protects our teeth so he wants it removed) and is a firm believer that the nation should be drinking raw, non-pasteurized milk.

For the record, pasteurized milk and fluoridated water are two things we all have grown up with, and both have protected all of us and our families from disease. Yet this guy, in his infinite wisdom, wants to prove that he knows best, and do away with those, and most other daily protections in our food and water the FDA (Federal Drug Administration) signs off on.

For the record, RFK, Jr. also claims that a worm partially devoured his brain, and then died.

Poor worm gave his precious life to warn others.

And just in case you want assurances from Trump that our country will always be well defended and ready to protect us from attack from the Chinese, Iranians or Russians, you and your family can now rest easy. Trump has chosen Pete Hegseth, weekend anchor for “Fox and Friends,” to lead our armed forces as the new secretary of Defense.

        Gee, the weekend anchor. How did America get so lucky?

Hegseth, a veteran who serves in the Army National Guard, “earned” his nomination declaring that women have no business in combat, downplayed the involvement of military members in the January 6th U.S. Capitol attacks, and allegedly has a tattoo on his bicep that’s associated with white supremacist groups, along with a lot of other arch-conservative crapola. Ironically, Petey was also accused of sexual assault in 2017 in a case where he reportedly paid the alleged victim to be quiet. Of course, he denies the accusation.

Boy, Trump can sure pick ‘em, eh?

Some of Trump’s other Cabinet-level picks are also knee-slapping..

Former Democratic Congresswoman Tulsi Gabbard, a cultist reported to be a Russian sympathizer, nominated for Director of National Intelligence; Mike Huckabee, former governor of Arkansas and TV huckster for whatever makes him a buck, for ambassador to Israel; Stephen Miller, known for his racist mantra about Muslims and other immigrants, now deputy chief of staff for policy; Elon Musk and Vivek Ramaswamy, said to be world’s richest man and co-founder of Tesla Motors and Space X, along with the former Republican presidential candidate who endorsed Trump, both heading up the new Dept. of Government Efficiency (boy, get ready to see some important government agencies like Education get the axe); and Kristi Noem, current governor of South Dakota, become secretary of Homeland Security. 

           Noem is infamously known for not instituting Covid protocols in her state during the height of the pandemic, and fatally shooting her happy-go-lucky puppy, Cricket, because "...in politics and life, she was willing to do what was “difficult, messy, and ugly” if it was necessary."

            Exactly where does Trump find these unhinged people? Who the hell protects us from her?

Of course it wouldn’t be a full clown car without Sen. Marco Rubio. With the exception of Lindsay Graham, no politician is as two-faced as "Little Marco," and he’s supposed to be our secretary of State. I understand he has the foreign affairs experience, but can we trust a man who would sell his mother on a whim?

        And BREAKING NEWS - Trump enjoyed wacko Dr. Oz so much on TV, he now wants to see this crackpot who couldn't get the Covid pandemic right, in charge of Medicaid and Medicare management. To improve care? Heaven to Betsy no! To cut costs! 

        Any other TV nuts I'm missing from the list?

There are other names that have been proposed to serve in the Trump Administration, but the bottomline is these people aren’t simply serving us, they’re proudly serving a known convicted criminal. That tells me there isn’t anything they wouldn’t do serving him in their respective capacities.

Now some of these novel winners are supposed to go through Senate confirmation, but Trump doesn’t want that. He wants recess appointments so he gets what he wants, how he wants it. Chris Hayes of MSNBC says it’s “a humiliation exercise,” a way to prove that Trump can dominate the new Republican Senate at his will. Make 'em heel!

I’m shocked that professional white supremacist, Tucker Carlson, hasn’t grabbed a spot in the Trump Administration yet. Lord knows he’d make an excellent Trump court jester, especially for someone who isn’t really funny at all.

So we have this, plus we’re all waiting with baited breath for the formal unveiling of Project 2025, and how that will totally screwup American life.

        And let me get something straight here and now...Yes, I'm an opinion journalist too, but

but NO, I don't agree with having a "conversation" with evil, I don't care if he is the criminal

-in-chief. I'm not Joe and Mika, so I don't worry about ratings here. I'm worried about tell-

ing the TRUTH as I see it at all times! I believe in having conversations of understanding

with people who share a common value for decency and respect. Then, I can either disagree

or agree, but still trust them. That's the world we once had, but have unfortunately lost now.

          Get that world back for me, where there is a common reverence for the rule of law, for democracy and TRUTH. Get that world back for me, where I can trust the people running my government are serving the nation and our democracy via their oath of office, not the whims of a wannabe king. 

         Besides, our criminal-in-chief lies too damn much for me. Not worth my time.

         Please get my United States of America back, warts and all, before I'm asked to "talk" with anyone who would just as soon destroy it all, just to satisfy their sadistic God complex!

         There's no talking to anyone who would just as soon put a knife in your back!

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THE CASH STUFF FOR NOV. 21, 2024

NC ATTORNEY GENERAL’S OFFICE 

PROBING ALLEGATIONS IN SUIT 

AGAINST ST. AUG’S TRUSTEE BOARD

By Cash Michaels

One day after a judge dismissed the lawsuit against the St. Augustine’s University (SAU) Trustee Board which alleged board members were mismanaging school finances, the state Attorney General’s Office says it wants to look into those allegations to see if there were any violations of state law.

In a ruling issued on November 14th, Wake Superior Court Judge Becky Holt dismissed the lawsuit brought by the Save SAU Coalition against the small Episcopalian HBCU, seeking to replace the current trustee board because, she said, the group did not have standing.

Save SAU Coalition is comprised of students, alumni, parents and at least two former SAU Trustee Board members, but according to Holt, state law prevents the group from taking any legal action against the board because of the school’s nonprofit status. 

The group’s lawsuit, filed last May 31st, alleged fiscal mismanagement and sought the board’s removal. It specifically targeted Board Chairman Brian Boulware, among others,  charging that he pocketed the brokerage fee paid by the school on a $7 million loan, in addition allowing wire transfers involving hundreds of thousands of dollars without any paperwork, and through these actions, literally brought SAU to the brink of closure.

The SAU Board of Trustees issued a statement, saying that “…it appreciated the court’s decision to dismiss the baseless lawsuit filed by the Save SAU Coalition.”

"We respect and value the judicial process, and we are grateful that the court has recognized our commitment to operating within the bounds of the law and prioritizing the best interests of our institution and its stakeholders,” the SAU Trustee Board statement concluded.

Former SAU Trustee board member John Larkin told reporters after the ruling, “This was a situation where it was decided on a technicality on statutes and not necessarily on the merits.”

He vowed to keep trying to replace the board, based on the allegation of breach of fiduciary duty.

Apparently the state Attorney General’s Office believes the Save SAU Coalition allegations are worthy enough to investigate.

The day after Judge Holt’s ruling came down, a spokesperson for Atty. General Josh Stein said his office is “concerned,” and “…is looking into those allegations further.” 

The SAU Trustee Board said it “welcomes” the state attorney general office probe.

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HOW TRUMP’S PROJECT 2025 

NOW AFFECTS NORTH CAROLINA

By Cash Michaels

Contributing weiter

During the presidential election, we heard a lot about Project 2025, a so-called conservative policy blueprint for the administration of Republican former Pres. Donald Trump once he was reelected to the White House.

The over 900-page authoritarian plan became such a major headline during the campaign, that Trump had to distance himself from the negative press it was garnering in order to win the election, despite the fact that at least 140 people connected to Trump had a hand in devising it. 

But soon after his victory over Democratic Vice President Kamala Harris, Trump embraced Project 2025 as he began shaping the direction his administration would be going.

So what’s in Project 2025 specifically, and how does it directly affect North Carolina, and ultimately, African-Americans?

FEDERAL JOBS - Project 2025 calls for the dismantling of a number of federal agencies, in addition to the reclassification of thousands federal workers as political appointees so that they can be terminated by President Trump once he officially takes office. According to the Congressional Research Service, there are over 47,000 federal employees living and working in North Carolina, many of them Black.

EDUCATION - Project 2025 calls for the elimination of the U.S. Dept. of Education. Such a move would severely impact federal funding of public school funding in North Carolina, especially with the elimination Title I, the federal program that aids public school systems with large low-income student populations. In North Carolina, at least half of the state’s approximately 2,500 public schools would lose Title I funding, and with it, the supportive programs to help low-wealth students. Over 6400 teaching positions will be eliminated, impacting almost 99,000 students across the state.

HEALTH CARE - When implemented, Project 2025 would impose drastic changes to Medicaid that would severely impact the lives of at least 900,000 North Carolinians, like targeted time limits and lifetime caps on benefits received during a Medicaid enrollee’s lifetime. It could also increase the price of prescription drugs for senior citizens on Medicare. Many would be at risk of losing coverage because they are low income, and can’t afford comparable coverage.

The federal government would also be barred from negotiating lower drug prices.

CHILD CARE - Project 2025 eliminates access to no-cost child care for almost 20,000 low-income children, otherwise known as Head Start. This will particularly impact thousands of children living in rural and urban communities, where the high cost of daily child care is already out of reach.

STUDENT LOANS - Say goodbye to IDRs (income driven repayment) plans. Instead, Project 2025 will mandate a singular program that will increase payments for all student borrowers, including those under the SAVE (Saving on a Valuable Education) Plan, costing student borrowers anywhere from $2,700 to $4, 100 annually.

SOCIAL SECURITY - Under Project 2025, Social Security will be cut by raising the retirement age for 73 percent of  North Carolinians from 67 to 69 years of age. That would cut benefits by $4,100, to just $8,900 after one year. A median-wage retiree would lose $46,000 to $100,000 over 10 years, according to two recent Republican Study Committee budget proposals.

TAXES - Look for the overall tax burden to shift from the wealthy to the middle class under Project 2025. A typical family of four in North Carolina would see a federal tax hike of $2, 713 a year. Meanwhile, wealthy North Carolinians with over $10 million in annual income would see, on average, an annual tax cut of $1.5 million

There are many other areas of American life that would drastically change under Project 2025, according to the plan. We also know that based on Trump’s proposed picks for Cabinet-level secretaries, he will have a strong group of loyalists to carry out his Project 2025 directives.

Readers are urged to pay close attention to what comes down from the incoming Trump Administration in the coming weeks and months before January 20, 2025, Inauguration Day.

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