Wednesday, December 13, 2006

Minerals Management Service...........

Let me give just another great example of how the Federal Government is shirking its trust responsibility to Native American tribes. A draft report released last week by the inspector generals office fo the U.S. Department of the Interior confirms suspicionsthat extractive industries have been cheating the federal government for years, and government officials have looked the other way. The Minerals Management Service is a department of the Department of Interior (just like the Bureau of Indian Affairs) and is charged with collecting, accounting for and distributing royalties from about 28,000 leases. To spur oil exploration in teh Gulf of Mexico, Congress directed that deep-water oil and gas leases be exempted from federal royalty payments of 12.5%. However, if oil prices ever rose above $36 a barrel, which they have, the payments were to be reinstated and those funds then credited to the reservations wehre the drilling occurred. Over the past decade, the Interior Department signed agreements with oil and gas companies that failed to include the provision intended to protect taxpayers if oil and gas prices moved up. The mistake was discovered at least 5 years ago, but Interior covered it up. Compounding the errors were repeated failures by the MMS to conduct thorough audits which of course is nothing new to Native Americans.

These transgressions are further evidence that the Cobell litigation must be settled in an expedient manner and damages awarded for the amounts that are rightfully owed to Indian Country.

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Native American Advisors CHIPPEWA PARTNERS

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CHIPPEWA PARTNERS, Native American Advisors, Inc. is a Registered Investment Advisor, founded by Dean Thomas Parisian in 1995. The firm is a manager to an exclusive clientele and is closed to new clients. As a Registered Investment Advisor, our expertise developed over 35 years balances experience, integrity and tremendous work ethic. Dean Parisian is a member at the White Earth Reservation of the Minnesota Chippewa Tribe, a former NYSE and FINRA arbitrator and trader who began his career with Kidder Peabody and later worked for Drexel Burnham Lambert in LaJolla, CA. His philanthropic interest is in Native American education and he's endowed a significant scholarship for Native Americans at the University of Minnesota. His greatest accomplishment includes raising two sons and 26 years of marriage. The Parisian family enjoys outdoor pursuits at Pamelot, their farm in Tennessee and at the Ghost Ranch, their ranch on the Yellowstone River in Montana. For media requests contact the firm via email: ChippewaPartners (at) gmail dot com, on Twitter: @DeanParisian. Global 404-202-8173