It’s been a big year for flim-flam con artists. Barnard Barack Madoff Obama. It’s been a year of something for nothing. It’s been a year when Hopium became the drug of choice. The scams have been many.
Time Magazine’s Washington bureau chief Jay Carney dictated the magazine’s 2008 election coverage and now he announces he will work as Joe Biden’s flack and that Obama is the “Time Magazine Person of the Year“. Obama meanwhile tutors respected reporters as to what questions to ask. This is truly the year of the flim-flam.
The $50 billion fraud by Bernard Madoff is more proof, not that any is needed, that supposedly smart people are capable of doing the dumbest things. No doubt many of Bernard Madoff’s dupes will turn out to be Barack Obama dupes too.
Madoff’s scam further threatens banks and severely exposes hedge funds. HSBC, Fortis, Royal Bank of Scotland, BNP Paribas, Banco Santander, Nomura, Man Group, EIM Group, Tremont (MassMutual), Fairfield Greenwich, all fell into a financial Hopium daze.
Some of the “brightest” are dupes. A Steven Spielberg charity, a foundation set up by Mort Zuckerman, dozens of Jewish organisations, sports team owners and Senator Lautenberg of New Jersey all fell under Madoff’s (and Obama’s) spell.
City analysts said that even banks who invested only on behalf of clients could end up on the hook, because clients are almost certain to sue for bad advice.
Mr Madoff confessed last week that his business was “all one great big lie”. The investment returns were fake, and he had been paying old clients with money from new ones. In its conception, the scam is a classic. In its size, it is breathtaking, eclipsing anything seen before.
Madoff was one of Wall Street’s best-respected investment managers, able to harvest money from a vast network of contacts and to trade on his name as a former chairman of the Nasdaq stock exchange.
These allegedly smart people accepted what Madoff told them at face value. They did not look at the reality behind the big smile and the backslapping. The big smile and the backslapping, to hide the lack of experience and substance, are the hallmarks of the scam artist.
In Illinois, Democrats continue to scam the public. Realizing that a genuine election could result in voters awarding the former Obama senate seat to a Republican, Democrats with their 67-51 majority in the Illinois House, have decided not to strip Governor Blagojevich of the appointment power. Democrats also will not schedule a special election which potentially will repudiate or at least embarrass Barack Obama.
Today the Illinois Supreme Court laughed Illinois Attorney General Lisa Madigan out of court. Lisa Madigan and her dad Mike Madigan who runs the Illinois House tried to scam the courts into a declaring Blagojevich “nuts” and thereby pave her way to the Governor’s mansion and absolve non-nuts Illinois politicos. It didn’t work. Blagojevich is not nuts. Blagojevich is business as usual in Obama’s Chicago.
Illinois Democrats have made their scam clear: it’s better to deny the 13 million Illinois residents representation in the U.S. Senate than risk listening to voters.
Without a special election or an appointment by Blagojevich Illinois will simply not have their full representation rights in the U.S. Senate.
Another potential scam implicates Governor Bill (Judas) Richardson.
A federal grand jury is investigating how a company that advised Jefferson County, Alabama, on bond deals that threaten to cause the biggest municipal bankruptcy in U.S. history, did similar work in New Mexico after making contributions to Governor Bill Richardson’s political action committees.
The grand jury in Albuquerque is looking into Beverly Hills, California-based CDR Financial Products Inc., which received almost $1.5 million in fees from the New Mexico Finance Authority in 2004 after donating $100,000 to Richardson’s efforts to register Hispanic and American Indian voters and pay for expenses at the Democratic National Convention in 2004, people familiar with the matter said.
The potential Commerce Secretary might require another Special Prosecutor to determine the truth in yet another potential pay-to-play scam.
The investigation reflects another front in nationwide efforts by U.S. prosecutors to investigate so-called pay- to-play in the municipal bond market. The term refers to banks and advisers who make political contributions or personal gifts to public officials in return for fee-paying financing assignments.
It all seems all too familiar.
One of the people called to testify before the Albuquerque grand jury said federal investigators asked if Richardson’s office directed the state agency to select CDR. Investigators also asked about how responses to a request for investment advisory services were scored.
Another person familiar with the probe said the thrust of the investigation is whether people in Richardson’s office influenced the selection of CDR. The person said the U.S. Attorney identified subjects of the investigation, not targets, which means prosecutors have yet to gather substantial evidence linking anyone to a crime.
The Richardson related potential scam involves municipal derivatives and whether some banks consipired to scam the cities of Atlanta, Fargo, and Johnson City, Tennessee. Philadelphia, North Carolina, are just a few other places in the national investigation of bid-rigging and price fixing in the municipal derivatives market.
The Obama crime lords, preparing their move to Washington, will have lots of company in skullduggery.
The wheels of justice grind slowly, but they grind forward. Lot’s of people are going to squeal.
When it comes to coming clean, nothing is as motivating as a wiretap.
Last week’s revelation that Gov. Blagojevich was secretly recorded in his campaign office and on his home phone has prompted more than a dozen potential witnesses in recent days to come forward. They’ve been calling investigators and defense lawyers to talk about deals or discussions they’ve had with Blagojevich.
One prominent criminal defense attorney, who asked not to be named, said he alone received calls from three potential clients claiming to be victims of pay-to-play schemes under the governor.
“This is something they’ve been carrying around that they finally want to talk about,” the attorney said.
Other lawyers say they’ve been contacted by potential witnesses or subjects of the investigation who believe they are discussed in the complaint or who believe they may have been recorded.
The scams are huge. The scams are nationwide. The scams are many. The scams involve many players. There is one huge story that has not been discussed much. It involves, once again, the SEIU. In Illinois, Blagojevich wanted a union to help him by establishing some sort of charity for him to run. In California:
A nonprofit organization founded by California’s largest union local reported spending nothing on its charitable purpose — to develop housing for low-income workers — during at least two of the four years it has been operating, federal records show.
The charity, launched by a scandal-ridden Los Angeles chapter of the Service Employees International Union, had total expenses of about $165,000 for 2005 and 2006, and all of the money went to consulting fees, insurance costs and other overhead, according to its Internal Revenue Service filings.
Charity watchdogs say that nonprofits should never have zero program expenses in two successive years and that well-performing charities direct at least 70% of their annual spending to their charitable purpose.
This apparent scam was granted exemption from taxes by the I.R.S.
The watchdogs were snorting Hopium.
Now Caroline is starting her scam.
The watchdogs are snorting Hopium.
The Flim-Flam men and women are in charge.
It’s the year of the Flim-Flam.