Why has this crook not already resigned, or been fired? Oh that’s right, he works for America’s premier grifter, Donald Trump.
Dan Alexander at Forbes reports on Secretary of Commerce Wilbur Ross robbing his clients blind to build his fortune. New Details About Wilbur Ross’ Business Point To Pattern Of Grifting:
A multimillion-dollar lawsuit has been quietly making its way through the New York State court system over the last three years, pitting a private equity manager named David Storper against his former boss: Secretary of Commerce Wilbur Ross. The pair worked side by side for more than a decade, eventually at the firm, WL Ross & Co.—where, Storper later alleged, Ross stole his interests in a private equity fund, transferred them to himself, then tried to cover it up with bogus paperwork. Two weeks ago, just before the start of a trial with $4 million on the line, Ross and Storper agreed to a confidential settlement, whose existence has never been reported and whose terms remain secret.
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There are bigger allegations. Over several months, in speaking with 21 people who know Ross, Forbes uncovered a pattern: Many of those who worked directly with him claim that Ross wrongly siphoned or outright stole a few million here and a few million there, huge amounts for most but not necessarily for the commerce secretary. At least if you consider them individually. But all told, these allegations—which sparked lawsuits, reimbursements and an SEC fine—come to more than $120 million. If even half of the accusations are legitimate, the current United States secretary of commerce could rank among the biggest grifters in American history.
Posted in AZBlueMeanie, Campaigns, Congress, Corruption, Courts, Crime, Elections, Ethics, IOKIYAR, Justice, Law Enforcement, Party Politics, President, Scandals
Tagged culture of corruption, Fraud, grifting, insider trading
The Washington Post’s David Fahrenthold, who won a Pulitzer Prize for his dogged reporting of Trump’s philanthropy over the years, and found that it had been exaggerated and often was not truly charitable activities at all, reports that New York files suit against President Trump, alleging his charity engaged in ‘illegal conduct’:
The New York attorney general filed suit against President Trump and his three eldest children Thursday, alleging “persistently illegal conduct” at the president’s personal charity, saying Trump repeatedly misused the nonprofit organization — to pay off his businesses’ creditors, to decorate one of his golf clubs and to stage a multimillion-dollar giveaway at his 2016 campaign events.
The full 41-page court filing is online here (pdf).
In the suit, filed Thursday morning, Attorney General Barbara Underwood asked a state judge to dissolve the Donald J. Trump Foundation. She asked that its remaining $1 million in assets be distributed to other charities and that Trump be forced to pay at least $2.8 million in restitution and penalties.
Underwood said that oversight of spending at Trump’s foundation was so loose that its board of directors hadn’t met in 19 years, and its official treasurer wasn’t even aware that he was on the board.
Instead, she said, the foundation came to serve the spending needs of Trump — and then, in 2016, the needs of his presidential campaign. She cited emails from Trump campaign staff members, directing which charities should receive gifts from the Trump Foundation, and in what amounts.
Underwood also asked that Trump be banned from leading any other New York nonprofit organization for 10 years — seeking to apply a penalty usually reserved for the operators of small-time charity frauds to the president of the United States.
Posted in AZBlueMeanie, Campaigns, Corruption, Courts, Crime, Ethics, Justice, Law Enforcement, President, Scandals
Tagged campaign finance, Charitable giving, fiduciary duties, Fraud, self-dealing, Tax Evasion
The Treasury Department failed to produce an economic analysis of the GOP tax bill before the House and Senate votes, despite the year-long promises from Treasury Secretary Steven Mnuchin. This resulted in the Inspector general launches inquiry into whether Treasury hid Republican tax bill analysis:
The Treasury Department’s inspector general has launched an inquiry into whether the department hid an analysis of the Republican tax bill — or even did one at all.
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Sen. Elizabeth Warren (D-Mass.) wrote to Treasury Inspector General Eric M. Thorson on Thursday asking for an inquiry after a New York Times article said members of the Treasury’s Office of Tax Policy, which would do such an analysis, said they were not working on one.
“Either the Treasury Department has used extensive taxpayer funds to conduct economic analyses that it refuses to release because those analyses would contradict the Treasury secretary’s claims, or Secretary Mnuchin has grossly misled the public about the extent of the Treasury Department’s analysis,” Warren wrote. “I am deeply concerned about either possibility.”
Rich Delmar, counsel to the inspector general, said Thursday the office had launched an inquiry and that it was a “top priority.”
Yesterday, Treasury released a one-page “analysis” that is a sick joke. Treasury Defends Tax Plan Cost With One-Page Analysis:
The Treasury Department released a one-page analysis of the nearly 500-page Senate tax bill on Monday that suggested the $1.5 trillion plan would more than pay for itself, assuming the economy grows much faster than any independent analysis of the bill has projected.
The Treasury acknowledged that its analysis was based on optimistic economic forecasts that assumed a host of policy changes yet to be enacted, including increased infrastructure spending, further loosening of business regulations and changes to welfare programs.
The analysis left many tax experts scratching their heads and prompted criticism that the Treasury was offering misleading data.
Posted in AZBlueMeanie, Budgets, Congress, Economics, Ethics, Legislation, Party Politics, President, Scandals, Taxes
Tagged consumer fraud, Fraud, Treasury