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#1
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http://thinkprogress.org/economy/201...olamere-ponzi/
Exclusive: Romney Family Investment Group Partnered With Alleged Perpetrators Of $8 Billion Ponzi Scheme By Lee Fang on Nov 1, 2011 at 9:30 am Mitt Romney and his son Tagg Romney. Tagg is the managing partner to Solamere Capital, a firm that invested in a new company employing brokers accused of taking part in the Allen Stanford Ponzi scheme. Mitt Romney, his son Tagg, and Romney’s chief fundraiser, Spencer Zwick, have extensive financial and political ties to three men who allegedly participated in an $8.5 billion Ponzi scheme. A few months after the Ponzi scheme collapsed, a firm financed by Mitt Romney and run by his son and chief fundraiser partnered with the three men and created a new “wealth management business” as a subsidiary. In an exclusive interview with ThinkProgress, Tagg Romney confirmed their business relationship, but falsely claimed that the men were cleared of any wrongdoing associated with the Ponzi scheme. Tagg Romney told ThinkProgress that his three partners collected about $15,000 from their involvement in the Ponzi scheme. Court documents obtained by ThinkProgress show that the legal proceedings are ongoing and the men made over $1.6 million selling fraudulent CDs to investors. The Ponzi Scheme In 2009, prosecutors announced charges against the Stanford Financial Group, which managed a portfolio of $8.5 billion, for running a “massive, ongoing fraud” against its investors. The Ponzi scheme bust was one of the largest in recent history, second only to Bernie Madoff, who perpetrated a fraud estimated to be around $17 billion. The Stanford Ponzi scheme wiped out the savings of thousands, including many American retirees across the country. In Texas, 1290 people lost their retirement savings because of the Stanford Ponzi scheme; in Louisiana, several hundred reportedly suffered the same fate. The Romney Business Connection Solamere Capital, the investment company founded by Tagg Romney with seed money from his father, Mitt Romney and other investors. Launched in 2008 by Romney’s son Tagg and a few others, including Mitt Romney’s chief fundraiser Spencer Zwick, Solamere Capital is a “fund of funds,” meaning that it primarily invests in other investment companies, like private equity groups. Mitt Romney himself made a $10 million initial seed investment in Solamere Capital and his personal financial disclosure forms reveal that he has received between $100,000 and $1 million in returns from his stake in Solamere. Romney has come under fire for refusing to release his tax returns, which would likely reveal additional details about his financial relationship with Solamere Capital. |
#2
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posted to rec.boats
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On 01/11/2011 8:55 AM, X ` Man wrote:
http://thinkprogress.org/economy/201...olamere-ponzi/ Exclusive: Romney Family Investment Group Partnered With Alleged Perpetrators Of $8 Billion Ponzi Scheme By Lee Fang on Nov 1, 2011 at 9:30 am Mitt Romney and his son Tagg Romney. Tagg is the managing partner to Solamere Capital, a firm that invested in a new company employing brokers accused of taking part in the Allen Stanford Ponzi scheme. Mitt Romney, his son Tagg, and Romney’s chief fundraiser, Spencer Zwick, have extensive financial and political ties to three men who allegedly participated in an $8.5 billion Ponzi scheme. A few months after the Ponzi scheme collapsed, a firm financed by Mitt Romney and run by his son and chief fundraiser partnered with the three men and created a new “wealth management business” as a subsidiary. In an exclusive interview with ThinkProgress, Tagg Romney confirmed their business relationship, but falsely claimed that the men were cleared of any wrongdoing associated with the Ponzi scheme. Tagg Romney told ThinkProgress that his three partners collected about $15,000 from their involvement in the Ponzi scheme. Court documents obtained by ThinkProgress show that the legal proceedings are ongoing and the men made over $1.6 million selling fraudulent CDs to investors. The Ponzi Scheme In 2009, prosecutors announced charges against the Stanford Financial Group, which managed a portfolio of $8.5 billion, for running a “massive, ongoing fraud” against its investors. The Ponzi scheme bust was one of the largest in recent history, second only to Bernie Madoff, who perpetrated a fraud estimated to be around $17 billion. The Stanford Ponzi scheme wiped out the savings of thousands, including many American retirees across the country. In Texas, 1290 people lost their retirement savings because of the Stanford Ponzi scheme; in Louisiana, several hundred reportedly suffered the same fate. The Romney Business Connection Solamere Capital, the investment company founded by Tagg Romney with seed money from his father, Mitt Romney and other investors. Launched in 2008 by Romney’s son Tagg and a few others, including Mitt Romney’s chief fundraiser Spencer Zwick, Solamere Capital is a “fund of funds,” meaning that it primarily invests in other investment companies, like private equity groups. Mitt Romney himself made a $10 million initial seed investment in Solamere Capital and his personal financial disclosure forms reveal that he has received between $100,000 and $1 million in returns from his stake in Solamere. Romney has come under fire for refusing to release his tax returns, which would likely reveal additional details about his financial relationship with Solamere Capital. What a crap investment, invest $10M and only get back $100K or possibly $1M? How long was he in? 2 months? Hey, if only two months I understand. But if in for 2 years, he got ripped off. Much better investments than that out there. Hell, I made almost 30% in 6 weeks on a recent play on the NYSE. Sounds more like fleabagger smear to me. Hey, how come your not pushing on Cain for his two (or more) women issues that have ore substance? A little anti-white racism from harryk? Or perhaps 0bama on Solyndra and others. While Romney is better than 0bama, can't say he hits my top three. Trump, Bachmann, Rand Paul, Boehner are my choices, but unfortunately not running or not much chance. -- The reason government can't fix the economic problems is government is the problem. |
#3
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posted to rec.boats
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On 11/1/11 11:19 AM, Canuck57 wrote:
Hey, how come your not pushing on Cain for his two (or more) women issues that have ore substance? A little anti-white racism from harryk? I'm hoping Cain is the GOP nominee, followed by Perry or Bachmann. The GOP deserves an insane nominee. |
#4
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posted to rec.boats
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On 01/11/2011 9:25 AM, X ` Man wrote:
On 11/1/11 11:19 AM, Canuck57 wrote: Hey, how come your not pushing on Cain for his two (or more) women issues that have ore substance? A little anti-white racism from harryk? I'm hoping Cain is the GOP nominee, followed by Perry or Bachmann. The GOP deserves an insane nominee. But fact is any GOP could beat 0bama right now. -- The reason government can't fix the economic problems is government is the problem. |
#5
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posted to rec.boats
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On 11/1/11 11:35 AM, Canuck57 wrote:
On 01/11/2011 9:25 AM, X ` Man wrote: On 11/1/11 11:19 AM, Canuck57 wrote: Hey, how come your not pushing on Cain for his two (or more) women issues that have ore substance? A little anti-white racism from harryk? I'm hoping Cain is the GOP nominee, followed by Perry or Bachmann. The GOP deserves an insane nominee. But fact is any GOP could beat 0bama right now. Bull****. |
#6
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posted to rec.boats
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On 01/11/2011 9:39 AM, X ` Man wrote:
On 11/1/11 11:35 AM, Canuck57 wrote: On 01/11/2011 9:25 AM, X ` Man wrote: On 11/1/11 11:19 AM, Canuck57 wrote: Hey, how come your not pushing on Cain for his two (or more) women issues that have ore substance? A little anti-white racism from harryk? I'm hoping Cain is the GOP nominee, followed by Perry or Bachmann. The GOP deserves an insane nominee. But fact is any GOP could beat 0bama right now. Bull****. We find out in 12 months. Going to be good to see the $6 trillion master debtor grand fleabag get the boot. -- The reason government can't fix the economic problems is government is the problem. |
#7
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#9
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posted to rec.boats
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On 11/1/2011 5:27 PM, Canuck57 wrote:
On 01/11/2011 11:32 AM, X ` Man wrote: On 11/1/11 1:15 PM, wrote: On Tue, 01 Nov 2011 11:39:08 -0400, X ` Man wrote: On 11/1/11 11:35 AM, Canuck57 wrote: On 01/11/2011 9:25 AM, X ` Man wrote: On 11/1/11 11:19 AM, Canuck57 wrote: Hey, how come your not pushing on Cain for his two (or more) women issues that have ore substance? A little anti-white racism from harryk? I'm hoping Cain is the GOP nominee, followed by Perry or Bachmann. The GOP deserves an insane nominee. But fact is any GOP could beat 0bama right now. Bull****. They had a funny poll on TV here the other day. Obama beat all of the current GOP candidates but lost to an unnamed GOP candidate, (likely Florida voters) I've seen that poll...no one wants any of them. It's hard to believe that the "finalists" so far include: Rick Santorum, a real horse's ass and an ayatollah wannabe. Michelle Bachmann, a certifiable crackpot. Rick Perry, another crackpot. Herman Cain, an unprepared, uninformed nutcase. Ron Paul, the guy who wants to leave the sick on a gurney to die. Mitt Romney, Mr. Give Me a Minute and I'll Change My Mind. Funny, so you will vote for Solyndra style corruption, $6 trillion more debt for your grand kids (your kids futures are already shot), "In Debt We Trust!", national debt-tax slavery, bailouts for everyone but the people, corruption so deep no one knows where it starts or ends, it is everywhere in 0bama's administration. They even lie about guns and drug lords. Hey, like poker, if you have the worst hand possible, pass and wait for a better hand. 0bama's big mouth bluff isn't working any more. How clean is Romney as opposed to lets see,,,,,,,,,,,,,,,,,,,,,,,,,,,, O/bama, for instance? -- 1-20-13 The end of an error |
#10
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posted to rec.boats
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On 01/11/2011 3:41 PM, Drifter wrote:
On 11/1/2011 5:27 PM, Canuck57 wrote: On 01/11/2011 11:32 AM, X ` Man wrote: On 11/1/11 1:15 PM, wrote: On Tue, 01 Nov 2011 11:39:08 -0400, X ` Man wrote: On 11/1/11 11:35 AM, Canuck57 wrote: On 01/11/2011 9:25 AM, X ` Man wrote: On 11/1/11 11:19 AM, Canuck57 wrote: Hey, how come your not pushing on Cain for his two (or more) women issues that have ore substance? A little anti-white racism from harryk? I'm hoping Cain is the GOP nominee, followed by Perry or Bachmann. The GOP deserves an insane nominee. But fact is any GOP could beat 0bama right now. Bull****. They had a funny poll on TV here the other day. Obama beat all of the current GOP candidates but lost to an unnamed GOP candidate, (likely Florida voters) I've seen that poll...no one wants any of them. It's hard to believe that the "finalists" so far include: Rick Santorum, a real horse's ass and an ayatollah wannabe. Michelle Bachmann, a certifiable crackpot. Rick Perry, another crackpot. Herman Cain, an unprepared, uninformed nutcase. Ron Paul, the guy who wants to leave the sick on a gurney to die. Mitt Romney, Mr. Give Me a Minute and I'll Change My Mind. Funny, so you will vote for Solyndra style corruption, $6 trillion more debt for your grand kids (your kids futures are already shot), "In Debt We Trust!", national debt-tax slavery, bailouts for everyone but the people, corruption so deep no one knows where it starts or ends, it is everywhere in 0bama's administration. They even lie about guns and drug lords. Hey, like poker, if you have the worst hand possible, pass and wait for a better hand. 0bama's big mouth bluff isn't working any more. How clean is Romney as opposed to lets see,,,,,,,,,,,,,,,,,,,,,,,,,,,, O/bama, for instance? Will be $6 trillion in debt by Nov-2012.... Fact is, reshuffle before you have to sell the Whitehouse to China. -- The reason government can't fix the economic problems is government is the problem. |
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