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bushisanidiot

(8,064 posts)
Mon Oct 15, 2012, 11:34 AM Oct 2012

Romney and son implicated in $8B Ponzi scheme



http://americanvisionnews.com/3262/romney-and-son-implicated-in-8b-ponzi-scheme/comment-page-16

"If found to be true, what better credential for a guy wanting to run the country, the Fed, and Social Security!

PoliticalNews.com reports,

Mitt Romney and his son Tagg Romney have been implicated in a 8.5 billion dollar ponzi scheme with Wall Street investors Allen Stanford and James M. Davis.

The pair are not cleared including their three partners in a court document verified, ongoing legal proceeding involving selling fraudulent CD’s to potential investors.

The statement of fact, includes SIBL, Stanford International Bank, SGC Stanford Capital Management and the associates R. Allen Stanford, ( Allen Stanford) and James M. Davis stole money from investors through fraud. The group bilked investors by diverting funds to their own lifestyles through bonus money, salaries and compensation packages.

The Stanford Financial Group now in receivership headed by Allen Stanford sold investments described as a “well-diversified portfolio”. Instead Stanford diverted the money to finance his own lavish lifestyle which include: jet planes, yacht, pleasure crafts, luxury cars, homes, travel on a company credit card. . . .

Mitt Romney and Son Tagg in 2008 invested in Allen Stanford’s ponzi scheme to the tune of 10 million dollars initially in Solamere Capital a seed investment and received 1 million in returns. Tagg Romney joined in to help Solamere Capital located in Charlotte, North Carolina with three other prominent brokers."
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Romney and son implicated in $8B Ponzi scheme (Original Post) bushisanidiot Oct 2012 OP
I guess Ryan was correct in the last debates..... Sheepshank Oct 2012 #1
Lyin' misspoke...what he meant was, Hubert Flottz Oct 2012 #21
"Mitt Romney and Son Tagg in 2008 invested in ... ponzi scheme to the tune of 10 million" bemildred Oct 2012 #2
K&R nt lillypaddle Oct 2012 #3
Apparently this has been ongoing for months tarheelsunc Oct 2012 #4
I have more confidence in this story than Sensata. Blanks Oct 2012 #5
I Haven't Found Much Traction on this Story. Xyzse Oct 2012 #6
Exactly. Just because he knows how to make money, it doesn't mean that the profits ever go to bushisanidiot Oct 2012 #8
The ABC story from almost a year ago. Blanks Oct 2012 #7
no harm in bringing this up again Rosa Luxemburg Oct 2012 #9
I'm sure Ed, Tweets and Rach will get on that, stat! Whisp Oct 2012 #10
It's not a settled issue just because no one is talking about it bushisanidiot Oct 2012 #11
I agree with you. Blanks Oct 2012 #26
It won't matter if no indictment is handed down prior to the election DFW Oct 2012 #12
^^ If that happens Paul Ryan would be first on the ticket?!? MassedPole Oct 2012 #13
If Romney is ever found guilty of anything Ryan would be President! YIKES! glinda Oct 2012 #20
I don't know if rodents can legally run for the presidency n/t DFW Oct 2012 #27
maybe the real story riverwalker Oct 2012 #14
#Solamere riverwalker Oct 2012 #15
+1 bushisanidiot Oct 2012 #25
Maybe I should read the article before asking this; but ... 1StrongBlackMan Oct 2012 #16
Tagg helped set up the offending company and has an ownership stake PatentlyDemocratic Oct 2012 #17
Mitt invested 10 million to get Tagg's ponzi scheme company started bushisanidiot Oct 2012 #23
The Nation has a good piece on this toby jo Oct 2012 #18
We really do need to see Mitt Romney's Tax returns UCmeNdc Oct 2012 #19
He's probably hiding a fake "loss" that he got to write off bushisanidiot Oct 2012 #24
GM Auto Bailout Jimmythesquid Oct 2012 #30
Original article from Greg Palast Jimmythesquid Oct 2012 #31
Thanks, and welcome to DU, Jimmythesquid. Curmudgeoness Oct 2012 #32
Since the freepers are challenged sometimes when faced with facts, woodsprite Oct 2012 #22
Usually the first investors in a Ponzi scheme profit from it... Blue Meany Oct 2012 #28
9/3 update says SEC suit was dismissed, Stanford rcvd 110 year sentence magical thyme Oct 2012 #29
K&R ProudProgressiveNow Oct 2012 #33
old news Junior_Beauchamp Oct 2012 #34
 

Sheepshank

(12,504 posts)
1. I guess Ryan was correct in the last debates.....
Mon Oct 15, 2012, 11:39 AM
Oct 2012

...Romney is uniquely qualified to run this country.

And as I have noticed, the team, really does not to clarify what they mean. Seriously, what did he mean by uniquely?

bemildred

(90,061 posts)
2. "Mitt Romney and Son Tagg in 2008 invested in ... ponzi scheme to the tune of 10 million"
Mon Oct 15, 2012, 11:39 AM
Oct 2012

Rmoney's genius for business really shines through there.

tarheelsunc

(2,117 posts)
4. Apparently this has been ongoing for months
Mon Oct 15, 2012, 11:48 AM
Oct 2012

A Google search returned several results from May and possibly earlier. Why is this the first we are hearing about this? If Sensata does not sink this fraud, then this better become public and sink him.

Blanks

(4,835 posts)
5. I have more confidence in this story than Sensata.
Mon Oct 15, 2012, 12:03 PM
Oct 2012

There really isn't any tying Romney to Bain because of the trust fund, but he and his son are involved in something sleazy beginning in 2008...

That's really gonna hurt him.

Xyzse

(8,217 posts)
6. I Haven't Found Much Traction on this Story.
Mon Oct 15, 2012, 12:06 PM
Oct 2012

I'll check it out a bit more before documenting it on my list of reasons why Mitty actually doesn't know how to run a job making business.

bushisanidiot

(8,064 posts)
8. Exactly. Just because he knows how to make money, it doesn't mean that the profits ever go to
Mon Oct 15, 2012, 12:19 PM
Oct 2012

anyone but him.

#RomneyPonziScheme

bushisanidiot

(8,064 posts)
11. It's not a settled issue just because no one is talking about it
Mon Oct 15, 2012, 12:41 PM
Oct 2012

reporters need to pick it up and report what the status is.

#RomneyPonziScheme

Blanks

(4,835 posts)
26. I agree with you.
Mon Oct 15, 2012, 04:42 PM
Oct 2012

I think it's time for ABC to follow up. That was just a link in the article from the OP.

DFW

(54,387 posts)
12. It won't matter if no indictment is handed down prior to the election
Mon Oct 15, 2012, 12:47 PM
Oct 2012

However, if they both get led off in handcuffs on November 1, blood pressure on the Republican side will double.

riverwalker

(8,694 posts)
15. #Solamere
Mon Oct 15, 2012, 01:36 PM
Oct 2012

Tagg Romney's Company Misled Reporters About Its Relationship With Ponzi Scheme–Linked Firm

Disclosures from the Securities and Exchange Commission show that Tagg’s company indeed maintains ties with the Ponzi-linked firm, Solamere Advisors.


http://www.thenation.com/blog/170546/tagg-romneys-company-misled-reporters-about-its-relationship-ponzi-scheme-linked-firm

 

1StrongBlackMan

(31,849 posts)
16. Maybe I should read the article before asking this; but ...
Mon Oct 15, 2012, 01:38 PM
Oct 2012

from the excerpt, it would appear that mitt's "involvement" was that of the scammed, not the scammer. Other than showing that mitt is not the serious business thinker that the right is trying to sell, I don't see this hureting him too much.

 
17. Tagg helped set up the offending company and has an ownership stake
Mon Oct 15, 2012, 02:00 PM
Oct 2012

I wasn't sure until I read the article, but it sounds more like the Romneys helped set up the company rather than merely investing in it.

 

toby jo

(1,269 posts)
18. The Nation has a good piece on this
Mon Oct 15, 2012, 02:16 PM
Oct 2012

Mitt gave the seed money - 10M - to Tagg for an investment group and off they went. There are disclosure rules along the way, they circumvent them
any way they can. It's a good article to study, goes past my working knowledge of high finance. But I can say it's like reading the underbelly of a pig. One disgusting end run around the truth after another.

One poster said they're criminals running for office just for the financial gain, which is true. They ARE criminals. I've always thought of Mitt as the new Cheney. Cheney had his Haliburton to throw around and Mitt's got his finance groups to feed.

One story pointed out their investment in a dental group that got billings through medicaid, so they pushed these dentists to do unnecessary high dollar work on kids. Govt had to go in and make it illegal.

All it says on investigations is that the paperwork the reporter was given was false, in that there is a direct link between Mitt and the other investors under investigation according to public filings.

Either someone got paid off to stop the investigation or it got buried in the presidential rush. Looks like a good place work it.

If you still don't hate the guy, you will after you read this article.

UCmeNdc

(9,600 posts)
19. We really do need to see Mitt Romney's Tax returns
Mon Oct 15, 2012, 02:20 PM
Oct 2012

What is Mitt Romney hiding in those Tax returns he will not release? Allen Stanford income payments?

bushisanidiot

(8,064 posts)
24. He's probably hiding a fake "loss" that he got to write off
Mon Oct 15, 2012, 02:41 PM
Oct 2012

along with money to his church that he wrote off that he probably didn't actually pay

Jimmythesquid

(2 posts)
30. GM Auto Bailout
Sun Oct 21, 2012, 02:28 PM
Oct 2012

R-Money is hiding the fact he made a killing out of the GM auto industry bailout. If he showed his 2009 return it's estimated he made at least $15 million and as much as $115 million.

http://www.infozine.com/news/stories/op/storiesView/sid/53521/

There's a truckload of more info on this, simply google:

"Romney vulture fund GM bailout"

"Elliot Management delphi"

"Paul Singer mitt Romney GM"

All the facts are there.

Jimmythesquid

woodsprite

(11,915 posts)
22. Since the freepers are challenged sometimes when faced with facts,
Mon Oct 15, 2012, 02:40 PM
Oct 2012

would the Abramoff scam be a good one to correlate this to? I guess though, not if Mitsy was the scammed. Hmm, you think Tagg would scam the old man for all those face plants in the butter?

 

Blue Meany

(1,947 posts)
28. Usually the first investors in a Ponzi scheme profit from it...
Tue Oct 16, 2012, 10:09 AM
Oct 2012

It is the later one's who lose their shirts.

 

magical thyme

(14,881 posts)
29. 9/3 update says SEC suit was dismissed, Stanford rcvd 110 year sentence
Tue Oct 16, 2012, 11:03 AM
Oct 2012
http://www.politicolnews.com/romney-son-investigated-for-8-billion-ponzi-scheme/

Original Post: May 1, 2012

News Updated: Sept. 3, 2012 A federal court judge struck down an SEC lawsuit in the R. Allen Stanford 7.2 billion dollar ponzi scheme. The Securities and Exchange Commission tried to sue the Securities Investor Protection Corp., to secure compensation for investors who lost their money. (See: Business Insider link below) US. District Court Judge Robert Wilkins ruled that the SEC failed to prove that investors were victims, under the definition of the law, but that the court is sympathetic. Prosecutors said Stanford used the money for a lavish lifestyle including yachts, a fleet of private jets and sponsoring cricket tournaments.


Although, Allen Stanford received a 110 year jail sentence in the scheme the money was never recovered that thousands of investors lost around the world.



Read more: http://www.politicolnews.com/romney-son-investigated-for-8-billion-ponzi-scheme/#ixzz29TULRlfs
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