Posts Tagged ‘Citigroup’

Corrupt Financier Bernard Madoff Supported Democrats

October 6, 2009

Take a gander at king of thieves Bernard Madoff’s political contributions.  Then explain to me how the Republican Party is the party of greed.

The top three donations to the Democrats all dated 03/18/09, by the way, are in fact three separate donations (totaling over $75,00).

Contributor Candidate or PAC Amount Date FEC Filing
MADOFF, BERNARD L
NEW YORK, NY 10022
DEMOCRATIC SENATORIAL CAMPAIGN COMMITTEE (D) $-25,000
primary
03/18/09
MADOFF, BERNARD L
NEW YORK, NY 10022
DEMOCRATIC SENATORIAL CAMPAIGN COMMITTEE (D) $-25,000
primary
03/18/09
MADOFF, BERNARD L
NEW YORK, NY 10022
DEMOCRATIC SENATORIAL CAMPAIGN COMMITTEE (D) $-25,000
primary
03/18/09
MADOFF, BERNARD L
NEW YORK, NY 10022
DEMOCRATIC SENATORIAL CAMPAIGN COMMITTEE (D) $-25,000
primary
03/18/09
Madoff, Bernard L. Mr.
New York, NY 10021
SECURITIES INDUSTRY AND FINANCIAL MARKETS ASSOCIATION POLITICAL ACTION COMMITTEE $-10,000
primary
02/27/09
MADOFF, BERNARD L
NEW YORK, NY 10022
BERNARD L. MADOFF INVEST.-SEC./CHAI
DEMOCRATIC SENATORIAL CAMPAIGN COMMITTEE (D) $25,000
primary
09/12/08
Madoff, Bernard L. Mr.
New York, NY 10021
Bernard L. Madoff Investment Securi
SECURITIES INDUSTRY AND FINANCIAL MARKETS ASSOCIATION POLITICAL ACTION COMMITTEE $5,000
primary
08/20/08
MADOFF, BERNARD
NEW YORK, NY 10022
SELF EMPLOYED/INVESTOR
MERKLEY, JEFFREY ALAN (D)
Senate – OR
JEFF MERKLEY FOR OREGON
$2,300
primary
04/24/08
Madoff, Bernard L.
New York, NY 10021
SAUL, ANDREW MARSHALL (R)
House (NY 19)
SAUL FOR CONGRESS INC
$-2,300
primary
12/05/07
Madoff, Bernard L
New York, NY 10021
Bernard Madoff Investment/Chairman
LAUTENBERG, FRANK R (D)
Senate – NJ
LAUTENBERG NJ VICTORY COMMITTEE
$300
primary
07/20/07
Madoff, Bernard L
New York, NY 10021
Bernard Madoff Investment/Chairman
LAUTENBERG, FRANK R (D)
Senate – NJ
LAUTENBERG NJ VICTORY COMMITTEE
$5,000
primary
07/20/07
Madoff, Bernard L
New York, NY 10021
Bernard Madoff Investment/Chairman
LAUTENBERG, FRANK R (D)
Senate – NJ
LAUTENBERG NJ VICTORY COMMITTEE
$2,300
primary
07/20/07
Madoff, Bernard L.
New York, NY 10021
Bernard L. Madoff Investment/Chairm
SAUL, ANDREW MARSHALL (R)
House (NY 19)
SAUL FOR CONGRESS INC
$2,300
primary
07/10/07
Madoff, Bernard L Mr.
New York, NY 10021
Bernard L. Madoff Investment Securi
SECURITIES INDUSTRY AND FINANCIAL MARKETS ASSOCIATION POLITICAL ACTION COMMITTEE $5,000
primary
05/24/07
MADOFF, BERNARD L
NEW YORK, NY 10022
BERNARD L. MADOFF INVEST.-SEC./CHAI
DEMOCRATIC SENATORIAL CAMPAIGN COMMITTEE (D) $25,000
primary
05/04/07
Madoff, Bernard L Mr.
New York, NY 10021
Bernard L. Madoff Investment Securi
SECURITIES INDUSTRY AND FINANCIAL MARKETS ASSOCIATION FUND A $5,000
primary
10/17/06
MADOFF, BERNARD L
NEW YORK, NY 10022
BERNARD L. MADOFF INVEST. SEC./CHAI
DEMOCRATIC SENATORIAL CAMPAIGN COMMITTEE (D) $25,000
primary
09/30/06
Madoff, Bernard L Mr.
New York, NY 10021
Bernard L. Madoff Investment Securi
SECURITIES INDUSTRY AND FINANCIAL MARKETS ASSOCIATION FUND A $5,000
primary
09/22/05
MADOFF, BERNARD L
NEW YORK, NY 10021
BERNARD L MADOFF INVEST SEC
DEMOCRATIC SENATORIAL CAMPAIGN COMMITTEE (D) $25,000
primary
05/09/05
Madoff, Bernard
New York, NY 10021
Madoff Investments/Chairman
MATHESON, JAMES (D)
House (UT 02)
MATHESON FOR CONGRESS
$250
general
10/18/04
Madoff, Bernard L
New York, NY 10021
FROST, MARTIN (D)
House (TX 32)
MARTIN FROST CAMPAIGN COMMITTEE
$250
general
10/15/04
Madoff, Bernard
New York, NY 10021
Self-employed/Banker
HOOLEY, DARLENE (D)
House (OR 05)
HOOLEY FOR CONGRESS
$250
general
10/15/04
MADOFF, BERNARD L
NEW YORK, NY 10021
BERNARD L MADOFF INVESTMENTS
SCHUMER, CHARLES E (D)
Senate – NY
FRIENDS OF SCHUMER
$1,000
general
08/18/04
MADOFF, BERNARD L
NEW YORK, NY 10021
BERNARD L MADOFF INVESTMENTS
SCHUMER, CHARLES E (D)
Senate – NY
FRIENDS OF SCHUMER
$1,000
primary
08/18/04
Madoff, Bernard L Mr.
New York, NY 10021
Madoff (Bernard L.) Investment Secu
SECURITIES INDUSTRY AND FINANCIAL MARKETS ASSOCIATION FUND A $5,000
primary
07/08/04
Madoff, Bernard L
New York, NY 10021
Madoff Investments/Chairman
MARKEY, EDWARD J MR. (D)
House (MA 07)
MARKEY COMMITTEE, THE
$2,000
primary
06/17/04
Madoff, Bernard L
New York, NY 10021
Madoff Investments/Chairman
MARKEY, EDWARD J MR. (D)
House (MA 07)
MARKEY COMMITTEE, THE
$2,000
general
06/17/04
MADOFF, BERNARD
NEW YORK, NY 10021
BERNARD MADOFF INVESTMENTS
LAUTENBERG, FRANK R (D)
Senate – NJ
LAUTENBERG FOR SENATE
$1,000 02/18/04
Madoff, Bernard L
New York, NY 10021
Bernard L Madoff/Chairman
GEPHARDT, RICHARD A (D)
President
GEPHARDT FOR PRESIDENT INC.
$2,000
primary
09/23/03
MADOFF, BERNARD
NEW YORK, NY 10021
BERNARD MADOFF INVESTMENTS
WYDEN, RONALD LEE (D)
Senate – OR
WYDEN FOR SENATE
$2,000
general
03/25/03
MADOFF, BERNARD
NEW YORK, NY 10021
BERNARD MADOFF INVESTMENTS
WYDEN, RONALD LEE (D)
Senate – OR
WYDEN FOR SENATE
$2,000
primary
03/25/03
MADOFF, BERNARD L
NEW YORK, NY 10021
BERNARD L MADOFF INVESTMENTS
SCHUMER, CHARLES E (D)
Senate – NY
FRIENDS OF SCHUMER
$1,000
general
04/08/02
MADOFF, BERNARD L
NEW YORK, NY 10021
BERNARD L MADOFF INVESTMENTS
SCHUMER, CHARLES E (D)
Senate – NY
FRIENDS OF SCHUMER
$1,000
primary
04/08/02
Madoff, Bernard L.
New York, NY 10022
Bernard L. Madoff P.C./Chairman
RANGEL, CHARLES B (D)
House (NY 15)
RANGEL FOR CONGRESS
$1,000
primary
08/30/01
MADOFF, BERNARD
NEW YORK, NY 10022
BERNARD L MADOFF INVESTMENT SECURIT
SECURITIES INDUSTRY AND FINANCIAL MARKETS ASSOCIATION FUND A $2,000
primary
11/03/00
MADOFF, BERNARD L
NEW YORK, NY 10021
BERNARD MADOFF INVESTMENT SEC
FOSSELLA, VITO (R)
House (NY 13)
COMMITTEE TO RE-ELECT VITO FOSSELLA
$1,000
primary
04/20/00
MADOFF, BERNARD L
NEW YORK, NY 10021
BERNARD MADOFF INC
OBEY, DAVID R. (D)
House (WI 07)
A LOT OF PEOPLE FOR DAVE OBEY
$1,000
primary
03/10/00
MADOFF, BERNARD
NEW YORK, NY 10022
CHAIRMAN
CLINTON, HILLARY RODHAM (D)
Senate – NY
HILLARY RODHAM CLINTON FOR US SENATE COMMITTEE INC
$1,000
primary
01/13/00
MADOFF, BERNARD
NEW YORK, NY 10022
BERNARD L MADOFF INVESTMENT SECURIT
SECURITIES INDUSTRY AND FINANCIAL MARKETS ASSOCIATION FUND A $2,000
primary
12/20/99
MADOFF, BERNARD
NEW YORK, NY 10022
BERNARD L MADOFF INVESTMENT SECURIT
SECURITIES INDUSTRY AND FINANCIAL MARKETS ASSOCIATION FUND A $2,000
primary
12/20/99
MADOFF, BERNARD
NEW YORK, NY 10021
MADOFF SECURITIES
CORZINE, JON S (D)
Senate – NJ
CORZINE 2000 INC
$1,000
primary
08/24/99
Madoff, Bernard Mr.
New York, NY 10021
Bernard Madoff Investment Securitie
BRADLEY, BILL (D)
President
BILL BRADLEY FOR PRESIDENT INC
$1,000
primary
04/26/99
MADOFF, BERNARD L
NEW YORK, NY 10021
BERNARD L MADOFF INVESTMENT SECURIT
SCHUMER, CHARLES E (D)
Senate – NY
VICTORY IN NEW YORK
$1,000
primary
10/30/98
MADOFF, BERNARD L
NEW YORK, NY 10022
BERNARD L MADOFF PC
RANGEL, CHARLES B (D)
House (NY 15)
RANGEL FOR CONGRESS
$1,000
general
10/23/98
MADOFF, BERNARD L
NEW YORK, NY 10021
SELF-EMPLOYED
D’AMATO, ALFONSE M (R)
Senate – NY
FRIENDS OF SENATOR D’AMATO (1998 COMMITTEE)
$1,000
general
09/21/98
MADOFF, BERNARD
NEW YORK, NY 10022
CROWLEY, JOSEPH (D)
House (NY 07)
CROWLEY FOR CONGRESS
$-500
primary
08/26/98
MADOFF, BERNARD
NEW YORK, NY 10022
BOND BROKER
CROWLEY, JOSEPH (D)
House (NY 07)
CROWLEY FOR CONGRESS
$500
primary
08/04/98
MADOFF, BERNARD
NEW YORK, NY 10021
SCHUMER, CHARLES E (D)
Senate – NY
SCHUMER ’98
$-300
primary
06/29/98
MADOFF, BERNARD L
NEW YORK, NY 10022
BERNARD L MADOFF INVESTMENT SECURIT
SCHUMER, CHARLES E (D)
Senate – NY
SCHUMER ’98
$1,000
general
05/22/98
MADOFF, BERNARD L
NEW YORK, NY 10022
BERNARD L MADOFF INVESTMENT SECURIT
SCHUMER, CHARLES E (D)
Senate – NY
SCHUMER ’98
$1,000
primary
05/22/98

When you take a look at who the nation’s biggest scumbags and crooks actually support, it should set to rest the lie that the Republican Party is the party that advanced these people’s greedy self-interests.

Take a look at Norman Hsu, who was a major Democrat fundraiser – and a major Democrat scumbag.  Take a look at Hassan Nemazee.  The Democrats have all sorts of slimeballs who make Jack Abramoff – as bad as he was – look like a chump change operator.

And you maintain that the REPUBLICANS are the party of greed and fraud?  And you want to give DEMOCRATS total power to control everything?  We’re about to see that actions have consequences.

Take a look at your corrupt new Chicago president.  Senator Barack Obama was the largest single recipient of corrupt and collapsed Fannie Mae campaign contributions over the last 20 years – even though he had only been in the Senate for four of those 20 years.  There is no question that Fannie Mae was at the epicenter of the subprime mortgage disaster (see here for a concise summary of the AEI article) that created the financial meltdown in 2008.  Even the liberal Newsweek acknowledges that “Fannie Mae defanged laws that could have prevented the subprime mess.”  And how did they do that?  By supporting lawmakers like Barack Obama who took their side.

Conservatives repeatedly tried – to no avail in the face of united Democrat opposition – to stop the monster (that Democrats supported, and received support from) from growing and then collapsing and taking the economy along with it.

Now Democrats are on their way to rebuilding the monster so that we can have another collapse down the road.

Obama was also right at the head of the line in campaign handouts from corrupt and collapsed Wall Street player Lehman Brothers.  Lehman Bros. was one of the worst players in the subprime game that made them so much money before exploding – and imploding the economy.

Obama had all sorts of “subprime buddies.” Obama was getting huge money from all of the very worst of the worst Wall Street players who brought us down.  You should seriously take a look at all the greedy and Wall Street entities and executives who piled money into Obama’s hands and ask yourself why they funded him.

Democrats are yelling for regulations as the “solution” to the problems caused by the free market.  But before you fall for that load of malarkey, just realize that Fannie Mae and Freddie Mac were Government Sponsored Enterprises (GSEs) – and fell under the direct oversight of the government.  The reason Democrats want to have so much authority over the economy is so they can benefit from all the cozy and profitable relationships that accrue from the finance world coming to politicians for special treatment favors.

Did Barney Frank’s regulatory oversight over Fannie Mae and Freddie Mac stop their collapse?  Hardly.  In 2003, when George Bush first tried to create regulations that may well have prevented the 2008 collapse, Barney Frank represented the overwhelming Democrat opposition when he said:

”These two entities — Fannie Mae and Freddie Mac — are not facing any kind of financial crisis,” said Representative Barney Frank of Massachusetts, the ranking Democrat on the Financial Services Committee. ”The more people exaggerate these problems, the more pressure there is on these companies, the less we will see in terms of affordable housing.”

And just before Fannie and Freddie – which controlled half of the nation’s total mortgages – collapsed, Barney Frank (who had direct authority over the GSEs as Chairman of the House Financial Services Committee) said:

REP. BARNEY FRANK, D-MASS.: “I think this is a case where Fannie and Freddie are fundamentally sound, that they are not in danger of going under. They’re not the best investments these days from the long-term standpoint going back. I think they are in good shape going forward.”

You can watch Democrats fiddling while Rome burned on Youtube:

The Democrats’ “regulations” amounted to the foxes being put in charge of keeping the chickens safe.

And we’re currently seeing an explosion of frankly quasi-fascist interrelated influence between the White House and giant Wall Street entities under the president who has been bought and sold by the same people who destroyed the economy.

If you want the truth today, you have to go out and seek it.  Because the media today is as dishonest and as much of a propaganda tool for Democrats as TASS and Pravda used to be for the Union of Soviet Socialist Republics.

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Obama Surrounds Himself With Acolytes Of A Proven Economic Failure

November 26, 2008

The Obama administration is shaping up to pretty much be a Clinton administration reunion.  Hotair’s story is “Obama administration: Clinton sequel?”  The Politico story is “The Clinton band is back together.”  “Change” means “Just like the Clinton years,” and “new politics” means “Pretty much exactly like the old Clinton machine politics.”  You kind of have to wonder: if people had wanted a “Clinton administration, version II,” why wouldn’t they just have elected Hillary Clinton instead of Barack Obama?

Just in case you’re thinking, “Because a ‘Clinton administration version II’ would have all the bugs worked out,” think again.  There are still plenty of bugs.  And one of those bugs is named Robert Rubin.

According to the International Herald Tribune:

WASHINGTON: It is testament to the star power of former Treasury Secretary Robert Rubin among many Democrats that as Barack Obama fills out his economic team, a virtual Rubin constellation is taking shape.

The president-elect used the announcement Monday that he was appointing two Rubin protégés, Timothy Geithner as Treasury secretary and Lawrence Summers as senior White House economic adviser, to underscore his determination to step aggressively into a economic leadership vacuum in Washington while also maintaining continuity with the Bush administration before the transition of power Jan. 20.

Obama is expected to soon announce the appointment of another Rubin protégé, Peter Orszag, as White House budget director. And even the headhunters for Obama have Rubin ties: Michael Froman, who was Rubin’s chief of staff in the Treasury Department and followed him to Citigroup, and James Rubin, Robert Rubin’s son.

Geithner, Summers and Orszag have all been followers of the economic formula that came to be called Rubinomics: balanced budgets, free trade and financial deregulation.

But there’s only one problem with this “constellation of Rubin”; the biggest star has plunged to earth in a flaming trail of cosmic disaster.

Or maybe you want to have as your next President’s senior economic adviser the guy who ran one-time powerhouse Citigroup right into the ground.

As the New York Post puts it:

There’s no shortage of blame, but if a vote were taken for mayor of the Citi of Fools, Robert Rubin, the most prominent member of the bank’s board of directors, would almost certainly win hands down.

Rubin, a former treasury secretary, played a key role by leading Citi into a risky strategy of gambling on the weirdest and most exotic investments – like securities backed by subprime mortgages that probably would never be paid.

As long as the money and bonuses kept rolling in, who cared if no one really knew what all these strange securities were worth?

Certainly not Rubin, who was paid an astonishing $62.2 million between 2004 and 2007 – or his fellow bozos on the board.

“Citigroup’s board of directors increasingly resembles a first-class sleeping car on a train wreck that just keeps happening,” said J. Richard Findlay, head of the Centre for Corporate & Public Governance.

“Almost whatever it does, it is too slow and too late.

“It can take months for Citigroup’s directors to clue into what others in the real world have known for some time.”

Noting that Citi’s stock has lost more than $133 billion this year alone, Findlay said, “Citigroup’s board has demonstrated that it has not been on top of any major issue in more than a decade, much less ahead of it.”

Charles Elson, director of the Center for Corporate Governance at the University of Delaware, told The Post that Citi’s board consistently misled the public.

“Even up until last week, we were told Citi was a strong institution, but it’s clear now that things are a lot worse than we knew,” he said.

“Where was the board during this? It’s very troubling.”

Thanks to the negligence of board members – who smiled for the cameras as they assured anyone who’d listen that everything was A-OK – taxpayers are now on the hook for $351 billion.

In other words, even as Obama bets the country’s future on “Rubionomics,” the rest of the financial world is starting to recalculate.

Hey, Barack, I hear that GM CEO Rick Wagoner may be on the market pretty soon; why not appoint him to advise you on how you should move forward with the auto industry?  He’s right on board with you: he wants you to socialize the economy, too.

Folk over at the Wall Street Journal are wondering, “Why are Robert Rubin and other directors still employed?

I mean, even the Huffington Post is starting to ask the question: “Is Robert Rubin “Competent” Enough To Guide Team Obama?”  As the story unfolds, and builds the case that Rubin was directly involved in devising the strategy that led to Citigroup’s ruin, the answer becomes pretty clear.

And it is beginning to increasingly occur to investors that the “star economic team” of Rubin acolytes Barack Obama is assembling is pretty much the same bunch of guys who have been part of the crowd that basically turned our economy into the Titanic.

I suppose Barack Obama’s advice to Rubin will be something like, “Just think the exact opposite of absolutely everything you thought as the CEO of Citigroup, and we’ll do great.”