Did you catch this tid-bit in the news today? Two paragraphs from a Bloomberg article about Democrat Governor Bill Richardson:
“Dec. 15, 2008 (Bloomberg) -- 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. CDR specializes in offering insurance expertise as well as municipal reinvestment strategies to municipalities, underwriters, corporations, and government agencies in the U.S.”
So New Mexico Governor and Obama Cabinet Member Bill Richardson got a donation from a lobbyist of $100,000.00, we know, of and that company, CDR, shortly thereafter received $1.5 million in consulting fees. I am sure CDR is a reputable company. Let’s check with this Department of Justice release I found regarding CDR actions in Florida in 1999-2000:
SEC Settles Enforcement Actions Against Municipal Bond Offerings Participants for Violations That Put at Risk the Bonds' Tax-Exempt Status
FOR IMMEDIATE RELEASE
Washington, D.C., September 28, 2007 – The Securities and Exchange Commission today announced settled enforcement actions against two California companies for their failure to disclose a fee agreement that created a risk to investors that interest on $650 million of municipal bonds might lose its tax-exempt status. The charges against CDR Financial Products, Inc. (formerly known as Chambers, Dunhill, Rubin & Co.) and Anchor National Life Insurance Company, (now doing business under the name of AIG SunAmerica Life Assurance Company) relate to three municipal bond offerings in Florida. (I don’t have time for AIG right now.)
The Mayor of Birmingham Alabama, Democrat Larry Langford, was arrested in late December 1, 2008 after an indictment accused him of taking more than $236,000 in gifts and cash in return for helping two of his friends scoop up some county business while Langford served on the Jefferson County Commission, a civic-minded commission sprinkled with former members like Commissioner and Langford pal Mary Buckelew who pleaded guilty regarding $4,000 worth of gifts from an investment banker whose firm received millions of dollars in sewer bond and swap transaction fees. Other recently convicted former Jefferson County Commissioners, Jeff Germany, Chris McNair and Gary White, who were also convicted by juries for committing crimes involving graft. It looks like this Federal investigation has legs.
What happens in Florida and Alabama doesn’t always stay in Florida and Alabama it seems, New Mexico needed some bond consulting and Governor Bill Richardson needed some new Hispanic voters registered along with some fresh campaign cash. So will this new investigation of Democrat Bill Richardson mirror the other CDR deals? Who knows.
But I know one thing, these scams are so old and worn it’s almost embarrassing to read them.
I wonder what CHANGE will bring?