Dienstag, September 22, 2009

A Shining Example...Followup

Ah, those who finance the Democratic Party are such a fine group of upright pillars of the economy, outstanding in their fields of endeavours and such excellent folks.

Except when they're not.

Hassan Nemazee is back in the news. He's been indicted for defrauding Bank of American, HSBC and Citigroup out of more than $290 mn in "loan proceeds."

He falsified documents and cooked the books to show that he had hundreds of million in collateral, when indeed he did not.

What did he use the money for?

To finance his contributions to the Democratic Party and its minions, to the tune of over $100k/year.

So, what exactly is the crime?

It's a subtle one: if the loans had been made without collateral (if they had been made at all), then the banks he loaned money from would have charged significantly higher rates because of the increased risk. By faking the collateral, he was able to take out what was effectively a very high-risk loan as if it were a low-risk loan. Classic white-collar crime.

That's clever, but it's still fraud.

Of course, that's how you can describe the Democratic Party today: clever, but still a fraud.

Your reputation is kept by the company you keep, Democrats: Nemazee and Acorn are but small symbols of the deep corruption of the Democratic Party. Watch for President Obama to pardon him at a convenient time when no one is watching.

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