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Mon Oct 15, 2012, 11:34 AM

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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Arrow 34 replies Author Time Post
Reply Romney and son implicated in $8B Ponzi scheme (Original post)
bushisanidiot Oct 2012 OP
Sheepshank Oct 2012 #1
Hubert Flottz Oct 2012 #21
bemildred Oct 2012 #2
lillypaddle Oct 2012 #3
tarheelsunc Oct 2012 #4
Blanks Oct 2012 #5
Xyzse Oct 2012 #6
bushisanidiot Oct 2012 #8
Blanks Oct 2012 #7
Rosa Luxemburg Oct 2012 #9
Whisp Oct 2012 #10
bushisanidiot Oct 2012 #11
Blanks Oct 2012 #26
DFW Oct 2012 #12
MassedPole Oct 2012 #13
glinda Oct 2012 #20
DFW Oct 2012 #27
riverwalker Oct 2012 #14
riverwalker Oct 2012 #15
bushisanidiot Oct 2012 #25
1StrongBlackMan Oct 2012 #16
PatentlyDemocratic Oct 2012 #17
bushisanidiot Oct 2012 #23
toby jo Oct 2012 #18
UCmeNdc Oct 2012 #19
bushisanidiot Oct 2012 #24
Jimmythesquid Oct 2012 #30
Jimmythesquid Oct 2012 #31
Curmudgeoness Oct 2012 #32
woodsprite Oct 2012 #22
Blue Meany Oct 2012 #28
magical thyme Oct 2012 #29
ProudProgressiveNow Oct 2012 #33
Junior_Beauchamp Oct 2012 #34

Response to bushisanidiot (Original post)

Mon Oct 15, 2012, 11:39 AM

1. I guess Ryan was correct in the last debates.....

...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?

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Response to Sheepshank (Reply #1)

Mon Oct 15, 2012, 02:37 PM

21. Lyin' misspoke...what he meant was,

"Romney is uniquely qualified to ruin this country"

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Response to bushisanidiot (Original post)

Mon Oct 15, 2012, 11:39 AM

2. "Mitt Romney and Son Tagg in 2008 invested in ... ponzi scheme to the tune of 10 million"

Rmoney's genius for business really shines through there.

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Response to bushisanidiot (Original post)

Mon Oct 15, 2012, 11:41 AM

3. K&R nt

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Response to bushisanidiot (Original post)

Mon Oct 15, 2012, 11:48 AM

4. Apparently this has been ongoing for months

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.

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Response to bushisanidiot (Original post)

Mon Oct 15, 2012, 12:03 PM

5. I have more confidence in this story than Sensata.

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.

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Response to bushisanidiot (Original post)

Mon Oct 15, 2012, 12:06 PM

6. I Haven't Found Much Traction on this Story.

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.

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Response to Xyzse (Reply #6)

Mon Oct 15, 2012, 12:19 PM

8. Exactly. Just because he knows how to make money, it doesn't mean that the profits ever go to

anyone but him.

#RomneyPonziScheme

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Response to bushisanidiot (Original post)

Mon Oct 15, 2012, 12:09 PM

7. The ABC story from almost a year ago.

http://abcnews.go.com/m/blogEntry?id=14860179

Odd that it didn't get more attention. Since there are some outright lies from the spawn.

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Response to Blanks (Reply #7)

Mon Oct 15, 2012, 12:20 PM

9. no harm in bringing this up again

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Response to Blanks (Reply #7)

Mon Oct 15, 2012, 12:24 PM

10. I'm sure Ed, Tweets and Rach will get on that, stat!

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Response to Blanks (Reply #7)

Mon Oct 15, 2012, 12:41 PM

11. It's not a settled issue just because no one is talking about it

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

#RomneyPonziScheme

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Response to bushisanidiot (Reply #11)

Mon Oct 15, 2012, 04:42 PM

26. I agree with you.

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

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Response to bushisanidiot (Original post)

Mon Oct 15, 2012, 12:47 PM

12. It won't matter if no indictment is handed down prior to the election

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

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Response to DFW (Reply #12)

Mon Oct 15, 2012, 01:04 PM

13. ^^ If that happens Paul Ryan would be first on the ticket?!?

 

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Response to MassedPole (Reply #13)

Mon Oct 15, 2012, 02:25 PM

20. If Romney is ever found guilty of anything Ryan would be President! YIKES!

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Response to MassedPole (Reply #13)

Mon Oct 15, 2012, 11:51 PM

27. I don't know if rodents can legally run for the presidency n/t

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Response to bushisanidiot (Original post)

Mon Oct 15, 2012, 01:19 PM

14. maybe the real story

should be #Solamere

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Response to bushisanidiot (Original post)

Mon Oct 15, 2012, 01:36 PM

15. #Solamere

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

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Response to riverwalker (Reply #15)

Mon Oct 15, 2012, 02:45 PM

25. +1

#Solamere #RomneyPonziScheme

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Response to bushisanidiot (Original post)

Mon Oct 15, 2012, 01:38 PM

16. Maybe I should read the article before asking this; but ...

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.

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Response to 1StrongBlackMan (Reply #16)

Mon Oct 15, 2012, 02:00 PM

17. Tagg helped set up the offending company and has an ownership stake

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.

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Response to 1StrongBlackMan (Reply #16)

Mon Oct 15, 2012, 02:40 PM

23. Mitt invested 10 million to get Tagg's ponzi scheme company started

.

Mitt is DEFINITELY involved.

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Response to bushisanidiot (Original post)

Mon Oct 15, 2012, 02:16 PM

18. The Nation has a good piece on this

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.

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Response to bushisanidiot (Original post)

Mon Oct 15, 2012, 02:20 PM

19. We really do need to see Mitt Romney's Tax returns

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

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Response to UCmeNdc (Reply #19)

Mon Oct 15, 2012, 02:41 PM

24. He's probably hiding a fake "loss" that he got to write off

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

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Response to bushisanidiot (Reply #24)

Sun Oct 21, 2012, 02:28 PM

30. GM Auto Bailout

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

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Response to Jimmythesquid (Reply #31)

Sun Oct 21, 2012, 02:52 PM

32. Thanks, and welcome to DU, Jimmythesquid.

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Response to bushisanidiot (Original post)

Mon Oct 15, 2012, 02:40 PM

22. Since the freepers are challenged sometimes when faced with facts,

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?

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Response to woodsprite (Reply #22)

Tue Oct 16, 2012, 10:09 AM

28. Usually the first investors in a Ponzi scheme profit from it...

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

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Response to bushisanidiot (Original post)

Tue Oct 16, 2012, 11:03 AM

29. 9/3 update says SEC suit was dismissed, Stanford rcvd 110 year sentence

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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Response to bushisanidiot (Original post)

Sun Oct 21, 2012, 03:23 PM

34. old news

 

Hate to say it but this is old news. It proves a stupid move, but that is about it.

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