Folks I’d like to get some backgorund related to the ownership of Here Enterprises, which I highlighted in a post last week here. I’ll let Yall Politics explain why:
These “microcap” stocks are sometimes affiliated with fraudulent “pump and dump” schemes where insiders accumulate large amounts of shares over time, manipulate trades and they pay internet marketers and boiler rooms (often overseas) to hype stocks and create a false market. Here Enterprises has issued (at least in the past) these similar Regulation S shares, which are targeted to trade overseas.
Today the T-P’s Hammerman and Gordon Russell delve in-depth into Ray Nagin’s involvement with Stone Age, his granite counter top side biz that is now the focus of the Federal Grand Jury investigation into post Katrina corruption in metro NOLA. This is a telling snippet IMHO:
Nagin formed Stone Age in January 2005. But it wasn’t until April 2007 that Stone Age applied for a home improvement license, which all contractors must get from the Louisiana State Licensing Board of Contractors to perform more than $7,500 of work.
The original partnership included Nagin; his son, Jeremy; and Tarikh Duckworth, one of Nagin’s nephews.
The TP noted in its first story about the grand jury investigation that the feds are looking into “three parallel tracks” against Nagin, who campaigned as a crusading reformer in 2002. According to the newspaper, one track involves city tech vendors who provided Nagin with luxury travel and home maintenance; another concerns the Nagin family’s countertop business and its exclusive deal with Home Depot; and a third involves suspicions that the countertop biz got free equipment and materials from city vendors.
Add to that list the City Hall email scandal. Computer records of Nagin’s schedule and emails disappeared — right after WWL-TV asked for them in a public records request. It is a federal crime to tamper with public computers, and if the tampering is done to conceal a crime, we’re talking obstruction of justice. Continue reading “Ray Ray the Chocolate Guy in the news……”
Like everything else Jefferson Parish even this post is tangentially related to the River Birch Landfill so before we talk 2010 I find it helpful to set up the players, both the public faces and the ones behind the scenes so let’s set the dial on the way back machine to 2008 and visit with Jefferson Parish Councilman Byron Lee and his charity, The Jefferson Sports and Scholastic Foundation courtesy of Meghan Gordon and the Times Picayune:
In defending his public support of a nonprofit he created, Jefferson Parish Councilman Byron Lee said the money he doles out from a West Bank landfill settlement represents but a sliver of the Jefferson Sports and Scholastic Foundation’s revenue.
I sure do as the blogger who would become known as Bam Bam Bigelow authored the post on him for Slabbed late last month. Yesterday Judge Jed S. Rakoff lowered the boom on both Bank of America and the captured (and toothless) regulators at the Securities and Exchange Commission. Nowdy, I sure do miss that SEC employee who had plenty of time to come here and trash the Rigsby sisters back in 2008 before George Bush and his band of idiots had to vacate DC taking their political hacks with them. After all what was evidently more important at the SEC in 2008 than trashing whistleblowers? It sure as hell wasn’t regulating these companies that took us all to the verge of bankruptcy last year.
The New York Times has the story with a hat tip to Professor Russ Abbott who was kind enough to link our earlier coverage. Welcome to slabbed Russ:
As President Obama traveled to Wall Street on Monday and chided bankers for their recklessness, across town a federal judge issued a far sharper rebuke, not just for some of the financiers but for their regulators in Washington as well.
Giving voice to the anger and frustration of many ordinary Americans, Judge Jed S. Rakoff issued a scathing ruling on one of the watershed moments of the financial crisis: the star-crossed takeover of Merrill Lynch by the now-struggling Bank of America.
The judges name is Jed S. Rakoff, and he “sits” in the US District Court of Manhattan. He’s a man I could address as “Your Honor,” and sincerely mean it. He isn’t shy about stating that the public must be able to “see” what our court system is doing if they are to have any confidence in it at all. He’s adopted strict rules limiting what sort of materials may be kept confidential in cases before him. He calls this “transparency,” but what he’s really saying is this . . . every time a court does something under the table, (like sealing State Farm’s documents without any basis whatsoever), it demeans the justice system and destroys people’s belief in their government.
We all know how corporate defendants constantly game the system with their pseudo “trade secret” claims. Good God, think of the horror stories posted on this blog alone. Sadly, these shameless lies presented in signed court papers governed by Rule 11 honestly standards are rarely subjected to the mandatory test for excluding discoverable information: (1) the movant has the burden of proving everything they withheld is a bona fide trade secret; and (2) a record finding must be made, based on facts and/or testimony, and the controlling law in discovery cases; and (3) all of this must be preserved in a public court record, susceptible to appellate review.
Contrast Judge Rakoff’s “transparency” with what happened in Birmingham, corporate rat’s nest of the South. Not only were documents concealed, hell, the entire case against Cori and Keri Rigsby was ginned up to keep evidence of federal flood program fraud a secret, and at the same time persecute and defame the Rigsbys and Dick Scruggs as document thieves. Imagine that. What would people like Oliver Wendell Holmes and Benjamin Cardozo do if they were alive to witness an Article III Tribunal, a United States Federal Court involved in this sordid and illegal mess? Imposing personal jurisdiction over persons not even within the court’s constitutional power . . . for the purpose of concealing a multi billion dollar fraud upon the US Treasury? Continue reading “Here’s a judge who took an oath of office, and lives up to it. An anonymous guest post.”
Alright folks you want to know the type of people that are benefiting from the rescue package? I’m going to profile one in current Morgan Stanley CEO John Mack. I don’t have much time to compose this post so I’ll be featuring the work of others on this subject. I hope some of the general public anger can be channeled to the worst of the offenders like Mr Mack. We start our tale couresty of the UK Independent:
John Mack, the chief executive of Morgan Stanley, is at the centre of an insider-dealing storm, after allegations from a former investigator at the Securities and Exchange Commission that he passed trading tips to the head of one of Wall Street’s oldest hedge funds.
Morgan Stanley said yesterday the allegations, reported in The New York Times, were simply not true. The hedge fund involved, Pequot Capital, said it had been investigated by the SEC but had never done anything wrong.