Bank CEO Stephen Calk charged w/ corruptly soliciting a presidential administration position in exch

[MelissaB]

Bank CEO Stephen Calk charged with corruptly soliciting a presidential administration position in exchange for approving $16 million in loans

Link to tweet

Link to tweet

Bank CEO Stephen M. Calk Charged With Corruptly Soliciting A Presidential Administration Position In Exchange For Approving $16 Million In Loans

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CALK, the Bank, and the Borrower

STEPHEN M. CALK is the chairman and chief executive officer of the “Bank,” a federal savings association headquartered in Chicago, Illinois, with an office in New York, New York. The Bank is owned in its entirety by the “Holding Company,” a Chicago-based bank holding company, and CALK is the chairman, chief executive officer, and owner of approximately 67% of the Holding Company.

The “Borrower” was, at all relevant times, a lobbyist and political consultant. Beginning in or about March 2016, the Borrower held a senior role with a presidential campaign (the “Presidential Campaign”), and from June 2016 through August 2016, he served as chairman of the Presidential Campaign. After the Borrower’s formal role with the Presidential Campaign concluded in or about August 2016, the Borrower continued to be informally involved in the campaign. Beginning in or about November 2016, when the candidate for whom the Borrower had been working was elected President of the United States, the Borrower provided informal input to the presidential transition team (the “Presidential Transition Team”).

The Corrupt Scheme

Between in or about July 2016 and January 2017, CALK engaged in a corrupt scheme to exploit his position as the head of the Bank and the Holding Company in an effort to secure a valuable personal benefit for himself, namely, the Borrower’s assistance in obtaining for CALK a senior position in the presidential administration. During this time period, the Borrower sought millions of dollars in loans from the Bank. CALK understood that the Borrower urgently needed these loans in order to terminate or avoid foreclosure proceedings on multiple properties owned by the Borrower and the Borrower’s family. Further, CALK believed that the Borrower could use his influence with the Presidential Transition Team to assist CALK in obtaining a senior administration position.

CALK thus sought to leverage his control over the Bank and the loans sought by the Borrower to his personal advantage. Specifically, CALK offered to, and did, cause the Bank and Holding Company to extend $16 million in loans to the Borrower in exchange for the Borrower’s requested assistance in obtaining a high-level position in the presidential administration. For example, and while the Borrower’s loans were pending approval, CALK provided the Borrower with a ranked list of the governmental positions he desired, which started with Secretary of the Treasury, and was followed by Deputy Secretary of the Treasury, Secretary of Commerce, and Secretary of Defense, as well as 19 ambassadorships similarly ranked and starting with the United Kingdom, France, Germany, and Italy.

More: https://www.justice.gov/usao-sdny/pr/bank-ceo-stephen-m-calk-charged-corruptly-soliciting-presidential-administration

[MelissaB]

1. Bank CEO Indicted for Allegedly Aiding Manafort With Loans in Exchange for Trump Administration Job

Bank CEO Indicted for Allegedly Aiding Manafort With Loans in Exchange for Trump Administration Job

Robert Mueller had probed Stephen Calk's relationship to Paul Manafort as part of his investigation

Federal prosecutors in New York on Thursday unsealed an indictment charging the former CEO of a bank with approving loans to former Trump campaign chairman Paul Manafort in exchange for an administration position.

The relationship between Manafort and Stephen Calk was a focus of Special Counsel Robert Mueller's investigation as far back as early 2018, sources told NBC News at the time.

"As alleged, Stephen M. Calk abused the power entrusted to him as the top official of a federally insured bank by approving millions of dollars in high-risk loans in an effort to secure a personal benefit, namely an appointment as Secretary of the Army or another similarly high-level position in the incoming presidential administration," Acting U.S. Attorney Audrey Strauss said in a statement.

Calk faces one count of financial institution bribery, which carries a maximum 30-year sentence.

This is a developing story.

https://www.nbcnewyork.com/news/local/Bank-CEO-Indicted-Stephen-Calk-Trump-Admin-Job-510322321.html?_osource=SocialFlowTwt_NYBrand&__twitter_impression=true

[Sanity Claws]

2. It is a Savings & Loan in Illinois

[ooky]

3. Oh, this is the guy who wanted Manafort to get him a gig as Secretary of the Army.

I was wondering how long it would be before they put his corrupt ass in prison. So much swamp draining.

[blogslut]

4. Corruption Corrosion

Every time president Twitter thinks he's got his mess sealed up, it springs another leak.

[Leghorn21]

5. Oh man, seems like we first heard about this idiot, oh, about twelve years ago!!!

Time warpin, my peeps!!

anyway, GREAT news, and proves to us American Justice wheels are grinding away whether we know it or not!!

[dalton99a]

6. Kick

[triron]

7. I did not yet see your post when I posted mine. Sorry for the dupe.