Terry McAuliffe: Scumbag

[Carolab]

The Political Business of Terry McAuliffe

By JEFFREY ST. CLAIR

In May 1999, the Labor Department brought suit against Jack Moore and John Grau, charging the two men with mismanaging the pension fund for the International Brotherhood of Electrical Workers. Moore was the longtime secretary of the union, while Grau was the vice-president of the National Electrical Contractor's Association, which was partner in the fund. At issue was a series of sweetheart real estate deals in central Florida, which regulators labeled "imprudent", and cost the fund money. Moore and Grau eventually settled the case for more than six figures. The union was forced to kick in another $5 million to cover the losses to the pension fund. The person at the center of the scandal, however, made out in the deal very well, indeed. His name: Terry McAuliffe, now head of the DNC.

McAuliffe met Moore in 1988, when both were raising money for the doomed presidential bid of Dick Gephardt. They became close friends, allies in a campaign to redesign the Democratic Party into a more moderate political vessel, along the lines of the pre-Reagan Republicans. Moore controlled the $6 billion IBEW pension fund and had a reputation for investing money in businesses run by friends and political cronies.

So it was that in November 1990, McAuliffe approached Moore and his friend Grau with a proposal for a real estate partnership in central Florida with an investment company called American Capital Management, which McAuliffe owned with his wife Dorothy. The deal involved the purchase of the Woodland Square Shopping Center and five apartment complexes outside Orlando, Florida. It was a lopsided partnership. The pension fund put up $39 million to purchase the property. McAuliffe shelled out $100, yet he and his wife enjoyed 50 percent ownership in the project. He eventually parlayed his $100 investment into a $2.45 million profit.

Fresh from this triumph, McAuliffe approached Moore with a new proposal. He asked Moore to dip into the pension fund one more time for $6 million so that he could purchase a parcel of land south of Orlando called Country Run, which McAuliffe planned to subdivide into 500 single-family homes. Moore obliged and loaned McAuliffe the money. The development soon proved to be a bust. Only half the homes were built and many of them didn't sell. Years passed, but McAuliffe never bothered to make a single payment to the pension fund on the loan. According to Labor Department records, McAuliffe was in default from December 1992 through October 1997. The managers of the pension fund never demanded payment or called in the loan. The only collateral they had required was the nearly worthless Country Run property itself.

EDITED BY ADMIN: COPYRIGHT

http://www.counterpunch.org/stclair10192004.html

[LittleClarkie]

1. Ya had me until I realized it was Jeffrey St. Clair and Counterpunch

Counterpunch?! Pleeeease.

After I read what they had to say about Dean and Kerry, and how they twist things, I must take just about anything they say with a grain of salt.

[Carolab]

2. Everything he writes about Global Crossing is true.

I read it on the Center for Public Integrity website as well. In fact, McAuliffe's relationship with Leo Hindery of Global Crossing (now Loral) is so tight that Leo contributed to the 527 org that ran those awful TV ads in Iowa and NH against Dean. And, at my local Democratic party's gathering last month to talk about who we want to head the DNC, they had the nerve to add Leo Hindery's name to the list.

In fact, just Google "Terry McAuliffe and Leo Hindery", and see what comes up. One of the things I found by doing that is this:

http://www.washingtonpost.com/wp-srv/nation/transcripts/gopresponse_memo.htm

[LittleClarkie]

3. Then I guess all this stuff must be true too

http://www.counterpunch.org/stclair02022004.html

And if it is, then who cares about "awful TV ads in Iowa and NH against Dean." He was the "hollow candidate" after all.

Not to mention these other lovely articles from Counterpunch about Dean:

http://www.counterpunch.org/colby02222003.html

http://www.counterpunch.org/frank12122003.html

I'm sorry, but I can't see cherrypicking an article because you don't like Terry McAlliffe but ignoring other articles on the same site that bash someone you do like.

How about this one calling Clark the candidate of the Democratic neocons from the DLC

http://www.counterpunch.org/frank12122003.html

(oh my god, I just noticed it's Wayne Madsen. Is this the kind of work he NORMALLY does? Eeesh.)

Or this one on Clark from St Clair:

http://www.counterpunch.org/stclair09172003.html

And there's tons about Kerry.

I'll say this, they do seem to have loved Kusinch and Nader.

I say again... ptwi on Counterpunch.

[Carolab]

4. You mean you LIKE Terry McAuliffe?

What's to like?

I read that about Clark the other day on this board, too. Counterpunch isn't the only e-zine saying so.

And Joshua Frank knows a great deal about the Dean campaign. He wrote a book on it.

[sandnsea]

5. Dance...

dance, dance, dance...

Come on Carolab, don't dance around and avoid the point. Counterpunch is as bad a resource as CNSNews. IIRC, he even wrote shit about Kucinich. Yes Democrats talk to corporate heads. Even Howard Dean. The ski industry? Insurance? Energy deregulation?

You want people to like Howard, then just promote him. It isn't necessary to post a bunch of slanted attacks, especially on somebody who isn't even going to be around in a couple of weeks.

"He wrote a book on it"

Reminds me of a guy who told me he was thoroughly convinced Mike Tyson was guilty of rape. He read a book about it... by the prosecutor!! (I would hope to hell any prosecutor could write a convincing book on someone's guilt)

[Carolab]

7. You can't say McAuliffe isn't going to be around...

for sure. The last I heard he was still thinking about being in this race.

[LittleClarkie]

9. She didn't say anything of the sort

She merely pointed out that whatever your point of view, using Counterpunch to promote that point of view dimishes your position.

To me, it's a Lefty Freeper site.

[LittleClarkie]

6. Not that I like Terry McAuliffe

but I don't like Counterpunch.

They're slanted. Very.

[Tinoire]

10. Just because someone doesn't like something doesn't make it false

That's the good thing about Dean, he's not made of sugar so a few jabs from the Left won't kill him. No one thinks Dean is perfect.

Counterpunch ROCKS!

[John_H]

8. I once read in this source that

4 out of 5 republicans get fucked by their cousins so frequently that their teeth fall out. This is obviously untrue, since republicans' teeth generally fall out much earlier from parental negelect. You must believe everything you read in counterpunch.

[Carolab]

11. Link, please? n/t

[Gabi Hayes]

12. LOLLOLLOLLOLOLOLOL........how's this, for starters?

http://www.gyeah.com/ezine/ramblings/2001/Sept2001/cottons.html

[Gabi Hayes]

13. or this, maybe?

[Carolab]

14. Hey, is that you? n/t