"Romney Family Investment Group Partnered with Alleged Perpetrators of $8 Billion Ponzi Scheme"

[in_cog_ni_to]

"Romney Family Investment Group Partnered with Alleged Perpetrators of $8 Billion Ponzi Scheme" Lee Fang

Mitt Romney, his son Tagg, and Romney’s chief fundraiser, Spencer Zwick, have extensive financial and political ties to three men who allegedly participated in an $8.5 billion Ponzi scheme. A few months after the Ponzi scheme collapsed, a firm financed by Mitt Romney and run by his son and chief fundraiser partnered with the three men and created a new “wealth management business” as a subsidiary.

In an exclusive interview with ThinkProgress, Tagg Romney confirmed their business relationship, but falsely claimed that the men were cleared of any wrongdoing associated with the Ponzi scheme. Tagg Romney told ThinkProgress that his three partners collected about $15,000 from their involvement in the Ponzi scheme. Court documents obtained by ThinkProgress show that the legal proceedings are ongoing and the men made over $1.6 million selling fraudulent CDs to investors.

The Ponzi Scheme

In 2009, prosecutors announced charges against the Stanford Financial Group, which managed a portfolio of $8.5 billion, for running a “massive, ongoing fraud” against its investors. The Ponzi scheme bust was one of the largest in recent history, second only to Bernie Madoff, who perpetrated a fraud estimated to be around $17 billion. The Stanford Ponzi scheme wiped out the savings of thousands, including many American retirees across the country. In Texas, 1290 people lost their retirement savings because of the Stanford Ponzi scheme; in Louisiana, several hundred reportedly suffered the same fate.<snip>

<snip>
Mitt Romney himself made a $10 million initial seed investment in Solamere Capital and his personal financial disclosure forms reveal that he has received between $100,000 and $1 million in returns from his stake in Solamere. Romney has come under fire for refusing to release his tax returns, which would likely reveal additional details about his financial relationship with Solamere Capital.<snip>

MUCH more at link:

http://www.nationofchange.org/romney-family-investment-group-partnered-alleged-perpetrators-8-billion-ponzi-scheme-1320162402

After all this, Romney's arrogance allows him to believe he can be President? It's ABSURD!

[HopeHoops]

1. What is it with Republicans and stupid names? I thought "Mitt" was bad enough - "Tagg"?

:wtf:

And don't even get me started on the Palin litter.

[Politicalboi]

2. LOL! That's what I got out of it too

Tagg? Really? I hope this story (Ponzi scheme) takes off.

[in_cog_ni_to]

3. IF our corporate owned MSM decides they wish to cover it, it WILL take off.

But, as you know, they control the message. Hopefully Ed and Lawrence O'Donnell will talk about it tonight! Al Sharpton too!

[aint_no_life_nowhere]

5. Like the MSM refused to investigate George Bush's insider trading at Harken Energy

in which he made $600,000 based on insider information.

[in_cog_ni_to]

6. Bingo. They are complicit in the destruction of our country. n/t

[safeinOhio]

4. Why won't he release his tax records?

Most likely spending millions to hide them. Everyone has their tax records, why is he hiding his?

birther's logic now applies to Willard.

[MADem]

7. They put Hillary through the wringer for hers. nt