Posted on 12/22/2013 5:15:41 PM PST by Kaslin
It might be easy to forget, but ultraliberal Rep. Alan Grayson (D-Fla) is one of those dreaded "greedheads" who deal in millions of dollars of stocks. A story on the front of The Washington Post business section on Sunday reports Grayson “got burned twice by ‘stock loan’ schemes that have cost him nearly $50 million.”
Dina El Boghdady reports Grayson is ranked 21st in the House for wealth, with a net worth of “at least $16.7 million, in part due to the value of his stock portfolio.” Grayson lost about $18 million in transactions with Virginia businessman William Dean Chapman, who was just sentenced to 12 years in prison after pleading guilty to defrauding Grayson and 121 others. The Post didn't seem to rifle through any of Grayson's recent tax returns, like they wanted to do to Mitt Romney.
Grayson said Chapman made good on some loans over the years. But when others matured in 2007, and Grayson wanted his stock back, Chapman could not deliver. That was the beginning of the end.
Grayson’s return on his stocks that year shot up 1,372 percent, “an astronomical number by any measure,” Pleasant Brodnax, one of Chapman’s attorneys, wrote in a court filing.
Chapman owed Grayson $3.5 million by July 2007, an FBI agent investigating the case said in an affidavit. The debt ballooned to $10.6 million by year’s end. The liabilities owed to Grayson alone “exceeded the amount of cash ACM had on hand,” the agent said.
By 2008, Chapman was on the hook for $18 million worth of Grayson’s stock. ACM was “functionally insolvent” by then, yet it kept taking on new clients, prosecutors said....
In his financial disclosures, Grayson reported having $30 million to $75 million in cash in 2010 — the year after ACM imploded.
“I lost a lot of fish, but I still know how to fish,” said Grayson, who said all would be well if only Chapman had kept his promises. “I don’t want to sound like this means nothing to me. I feel very sad about it. But being a prudent and responsible person, I never thought I should take every last nickel I had and throw it at ACM.”
Grayson, the liberal firebrand who once derided a GOP health-care proposal as the “die quickly” plan, was philosophical about the monetary loss. “I am really blessed, and I think it would be so wrong for me as a person to be so belligerent over money,” he said.
My heart bleeds.
The ultimate hypocrite, Celine Dion “Let Dem Touch Dose Tings”.
One of the first artists to put anti-piracy software on her CDs.
Proving once again that Grayson is not the sharpest knife in the drawer.
Grayson made his fortune as the first president of IDT Corporation (International Discount Telecom).
Grayson was ranked as the 11th-wealthiest member of Congress in 2010, based on financial disclosure forms with a minimum net worth of $31.41 million, according to Roll Call.[88] Grayson disclosed that his attorney fees and costs for the war contractor case had exceeded $4 million.[13][15]
Grayson is married to Lolita Grayson, from the Philippines. The couple has five children.
http://en.wikipedia.org/wiki/Alan_Grayson
As WC Fields used to say, “You can’t cheat an honest man.”
TFB! I can think of very few who deserve such an “education” more than Grayson!
I guess Maggie Thatcher was wrong. Chapman still hasn’t run out of Grayson’s money yet.
Legal insider trading for Congress members. Grayson is so DUmb that he messed that up.
LoL.
I read he went to Harvard. Methinks Harvard must have much lower standards that I had previously believed.
Easy come. Easy go. You know the money wasn’t earned honestly.
Hello Mr. Greyson. My name is Barak and I’m from Nigeria. I have this business offer for you. If you sent your bank statement and SS number, plus all the SS and bank numbers of your district’s voters, I’ll rob them blind and they’ll forget how Obama is doing because they’ll be worried about the money I stole from them.
“Passing the bar” where he lived must have meant going past Dunleavy’s.
Karma? God’s judgment?
Blessed?
By whom?
Couldn’t have happened to a more appropriate mark.........
Couldn’t have happened to a nicer guy
Just looking at his face, I would not want him for my neighbor, much less my congresscritter.
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