Blogger Exposes Hedge Fund Scam

Economic Policy Journal ^ | 1/2/10 | Robert Wenzel

[FromLori]

John Hempton of Bronte Capital has an eye that quickly spots financial chicanery.

He has been regularly reporting on the Joe Biden brother and son activities at 650 Fifth Ave in NYC.

The Sydney Morning Herald has a nice story on how he busted open the hedge fund Trio, as a scam.

[FromLori]

ping

related

http://www.smh.com.au/business/blogger-who-blew-the-whistle-on-hedge-fund-20100101-llq5.html

also ping list

http://beforeitsnews.com/story/2345/Origins_of_an_American_Kleptocracy

[nmh]

Blogger who blew the whistle on hedge fund
STUART WASHINGTON
January 2, 2010

...

After receiving information through his blog, Mr Hempton blew the whistle on Trio in a letter to the chairman of the Australian Securities and Investments Commission, Tony D’Aloisio, on September 16.

‘’You should take this seriously,’’ he wrote at a time when Trio was spruiking nearly $1 billion in investments.

Mr Hempton was first told about Trio Capital and its link to a US hedge fund after his blog posts exposing US hedge funds were publicised in the Herald.

...

http://www.smh.com.au/business/blogger-who-blew-the-whistle-on-hedge-fund-20100101-llq5.html

[Vaduz]

Just stuned a Biden would do financial chicanery.

[stephenjohnbanker]

Good catch!

[hoosiermama]

MMM mmm mmm

$$$ $$$ $$$

plugs plugs plugs

[hoosiermama]

Hope you’re sending all of these links to Cavuto at FOX.

[onyx]

Well, Bronte Capital’s John Hempton, makes some snarky remarks about Republicans and then asks for Michelle Malkin to snoop into young Biden’s duplicity.

I hope Mister Wheeler-dealer Biden is nailed.

I wonder what financial goodies he bestows upon his poor ole daddy who claims he’s worth a paltry $27,000.

[Honorary Serb]

Biden and his son are world-class Serbophobic bigots and mass-murderers as well:

http://www.youtube.com/watch?v=VO66_d8i4kw

The sooner we sweep out all the Serbophobes and muslim-kissers from our leadership (in government, academia, and business), and the sooner we REVERSE our government’s nearly 20-year anti-Serbian policies, the better off we will be!!!!

[stephenjohnbanker]

“I wonder what financial goodies he bestows upon his poor ole daddy who claims he’s worth a paltry $27,000.”

Joe Biden claims he is worth 27,000 ??

He has well over one million equity in his personal residence.

Of course we are talking about a serial liar, LOL!

[onyx]

What are the chances his son will get into real trouble?

[freekitty]

Good find, Lori. Surprise, surprise we haven’t really heard about it.

[freekitty]

Must be laudering some of that private slush fund money.

How do you thnk the Clintons got so rich? Certainly not by decent hard work.

[Liz]

I wonder what financial goodies Joe Biden's brother and son bestowed on poor ol' Joe (who claims he’s worth a paltry $27,000).

Obama appoints Biden to handle stimulus trillions
American Spectator | 6.8.09 | By Philip Klein
FR Posted by Behind Liberal Lines

"Hi there, Americans. My son and brother are gonna help me disperse the trillion dollar stiumulus. "

================================

Fraudster had links to offshore fund run by Bidens
Reuters on Yahoo | 2/23/09 | BY Ajay Kamalakaran
(Excerpt) Read more at news.yahoo.com ...

(Reuters) – A fund of offshore hedge funds run by two members of VP Joe Biden's family was marketed exclusively by offshore firms controlled by Texas financier Allen Stanford, charged by regulators with an $8 billion fraud, the Wall Street Journal said. The Bidens $50 million fund was jointly branded between the Bidens' Paradigm Global Advisors LLC and the offshore Stanford Financial Group entity headquartered in Antigua, and was known as the Paradigm Stanford Capital Management Core Alternative Fund, the paper said. Stanford-related offshore companies marketed the Biden fund to investors and also invested about $2.7 million of their own money in the fund, the paper said, citing a lawyer for Paradigm.

Paradigm Global Advisors is owned through a holding company by the vice president Biden's son, Hunter, and Joe Biden's brother, James, according to the WSJ. Paradigm's attorney, Marc LoPresti, who represents Hunter Biden and James Biden, as well as Paradigm, told the paper he did not know which Stanford entity invested the roughly $2.7 million.

He told the paper the Bidens NEVER met or communicated with Stanford. (/snicker)

=======================================================

FOR YOUR REFERENCE Obama hid $17B stimulus in New Jersey. Accordig to investigative news reports, once the billions hit Jersey, they disappeared. No trace of the billions could be found. However. Biden and Obama did show up in Jersey several times (ostensibly to campaign for ex-Goldman Sachs operator, Gov Corzine --- who lost).

Obama has huge slush funds with which he plans to fix 2010-12 races: (a) 80% of the trillion dollar stim package is still in Washington, unspent and under Obama's control, being hoarded for Dem campaigns. (b) June 9, 2009 Obama announced, "Several financial institutions are set to pay back $68B to taxpayers." Taxpayers assumed that would be returned to the general funds from whence it had come .......in order to pay down the debt. The truth, however, is that the money returned is finding new life as part of what amounts to a Treasury Dept-controlled slush fund.

[onyx]

Oh wow, you’re GOOD, Liz.
Thank you.

Perfect pic of snarky, sleazy Joe, too.

[hoosiermama]

The off shore money reminds me of the British journalist the lost his life. Don't remember all of the details, but I think he had located the Clinton's offshore accounts, was bringing the information with him on a morning flight, didn't show up....found murdered in his ransacked motel room....Maybe ALamo girl has more information in her archive.

[Liz]

Hate to do it, but I hafta applaud Cong Kucinich on this one.

Kucinich: Who Told SEC to “Stand Down” on Stanford Probe?

Feb 20, 2009 - Chairman of the Domestic Policy Subcommittee, Cong Dennis Kucinich (D-OH) today sent a letter to Ms. Mary Schapiro, Chair of the SEC requesting documents that could reveal which government agency told the SEC to “stand down” rather than take enforcement action against the Stanford Group in October 2006 as has been reported by the New York Times.

Recent media reports have indicated that the SEC was aware of improprieties at Stanford Financial Group as early as October 2006, but withheld action at the request of another government agency. In a report published in the February 17th edition of the New York Times, an SEC official said that an inquiry had been opened on Stanford in October of 2006. According to the Times report, an associate regional director of enforcement said the SEC “stood down” on its investigation as a result of the intervention of another federal agency.

Stanford is now the focus of an $8 billion fraud investigation and, presumably, an earlier inquiry would have spared many Stanford investors and triggered similar inquiries into other funds which lacked transparency.

“The SEC’s recent filing against Stanford stemmed from the 2006 SEC inquiry that had been apparently shelved at the request of the unnamed agency. If this is true, we must find out why the SEC delayed enforcement, and if there were other cases where other government agencies intervened to block enforcement,” Chairman Kucinich said.

“If the SEC did indeed begin an inquiry in 2006 and was called off by another agency, our subcommittee will demand that the SEC reveal the name of that agency which told it not to enforce federal laws which protect investors,” said Chairman Kucinich.

[Liz]

Alan Stanford (now in jail awaiting trial for an $8 billion offshore fraud) can boast of throwing money at some of Washington's heaviest hitters.

Since 1996, Stanford has donated $861,000 to various political causes and candidates, most of them Democrats:

$500,000 to the Democratic Senatorial Campaign Committee,

President Barack Obama,

Sen. Chuck Schumer

US Rep. Charlie Rangel.

Stanford also donated $3,000 to Sen. Chris Dodd, (D-Conn), chairman of the Senate Banking Committee.

SOURCE http://www.nypost.com/seven/02182009/business/billionaire_schmoozed_sports_bigs__pols_155679.htm

[stephenjohnbanker]

You must admit, he bought quality whores ;-)

[onyx]

LOL. I doubt that Ku-Ku knew young Biden’s connection. What do you think? I hate to make this admission, but lately, Ku-Ku has started to make some sense. At least he’s honest in his beliefs.