ALEX SINK'S FRAUD: She Benefited Bailed-Out Banks and Hid Her Assets (FL-Gov) [video]

FactReal ^ | 10/29/2010 | FactReal

[FactReal]

ALEX SINK IS NO SNOW WHITE Many people think that Democrats detest money, power, big business and lobbyists. But Alex Sink proves them wrong. Alex Sink is a multi-millionaire who was a banker for 26 years and has made millions in stock investments. In 2000 as the head of Bank of America's Florida operations, she made $3.4 million from the bank in salary, pension, deferred compensation and stock grants. During the 2006 campaign, she listed her net worth as $10 million.
ALEX SINK'S INSIDE DEAL Alex Sink Found Ways to Benefit her Former Employer, Bank of America When Alex Sink was President of Bank of America she didn't have any problems with Lewis’ leadership and Bank of America’s appalling banking practices. She kept quite while tens of thousands of sub-prime borrowers were swindled by Bank of America. Sink and Lewis made millions at their expense. She didn't care about the thousands of Floridians she laid off just to increase short term profits which increased stock prices and her earnings in stocks. In 2000, besides $3.4 million in stock options and lump-sum pension payments, she collected $75,822 in dividends.” (AP, 9/21/02) Now that she’s running for Governor, Alex Sink wants people to forget.
Alex Sink's trick to stop the public from knowing where her money is invested: Blinding the public by hiding her assets behind a blind trust. When Alex Sink became Florida's Chief Financial Officer (CFO), the top financial watchdog, "she put her assets in a blind trust, which she said would help her avoid conflicts of interest...since she owned stock in Bank of America, which receives millions in banking, bond and investment fees from Florida every year." She had investments in other companies and had served on the board of the brokerage firm Raymond James Financial, which "had a stake in her decisions." But with Sink's "blind" trust the only who ends up blind is the public. Blind trusts are not regulated in Florida and do not require Sink to disclose the specific investments in her blind trust. Sink likes to say, “It’s blind because I don’t know what’s in there.” But she knew what investments initially were part of her blind trust. Sink knew that with the so-called blind there "is less public disclosure about her finances than other officials and greater uncertainty as to whether she is deciding matters in which she may have a financial interest." Incestuous network of bankers, lobbyists and donors behind her "blind" trust It is easy for Alex Sink to know the investments in her blind trust. The rules states that the person managing the trust cannot be a spouse or relative - the person must be a "disinterested party'' But Alex Sink's trust is run by "political allies with ties to her husband [Bill McBride]." Robert Waltuch, the lawyer "who wrote the trust agreement and serves as a trustee, was a partner at Holland & Knight when McBride ran the law firm. Waltuch recently joined Shutts & Bowen, which...has a lobbying operation in Tallahassee." Alan Fisk, an original trustee is Sink's longtime accountant and donor to her campaigns. His wife is a former vice president of Bank of America and a Sink contributor. Hjalma Johnson, a banker and investor, replaced Fisk as a trustee and serves on the same investment board with Alex Sink's husband. Johnson is a "major political donor...and lobbies for banks in Washington." Alex Sink's Conflict of Interest by Funneling $770,000 to Bank of America Florida law "forbids a public official from having a financial relationship with any business entity that would create a continuing conflict." The law also requires the official to disclose a conflict within 15 days "if a state official casts a vote that would result in private gain." "Without declaring a potential conflict, Sink has had a stake in matters benefiting her former employer and other companies that she owned stock in before she placed her assets in a blind trust. Because of the trust, it can't be learned how much of a financial interest, if any, she had in the firms at the time of her decisions." "Sink voted with the governor and other Cabinet members to allow negotiated, or no-bid, bond deals for a financial underwriting team that includes her former employer, Bank of America. One transaction resulted in $770,000 in fees for a subsidiary of the bank and its newly acquired Merrill Lynch unit. She is one of three trustees of the State Board of Administration, which administers Florida's hurricane fund. The fund has a financial consulting contract with a subsidiary of Raymond James. Last November, the head of the SBA notified Sink's deputy that the contract terms could mean a "windfall'' for the company [Raymond James]. Sink agreed that those terms had to change. But they stayed the same." In brief, Alex Sink and other cabinet members funneled $770,000 in no-bid contract to Bank of America, her former employer which has been indicted. There was no competitive bidding. The state negotiated a deal with a setup preventing open competition that could produce lower interest rates. On top of that Alex Sink used a blind trust to hide her assets and conflict of interests.

BANK OF AMERICA ENTRENCHED WITH DEMOCRATS: Bank of America is so entrenched with Democrats that they should change their logo to this: (Hat tip: Michelle Malkin) - Bank of America = Bank of Democrat America - Bank of America = Bank of Illegal Alien America - Bank of America and the Democrats’ Countrywide scandal - No cheers for left-wing collaborators at Bank of America

[BushCountry]

Judges:

Of Appeal:(Retention YES or NO)
Judge Marva L. Crenshaw - NO
Judge Patricia Kelly - NO
Judge Nelly N Khouzam - YES
Judge Robert Morris - NO
Judge Steven T. Northcutt - YES
Judge Craig C. Villanti - YES
Judge Douglas A. Wallace - NO

Florida Supreme Court:(Retention YES or NO)
Justice Charles Canady - YES
Justice Jorge Labarga - NO
Justice James Perry - NO
Justice Ricky Polston - YES

[Frantzie]

Thank you. I will get this around to people I know.

God I better pack a lunch on election day. The lines are going to be long.

[Frantzie]

Alex Stink.

Yeah I know it is childish. ;-)

[Alice in Wonderland]

The sad part is we had one long time FReeper the other day try to argue not to vote for Scott for some dumb reason I can't even remember ...

That would be davidosborne. He said he'd be voting for Alex Sink unless Rick Scott owned up to being a "crook" and released all sorts of documentation. I sent him a link to where Rick Scott accepted responsibility for the problems with Columbia/HCA, even tho he wasn't personally aware of them at the time.

Well, that wasn't good enough for davidosborne. He now wants Rick to return all the money . . . to whom I don't know.

I believe the real reason davidosborne is supporting Alex Sink is because Rick Scott had a meeting with some Florida sheriffs a couple of weeks ago. It seems davidosborne is a deputy.

In the meeting Rick Scott stated that the Florida Retirement System is not sustainable as it is currently structured. He proposed that all members of the retirement system begin paying a portion of their salaries into the system. Clay County's sheriff, Rick Beseler sent a memo to his staff urging them to consider that fact when entering the voting booth. It seems davidosborne likes his free benefits.

[Alice in Wonderland]

Update: The written statement from Rick Scott taking responsibility isn't good enough for davisosborne who wrote on the Florida board:

"I have NEVER heard him say it.. can you give me a link to a video clip where he said this."

Which was followed by:

He needs to go just a little bit further and REFUND any PERSONAL money he obtained FRAUDULENTLY.... period..

Normally I have the greatest respect for law enforcement officers, my father was a federal cop and my husband was a New York City police officer who lost his life on the job. It wasn't until I moved to Florida did I see what scum they hire in these backwater towns.

I had some rental property and a tenant who didn't want to pay her rent. She was so p!$$ed when I tried to collect it that she climbed a fence with a shovel in hand and attacked my daughter. The deputy who responded to my call told me that I didn't belong here and that I should go back to where I came from. Un-fn'ing-believable!

[davidosborne]

The statement from Rick scott is not sourced please provide a source for this statement I have only heard it from his supporters not from him

[Alice in Wonderland]

It was sourced on the Florida board.

[davidosborne]

I read the FAQ on Rick Scott’s website I understand what a difficult position he is in and appreciate the fact that he learned from his mistakes what troubles me the most is the arrogance shown in the campaign by staff and supporters who would rather go with the he did nothing wrong line. I can fully accept the I made mistakes and learned from it and vote for him. My advice to Rick is to be more forthright with us and tell us more specifically what he learned from his mistakes and what he did to make it right. But that may open himself to personal liability so I get that is a big deal

[danamco]

Yeah, David got zooted big time with his crap!!!

[danamco]

His thread got yanked and his account zooted!!!

[danamco]

I asked him WHO was going to pay his pension when the "kettle" runs out of money, and that he should check out with Glenn Book who'd shown that it takes a great numbers of other future members to pay for HIS pension in the future. I looks like a MLM scheme!!!

Got a message his account suspended???

[danamco]

Well, I see he’s still here, so must have been a stern warning, because his thread is removed from my site???

[Alice in Wonderland]

The average contribution rate for uniformed employees (police & fire) enrolled in defined benefit (pension) plans nationwide is 6.3% of earnings.

New Jersey increased the amount for police and firefighters pension contributions from 5% to 8.5% of gross earnings. In Ohio it’s been recommended that pension contribution withholdings for active police officers and firefighters be raised from the current 10% to 12%. The contribution rate in Illinois is 9.91% of salary. In Missouri police put in 3.5%, firefighters contribute 16%. In New York it’s a low 3%.

Why should the contribution rate in Florida remain at 0%?

[Alice in Wonderland]

... it takes a great numbers of other future members Florida taxpayers to pay for HIS pension ...

He pays NOTHING!!!

[danamco]

Where I come from employer paid 16% and the employee 8% from start to finish!!!

[danamco]

Since your stupid thread, rightfully so, was yanked you never answered my question!!!

So here are a few more honest questions; please tell me WHO are going to pay YOUR pension when the "kettle" runs dry of money?

Will it NOT be the taxpayer or will it be reduction in payments??

Wasn't that the real reason the Sheriff ask you to vote for Alex Sinks that you displayed on your thread???

[davidosborne]

Call me to discuss if you like 850 933 8511

[danamco]

Very nice "Tap-Dancing"!

You are are the one who came here on FR trying to persuade WE FRreepers to be turncoats and voting for Alex Sink, which you got plenty of flack for including from the big Kahuna, who said he didn't like you liberal crap here!!

So now you chose to hide behind one-to-one phone conversation so other FRiends cannot see your inconsistencies!!!

BTW, I really like you FR profile page, especially your truck, but it's totally out of sync with your pulled thread. Just answering the three SIMPLE questions above, here, that all. Other FRiends involved on your thread need to know also ???

[davidosborne]

My so called endorsement for ALEX SINK was obviously intended to spark debate... which it did... As a FReeper for the past 10 years my conservativeness is well documented... ANYONE who knows me or takes the time to call knows that.... ask ANYONE who has actually talked to me if you doubt them.. call me !

I will do my duty.. hold my nose and vote a straight Republican Ticket like every other good conservative sheeple.. but we need to change the PRIMARY process BIG TIME !! now let’s http://www.GOOOH.com and get it done in 2012.

ANY QUESTIONS... call me please 850 933 8511

[danamco]

If you post that fund raiser link one more time here on FR, I will report you to the mods, please follow the rules!!!