LEFTY RADIO ON THE 'ERR' BY DENYING PROBE

New York Post ^ | 09/09/05 | TOM TOPOUSIS

[Fido969]

September 9, 2005 -- Air America's claim that it is not under investigation as part of a city probe into an $875,000 loan from a Bronx Boys & Girls Club is dead wrong, sources told The Post yesterday.

[Fido969]

I am LUVVIN IT!!!

[newgeezer]

Perhaps it depends on the definition of "is."

[EagleUSA]

Amazing. These thugs are so filthy, there is not enough soap to get them clean -- :-) --- what bozos. Hopefully we are seeing the slow end to these loons.

[gondramB]

I wonder how the law is written. I'm sure it is ilegal to divert money from a charity to a non-charitable non-profit so Charles Rosen is going down.

And it looks like the charity may have covered up some of the trail.

But what I don't know is whether or not it is ilegal for a non-profit to take a loan from a charitiable non-profit. That is really gonna suck but that may be the law.

[CarlEOlsoniii]

I hate Spitzer's politics and attitude, but if he does the right thing and investigates this as it shoulb be, he will jump up in my book (well, from rock-bottom Clinton level to almost less than dirt Carter level)

[theDentist]

Air America's claim that it is not under investigation-...

That's good enough for me! It must be a setup.

[bkepley]

Has there ever been a low-key NY AG? It seems to me that they are all big-time ambition.

[Eric in the Ozarks]

They were investigated before they weren't investigated.

[tumblindice]

I suppose the kids at Err America could cop the Robert Byrd defense: "a jejune youth". In other words, "I hung out with a bad crowd" almost as popular an excuse with criminals as "(sniff) The gun . . it (sniff) just went off!", with the problem being that Frankenstein, Buffalobutt & Co. are looking fifty in the eye.
Posing the query--so how long does an `extended adolescence' last for leftist Democrats?
("If you let go of the cookies, Junior, you can get your hand out of the jar.")

[Fido969]

Or vice-versa.

[rod1]

I don't know. I heard that Stuart Smalley defended the station's position that the station operation is completely above board and Al Franken corraborated it. Since they both get paychecks from the station and back each other, everything must be legal.

[Fido969]

Al Franken claims to understand complicated Haliburton transactions (that he, in fact, knows nothing about) but doesn't read documents that his lawyer hands him to sign.

This is the guy planning to run for US Senator from Minnesota. Someone might ask him if he plans to read bills before he votes on them.

Or will just be taking his marching orders from Teddy (the Blowfish) Kennedy.

[p23185]

I have been wondering for sometime now, why King Soros isn't funding this network - they all sign from same songbook?

[Fido969]

Soros has been writing plenty of checks to his favorite causes, but we estimate Scare America is burning through about half a mill a week. Not even Soros could continue to throw money down this pisshole forever.

[joebuck]

Big Al is sooooooo busted on this. I need to look at that document again (anyone got a link?) but as I recall he was a signator, in some part, on the sale of the station assetts and assumption of (a few) of the old corporate liabililtis. This is a common corporate shell game which can be used to beat out creditors. It looks like Al was owed money by the corporation and wanted in the middle of this deal to this to make sure his end was secured. He may well have become an "involuntary" equity owner of the new corporation in order to do this - that would explain his signature being a necessary part of the transaction. In any event, in a deal like this the guy playing the Al Franken part has only two questions:

What do I get out of it?
What does it cost me?

Al is a big boy with enough money for real sharp lawyers. Somebody picked up on this $850,000 account payable on the balance sheet and asked what the heck it was and how did they get a specultive loan like that from a charity. This is basic "Corporate Transactions #101". Big Al knew what was going on but he had some back pay to secure so he wasn't going to ask too many questions.

[Fido969]

Well, there's a misuse of funds issue, I won't give away the surprise ending, but the trustees for Gloria Wise have a fiduciary duty to the organization, it's supporters, and their clients. Hairball America is not a "not-for-profit" in the legal sense - they have outside investors who were hoping to make a pile of money.

When Cohen, who was affiliated with both organizations, arranged an interest free loan to Scam America, he managed to violate his duty to the GW organization, its benefactors and its clients. So he, and anyone else at GW with knowledge of the transaction, committed a breach of fiduciary duty.

The fact that Cohen was affiliated with both organizations makes it self-dealing. The fact he was an investor with Err America makes him "the beneficiary of an improper use of his fiduciary trust" Add "with government funds" into the charge, and you are talking jail time.

Cohen is incredibly naive about this, he thinks the transaction was merely "unwise". But Cohen has a history of trouble with reality, so expect the screws to be turned on him hard, I don't think he really knows what is going to hit him, yet.

When he does, though, he won't want to take the fall all by himself, like Airball America has been hoping. He'll give us some good dirt on Left Nut America when he feels the heat.

[THX 1138]

...lying liars and the lies they tell...

[kennyo]

Half a mill in a week= 25 mill per year meaning he could finance them for forty years and only spend ONE of his billions.

[Fido969]

Yeah, but you know these rich pr*cks. Hate to part with a dollar.