Posted on 02/17/2009 1:18:53 PM PST by library user
The Texas financier accused by the Securities and Exchange Commission Tuesday of “massive ongoing fraud” was a generous political donor who gave more heavily to Democrats.
Since 2000, R. Allen Stanford, the chief of the Stanford Financial Group in Houston, his wife and company gave $2.2 million in political contributions – $1.7 million to Democratic candidates and committees – according to Federal Election Commission records.
The most recent donation on record was $300,000 from Stanford Financial Group to the Democratic Governors Association, a so-called 527 group not subject to campaign contribution limits.
Other big beneficiaries included the Democrats’ congressional campaign committees, which received $1.2 million over the years, and their Republican counterparts, which got $322,000, including a $28,500 personal donation last year to the National Republican Congressional Committee.
Stanford and his companies gave $128,500 to the Republican National Committee, plus $2,000 to Sen. Richard Shelby (R-Ala.), $4,000 to Sen. Charles Schumer (D-N.Y.), $4,000 to Rep. Charles Gonzalez (D-Texas), $4,000 to Sen. John Cornyn (R-Texas) and $4,800 to the committees of Rep. Charles B. Rangel (D-N.Y.), among other contributions.
The SEC accused Stanford and two associates of misrepresenting the safety and liquidity of more than $8 billion worth of certificates of deposit held in Antigua.
Figures, he comes from the cesspool of Houston
The NYT reported the news. Now here’s the REST of the story...
We definitely have the best government money can buy.
Not necessarily: the 'pubbies may just be willing to sell out cheaper.
Not necessarily: the ‘pubbies may just be willing to sell out cheaper....”
Ha! You have a point.
Silly me. I thought financial groups invested money. Donations to politicians do not benefit their clients and shouldn’t be allowed.
What is it with these filthy rich people? Don’t they know they’re playing into the hands of socialism and communism? Why do they think they’re immune to the consequences of a communist regime? What am I missing - trying to understand this type of idealism?
77% went to Democrats... but the NY Times/Democrat-Media Complex will surely highlight the GOP donations, or use the Democrat “well they ALL do it” defense.
Are you saying a two dollar whore just costs two dollars.
Stanford, Madoff, Raines, et al.
Yup..
4:1 ratio,, dem v. pub donations
This guy played both sides. Cornyn went on one of his little junkets to Antigua.
You bet. Many of the problems of the economy are indeed closely related to what the democrat party imposed on them over the years but there was and is a lot of collaboration between the execs and the democrats. Boards and shareholders who let them get away with all kinds of extravagant trash over the years just encourage them to feather their nests further. Remember that almost all of them came up from mostly priviledged or politically connected backgrounds and that most of them were educated in the most liberal traditions at the most liberal schools.
The government lays down rules that are not good for business or the public and these guys just find ways to turn it to their favor and make more money personally. The more money they make the more they contribute to their buddies in the democrat party. These CEOs are not “too big to fail” but that’s the way they are looked at by many free-enterprisers. There are many people out there in the trenches who could do a better job than these morons.
True free enterprise could flourish I believe if we as a nation could get away from bowing and scraping to the annointed gods of business. I think it has been many years since we have had any real business LEADERS who come up by way of experience and talent rather than by way of political and personal connections.
Of course you get corporate corruption from corporate weasels who are more interested in feathering their own nests (and reputations) than in finding ways to make the companies truly better.
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