Posted on 05/29/2013 11:23:18 PM PDT by Impala64ssa
Morris Stern of Monsey, also known as Moshe and Mark Stern, was in the center of a famous case which earned him a 2010 headline in Forbes Magazine as “Citigroup’s Bad Boy: how an untested businessman got a $126 million loan–and personally owes every dime of it.”
The bad deal was made in 2007 when Stern was only 34. His case reads like a look into the world of bad business practices that dominated banking prior to the 2008/2009 financial meltdown.
“Several banks were pitching me at the same time,” says Stern. “Every bank, including JPMorgan Chase and Deutsche Bank, wanted product.”
Stern bought 11 shopping malls with the $126 million and they promptly floundered. Ultimately he filed for bankruptcy and Citigroup only recouped $40 million of the money.
During the deal, Stern forged the signature of another supposed backer, and this and other allegations led to federal charges against him and ultimately to his becoming an informant for the feds.
Stern is a Hasidic Jew who was born in Argentina. He began his career in the garment industry and also is reputed to be a local politico, bundling cash donations to various different candidates and playing other roles of influence.
According to www.vosizneias.com he graduated Satmar Yeshiva United Talmudical Academy in Kirays Joel in 1991.
http://www.rocklandtimes.com/2013/04/03/informant-owed-citigroup-tens-of-millions/
It is not just in your stomping ground this kind of corruption is taking place. The US is the most corrupt country in the world
What you have in NY state....is a political apparatus that pretends to be two parties, when it’s really just one. You come up and want to get to a elected position to help someone with your influence. So you go to a political peddler and get the status of being a Republican, when you’ve been mostly a Democrat your entire life. The media in the state merely looks the other way, and people just accept this comedy of political activity.
The sentences can never be enough. These pigs feed off the public teat and only pretend to do a job. Loss of all benefits upon conviction and claw back anything that can be gotten. Oh and sentence should be of the terminal sort.
We the People request it.
At this point in New York State it is no longer necessary to add the “D” behind an arrested politician’s name since there aren’t enough Republicans to make a difference. This is especially true down state.
Their real crime was holding out. They did not kick back the juice demanded by the Obamacrats
The bombshell appears to be that the feds don’t like corrupt locals.
And all this is surprising because...?
The problem is the local District Attorny's office does not prosecute, either because they are understaffed in the public integrity unit or for political reasons they won't pursue the corruption.
They (politicians) have a phrase they fall back on when they refuse to deal with something.
“Chilling effect.”
Too harsh laws and it will stop a politician from doing their best. They will be too worried of falling afoul of the law.
I personally believe any politician using that phrase when protecting their own should go to jail,not pass go and not collect $200.
There is something to be said for the "chilling effect" if you press too hard. The chilling effect will be good people not wanting to seek office becasue of the risk. It is a complicated environment without resources, at least at the local level.
The solution as I see it is to make campaign contributions illegal. That takes most of the corruption out of the system.
You take a all these ass-clowns out and do some public dunking....and tar and feather them.
I highly doubt that....
Would you accept "The Democrat party is the most corrupt party in the civilized world"?
Probably not, but I think we have the biggest gap between our public perception of corruption and reality in the world. At least in other countries, the public usually knows and understands the nature of corruption in their governments - the US has an extraordinary number of voting-age citizens who just can't wrap their minds around the concept of government corruption personally affecting them at all.
NO BUSINESS can be done that is not on such a record.
If you make a back-door deal, it is void because it is not public.
how would that be?
Are even half the candidates these days ‘good’ people?
There are plenty of corrupt countries in the world.
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