Posted on 05/30/2019 2:08:45 PM PDT by Liz
Congressman Elijah Cummings (D-Md.) has doubled down on his claim that ethical concerns about his wife’s businesses are “baseless.”
As IJR previously reported, Cummings has faced ethical questions since his wife, Maya Rockeymoore, was hit with an IRS complaint after the National Legal and Policy Center — a conservative watchdog group — alleged that her non-profit and her for-profit consulting firm had overlapping operations.
Rockeymoore’s consulting firm was offered a million dollar federal contract to oversee a project which she housed under her non-profit — a “self-dealing” that may be illegal under IRS regulations.
Cummings chairs the House Oversight Committee which is responsible for overseeing a wide range of issue before Congress, including many business negotiations and mergers.
The Washington Examiner — who first broke the story on the IRS complaint against Rockeymoore — noted that Cummings’ role on the committee may have helped Rockeymoore’s operations because several companies with business before the committee donated to her non-profit or gave contracts to her consulting firm which could be conflicts of interest.
The Examiner notes that Johnson & Johnson, a pharmaceutical company, gave millions via its charity to Rockeymoore’s operations in years prior, but after stopping in 2017, the Oversight Committee began a probe into their operations.
Because of this note on Johnson & Johnson, Cummings doubled down on his accusation that the investigation is a “political hit” because of his efforts to lower pharmaceutical prices in the U.S. Cummings told Fox News:
“These baseless claims come from a group funded by right-wing mega-donors known for their political hit jobs. I am confident that they will be exposed for what they really are – a fabricated distraction from the important work being done on behalf of Americans, such as lowering the skyrocketing prices of prescription drugs.”
As IJR previously reported, Cummings and Rockeymoore had both previously denied any wrongdoing. Despite their denials, Rockeymoore has still refused to turn over financial documentation for her nonprofit that could prove their case.
Global Policy Solutions received more than $6.2 million in grants between 2013 and 2016, according to tax records. Several of the nonprofit group’s financial backers — which included Google, J.P Morgan and Prudential — have business interests before the House Committee on Oversight and Government Reform. Cummings has served as Democratic chairman of the committee since January and previously served as ranking member.
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NARRATIVE: It is very common for shysters in business to open bank ccounts with similar names as the legit buiness in order o siphon off money to hide it from partners, associates, investors, the IRS, etc.Here's how Cummings and his wife siphoned off huge amounts for themselves.
<><> early on they established two entities, one non-profit and a for profit.
<><> as the money poured into the N/P, Cummings and Rockymoore systematically transferred monies to the private company with a similar name.
Keep in mind, the private company, unlike the N/P, is exempt from reporting all of their significant expenditures like he n/p does SIPHONINGS A CINCH Just put checks into the new accounts with similar names, depositing checks that were made out to the original entity. Even your bank advises that if a check-writer “mis-spelled” your name, to just endorse the check with the correct name.
AND PRESTO: a check made out to N/P Global Policy Solutions, is deposited in the for profit Global Policy Solutions LLC account.
Some might ask how the IRS might close-down M/M Cummings’ gold mine of a scam. AFAIK, each bank records every check that is presented to its system-——as well, the front and back of each check are copied. That means if the Cummings deposited checks made out to the n/p into its consulting account, the bank would have all of that recorded.
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TO REPORT POSSIBLE BANK FRAUD:
FDIC Office of Inspector General Hotline
3501 Fairfax Drive
Room VS-D-9069
Arlington, VA 22226
Call 1-800-964-FDIC
Email oighotline@fdicoig.gov
Write: FDIC Office of Inspector General Hotline
3501 Fairfax Drive
Room VS-D-9069
Arlington, VA 22226
We must see your taxes , NOW !!!!!
Next move will be to announce his candidacy for POTUS
Best criminal defense a crooked pol has ever seen.
When does the 2-year investigation into this scheister begin?
Per the latest standard of justice, they should have to prove their innocence.
He’s safe, he’s a democrat. Laws do not apply to them.
There are only two kinds of black democrats : caught and uncaught
All dark skinned Democrats are pristine, incapable of corruption.
All Republicans, regardless of skin color, are corrupt by inheritance
GUILTY
Elijah’s wife and hitlery might be cell mates soon
There is no evidence that this congressman and his wife did NOT conspire to violate the law, so deploying the Mueller standard, we cannot consider them innocent.
Cummings OBSTRUCTING JUSTICE by Attacking Prosecutors and the curious
Over the target.
Heh heh...beautiful.
BOL.....
BOL.....
Cummings: “These baseless claims come from a group funded
by right-wing mega-donors known for their political hit
Jobs. I am confident that they will be exposed for what
they really are – a fabricated distraction from the
important work being done on behalf of Americans, such
as lowering the skyrocketing prices of prescription drugs.”
TRANSLATION: "You whiteys got your pile so lay off us
blacks. After being oppressed for 200 years its our turn.
Just when we got a good shakedown going you send for the
dam IRS....and another thing....as long as these drug
companies pay our price, we dont give a damn how high
drug prices go."
It's not clear that the mis-deposited funds would show up in the reported taxes. However, a detailed audit of the for-profit's books and bank records would show the info in question. But, that takes time, costs money, and has to be court-ordered if its not voluntary.
And, if the released accounting is "voluntary," who can say if its accurate? (e.g., Obama's "voluntary" release of his supposed Birth Certificate, about which there remain many questions)
Banks have to worry about their ability to function under numerous banking laws as well as their status in the
depositor and lending community. So if its shown they've been receiving mis-deposited funds, they're likely
to cough up the evidence.
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REFERENCE-----Fractional-reserve banking allows banks to act as financial intermediaries between borrowers and savers, and to provide longer-term loans to borrowers while providing immediate liquidity to depositors (providing the function of maturity transformation). However, a bank can experience a bank run if depositors wish to withdraw more funds than the reserves that are held by the bank. To mitigate the risks causedof bank runs and systemic crises (when problems are extreme and widespread), governments of most countries regulate and oversee commercial banks, provide deposit insurance and act as lender of last resort to commercial banks.
Because banks hold reserves in amounts that are less than the amounts of their deposit liabilities, and because the deposit liabilities are considered money in their own right, fractional-reserve banking permits the money supply to grow beyond the amount of the underlying base money originally created by the central bank. In most countries, the central bank (or other monetary authority) regulates bank credit creation, imposing reserve requirements and capital adequacy ratios. This can limit the process of money creation that occurs in the commercial banking system, and helps to ensure that banks are solvent and have enough funds to meet demand for withdrawals. However, rather than directly controlling the money supply, central banks usually pursue an interest rate target to adjust the rate of inflation and bank issuance of credit.
Banks also have use of "The Float." Float is subject to random fluctuations yet creates large revenue stream for banks or like agents. Technical issues, legal issues or even inclement weather can cause float to increase. In December and January, increased volumes relative to holiday season increases the so-called 'holdover float'.A backlog of checks or other electronic transfer of cash from the weekend causes float to be high on Tuesdays, therefore causing a weekly trend. Also causes may be summarized as deliberately, inefficiency, logistical situation and compensation related mechanisms.
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