Free Republic

Bachmann wrote the letter urging the president to pardon Vennes for his 1987 conviction on federal money laundering, illegal firearm sales and cocaine distribution charges. He was sentenced to five years in federal prison. Vennes, has been a major financial contributor to Bachmann since 2005. Was Bachmann’s letter in support of Vennes’ presidential pardon a quid pro quo for Vennes’ largesse? Until Bachmann releases her original letter, the motivation behind it won’t be known. Bachmann chief of staff Michele Marston told Minnesota Independent Monday that “We’re trying to track down a copy of that letter."

A court-appointed receiver trying to recover funds for victims of Tom Petters' Ponzi scheme has sued JPMorgan Chase & Co. for more than $300 million, alleging the bank should have known that money it seized from Petters was the result of fraud. The Minnesota businessman was convicted last year of perpetrating a $3.7 billion Ponzi scheme that counted hedge funds, pastors, missionaries and retirees among its victims. Prosecutors said the one-time owner of Polaroid Holding Co. and Sun Country Airlines orchestrated the plot, but Petters has blamed his associates and is appealing his 50-year prison sentence. JPMorgan, its affiliates and...

A federal search warrant is being executed at the headquarters of Petters Group Worldwide, which has Sun Country Airlines and Polaroid among its holdings. FBI spokesman Paul McCabe confirmed Wednesday that the FBI, the U.S. Attorney's Office, the IRS criminal investigative division and the U.S. Postal Inspection Service were all part of an ongoing investigation. He says agents on Wednesday were executing the search warrant at 4400 Baker Road in Minnetonka, which is where Petters Group Worldwide is located.