Tuesday, September 22, 2009

Did you unwittingly give to Obama's campaign through bailouts of defrauded banks

Are you one of those who think President Obama poses a threat to the future of the United States?

Are you one of those who attended Tea Party protests against reckless government spending?

Here's more bad news: you may have unwittingly financed Obama's  presidential campaign.

News broke Tuesday morning that Hassan Nemazee had been indicted for defrauding Bank of America, Citibank and HSBC of at least $290 million. He is accused of falsifying documents and signatures to purportedly show he had hundreds of millions worth of collateral.

The U.S. Attorney in Manhattan and the FBI said he used the proceeds of the loans to make donations to the election campaigns of federal, state and local candidates, donations to political action committees and charities.

Nemazee, 59, typically donates more than $100,000 annually to Democratic political candidates. He is listed as one of the top "bundlers" of contributions to Obama's 2008 presidential campaign, according to OpenSecrets.org, a website run by the Center for Responsive Politics research group.

This is where you come in. The U.S. government bailed out Bank of America to the tune of $15 billion, and Citibank to the tune of $25 billion. HSBC also received a bailout, but the amount couldnot be immediately determined.

"For more than 10 years, Hassan Nemazee projected the illusion of wealth, stealing more than $290 million so that he could lead a lavish lifestyle and play the part of heavyweight political fundraiser," U. S. Attorney Preet Bharara in Manhattan said in a statement.

Nemazee was arrested at Newark Liberty International Airport in New Jersey on August 23 as he was checking in for a flight to Italy, according to court papers. He was released on bail.

No comments: