Welcome to DU!
The truly grassroots left-of-center political community where regular people, not algorithms, drive the discussions and set the standards.
Join the community:
Create a free account
Support DU (and get rid of ads!):
Become a Star Member
Latest Breaking News
General Discussion
The DU Lounge
All Forums
Issue Forums
Culture Forums
Alliance Forums
Region Forums
Support Forums
Help & Search
Latest Breaking News
Showing Original Post only (View all)Employees of Romney Family's Secret Bank Tied to Fraud, Money Laundering and Drug Cartels... [View all]
Source: truthout.org
[font size="1"]Mitt Romney, at a campaign event with son Tagg, a partner at private equity firm (Solamere).[/font]
...the Romney family, namely Mitt, Ann, G Scott and Tagg Romney, along with Mitt's "6th son" and campaign finance chair have a secretive private equity firm called Solamere Capital Partners. This firms ties to Romney's campaign and bundlers is already well documented, along with its connection to the manufacture and distribution of voting machines. What is not as well documented is a subsidiary of that private equity firm hiring employees of a failed firm tied to a Ponzi scheme that has a long history of money laundering for Latin American drug cartels and to the Iran-Contra scandal.
...Tagg Romney is a director (of Solamere). According to the New York Times, all but one of its 11 employees came from the Charlotte office of the Stanford Financial Group, the US investment arm of convicted felon R. Allen Stanford's offshore banking and fraud network that comprised a host of companies including the Stanford International Bank, Stanford Capital Management, The Bank of Antigua, Stanford Trust and Stanford Gold and Bullion. Three of these employees, Tim Bambauer, Deems May, and Brandon Phillips, received incentive compensation related to their direct sales of securities linked to a fraud that brought down this banking network (Bambauer has left his position as managing partner. May and Phillips remain employed as partner and chief compliance officer respectively).
Allen Stanford is currently serving a 110-year prison sentence for convictions on 13 counts of fraud. His companies were placed in receivership. $8 billion of Stanford's stolen money has yet to be recovered and the victims are in court to recover those funds and incentive pay bonuses to Stanford employees (including Bambauer, May and Phillips)...
...All of the these dealings by Stanford, and the complicity of his employees in facilitating them, was public information before January 2010, when Mitt Romney addressed the first full meeting of Solamere's investors. Yet his son Tagg chose to hire into his family these alleged white collar criminals as soon as Stanford's criminal empire collapsed. The Romney family stands by the new employees ...evidenced by Tagg's response to interview questions from ThinkProgress regarding Solamere's ability to reign them in: "Hey guys, We're done here".
Read more: http://truth-out.org/news/item/12231-employees-of-romney-familys-secret-bank-tied-to-fraud-money-laundering-and-drug-cartels
InfoView thread info, including edit history
TrashPut this thread in your Trash Can (My DU » Trash Can)
BookmarkAdd this thread to your Bookmarks (My DU » Bookmarks)
24 replies, 9301 views
ShareGet links to this post and/or share on social media
AlertAlert this post for a rule violation
PowersThere are no powers you can use on this post
EditCannot edit other people's posts
ReplyReply to this post
EditCannot edit other people's posts
Rec (68)
ReplyReply to this post
24 replies
= new reply since forum marked as read
Highlight:
NoneDon't highlight anything
5 newestHighlight 5 most recent replies
Employees of Romney Family's Secret Bank Tied to Fraud, Money Laundering and Drug Cartels... [View all]
Indi Guy
Oct 2012
OP
Hopefully that's not the Oct surprise. People won't pay attention to anything that has to do
bloomington-lib
Oct 2012
#9
re:Employees of Romney Family's Secret Bank Tied to Fraud, Money Laundering and Drug Cartels...
allan01
Oct 2012
#16