Hassan Nemazee, 60, who once ran a private equity firm, admitted in Manhattan federal court to defrauding Bank of America Corp of more than $142 million, Citigroup Inc of $74.9 million and HSBC Holdings Plc of $74.9 million to pay his debt to Citigroup.
I can see why the unions and the Democrats want to demonize the financial institutions and Wall St. in general, but it sure seems to be self defeating. With half of their big donors in jail and the rest running scared of what the next decree will be from the Imperial Federal Government it seems this might seriously affect the Democrats cash flow.
Nemazee was 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.
He typically donated more than $100,000 annually to Democratic Party political candidates, including Obama and now-U.S. Secretary of State Hillary Clinton.
Nemazee faces forfeiture of $292.2 million and restitution of $217.3 million. He agreed to forfeit interests in properties, corporate entities, hedge funds, securities accounts, bank accounts, a 2008 Maserati Quattroporte and a 2007 Cessna aircraft.
One thing is for sure, the Democrats sure know where all the corrupt money is so in that regard them proposing to reform the banking industry or investment institutes is sort of like putting the fox in the hen house. They will just make legal what is sending all of their best sources of money to jail and make illegal anything that might divert the flow of money from their coffers or that of the federal government. Can't have individuals holding on to all of that money.
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