Wonkette
Riddle us this, finance experts: why would you go to all the trouble of (allegedly) forging a bunch of documents in order to get a $74 million loan and then repay the loan all quick-like once it became clear that Johnny Law was onto you? So much effort for a bunch of money you apparently didn’t need so badly anyway!
Hassan Nemazee, the former national finance chair of Hillary Clinton’s presidential campaign and a half-million-dollar fundraiser for Barack Obama, was stopped by the Feds at the Newark airport on Sunday after investigators began to suspect he’d forged evidence to secure a big loan from Citigroup. How awful would that be, to get all packed and ready for a nice Roman vacation and instead get interviewed at the airport by a pack of federal goons with tedious money questions?
Monday, Nemazee repaid the $74 million loan in question. Tuesday, he appeared in federal court and spent the night in lockup. Today, he will be released and left to roam his lonely Park Avenue apartment with an electronic ankle bracelet on. This is a punishment worse than Gitmo.
Also what is up with Democratic money-men and their proclivity for financial shenanigans? Embarrassing.
Major donor to President Obama’s campaign, Hassan Nemazee, held in bank loan scam [New York Daily News]
Top Clinton Fundraiser Charged With Defrauding Citigroup [TPM Muckraker]
I mug little old ladies just because I can. I certainly do not need the few pathetic handfuls of pennies and cat food coupons that are the usual results of my efforts. I’m thinking this guy acted out of a largely similar impulse, but on a grander scale.
Embarrassing in what sense, Charlie?
Did he spend the money on teenage boys? For the buttsecks?
Don’t wake me unless the answer is yes.
“He’s expected to be released Wednesday on a $25 million bond, secured by a $20 million Park Ave. apartment and an $8 million estate in Katonah, in Westchester County.
Nemazee, 59, will be fitted for an electronic ankle bracelet and confined to his Park Ave. apartment.”
Good thing UPS can still drop by to pick up that $74 million package for the Nigerians(for bribes, because the president’s son is very corrupt and controls the banking ministry, and you have to give mony to get mony, it is very sad.)
I’m sure WND will find a connection from Nemazee to:
a) The Devil
b) The Super Devil
c) Death Panels
d) Ted Kennedy’s death
e) Health Care
f) Barry’s Birf Certfik8
g) All of the Above
Besides, it’s Shitty Bank. Who really is the bigger thief?
Teddy’s passing news dump. What’s next?
It’s a simple MO, really. Borrow 74$ million. Borrow $74 million. Borrow $74 million. When apprehended, as you eventually will be, pay back $74 million. Keep the rest.
This summer’s events has tought me a lesson: Should I ever engage in financial shenanigans, then don’t go to New Jersey. That’s where everyone gets arrested.
OMG, using bogus collateral to secure a loan from a bank — this is the Crime of the Century! Thank Jeebus they finally caught this vile miscreant.
Now then, about my NINJA no-docs mortgage…I’d like to pay it, but there’s a little problem, had to buy meds for the kid and lost my prescription card when I got laid off. I’m sure the bank will understand.
He defrauded Citigroup? Isn’t that like two people robbing each other simultaneously?
How’s that work? Does it have to happen in New Jersey or can it happen anywhere?
*yawn*
Someone in New York is corrupt? Next you’re going to tell me Utah is a theocracy (!). Been there, done that.
Nice picture of the perp. Looks like it came from Countdown’s gallery of rogues. They always find the least flattering photo of assholes and then make it look even worse.
OMG, mulligan! The election must be given to John McCain!
Campaign contributions are to Democratic fundraisers what little boys are to Republican officeholders.
Because that’s how the rich roll, darling Wonkette. I know this because I currently domicile in the great state of Connecticut, home to many Wall Street types, hedge fund managers, ladies who lunch, and Martha Stewart.
Foolish man should have defrauded oldsters for billions. Then the feds would have willfully ignored him, for decades. Make a note for later, dude. And next time make it Goldman Sachs, then you can score more sympathy points.
Also what is up with Democratic money-men and their proclivity for financial shenanigans?
Well, we do have a saying in Tennessee. Republicans are self-righteous and vindictive, and Democrats are well-meaning and corrupt.
Democrats just do not know how to do rich.
God, with a face like that, who needs an asshole?
It’s not fraud, it’s just a simple miscalculation — he was certain Citi would’ve gone under by now.
Seriously though, I read the complaint last night — he secured the loan with collateral from an account at a holding company called Pershing LLC. He then hired an answering service and asked them to answer the phone “Pershing LLC” to take calls, then gave that contact info to Citi, so when they called to confirm the balances he said he had, he’d just forge a letter to them. I was like, wow, these people do slightly less due diligence in lending millions of dollars as your average car rental company when handing you the keys to a Versa. And we wonder why the economy took a dive like an amateur boxer throwing a fight.
This is all Clinton’s fault.
Actually seriously, shouldn’t Citibank check the phone numbers on the application when they give out $74 million dollars?
The guy reverenced lots of accounts with tens of millions of dollars at different banks, and then gave phone numbers for those banks that actually went back to himself or his associates. How hard is it for the Citibank loan officer to call, say the Royal Bank of Scotland or something to verify an account with tens of millions of dollars in it, without relying on a number provided by the applicant? Shouldn’t they have numbers on file for other major banking institutions? Or the Google?
Hell, I’ve done better research on Craigslist transactions than Citi does for a $74m loan.
DP: To use a porno analogy, it’s like a lesbian, hair pulling, bitch slapping, dueling strap-on grudge bang sans lubricant and yes, if your looking for that kind of action, Jersey is definitely the destination of the discerning traveler
Oh please, judging from Citigroups performance before the bail out, all of their loans were based on forged documents.
Hell, I’m pretty sure that is how Wall Street works.
Why is it that the democrats, banished in the early 2000’s, have made a return. Well one of the reasons is that people were sick and tired of the corruption and thievery of the GOP. Now that you are given the golden opportunity to turn this country around, you can’t. The party we put our trust in is every bit as corrupt, and unsavory as the previous party. Now with all the wingnuts running around screaming for a revolution, you only give credible cause for their outrageous outbursts. We the people, uh, remember us? You know that Constitution thing that you swore an oath to god on. We want, no we demand honest and open government, else we will fall back into the tyranny of the Bush/Cheney years.
Are the democrats no better than the GOP? It’s sure beginning to look that way. The only difference I can see is that the republicans scream and rage at America, while the democrats cower and concede. Not a hell of a lot of difference if you ask me. At least the republicans have the nerve to look you in the eye as they pick your pockets. Need I remind you senators and representatives, you are not golden.
We gave you the keys to the city, now clean up your damn party.
Wow. Stealing from Citi. Is that like cheating a casino?
More power to him.