Do you remember the Obama Donor Phil Falcone whose Lighsquared went under after getting $267M in green loans? Do you remember the US General who said he was pressured to lie to Congress in favor of a massive Lightsquared project?
Well, Falcone is now banned from trading securities for five years and will pay a fine of $18 million. Why? Because, reports CNN, ”SEC accused Falcone of several instances of misconduct while operating Harbinger Capital. Among them: improperly using $113 million of his client’s funds to pay his personal taxes, favoring the redemption requests of certain clients over others and manipulating bond prices.”
Do you think you would be able to get away with all this or would you be in prison for the rest of your life after being paraded around as a greedy rich cheat? Do you think the GOP would not be made to pay hell for having such a guy as a major donor? In any case. Falcone is now in the same League as former Democrat Senator and NJ Governor John Corzine. Both of them violated many securities laws yet are not facing criminal charges for it or a day in prison.