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2016 Postmortem
In reply to the discussion: The "Democratic" Party has lost its soul. [View all]BernieforPres2016
(3,017 posts)119. Took me a while to find it, but here's a link
http://www.clickorlando.com/news/grayson-loses-millions-in-ponzi-scheme
This is an older story on Grayson that has been overshadowed by a more recent controversy on Grayson running a hedge fund in the Cayman Islands that many say violates House ethics laws because it has his name on it and based on the partnership filings he receives compensation from it, though he says he doesn't. You can do a search and find plenty on that.
This older story is the one that persuaded me that Grayson is a crook. It is a bit complicated to understand what's going on if you don't have much knowledge of finance and investing. You can read the story at the link and come to your own conclusions. Here is what I believe happened:
Grayson made tens of millions of dollars off a company that he actually didn't have a lot of involvement with when it went public. He was looking for a way to minimize his taxes. He came across people peddling an obvious tax dodge that was based out of the Cayman Islands. They said investors could hand them big chunks of stock, then borrow back 90% of the value of the stock in cash. Their losses on the stock were supposedly limited because the people running the funds were supposedly going to hedge them. And if the stocks appreciated, the investors would get the appreciation and somehow avoid U.S. capital gains taxes.
Several investors in this fund were prosecuted by the IRS for tax fraud. Somehow Grayson avoided that. And unfortunately, it turned out to be a Ponzi scheme. The people managing the fund simply sold the stocks that investors handed to them, paid back 90% of the proceeds and kept the rest. You can see the details of the money involved in the article. Grayson actually lost about $2.5 million based on handing over $28+ million in stock and getting back 90% plus some more money back over time that was supposedly proceeds from lending the stock. Grayson claimed damages of about $34 million because the stock he handed over (in an effort to avoid future taxes) appreciated after it was sold, when he thought it was still being held.
Like I said, read it and draw your own conclusions. I have a background in finance and as far as I'm concerned this was nothing but an attempted tax dodge in which Grayson took some losses because of his own greed and immorality. I wouldn't trust him as far as I could throw him.
This is an older story on Grayson that has been overshadowed by a more recent controversy on Grayson running a hedge fund in the Cayman Islands that many say violates House ethics laws because it has his name on it and based on the partnership filings he receives compensation from it, though he says he doesn't. You can do a search and find plenty on that.
This older story is the one that persuaded me that Grayson is a crook. It is a bit complicated to understand what's going on if you don't have much knowledge of finance and investing. You can read the story at the link and come to your own conclusions. Here is what I believe happened:
Grayson made tens of millions of dollars off a company that he actually didn't have a lot of involvement with when it went public. He was looking for a way to minimize his taxes. He came across people peddling an obvious tax dodge that was based out of the Cayman Islands. They said investors could hand them big chunks of stock, then borrow back 90% of the value of the stock in cash. Their losses on the stock were supposedly limited because the people running the funds were supposedly going to hedge them. And if the stocks appreciated, the investors would get the appreciation and somehow avoid U.S. capital gains taxes.
Several investors in this fund were prosecuted by the IRS for tax fraud. Somehow Grayson avoided that. And unfortunately, it turned out to be a Ponzi scheme. The people managing the fund simply sold the stocks that investors handed to them, paid back 90% of the proceeds and kept the rest. You can see the details of the money involved in the article. Grayson actually lost about $2.5 million based on handing over $28+ million in stock and getting back 90% plus some more money back over time that was supposedly proceeds from lending the stock. Grayson claimed damages of about $34 million because the stock he handed over (in an effort to avoid future taxes) appreciated after it was sold, when he thought it was still being held.
Like I said, read it and draw your own conclusions. I have a background in finance and as far as I'm concerned this was nothing but an attempted tax dodge in which Grayson took some losses because of his own greed and immorality. I wouldn't trust him as far as I could throw him.
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This Revolt Has Been Building For Years - The DWS, DNC, DLC, Third-Way Has Only Themselves To Blame
cantbeserious
Feb 2016
#1
Yes - There Are Effectively Six Parties In America - The Oligarchs, Corporations And Banks Own Three
cantbeserious
Feb 2016
#109
Your last sentence would be ironic if she were in fact a feminist in more than just words. n/t
A Simple Game
Feb 2016
#170
Please stop impugning the good name of FDR by attaching Sanders' handle to it
jmowreader
Feb 2016
#115
except that "other guy" is the one they are browbeating to vote the party in the GE
bbgrunt
Feb 2016
#90
Giving up on a health-care system driven by people in favor of profit for a few
AllyCat
Feb 2016
#167
The record of 3rd-Way conservative Republicrats will cost my kids 50 years of republicon rule.
Kip Humphrey
Feb 2016
#3
We??? Sorry, but your lauded 3rd-Way conservicrats are responsible for letting this happen.
Kip Humphrey
Feb 2016
#192
Tell that to Bernie. Blaming his opponent seems to be his campaign strategy now. nt
SunSeeker
Feb 2016
#78
I am talking about the DNC and our losses overall..not about Clinton and Bernie.
Jefferson23
Feb 2016
#85
They're not going to do that and they're well placed to continue to do so if
Jefferson23
Feb 2016
#105
The DNC is not doing their job for GOTV, the losses across the states have been massive and
Jefferson23
Feb 2016
#139
Huh? Again, the party is suppose to increase voter turn out, as I said earlier, it is low.
Jefferson23
Feb 2016
#147
Those words were nowhere in that video. Her message is about expanding opportunity.
SunSeeker
Feb 2016
#197
On the contrary, pragmatic progressive means she wants to get things done. nt
SunSeeker
Feb 2016
#202
No. No portion of the current Republican Party is equivalent to the current Democratic Party.
SunSeeker
Feb 2016
#133
You are correct that's why there are no longer any moderate Republicans (now extinct in the R party)
Dragonfli
Feb 2016
#144
If you mean the OP referred to in the post, I would ask the public here if I should post it in GDP
Dragonfli
Feb 2016
#204
Psst! Do some research on the Democratic Business Council... a half decade before the DLC
wyldwolf
Feb 2016
#32
It was not so long ago that the Democratic Party was competitive in Florida.
Enthusiast
Feb 2016
#91
Think middle class, middle age suicides are bad now, wait until Hillary ships another million jobs
whereisjustice
Feb 2016
#22
I think Elizabeth Warren needs to come out now for Bernie. It's the county's last chance IMO
litlbilly
Feb 2016
#24
And, we need to triple the ground game for Bernie, it's just us and no one else who can get it done
litlbilly
Feb 2016
#25
Maybe he could use some of his hedge fund money to pay for a reform movement?
brooklynite
Feb 2016
#28
Maybe he could use some of his hedge fund money to pay for a reform movement?
AlbertCat
Feb 2016
#49
Hillary winning with a 12% turnout, just like winning a baseball game because the other
litlbilly
Feb 2016
#36
Good, let's ask HRC to demand that superdelegates votes not count as it's undemocratic to the voters
EndElectoral
Feb 2016
#38
It's not like they keep the date and time of the primary/caucus a secret. They were announced
4lbs
Feb 2016
#65
The Iowa Caucus was done from 5:00pm to 9:00pm local time. The Nevada Caucus was on a
4lbs
Feb 2016
#92
Hillary couldn't win in Iowa and Nevada if the party wasn't putting the thumb on the scales
AZ Progressive
Feb 2016
#48
This Democratic campaign is about the big bad evil DNC. It is a conspiracy.
Enthusiast
Feb 2016
#100
Really? I remember seeing earlier in the week before the SC primary, how Sanders was
4lbs
Feb 2016
#103
and they're only running on "we're the only faction that can win in the GE"--it's their STRONGEST
MisterP
Feb 2016
#46
I'm only in it to vote for Bernie, even though I've been a member for forty-six years.
highprincipleswork
Feb 2016
#77
Ironic accusation coming from a guy who abandoned the mother of his 5 kids to live on welfare. nt
SunSeeker
Feb 2016
#81
think the Democratic party is gonna split between ahem the conservatives and the Liberals
PatrynXX
Feb 2016
#149
"Including the biggest wipeout for the Democratic Party in more than 100 years."
Major Hogwash
Feb 2016
#171