Chillin' out till it needs to be funded
John Ga(u)lt’s profits? – is this the real face of Capitalism, is insider trading ok for Washington alone?
A Bear from the 1985 Superbowl winning team of Chicago, Gault is accused of running $8mln in profitsf from fraudulent trading of his medical device venture Hartronics. The Wide Receiver is also a sprinter from the US Olympics team and his attention grabbing circus with the SEC is going to be a long story for sportsmen to bear as a more urgent and richer milieu is taking network franchises and sports union to a new level of evolution (sic!)
According to the Bloomberg report Heart tronics posted fake sales orders worth millions and hawked shares on the internet to run a scheme for buying and selling own shares and making $ 8 mlnin profits. The company and Gault’s personal attorney Mitchell Stein is supposed to have planned Gault’s appointment and also of Rowland Perkins a fiunder of the Creative artists Agency. Stein ‘s suit is filed separately as Gault and Rowland Perkins face charges for not fulfilling their fiduciary duties as Stein shoptalked Heaert tronics to investors with false claims. Willie Gault also ran a not for profits company giving demos using Heart tronics technology to give free heart scans from “Athletes for Life”
Daniel Mudd gives up after three years of the Crisis
Though in bad company, Daniel Mudd a long time CEO of Fannie Mae had been running Fortress investments since 2009 seeks early retirement even as he battles SEC charges for being accused of “playing down the risky loans ” taken by Freddie and Fannie Mae at the fag end of the crisis in 2007 leading the GSEs to a role as major perpetrators of the crisis with a big hole from mortgages in national finances instead of helping to keep the Economy running as the sub prime crisis took its toll of the Financial Economy.
Fortres itself has over $44 bln funds in Assets under management in PE funds, edge funds and other mutual fund vehicles. There is active debate underway currently if these six senior Honchos of Fannie and Freddie are indeed the right candidates for having not done their bit or is it just SEC windowdressing. SEC is supposed to have even used the wrong definition of Sub Prime in its latest suits allowing a lot of clawback from the others in the crisis.
Here’s where SEC has been pinned down by the Finance Club
Also, Did you know you can sell off PSE assets in real estate to the banks in Europe so they can use it as collateral? Italians do.
Thus, we agree with the Germans, no need for bailouts, the govt assets are good enough ( they are not exactly family silver)
It would be a very mundane financing transaction common in the leasing industry or even the genesis of th e Leasing insutry per se, renting you what you can no longer own so you can pay from running cash!