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NEWS- Mr. Enniscorthy: Ex-Tyco CFO indicted; faces 30 years in jail
Published September 19, 2002, in issue #33 of The Hook
BY LISA PROVENCE
Corporate scandal struck close to home last week when an Albemarle County landowner, Mark Swartz, took a perp walk in Manhattan after being indicted for allegedly bilking Tyco International out of $600 million.
On September 12, former Tyco chief financial officer Swartz, who owns historic Enniscorthy near Keene, and his ex-boss, Dennis Kozlowski, were each charged with "enterprise corruption," a racketeering charge usually reserved for Mafia prosecutions. Manhattan District Attorney Robert Morgenthau froze $600 million in assets belonging to Swartz and Kozlowski.
Swartz, 42, also charged with 13 counts of grand larceny and 13 counts of falsifying records, was released on a $50 million recognizance bond. If convicted on all charges, Swartz faces 30 years in jail.
At the same time, the Securities and Exchange Commission filed civil fraud charges against the two men and former Tyco general counsel Mark Belnick, alleging they failed to disclose millions in secret unauthorized loans from the company that went to personal investments, business ventures, real estate holdings, and trusts.
In a complaint reminiscent of charges against Adelphia's Rigas family, the SEC said, "This is a looting case," involving "egregious, self-serving, and clandestine misconduct by the three most senior executives at Tyco."
"Kozlowski, Swartz, and Belnick treated Tyco as their private bank, taking out hundreds of millions of dollars of loans and compensation without ever telling investors," says Stephen M. Cutler, SEC director of enforcement, in a release.
Kozlowski, who'd already been indicted for trying to avoid $1 million in taxes on art purchases, didn't use the money just to enrich himself. The SEC complaint notes that he took Tyco millions and donated them to such institutions as Seton Hall and Columbia University in his own name.
Swartz, too, made contributions to partnerships he controlled. According to the indictment, Swartz pushed at least $1.7 million to his KMS Family Partnership, which, a reliable source tells The Hook, used to pay for upkeep at Enniscorthy.
"Shell games tempt only the gullible, don’t they? So long as YOU don’t fall for them, what’s a little income redistribution among wretches? That’s an attitude shared only by the uninitiated. So-called internet “penny auctions” exploit human vulnerability like trust and avarice, leaving victims to blame their own stupidity or greed. You may shrug off getting burned as a lesson learned, but all confidence tricks count on that. Websites like Quibids and Scriptmatix’s PennyAuction are neither novel discount methods, adventure shopping, gambling scenarios or lotteries. They are con games that lead you to believe you are getting something for your money, until you don’t.
Just because YOU can figure it out -from an objective distance- doesn’t mean Quibids is not patently dishonest. US laws governing fraud are enforced by local statutes, but common law is enough to define this internet scam as representation of falsehood with the intent to profit. Whether or not the auctions use shill bidders, or fail to honor unprofitable outcomes, as have been accused by
it just seems like an awful invasion of privacy that if someone comes through your door and doesn't know the code, they call you and see if everything is ok.
Originally posted by supermanning
reply to post by ChaoticOrder
now take those companies and type in google "who owns" them and see what result you get. Any company. Follow the money trail. Google tells you all.
Originally posted by ChaoticOrder
reply to post by supermanning
The top shareholders of the State Street Corperation are basically BlackRock and the Vangaurd Group (it's like a crazy loop!). I can't seem to dig any deeper than that. Perhaps you can find out who owns them.
edit on 10-10-2011 by ChaoticOrder because: (no reason given)
BlackRock, Inc. is an American multinational investment management corporation the world's largest and most prominent asset manager. BlackRock is headquartered in Manhattan, New York City, New York, United States and is the leading provider of investment, advisory, and risk management solutions. The company acquired Barclays Global Investors in December 2009 under BlackRock, making BlackRock the largest money manager in the world.
Founded in 1988, initially offering fixed income products, [color=;imegreen]BlackRock has become a financial powerhouse while remaining out of the public eye. According to Ralph Schlosstein, CEO of Evercore Partners, a NY-based investment bank: “BlackRock today is one of, if not the, most influential financial institutions in the world.”
Larry Fink cut a deal with the PNC Financial Services Group when they purchased 70% of BlackRock.
Wellington Management Company is one of the largest private, independent investment management companies in the world. The firm has client assets under management totalling over US$634 billion, and serves as investment advisor for over 1,900 institutional clients in over 50 countries.
On November 23, 2010, Wellington Management Company turned-over documents solicited by U.S. federal investigators regarding an alleged case of insider trading. Wellington directors delivered the unspecified documents to investigators, no comment was made by the company on the information delivered.
Though few Americans know his name, Larry Fink may be the most powerful man in the post-bailout economy. His giant BlackRock money-management firm controls or monitors more than $12 trillion worldwide—including the balance sheets of Fannie Mae and Freddie Mac, and the toxic A.I.G. and Bear Stearns assets taken over by the U.S. government last year. How did Fink rebound from a humiliating failure to become the financial fulcrum of Washington and Wall Street? Through a series of interviews, the author probes his role in the crisis, his unique risk-assessment system, and the growing concern he inspires.
Considering the enormous power he is believed to wield, it’s remarkable how few people have heard of Larry Fink. In political and business circles—among the men who travel the now well-worn corridor between Washington and Wall Street—Fink, the chairman and C.E.O. of BlackRock, the giant asset-management firm, is described as possibly the most important man in finance today. But mention his name to most people and they draw a blank. Despite his considerable wealth, he is virtually unknown on the society circuit in Manhattan, where he has an apartment on the Upper East Side, or in Aspen, where he also has a home.
At the height of the disaster, when the American economy was on the brink, it was to Fink that Wall Street’s C.E.O.’s—including J. P. Morgan Chase’s Jamie Dimon, Morgan Stanley’s John Mack, and A.I.G.’s Robert Willumstad—turned for help and counsel. As did the U.S. Treasury and the Federal Reserve Bank of New York, whose top officials turned to Fink for advice on the financial markets and assistance on the $30 billion financing of the sale of Bear Stearns to J. P. Morgan, the $180 billion bailout of A.I.G., the $45 billion rescue of Citigroup, and those of Fannie Mae and Freddie Mac at $112 billion and growing.
If Larry Fink is currently “at the hub of the wheel of American capitalism,” as his friend Ken Langone, the co-founder of Home Depot and a former director of the New York Stock Exchange, puts it, he has achieved this position largely in the shadows. Even on Wall Street, until recently, there were people who only vaguely knew what he did. According to William D. Cohan, a former investment banker and the author of the best-selling account of Bear Stearns’s collapse, House of Cards, there were many bankers at the firm who for months had no idea how deeply Fink and BlackRock were involved in the dismantling of their company. “He’s like the Wizard of Oz,” Cohan says. “The man behind the curtain.”
But BlackRock’s enormous and growing influence and its sheer size—too big to fail, some say—has begun to raise questions. “It’s like the Blackwater of finance, almost a shadow government,” says one senior bank executive, referring to the mountain of government contracts awarded to the firm. Although others—including the massive California-based Pacific Investment Management Company—have benefited from the gravy train of post-bailout government jobs, none appears to have gained nearly as much as BlackRock. Fink’s firm has been granted a privileged view into a broad swath of the financial markets, raising questions, says James Bianco, the C.E.O. of Bianco Research, about how it is handling possible conflicts of interest. That BlackRock was awarded key contracts with no competitive bidding, in a process enveloped in secrecy, has also raised hackles in Congress and led to questions about Fink’s long-standing relationships with senior government officials, particularly former Treasury secretary Henry Paulson and Geithner, his successor.