As we’ve listened to the GOP Presidential candidates, all we’ve heard is that “Obamacare” and the Dodd-Frank Wall Street Reform Act just have to be repealed if America is to recover from all the damage that’s been done by the Obama Administration. HUH? It seems to me, President Obama inherited the financial mess from the Bush Administration, and the Republicans in Congress are doing every conceivable thing they can to prevent President Obama from fixing the mess they got us into in the first place.
And according to ThinkProgress this morning, one of those GOP Candidates — none other than the GOP front-runner, Mitt Romney — profitted from loose or non-existent regulations and potentially fraudulent activities by three of his associates.
“Mitt Romney, his son Tagg, and Romney’s chief fundraiser, Spencer Zwick, have extensive financial and political ties to three men who allegedly participated in an $8.5 billion Ponzi scheme. A few months after the Ponzi scheme collapsed, a firm financed by Mitt Romney and run by his son and chief fundraiser partnered with the three men and created a new “wealth management business” as a subsidiary.”
“The revelation about Romney’s ties to the Stanford ponzi scheme unmask the risks associated with removing new investor protections. The Dodd-Frank Wall Street Reform law, a reform Romney says he will repeal if he wins the presidency, attempts to address future Ponzi schemes by enacting new protections for whistleblowers to alert authorities when they find evidence of fraud. The law also creates a new Investor Advocate and Investor Advisory Committee within the Securities and Exchange Commission to detect and investigate future Ponzi schemes.”
The graphic detailing the Ponzi scheme transactions to Romney, his son and his chief fundraiser (Spencer Zwick) is shown below. To read the full article and all the details … go here to read it on ThinkProgress.