Political Cortex: Brain Food for the Body Politic

$810,000 SCHEME, MARKS BIGGEST CASE OF FRAUD SINCE EARLY 1990'S

"WASHINGTON - House Republicans on Thursday accused their former campaign treasurer of embezzling at least $720,000 in a scheme federal investigators said involved using the money to cover major home renovations.

"According to Justice Department's documents filed last week seeking the forfeiture of his Bethesda, Maryland home, those documents accused (Christopher) Ward of taking `more than $500,000 and using $200,000 for a series of home renovations.'"

Audits were forged by Ward for five years.  For five years the government was off Ward's back, just like the redundant Republican mantra boasts "Get the government off our backs."

Another big time fraud operator was none other than that infamous hedge fundster Sam Israel.  The government conveniently stayed off Sam's back for years as he defrauded investors.  Individuals like Sam Israel should frame the Republican "mantra" that made accumulation of their millions possible.

With proper U.S. government oversight people like Sam Israel couldn't continue perpetrating fraud.  The June 12 edition of USA Today headlined their story on Sam:

HEDGE FUND FRAUDSTER DISAPPEARS ON WAY TO PRISON.  HIS SUV FOUND ON BRIDGE!

Greg Farrell in his USA Today story datelined from New York stated:

"Where in the world is Sam Israel?  The hedge fund manager who defrauded investors out of $450 million.  That's what federal investigators are trying to determine two days after Israel's sports-utility vehicle was discovered abandoned on a bridge over the Hudson River, 40 miles north of New York City.

"Israel, who pleaded guilty in 2005 to charges of ripping off investors in his Bayou Group of hedge fund was supposed to report to a federal penitentiary in Massachusetts to begin serving a 20 year term.

"The words `suicide is painless' were written on the side of the vehicle.  Israel may have jumped to his death but no body has been found."

These men, Christopher Ward and Sam Israel, may never have achieved such monumental fraud if the absolutely necessary government oversight had closely scrutinized their economic bag of tricks that has gained them ill fame as fraudsters.  

The U.S. government does not control hedge funds.  How sweet it is for crooks!

Knock off the stupid Republican mantra loved by all crooks of "Get the government off our backs" and recognize common sense reality for all U.S. citizens and what should be the defining mantra of "Honesty is the best policy".