Bruno in Campaign Funds / Stock Scandal!

Hey. (4.00 / 10)

My first tAP diary!

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by: LarryInNYC @ Sat Jan 13, 2007 at 02:47:30 AM UTC

And a good one it is (4.00 / 2)

It is just incredible to think that this is even remotely close to being in the same zip code of the ballpark of legality.

Hmmm... it may be legal from a campaign financing standpoint... but I wonder if it is legal from a SEC standpoint... hmmmmmm

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by: Andrew C. White @ Sat Jan 13, 2007 at 05:16:33 AM UTC

[ Parent ]

And I wonder if it is legal from a civil rights perspective... (4.00 / 3)

That amounts to a massive investment by a legislator, or, more likely, legislators, to a few "champions." The champions then partner with research universities, get a lot of press and, in the mind of the public, represent the future of industry.

This system distorts the market.  While we are justiably angry about the possibility of personal gain in this instance, more important is the loss to the people.  Does a racial pattern exist in the dispersal of money and influence disproportionately toward whiter communities?  Does it suggest that, when it comes to economic development in NYS, there is a "back of the bus"?

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by: robinia @ Sat Jan 13, 2007 at 13:25:17 PM UTC

[ Parent ]

I've written a couple diaries here, (4.00 / 3)

and forgot the tip jar thing.

I don't know whether there is some mysterious TAP mojo, but I do know that having mojo at dKos may be a nice recognition of participation, but I rarely bothered to read the hidden comments (only so many hours in the day) and have troll-rated only once.

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by: devtob @ Sun Jan 14, 2007 at 00:58:06 AM UTC

[ Parent ]

I only really use it to fix tags (0.00 / 0)

but occasionally troll rate (very rarely) also.  Doesn't matter right now, as my DK useage has dropped enough post-election that I've lost my TU status.  Oh well...

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by: Jrathman @ Tue Jan 16, 2007 at 17:06:35 PM UTC

[ Parent ]

here's the link and some more from the article. (4.00 / 3)

Bruno Bought Stock With Campaign Funds

Complicating Mr. Bruno's case is the fact that he had personally invested in two of the companies that his campaign accounts bought stock in, and he had financial dealings with the chairman of two others. The accounts Mr. Bruno used in the investments were held by his re-election committee and the State Senate Republicans' campaign committee.

Last year, the senator's re-election committee reported losing almost $99,000 on an investment in 2000 in Plug Power Inc., a maker of fuel cells based in Latham, N.Y., in which he also personally owned stock, his financial disclosure reports show. In July 2001, a year after he and his committee bought their shares in Plug Power, Mr. Bruno helped secure $500,000 in state money for a research project involving Plug Power, which has also received state contracts and other government aid.

Also in 2001, Mr. Bruno's two committees loaned roughly $200,000 to the Capital Center Credit Corporation, a privately held financial services company in Albany whose chairman, Timothy M. McGinn, was a client of Mr. Bruno's consulting business, according to published reports. Mr. McGinn's firm repaid the loan at an interest rate of 9 percent to 10 percent over about three years.

there was another article in the times about McGinn Smith & Co and the fact that they have been subpoenaed in the investigation. it rose quite a few eye brows around here. it's behind the damn firewall now, but for those times select buyin' folks, you can read it here:

U.S. Is Looking Into Bruno's Ties to an Investment Firm


TODAY is day one. It always is.

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by: phillip anderson @ Sat Jan 13, 2007 at 07:58:18 AM UTC

where was i reading about this recently (4.00 / 4)

oh yeah, here.  If i recall some of us thought this practice seemed somewhat unethical, if not illegal.

let's keep the heat on these crooks. 

So, how long do you think we have old man Joe to kick around?  After he loses the special election will he resign, get on a fancy horse and try to ride away from prosecution?

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by: DIA @ Sat Jan 13, 2007 at 09:34:08 AM UTC

[ Parent ]

am unocovered a couple of stock losses.... (4.00 / 3)

...in "Glitchy's" filing report:

$98,953.00  PLUG POWER INC.  OTHER - LOSS ON SALE OF STOCKS
$18,901.50  MECHANICAL TECH INC.  OTHER - LOSS ON SALE OF STOCKS

We should be looking into those companies and seeing what kind of cash they received.

If his campaign fund LOST that kind of money, think of the size of the investment.

ALso, one has to ask why he sold at a loss this year? Could it be that he knew the feds were on his tail and he decided to sell at a loss to make it look like a failed stock transaction so there was nothing there?

We've got some work ahead of us.

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by: NYBri @ Sat Jan 13, 2007 at 15:32:25 PM UTC

WAY OT.... (4.00 / 4)

I'm going to be an on line guest on Firedoglake this afternoon at 2:00 PM as part of Howie Klein's Blue America series to discuss with the FDL community the decision making process of running for office. Drop on by and let's bring some people here....

I'll be tooting TAP fer sher.

We've got some work ahead of us.

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by: NYBri @ Sat Jan 13, 2007 at 15:36:09 PM UTC

Every day, it seems, (4.00 / 1)

there's another story about Boss Bruno's corruption.

And the media and/or the FBI haven't yet delved into the no-show jobs for Boss Bruno operatives like Bob Mirch and Tom Connolly.

He's going down.

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by: devtob @ Tue Jan 16, 2007 at 03:51:14 AM UTC