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Wednesday, June 15, 2016

Treasurer of pro Trump Super PAC is a Scam Artist Too

Just like his candidate.

Ok, a 2016  trivia question. Who said this about Donald Trump?

"Here's what I know. Donald Trump is a phony, a fraud. His promises are as worthless as a degree from Trump University."

https://twitter.com/MittRomney/status/705434937336451072

Yep, Mitt Romney, the last GOP Presidential nominee.

"No question Trump U was a Ponzi scheme as is Trump's entire campaign. Fittingly, then, the Treasurer of a pro-Trump PAC has also been convicted of running a Ponzi scheme. Is this the sort of guy who would be part of a Trump WH, advising Trump?"

"CONFIRMED: Treasurer of this pro-Trump PAC is notorious Ponzi schemer Steven Hoffenberg, convicted of a $460M fraud. http://www.nytimes.com/1995/04/21/business/hoffenberg-confesses-to-ponzi-scheme.html

https://twitter.com/kenvogel/status/742842478009679873

Hoffenberg Circa 1995:

"Steven Hoffenberg, one of the brashest figures on the New York business scene, pleaded guilty yesterday to criminal conspiracy and fraud charges in connection with a $460 million scheme that was described by prosecutors as one of the largest financial swindles in history."

"Mr. Hoffenberg was ashen and hollow-cheeked -- in contrast with his robust appearance at court hearings last year -- as his lawyer, Jeffrey Hoffman, told Judge Robert Sweet of the Federal District Court in Manhattan that a confession was being offered "to spare Mr. Hoffenberg the trauma, embarrassment and expense of a trial."

"A few moments later, Mr. Hoffenberg softly repeated "guilty" in response to each of five criminal charges filed against him: one count of conspiring to commit securities fraud in the operation of his flagship company, the Towers Financial Corporation; one count of conspiring to obstruct justice by directing employees to lie to the Securities and Exchange Commission; two counts of mail fraud in connection with the Towers operation and a separate scheme to defraud two small Illinois insurers, and one count of tax evasion."

"By pleading guilty, Mr. Hoffenberg admitted to being the ringleader of one of the largest so-called Ponzi schemes on record, having sold more than $460 million in fraudulent notes and bonds to investors and having used some of the money he collected from later investors to pay interest owed to earlier investors. The rest of the money was used to run The New York Post briefly and to support a Potemkin-village financial empire with inflated revenues and fictitious profits that made it appear to be a major health care financing company."

http://www.nytimes.com/1995/04/21/business/hoffenberg-confesses-to-ponzi-scheme.html

Ok, so $460 million is not as much as Bernie Madoff's $65 billion dollar scheme. It is still one of the largest Ponzi schemes in history and is about 230 percent more than Trump probably has.

Most Americans think Trump has neither the knowledge or the temperament.

http://lastmenandovermen.blogspot.com/2016/06/neither-knowledge-or-temperament-to-be.html

If you lack the knowledge, the right temperament might help: at least if you know what you don't know it can save you. Trump doesn't know what he doesn't know. He thinks he knows everything. Not a great combination.

Jennifer Rubin talks about Trump being someone who refuses to learn.

"Of the French Bourbon kings, it was said, “They learned nothing, and they forgot nothing.” That may also be the most apt description of the Republicans’ presumptive nominee Donald Trump. This week marks a year since Trump declared his candidacy. While most nominees get better, more polished and more sophisticated on intricate policy matters, Trump has stubbornly refused to learn much of anything — whether about policy and presidential political operations, but he sure does carry grudges."

"As to the latter, he has — as the weeks and months have gone by — continued to insult Mitt Romney, Jeb Bush, hold-out Republicans who refuse to endorse him and British Prime Minister David Cameron. As of the end of May, he, according to a helpful list from the New York Times, insulted 224 people, places and things. (And that was before he attacked Judge Gonzalo Curiel.) Trump last summer told us, “When people treat me unfairly, I don’t let them forget it.” More to the point, he cannot forget it. For someone who prides himself on deal-making, his plethora of personal vendettas suggest he’ll have trouble getting along with just about everyone except those who slavishly praise him and fetch and carry for him."

"As for the learning, he’s nearly 70 years old. He shows no interest in much of anything other than his own business and golf. If in seven decades he had not taken an interest in economics, world history, public policy, constitutional basics or any other relevant subject matter, he surely had time over the past year to hit the books. He purportedly has met with Henry Kissinger, James Baker and numerous members of the House and Senate. He appears to have learned nothing from those encounters about public policy. He still hawks a wall built by Mexico, a Muslim ban, armed nightclub-goers to combat terrorism and a trade war with China. Whether he declines to use these sessions to ask intelligent questions or cannot retain what he is told or simply prefers to bask in his own ignorance is unknown. The notion, however, that well-meaning Republicans can teach him, guide him and urge him to find “common ground” with coherent conservative ideas seems increasingly delusional."
https://www.washingtonpost.com/blogs/right-turn/wp/2016/06/14/trump-the-bourbon-king/

But he'll have great advisers right?

He'll have Hoffenberg as a consultant. Yep, the blind leading the blind. Or a Ponzi scheme artist running another Ponzi scheme artist's PAC. 

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