Thursday, March 7, 2013
Historical Tidbits From the History of Corrupt Americans (2)
A Savings and Loan Bailout, Corrupt Prescott Bush's Grandson and Corrupt CIA Bush's Disgusting Corrupt Son Jeb. How well it runs in the family!
After Jeb Bush, a son of the then President, and a partner bought a Miami office building using money a corrupt associate had borrowed from a local savings and loan, the Federal Government wound up repaying most of the loan. This was during the Savings and Loan crisis/expose that resulted in hundreds of men doing jail time for using the Savings and Loans as personal check books for risky ventures. (There was a total lack of proper government enforcement over the S&L's and the Bank Savy Republiscams of either party stepped in and raped many of the S&L's. The politicians who were just as guilty as the guys who went to prison were all let off with minor fines, but the fact remains that they were thieves, they were caught, but did no jail time. When you take advantage of loopholes in banking laws, you can get away with massive Multi-Million Dollar fraud or frauds.
After Jeb Bush, and a partner bought a Miami office building (from an acquaintance) using money an associate had borrowed from a local savings and loan, the Federal Government wound up repaying most of the loan as it did in most of those cases. Was there criminal malfeasance? Hell yes! Did Bush go to jail? Hell, No! Is this wrong? Hell, Yes! Whatta We Gonna Do 'Bout It? Absolutely Nothing!
The savings institution became insolvent, and the Government paid more than $4 million to make good the loan as part of the bailout of the savings industry. Mr. Bush and his partner negotiated a settlement with regulators in which they repaid $505,000 and retained control of the building. While they still had a $7 million mortgage to pay on that property, the settlement with the Government lifted from their backs a $4.565 million second mortgage. Yet, the building was worth far more, and it was the Bush Gang who defaulted on the second Trust Deed. The obvious fraud was that the New Second Trust Deed was for far more money than the building with the First Trust Deed added was worth. Once the money was loaned out, the Savings and Loan Collapsed because of nonpayment of numerous shady loans like that, and the criminal borrowers pocketed over Four Million Dollars. Corrupt as hell, but Bush went on to become Governor of Florida as if nothing happened. Of course, we know how corrupt the balloting in the Florida election process can be. There were Republiscams running that show, too.
If you want additional information on Jeb, try this on for size. Jeb Bush’s curious relationship with Miguel Recarey is another illustration. Recarey was a long-time business associate of Tampa organized crime figure Santos Trafficante. Recarey also fled the U.S. facing three separate indictments for labor racketeering, illegal wiretapping and Medicare fraud.
Recarey’s business, International Medical Centers, was the largest health maintenance organization for the elderly in the U.S. and had been supported from $1 billion in payments from the easily fleeced Medicare program. If you are a Republiscam and you set up the laws governing Medicare, you know how to fleece them.
International Medical Centers went bankrupt in 1988. When that corrupt corporation went under it amazingly left $222 million in unpaid bills and was under investigation for $100 million in Medicare fraud. Just the tip of the iceberg. The U.S. Office of Labor Racketeering in Miami referred to Recarey and his company as “the classic case of embezzlement of government funds ... “a bust-out operation”
Jeb Bush’s role in this saga being in 1985 when Recarey’s attempt to create his “bust-out scam” corporation ran into a federal regulation that said no HMO could get more that 50% of its revenue from Medicare. Jeb Bush intervened on Recarey’s behalf with Health & Human Services Secretary Margaret Heckler and one of her top aides.
Jeb persuaded them to waive the regulation in the case of Recarey’s company In addition to Jeb Bush’s intervention, Recarey had paid $1 million to senior Republican lobbyists in Washington, who were also working the staff of Health and Human Services in pursuance of a waiver. In the "Friends of Friends" network, lots of corrupt money gets spread around.
In addition, Jeb Bush had contacted Secretary Heckler earlier about complaints from doctors over the quality of International Medical Centers’ care and allegations that Recarey (an obvious career criminal) had embezzled funds form another hospital. Jeb Bush told an aide to Secretary Heckler that “contrary to any rumors that were floating around concerning Mr. Recarey, that he was a "solid citizen" from Mr. Bush’s perspective, that he was a "good community citizen" in Miami and a "good financial supporter of the Republican Party” Proof positive of the Friend of a Friend network.
Of course, in 1988 Recarey’s company gave Jeb Bush’s real estate company $75,000 to help it find a site for a new corporate headquarters. It was a bad investment because International Medical Centers had already selected a corporate headquarters location when it hired Jeb Bush.
Total Corruption, All the Time. All the Time, Total Corruption. All of the CIA Bush family members belong in prison. And to think that Jeb is even considering running for President in a few years.