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Posts Tagged ‘Ponzi scheme’

Laffer Sued Over Ponzi Scheme, Cheap Cottage-Industry Manufacturing: The Two Best News Items You’ll Hear Today

Posted by Phoenix Woman on January 12, 2012

Two bits of news you won’t find at any “NewsRight” affiliate, but which may be the most important things you read today:

— You always knew supply-side economics was a con job. Now we see that its popularizer, Arthur Laffer, is being sued over an alleged Ponzi scheme (h/t The Exiled, which has it in its “What You Should Know” news sidebar today):

HOUSTON (CN) – Fifty-two investors claim fund managers associated with supply-side economist Arthur Laffer took $3.1 million to prop up a Ponzi scheme, then said nothing as their money was “wasted with no reasonable expectation of recovery.”
Lead plaintiffs Ronald and Lavonne Ellisor sued David Wallace, Costa Bajjali, and their entities Wallace Bajjali Development Partners LP, Wallace Bajjali Investment Fund II LP, the Laffer Frishberg Wallace Economic Opportunity Fund LP, and Arthur Laffer in Harris County Court.
Laffer is best known for the Laffer Curve, an economic theory that says reducing taxes will increase government revenue. He was a member of President Reagan’s Economic Policy Advisory Board during the 1980s.

Ooops.

This is a game-changer, folks:

I have been aware of 3D printing – the ability to create out of plastic what ever you can design on your computer – for a while. But except for those who have built their own, it has been put of reach to all but engineers in large corporation and research facilities.

That is until now. According to this report from the CES in Las Vegas, there are a few companies that are now going to offer or are already offering this technology to the average (more or less) consumer.

And as the diarist notes, the device costs less than $2,000.

For not much more than a couple of house payments, or what you’d plunk down for a top-of-the-line gaming desktop machine, you can run a machine shop out of your home.

Think about that for a moment.

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Petters, 2008: Bachmann Pal Vennes Says He’ll Get Pardoned ‘Next Year’

Posted by Phoenix Woman on July 3, 2011

Once again, Ken Avidor comes through with the goods.

In this case, the goods involve a trial audio recording and transcript. The recording and transcript (from which the above YouTube is excerpted) document Ponzi schemer Tom Petters, in a September 8, 2008 conversation with Deanna Coleman (who he didn’t know was recording the conversation as the government had already nabbed her), saying that Frank Vennes, longtime Petters associate and friendly with Michele Bachmann, Norm Coleman and Tim Pawlenty, had told him in August 2008 that he, Tom Petters, was going down but that Vennes was “going to get a pardon next year”:

Now, why would Vetters think that? Probably because Michele Bachmann had already written to then-President Bush asking him to pardon Vetters:

KARL BREMER: Frank Vennes, Jr., was one of her largest contributors in 2006. He’s a convicted money launderer. He did time in federal prison in Sandstone Prison in northern Minnesota. And upon his release, he became involved in Tom Petters. And if you are familiar with the Petters Ponzi scheme, about a $3.5 billion Ponzi scheme that operated in Minnesota, Frank Vennes steered primarily evangelical Christian groups to invest with Tom Petters. And he became implicated in the Petters scandal in 2008. But that was after Michele Bachmann had written a recommendation for pardon for Frank Vennes. Vennes and his family and his personal lawyer have given Bachmann tens of thousands of dollars in campaign contributions. Vennes also contributed heavily to another Minnesota presidential candidate, Tim Pawlenty, and the state Republican Party. And Vennes got letters of recommendation from Tim Pawlenty, or recommendations for a pardon from Pawlenty, from Norm Coleman, former U.S. senator from Minnesota, and from Bachmann.

When Vennes was implicated in the Petters scandal in 2008, Bachmann withdrew her letter of support for a pardon, and she gave back a portion of the money that Vennes had donated to her campaign. Just in April of this year, Vennes was actually indicted in the Petters scandal, and he’s scheduled to go to trial later this year, which could make for an uncomfortable time for Michele Bachmann, because in her letter of support for a pardon, she indicated she had a very close personal relationship with Frank Vennes and was quite familiar with his personal finances. She has, of course, never returned my calls regarding Frank Vennes, and she’s really never explained fully her relationship with this convicted money launderer.

Vennes’ trial is set to start roundabout the time the GOP primary season begins in earnest. (By the way: Republicans are trying to deflect this scandal by pointing out that Vetters gave money to Amy Klobuchar as well as to Norm, Timmy and Michele. What they don’t point out is that, unlike Norm, Timmy and especially Michele, Amy Klobuchar didn’t work to get Vetters pardoned.)

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