100Reporters, Oct 20, 2017 – The controversial New York meeting in June 2016 between Donald Trump’s campaign team and a group of Russians, initiated as a talk about finding dirt on Hillary Clinton, is drawing new scrutiny of US economic sanctions against targeted Russians.
At the meeting, Donald Trump Jr. and other Trump confederates, lured by a promise of compromising information on Trump’s rival, instead stumbled upon a quagmire: a fraud that bilked the Russian treasury of $230 million; a trans-Atlantic dispute over offshore accounts and tax evasion, and a U.S.-born investor, William Browder, who once ran the largest foreign investment fund in Russia, and who plays the eminence grise in this drama.
Browder is perhaps best known as an investor in Russia turned an anti-corruption activist, and the driving force behind the Magnitsky Act, the battery of economic sanctions aimed at Russian officials.
100Reporters, May 21, 2014 – The secret deals of “corruption fighter” William Browder, an offshore profit-launderer As U.S and European governments impose sanctions on bankers, businessmen and officials close to Vladimir Putin to pressure him over Crimea, the asset freezes will lead investigators not to the Kremlin alone, but to the western-built offshore system that has helped the Russian leader and friends loot their country and consolidate power.
A case – details not public before – shows how westerners – lawyers, accountants, bankers, investors—used the offshore system to facilitate and benefit from Russian corruption.
It involves William Browder (opposite), self-described anti-corruption fighter, known in Washington for winning passage of 2012 “Magnitsky Act,” which presaged current law by blocking visas, freezing assets of Russians accused of rights violations and corruption.
Browder and fellow investors stole funds diverted via an Isle of Man shell from a Russian company they controlled.
100Reporters, Jan 19, 2012 — Mitt Romney, who makes his hands-on business experience a talking point in his campaign for the Republican presidential nomination, was a member of the board of directors and audit committee of a global company when it paid millions of dollars to settle charges of extracting kickbacks that cheated clients.
The company is Marriott International and the accusers were hotel owners who had hired Marriott to manage their properties under the Marriott name.
In recent weeks, Romney has come under fire for his role at Bain Capital. But his actions as an independent director at Marriott in the late 1990s and again just two years ago open another window on the candidate’s record in business and leadership qualities.
The New York Times, Dec 3, 2011 –
An increasingly cozy alliance between companies that manufacture processed foods and companies that serve the meals is making students — a captive market — fat and sick while pulling in hundreds of millions of dollars in profits. At a time of fiscal austerity, these companies are seducing school administrators with promises to cut costs through privatization. Parents who want healthier meals, meanwhile, are outgunned.
Each day, 32 million children in the United States get lunch at schools that participate in the National School Lunch Program, which uses agricultural surplus to feed children. About 21 million of these students eat free or reduced-price meals, a number that has surged since the recession. The program, which also provides breakfast, costs $13.3 billion a year.
Sept 24, 2010 – Last Saturday, Barron’s ran my story in which IDT CEO Howard Jonas admitted for the first time a suspect deal with then Haitian President Jean-Bertrand Aristide that involved sending payments due Haiti to a law firm in the Turks and Caicos. Jonas told me the company had gotten a lawyer’s “ethics letter” clearing the deal. But he wouldn’t provide it.
A day before the story was to run, Barron’s got a call from a lawyer of the firm representing IDT in a lawsuit by former IDT executive D. Michael Jewett, who says the company fired him for objecting to the offshore deal. He promised to provide the ethics letter. It was the end of day, Friday. The magazine noted that promise when it published the next day.
Days later, the lawyer called to say he couldn’t provide the letter because it was sealed. Hard to believe: there is no sealing order for the letter in the case docket.
Barron’s, Sept 20, 2010 –
Scoop summary: Howard Jonas, CEO of U.S. telecom IDT, in an interview with Lucy Komisar, acknowledges for the first time that then Haiti President Jean-Bertrand Aristide in 2003 met with an IDT official during discussions about a contract to pay Haiti Teleco for calls from U.S. customers. That contract included agreement for IDT to send payments to a shell company in the offshore Turks and Caicos Islands. Jonas said IDT got an “ethics letter” from a law firm clearing the deal, but the lawyer said in a memo filed with the court, published here for the first time, that he simply told IDT to do “due diligence.” IDT signed the contract the next day.
A former IDT official, who objected to the deal, was fired and is suing the company; trial is set for Nov 9th. The Justice Department and Securities and Exchange Commission are investigating violation of the Foreign Corrupt Practices Act. Jonas’s revelations are likely to have a major impact in the trial and investigations.
The American Interest, July-Aug 2010 (online May 18, 2010) –
As I write this, the U.S. Senate is debating a major financial reform bill in which the credit default swap, a kind of derivative, plays a significant part. An amendment to that bill, proposed by Senators Carl Levin (D-MI) and Jeff Merkley (D-OR), would ban banks from proprietary trading. There are a lot of high-rolling bankers who do not want that amendment to pass, because it will mess up their plans to repatriate foreign profits into the United States, untaxed, by trading in derivatives on their own accounts. The clearinghouse ICE Trust U.S. forms a central part of these plans.
What is ICE Trust U.S., and who owns it? ICE US Holding Co., which was established in 2008 as the parent of ICE Trust U.S., is located in the Cayman Islands. Yet none of the owners of ICE US Holding Co. are based in the Caymans. Among the owners of the Cayman’s company are Citigroup, Goldman Sachs, J.P. Morgan, Merrill Lynch and Morgan Stanley, which are headquartered in New York. Bank of America, which now owns Merrill Lynch, is based in Charlotte, North Carolina.
State aided suspect in huge swindle
Miami Herald, July 5, 2009 –
Winner of second place for Business News, the National Headliner Awards
Years before his banking empire was shut down in a massive fraud case, Allen Stanford swept into Florida with a bold plan: entice Latin Americans to pour millions into his ventures — in secrecy.
From a bayfront office in Miami in 1998, he planned to sell investments to customers and send their money to Antigua.
But to pull it off, he needed unprecedented help from an unlikely ally: The state of Florida would have to grant him the right to move vast amounts of money offshore — without reporting a penny to regulators. He got it.