Under the Republican regime, the wealthy not only get to skip paying taxes the way the rest of us have to pay, they can even run fraudulent businesses, collect the money, and walk away free and clear with no fear of prosecution. That's what just happened here.Justice Dept. drops massive fraud case
Marisa Taylor | McClatchy Newspapers last updated: July 23, 2007 07:58:46 AM
WASHINGTON — Two years into a fraud investigation, veteran federal prosecutor David Maguire told colleagues he'd uncovered one of the biggest cases of his career.
Maguire described crimes "far worse" than those of Arthur Andersen, the accounting giant that collapsed in the wake of the Enron scandal. Among those in his sights: executives from a subsidiary of Berkshire Hathaway, the investment empire overseen by billionaire Warren Buffett.
In May 2006, he felt strongly enough about his case that he prepared a draft indictment accusing executives from a Virginia insurer, Reciprocal of America, of concocting a series of secret deals to hide its losses from regulators. Although he didn't name anyone from Berkshire Hathaway's subsidiary, he described the company as a participant in the scheme.
But Maguire never brought those charges.
Months after preparing the draft, he was removed as the lead prosecutor on the case and reassigned.
His replacement, a prosecutor who hadn't been involved in the case until then, soon announced that the Berkshire Hathaway subsidiary, General Reinsurance, wouldn't be indicted. By April of this year, the entire investigation, which the Justice Department once hailed as one of the largest insurance-fraud cases in the history of Virginia, had fizzled.
Per FEC regulations, this is an online magazine for political reports, analysis & opinion. New name, same magazine. See Explanation.
Monday, July 23, 2007
Republican Rule of Law: Law will not be enforced on the Rich.
Under the Republican Party, there is one law for everyone except the Rich. The Rich, however, need not fear any prosecution. This from McClatchy today:
Subscribe to:
Post Comments (Atom)
No comments:
Post a Comment