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	<title>Comments on: Wyly Brothers: SEC Complaint on $550 Million Fraud</title>
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	<link>http://www.ritholtz.com/blog/2010/07/wyly-brothers-indicted-on-550-million-fraud/</link>
	<description>Macro Perspective on the Capital Markets, Economy, Geopolitics, Technology, and Digital Media</description>
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		<title>By: Broken</title>
		<link>http://www.ritholtz.com/blog/2010/07/wyly-brothers-indicted-on-550-million-fraud/comment-page-2/#comment-361081</link>
		<dc:creator>Broken</dc:creator>
		<pubDate>Tue, 03 Aug 2010 02:20:56 +0000</pubDate>
		<guid isPermaLink="false">http://www.ritholtz.com/blog/?p=57847#comment-361081</guid>
		<description>@Patrick Neid: &quot;The majority of Stanford’s millions in donations went to Dems some via the Ben Barnes Group, a lobbying firm.&quot;

Not exactly. Republicans Katherine Harris and Tom Delay were Stanford fellow travelers. Although Dem Bill Nelson took a lot of Stanford money, as did the 2002 DSCC. Stanford was an equal opportunity crook, dishing out $5 mil in lobbying and donations over 10 years.</description>
		<content:encoded><![CDATA[<p>@Patrick Neid: &#8220;The majority of Stanford’s millions in donations went to Dems some via the Ben Barnes Group, a lobbying firm.&#8221;</p>
<p>Not exactly. Republicans Katherine Harris and Tom Delay were Stanford fellow travelers. Although Dem Bill Nelson took a lot of Stanford money, as did the 2002 DSCC. Stanford was an equal opportunity crook, dishing out $5 mil in lobbying and donations over 10 years.</p>
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		<title>By: Broken</title>
		<link>http://www.ritholtz.com/blog/2010/07/wyly-brothers-indicted-on-550-million-fraud/comment-page-2/#comment-360985</link>
		<dc:creator>Broken</dc:creator>
		<pubDate>Mon, 02 Aug 2010 23:49:42 +0000</pubDate>
		<guid isPermaLink="false">http://www.ritholtz.com/blog/?p=57847#comment-360985</guid>
		<description>Ken Lay, Wyly Brothers....So how many other Bush Pioneers were crooks?</description>
		<content:encoded><![CDATA[<p>Ken Lay, Wyly Brothers&#8230;.So how many other Bush Pioneers were crooks?</p>
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		<title>By: Greg Palast</title>
		<link>http://www.ritholtz.com/blog/2010/07/wyly-brothers-indicted-on-550-million-fraud/comment-page-2/#comment-359475</link>
		<dc:creator>Greg Palast</dc:creator>
		<pubDate>Sat, 31 Jul 2010 04:55:15 +0000</pubDate>
		<guid isPermaLink="false">http://www.ritholtz.com/blog/?p=57847#comment-359475</guid>
		<description>Did Wyly Coyotes’ Ill-Gotten Loot Buy White House?
Monday, April 11, 2005


When the feds swoop down and cuff racketeers, they also load the vans with all the perp&#039;s ill-gotten gains: stacks of cash, BMWs, hideaway houses, whatever. Their associates have to cough up the goodies too -- lady friends must give up their diamond rocks.

Under the racketeering law, RICO, even before a verdict, anything bought with the proceeds of the crime goes into the public treasury.

But there seems to be special treatment afforded those who loaded up on the &#039;bennies&#039; of crimes committed by George Bush&#039;s buddies.

On Friday, the Manhattan District Attorney&#039;s office announced it had captured a couple of Texas varmints, the Wyly Brothers, Charles and Sam. The two have &#039;fessed to concealing half their holdings in one of the rich boys&#039; companies, Michaels Stores. The grand jury is still out on deciding to indict the two for the crime of fraud upon the stock market.

Who are these guys? The billionaire brothers are &quot;Pioneers&quot; - not the kind that built little houses on the prairie, but the kind that agreed to raise over a hundred grand for George W. Bush&#039;s first Presidential run. Sam anted up more than a quarter million for the Republican National Committee in 2000.

But that&#039;s just the tip of the cash-berg for Bush. In 2000, Sen. John McCain was wiping the electoral floor with Bush Jr. in the Republican primaries -- until that March when the Wylys secretly put up two and half million dollars for a campaign to smear Bush&#039;s opponent just days before the crucial Southern primaries.

They repeated the trick in 2004, putting up cash for the Swift Boat Veterans for Truth, the vicious little snipes who tore apart the Kerry campaign.

So what makes these guys so thrilled with Mr. Bush? There are more than ninety million reasons. While George W. was governor of Texas, investigative reporter Joe Conason discovered, a Wyly family private investment fund, Maverick Capital of Dallas, was awarded a state contract to invest $90 million for the University of Texas endowment.

That&#039;s not all. As Governor, Bush signed into law an electricity &quot;deregulation&quot; bill that was little more than an ill-disguised raid on consumers&#039; wallets by Texas power companies. The bill was in part drafted by an outfit called GreenMountain.com, a power company owned by -- Sam Wyly.

On the day George W. signed the deregulation bill, Sam Wyly said, &quot;Governor Bush&#039;s hard work and leadership have paid off.&quot; And, it seems, in 2000 and 2004, the Wylys paid back.

Last week, the Wyly brothers, knowing law men will probably seize their gains anyway, announced they would turn over their hidden loot to Michaels Stores&#039; treasury -- a kind gesture, like a bank-robber turning over stolen cash in hopes of leniency.

But what about the racketeering rule requiring all cronies of the wrongdoers to give up the benefits of alleged crime?

If the G-men don&#039;t know where the tainted booty is cached, try this address: 1600 Pennsylvania Avenue. Ask for George or Dick.

Now it might be unfair to say that George Bush&#039;s campaigns succeeded solely because of the Wyly&#039;s loot. After all, the number one campaign contributors were Pioneer Ken Lay and his associates at Enron.

OK now, Mr. President, give it back- the millions stuffed in the pockets of the Republican campaign kitty filched from Enron retirees and the suckers in the stock market who didn&#039;t have the inside track like the Wylys.

When I worked as a racketeering investigator for government, nothing was spared, including houses bought with purloined loot. Let there be no exception here. It&#039;s time to tape up the White House gate and hang the sign: &quot;Crime Scene: Property to be Confiscated. Vacate Premises Immediately.&quot;

******

Greg Palast is the author of the New York Times bestseller, the Best Democracy Money Can Buy. Subscribe to his columns at www.GregPalast.com Out in this month&#039;s Harper&#039;s Magazine: Palast uncovers the secret State Department documents dividing up Iraq&#039;s oil.</description>
		<content:encoded><![CDATA[<p>Did Wyly Coyotes’ Ill-Gotten Loot Buy White House?<br />
Monday, April 11, 2005</p>
<p>When the feds swoop down and cuff racketeers, they also load the vans with all the perp&#8217;s ill-gotten gains: stacks of cash, BMWs, hideaway houses, whatever. Their associates have to cough up the goodies too &#8212; lady friends must give up their diamond rocks.</p>
<p>Under the racketeering law, RICO, even before a verdict, anything bought with the proceeds of the crime goes into the public treasury.</p>
<p>But there seems to be special treatment afforded those who loaded up on the &#8216;bennies&#8217; of crimes committed by George Bush&#8217;s buddies.</p>
<p>On Friday, the Manhattan District Attorney&#8217;s office announced it had captured a couple of Texas varmints, the Wyly Brothers, Charles and Sam. The two have &#8216;fessed to concealing half their holdings in one of the rich boys&#8217; companies, Michaels Stores. The grand jury is still out on deciding to indict the two for the crime of fraud upon the stock market.</p>
<p>Who are these guys? The billionaire brothers are &#8220;Pioneers&#8221; &#8211; not the kind that built little houses on the prairie, but the kind that agreed to raise over a hundred grand for George W. Bush&#8217;s first Presidential run. Sam anted up more than a quarter million for the Republican National Committee in 2000.</p>
<p>But that&#8217;s just the tip of the cash-berg for Bush. In 2000, Sen. John McCain was wiping the electoral floor with Bush Jr. in the Republican primaries &#8212; until that March when the Wylys secretly put up two and half million dollars for a campaign to smear Bush&#8217;s opponent just days before the crucial Southern primaries.</p>
<p>They repeated the trick in 2004, putting up cash for the Swift Boat Veterans for Truth, the vicious little snipes who tore apart the Kerry campaign.</p>
<p>So what makes these guys so thrilled with Mr. Bush? There are more than ninety million reasons. While George W. was governor of Texas, investigative reporter Joe Conason discovered, a Wyly family private investment fund, Maverick Capital of Dallas, was awarded a state contract to invest $90 million for the University of Texas endowment.</p>
<p>That&#8217;s not all. As Governor, Bush signed into law an electricity &#8220;deregulation&#8221; bill that was little more than an ill-disguised raid on consumers&#8217; wallets by Texas power companies. The bill was in part drafted by an outfit called GreenMountain.com, a power company owned by &#8212; Sam Wyly.</p>
<p>On the day George W. signed the deregulation bill, Sam Wyly said, &#8220;Governor Bush&#8217;s hard work and leadership have paid off.&#8221; And, it seems, in 2000 and 2004, the Wylys paid back.</p>
<p>Last week, the Wyly brothers, knowing law men will probably seize their gains anyway, announced they would turn over their hidden loot to Michaels Stores&#8217; treasury &#8212; a kind gesture, like a bank-robber turning over stolen cash in hopes of leniency.</p>
<p>But what about the racketeering rule requiring all cronies of the wrongdoers to give up the benefits of alleged crime?</p>
<p>If the G-men don&#8217;t know where the tainted booty is cached, try this address: 1600 Pennsylvania Avenue. Ask for George or Dick.</p>
<p>Now it might be unfair to say that George Bush&#8217;s campaigns succeeded solely because of the Wyly&#8217;s loot. After all, the number one campaign contributors were Pioneer Ken Lay and his associates at Enron.</p>
<p>OK now, Mr. President, give it back- the millions stuffed in the pockets of the Republican campaign kitty filched from Enron retirees and the suckers in the stock market who didn&#8217;t have the inside track like the Wylys.</p>
<p>When I worked as a racketeering investigator for government, nothing was spared, including houses bought with purloined loot. Let there be no exception here. It&#8217;s time to tape up the White House gate and hang the sign: &#8220;Crime Scene: Property to be Confiscated. Vacate Premises Immediately.&#8221;</p>
<p>******</p>
<p>Greg Palast is the author of the New York Times bestseller, the Best Democracy Money Can Buy. Subscribe to his columns at <a href="http://www.GregPalast.com" rel="nofollow">http://www.GregPalast.com</a> Out in this month&#8217;s Harper&#8217;s Magazine: Palast uncovers the secret State Department documents dividing up Iraq&#8217;s oil.</p>
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		<title>By: Lord</title>
		<link>http://www.ritholtz.com/blog/2010/07/wyly-brothers-indicted-on-550-million-fraud/comment-page-2/#comment-359064</link>
		<dc:creator>Lord</dc:creator>
		<pubDate>Fri, 30 Jul 2010 20:22:22 +0000</pubDate>
		<guid isPermaLink="false">http://www.ritholtz.com/blog/?p=57847#comment-359064</guid>
		<description>Uncertainty, deficits, fraud - don&#039;t you know those only apply to Democrats?  I think it is defined as such in the conservative wikipedia.  ;-)</description>
		<content:encoded><![CDATA[<p>Uncertainty, deficits, fraud &#8211; don&#8217;t you know those only apply to Democrats?  I think it is defined as such in the conservative wikipedia.  ;-)</p>
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		<title>By: Patrick Neid</title>
		<link>http://www.ritholtz.com/blog/2010/07/wyly-brothers-indicted-on-550-million-fraud/comment-page-2/#comment-359034</link>
		<dc:creator>Patrick Neid</dc:creator>
		<pubDate>Fri, 30 Jul 2010 19:25:19 +0000</pubDate>
		<guid isPermaLink="false">http://www.ritholtz.com/blog/?p=57847#comment-359034</guid>
		<description>&quot;Uh BR you forgot R. Allan Stanford.&quot;

Much smarter than fellow Texans, the Wyly&#039;s, when it comes to giving. The majority of Stanford&#039;s millions in donations went to Dems some via the Ben Barnes Group, a lobbying firm. Ben Barnes? Vice chair and top fund raiser for the Kerry campaign. It&#039;s a small world out there. Kerry vs Bush and Stanford vs Wyly&#039;s.

Stanford rips off 8 billion and mums the word!
</description>
		<content:encoded><![CDATA[<p>&#8220;Uh BR you forgot R. Allan Stanford.&#8221;</p>
<p>Much smarter than fellow Texans, the Wyly&#8217;s, when it comes to giving. The majority of Stanford&#8217;s millions in donations went to Dems some via the Ben Barnes Group, a lobbying firm. Ben Barnes? Vice chair and top fund raiser for the Kerry campaign. It&#8217;s a small world out there. Kerry vs Bush and Stanford vs Wyly&#8217;s.</p>
<p>Stanford rips off 8 billion and mums the word!</p>
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		<title>By: callistenes</title>
		<link>http://www.ritholtz.com/blog/2010/07/wyly-brothers-indicted-on-550-million-fraud/comment-page-2/#comment-358984</link>
		<dc:creator>callistenes</dc:creator>
		<pubDate>Fri, 30 Jul 2010 18:09:16 +0000</pubDate>
		<guid isPermaLink="false">http://www.ritholtz.com/blog/?p=57847#comment-358984</guid>
		<description>This is just one of the Wyly links.
http://www.iomtoday.co.im/isle-of-man-business/FSC-REJECTS-US-SENATE39S-39TAX.1679182.jp</description>
		<content:encoded><![CDATA[<p>This is just one of the Wyly links.<br />
<a href="http://www.iomtoday.co.im/isle-of-man-business/FSC-REJECTS-US-SENATE39S-39TAX.1679182.jp" rel="nofollow">http://www.iomtoday.co.im/isle-of-man-business/FSC-REJECTS-US-SENATE39S-39TAX.1679182.jp</a></p>
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		<title>By: callistenes</title>
		<link>http://www.ritholtz.com/blog/2010/07/wyly-brothers-indicted-on-550-million-fraud/comment-page-2/#comment-358982</link>
		<dc:creator>callistenes</dc:creator>
		<pubDate>Fri, 30 Jul 2010 18:08:38 +0000</pubDate>
		<guid isPermaLink="false">http://www.ritholtz.com/blog/?p=57847#comment-358982</guid>
		<description>Uh BR you forgot R. Allan Stanford.

Also this is probably also about the fact that Sam Wyly has all his money in an Ilse of Man trust of which he is the sole controller to evade taxes. Even the watch he wears (formerly FDR&#039;s)  is owned by the trust.



~~~

&lt;strong&gt;BR&lt;/strong&gt;: Here are the &lt;a href=&quot;http://www.ritholtz.com/blog/?domains=http%3A%2F%2Fwww.ritholtz.com%2F&amp;sitesearch=http%3A%2F%2Fwww.ritholtz.com%2F&amp;cx=015905226837203657063%3Ax1cwdcykvvw&amp;ie=UTF-8&amp;oe=UTF-8&amp;cof=FORID%3A11&amp;s=Search&amp;q=Alan+Stanford&amp;sa.x=0&amp;sa.y=0#1162&quot; rel=&quot;nofollow&quot;&gt;Alan Stanford mentions&lt;/a&gt;</description>
		<content:encoded><![CDATA[<p>Uh BR you forgot R. Allan Stanford.</p>
<p>Also this is probably also about the fact that Sam Wyly has all his money in an Ilse of Man trust of which he is the sole controller to evade taxes. Even the watch he wears (formerly FDR&#8217;s)  is owned by the trust.</p>
<p>~~~</p>
<p><strong>BR</strong>: Here are the <a href="http://www.ritholtz.com/blog/?domains=http%3A%2F%2Fwww.ritholtz.com%2F&#038;sitesearch=http%3A%2F%2Fwww.ritholtz.com%2F&#038;cx=015905226837203657063%3Ax1cwdcykvvw&#038;ie=UTF-8&#038;oe=UTF-8&#038;cof=FORID%3A11&#038;s=Search&#038;q=Alan+Stanford&#038;sa.x=0&#038;sa.y=0#1162" rel="nofollow">Alan Stanford mentions</a></p>
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		<title>By: Joe Friday</title>
		<link>http://www.ritholtz.com/blog/2010/07/wyly-brothers-indicted-on-550-million-fraud/comment-page-1/#comment-358900</link>
		<dc:creator>Joe Friday</dc:creator>
		<pubDate>Fri, 30 Jul 2010 15:52:58 +0000</pubDate>
		<guid isPermaLink="false">http://www.ritholtz.com/blog/?p=57847#comment-358900</guid>
		<description>BR: &quot;(how is it that the FT scoops US papers?)&quot;

Whadda mean ? They are ALL OVER the Chelsea Clinton wedding.</description>
		<content:encoded><![CDATA[<p>BR: &#8220;(how is it that the FT scoops US papers?)&#8221;</p>
<p>Whadda mean ? They are ALL OVER the Chelsea Clinton wedding.</p>
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		<title>By: Rescission</title>
		<link>http://www.ritholtz.com/blog/2010/07/wyly-brothers-indicted-on-550-million-fraud/comment-page-1/#comment-358896</link>
		<dc:creator>Rescission</dc:creator>
		<pubDate>Fri, 30 Jul 2010 15:46:32 +0000</pubDate>
		<guid isPermaLink="false">http://www.ritholtz.com/blog/?p=57847#comment-358896</guid>
		<description>@FrancoisT:
I read you links.  Are you blaming the dems for not allowing republican amendments regarding illegals and for requiring a 2/3 vote to approve the aid?  I am confused.</description>
		<content:encoded><![CDATA[<p>@FrancoisT:<br />
I read you links.  Are you blaming the dems for not allowing republican amendments regarding illegals and for requiring a 2/3 vote to approve the aid?  I am confused.</p>
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		<title>By: Rescission</title>
		<link>http://www.ritholtz.com/blog/2010/07/wyly-brothers-indicted-on-550-million-fraud/comment-page-1/#comment-358885</link>
		<dc:creator>Rescission</dc:creator>
		<pubDate>Fri, 30 Jul 2010 15:26:59 +0000</pubDate>
		<guid isPermaLink="false">http://www.ritholtz.com/blog/?p=57847#comment-358885</guid>
		<description>@ Calvin Jones:  Thanks.  I will do that.  Never heard of the guys until yesterday.</description>
		<content:encoded><![CDATA[<p>@ Calvin Jones:  Thanks.  I will do that.  Never heard of the guys until yesterday.</p>
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