Posted on 09/26/2007 4:44:04 PM PDT by NormsRevenge
Rosenman is as dirty as Hsu....maybe DIRTIER!
The “$63 million” figure continues to puzzle me. Nothing in the case has yet suggested where funds of that magnitude could have gone. The reported levels of Hsu’s political donations + “lavish lifestyle” do not begin to hint at how he could have gone through $63 million. How much did he repay to various smaller investors to keep them on the hook for future schemes? I would love to see a plausible analysis of the inflow and outflow of his funds..... so far nothing adds up.
The $8k is cash Hsu had on him when arrested. Evidently the judge agreed to freeze a US based account with $83K in it, but there are numerous other accounts that were inexplicably not frozen, including one on a Phillipine bank.
One explanation for that would be that the other accounts were already emptied/closed. Reports of a $6M balance in one account are, I believe, based on balance statements Hsu had on him when captured, and not necessarily on current confirmation from the bank.
Pure supposition, but I don't think the payoffs to the two investment funds bounced because the supposed Ponzi scheme just then collapsed under its own weight. I'm thinking that his handlers yanked the big money when the first WSJ article came out.
He evidently had enough to pay the $2M bail, but that was peanuts compared to the $68M+ he'd collected from the investors and not yet paid off on. He could have been maintaining his own "fersure" account apart from the ones dedicated to the main operation with his handlers.
It strains all logic to imagine that the WSJ's article about the Paws coincidentally came out at the precise time that the Ponzi scheme collapsed. It makes much more sense that the WSJ article was the precipitating event. The handlers got spooked and pulled the money, leaving Hsu to hang out to dry.
Correction: not post 19. Post 23.
hmmmmmmm.....this ONION has soooo damn many layers, I’ll bet NO one will be able to figure it out.....and Hillary will escape as the VICTIM once again!
Flip Pidot at suitablyflip.com is reporting that Winkle Paw was an authorized signatory on Hsu’s accounts. And no one has seen him for 3 weeks.
He posits an interesting what-if: What if Paw was on the train with Hsu?
Hsu HAD to have someone with him...how else did he get aroung that day??
It appears that those political donation funds were not donations at all. They were actually payments for future services rendered. Too bad some of the 'investors' may not have known that.
Up through 2005, Paw also listed the (legitimate) investment management firm Franklin Templeton as his employer on more than two dozen filings, where he was also variably a "project analyst" or a "business analyst" (never making it to CEO though).
Don't know if Paw was a legitimate employee of Franklin Templeton, but check out the recent performance of the Franklin Templeton China Investment fund.
'To the Moon' Alice.
Stupid Hsu. Should have invested the money in China. Looks like a 100 % return in just over 1 year.
Holy smoke!! I just checked the net and exactly TWO (including Flip) blogs have picked this up. I can’t find ANY news stories on it yet!! This guy has total access to ALL of Hsu’s money? OMG!
Why isn’t there a warrant out for Winkle Paw? Did he disappear on the same day? It’ll be VERY interesting to see where this story goes from here.
I wonder how and from where WSJ learned about Paws and Hsu's "prior" history and illegal campaign contributions - at that point there was not even a hint of any "Ponzi scheme".
Hsu went to have a meeting with Waters after the articles assuring him that everything was going to be OK, not a behavior of "Ponzi scheme" perpetrator who would take the money and ran. Rosenman wouldn't put up $2 milllion for Hsu's original bail - if he thought his $40 million investment was scammed from him and in jeopardy, he would rush to authorities to freeze Hsu's accounts.
The problem that I see is that the story’s focus is being diverted - from original WSJ focus on illegal campaign financing scheme for which the money was laundered through Norman’s “enterprise” and how he got to be in such elite political company from virtual unknown just before “dupe millionaires” were clamoring to “loan” him money at exorbitant profits without checking out his business and personal history, and who were the real financiers of the scheme - into the story of Norman Hsu’s “massive Ponzi scheme” and its numerous victims.
Political / campaign story and Hillary’s (and Bill’s) moneyed friends are being gradually left out of the story and she and other Democrats are being turned into “victims” of Hsu’s illegal schemes.
Ed Rendell has announced that he will be returning Winkle Paw’s donation too. If he smells fishy to Rendell, just imagine how bad in normal nasal passages!
Rendell is also returning money from one Paul Su. Not, I trust, pronounced “shoo.”
The boy named Su is (su-prise!) another associate of Hsu.
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