Skip to comments.Breaking: LightSquared founder, Obama ally Falcone sued by SEC for fraud
Posted on 06/27/2012 7:12:54 PM PDT by opentalk
US regulators sued hedge fund billionaire Philip Falcone for fraud Wednesday, accusing him of taking $113 million from a fund to pay his taxes.
The Securities and Exchange Commission (SEC) said Falcone, who raked in billions betting against packaged mortgage securities ahead of the US real-estate crash, took clients' money from funds run by his Harbinger Capital Partners to pay his personal taxes.
It also said Falcone illegally manipulated bond prices, traded preferential treatment to investors who backed a controversial board initiative, and broke restricted period trading rules in three initial public offerings to make money on short sales.
(Excerpt) Read more at breitbart.com ...
"...what bumps?....I gotta get all the money I can before November"
Good comment at the link:
“Hey Falcone, don’t forget to donate 3 dollars to the Obama campaign.”
Well, Well, Look at Obama’s Cronies.
I feel sorry for the guy. Clearly, he got ripped off. He bet the company that he could use the spectrum that they owned for communications, and he didn’t get his permission from the FCC. What ever happened to “Our government - the best government money can buy”?
Yep, I guess he did get a bit of a ripping, so sad.
Fortunately there was an Air Force general that took his oath of office a lot more seriously than the CINC, I doubt Obama or Falcone planned on that. ;-)
Aw, pocket change.
The GPS’s of the land all united and said no. The signal strength they’d need in the spectrum he wanted would have assured the confusion of practically every existing GPS, which uses a frequency very close with selectivity which is not exactly stellar. If GPS had been designed out of the gate with the usage of such close spectrum in mind, things might have been different, but when you have an established application with millions of users it is hard to tell them all to scrap their equipment and buy new.
I think it’s more physics than poor GPS design. If that logic held, you could make the argument that radio astromony equipment is poorly designed and we should be able to use UHF channel 37 terrestrially. The spectrum on either side of GPS is quiet and has to stay that way for a reason. The bottom line is that for the amount of money he was investing, Falcone had access to RF engineers for consulting, he knew the deal, and he gambled that his wad could change the rules of the game. He lost.
There were reports the administration pressured a military officer to alter his testimony before Congress.
Sounds like lying to congress is a pattern with this administration
Obama’s crony and campaign bundler, Julius Genachowski in the FCC tried to fast track approval and push-it through.
Correction, the day before
Well, turning GPS implementations on their head (a more expensive, more tightly selective receiver which would require less quiet space on either side of its bandwidth) was a bridge too far. The physics was not impossible, just costly. No said the dog, my tail shall not wag me.
The FCC had already put LightSquared’s license on a fast track but when Gen. Shelton testified it put the FCC and Obama between a rock and a hard place. The FCC wound up backing off on the license.
Shelton is a four star and was probably ready to retire anyway but it's doubtful they'll try to go after Shelton because he was not only right but more less exposed the administrations corruption.