President Obama, Secretary of State Clinton scrambling to distance themselves from Nemazee

President Obama and the Democratic National Committee will donate to charity more than $60,000 that came from a prominent financier arrested this week on bank fraud charges, officials said Thursday.

New York investment banker Hassan Nemazee, who acted as a major fundraiser for Obama, Secretary of State Hillary Rodham Clinton and other Democrats, was charged in Manhattan federal court on Tuesday with lying about his assets in order to secure a $74 million loan from Citibank. Nemazee is under house arrest after posting a $25 million bond.

Prosecutors have not alleged any connection between Nemazee’s alleged fraud and his political fundraising, but Democrats have been scrambling to distance themselves from the case by either returning contributions or donating them to charity in recent days. **If there is no “alleged connection” between the fraud and his political fundraising why are they distancing themselves from him?

Under the plans announced by the DNC, the party committee will give away $7,100 contributed by Nemazee in 2008 and 2009 and the Obama for America campaign will donate to charity another $4,600. The Presidential Inaugural Committee, which organized activities celebrating Obama’s swearing-in in January, will also donate $50,000 to charity that Nemazee gave to the organization, officials said. *Is there not a limit people can contribute to a campaign? As a matter of fact there is a limit and it makes you wonder how Nemazee gave so much. (See information below)

Nemazee, chairman and chief executive of a self-named Manhattan investment firm, emerged as a Democratic heavyweight in recent years after serving as a regional fundraiser for Sen. John Kerry’s 2004 presidential campaign and as finance chairman of the Democratic Senatorial Campaign Committee. The Iranian American son of a shipping tycoon became co-chairman of Clinton’s presidential fundraising efforts before going on to raise more than $500,000 for Obama, making him one of the campaign’s top financial bundlers.

Nemazee was President Bill Clinton’s nominee in 1999 to be ambassador to Argentina, but his name was withdrawn amid objections from Republicans about the propriety of some of his investments.

According to the criminal complaint filed against him in Manhattan, Nemazee provided false account numbers, references and other information to Citibank to support his asset claims for the $74 million loan. He was first interviewed by FBI agents on Sunday as he was preparing to board a plane to Rome and returned the $74 million to Citibank on Monday. The 59-year-old financier spent a night in jail before being released wearing an electronic monitoring bracelet on Wednesday.

Let’s not forget about President Obama’s other “Political Mentor and Fundraiser” Rezko

Rezko was convicteAntoin Tony Rezko Illinois political fundraiser and early political mentor of Senator Barack Obama the presumptive Democratic Party presidential nominee was recently convicted on federal corruption charges in Chicagod on federal corruption charges.

The onetime political mentor and fundraiser for Obama, especially in the early days of his Illinois political career, arranged for a series of so-called straw political contributions to Obama, money from Rezko channeled through other people’s names. Obama has since donated an equal sum to charities. ** Obama seems to have a pattering going for him. He gets illegal donations into the thousands of dollars then when he is in office he donates money to “charities”. Which charities does he donate the illegal money to?

  

 

** How Much May Be Contributed

Your contributions1 to Federal candidates and committees are limited under the law. You, the contributor, and the committee to which you give are both legally responsible for making sure that your contribution does not exceed your contribution limits. The paragraphs below list the contribution limits for individuals.

Contribution Limits

An individual may give a maximum of:

  • $2,400 per election to a Federal candidate or the candidate’s campaign committee.2 Notice that the limit applies separately to each election. Primaries, runoffs and general elections are considered separate elections.
  • $5,000 per calendar year to a PAC. This limit applies to a PAC (political action committee) that supports Federal candidates. (PACs are neither party committees nor candidate committees. Some PACs are sponsored by corporations and unions–trade, industry and labor PACs. Other PACs, often ideological, do not have a corporate or labor sponsor and are therefore called non connected PACs.) PACs use your contributions to make their own contributions to Federal candidates and to fund other election-related activities.
  • $10,000 per calendar year to a State or local party committee. A State party committee shares its limits with local party committees in that state unless a local committee’s independence can be demonstrated.
  • $30,400 per calendar year to a national party committee. This limit applies separately to a party’s national committee, House campaign committee and Senate campaign committee.
  • $115,500 total biennial limit. This biennial limit places a ceiling on your total contributions, as explained below.
  • $100 in currency (cash) to any political committee. (Anonymous cash contributions may not exceed $50.) Contributions exceeding $100 must be made by check, money order or other written instrument.

$115,500 Biennial Limit

You have a biennial (two year) limit of $115,500 on your total contributions to Federal candidates and Federal political committees combined. Of the $115,500, an individual may contribute no more than $45,600 to candidates and no more than $69,900 to all PACs and parties (no more than $45,600 of the $69,900 may be given to committees that are not national party committees).

** For more information on”Contribution” click here -> Federal Election Commission

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3 CommentsLeave a comment

  1. … and learn how to spell or get a spellchecker. Nothing negates your thoughts and shows lack of intelligence like childish, OBVIOUS mistakes at spelling…

    ta*

  2. …another conservative, racist blog about PRESIDENT Obama. (**sigh**)

    Get out of denial, and deal with it-YALL LOST!

    • Sorry……..I am neither conservative nor racist. I’m a Independent that does NOT agree with President Obama. Although I do agree with Rep. Wilson that yelled out during President Obama’s speech Wen. night. That post on the way!!


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