Post by EPIC Sir Tinley on May 5, 2022 10:13:47 GMT -8
Stacey Abrams-tied loan firm shifted its liabilities to U.S. taxpayers, and it paid off handsomely
Once portrayed as person of modest means, Georgia activist now a millionaire who earned $300k from loan business in single year, ethics disclosure shows.
Stacey Abrams' net worth skyrocketed over 2,800% in just three years thanks in part to her holdings in a company called Now Corp. (previously called NowAccount or "Now"), a Government Accountability Institute study has found.
In 2018, Abrams reported a net worth of just $109,000 in her personal financial disclosure ahead of her failed 2018 gubernatorial bid in Georgia. Now, as she heads into the 2022 gubernatorial race, Abrams' campaign filings show her net worth is more than $3.17 million after making more than $6 million in book advances, speaking deals and growing corporate investments like NowAccount.
Abrams cofounded the NowAccount financial technology ("fintech") start-up in 2010 with business partners Lara Hodgson and John Hayes. Their business got off to a slow start, but NowAccount was able to pay Abrams $80,000 in salary in her first year as senior vice president and $60,000 per year in subsequent years.
In 2013, Abrams' fintech company pulled in just $100,000 in annual revenue, but thanks to a federal small business loan program overseen by the state of Georgia, NowAccount would soon have the power to distribute nearly $10 million in taxpayer funds to its network of applicants. By 2016, NowAccount's applicants were defaulting on their loans, and taxpayers were left to bail out more than $1.5 million in bad loans.
In 2018, the year Abrams ran for Georgia governor the first time, NowAccount paid her nearly $300,000—a dramatic increase—her financial disclosure shows.
NowAccount's value spiked in October 2021 after a $29 million financing and investment deal that the company made with two private equity firms. Abrams, who has owned as much as 16% of NowAccount, announced her 2022 bid for governor on Dec. 1 — less than eight weeks after the $29 million windfall.
Abrams was the minority leader of the Georgia House from 2011 until she resigned ahead of her 2018 run for governor. The fact that her business got federally backed state contracts while she held high-level positions in the state Legislature drew sharp criticism during her first gubernatorial campaign in 2018. Abrams told the Atlanta Journal-Constitution that she "played no role in securing the state contracts" for NowAccount and that she "scrupulously avoided conflicts of interest," the outlet reported in 2018.
The decision to apply for taxpayer funding under the 2010 Jobs Act was Abrams' idea. "I read the Jobs Act," Abrams said. "I brought the provision to" NowAccount's cofounders. Abrams was aware that her role as minority leader of the Georgia House might pose a conflict so she "talked about it" with her cofounders and said, "Here's what we can do," but she emphasized that she "did not want there to be any conflict at all."
One of the firms associated with Abrams' NowAccount was Happy Faces Personnel Group, Inc. Happy Faces was the election night staffing firm hired to scan and count ballots in Atlanta's Fulton County on election night, Nov. 3, 2020.
According to a devastating 29-page witness report by election observer Carter Jones, Happy Faces presided over a "massive chain of custody problem" when absentee ballots came "in rolling bins 2k at a time" rather than "in numbered, sealed boxes to protect [the ballots]."
Hired by the Georgia Secretary of State's office to report on any voting or counting irregularities, Jones was shocked when he found out that one Happy Faces employee revealed his election night intention to "f-ck sh-t up."
Happy Faces has denied consummating any financial relationship with the company cofounded by Abrams, but financial records indicate that NowAccount was listed as a "secured party" for Happy Faces.
The Jobs Act program was administered in the state by the Georgia Department of Community Affairs (DCA). A spokesperson for DCA claims there were public hearings and the agency sought input from professionals "who could help deploy the federal funds to small businesses."
"At no time did Stacey Abrams participate in any meetings or discussions with DCA about NowAccount," according to the DCA. Nonetheless, NowAccount was apparently the only private lender that "showed interest," and the company was specifically named in the Georgia application for U.S. Treasury Department funds.
The state of Georgia ultimately received $48 million from the federal program, which included $10 million for credit guarantees. NowAccount's network of applicants received $9.1 million, or 90% of those funds.
When Abrams first ran for governor in 2018, she had a small retirement account of less than $5,000 and a mountain of IRS tax debt, student loans, and credit card debt. Now, she has paid off all her debts, has a large retirement nest egg of more than $725,000 in stocks and bonds, and more than $3 million in personal net worth.
When Abrams first ran for governor in 2018, she had a small retirement account of less than $5,000 and a mountain of IRS tax debt, student loans, and credit card debt. Now, she has paid off all her debts, has a large retirement nest egg of more than $725,000 in stocks and bonds, and more than $3 million in personal net worth.
Post by EPIC Sir Tinley on Jul 18, 2022 6:56:01 GMT -8
Nancy Pelosi's husband buys over $1 million of computer chip stock weeks before vote on industry subsidies Rep. Pelosi's disclosure states that the purchase was between $1 million and $5 million
Paul Pelosi, House Speaker Nancy Pelosi's husband, made a stock purchase of over $1 million in a computer chip company just weeks before a potential vote in congress which would give a massive subsidy to the industry.
Mr. Pelosi made a purchase of between $1 million and $5 million shares of Nvidia, which is a semiconductor company, according to a disclosure filing made by Pelosi's office. He exercised 200 call options, or 20,000 shares, the disclosure states.
Reuters reported that the Senate could vote on a bill that contains billions of dollars in subsidies within the semiconductor industry as early as Tuesday.
The bill could send as much as $52 billion in chip subsidies as well as tax credits in order to increase competitiveness with China.
"It certainly raises the specter that Paul Pelosi could have access to some insider legislative information," Holman said. "This is the reason why there is a stock trading app that exclusively monitors Paul’s trading activity and then its followers do likewise."
Nancy Pelosi's husband buys over $1 million of computer chip stock weeks before vote on industry subsidies Rep. Pelosi's disclosure states that the purchase was between $1 million and $5 million
Paul Pelosi, House Speaker Nancy Pelosi's husband, made a stock purchase of over $1 million in a computer chip company just weeks before a potential vote in congress which would give a massive subsidy to the industry.
Mr. Pelosi made a purchase of between $1 million and $5 million shares of Nvidia, which is a semiconductor company, according to a disclosure filing made by Pelosi's office. He exercised 200 call options, or 20,000 shares, the disclosure states.
Reuters reported that the Senate could vote on a bill that contains billions of dollars in subsidies within the semiconductor industry as early as Tuesday.
The bill could send as much as $52 billion in chip subsidies as well as tax credits in order to increase competitiveness with China.
"It certainly raises the specter that Paul Pelosi could have access to some insider legislative information," Holman said. "This is the reason why there is a stock trading app that exclusively monitors Paul’s trading activity and then its followers do likewise."
Post by EPIC Sir Tinley on Jul 23, 2022 4:14:01 GMT -8
Entrepreneur Charlie Tebele’s family donated close to $300,000 to Hochul’s campaign, according to an investigative report by the Times Union published Tuesday.
Meanwhile, New York paid hundreds of millions for COVID tests to Tebele’s company, Digital Gadgets. Since December, the New York Health Department has paid Digital Gadgets $637 million in taxpayer funds for COVID test kits, records show.
The health department reportedly did not conduct any competitive bidding before ordering the COVID tests from the company and paying it the enormous sum.
Nancy Pelosi's husband buys over $1 million of computer chip stock weeks before vote on industry subsidies Rep. Pelosi's disclosure states that the purchase was between $1 million and $5 million
Paul Pelosi, House Speaker Nancy Pelosi's husband, made a stock purchase of over $1 million in a computer chip company just weeks before a potential vote in congress which would give a massive subsidy to the industry.
Mr. Pelosi made a purchase of between $1 million and $5 million shares of Nvidia, which is a semiconductor company, according to a disclosure filing made by Pelosi's office. He exercised 200 call options, or 20,000 shares, the disclosure states.
Reuters reported that the Senate could vote on a bill that contains billions of dollars in subsidies within the semiconductor industry as early as Tuesday.
The bill could send as much as $52 billion in chip subsidies as well as tax credits in order to increase competitiveness with China.
"It certainly raises the specter that Paul Pelosi could have access to some insider legislative information," Holman said. "This is the reason why there is a stock trading app that exclusively monitors Paul’s trading activity and then its followers do likewise."
Post by EPIC Sir Tinley on Aug 2, 2022 4:39:43 GMT -8
Pet Project: BLM Activist Shaun King Used Donor Funds To Buy $40k Thoroughbred Show Dog
Shaun King's social justice PAC is going to the dogs. Literally.
Grassroots Law PAC, which the progressive grifter founded to elect soft-on-crime local officials, paid roughly $40,000 since December to the California-based Potrero Performance Dogs, according to campaign finance disclosures. The payments are labeled for "contractor services," making their purpose difficult to discern. But days after a $30,650 payment in February, King welcomed a "new member of the King family": an award-winning mastiff bred by Potrero named Marz.
King, who has been hounded for years by allegations of fraud, has not been accused of any wrongdoing in relation to Grassroots Law. But the payments for a dog raises questions about whether the former Bernie Sanders surrogate is using PAC contributions the way donors intended.
Entrepreneur Charlie Tebele’s family donated close to $300,000 to Hochul’s campaign, according to an investigative report by the Times Union published Tuesday.
Meanwhile, New York paid hundreds of millions for COVID tests to Tebele’s company, Digital Gadgets. Since December, the New York Health Department has paid Digital Gadgets $637 million in taxpayer funds for COVID test kits, records show.
The health department reportedly did not conduct any competitive bidding before ordering the COVID tests from the company and paying it the enormous sum.
Our company has done a lot of COVID testing, but we are an EMS company.
In general from my limited knowledge most COVID kit / testing / vaccination site contracts were not solicited out to multiple vendors or following typical RFP timelines due to the urgency.
"A Hochul senior advisor, Bryan Lesswing, told the Times Union that the state looked at several vendors, but Digital Gadgets was the only company that could deliver the large amount of COVID tests the state needed before schools reopened in January of this year. New York also bought COVID tests from other vendors, Lesswing said."
If that's true, and the supplies costs charged were in line with industry averages, then there isn't really a problem here imo. I could care less about the personal donations as a smoking gun. But if there were other contractors that were shut out with better pricing, or any sort of fraud/waste/abuse then there is definitely a problem, but I'd think that would come to light pretty fast if there was anyone else trying to get that business and had the same capacity.
Post by Lord Cornelius on Aug 2, 2022 5:01:53 GMT -8
I definitely wouldn't be shocked if I found out the Pelosis & Clintons had like baby eating parties lol. That's where my world view has gone in this sick fuck of a time
Post by EPIC Sir Tinley on Aug 18, 2022 8:25:29 GMT -8
Planned Parenthood midterm spending to top record $50M after Supreme Court abortion ruling
Planned Parenthood, the nation's largest abortion provider, is prepared to spend over $50 million in the run-up to this year's midterm elections.
This spending plan breaks the company's previous record of $45 million in 2020.
The surge in spending on political advocacy follows this year's historic Supreme Court ruling that overturned Roe v. Wade, sending abortion policy-making back to the states.
"Who wins in these midterm elections will determine whether a state has access to abortion and potentially determine whether we will face a national abortion ban," Jenny Lawson, executive director of Planned Parenthood Votes, told the Associated Press. "We will be clear about who is on which side."
Abortion advocates are hoping the midterm will act as a referendum on pro-life politicians who have passed strict anti-abortion laws in their states.
"When people go to vote this November, nearly half of the folks voting could be living in a state that either has already banned abortion or is quickly moving to ban abortion. These are entirely new circumstances," Lawson said.
A dozen red states across the country have banned most elective abortions.
Democrats face historical headwinds coming into November as the party that wins the White House and control of Congress traditionally suffers major setbacks in the House and Senate in the ensuing midterm elections.
They are also up against a very unfavorable political climate, fueled by record inflation and soaring crime, and symbolized by President Biden’s deeply negative approval ratings.
However, with abortion legislation sent back to the states, Democrats hope for an energized electorate that will help them defy the current expectations by political prognosticators.
The Party takes taxpayer cash (thank you, inflation) and shovels it to planned parenthood. planned parenthood skims off the top and funnels back to Party candidates...
Post by EPIC Sir Tinley on Oct 24, 2022 10:23:07 GMT -8
Abrams’ campaign chair collected millions in legal fees from voting rights organization
Fair Fight Action, the nonprofit founded by Abrams, paid her close friend and ally’s law firm $9.4 million in 2019 and 2020, with two more years of billing yet to be disclosed.
ATLANTA — The voting rights organization founded by Stacey Abrams spent more than $25 million over two years on legal fees, mostly on a single case, with the largest amount going to the self-described boutique law firm of the candidate’s campaign chairwoman.
Allegra Lawrence-Hardy, Abrams’ close friend who chaired her gubernatorial campaign both in 2018 and her current bid to unseat Georgia Gov. Brian Kemp, is one of two named partners in Lawrence & Bundy, a small firm of fewer than two dozen attorneys.
The firm received $9.4 million from Abrams’ group, Fair Fight Action, in 2019 and 2020, the last years for which federal tax filings are available. Lawrence-Hardy declined to comment on how much her firm has collected from Fair Fight Action in 2021 and 2022 — years in which Fair Fight Action v. Raffensperger, for which Lawrence-Hardy was lead counsel, had most of its courtroom activity.
Fair Fight Action has maintained that the suit — which ended last month when a federal judge ruled against the group on all three remaining claims — served an important role in drawing attention to voting inequities. But some outside the group questioned both the level of expenditures devoted to a single, largely unsuccessful legal action and the fact that such a large payout went to the firm of Abrams’ close friend and campaign chair. Those concerns were heightened by the fact that Abrams’ national campaign against voter suppression galvanized the Democratic Party, many of whose top donors helped fill its coffers.
It's one thing to lose bigly in the election but it's another level to bring national damage to the Party. And the Party is throwing her to the wolves....
Post by EPIC Sir Tinley on Nov 7, 2022 7:47:43 GMT -8
Patty Murray Blamed Manufacturers for Baby Formula Shortage. Then Their Lobbyists Donated to Her Campaign.
Sen. Patty Murray (D., Wash.) was hammering baby formula manufacturers to help alleviate a nationwide shortage until August. That just so happens to be when the chief lobbyist for the industry's trade group nearly maxed out donations to her campaign.
Murray, who chairs the Senate Health, Education, Labor, and Pensions (HELP) Committee, in May urged the Infant Nutrition Council of America to "take immediate action" to end the "unacceptable burden" the crisis was placing on American families. Three months later, Murray's campaign accepted $2,750 from the trade group's lobbyist. Lobbyists representing Abbott Laboratories, the largest member of the trade group, also contributed to Murray's campaign. Lori Denham, a partner at Kountoupes, Denham, Carr, and Reid in June donated $1,000 to the campaign. Lisa Kountoupes, another partner at the firm, donated $1,500 this year to the senator. Jessica Schulken, a principal at the Russell Group in July contributed $1,500 to Murray.
The veteran Democratic senator has since fallen silent on the issue. She successfully removed provisions meant to address the baby formula shortage from a September FDA reauthorization bill, according to Roll Call.
Murray's seeming capitulation to the baby formula lobby could hurt her in a tight reelection race against Tiffany Smiley. The Republican candidate has frequently criticized her opponent as a Washington, D.C., insider, saying Murray is "not the mom in tennis shoes" she once pitched herself as. Murray has served 30 years in the upper chamber.
Elisa Carlson, a spokeswoman for Smiley's campaign, said Murray's actions were not surprising.
"This is a classic Washington, D.C., move: complaining about a problem, lining your pockets from the source of the problem, and then doing nothing," Carlson told the Free Beacon. "After 30 years in the Senate, Patty Murray has become Washington, D.C."
Murray's office did not respond to a request for comment.
Post by EPIC Sir Tinley on Aug 10, 2023 7:17:07 GMT -8
Biden-backed electric vehicle company files for bankruptcy
President Biden frequently extolled an electric vehicle company — in which his energy secretary heavily invested — before it declared bankruptcy on Monday.
Bay Area-based electric bus and battery maker Proterra filed for Chapter 11, with CEO Gareth Joyce citing “various market and macroeconomic headwinds that have impacted our ability to efficiently scale.”
The EV firm, which sold more than 1,300 electric buses to public transit systems in the US and Canada, was valued at $1.6 billion when Biden, 80, took office in January 2021 — but closed with a market value of $362 million, according to Reuters.
In 2021, the president pledged more than $10 billion from his $1.9 trillion bipartisan infrastructure plan toward zero-emission transit and school bus programs.
He has promoted Proterra several times since taking office, and once virtually toured a facility.
Post by EPIC Sir Tinley on Sept 12, 2023 13:10:56 GMT -8
Granholm's incompetence bangs the drum once again....
Electric cars have a road trip problem, even for the secretary of energy
When Secretary of Energy Jennifer Granholm set out on a four-day electric-vehicle road trip this summer, she knew charging might be a challenge. But she probably didn't expect anyone to call the cops.
Granholm's trip through the southeast, from Charlotte, N.C., to Memphis, Tenn., was intended to draw attention to the billions of dollars the White House is pouring into green energy and clean cars. The administration's ambitious energy agenda, if successful, could significantly cut U.S. emissions and reshape Americans' lives in fundamental ways, including by putting many more people in electric vehicles.
Granholm approaches a charging station to charge the Cadillac Lyriq she was riding during a four-day road trip through the southeast early this summer. The electric vehicle had charging problems due to an "isolated hardware issue," Cadillac says. But Granholm's team encountered plenty of not-so-isolated problems too.
On town hall stops along her road trip, Granholm made a passionate, optimistic case for this transition. She often put up a photo of New York City in 1900, full of horses and carriages, with a single car. Then another slide: "Thirteen years later, same street. All these cars. Can you spot the horse?"
One horse was in the frame.
"Things are happening fast. You are in the center of it. Imagine how big clean energy industries will be in 13 years," she told one audience in South Carolina. "How much stronger our economy is going to grow. How many good-paying jobs we're going to create — and where we are going to lead the world."
Going along for the ride The auto industry, under immense pressure to tackle its contribution to climate change, is undertaking a remarkable switch to electric vehicles — but it's not necessarily going to be a smooth transition.
I rode along with Granholm during her trip, eager to see firsthand how the White House intends to promote a potentially transformative initiative to the public and what kind of issues it would encounter on the road.
Granholm is in many ways the perfect person to help pitch the United States' ambitious shift to EVs. As a two-term former governor of Michigan, she helped rescue the auto industry during the 2008 global financial crisis, and she's a longtime EV enthusiast. (Her family recently switched from the Chevy Bolt to the Ford Mustang Mach-E.)
That makes her uniquely well positioned to envision the future of the auto industry and to sell the dream of what that future could look like.
But between stops, Granholm's entourage at times had to grapple with the limitations of the present. Like when her caravan of EVs — including a luxury Cadillac Lyriq, a hefty Ford F-150 and an affordable Bolt electric utility vehicle — was planning to fast-charge in Grovetown, a suburb of Augusta, Georgia.
Her advance team realized there weren't going to be enough plugs to go around. One of the station's four chargers was broken, and others were occupied. So an Energy Department staffer tried parking a nonelectric vehicle by one of those working chargers to reserve a spot for the approaching secretary of energy.
That did not go down well: a regular gas-powered car blocking the only free spot for a charger?
In fact, a family that was boxed out — on a sweltering day, with a baby in the vehicle — was so upset they decided to get the authorities involved: They called the police.
The sheriff's office couldn't do anything. It's not illegal for a non-EV to claim a charging spot in Georgia. Energy Department staff scrambled to smooth over the situation, including sending other vehicles to slower chargers, until both the frustrated family and the secretary had room to charge.