DOJ Wall Street – Get Rich Quick – Revolving Door$
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By Aaron Kesel
This is the fourth part of an investigative series concerning the troubling matter of Wall Street crimes protected by federal agents switching sides to protect their secret buddies’ “bizness” schemes by conflict of interests and “revolving doors.”
In this segment, we’ll look into apparent acts of federal agents’ incompetence, willful blindness and observable acts of clear duplicity.
Today we will be looking at what are known as Deferred Prosecution Agreements. (“Defers”) aren’t even slaps on the wrists, because those fines are paid by the stockholders and not Wall Street executives who should be convicted.
An even more alarming fact is that the more this reporter digs and talks to the eToys federal case whistleblower Laser Haas, the more cases that show numerous occasions where federal agents are turning up directly connected to this revolving door; some even have payoffs involved to exiting prosecutors under the guise of Deferred Prosecution Agreements.
A good majority of the population, not so long ago, had another phrase coined for federal agents getting millions of dollars to forego prosecutions! But it seems today that the rule of law has been forgotten.
Back in 2001, with smoking guns unearthed in 2004, several Wall Street crimes were brought to the attention of federal agents and agencies alike, such as the SEC, DOJ, FBI and United States Trustee program, in Delaware, by the eToys federal case whistleblower.
Betrayer of Public Trust Colm Connolly
Unbeknownst to the eToys whistleblower at the time, the Delaware United States Attorney, Colm Connolly, had been a partner of the very MNAT law firm that Laser Haas sought to be indicted for a plethora of alleged crimes.
This single case of Colm Connolly & MNAT is corroborative proof that the “revolving door” paradigm needs to be addressed by Congress. But this isn’t the only instance of revolving doors you will hear about in this series.
As noted by his résumé (archived), Connolly was a clerk for a 3rd Circuit Justice who was, coincidentally, a partner of MNAT.
Connolly became an Assistant United States Attorney, Delaware, in 1992, after clerking for an MNAT partner; and Colm remained a federal prosecutor until 1999. As this reporter noted, in previous articles, Colm’s next step into the “revolving doors” was his partnership, from 1999, thru August 2, 2001, with MNAT; which is mired in controversy, concerning billions of dollars in losses to Mattel and eToys investors & creditors as previously reported.
Visibly, for those closely following the series, this is an important era (retroactively speaking), as it is the exact period when the eToys, KB Toys, Stage Stores, Fingerhut and ‘ The Learning Company’/Mattel fraud cases were ensuing.
All during this same time, MNAT was assisting Goldman Sachs, Bain Capital, and Paul Traub’s schemes, whilst Paul Traub was “controlling” the infamous Tom Petters Ponzi scam. (See the first 4 pages of this Petters Ponzi Complaint against Traub – here.)
As a result of the whistleblower’s Smoking Guns, Paul Traub and the MNAT law firm were caught – red-handed – and sanctioned (by paltry slap on the wrist – cost of doing “bizness” – fines). Chief Justice Mary F Walrath “MFW” who was presiding over the eToys’ cases, flatly refused to refer the matter to the United States Attorney’s office. (See page 52 of MFW’s Published eToys case opinion – here.) (archived)
The problem appears to be that everyone but the whistleblower knew the “fix was in” with Colm Connolly.
As noted previously by this reporter, Rolling Stone‘s “Greed and Debt” article (which, by the way, failed to give credit where it was due according to the whistleblower) pointed out an interesting fact: that sometime prior to 2004 – after Bain Capital appeared to have fleeced eToys federal estate assets, deceitfully – the KB CEO, Michael Glazer, paid himself $18 million and Bain Capital $83 million.
Coincidentally, the MNAT law firm represented Bain Capital of the $83 million, and Paul Traub’s firm asked to be the one to prosecute Glazer and Bain (Traub’s Traub Bonacquist & Fox [TBF] law firm concealed the fact he worked under Romney, Bain & Glazer at Stage Stores).
[RELATED: DOJ Gifts Romney’s Bain Unlimited Get Out Of Jail Free Cards]
One of the complaints of the eToys whistleblower, which has never been addressed to this very day, is that the whistleblower was offered a million dollar bribe to join Romney’s roaming manager gangs because Mitt wanted eToys as cheap as possible – but the whistleblower was a top eToys executive running the bids up by tens of millions.
This appears to be why KB’s top exec, Michael Glazer, got $18 million, illegally, to make sure Bain Capital got away with $83 million more.
Apparently, just after the eToys case, the whistleblower turned down and reported the bribe attempt; this is when Connolly returned to the Delaware Department of Justice. This time – the continuous “revolving door” of Connolly – is his becoming the top dog, as the United States Attorney on August 2nd, 2001.
Another glaring coincidence, with Colm Conolly’s 1999 to August 2001 partnership with MNAT, is the fact Mitt Romney’s 2012 POTUS Campaign claimed he was “retroactively” retired from Bain Capital, as of August 2001, back to February 11, 1999.
Would we allow Al Capone to ‘retroactively’ retire from his organized crimes?
Did N.J. U.S. Attorney Chris Christie Scheme by Deferred Prosecution Agreements?
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