NYT: Reagan Budget Chief Charged With Securities Fraud (David Stockman)

[FreeStateDemocrat]

Source: New York Times


By THE ASSOCIATED PRESS
Published: March 26, 2007
Filed at 11:26 a.m. ET

NEW YORK (AP) -- David Stockman, a former top budget official in the Reagan White House, was charged with securities fraud after a probe that focused on possible financial fraud at an auto parts company he headed before it collapsed into bankruptcy, Stockman's lawyer said Monday.

Stockman was the former chairman and CEO of Michigan-based Collins & Aikman Corp., which makes auto parts. He served as budget director under President Reagan.

(skip)

Stockman's attorney, Elkan Abramowitz, said Stockman was charged with securities fraud and other related charges. He said he would make a further statement later in the day.

Federal prosecutors said they would conduct a noon news conference regarding the case. Federal authorities declined to comment prior to the conference.



Read more: http://www.nytimes.com/aponline/business/AP-Reagan-Aide.html

[Ignacio Upton]

1. In fairness to Stockman

he opposed Reagan's defense build up policies because of their effect on the budget deficit. Other than that, he was/is a douche.

[napi21]

2. HA! He probably handled the auto co. budget the same as he did

the Country's Budget when he worked for Reagan! Too bad whenyou do it in Gov't it's apparently legal!

[acmavm]

3. Is this guy still practicing 'voodoo economics'?

[MannyGoldstein]

5. In All Fairness...

I think that he actually opposed Reagan's Voodoo Economics. Although if he was hanging out with Reagan, he was certainly a no-good-nik.

[ryanmuegge]

4. A lifelong criminal brought to justice.

Poetic justice...at least until he's publicly executed.

[DebbieCDC]

6. Stockboy

Hey, who remembers ketchup as a vegetable. Remember who came up with that one? None other than Stockboy.

I used to carpool in DC during the Ray-guns years with a woman who worked for Stockboy when he was in Congress. She thought he was the most intelligent, handsome (!) man on earth and sure was jealous when he married some babe who lobbied for IBM I think it was. I wish I could remember that woman's name so I could look her up and go NYAH NYAH!

[CTyankee]

7. He's married to Jennifer Blei Stockman and they live in Greenwich

When I fundraised for Planned Parenthood of CT they were strong prochoice supporters. She attended some of our events there. She was a big supporter of CT NARAL but they had a falling out. She wasn't our most dedicated donor in Greenwich but she was involved in the cause, for which I am grateful to her.

[BeatleBoot]

8. A Big Contributor to the RNC and Bush Cheney

http://www.fundrace.org/neighbors.php?type=name&lname=stockman&fname=david&search=Search+by+Name

[guruoo]

9. From Santorumblog...

on edit: oops, responded to the wrong post here. But I'll just leave it as is.

Somebody said she was a babe, so naturally,
I went looking for a photo.
Here's what I found....

RMC - Out of Touch With Pennsylvanians?
I found this note from Robert Novak on the Trib web site:

In attacking the new South Dakota anti-abortion statute, the Republican Majority for Choice (RMC) last Wednesday took a gratuitous swipe at Republican Sen. Rick Santorum's uphill campaign for re-election in Pennsylvania.

Jennifer Stockman, RMC national co-chairman, called Santorum "the poster child of the religious right." She said "rank-and-file Republicans" in Pennsylvania are "withholding support" from Santorum against Democrat state Treasurer Bob Casey, who also is pro-life.

Stockman clearly has a disdain for people of faith (and there are a lot of them in Pennsylvania), especially when it comes to her pro-abortion agenda. PA has a very strong religious bent. There are a lot of democrats, sure, but PA still has a rich heritage of Christianity.

This base of religion is what is making the race for US Senator so fluid. The big question is, "How will religion affect voting patterns?" Some Pro-choice republicans may stay home...but so may the pro-choice dems.

To those in the GOP who are pro choice, consider the following: both candidates claim to be pro-life, so that leaves economics as a main issue. Which candidate is most likely to foster a culture of responsibility, self-respect, and productivity? Which candidate is most likely to financialy strengthen a family so that wise choices can be made?


Novak also noted:

A footnote: Pro-choice Republican Sen. Arlen Specter, Pennsylvania's other senator, wrote Stockman five days prior to her attack on Santorum, calling on "the RMC to repudiate and renounce any effort to defeat Sen. Santorum." But a Specter spokesman told this column that Stockman has promised to stop attacking Santorum and that the senator intends to remain on the RMC advisory board.

Now that Stockman has failed to keep her word, will Specter leave the RMC to back the man that saved Arlen's bacon?

http://www.santorumblog.com/2006/03/rmc-out-of-touch-with-pennsylvanians.html

[Heidi]

10. Kick.

:kick:

[Judi Lynn]

11. Former Reagan official is charged in fraud case

Source: Associated Press/Houston Chronicle

March 26, 2007, 10:57PM
INDICTMENTS
Former Reagan official is charged in fraud case
Stockman led auto parts firm that collapsed


By LARRY NEUMEISTER
Associated Press


NEW YORK — David Stockman, the former budget director in the Reagan White House, was charged Monday with overseeing a sweeping fraud at a troubled auto parts supplier that he led before the company sought bankruptcy protection.

Stockman, 60, was one of four former top executives at Collins & Aikman Corp. named in the federal indictment unsealed Monday. Four other former company employees, including a one-time treasurer, have already pleaded guilty in the case, prosecutors said.

At a news conference, U.S. Attorney Michael Garcia said Stockman and his co-defendants "resorted to lies, tricks and fraud" from 2001 to 2005 to hide the truth about his failing company from investors and creditors. The company was forced to enter bankruptcy proceedings in May 2005.

After he was freed on $1 million bail, Stockman walked out of the courthouse smiling.



Read more: http://www.chron.com/disp/story.mpl/business/4663726.html

[bluestateguy]

12. Add another name to the Bush pardon list for 1/20/2009

nt

[AJ9000]

13. What a shocker

[Thor_MN]

14. So is he part of why Ronnie's papers are still sealed?

*'s executive order sealing presidential records indefinately, undoing post Watergate legislation is what I consider *'s first crime against the we, the people after taking office.

[Neshanic]

15. Reagan, the leagacy that just keeps on giving...or taking .

[JackRiddler]

16. Surely the most surprising development of the 21st century...

Obviously this guy was never a made man in the Bush mob or it would be his banker friend that was collapsing, as he made off with half of Colorado (or wherever) and prepared to run for governor. Auto parts? So small-time.