Buffoonish ultra-left Florida congressman Alan Grayson is the quintessential fool — and you know what they say about fools and their money. Fortunately he has a plan to make up for a recent loss.
Grayson managed to lose $18 million in a confidence trick:
The scheme worked like this: clients would turn over their stocks to [swindler William Dean] Chapman as collateral for a loan, and Chapman would let customers borrow about 90 percent of the stocks’ value.
If the stocks did badly, borrowers could walk away and keep the money they were loaned. But if the borrowers’ stocks did well, they would repay the loan with interest, and Chapman was supposed to return the stocks to the investor at their increased value.
But, according to court papers, Chapman sold the stocks and had no way to fulfill his obligations if a client’s stock portfolio did well.
Conmen get rich off greedy morons who fail to understand that if it sounds too good to be true, it probably is.
Some learn from experience. Others — like the voters who put Grayson back in office after the kook had earlier been voted out — are too slow:
It is not the first time Grayson, who represents parts of the Orlando area, has lost tens of millions of dollars in a fraud scheme. In 2009, he won a $34 million judgment after filing a lawsuit in South Carolina under federal racketeering laws against a company called Derivium Capital. Derivium’s business plan for hedging an investor’s stock profile was nearly identical to the plan outline by Chapman.
In his defense:
Grayson said he first entered into deals with Chapman in 2003, well before the deal with Derivium went south, so he had no reason to be suspicious the arrangement.
Funny how socialists like Grayson so often have massive sums of money to throw around.
Chapman is going to jail, but unfortunately the ogre-like Grayson continues to count himself among those in charge of spending our money. His plan to make up the loss of his own:
The Alan Grayson (D – Fla.) re-election campaign has begun searching for people to become the congressman’s “friends with benefits” according to an email sent out Wednesday morning.
The email, originally obtained by Red Alert Politics’s Kelsey Osterman, was entitled “TODAY ONLY: Friends With Benefits.” The email states that the congressman wanted to offer “special thanks” to those that have supported him on a monthly basis. It also claims that these “friends with benefits” are “important to our campaign.” It even says the “friends with benefits” “mean too much to” them.
As noted at PJ Tatler, the term friends with benefits means “friends who are not dating but have sex with each other.”
Grayson probably heard his fellow liberal politicians described as whores and took the word literally.