Every good oligarchy needs a stable source of revenue in which to fund itself. This particular source involves one David Rubin, who as head of a company called CDR Financial Products, was implicated in pay for play kickbacks to New Mexico Governor Bill Richardson in exchange for contracts involving CDR’s rather dubious financial instruments, which for all intents and purposes amounts to a unregulated derivatives market funded by state and local bonds, i.e., taxpayer money.

This whole mess is so murky and involves so many players that it is almost impossible to list them all. Suffice it to say, you can go here and find out about the Richardson affair, which basically cost him the commerce secretary cabinet post in the Obama administration. And here is a recent article that includes some links to very good articles on the subject.

There is a story developing that the MSM is not going to touch with a ten foot pole, which is that of one Vincent “Smiley” Gallegos, who apparently was running a New Mexico state housing agency out of an office next door to a used car lot in Albuquerque. Too bad for him, because out of that little office he managed to borrow $27.7 million, which of course raised the eyebrow of the IRS. It was Gallegos who ran Region III Housing Authority of New Mexico and sold bonds for CDR. If you read a little ways through the Bloomberg article here, you will see that this scheme involved a French bank, which got $1.5 million in return for lending $2.6 million to low income home buyers, and CDR raked off $50,000 a year from the French bank.

Actually, Michelle Malkin does a good job of shedding light on this story in her book Culture of Corruption, and you can go here to read more about it. And actually David Rubin’s connections to the Democratic Party are very involved and includes financial swindles too numerous to mention. Here is one article, which connects Rubin to Pennsylvania Governor Ed Rendell. And here is very good compendium of other various links to articles connected Rubin with other Democratic Party shenanigans.

This link here is fairly recent, and it details how CDR is involved in many other kickbacks arrangements, and the ones mentioned thus far are described as being only “the tip of the iceberg”. As one can plainly see, this story has legs but it won’t be seen much in the mainstream media, which is why we felt it was significant.

-TDN

This entry was posted on Saturday, November 28th, 2009 at 11:51 and is filed under Free Speech. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.