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ALEX SINK’S TRICKS: She Benefited Bailed-Out Banks and Hid Her Assets from the Public (FL-Gov) [video]

Posted by FactReal on October 29, 2010

ALEX SINK IS NO SNOW WHITE
Many people think that Democrats detest money, power, big business and lobbyists. But Alex Sink proves them wrong. Alex Sink is a multi-millionaire who was a banker for 26 years and has made millions in stock investments. In 2000 as the head of Bank of America’s Florida operations, she made $3.4 million from the bank in salary, pension, deferred compensation and stock grants. During the 2006 campaign, she listed her net worth as $10 million.

ALEX SINK’S INSIDE DEAL
Alex Sink Found Ways to Benefit her Former Employer, Bank of America
When Alex Sink was President of Bank of America she didn’t have any problems with Lewis’ leadership and Bank of America’s appalling banking practices. She kept quite while tens of thousands of sub-prime borrowers were swindled by Bank of America.

Sink and Lewis made millions at their expense. She didn’t care about the thousands of Floridians she laid off just to increase short term profits which increased stock prices and her earnings in stocks. In 2000, besides $3.4 million in stock options and lump-sum pension payments, she collected $75,822 in dividends.” (AP, 9/21/02)

Now that she’s running for Governor, Alex Sink wants people to forget.

Alex Sink’s trick to stop the public from knowing where her money is invested:
Blinding the public by hiding her assets behind a blind trust.
(Alex Sink’s Blind Trust [PDF])
When Alex Sink became Florida’s Chief Financial Officer (CFO), the top financial watchdog, “she put her assets in a blind trust, which she said would help her avoid conflicts of interest…since she owned stock in Bank of America, which receives millions in banking, bond and investment fees from Florida every year.” She had investments in other companies and had served on the board of the brokerage firm Raymond James Financial, which “had a stake in her decisions.”

But with Sink’s “blind” trust the only one who ends up blind is the public. Blind trusts are not regulated in Florida and do not require Sink to disclose the specific investments in her blind trust. Sink likes to say, “It’s blind because I don’t know what’s in there.” But she knew what investments initially were part of her blind trust. Sink knew that with the so-called blind trust there “is less public disclosure about her finances than other officials and greater uncertainty as to whether she is deciding matters in which she may have a financial interest.”

Incestuous network of bankers, lobbyists and donors behind her “blind” trust
It is easy for Alex Sink to know the investments in her blind trust. The rules states that the person managing the trust cannot be a spouse or relative – the person must be a “disinterested party” But Alex Sink’s trust is run by “political allies with ties to her husband [Bill McBride].” Robert Waltuch, the lawyer “who wrote the trust agreement and serves as a trustee, was a partner at Holland & Knight when McBride ran the law firm. Waltuch recently joined Shutts & Bowen, which…has a lobbying operation in Tallahassee.” Alan Fisk, an original trustee is Sink’s longtime accountant and donor to her campaigns. His wife is a former vice president of Bank of America and a Sink contributor. Hjalma Johnson, a banker and investor, replaced Fisk as a trustee and serves on the same investment board with Alex Sink’s husband. Johnson is a “major political donor…and lobbies for banks in Washington.”

Alex Sink’s Conflict of Interest by Funneling $770,000 to Bank of America
Florida law “forbids a public official from having a financial relationship with any business entity that would create a continuing conflict.” The law also requires the official to disclose a conflict within 15 days “if a state official casts a vote that would result in private gain.”

“Without declaring a potential conflict, Sink has had a stake in matters benefiting her former employer and other companies that she owned stock in before she placed her assets in a blind trust. Because of the trust, it can’t be learned how much of a financial interest, if any, she had in the firms at the time of her decisions.”

“Sink voted with the governor and other Cabinet members to allow negotiated, or no-bid, bond deals for a financial underwriting team that includes her former employer, Bank of America. One transaction resulted in $770,000 in fees for a subsidiary of the bank and its newly acquired Merrill Lynch unit.

She is one of three trustees of the State Board of Administration, which administers Florida’s hurricane fund. The fund has a financial consulting contract with a subsidiary of Raymond James.

Last November, the head of the SBA notified Sink’s deputy that the contract terms could mean a “windfall” for the company [Raymond James]. Sink agreed that those terms had to change. But they stayed the same.”

In brief, Alex Sink and other cabinet members funneled $770,000 in no-bid contract to Bank of America, her former employer which has been indicted. There was no competitive bidding. The state negotiated a deal with a setup preventing open competition that could produce lower interest rates. On top of that Alex Sink used a blind trust to hide her assets and conflict of interests.


BANK OF AMERICA ENTRENCHED WITH DEMOCRATS:
Bank of America is so entrenched with Democrats that they should change their logo to this:
(Hat tip: Michelle Malkin)

Bank of America = Bank of Democrat America
Bank of America = Bank of Illegal Alien America
Bank of America and the Democrats’ Countrywide scandal
No cheers for left-wing collaborators at Bank of America

2 Responses to “ALEX SINK’S TRICKS: She Benefited Bailed-Out Banks and Hid Her Assets from the Public (FL-Gov) [video]”

  1. don stone said

    You should read Marylandcorruption.com about Holland & Knight legal counsel to Pinnacle Towers during the time Bill McBride was head of Holland & Knight.

    And about the $9 million paid directly to Mark Sapperstein for assets that were part of a Pinnacle Towers $325 million IPO.

    Mark Sapperstein then lied about it in an affidavit when he was named as a defendant in a Civil Rico in 1998.

    During this time Gilbert Sapperstein (Mark’s father was busy stealing $3 1/2 million dollars from the Baltimore School Board.

  2. don stone said

    Offers a good insight into Bill McBride’s buddy FL. AG. Robert Butterworth and the Pinnacle Tower scam.

    http://disbarthefloridabar.com/?page_id=96

    Download show #32 Don Stone

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