Illinois Republicans are seeking an investigation into whether Sen. Roland Burris (D-IL) committed perjury after he admitted in a sworn affidavit, released over the weekend, to having been asked by associates of former governor Rod Blagojevich to make campaign contributions to the governor. That contradicts what Burris told an Illinois state House of Representatives impeachment panel. (Washington Post)
Texas billionaire Allen Stanford’s company cancelled some plans to finance two deals this weekend in light of recent reports that the company is being investigated by federal authorities, raising further doubts about the company’s legitimacy. Stanford is known for his flamboyant lifestyle and his significant contributions to influential members of both political parties. (Reuters)
Rep. Grace Napolitano (D-CA) has reaped a profit of more than $200,000 from political contributions by charging interest on money she loaned her own campaign, according to an analysis by Bloomberg. The congresswoman initially loaned herself $150,000 in 1998, and has since repaid herself from campaign contributions. Because the loan was given an unusual 18 percent interest rate, campaign funds have paid a staggering $221,780 in interest while only reducing the principal by $64,727. The interest charges were the subject of a 1998 complaint by her primary opponent but were allowed by the FEC. (Bloomberg)
Papers filed by New York University in its lawsuit against J. Ezra Merkin for investing its money with Bernard Madoff without telling clients show that one of Merkin’s top advisers was Victor Teicher, a convicted felon serving time in a New Jersey prison. Teicher was convicted in 1990 of securities fraud and had been advising Merkin from 1993 until 2001, despite being barred from the securities industry by regulators. Interestingly, Teicher advised Merkin to stay away from Madoff and that his returns were impossible to achieve. (New York Times)
In light of a high profile investigation into competitor UBS and its American clients, Credit Suisse will now ask Americans holding accounts in the country to fill out a W9 form, revealing their identities to U.S. tax authorities. The company is taking steps to comply with a likely tightening of rules by American authorities regarding U.S. citizens holding their money offshore. Credit Suisse is not currently the subject of any investigations in the United States. (Reuters)
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