Ayers Ad Funder Ripped Off His Own Daughters
by Hesiod
Tue Aug 26, 2008 at 05:42:06 AM PDT
Harold Simmons, the rightwing billionaire behind the anti-Obama ad attacking him over his alleged "ties" living in the same city as William Ayers, was sued by his own daughters who accused him of, among other things, making illegal campaign contributions using their trust fund. He also tried to game the system for a special tax break that would net him $100 million.
The details of his shenaningans are as follows:
"Ms. Patigian and Ms. Swanson, but not the other Simmons daughters, have sued, asking the court to remove Mr. Simmons from control of two trusts he set up for his daughters and appoint a new trustee.
They contend that Mr. Simmons, one of the nation's largest Republican donors, has used the trusts as his own personal checking account, living lavishly and making what Ms. Patigian called illegal contributions to politicians she opposed."http://query.nytimes.com/gst/fullpage.html?res=9C05E1DB113CF931A25757C0A961958260...........................
"The estranged daughters, Andrea Swanson and Scheryle S. Patigian, contended their 66-year-old father had abused his power in controlling the two trusts that hold most of the fortune he amassed as a corporate raider in the 1970's and 1980's.
The two women and two other sisters are named beneficiaries.
The estranged daughters argued that his success in building up the trusts' assets did not give him the right to use them as he pleased.
Actions they questioned included donations to conservative Republican political candidates they loathed, the purchase of luxury homes for his use, jewelry for his third wife, and distribution of millions of dollars into charitable foundations that made gifts in his name.http://query.nytimes.com/gst/fullpage.html?res=9F05E1DC103FF93BA25751C1A961958260&sec=&spon=&pagewanted=1....................
"Simmons has already admitted in the civil trial, which began Oct. 23, that he forged his daughters' signatures to make political contributions from the trusts to Jessie Helms, R-N.C."I thought it was right to sign the names because it would help the Helms campaign. It was a mistake, wrong and bad judgement," he testified.
Simmons' political donations have been a cornerstone of the trial by Ms. Swanson and Ms. Patigian, who say they do not support the conservative Republican causes to which their father has given money in their names.
Some of the recipients of the funds included Republican Sen. Orrin Hatch of Utah, as well as Oliver North in his unsuccessful Senate race.
Simmons has said that from 1991 to 1995 he made $110,000 in contributions to political action committees in his daughters' names, exceeding the legal limit.Federal election law limits an individual to $5,000 per year to any group of affiliated political committees."
http://www.texasradiation.org/andrews/simmonsAP.htmlmore at:
http://www.dallasnews.com/sharedcontent/dws/news/politics/national/stories/082408dnpolobamaad.69811d3.html
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