David Stockman, Reagan's Budget Director, Arrested for Fraud.

[NNadir]

It actually sounds a lot like his tenure in Government, especially the part I've bolded.

http://news.yahoo.com/s/ap/reagan_aide;_ylt=AkDX_gjjFfvm8jnSRX2b40.s0NUE

The indictment said the crimes occurred as Stockman served on the board of directors of Collins & Aikman from 2000 through May 2005. He was chairman of the board from August 2003 until May 2005. Stepp was vice chairman of the board of directors. Cosgrove and Barnaba also were employed by C&A.

According to court papers, Stockman responded to a financial crisis at the company in 2005 by directing it to delay paying its bills as long as possible.

Meanwhile, Stockman allowed the company's employees to mislead creditors about the company's revenues and the ability of Collins & Aikman to pay its bills, prosecutors said.

The government said Stockman personally decided which of the company's suppliers and creditors would get paid and personally managed all of C&A's liquidity during the crisis.

The indictment also accused Stockman of misleading investors, saying he wanted to hide his own and other senior management's involvement in a fraudulent scheme to skew the company's accounting to hide its troubles.

The fact is, the bills racked up by Reagan have not been paid, though we were in the process of paying them when Clinton was President.

[yellowcanine]

1. Hell this just confirms what we knew all along. Stockman is/was a fraud. Along with

supply-side economics and the "Laugher (Laffer) Curve.

[xchrom]

2. the punchline to a bad joke. n/t

[NNadir]

3. Indeed.

[sandnsea]

4. I get misleading investors

is a crime.

I don't get the part about delaying paying bills. How else do you get through a financial crunch? If he got more credit because of misleading creditors, then I understand. Can someone explain.

Regardless, this is some funny stuff. Except for the employees of course.

It's called Republicanism. It is not good for our country.

[anitar1]

5. Oh, happy day. another schmuck from the past

arrested ! Nice way to start my day.

[lpbk2713]

6. FF to January 19, 2009.

He'll get a Presidential pardon (as will many other rethuglicans).



And after having made several motions and appeals he'll never serve a single day behind bars.

[NNadir]

7. You're undoubtedly right.