home

David Stockman Indicted

By TChris, Section Crime in the News
Posted on Mon Mar 26, 2007 at 04:49:28 PM EST
Tags: (all tags)
Share This: Digg! StumbleUpon del.icio.us reddit reddit

Remember David Stockman, President Reagan's budget director and eventual critic of "trickle-down" economics? Stockman became a top executive at Collins & Aikman Corp., a company that ended up in bankruptcy court in 2005. Now Stockman finds himself under indictment for securities fraud, bank fraud, wire fraud, and associated crimes.

At a news conference, U.S. Attorney Michael Garcia said Stockman and his co-defendants "resorted to lies, tricks and fraud" from 2001 to 2005 to hide the truth about his failing company from investors and creditors. Garcia said Stockman let the company's employees mislead creditors about the company's revenues and the ability of Collins & Aikman to pay its bills ...

< Supreme Court Accepts Another Child Porn Case | Lowering Expectations On Iraq >

  • The Online Magazine with Liberal coverage of crime-related political and injustice news

  • Contribute To TalkLeft


    • Display: Sort:
    David Stockman Indicted | 12 comments (12 topical)

    Readers Must Login or Create an Account to Comment

    "Taken to the woodshed" guy (5.00 / 1) (#5)
    by Dadler on Tue Mar 27, 2007 at 12:16:09 AM EST
    Stockman spoke about Reagan's supply side stuff in less than glowing terms for a few sentences in an Atlantic Monthly piece, then, according to the Gipper, was "taken out to the woodshed" and set straight.

    Yes (1.00 / 1) (#7)
    by jimakaPPJ on Tue Mar 27, 2007 at 07:40:27 AM EST
    and the economy went straight up for the next ten years...

    Parent
    And so did taxes (5.00 / 1) (#8)
    by ding7777 on Tue Mar 27, 2007 at 08:26:04 AM EST

    One year after his massive tax cut, Reagan agreed to a tax increase to reduce the deficit

    Reagan didn't grow his way out of the deficits caused by his 1981 tax cut...he raised taxes twice in 1982, and then raised them again in 1983, 1984, 1985, 1986, and 1987.

    It took an eighth tax hike from George Bush Sr. in 1989, a ninth in 1990, [and] a tenth from Bill Clinton in 1993



    Parent
    And all the way through, (1.00 / 1) (#9)
    by jimakaPPJ on Tue Mar 27, 2007 at 08:54:28 AM EST
    individual FIT rates were much lower than they had been.

    BTW - One of the advantages of being old is knowledge of what was and being able to instantly recognize a BS argument.

    BTW - I note you didn't mention "spending." Something very much in the control of the Demo congress...

    BTW - Being a social liberal, I have no particular problem with most spending, just hate to let a Leftie slide one by.

    Parent

    I call BS (5.00 / 1) (#10)
    by Sailor on Tue Mar 27, 2007 at 01:03:49 PM EST
    reganomics trashed the economy by having the largets deficit in history (until bush II) until clinton turned it around. the only thing that trickled down under regan was a smelly yellow liquid.
    the gap between those in the upper socioeconomic levels and those in the lower socioeconomic levels increased during Reagan's presidency. Critics also note that the federal debt tripled (from $930 billion on December 31, 1981 to $2.6 trillion on September 30, 1988; note that fiscal year 1986 began on October 1), reaching record levels.

    Every president in the later half of the 20th century before Reagan reduced debt as a share of GDP. In addition to the fiscal deficits, the U.S. started to have large trade deficits. The U.S. went from being the world's largest creditor nation to becoming the world's largest debtor nation during his second term.

    stealing  a $hitload of money from your unborn childen is not sound economic policy.

    Parent
    If I remember.... (none / 0) (#11)
    by jimakaPPJ on Wed Mar 28, 2007 at 03:05:56 PM EST
    revenues doubled

    but spending tripled..

    If I remember...

    The Demos had both houses of Congress

    You should quit yelling BS. It's getting all over you.

    Parent

    "You glorify the past... (none / 0) (#12)
    by Dadler on Thu Mar 29, 2007 at 11:13:27 AM EST
    ...when the future dries up."

    Reagan spent money he didn't have better than anyone, the very thing you will ream liberals for.  He only cut funds from those who had no power, when desiring to do things like reclassicy ketchup as a vegetable for poor kids' school meals.  Or when ginning up hatred of the imaginary horde of welfare queens.

    And he had to play inferior cocksman with the military, refocusing us on the destructive path to the kind of military imperialism Eisenhower so presciently warned us about in his military/industrial complex farewell speech.  I mean, come on Jim, in hindsight you now have to support the Soviet invasion of Afghanistan, since it turns out they were trying to defeat the very same enemy we're spilling so much blood to supposedly defeat.

    The ironies abound.  


    Parent

    i believe, in economic theory, this is (5.00 / 1) (#6)
    by cpinva on Tue Mar 27, 2007 at 01:00:59 AM EST
    "trickle-down fraud". stockman admitted what the rest of us in the financial world already knew: they don't make cute names for things, they give them names appropriate to what they are. thus, high risk bonds are known as "junk bonds". as well, "trickle-down economics" means exactly that, the benefits only trickle down to the masses. otherwise, it would have been called "flood-down economics".

    of course, reagan surely didn't want the masses to know that's exactly what it meant, so when stockman finally gave it up, he had to be beaten. well, this was after someone told reagan what it all meant, sort of.

    Payback? (none / 0) (#1)
    by Mimir on Mon Mar 26, 2007 at 05:32:49 PM EST
    Stockman = apostate to Republicans
    Michael Garcia = Good Bushie?

    This is the guy who was in charge of.... (none / 0) (#2)
    by A Citizen on Mon Mar 26, 2007 at 06:14:25 PM EST
    ...our government's budget for the ReThuglicans?

    Yeah..

    That makes perfect sense.
    .

    You should no., (1.00 / 1) (#3)
    by jimakaPPJ on Mon Mar 26, 2007 at 10:35:12 PM EST
    Nope. He was never in the House. Never passed a budget. Not one.

    Parent
    KNOW........ (none / 0) (#4)
    by jimakaPPJ on Mon Mar 26, 2007 at 10:36:00 PM EST


    Parent
    David Stockman Indicted | 12 comments (12 topical)

    Readers Must Login or Create an Account to Comment