Snort: Deadbeat defaulting Democrat tries to collect
You remember Laura Richardson, right? She’s the Democrat congresswoman who defaulted six times on her home loans and has left a trail of unpaid bills in her wake. Well, she’s back. On behalf of taxpayers in her district, she’s now trying to get money back from Lehman Brothers after an investment gone awry. Hat tip to reader Thomas, who e-mails: “The irony is mighty thick.”
Congresswoman Laura Richardson is working to recoup the $19.9 million the city of Long Beach lost when Lehman Brothers went bankrupt in September, she announced Thursday night.
Richardson, D-Long Beach, said she and unspecified California delegation colleagues are calling on Treasury Secretary Henry Paulson to purchase the city’s now worthless investment – Lehman Brothers commercial paper, which essentially would have functioned as a short-term, 27-day loan.
City officials, already struggling with budget shortfalls, would surely be grateful if the newly re-elected congresswoman could broker the deal.
Long Beach officials made the investment as part of the city’s $1.8billion investment portfolio just days before Lehman Brothers went bankrupt.
Under the federal Troubled Assets Relief Program, which is part of the Emergency Economic Stabilization Act passed by Congress in September, the Treasury Department can buy up troubled assets held by local governments.
Richardson said in a statement she wants to ensure “that taxpayers are protected and receive a share in the solutions” of the economic rescue plan.
Long Beach is also expected to lose up to $5.8 million more as a result of shifting other money into lower-yield investments, city officials have said.
See what others have said
Note from Michelle: This section is for comments from michellemalkin.com's community of registered readers. Please don't assume that I agree with or endorse any particular comment just because I let it stand. A reminder: Anyone who fails to comply with my terms of use may lose his or her posting privilege.
Trackbacks
Comments
You must be logged in to post a comment.
Categories: Subprime crisis
Power Line
» The Alarmists Do "Science": A Case Study
Mudville Gazette
» When the wind won't blowMudville Gazette
» Bad Weather (Part I)Legal Insurrection
» Hacked E-mails or Else!Pundit & Pundette
» About last night's voteJustOneMinute
» "Unequivocal"?NewsBusters.org
» WaPo's Dana Milbank: 'The Senate Really Has 100 Blanche DuBoises'
California gets what it deserves. Let it fail too and become the 3rd world country it wants to be.
(Sorry to those that still live there, but I did my 6 years there)
Known in Ca. circles as “Wrong Beach”
RabbidSquirrel,
We need your income here. 10.25% sales tax awaits you. C’mon back. Be patriotic and pay your taxes, California style!
The fit is hitting the shan.
So my take is, that Laura’s position is:
“We invested poorly, so our broker should have to pay up.”
Recall the economics textbooks, they’re going to need some updating.
Isn’t California already a 3rd world country? If you live there, leave and come to NC. We need more Republican transplants. The Yankee libtards are taking over like a bad fungus.
Laura Richardson adheres to the modern-liberal policy of short-term gain/long-term harm.
The election and the tolerance of every Laura Richardson is just one step closer to the collapse of our former way of life. A way of life that has never been matched by any other civilization in human history.
The hubris is staggering.
I’m in CA right now. Been here for about a year.
I’m going back to TX. The illegal aliens and gang bangers can have fun here without my productivity and taxes. Good riddence.
You’re not kidding. I had the misfortune to live there for just over a year before moving to Lakewood right next door.
I’ve said that if you want to write a manual on how to run a city, Long Beach would serve all your needs as an example of what not to do.
Long Beach has been hemmoraging financially in too many ways to mention.
Any surprise it’s run primarily by Democrats?
The blood of patriots and tyrants? What was it Jefferson said?
I’m a Kalifornia expat, and one of the reasons is because the idiotic voters there elect the stupidest, most corrupt people they can find. I expect it to fall into the Pacific very soon.
Louisiana isn’t perfect, but it’s Eden compared to Kalifornikation.
Thanks for the offer Paul, my heart is set on going back to my roots in Iowa. It needs more Republican conservative transplants too.
Alas, such is the case for many, many states
Actually Long Beach has a much more coarse moniker- jokingly assigned as a result of the rather large population of male homosexuals.
Was there no election in that district this year?
That’s a joke, isn’t it?
Oh yeah, and don’t forget the proposed 5% increase in income tax too!
Yep, the poop sure has hit the vent.
As captured so well- here.
(to the tune of Chilli’s theme song)
I want my
BAIL OUT, BAIL OUT, BAIL OUT
I want my
BAIL OUT, BAIL OUT, BAIL OUT
Another shining example of the worth?? of the politician. Stupid people make stupid investments with other peoples money and then whine and cry for a bailout. Gee, this is NOT the way I learned to invest MY money. Maybe the “Long Beach Officials” should be held accountable for their stupidity. Oh, but wait, that would be very mean wouldn’t it.
Once again – how nice it is for people to completely disconnect actions and elections.
If you ask them, nearly everybody says people should do x – but then when it comes time in the voting booth, that’s all out the window.
Policies, positions, character and performance apparently don’t matter.
dose this mean i can now ask for a bail out if i make a bad bet on football ?
and how stupid are these people tyo re-elected this crook?
Actually, here in Mexifornia, elected officials are actually rewarded for their stupidity with reelection. But only if a “D” follows their names, as a rule.
It feels like every day I wake up and the world around me is crazier and crazier. I can feel everyone’s frustration because there seems to be little voice of opposition to this crap smorgasbord.
I keep thinking of Khrushchev “I once said, “We will bury you,” and I got into trouble with it. Of course we will not bury you with a shovel. Your own working class will bury you.”
I feel like our founding fathers are rolling over in their graves, as are those who dedicated their lives to keeping us free, as we enter into (semi-) voluntary servitude.
‘…with so much drama in the LBC/it’s kinda hard bein’ Laura D-O double G…’
First of all, the only thing they lost was the investment valuation, unless some idiot decided to cash out at the bottom.
Secondly, I’ll bet she’s negotiating for a 20% finders fee, or some such thing!
Yes, I know…she is in an elected position. How does that change anything? She is a liberal hypocrite, and as such, you know there is a quid pro quo in there somewhere….
Please do. We sure need you, especially here in the Iowa City area!
Everybody needs a bailout
I’m hoping for Cedar Falls if I can get my wifes approval (as a native SoCalifornian her resistance is strong), but Iowa City would do: )
GO HAWKEYES! WOO-HOO!
Newly elected? Those Left Coasters don’t learn very well.
That is technically correct. However, in this case, Long Beach will have to request money under the Worthless Assets Relief Program (WARP), which has yet to be passed by Congress.
Morons.
To be expected after 40 years of school indoctrination and Democrat brainwashing into believing Republicans are the most evil people on earth to whom Stalin, Mao and Castro are upstanding kind-hearted people lovin’ leaders in comparison.
Dem = PASS
Repeat until you acclimate.
Dont worry, with the new wealth distribution, you will get it soon enough. All the ‘rich’ states will contribute to the ‘poor’ states. (Read that Red to Blue)
Its still there? I was in the Marriott when the floods were going on last summer. I’ve got great photos of downtown Cedar Rapids the night before it went underwater and the bridge washed away.
Budget shortfalls? When all you do is spend, spend, spend? How did that happen?
I still don’t understand why they gave this woman loan after loan, when she’d established such a poor borrower’s record. Dumb banks?
Suck it,
Trebek!Richardson!Did I read that right? ‘Recently Re-Elected’.
OMG.
Maroons on parade.
Um, Uplander? If you lived in Long Beach, or nearby, you’d realize how Richardson could be re-elected.
Remember, these are the same type of people that elect Marion “Crack” Berry as mayor. Or John Murtha. Or Barney Frank.
Gerrymandering is so delightful.
Yup, we’re still kicking. For all the liberalism, there are some good things about Iowa City. One of the biggest is that we did not pull a New Orleans after our flood. Instead, we all pitched in, pulled together, and worked hard to get our businesses and neighbors back ontheir feet!
Buy in Oregon! If Oregon has amended its laws for Cali’s to need an Oregon ID then everyone needs to do like the Dems and get 400 people into one home address.
Maybe Cali should set up a shopping co-op and send trucks to Mexico and Oregon for goods. lol
we’ve been intimidated and thugged into bailing out every special interest in this country, and the chicken’s have come home to roost. we bailed out seaside houses when storms came, which led to bailing out new orleans, which led to bailing out banks, which led to bailing out states, which led to bailing out car manufacturers, which led to bailing out the country.
Chicago is at 10.5%. Of course, that is Barry’s political cradle.
Obama’s probably going to select this idiot as part of his administration. Maybe Secretary of Mortgage Default. People that elect idiots like this should lose the right to vote. They obviously have no clue, thus shouldn’t have a say in running the country.
I think you are unfairly characterizing Laura Richardson as a deadbeat.
She is a politician. Politicians don’t have to pay their bills if they don’t want to… especially if you’re a Democrat politician.
So what if she’s defaulted on loans and not paid bills anyway? Millions of Americans are lined up waiting for the government to refinance their forclosed house… and what about all the businesses? American Express, GM, the banks, the brokerages… they all have failed businesses due to poor management and/or inferior services, so they are getting money from the government too? Somehow, I don’t think anyone is going to bail ME out!!!
So what? She’s right to get the Lehman Brothers’ money while she can!
Lawrence Livermore Laboratories has discovered the heaviest element yet
known to science.
The new element,Governmentium (Gv), has one neutron, 25 assistant
neutrons, 88 deputy neutrons, and 198 assistant deputy neutrons, giving
it an atomic mass of 312.
These 312 particles are held together by forces called morons, which
are surrounded by vast quantities of lepton-like particles called peons.
Since Governmentium has no electrons, it is inert; however, it can be
detected, because it impedes every reaction with which it comes into
contact. A tiny amount of Governmentium can cause a reaction that would
normally take less than a second, to take from 4 days to 4 years to
complete.
Governmentium has a normal half-life of 2- 6 years. It does not decay,
but instead undergoes a reorganization in which a portion of the
assistant neutrons and deputy neutrons exchange places.
In fact, Governmentium’s mass will actually increase over time, since
each reorganization will cause more morons to become neutrons, forming
isodopes.
This characteristic of morons promotion leads some scientists to
believe that Governmentium is formed whenever morons reach a critical
concentration. This hypothetical quantity is referred to as critical morass.
When catalysed with money, Governmentium becomes Administratium, an
element that radiates just as much energy as Governmentium since it has
half as many peons but twice as many morons.
What a maroon what an ignoranamous.
Doooood, where’s my bailout?
Sorry. Couldn’t resist.
Bruce is right, Richardson is being sly about it. She knows how to get a nice little payday just like every other defaulting loser out there. They’re just biding their time.