True Crime – Page 3 – education and deconstruction.com

Here We Are

[Please note: The word “Featured” on the left side above was NOT inserted by this blogger, but apparently was inserted by WordPress, and it cannot be removed. NO post in this blog is sponsored.]

The Book of the Week is “Here We Are, American Dreams, American Nightmares” by Aarti Shahani, published in 2019.

In the mid-1990’s, according to New York State, the Manhattan electronics store co-owned by Shahani’s father, was a front for Colombia’s Cali drug cartel. The indictment had thirteen counts.

After 9/11, the U.S. federal government agency Immigration Customs Enforcement (ICE) was established for the purpose of finding and deporting immigrants, both illegal and those in special circumstances, with no statute of limitations.

Shahani’s uncle Ratan (in the latter category– he had a green card) “… missed his [ICE deportation] flight and spent more nights in detention, on the taxpayer dime…” The financial institution with which he had an account– Broadway National Bank– had laundered $123 million through various accounts. It “…paid a fine of $4 million, and no bank executive served a single day in jail.”

One question Americans might want to ask, however, is how much IS the “taxpayer dime” when it comes to funding illegal immigrants? Is the actual dollar value a nickel a month per American?? Or a thousand dollars a day per American??

Of course, it is impossible to fully account for the qualitative impacts, good and bad, that illegals have on society as a whole. More specifically, they might make undocumented (excuse the pun) positive economic, cultural, social or athletic contributions, but partake of limited resources such as healthcare and education that diminish quality thereof for citizens. (For more info, see this blog’s posts: The Opposite of Woe, Call Me American, full circle (sic), Patriot Number One, The Snakehead, Where the Wind Leads, The Fox Hunt, and Scorpions For Breakfast.)

Anyway, this suspenseful story recounted a series of traumatic events of an immigrant family from India, interspersed with vignettes of the family’s hardships (due to the author’s father’s naivete; plus swindlers, errors and bad luck) that led the author to become an activist. She ended up delivering lectures to audiences consisting of “lawyers, journalists, social workers, congressional staffers, city council members and families in crisis.”

Read the book to learn all about it.

Serpent on the Rock

The Book of the Week is “Serpent on the Rock” by Kurt Eichenwald, published in 1995.

This volume contained an egregious error. It appeared in an anecdote about a member of the Belzberg family, Canadian Orthodox-Jews. In the late 1970’s, Belzberg was acquiring a large quantity of stock of the retail brokerage named Bache, so one of Bache’s executives met with him, to find out his intentions.

As the meeting ended, the author wrote that Belzberg shook hands with the Bache executive. That was obviously a fictionalized detail of the story, because Orthodox Jews do not shake hands with, or touch others, except for close family members.

Anyway, in the second half of the 1970’s, tax shelters became trendy in the securities industry. In the 1980’s, Bache (with a shady reputation in the first place) sold tax shelters in the form of limited partnerships of various kinds (oil and real estate were the most common) and reaped fat fees of as much as 8%. On a bunch of them, printed marketing communications illegally contained material omissions and misstatements.

Bache’s clients were clearly unsophisticated, because anyone with a minimal knowledge of finance should have seen that the objectives of the investment were contradictory: “income, growth and safety” (!)

Brokers dispensed with the printed prospectuses (which contained disclaimers required by law), and focused on verbally selling the money-losing financial instruments to their clients. They lied about the projected financial returns (14 to 15%, when they were pretty sure there would actually be disastrous losses). They called the investments “safe”– a word that should NEVER be used on Wall Street. The proper lingo should be “low-risk” and only when that’s the truth. The limited partnerships were “high-risk.”

One man, Jim Darr, became particularly powerful in the Direct Investment Group, and engaged in a boatload of excessively greedy, unethical activities and white-collar crimes that made him fabulously wealthy. In 1983, he flew all the way to a small thrift bank in Arkansas to get a home loan of $1.8 million to purchase a mansion in Connecticut. At that time, there were plenty of local lenders he could have approached.

Another sleazy character, Clifton Harrison, after pulling his last act of unbelievable thievery, gave the excuse, “I’ve just been borrowing some money against future fees.” Read the book to learn more about the various individuals who shaped Bache’s history, and what became of them.

ENDNOTE: The above shenanigans happens every few years in the United States. The line from the movie “That Thing You Do” describes it perfectly: A very common tale, boys, a very common tale. Here is a brief elaboration of the last forty years:

Steps of the American Politico-Economic Cycle

An extremely pro-business president comes to power.
Excessive deregulation ensues.
Shady financial instruments and money-making vehicles spike in popularity (tax shelters, savings and loan associations, goodwill valuations, junk bonds, derivatives, dot-com stocks, stock-options-repricing, subprime mortgages, payday lenders, for-profit colleges, the PACE program, etc., etc., etc.)
Out-of-control greed ensues.
Profiteers of all political persuasions dispense with ethical behavior.
The bubble bursts. A financial crash ensues.
Lawsuit time!
The impoverishment rate accelerates for the middle class and the poor.
Election time. “It’s the economy, stupid.” Whether true or not (usually not!), campaign-propaganda convinces voters that the president is solely responsible for their personal financial situations.
The reelected president, or one from the same party, continues some of the same hog-wild policies, or the new president reverses what he can. Re-regulation ensues.
Time for another round of Survival Roulette (See this blog’s post, “Blind Ambition”).
Opposition-propagandists pull strings to reverse what the new president reversed. They make voters impatient for improvement, even though undoing the damage takes years and years.
Election time. Repeat steps 1-12.

L.A. Justice – BONUS POST

The Bonus Book of the Week is “L.A. Justice, Lessons from the Firestorm” by Robert Vernon, published in 1993.

In 1954, the author joined the Los Angeles Police Department (LAPD). Through the decades of his career, he watched the LAPD become corrupted by the worst aspects of human nature. By the early 1990’s, the department had scrapped the civil service system in favor of using patronage in awarding promotions. This necessitated pleasing local politicians. Always a bad idea.

So at the tail end of April 1992, when the verdict was announced in the Rodney King legal case, law enforcement was unprepared for the rioting that broke out in South-Central Los Angeles.

The author, lately named assistant chief of police of Los Angeles, bragged about helping start a community program in 1990– successful at the book’s writing. It was called “Operation Cul-de-Sac” and involved transforming a high-crime neighborhood into a gated community. It was implemented in about seven hundred households in South Central Los Angeles. The author wrote, “… changing behavior must begin by influencing a belief system.”

The program must have done so, as it created support networks of families and friends, significantly reduced crime, and significantly increased school attendance.

Unfortunately, despite its success, the program was not to last much longer. The reason? It was funded by the LAPD– not special-interest political groups in the community. So local politicians were left out of the loop– unable to hand out patronage jobs.

Read the book to learn of all kinds of other frustrations suffered by the author in his experiences with the LAPD.

We’re Still Stuck in the Mire

We’re Still Stuck In the Mire

sung to the tune of “We Didn’t Start the Fire” with apologies to Billy Joel.

Outbreak COVID-Nineteen, pandemic quarantine,
World Health Org, N-I-H and the CDC.
Virus from Wuhan, Trump orders travel ban.
Mouthpiece doc and mouthpiece doc Birx and Fauci.

Short of gowns, gauze and test kits, de-tained cruise ships.
Wrong projections lead to, ventilator snafus.
“Stay at home” Cuomo, “Shelter in place” de Blasio.
No church services, no funerals, nursing homes and lawsuits.