Phil Falcone, who ran Harbinger capital, has agreed with the SEC that he took a fraudulent $113 million loan from one of his funds, will pay a minor for him fine of $18 million and won’t even be banned from the industry.
In a country with actual rule of law, Falcone and other hedge fund and investment bank parasites would be indicted on criminal charges. But the Obama Administration always makes sure the banksters are protected.
Obama’s message is clear. The very wealthy don’t have to concern themselves with laws the rest of us must follow because their benefactor in the White House will always protect them.
Billionaire Hedge Fund Manager Phil Falcone’s Sweet Deal With The SEC
The deal between the SEC and Falcone is not final, requiring the approval of the SEC’s commissioners. But here is what Robert Khuzami, then chief of the SEC’s enforcement division, said when the charges were filed against Falcone: “Today’s charges read like the final exam in a graduate school course in how to operate a hedge fund unlawfully,” Khuzami said.