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Old July 12th, 2011 #5
MikeSmith
Junior Member
 
Join Date: Jul 2011
Posts: 180
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Look who's behind Herman Cain's run for president:

http://www.ajc.com/news/georgia-poli...o-1008175.html

Quote:
Many on the Hermanator list are Texans in the oil business, mostly because of Wayne Stoltenberg, a Dallas oil exec who heard Cain musing about a presidential run on his show.

“Whenever I can find someone who happens to be black but is a clear-thinking conservative, I send him money,” Stoltenberg said. He called Cain and left a message. Weeks later, a Cain aide called back. He asked Stoltenberg to donate $5,000 and get friends to kick in another $25,000 to $30,000. Stoltenberg did that and has become Cain’s guide when the candidate visits Texas.
From Stoltenberg's bios on the net:

Quote:
An accomplished financial leader, Wayne Stoltenberg possesses 15 years of experience as an investment banker...

A dedicated philanthropist, Wayne Stoltenberg supports the Uganda Children’s Fund...

Wayne Stoltenberg attended Columbia University in New York, where he earned a Bachelor’s degree in Literature and Economics...
He's supposedly a church-going man, but since he's in Texas I suppose he figures when in Rome...

Oh, and as for saying he is an accomplished financial leader:

http://www.stockfraudnewswire.com/ar...lty-fraud.html

Quote:
A US District Court has convicted Bear Stearns, a major stockbrokerage firm on Wall Street, of five separate offenses involving fraudulent and negligent representation regarding ClearData Communications in 2000. As a result of this jury verdict, Bear Stearns will pay approximately $10 million in damages to potential ClearData investors who forfeited shareholder rights to the internet company at the advice of Bear Stearns.

According to the lawsuit, a group of entrepreneurs had sold their Internet service provide companies to ClearData, in hopes of building a nationwide provider. These entrepreneurs were expecting a lucrative public offering. Bear Stearns brought in a special team of bankers to address the group. The Bear bankers convinced the group to forfeit special put rights to a $13 million payout if the stock offering was not completed. At a meeting, Bear banker Wayne Stoltenberg advised the business owners that surrendering these rights would help the company complete its financings.

Based on the convincing argument made by Bear Stearns representatives and the assurance that an IPO was in the works, the business owners gave up their "put" rights. ClearData filed for bankruptcy in December 2000.

According to attorney Tom Brown, who represented the aggrieved business owners, it was not difficult to prove that Bear Stearns committed fraud. "We got Bear executives to acknowledge under oath that they knew the private-equity raising was going badly and they there was no real plan to do an IPO," says Brown. During the meeting with the business owners, says Brown, Bear representatives knew there was no IPO deal in the works.