Urbin Report

Sunday, September 09, 2007

More on HRC's felon fundraiser

By way of Ace comes a NY Times story about Norman Hsu's shell corporations:

The records show that Components Ltd., a company controlled by Mr. Hsu that has no obvious business purpose and appears to exist only on paper, has paid a total of more than $100,000 to at least nine people who made campaign contributions to Mrs. Clinton and others through Mr. Hsu. The payments occurred in the spring of 2003, several months before Mr. Hsu emerged as a contributor to Democrats and more than a year before he started bundling checks from those same people for various campaigns. In all, he has raised more than $1 million for Democrats.
...
The records show that during that one-month period, Components Ltd. took in close to $600,000, about a third of it wired to the company’s account by two people in California and New York who also were part of Mr. Hsu’s circle of campaign contributors. At the same time, the company issued checks and wire transfers totaling $660,000, much of it to the same group of people, including two checks for more than $100,000 apiece that bounced because of insufficient funds.

Ace nails it:
It's not a mystery. He's laundering illegal contributions, either from those not entitled to donate to political campaigns (foreign nationals) or from very rich donors who have easily exceeded the federal limits. He takes the illegal money in, writes checks to his network of straw (fake) donors, then they give "their" money to Hillary! and Co.


On CNN's telling lack of the coverage, The Clinton News Network ran a single story on Hsu's capture, long after the fact, and got quickly off the front page.