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Posts Tagged ‘Greg Smith’

The Hill

By Peter Schroeder 03/18/12 05:30 AM ET

Democrats have co-opted a fiery resignation letter from a Goldman Sachs employee to argue for rigid rules on the financial sector.

Lawmakers say the letter from Greg Smith, published in The New York Times, is evidence that the reforms Congress passed in the wake of the financial crisis should be strictly implemented.

“This is ammunition for our argument,” said Rep. Barney Frank (D-Mass.), who co-authored the Dodd-Frank financial reform law.

Senate Majority Whip Dick Durbin (D-Ill.) entered the piece into the congressional record, calling it “an indication of why we need to continue our vigilance over this industry to make certain that the right market forces prevail.”

Goldman executives have pushed back against the widely read letter and defended the firm’s behavior and corporate culture.

Dems see ‘ammunition’ against Wall Street in Goldman resignation – The Hill’s On The Money.

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Michael Hilton

Hilton Admits: I’m Broke And Had No Corporate Backing for Jail Bid

TPMMuckraker— Zachary Roth | November 2, 2009, 9:57AM

“I’m out of the game. I’m done,” Michael Hilton has told the Associated Press in a phone interview.

The California grifter had just testified in court that he’s broke, is struggling to pay rent on his apartment, and recently borrowed money from his girlfriend. And he appeared to come close, perhaps for the first time, to admitting that he had deceived local officials in Montana about his effort to take control of an empty jail.

Hilton was in court for a hearing in a 2000 civil judgment against him which is now estimated at $700,000.

Hiss recent bid to take control of an empty jail in Hardin, Montana ran aground after news surfaced of his history of criminal fraud, and several of the public claims about his security contracting company, American Private Police Force, were called into question.

But this seems to be the first time that Hilton himself has edged up to acknowledging that he misled Hardin officials from the start. In court, he admitted that the substantial corporate backing he had claimed for his jail bid in fact never existed. Instead, he said he had four investors, one of whom was his girlfriend.

And according to a lawyer for the building contractor in the 2000 case, as reported by the Billings Gazette, Hilton also testified that he had no experience, training or licensing for police or prison work, and that APPF had no parent company and no other staff. Hilton had previously represented to Hardin that his company was an established security contractor active in all 50 states and working with the U.S. government.

Hilton also said that back in July, he told Greg Smith, then the head of Hardin’s economic development arm, about his criminal past, and was told it wouldn’t be a problem. Smith, who led the effort to work with Hilton, was put on administrative leave in September, for reasons that have not been made public.

 

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APPF SUVs with Hardin Police Dept. decal, 9/30/09

APPF SUVs with 'Hardin Police Dept.' decal, 9/30/09

Early Agreement Said APPF Would Provide Hardin With Police Force For $250K

TPM MUCKRAKER– Justin Elliott | October 9, 2009, 10:04AM

Here’s a nice get by the Billings Gazette, which went to court to pry another document from the hands of Hardin, MT, officials on the town’s deal with the shadowy American Private Police Force.

The August 18 agreement, signed by APPF’s Michael Hilton and Hardin economic development chief Greg Smith, who resigned this week, makes clear that Smith wanted APPF to provide a police force for the town, which doesn’t have its own department. Read the whole thing here.

TPMmuckraker previously reported that the September contract signed by APPF and the Two Rivers Authority — but never OKed by the trustee on the bonds used to build the Hardin jail — gave APPF the option of providing law enforcement services for the town.

The earlier agreement that emerged today says that Two Rivers would submit a proposal for APPF “to provide a police force” and the ‘City of Hardin will pay the sum of $250,000 to American for the police force.” It’s not clear if that was the annual rate, and it’s even less clear whether Two Rivers, an economic development agency, had the authority to make promises on behalf of the city of Hardin.

Company Mercedes SUVs rolled into town a few weeks ago with “City of Hardin Police Department” decals, causing worry among residents and drawing national attention. They were removed within the day.

Smith, the Two Rivers official who signed the agreement, was put on leave after the September 4 contract was signed. He resigned this week, and town officials have been mum as to why he left. But the August agreement may go a long way to explaining what happened.

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