California has become easy prey for white collar criminals and Chicago style political influence peddlers. In my home County of San Mateo, we are openly allowing serious white-collar crimes to go on unchecked. The worst part is that many of these criminals are using pension money borrowed from our teachers, firefighters and public servants to fund their fraudulent activities.
How did this happen? How can we stop these crimes?
White collar crime was alien to California before 1986. California was the land of opportunity, a place that openly welcomed newcomers. Anyone who played by the rules and worked hard could become successful in California. This spirit of openness changed the world of business, arts and technology.
In the late 1980’s Rudy Giuliani used RICO laws as mayor of New York City to crack down on white collar crime. With no home in New York, white collar criminals set up a new and almost totally unregulated grey market on Sand Hill Road, which is often called “The Wall Street of the West.” White collar criminals are using so-called “dark money” for purposes of influence peddling; selling California political party delegate seats in the style of Chicago political criminals like Rod Blagojevich.
White collar criminals have taken advantage of our openness by cleverly constructing a laid back, California style image. These criminals have succeeded, and are now operating and growing the largest white collar criminal operation in the USA. White collar crime and political influence peddling follows the money. It should be no surprise that white-collar, high-tech crime has come to California.
Further fueling these Wall Street style crimes are crony capitalists who have lobbied our lawmakers to change the way pension money is used under ERISA. Federal law once stated that pension money was only to be used for conservative investments. When Wall Street sharks arrived from New York, they changed this law.
Right now, our pension funds are being gambled away.
The BALCO (Bay Area Laboratory Cooperative) steroid scandal, the disastrous Solyndra Green Energy deal, over $2.5 Billion in United Commercial Bank FDIC losses, a $500 Billion Dot Com Bubble, and our State Senator Leland Yee, who tried to sell weapons to terrorists, were all orchestrated and funded in just 1 of the 3143 counties in the United States, my home County of San Mateo California.
These criminals openly laugh and brag about making billions in fake deals and insider trading with dark money on Sand Hill Road. They assume that regulators from state or federal governments will never think to look outside of Wall Street for fraud. They brag about hiding in rural California where nobody will notice. These criminals take comfort knowing the tax payer will have to bailout our pensions while they keep the cash under ERISA. These criminals openly discuss how dozens of our own Bernie Maddoff’s operate here in San Mateo County.
So far the troubling rumors and facts about these crony capitalists have been correct. In the process of spending billions of dollars on fake technology, our pensions are underfunded by as much as $500 Billion. These are dollars our young millennial generation will have to pay back unless something is done now.
The very same Wall Street groups that have committed DotCom fraud, Green Energy fraud, and fake Obama Care funded technology, include the same group of Wall Street bankers, residing in the same buildings, right here in San Mateo County.
Until we elect tough politicians who crack down on fraud in California, white collar crime that is destroying our economy will continue to grow and attract more white collar criminals.
If elected, I will use my position as Lieutenant Governor to shine a light on this terrible fraud that is bankrupting our future generations. We don’t need to pass new laws, we just need to enforce laws that are already in place. I will work with California’s law enforcement agencies to bring these criminals to justice.