Share this page!

Karol Cummins Profile picture
Twitter logo
Mar 9, 2019 • 12 tweets • 5 min read
💰Bear Sterns-TOC Panama💰

Trump enjoyed a two-decade relationship with Bear Stearns, otherwise Trump Ocean Club Panama likely would never have been built.

BS agreed to underwrite a $220 million bond issue for TOC Panama.

Quite the coincidence that acronym, no?
Bear Stearns & Trump had worked together on a variety of endeavors. For example, he and a Bear Stearns exec, Trump’s investment adviser, had launched Trump University, which later collapsed among accusations of fraud.

Trump paid $25M to settle a suit.
features.propublica.org/trump-inc-podc…
And as far back as 1988, Trump paid a $750,000 civil judgment to the DOJ for having Bear Stearns make purchases of casino stocks in the bank’s name rather than in his. (the DOJ asserted that the concealed purchases violated antitrust laws.)

features.propublica.org/trump-inc-podc…
📌As the bond underwriter in the TOC Panama project, Bear Stearns played a dual role: It raised money for construction and also vouched for the soundness of the bonds it would sell.
features.propublica.org/trump-inc-podc…
📌The bank was supposed to be checking that information disclosed to investors was accurate and provided a complete picture of the investment’s strengths and weaknesses.

features.propublica.org/trump-inc-podc…
In reality, however, “the bank had significant lapses in exercising due diligence over their bond offerings” during that period
features.propublica.org/trump-inc-podc…
📌The bond sale barely squeaked through in November 2007.

📌Tremors of what would become a global financial earthquake were already destabilizing markets.

features.propublica.org/trump-inc-podc…
📌The Trump Ocean Club project, branded with Trump’s name, was the only bond issue among eight at Bear Stearns that moved forward before the 2008 crash & Bear Stern’s subsequent demise.
features.propublica.org/trump-inc-podc…
📌The bonds for the Panama project were rated “speculative” — “junk” in Wall Street parlance — reflecting what rating agencies viewed as an elevated chance of default.
features.propublica.org/trump-inc-podc…
📌Within months of the offering, it became clear that the Trump Ocean Club would outlive its financial backer.

📌Bear Stearns crumpled suddenly in March 2008 & then Bear Stearns disappeared into the belly of J.P. Morgan Chase.

features.propublica.org/trump-inc-podc…
📌2019: Trump nominates his pal David Malpass, to head the Wold Bank, about which Milpass has been sharply critical.

📌He is the Bear Stearns economist who promised the Bear Sterns was fine right before it went bankrupt in the 2008 crash.
washingtonpost.com/business/econo…
@threadreaderapp unroll please and thank you.

#BearSterns
#TrumpOceanClubPanama

• • •

Missing some Tweet in this thread? You can try to force a refresh
　

Keep Current with Karol Cummins

Karol Cummins Profile picture

Stay in touch and get notified when new unrolls are available from this author!

Read all threads

This Thread may be Removed Anytime!

PDF

Twitter may remove this content at anytime! Save it as PDF for later use!

Try unrolling a thread yourself!

how to unroll video
  1. Follow @ThreadReaderApp to mention us!

  2. From a Twitter thread mention us with a keyword "unroll"
@threadreaderapp unroll

Practice here first or read more on our help page!

More from @karolcummins

Karol Cummins Profile picture
Feb 5
On Feb. 3, long-time Trump associate Felix Sater filed a cross-complaint in a NY federal court. The complaint alleges that Russian and Kazakhstan-connected individuals and entities conducted “a shadow intelligence operation of Sater and Trump. 🙄😂🙄 thefederalist.com/2022/02/04/law…
BACKGROUND:

Sater: Trump Moscow/Soho
More background:

Trump Tower Projects

Read 11 tweets
Karol Cummins Profile picture
Jan 23
Homemade Blood Orange Marmalade is scrumptious and easy to make.

I have two trees that produced a good crop & I didn’t want them to go to waste so I did this experiment making marmalade.

Blood oranges are in season now and are available at most markets. Image
Step one: wash the fruit. Image
Step two: peel the skin, avoiding too much of the bitter pith and place peels in a pan of water.

Step three: boil the peels for about 15 minutes or so and drain & cool. ImageImageImage
Read 8 tweets
Karol Cummins Profile picture
Nov 2, 2021
Please join me on a photo tour of beautiful & tranquil Père-Lachaise cemetery?

A visit to the Père-Lachaise cemetery is always on my itinerary — it is always so relaxing exploring the paths, lanes & trails as you always see something new & different & leave feeling relaxed.
This 1995 infrared photo is my favorite and standard I seek to duplicate each time I visit Père-Lachaise cemetery. 🤷‍♀️

Infrared photography is #oldskoll, but today I played in PhotoShop to see if I could render my newer color images w/ similar effects achieved as infrared film.
Here is a color image & its twin “infrared” rendered version.

What do you think?

#PèreLachaiseCemetery
Read 10 tweets
Karol Cummins Profile picture
Sep 14, 2021
Woodward book: Worried Trump could 'go rogue,' Milley took top-secret action to protect nuclear weapons cnn.com/2021/09/14/pol…
Gen. Milley 'was certain that Trump had gone into a serious mental decline in the aftermath of the election, with Trump now all but manic, screaming at officials and constructing his own alternate reality about endless election conspiracies.'

cnn.com/2021/09/14/pol…
Milley's fear was based on his own observations of Trump's erratic behavior. His concern was magnified by the events of January 6 and the 'extraordinary risk' the situation posed to US national security, the authors write.

cnn.com/2021/09/14/pol…
Read 16 tweets
Karol Cummins Profile picture
Sep 7, 2021
High-profile supporters of Trump descended on Brazil to throw their weight behind president Jair Bolsonaro, as the populist gears up for a re-election campaign next year viewed as a key battle for the global anti-establishment [anti-democratic] right. ft.com/content/6e81d7…
Jason Miller: Former Trump spokesman questioned for three hours by police in Brazil

“This afternoon my travelling party was questioned for three hours at the airport in Brasilia, after having attended this weekend’s CPAC Brasil Conference.”

independent.co.uk/news/world/ame…
One of the star speakers [CPAC Brazil] was the former US president’s eldest son Don Jr, who gave a live video address because of cancelled flights due to hurricane disruption in New York. He said Brazil had “a big decision to make next year”.

ft.com/content/6e81d7…
Read 18 tweets
Karol Cummins Profile picture
Sep 5, 2021
Former top Republican congressman registers as lobbyist for Saudi Arabia
Ed Royce registers to work with Saudi foreign ministry to 'facilitate meetings with federal government officials,' Politico reports middleeasteye.net/news/saudi-ara…
Ed Royce was involved in Elliott Broidy’s Romanian Arms deal.

Ed Royce was also involved in Broidy & Nader’s disinfo op, for which they were both indicted by the Qataris, to smear Qatar as a terrorist-supporting state.

Ed Royce introduced legislation that would brand Qatar as a terrorist-supporting state.
cbsnews.com/news/witness-i…
Read 8 tweets

Did Thread Reader help you today?

Support us! We are indie developers!

This site is made by just two indie developers on a laptop doing marketing, support and development! Read more about the story.

Become a Premium Member ($3/month or $30/year) and get exclusive features!

Become Premium

Don't want to be a Premium member but still want to support us?

Make a small donation by buying us coffee ($5) or help with server cost ($10)

Donate via Paypal

Or Donate anonymously using crypto!

Ethereum

0xfe58350B80634f60Fa6Dc149a72b4DFbc17D341E copy

Bitcoin

3ATGMxNzCUFzxpMCHL5sWSt4DVtS8UqXpi copy

Thank you for your support!

Follow Us on Twitter!

Like this author's thread?

Get emails when @karolcummins has new unrolls!

Check out other threads from @karolcummins!

Read all threads by @karolcummins

:(